MIFAN
ActiveSummary
The computed 12-month bankruptcy probability of MIFAN is 2.2% (moderate). The 2025 annual accounts show negative equity (-€35,343) and a net result of -€13,040. Equity is shrinking by ~28% per year across the filed fiscal years. Its solvency ranks better than 7% of 18973 sector peers (fiscal year 2025). The company has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-19
Solvency0=
Growth32=
Track record100
Bankruptcy probability, 12 months
2.2%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.32 against 0.46 in 2024; short-term debt: 289.7% and cash: 36.9% of total assets), and equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-189.7%
Return on assets
-70%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€35,343
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-08-2026, 25 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 · 9 filingsDeviation from the deadline
2025
25 d late
2024
on the day
2023
29 d late
2022
29 d late
2021
3 d late
2020
27 d late
2019
89 d late
← 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 29 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 47% 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. Usually files around 25 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€35,343▼ 58.5%
2024 · -€22,303
Total assets
€18,633▼ 40.8%
2024 · €31,458
Net result
-€13,040▼ 150%
2024 · -€5,224
Working capital
-€36,570▼ 25.4%
2024 · -€29,156
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€2,871▼ 13.4%-€5,029-€1,199▲ 76.2%-€3,238▼ 170%-€11,148▼ 244%
Net result-€609within the sector's middle half-€7,549below the sector's middle half▼ 1,139%-€3,572within the sector's middle half▲ 52.7%-€5,224below the sector's middle half▼ 46.2%-€13,040below the sector's middle half▼ 150%
Equity-€5,958below the sector's middle half▼ 11.4%-€13,507below the sector's middle half▼ 127%-€17,080below the sector's middle half▼ 26.4%-€22,303below the sector's middle half▼ 30.6%-€35,343below the sector's middle half▼ 58.5%
Total assets€44,243below the sector's middle half▼ 16.0%€40,743below the sector's middle half▼ 7.9%€39,989below the sector's middle half▼ 1.8%€31,458below the sector's middle half▼ 21.3%€18,633below the sector's middle half▼ 40.8%
Debt€50,201▼ 13.5%€54,250▲ 8.1%€57,069▲ 5.2%€53,761▼ 5.8%€53,976▲ 0.4%
Working capital-€14,836below the sector's middle half▲ 5.7%-€21,097below the sector's middle half▼ 42.2%-€28,046below the sector's middle half▼ 32.9%-€29,156below the sector's middle half▼ 4.0%-€36,570below the sector's middle half▼ 25.4%
Solvency-13.5%below the sector's middle half▼ 3.3pp-33.2%below the sector's middle half▼ 19.7pp-42.7%below the sector's middle half▼ 9.6pp-70.9%below the sector's middle half▼ 28.2pp-189.7%below the sector's middle half▼ 118.8pp
Current ratio0.62below the sector's middle half▼ 0.010.55below the sector's middle half▼ 0.070.48below the sector's middle half▼ 0.070.46below the sector's middle half▼ 0.020.32below the sector's middle half▼ 0.14
Return on assets (ROA)-1.4%within the sector's middle half▼ 2.1pp-18.5%below the sector's middle half▼ 17.2pp-8.9%below the sector's middle half▲ 9.6pp-16.6%below the sector's middle half▼ 7.7pp-70.0%below the sector's middle half▼ 53.4pp
Staff (FTE)
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €11,148 in 2025 against €3,238 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €18,633
Fixed assets
€1,227 ▼ 82.1%
Current assets
€17,406 ▼ 29.3%
Equity and liabilities
Equity-€35,343
Debt€53,976
Equity is negative: debt (€53,976) exceeds the balance-sheet total (€18,633).
Key figures and ratios
EBITDA
-€5,522▼
2024 · €3,970
Cash flow
-€7,414▼
2024 · €1,984
Quick ratio
0.22▼
2024 · 0.35
Interest coverage
-3.31▼
2024 · 2.30
Debt ≤ 1 year
€53,976▲
2024 · €53,761
Income taxes
€327▲
2024 · €310
No debt to equity: equity is negative, so debt divided by equity means nothing.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,906 companies that looked in July 2024 the way this one looks now, 5.8% went bankrupt within 24 months and 85% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
5.8%
went bankrupt
8.1%
stopped otherwise
85%
still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 2.2% 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 497,341 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 6,906 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €0 | - | - | - | €52 | - |
| Remuneration, social security and pensions62 | €0 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,464 | €5,302 | €6,414 | €7,208 | €5,626 | ▼ 22.0% |
| Other operating charges640/8 | €1,335 | €1,727 | €2,181 | €2,269 | €2,509 | ▲ 10.6% |
| Non-recurring operating charges66A | €264 | €0 | - | - | - | - |
| Gross operating margin9900 | €9,933 | €2,000 | €7,396 | €6,239 | -€3,013 | ▼ 148% |
| Operating profit (loss)9901 | €2,871 | -€5,029 | -€1,199 | -€3,238 | -€11,148 | ▼ 244% |
| Financial income75/76B | €289 | €19 | €22 | €49 | €104 | ▲ 112% |
| Recurring financial income75 | €289 | €19 | €22 | €49 | €104 | ▲ 112% |
| Financial charges65/66B | €2,521 | €2,270 | €2,098 | €1,725 | €1,669 | ▼ 3.2% |
| Recurring financial charges65 | €2,521 | €2,270 | €2,098 | €1,725 | €1,669 | ▼ 3.2% |
| Profit (loss) for the period before taxes9903 | €640 | -€7,279 | -€3,274 | -€4,914 | -€12,712 | ▼ 159% |
| Income taxes67/77 | €1,249 | €270 | €298 | €310 | €327 | ▲ 5.5% |
| Profit (loss) for the period9904 | -€609 | -€7,549 | -€3,572 | -€5,224 | -€13,040 | ▼ 150% |
| Profit (loss) for the period to be appropriated9905 | -€609 | -€7,549 | -€3,572 | -€5,224 | -€13,040 | ▼ 150% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €44,243 | €40,743 | €39,989 | €31,458 | €18,633 | ▼ 40.8% |
| Formation expenses20 | €0 | - | - | - | - | - |
| Fixed assets21/28 | €20,060 | €14,757 | €14,061 | €6,853 | €1,227 | ▼ 82.1% |
| Tangible fixed assets22/27 | €20,050 | €14,747 | €14,051 | €6,843 | €1,217 | ▼ 82.2% |
| Land and buildings22 | €1,765 | €1,429 | €1,094 | €759 | €423 | ▼ 44.2% |
| Plant, machinery and equipment23 | €858 | €638 | €418 | €198 | €0 | ▼ 100% |
| Furniture and vehicles24 | €17,426 | €12,680 | €12,538 | €5,886 | €794 | ▼ 86.5% |
| Financial fixed assets28 | €10 | €10 | €10 | €10 | €10 | = |
| Current assets29/58 | €24,183 | €25,985 | €25,928 | €24,605 | €17,406 | ▼ 29.3% |
| Stocks and contracts in progress3 | €4,813 | €7,778 | €6,732 | €5,673 | €5,434 | ▼ 4.2% |
| Stocks30/36 | €4,813 | €7,778 | €6,732 | €5,673 | €5,434 | ▼ 4.2% |
| Amounts receivable within one year40/41 | €4,688 | €3,998 | €7,616 | €8,514 | €4,800 | ▼ 43.6% |
| Trade receivables40 | €1,328 | €0 | €2,785 | €1,739 | €0 | ▼ 100% |
| Other amounts receivable41 | €3,360 | €3,998 | €4,832 | €6,775 | €4,800 | ▼ 29.1% |
| Cash at bank and in hand54/58 | €13,962 | €12,345 | €11,301 | €9,500 | €6,881 | ▼ 27.6% |
| Deferred charges and accrued income490/1 | €721 | €1,864 | €279 | €919 | €292 | ▼ 68.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €44,243 | €40,743 | €39,989 | €31,458 | €18,633 | ▼ 40.8% |
| Equity10/15 | -€5,958 | -€13,507 | -€17,080 | -€22,303 | -€35,343 | ▼ 58.5% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€12,158 | -€19,707 | -€23,280 | -€28,503 | -€41,543 | ▼ 45.7% |
| Amounts payable17/49 | €50,201 | €54,250 | €57,069 | €53,761 | €53,976 | ▲ 0.4% |
| Amounts payable after more than one year17 | €11,181 | €7,168 | €3,094 | €0 | - | - |
| Financial debts170/4 | €11,181 | €7,168 | €3,094 | €0 | - | - |
| Amounts payable within one year42/48 | €39,019 | €47,082 | €53,975 | €53,761 | €53,976 | ▲ 0.4% |
| Current portion of amounts payable after more than one year42 | €3,955 | €4,014 | €4,073 | €3,094 | €0 | ▼ 100% |
| Financial debts43 | €639 | €851 | €858 | €792 | €780 | ▼ 1.4% |
| Other loans439 | €639 | €851 | €858 | €792 | €780 | ▼ 1.4% |
| Trade debts44 | €12,886 | €10,873 | €12,368 | €11,527 | €9,522 | ▼ 17.4% |
| Suppliers440/4 | €12,886 | €10,873 | €12,368 | €11,527 | €9,522 | ▼ 17.4% |
| Taxes, remuneration and social security45 | €1,095 | €834 | €691 | €81 | €72 | ▼ 11.4% |
| Taxes450/3 | €1,095 | €834 | €691 | €81 | €72 | ▼ 11.4% |
| Other amounts payable47/48 | €20,443 | €30,511 | €35,984 | €38,267 | €43,602 | ▲ 13.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€609 | -€7,549 | -€3,572 | -€5,224 | -€13,040 | ▼ 150% |
| + Depreciation and write-downs630 | €5,464 | €5,302 | €6,414 | €7,208 | €5,626 | ▼ 22.0% |
| Operating cash flow (approximation) | €4,855 | -€2,247 | €2,842 | €1,984 | -€7,414 | ▼ 474% |
| Investment in fixed assets (approximation) | - | €0 | -€5,718 | €0 | €0 | - |
| Change in cash | - | -€1,616 | -€1,044 | -€1,801 | -€2,619 | ▼ 45.4% |
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
25-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 25 days late
2025
31-12
Financial
Weakest financial yearnet -€13,040
Net result drops to -€13,040, the lowest in the series.
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 29 days late
2022
03-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 3 days late
2021
27-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 27 days late
2020
28-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 89 days late
2019
31-12
Financial
Highest result since 2018net €7,509 ▲289%
Operating result €9,858, net result €7,509, both a record.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
No directors read yet: 0 of 2 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Sint-Gillis-Waas · 2 establishment units since 2016
Ground area
755 m²
Building footprint
154 m²
Volume, LiDAR
1,222 m³
2 parcels, Flanders · tallest building 13.5 m, ±4 floors. Linked by address, not a title deed.
2 establishment units
MIFAN
since 20162.252.659.506
MIFAN
since 20162.252.659.605
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46020D0709/02D002 | Flanders | 605 m² | 1 · 90 m² | 9.5 m · 2 fl. |
| 46025B1086/00N003 | Flanders | 150 m² | 1 · 64 m² | 13.5 m · 4 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.
Recognitions · licences · registrations
Food safety, FASFC
1 siteTemse2.252.659.506
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 898 companies in this sector we hold annual accounts for 341. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded26-04-2016
Fiscal year end31-12
Activities, NACEBEL 2025
47242Retail sale of chocolate and confectionery
Contact
E-mail
bakkerijfanny@gmail.com
E-invoicing
Reachable via Peppol
Peppol ID
0208:0652828410
Also
9925:BE0652828410
Registered
24-11-2023
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.