MIDRAS PROJECTS
ActiveSummary
MIDRAS PROJECTS has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €910,441 and a net result of €360,445. Equity is growing by ~8.1% per year across the filed fiscal years. Its solvency ranks better than 16% of 7586 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability72▲+28
Solvency32▼-1
Growth52▲+17
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €55,000 at 30 days acceptable
Liquidity short (current ratio 0.07 against 0.02 in 2024; short-term debt: 9.3% and cash: 0.3% of total assets), and 92.7% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
7.3%
Return on assets
2.9%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 16% of 7586 sector peers (2025).
NBB · sector comparisonPosition among 7586 sector peers
Solvency
better than 16%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 21-08-2026, 21 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
21 d late
2024
1 d early
2023
1 d early
2022
28 d late
2021
2 d early
2020
8 d early
2019
23 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 2 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
In the rankings
#3 company by total assets in Destelbergen, Construction sector#8 company by equity in Destelbergen, Construction sector
Source amounts without an identifiable currency are assumed to be EUR.
Turnover
€0▼ 100%
2022 · €18,692
EBIT margin
876.7%▲ 838.1pp
2020 · 38.7%
Net result
€360,445
2024 · -€10,302
Working capital
-€1.1m▲ 47.1%
2024 · -€2.0m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€18,692€0▼ 100%
Operating result€2,779▼ 97.3%€163,880▲ 5,798%€193,776▲ 18.2%€122,214▼ 36.9%€849,937▲ 595%
Net result-€50,682below the sector's middle half€90,580within the sector's middle half€87,908within the sector's middle half▼ 2.9%-€10,302below the sector's middle half€360,445above the sector's middle half
EBIT margin876.7%
Equity€381,811within the sector's middle half▼ 12.5%€472,390within the sector's middle half▲ 23.7%€560,298within the sector's middle half▲ 18.6%€549,996above the sector's middle half▼ 1.8%€910,441above the sector's middle half▲ 65.5%
Total assets€5.1mabove the sector's middle half▲ 33.2%€6.0mabove the sector's middle half▲ 16.2%€6.8mabove the sector's middle half▲ 13.6%€6.9mabove the sector's middle half▲ 1.5%€12.5mabove the sector's middle half▲ 81.1%
Debt€4.8m▲ 38.9%€5.5m▲ 15.6%€6.2m▲ 13.2%€6.3m▲ 1.8%€11.3m▲ 78.2%
Working capital-€968,795below the sector's middle half▼ 30.9%-€1.6mbelow the sector's middle half▼ 62.2%-€909,393below the sector's middle half▲ 42.1%-€2.0mbelow the sector's middle half▼ 123%-€1.1mbelow the sector's middle half▲ 47.1%
Solvency7.4%below the sector's middle half▼ 3.9pp7.9%below the sector's middle half▲ 0.5pp8.3%below the sector's middle half▲ 0.4pp8.0%below the sector's middle half▼ 0.3pp7.3%below the sector's middle half▼ 0.7pp
Current ratio0.04below the sector's middle half▼ 0.080.06below the sector's middle half▲ 0.020.44below the sector's middle half▲ 0.380.02below the sector's middle half▼ 0.410.07below the sector's middle half▲ 0.05
Return on assets (ROA)-1.0%below the sector's middle half▼ 2.5pp1.5%within the sector's middle half▲ 2.5pp1.3%within the sector's middle half▼ 0.2pp-0.1%within the sector's middle half▼ 1.4pp2.9%within the sector's middle half▲ 3.0pp
Staff (FTE)
above
within
below
the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 595% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €12.5m
Fixed assets
€12.4m ▲ 81.3%
Current assets
€81,014 ▲ 56.4%
Equity and liabilities €12.5m
Equity
€910,441 ▲ 65.5%
Provisions
€274,130
Debt
€11.3m ▲ 78.2%
Debt's share of the balance-sheet total falls from 92.0% to 90.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.9m▲
2024 · €411,674
Cash flow
€1.4m▲
2024 · €279,157
Debt to equity
12.38▲
2024 · 11.51
ROE
39.6%▲
2024 · -1.9%
Interest coverage
8.58▲
2024 · 3.08
Debt ≤ 1 year
€1.2m▼
2024 · €2.1m
Debt > 1 year
€10.0m▲
2024 · €4.2m
Income taxes
€0=
2024 · €0
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 208 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 99% are still going.
- Medium-sized
- 20 years or older
- solvency under 10%
- a profit under 5% of the balance sheet
0.5%
went bankrupt
0%
stopped otherwise
99%
still going
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 208 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €355,994 | €528,767 | €554,722 | - | - | - |
| Turnover70 | - | €18,692 | €0 | - | - | - |
| Other operating income74 | €355,994 | €509,947 | €554,722 | - | - | - |
| Non-recurring operating income76A | - | €128 | €0 | - | €1.3m | - |
| Operating charges60/66A | €353,215 | €364,887 | €360,946 | - | - | - |
| Goods for resale, raw materials and consumables60 | - | €18,692 | €0 | - | - | - |
| Purchases600/8 | - | €18,692 | €0 | - | - | - |
| Services and other goods61 | €100,621 | €18,444 | €83,843 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €221,755 | €284,568 | €236,156 | €289,459 | €1.0m | ▲ 252% |
| Other operating charges640/8 | €30,839 | €43,184 | €40,948 | €39,215 | €48,069 | ▲ 22.6% |
| Gross operating margin9900 | - | - | - | €450,888 | €1.9m | ▲ 325% |
| Operating profit (loss)9901 | €2,779 | €163,880 | €193,776 | €122,214 | €849,937 | ▲ 595% |
| Financial income75/76B | €5,247 | €2,192 | €230 | €928 | €2,482 | ▲ 168% |
| Recurring financial income75 | €5,247 | €2,192 | €230 | €928 | €2,482 | ▲ 168% |
| Income from current assets751 | - | - | €124 | - | - | - |
| Other financial income752/9 | €5,247 | €2,192 | €106 | - | - | - |
| Financial charges65/66B | €58,708 | €75,492 | €103,922 | €133,445 | €217,843 | ▲ 63.2% |
| Recurring financial charges65 | €58,708 | €75,492 | €103,922 | €133,445 | €217,843 | ▲ 63.2% |
| Debt charges650 | €56,577 | €74,014 | €99,391 | - | - | - |
| Other financial charges652/9 | €2,131 | €1,478 | €4,531 | - | - | - |
| Profit (loss) for the period before taxes9903 | -€50,682 | €90,580 | €90,084 | -€10,302 | €634,576 | ▲ 6,260% |
| Transfer from deferred taxes780 | - | - | - | - | €4,186 | - |
| Transfer to deferred taxes680 | - | - | - | - | €278,317 | - |
| Income taxes67/77 | - | - | €2,176 | €0 | €0 | = |
| Taxes670/3 | - | - | €2,176 | - | - | - |
| Profit (loss) for the period9904 | -€50,682 | €90,580 | €87,908 | -€10,302 | €360,445 | ▲ 3,599% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €12,559 | - |
| Transfer to tax-exempt reserves689 | - | - | - | - | €834,951 | - |
| Profit (loss) for the period to be appropriated9905 | -€50,682 | €90,580 | €87,908 | -€10,302 | -€461,946 | ▼ 4,384% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €5.1m | €6.0m | €6.8m | €6.9m | €12.5m | ▲ 81.1% |
| Fixed assets21/28 | €5.1m | €5.9m | €6.1m | €6.8m | €12.4m | ▲ 81.3% |
| Tangible fixed assets22/27 | €5.1m | €5.9m | €6.1m | €6.8m | €12.4m | ▲ 81.3% |
| Land and buildings22 | €5.1m | €5.9m | €6.1m | €6.8m | €12.4m | ▲ 81.3% |
| Financial fixed assets28 | €100 | €100 | €100 | €0 | - | - |
| Affiliated companies280/1 | €100 | €100 | €100 | - | - | - |
| Participating interests280 | €100 | €100 | €100 | - | - | - |
| Current assets29/58 | €43,710 | €101,343 | €703,938 | €51,799 | €81,014 | ▲ 56.4% |
| Stocks and contracts in progress3 | - | €0 | €0 | - | - | - |
| Amounts receivable within one year40/41 | €5,905 | €15,095 | €692,825 | €12,287 | €23,561 | ▲ 91.8% |
| Trade receivables40 | - | €658 | €1,263 | €3,896 | €15,881 | ▲ 308% |
| Other amounts receivable41 | €5,905 | €14,437 | €691,562 | €8,391 | €7,681 | ▼ 8.5% |
| Cash at bank and in hand54/58 | €32,502 | €82,451 | €6,874 | €35,111 | €32,429 | ▼ 7.6% |
| Deferred charges and accrued income490/1 | €5,303 | €3,797 | €4,239 | €4,401 | €25,024 | ▲ 469% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €5.1m | €6.0m | €6.8m | €6.9m | €12.5m | ▲ 81.1% |
| Equity10/15 | €381,811 | €472,390 | €560,298 | €549,996 | €910,441 | ▲ 65.5% |
| Contributions10/11 | €220,000 | €220,000 | €220,000 | €220,000 | €220,000 | = |
| Reserves13 | €160,384 | €250,964 | €338,872 | €329,996 | €1.2m | ▲ 249% |
| Non-distributable reserves130/1 | €12,085 | €12,085 | €0 | - | - | - |
| Reserves not available under the articles1311 | €12,085 | €12,085 | €0 | - | - | - |
| Tax-exempt reserves132 | €18,750 | €18,750 | €18,750 | €18,750 | €841,141 | ▲ 4,386% |
| Distributable reserves133 | €129,549 | €220,129 | €320,122 | €311,246 | €311,246 | = |
| Profit (loss) carried forward14 | €1,427 | €1,427 | €1,427 | €0 | -€461,946 | - |
| Provisions and deferred taxes16 | - | - | - | - | €274,130 | - |
| Deferred taxes168 | - | - | - | - | €274,130 | - |
| Amounts payable17/49 | €4.8m | €5.5m | €6.2m | €6.3m | €11.3m | ▲ 78.2% |
| Amounts payable after more than one year17 | €3.7m | €3.8m | €4.6m | €4.2m | €10.0m | ▲ 136% |
| Financial debts170/4 | €3.7m | €3.8m | €4.6m | €4.2m | €10.0m | ▲ 136% |
| Credit institutions173 | €2.7m | €2.4m | €2.6m | - | - | - |
| Other loans174 | €1.1m | €1.4m | €2.0m | - | - | - |
| Amounts payable within one year42/48 | €1.0m | €1.7m | €1.6m | €2.1m | €1.2m | ▼ 44.5% |
| Current portion of amounts payable after more than one year42 | €291,179 | €304,704 | €347,333 | €353,563 | €598,019 | ▲ 69.1% |
| Financial debts43 | - | €562,450 | €0 | - | - | - |
| Credit institutions430/8 | - | €562,450 | €0 | - | - | - |
| Trade debts44 | €33,999 | €71,979 | €7,858 | €403,621 | €262,660 | ▼ 34.9% |
| Suppliers440/4 | €33,999 | €71,979 | €7,858 | €403,621 | €262,660 | ▼ 34.9% |
| Taxes, remuneration and social security45 | €791 | €6,409 | €2,177 | €2,175 | €7,242 | ▲ 233% |
| Taxes450/3 | €791 | €6,409 | €2,177 | €2,175 | €7,242 | ▲ 233% |
| Other amounts payable47/48 | €686,536 | €727,169 | €1.3m | €1.3m | €285,281 | ▼ 78.4% |
| Accrued charges and deferred income492/3 | €6,500 | €6,950 | €7,450 | €7,700 | €128,547 | ▲ 1,569% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€50,682 | €90,580 | €87,908 | -€10,302 | €360,445 | ▲ 3,599% |
| + Depreciation and write-downs630 | €221,755 | €284,568 | €236,156 | €289,459 | €1.0m | ▲ 252% |
| Operating cash flow (approximation) | €171,073 | €375,147 | €324,063 | €279,157 | €1.4m | ▲ 394% |
| Investment in fixed assets (approximation) | - | -€1.1m | -€444,074 | -€1.0m | -€6.6m | ▼ 530% |
| Change in cash | - | €49,949 | -€75,577 | €28,236 | -€2,682 | ▼ 109% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
26-08
State Gazette act
Registered officeRegistered-office move2 facts ▸
State Gazette act
Registered office
Registered-office move2 facts ▸
- Board meeting, 13-08-2026
- Registered-office move, Dendermondesteenweg 531, 9070 Destelbergen
21-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 21 days late
2025
31-12
Financial
Back to profitnet €360,445
Net result €360,445 after one loss-making year.
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Equity above €500,000Eq €560,298 ▲18.6%
2 profitable years in a row build equity to €560,298.
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 28 days late
2022
31-12
Financial
Back to profitnet €90,580
Net result €90,580 after one loss-making year.
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Weakest financial yearnet -€50,682
Net result drops to -€50,682, the lowest in the series; recovery starts the following year.
23-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
08-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
Show earlier events
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 29 days late
2018
29-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 29 days late
2017
18-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 18 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 8 acts read
About the unread acts
Of the 8 Belgian State Gazette acts we know for this company, 1 has been read. The other 7 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
8 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Destelbergen · 1 establishment unit since 2002
Ground area
5,161 m²
Building footprint
815 m²
Volume, LiDAR
1,053 m³
2 parcels, Flanders · tallest building 7.4 m, ±1 floor. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
Walbosstraat 38, 9070 Destelbergen
since 20022.095.945.910
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44013B0299/00E011 | Flanders | 2,723 m² | 1 · 574 m² | - |
| 44013A0660/00V002 | Flanders | 2,438 m² | 1 · 240 m² | 7.4 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 29,787 companies in sector 41001 we hold annual accounts for 16,052. 6,806 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded13-04-2000
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
43990Other specialised construction activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0471681603
Also
9925:BE0471681603
Registered
01-02-2026
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.