MIGLENN
ActiveMIGLENN has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €109k and a net result of €-2k. Equity is shrinking by ~5.1% per year across the filed fiscal years. Its solvency ranks better than 39% of 27676 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
58
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability35▲+1
Solvency62▲+1
Growth58=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6k at 30 days acceptable
Liquidity short (current ratio 0.19 against 0.57 in 2024; short-term debt: 7% and cash: 1.2% of total assets), and 63.2% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven 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 43
Relative position
BE, all sectors
reference
Sector 43
higher
← 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 · 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
36.8%
Return on assets
-0.8%
Age of the figures
15 mo
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
19202122232425
2019 to 2025 · latest year €-2k
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 16-02-2026, 16 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
16 d late
2024
4 d late
2023
9 d late
2022
1 d early
2021
24 d late
2020
38 d late
2019
28 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close20-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€109k▼ 2.1%
2024 · €111k
2019: €165k
2020: €131k
2021: €131k
2022: €131k
2023: €121k
2024: €111k
2019 → 2025
Total assets
€296k▼ 3.5%
2024 · €307k
2019: €345k
2020: €153k
2021: €143k
2022: €141k
2023: €317k
2024: €307k
2019 → 2025
Net result
€-2k▲ 76.1%
2024 · €-10k
2019: €-36k
2020: €-25k
2021: €81
2022: €-698
2023: €-10k
2024: €-10k
2019 → 2025
Working capital
€-17k▼ 91.6%
2024 · €-9k
2019: €-15k
2020: €18k
2021: €27k
2022: €35k
2023: €-8k
2024: €-9k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€131k-€131k▼ 0.5%€121k▼ 7.3%€111k▼ 8.1%€109k▼ 2.1%
Operating result€1k-€132▼ 87.4%€-4k€-4k▲ 3.8%€3k
Net result€81-€-698€-10k▼ 1,268%€-10k▼ 2.3%€-2k▲ 76.1%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €3k after a loss of €4k in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €296k
Fixed assets
€292k▼ 1.1%
Current assets
€4k▼ 65.4%
Equity and liabilities €296k
Equity
€109k▼ 2.1%
Debt
€187k▼ 4.3%
The debt ratio falls from 63.7% to 63.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
€12k▼
2024 · €14k
Cash flow
€6k▼
2024 · €8k
Solvency
36.8%▲
2024 · 36.3%
Current ratio
0.19▼
2024 · 0.57
Quick ratio
0.19▼
2024 · 0.57
Debt / equity
1.72▼
2024 · 1.76
ROE
-2.1%▲
2024 · -8.8%
ROA
-0.8%▲
2024 · -3.2%
Interest coverage
2.04▼
2024 · 2.27
Debt
€187k▼
2024 · €195k
Debt ≤ 1 year
€21k▲
2024 · €20k
Debt > 1 year
€166k▼
2024 · €175k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€307k€296k▼
Fixed assets21/28€295k€292k▼
Tangible fixed assets22/27€295k€292k▼
Land and buildings22€295k€292k▼
Financial fixed assets28€135€135=
Current assets29/58€11k€4k▼
Amounts receivable within one year40/41€268€345▲
Other amounts receivable41€268€345▲
Cash at bank and in hand54/58€11k€4k▼
Equity and liabilities
Total equity and liabilities10/49€307k€296k▼
Equity10/15€111k€109k▼
Contributions10/11€19k€19k=
Capital10€19k€19k=
Issued capital100€19k€19k=
Reserves13€113k€113k=
Non-distributable reserves130/1€2k€2k=
Legal reserve130€2k€2k=
Tax-exempt reserves132€19k€19k=
Distributable reserves133€92k€92k=
Profit (loss) carried forward14€-20k€-22k▼
Amounts payable17/49€195k€187k▼
Amounts payable after more than one year17€175k€166k▼
Financial debts170/4€175k€166k▼
Amounts payable within one year42/48€20k€21k▲
Current portion of amounts payable after more than one year42€9k€9k▲
Trade debts44€1k€2k▲
Suppliers440/4€1k€2k▲
Advances received on contracts in progress46€640-
Other amounts payable47/48€10k€10k=
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€18k€8k▼
Other operating charges640/8€2k€141▼
Gross operating margin9900€16k€12k▼
Operating profit (loss)9901€-4k€3k▲
Financial charges65/66B€6k€6k▼
Recurring financial charges65€6k€6k▼
Profit (loss) for the period before taxes9903€-10k€-2k▲
Profit (loss) for the period9904€-10k€-2k▲
Profit (loss) for the period to be appropriated9905€-10k€-2k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-20k€-22k▼
Profit (loss) brought forward from the previous period14P€-10k€-20k▼
The notes to these accounts (6 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
16-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 16 days late
2025
04-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 4 days late
2024
09-02
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 9 days late
2023
30-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
24-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 24 days late
2021
30-06
Financial
Back to profitnet €81
Net result €81 after 2 loss-making years.
10-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 38 days late
2020
30-06
Financial
Liquidity doublescurrent ratio 1.83
Current ratio from 0.91 to 1.83; short-term debt falls from €168k to €21k.
03-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
31-01
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
27-01
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
7 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, Sint-Laureins · 1 establishment unit since 1989
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.
Leemweg(STL) 1029980 Sint-LaureinsGround area
1,017 m²
Building footprint
1,551 m²
Volume, LiDAR
5,875 m³
2 parcels, Flanders · tallest building 7.9 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
MIGLENN BVBA
since 19892.042.504.452
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 43001H0485/00R000 | Flanders | 817 m² | 1 · 1,351 m² | 7.9 m · 2 fl. |
| 43014D0410/00L000 | Flanders | 200 m² | 1 · 200 m² | 7.0 m · 1 fl. |
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.
Similar companies · same sector, comparable size
DOLUGEST
BE 1019.654.793
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ARGOT CONSTRUCT
BE 0884.012.270
Quaregnon · Eq €109k
EURO SANICHAUD
BE 0478.132.596
Ganshoren · Eq €109k
BWV
BE 0892.167.792
Wommelgem · Eq €109k
Sanitair en verwarming Luyten
BE 0764.633.776
Beerse · Eq €109k
Of 9,530 companies in sector 43222 we hold annual accounts for 5,661. 4,928 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded28-12-1988
Fiscal year end30-06
Activities, NACEBEL
43222Installation of electric heating, air conditioning, cooling and ventilation
47521Retail sale of hardware, building materials, paint and glass (general range)
52461
77222Rental and leasing activities
Sources
Crossroads Bank for EnterprisesNational Bank · 36 filingsAddress and cadastre registers
Data from official sources, last processed on 19-09-2026. Scores and ratios are computed by Checked and are not a credit decision.