MIFRATEL
ActiveSummary
MIFRATEL has been active since 1999 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €27.61M and a net result of €915k. Equity is growing by ~10% per year across the filed fiscal years. Its solvency ranks better than 40% of 3187 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
65
/ 100
Healthy
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability47▲+15
Solvency66▼-1
Growth63▲+18
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1.75M at 30 days acceptable
Liquidity short (current ratio 0.51 against 0.44 in 2024; short-term debt: 55.8% and cash: 0.9% of total assets), and 58.8% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Sector 70
lower
← fewer bankruptcies
more bankruptcies →
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
41.2%
Return on assets
1.4%
Age of the figures
9 mo
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
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 17-07-2026, 14 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
14 d early
2024
17 d early
2023
15 d early
2022
58 d late
2021
20 d early
2020
30 d early
2019
21 d early
← before the deadline
after the deadline →
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
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€28.14M▲ 4.8%
2024 · €26.84M
2018: €28.10M
2019: €23.58M
2020: €32.43M
2021: €38.65M
2022: €24.54M
2023: €29.56M
2024: €26.84M
2018 → 2025
EBIT margin
4.9%▲ 3.5pp
2024 · 1.4%
2018: 5.9%
2019: 6.6%
2020: 4.3%
2021: -15.1%
2022: -23.4%
2023: -9.7%
2024: 1.4%
2018 → 2025
Net result
€915k▲ 1,883%
2024 · €46k
2018: €150k
2019: €6.30M
2020: €35k
2021: €-6.29M
2022: €-5.98M
2023: €-3.19M
2024: €46k
2018 → 2025
Working capital
€-18.47M▲ 5.8%
2024 · €-19.60M
2018: €-6.52M
2019: €-1.87M
2020: €-1.92M
2021: €-11.28M
2022: €-17.80M
2023: €-20.23M
2024: €-19.60M
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€38.65M-€24.54M▼ 36.5%€29.56M▲ 20.5%€26.84M▼ 9.2%€28.14M▲ 4.8%
Equity€35.99M-€29.93M▼ 16.8%€26.69M▼ 10.8%€26.71M▲ 0.1%€27.61M▲ 3.4%
Operating result€-5.83M-€-5.74M▲ 1.6%€-2.87M▲ 50.0%€374k€1.38M▲ 268%
Net result€-6.29M-€-5.98M▲ 5.0%€-3.19M▲ 46.7%€46k€915k▲ 1,883%
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2025 is 268% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €67.06M
Fixed assets
€48.12M ▼ 0.1%
Current assets
€18.94M ▲ 22.5%
Equity and liabilities €67.06M
Equity
€27.61M ▲ 3.4%
Provisions
€1.20M =
Debt
€38.25M ▲ 7.1%
Debt's share of the balance-sheet total rises from 56.1% to 57.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.45M▲
2024 · €701k
Cash flow
€989k▲
2024 · €373k
Current ratio
0.51▲
2024 · 0.44
Debt to equity
1.39▲
2024 · 1.34
ROE
3.3%▲
2024 · 0.2%
ROA
1.4%▲
2024 · 0.1%
Interest coverage
3.62▲
2024 · 1.74
Debt ≤ 1 year
€37.41M▲
2024 · €35.06M
Debt > 1 year
€2k=
2024 · €2k
Income taxes
€118k▲
2024 · €2k
Staff costs
€10.12M▲
2024 · €9.71M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 69 lines
Balance sheet
Code20242025
Assets
Total assets20/58€63.62M€67.06M▲
Fixed assets21/28€48.16M€48.12M▼
Intangible fixed assets21€19k€8k▼
Tangible fixed assets22/27€635k€611k▼
Land and buildings22€586k€540k▼
Plant, machinery and equipment23€47k€72k▲
Furniture and vehicles24€2k€0▼
Financial fixed assets28€47.50M€47.50M=
Affiliated companies280/1€47.50M€47.50M=
Participating interests280€47.50M€47.50M=
Current assets29/58€15.47M€18.94M▲
Amounts receivable within one year40/41€12.63M€18.31M▲
Trade receivables40€10.28M€15.17M▲
Other amounts receivable41€2.36M€3.15M▲
Cash at bank and in hand54/58€2.81M€602k▼
Deferred charges and accrued income490/1€24k€24k▼
Equity and liabilities
Total equity and liabilities10/49€63.62M€67.06M▲
Equity10/15€26.71M€27.61M▲
Contributions10/11€34.87M€34.87M=
Capital10€34.87M€34.87M=
Issued capital100€34.87M€34.87M=
Reserves13€404k€404k=
Non-distributable reserves130/1€404k€404k=
Legal reserve130€404k€404k=
Profit (loss) carried forward14€-8.69M€-7.77M▲
Investment grants15€127k€109k▼
Provisions and deferred taxes16€1.20M€1.20M=
Provisions for liabilities and charges160/5€1.20M€1.20M=
Other liabilities and charges164/5€1.20M€1.20M=
Amounts payable17/49€35.71M€38.25M▲
Amounts payable after more than one year17€2k€2k=
Other amounts payable178/9€2k€2k=
Amounts payable within one year42/48€35.06M€37.41M▲
Financial debts43-€3.70M
Credit institutions430/8-€3.70M
Trade debts44€13.18M€11.22M▼
Suppliers440/4€13.18M€11.22M▼
Taxes, remuneration and social security45€2.66M€2.84M▲
Taxes450/3€809k€929k▲
Remuneration and social security454/9€1.85M€1.91M▲
Other amounts payable47/48€19.23M€19.65M▲
Accrued charges and deferred income492/3€645k€845k▲
Income statement
Code20242025
Operating income70/76A€27.86M€28.25M▲
Turnover70€26.84M€28.14M▲
Other operating income74€592k€116k▼
Non-recurring operating income76A€428k-
Operating charges60/66A€27.49M€26.88M▼
Services and other goods61€17.35M€16.61M▼
Remuneration, social security and pensions62€9.71M€10.12M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€327k€75k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€4k-
Other operating charges640/8€97k€71k▼
Operating profit (loss)9901€374k€1.38M▲
Financial income75/76B€92k€73k▼
Recurring financial income75€92k€73k▼
Income from current assets751€63k€55k▼
Other financial income752/9€29k€18k▼
Financial charges65/66B€417k€418k▲
Recurring financial charges65€417k€418k▲
Debt charges650€403k€401k▼
Other financial charges652/9€14k€16k▲
Profit (loss) for the period before taxes9903€48k€1.03M▲
Income taxes67/77€2k€118k▲
Taxes670/3€2k€118k▲
Profit (loss) for the period9904€46k€915k▲
Profit (loss) for the period to be appropriated9905€46k€915k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-8.69M€-7.77M▲
Profit (loss) brought forward from the previous period14P€-8.73M€-8.69M▲
Social balance
Average headcount (FTE)9087231.4219.9▼
The notes to these accounts (56 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
17-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
14-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Back to profitnet €46k
Net result €46k after 3 loss-making years.
16-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
27-09
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 58 days late
2022
11-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Weakest financial yearnet €-6.29M ▼18295%
Net result drops to €-6.29M, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €25MEq €35.99M ▲146%
Equity rises from €14.64M to €35.99M.
01-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
10-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Highest result since 2018net €6.30M ▲4101%
Net result €6.30M, the highest in the series.
31-12
Financial
Equity above €10MEq €14.71M ▲73.5%
2 profitable years in a row build equity to €14.71M.
Show earlier events
05-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
29-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
23-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 23 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
32 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Gent · 2 establishment units since 2002
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Oktrooiplein 19000 GentGround area
1,685 m²
Building footprint
1,641 m²
Volume, LiDAR
9,034 m³
2 parcels, Flanders, Wallonia · tallest building 18.6 m, ±1 floor. Linked by address, not a title deed.
2 establishment units
MIFRATEL
since 20022.091.702.060
MIFRATEL
since 20082.233.051.747
2 parcels
Flanders
1
(50%)
Wallonia
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44807G0728/02L013 | Flanders | 1,619 m² | 1 · 1,590 m² | 18.6 m · 1 fl. |
| 54007B0578/00F000 | Wallonia | 66 m² | 1 · 51 m² | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 3 entries · 8,191 EUR awarded · 8,191 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 1,129 EUR | 1,129 EUR |
| 2023 | 1 | 4,368 EUR | 4,368 EUR |
| 2022 | 1 | 2,694 EUR | 2,694 EUR |
Schemes
Vlaams opleidingsverlof (VOV)
Recognitions · licences · registrations
Legal Entity Identifier
549300CMWTS84GZPSN77
Similar companies · same sector, comparable size
Bluecrux International
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Silverfin
BE 0524.802.662
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EMIL FREY Belgique SA
BE 0880.777.717
Awans · Eq €27.75M
WATERLEAU GROUP
BE 0473.254.189
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HOEDEHUT
BE 0668.589.128
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Of 82,562 companies in sector 70200 we hold annual accounts for 52,574. 3,133 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded18-06-1999
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
82200Office administrative, office support and other business support activities
73110Advertising agencies
73200Market research and public opinion polling
Sources
Crossroads Bank for EnterprisesNational Bank · 27 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.