MIGATRA
ActiveSummary
MIGATRA has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €193,729 and a net result of -€33,136. Equity is shrinking by ~4.8% per year across the filed fiscal years. Its solvency ranks better than 88% of 4709 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability1▼-12
Solvency100▲+27
Growth32=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €10,000 at 30 days acceptable
Liquidity ample (current ratio 5.5 against 1.81 in 2024; short-term debt: 17.2% and cash: 8.6% of total assets), and 17.2% of the assets are financed with debt.
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Signals
Four 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 49
Relative position
BE, all sectors
reference
Land transport and transport via pipelines (NACE 49)
about 141% 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
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€33,136
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-08-2026, 24 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
24 d late
2024
28 d late
2023
14 d early
2022
106 d late
2021
61 d late
2020
31 d late
2019
37 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 28 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 49% 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
Equity
€193,729▼ 14.6%
2024 · €226,865
Total assets
€234,087▼ 50.8%
2024 · €475,503
Net result
-€33,136▼ 41.0%
2024 · -€23,501
Working capital
€181,561▼ 10.1%
2024 · €202,054
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 49, Land transport and transport via pipelines, 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
Operating result-€45,800▲ 57.5%€21,362€70,086▲ 228%-€29,889-€39,380▼ 31.8%
Net result-€35,125below the sector's middle half▲ 62.7%€17,764within the sector's middle half€71,871above the sector's middle half▲ 305%-€23,501below the sector's middle half-€33,136below the sector's middle half▼ 41.0%
Equity€160,731within the sector's middle half▼ 17.9%€178,495above the sector's middle half▲ 11.1%€250,366above the sector's middle half▲ 40.3%€226,865above the sector's middle half▼ 9.4%€193,729above the sector's middle half▼ 14.6%
Total assets€224,824below the sector's middle half▼ 33.5%€237,639within the sector's middle half▲ 5.7%€409,798above the sector's middle half▲ 72.4%€475,503above the sector's middle half▲ 16.0%€234,087within the sector's middle half▼ 50.8%
Debt€64,093▼ 54.9%€59,144▼ 7.7%€159,432▲ 170%€248,637▲ 56.0%€40,358▼ 83.8%
Working capital€149,515within the sector's middle half▼ 2.7%€146,929above the sector's middle half▼ 1.7%€228,382above the sector's middle half▲ 55.4%€202,054above the sector's middle half▼ 11.5%€181,561above the sector's middle half▼ 10.1%
Solvency71.5%above the sector's middle half▲ 13.6pp75.1%above the sector's middle half▲ 3.6pp61.1%within the sector's middle half▼ 14.0pp47.7%within the sector's middle half▼ 13.4pp82.8%above the sector's middle half▲ 35.0pp
Current ratio5.59above the sector's middle half▲ 2.853.91above the sector's middle half▼ 1.682.43within the sector's middle half▼ 1.481.81within the sector's middle half▼ 0.625.50above the sector's middle half▲ 3.69
Return on assets (ROA)-15.6%below the sector's middle half▲ 12.2pp7.5%within the sector's middle half▲ 23.1pp17.5%above the sector's middle half▲ 10.1pp-4.9%below the sector's middle half▼ 22.5pp-14.2%below the sector's middle half▼ 9.2pp
Staff (FTE)2.2below the sector's middle half▼ 29.0%1.1▼ 50.0%1.4▲ 27.3%2.3▲ 64.3%1.8▼ 21.7%
above
within
below
the middle half (P25 to P75) of NACE 49, Land transport and transport via pipelines, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €39,380 in 2025 against €29,889 in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €234,087
Fixed assets
€12,168 ▼ 51.0%
Current assets
€221,919 ▼ 50.8%
Equity and liabilities €234,087
Equity
€193,729 ▼ 14.6%
Debt
€40,358 ▼ 83.8%
Debt's share of the balance-sheet total falls from 52.3% to 17.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€26,736▼
2024 · -€19,123
Cash flow
-€20,492▼
2024 · -€12,734
Debt to equity
0.21▼
2024 · 1.10
ROE
-17.1%▼
2024 · -10.4%
Interest coverage
-14.84▼
2024 · -14.54
Debt ≤ 1 year
€40,358▼
2024 · €248,637
Income taxes
€179▼
2024 · €828
Staff costs
€90,844▼
2024 · €120,396
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 5,836 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.5%
went bankrupt
13%
stopped otherwise
84%
still going
A further 0.7% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.9% 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 5,836 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 | €11,900 | €0 | - | - | - | - |
| Remuneration, social security and pensions62 | €75,525 | €30,894 | €79,308 | €120,396 | €90,844 | ▼ 24.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,521 | €9,474 | €16,719 | €10,766 | €12,644 | ▲ 17.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €12,874 | - | - | - |
| Other operating charges640/8 | €6,009 | €2,097 | €18,233 | €4,654 | €3,372 | ▼ 27.5% |
| Non-recurring operating charges66A | €2,800 | €3,072 | €1 | €3,906 | - | - |
| Gross operating margin9900 | €59,055 | €66,898 | €197,222 | €109,833 | €67,480 | ▼ 38.6% |
| Operating profit (loss)9901 | -€45,800 | €21,362 | €70,086 | -€29,889 | -€39,380 | ▼ 31.8% |
| Financial income75/76B | €14,020 | €0 | €7,314 | €8,532 | €8,224 | ▼ 3.6% |
| Recurring financial income75 | €14,020 | €0 | €7,314 | €8,532 | €8,224 | ▼ 3.6% |
| Financial charges65/66B | €2,441 | €1,677 | €934 | €1,316 | €1,801 | ▲ 36.9% |
| Recurring financial charges65 | €2,441 | €1,677 | €934 | €1,316 | €1,801 | ▲ 36.9% |
| Profit (loss) for the period before taxes9903 | -€34,221 | €19,685 | €76,466 | -€22,672 | -€32,957 | ▼ 45.4% |
| Income taxes67/77 | €903 | €1,921 | €4,595 | €828 | €179 | ▼ 78.4% |
| Profit (loss) for the period9904 | -€35,125 | €17,764 | €71,871 | -€23,501 | -€33,136 | ▼ 41.0% |
| Profit (loss) for the period to be appropriated9905 | -€35,125 | €17,764 | €71,871 | -€23,501 | -€33,136 | ▼ 41.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €224,824 | €237,639 | €409,798 | €475,503 | €234,087 | ▼ 50.8% |
| Fixed assets21/28 | €42,751 | €40,205 | €21,984 | €24,812 | €12,168 | ▼ 51.0% |
| Tangible fixed assets22/27 | €40,766 | €38,220 | €19,999 | €24,577 | €11,933 | ▼ 51.4% |
| Land and buildings22 | €2,623 | - | - | - | - | - |
| Plant, machinery and equipment23 | - | €2,162 | €1,702 | €1,241 | €780 | ▼ 37.1% |
| Furniture and vehicles24 | €38,143 | €36,058 | €18,298 | €23,336 | €11,153 | ▼ 52.2% |
| Financial fixed assets28 | €1,985 | €1,985 | €1,985 | €235 | €235 | = |
| Current assets29/58 | €182,073 | €197,434 | €387,814 | €450,691 | €221,919 | ▼ 50.8% |
| Amounts receivable within one year40/41 | €166,633 | €175,366 | €365,614 | €225,871 | €201,177 | ▼ 10.9% |
| Trade receivables40 | €24,724 | €26,811 | €132,323 | €41,846 | €21,590 | ▼ 48.4% |
| Other amounts receivable41 | €141,908 | €148,555 | €233,290 | €184,025 | €179,587 | ▼ 2.4% |
| Cash at bank and in hand54/58 | €15,440 | €22,068 | €22,200 | €222,330 | €20,243 | ▼ 90.9% |
| Deferred charges and accrued income490/1 | - | - | - | €2,490 | €500 | ▼ 79.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €224,824 | €237,639 | €409,798 | €475,503 | €234,087 | ▼ 50.8% |
| Equity10/15 | €160,731 | €178,495 | €250,366 | €226,865 | €193,729 | ▼ 14.6% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €201,158 | €218,921 | €231,766 | €231,766 | €231,766 | = |
| Non-distributable reserves130/1 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | €1,859 | €0 | - | €1,859 | €1,859 | = |
| Other1319 | - | €1,859 | €1,859 | - | - | - |
| Distributable reserves133 | €199,299 | €217,062 | €229,907 | €229,907 | €229,907 | = |
| Profit (loss) carried forward14 | -€59,027 | -€59,027 | €0 | -€23,501 | -€56,637 | ▼ 141% |
| Amounts payable17/49 | €64,093 | €59,144 | €159,432 | €248,637 | €40,358 | ▼ 83.8% |
| Amounts payable after more than one year17 | €31,535 | €8,639 | €0 | - | - | - |
| Financial debts170/4 | €31,535 | €8,639 | €0 | - | - | - |
| Amounts payable within one year42/48 | €32,558 | €50,505 | €159,432 | €248,637 | €40,358 | ▼ 83.8% |
| Current portion of amounts payable after more than one year42 | €22,629 | €22,896 | €8,639 | - | - | - |
| Trade debts44 | €9,929 | €19,803 | €121,039 | €106,493 | €31,590 | ▼ 70.3% |
| Suppliers440/4 | €9,929 | €19,803 | €121,039 | €106,493 | €31,590 | ▼ 70.3% |
| Taxes, remuneration and social security45 | - | €7,806 | €29,754 | €142,144 | €8,768 | ▼ 93.8% |
| Taxes450/3 | - | €1,921 | €19,164 | €134,656 | €236 | ▼ 99.8% |
| Remuneration and social security454/9 | - | €5,885 | €10,591 | €7,488 | €8,532 | ▲ 14.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€35,125 | €17,764 | €71,871 | -€23,501 | -€33,136 | ▼ 41.0% |
| + Depreciation and write-downs630 | €20,521 | €9,474 | €16,719 | €10,766 | €12,644 | ▲ 17.4% |
| Operating cash flow (approximation) | -€14,604 | €27,238 | €88,590 | -€12,734 | -€20,492 | ▼ 60.9% |
| Investment in fixed assets (approximation) | - | -€6,928 | €1,501 | -€13,594 | €0 | ▲ 100% |
| Change in cash | - | €6,627 | €133 | €200,129 | -€202,087 | ▼ 201% |
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
24-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 24 days late
2025
31-12
Financial
Liquidity triplescurrent ratio 5.50
Current ratio from 1.81 to 5.50; short-term debt falls from €248,637 to €40,358.
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
17-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2018net €71,871 ▲305%
Operating result €70,086, net result €71,871, both a record.
31-12
Financial
Equity above €200,000Eq €250,366 ▲40.3%
2 profitable years in a row build equity to €250,366.
14-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 106 days late
2022
31-12
Financial
Back to profitnet €17,764
Net result €17,764 after 2 loss-making years.
30-09
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 61 days late
2021
31-12
Financial
Liquidity doublescurrent ratio 5.59
Current ratio from 2.75 to 5.59; short-term debt falls from €88,013 to €32,558.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 31 days late
2020
31-12
Financial
Weakest financial yearnet -€94,186
Net result drops to -€94,186, the lowest in the series; recovery starts the following year.
Show earlier events
24-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
14-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 14 days late
2018
14-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 14 days late
2017
18-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 18 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
2 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, Izegem · 1 establishment unit since 1994
Ground area
312 m²
Building footprint
163 m²
Volume, LiDAR
1,437 m³
Parcel 36494D0900/00P002, Flanders · tallest building 14.3 m, ±3 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
MIGATRA
since 19942.068.259.338
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 36494D0900/00P002 | Flanders | 312 m² | 1 · 163 m² | 14.3 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 12,584 companies in sector 49410 we hold annual accounts for 8,203. 6,229 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 (pre-2019)
Founded01-09-1994
Fiscal year end31-12
Activities, NACEBEL 2025
49410Freight transport by road
E-invoicing
Reachable via Peppol
Peppol ID
0208:0453328510
Also
9925:BE0453328510
Registered
22-08-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.