MIGRAF
ActiveSummary
The computed 12-month bankruptcy probability of MIGRAF is 3.8% (moderate). The 2025 annual accounts show negative equity (€-10k) and a net result of €-26k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 17% of 3705 sector peers (fiscal year 2025). The company has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-27
Solvency11▼-31
Growth32▼-20
Track record100
Bankruptcy probability, 12 months
3.8%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.14 against 1.33 in 2024; short-term debt: 89.1% and cash: 5.4% of total assets), and equity is negative.
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Signals
Six 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 56
Relative position
BE, all sectors
reference
Food and beverage service activities (NACE 56)
about 206% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
-14.2%
Return on assets
-36%
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
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 €-10k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 03-08-2026, 3 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
3 d late
2024
28 d late
2023
30 d late
2022
22 d late
2021
30 d late
2020
31 d late
2019
64 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
25-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Accepting this client? The AML file with identity, beneficial owners and sanctions lists.AML client file How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed Roughly what is this company worth?Value indication
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-26k▼ 39.3%
2024 · €-19k
Working capital
€-56k
2024 · €11k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€25k▲ 150%€33k▲ 34.9%€15k▼ 54.7%€-13k€-22k▼ 64.4%
Net result€18k▲ 111%€31k▲ 76.6%€14k▼ 55.9%€-19k€-26k▼ 39.3%
Equity€20k▲ 835%€21k▲ 5.1%€35k▲ 66.1%€16k▼ 54.3%€-10k
Total assets€108k▲ 130%€164k▲ 51.4%€113k▼ 30.9%€92k▼ 18.9%€73k▼ 20.7%
Debt€89k▲ 96.9%€143k▲ 61.8%€79k▼ 45.1%€76k▼ 3.2%€83k▲ 9.5%
Working capital€5k€-3k€-2k▲ 27.3%€11k€-56k
Staff (FTE)
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €22k in 2025 against €13k 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 €73k
Fixed assets
€64k ▲ 37.1%
Current assets
€9k ▼ 80.0%
Key figures and ratios
EBITDA
€-8k▼
2024 · €3k
Cash flow
€-13k▼
2024 · €-3k
Solvency
-14.2%▼
2024 · 17.3%
Current ratio
0.14▼
2024 · 1.33
Quick ratio
0.11▼
2024 · 1.27
Debt to equity
-8.03▼
2024 · 4.79
ROA
-36.0%▼
2024 · -20.5%
Interest coverage
-1.95▼
2024 · 3.20
Debt ≤ 1 year
€65k▲
2024 · €34k
Debt > 1 year
€18k▼
2024 · €35k
Income taxes
€373▼
2024 · €5k
Staff costs
€27k▼
2024 · €45k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €39k | - | - | - | - | - |
| Remuneration, social security and pensions62 | €9k | €39k | €48k | €45k | €27k | ▼ 39.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4k | €8k | €2k | €16k | €13k | ▼ 17.8% |
| Other operating charges640/8 | €284 | €3k | €2k | €2k | €2k | ▼ 25.8% |
| Gross operating margin9900 | €38k | €83k | €67k | €51k | €21k | ▼ 59.1% |
| Operating profit (loss)9901 | €25k | €33k | €15k | €-13k | €-22k | ▼ 64.4% |
| Financial charges65/66B | €580 | €2k | €1k | €925 | €4k | ▲ 363% |
| Recurring financial charges65 | €580 | €2k | €1k | €925 | €4k | ▲ 363% |
| Profit (loss) for the period before taxes9903 | €24k | €31k | €14k | €-14k | €-26k | ▼ 84.0% |
| Income taxes67/77 | €6k | - | €77 | €5k | €373 | ▼ 92.2% |
| Profit (loss) for the period9904 | €18k | €31k | €14k | €-19k | €-26k | ▼ 39.3% |
| Profit (loss) for the period to be appropriated9905 | €18k | €31k | €14k | €-19k | €-26k | ▼ 39.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €108k | €164k | €113k | €92k | €73k | ▼ 20.7% |
| Fixed assets21/28 | €42k | €51k | €49k | €47k | €64k | ▲ 37.1% |
| Tangible fixed assets22/27 | €26k | €39k | €37k | €35k | €53k | ▲ 48.9% |
| Plant, machinery and equipment23 | €2k | €9k | €8k | €7k | €33k | ▲ 397% |
| Furniture and vehicles24 | €5k | €4k | €4k | €14k | €11k | ▼ 23.2% |
| Other tangible fixed assets26 | €20k | €26k | €26k | €14k | €9k | ▼ 37.2% |
| Financial fixed assets28 | €16k | €11k | €11k | €11k | €11k | = |
| Current assets29/58 | €66k | €114k | €65k | €45k | €9k | ▼ 80.0% |
| Stocks and contracts in progress3 | €2k | €2k | €2k | €2k | €2k | = |
| Stocks30/36 | €2k | €2k | €2k | €2k | €2k | = |
| Amounts receivable within one year40/41 | €16k | €100 | €1k | €4k | €3k | ▼ 21.2% |
| Trade receivables40 | - | - | €12 | €12 | - | - |
| Other amounts receivable41 | €16k | €100 | €1k | €4k | €3k | ▼ 21.0% |
| Cash at bank and in hand54/58 | €49k | €111k | €62k | €39k | €4k | ▼ 90.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €108k | €164k | €113k | €92k | €73k | ▼ 20.7% |
| Equity10/15 | €20k | €21k | €35k | €16k | €-10k | ▼ 165% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Outside capital11 | €19k | €19k | €19k | €19k | €19k | = |
| Other1109/19 | €19k | €19k | €19k | €19k | €19k | = |
| Profit (loss) carried forward14 | €1k | €2k | €16k | €-3k | €-29k | ▼ 964% |
| Amounts payable17/49 | €89k | €143k | €79k | €76k | €83k | ▲ 9.5% |
| Amounts payable after more than one year17 | €27k | €27k | €12k | €35k | €18k | ▼ 47.6% |
| Financial debts170/4 | €27k | €27k | €12k | €35k | €18k | ▼ 47.6% |
| Amounts payable within one year42/48 | €62k | €116k | €67k | €34k | €65k | ▲ 90.2% |
| Current portion of amounts payable after more than one year42 | €17k | €40k | - | - | €29k | - |
| Trade debts44 | €13k | €36k | €19k | €29k | €15k | ▼ 50.2% |
| Suppliers440/4 | €13k | €36k | €19k | €29k | €15k | ▼ 50.2% |
| Taxes, remuneration and social security45 | €7k | €16k | €3k | - | €7k | - |
| Taxes450/3 | €6k | €12k | €3k | - | €7k | - |
| Remuneration and social security454/9 | €635 | €5k | - | - | - | - |
| Other amounts payable47/48 | €25k | €24k | €46k | €5k | €14k | ▲ 190% |
| Accrued charges and deferred income492/3 | - | - | - | €7k | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18k | €31k | €14k | €-19k | €-26k | ▼ 39.3% |
| + Depreciation and write-downs630 | €4k | €8k | €2k | €16k | €13k | ▼ 17.8% |
| Operating cash flow (approximation) | €22k | €39k | €16k | €-3k | €-13k | ▼ 375% |
| Investment in fixed assets (approximation) | - | €-16k | €0 | €-14k | €-31k | ▼ 116% |
| Change in cash | - | €63k | €-50k | €-22k | €-35k | ▼ 59.9% |
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
03-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 3 days late
2025
31-12
Financial
Weakest financial yearnet €-26k
Net result drops to €-26k, the lowest in the series.
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
22-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 22 days late
2022
31-12
Financial
Highest result since 2018net €31k ▲76.6%
Operating result €33k, net result €31k, both a record.
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 30 days late
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Back to profitnet €8k
Net result €8k after one loss-making year.
28-05
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
12-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
15-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
11-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 11 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 14 acts read
About the unread acts
We know of 14 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
14 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-Gillis (bij-Brussel) · 1 establishment unit since 2008
Ground area
136 m²
Building footprint
136 m²
Volume, LiDAR
2,608 m³
Parcel 21013B0417/00Z012, Brussels · tallest building 23.8 m, ±7 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
LA RENAISSANCE
since 20082.172.381.811
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21013B0417/00Z012 | Brussels | 136 m² | 1 · 136 m² | 23.8 m · 7 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.
Recognitions · licences · registrations
Food safety, FASFC
1 siteSint-Gillis2.172.381.811
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Of 21,861 companies in sector 56112 we hold annual accounts for 9,778. 7,776 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
Founded05-08-2008
Fiscal year end31-12
Activities, NACEBEL 2025
56112Limited-service restaurants, excluding mobile food services
56301Cafés and bars
Scores and ratios are computed by Checked and are not a credit decision.