MIGSA CONSTRUCT
ActiveSummary
The computed 12-month bankruptcy probability of MIGSA CONSTRUCT is 8.4% (elevated). For MIGSA CONSTRUCT, at least two filing cycles of the annual accounts are missing. The 2023 annual accounts show equity of €19,278 and a net result of -€23,685. Equity is growing by ~20.5% per year across the filed fiscal years. The company has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
No current score
Figures too old
The available figures for FY 2023 are too old to assess current financial health.
Bankruptcy probability: Elevated
Filing: At least two filing cycles are missing
Axes, FY 2023 · tick = 2022
Profitability0▼-76
Solvency56▼-15
Growth47▼-21
Track record100
Bankruptcy probability, 12 months
8.4%
Elevated
0%0.5%1.5%4%10%≥ 25%
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Signals
Six signals. The signal on the left, the evidence on the right.
+raises risk
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
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 2023Solvency, return and age of the figures
Solvency
31.4%
Return on assets
-38.6%
Age of the figures
33 mo
raises risk · Two or more financial years not filed
Since the financial year that closed on 31-12-2024, 2 financial years are missing at the National Bank. A company this far behind goes bankrupt within the year nineteen times as often as a punctual filer.
NBB · 4 filingsPosition against the passed deadline
31-12-2024 close31-07-2025 deadline28-09-2026 today
raises risk · Filed more than 90 days late
The financial year that closed on 31-12-2023 was due by 31-07-2024 and was filed on 04-12-2024, 126 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 4 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
126 d late
2022
214 d late
2021
211 d late
2020
445 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 4 accounts on average 249 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (1)
History
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Financials · fiscal year 2023, micro schema
Turnover
€199,022▼ 11.1%
2022 · €223,850
EBIT margin
-10.7%▼ 18.2pp
2022 · 7.5%
Net result
-€23,685
2022 · €12,609
Working capital
€18,861▼ 53.1%
2022 · €40,230
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
Line2020202120222023
Turnover€137,292-€195,168▲ 42.2%€223,850▲ 14.7%€199,022▼ 11.1%
Operating result€16,940-€15,943▼ 5.9%€16,868▲ 5.8%-€21,223
Net result€16,879-€11,914▼ 29.4%€12,609▲ 5.8%-€23,685
EBIT margin12.3%-8.2%▼ 4.2pp7.5%▼ 0.6pp-10.7%▼ 18.2pp
Equity€19,879-€30,354▲ 52.7%€42,963▲ 41.5%€19,278▼ 55.1%
Total assets€52,489-€81,911▲ 56.1%€93,866▲ 14.6%€61,388▼ 34.6%
Debt€32,610-€51,556▲ 58.1%€50,903▼ 1.3%€42,109▼ 17.3%
Working capital€16,954-€24,654▲ 45.4%€40,230▲ 63.2%€18,861▼ 53.1%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2023: a loss of €21,223 after €16,868 in 2022, the lowest result in the available series.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €61,388
Fixed assets
€417 ▼ 84.7%
Current assets
€60,971 ▼ 33.1%
Equity and liabilities €61,388
Equity
€19,278 ▼ 55.1%
Debt
€42,109 ▼ 17.3%
Debt's share of the balance-sheet total rises from 54.2% to 68.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€18,907▼
2022 · €19,835
Cash flow
-€21,368▼
2022 · €15,575
Current ratio
1.45▼
2022 · 1.79
Debt to equity
2.18▲
2022 · 1.18
ROE
-122.9%▼
2022 · 29.3%
ROA
-38.6%▼
2022 · 13.4%
Interest coverage
-258.36▼
2022 · 352.87
Debt ≤ 1 year
€42,109▼
2022 · €50,903
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|
| Turnover70 | €137,292 | €195,168 | €223,850 | €199,022 | ▼ 11.1% |
| Goods, raw materials, services and sundry goods60/61 | €118,319 | €175,924 | €201,493 | €216,435 | ▲ 7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €975 | €2,225 | €2,966 | €2,317 | ▼ 21.9% |
| Other operating charges640/8 | €1,059 | €1,077 | €2,523 | €1,493 | ▼ 40.8% |
| Gross operating margin9900 | €18,974 | €19,244 | €22,357 | -€17,414 | ▼ 178% |
| Operating profit (loss)9901 | €16,940 | €15,943 | €16,868 | -€21,223 | ▼ 226% |
| Financial charges65/66B | €60 | €58 | €56 | €2,461 | ▲ 4,279% |
| Recurring financial charges65 | €60 | €58 | €56 | €73 | ▲ 30.2% |
| Non-recurring financial charges66B | - | - | - | €2,388 | - |
| Profit (loss) for the period before taxes9903 | €16,879 | €15,885 | €16,812 | -€23,685 | ▼ 241% |
| Income taxes67/77 | - | €3,971 | €4,203 | - | - |
| Profit (loss) for the period9904 | €16,879 | €11,914 | €12,609 | -€23,685 | ▼ 288% |
| Profit (loss) for the period to be appropriated9905 | €16,879 | €11,914 | €12,609 | -€23,685 | ▼ 288% |
| Line | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €52,489 | €81,911 | €93,866 | €61,388 | ▼ 34.6% |
| Fixed assets21/28 | €2,925 | €5,700 | €2,734 | €417 | ▼ 84.7% |
| Tangible fixed assets22/27 | €2,925 | €5,700 | €2,734 | €417 | ▼ 84.7% |
| Furniture and vehicles24 | €2,925 | €5,700 | €2,734 | €417 | ▼ 84.7% |
| Current assets29/58 | €49,564 | €76,211 | €91,133 | €60,971 | ▼ 33.1% |
| Stocks and contracts in progress3 | - | €300 | - | - | - |
| Stocks30/36 | - | €300 | - | - | - |
| Amounts receivable within one year40/41 | €30,687 | €49,423 | €78,153 | €60,956 | ▼ 22.0% |
| Trade receivables40 | €26,187 | €44,428 | €78,153 | €60,581 | ▼ 22.5% |
| Other amounts receivable41 | €4,500 | €4,995 | - | €375 | - |
| Cash at bank and in hand54/58 | €18,779 | €26,389 | €12,979 | €15 | ▼ 99.9% |
| Deferred charges and accrued income490/1 | €99 | €99 | - | - | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €52,489 | €81,911 | €93,866 | €61,388 | ▼ 34.6% |
| Equity10/15 | €19,879 | €30,354 | €42,963 | €19,278 | ▼ 55.1% |
| Contributions10/11 | €3,000 | - | - | - | - |
| Reserves13 | - | €596 | €596 | €596 | = |
| Non-distributable reserves130/1 | - | €596 | €596 | €596 | = |
| Reserves not available under the articles1311 | - | €596 | €596 | €596 | = |
| Profit (loss) carried forward14 | €16,879 | €29,758 | €42,367 | €18,683 | ▼ 55.9% |
| Amounts payable17/49 | €32,610 | €51,556 | €50,903 | €42,109 | ▼ 17.3% |
| Amounts payable within one year42/48 | €32,610 | €51,556 | €50,903 | €42,109 | ▼ 17.3% |
| Trade debts44 | €32,610 | €38,779 | €38,205 | €37,408 | ▼ 2.1% |
| Suppliers440/4 | €32,610 | €38,779 | €38,205 | €37,408 | ▼ 2.1% |
| Taxes, remuneration and social security45 | - | €11,904 | €4,117 | - | - |
| Taxes450/3 | - | €7,359 | €4,117 | - | - |
| Remuneration and social security454/9 | - | €4,545 | - | - | - |
| Other amounts payable47/48 | - | €874 | €8,581 | €4,701 | ▼ 45.2% |
| Line | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,879 | €11,914 | €12,609 | -€23,685 | ▼ 288% |
| + Depreciation and write-downs630 | €975 | €2,225 | €2,966 | €2,317 | ▼ 21.9% |
| Operating cash flow (approximation) | €17,854 | €14,139 | €15,575 | -€21,368 | ▼ 237% |
| Investment in fixed assets (approximation) | - | -€5,000 | €0 | €0 | - |
| Change in cash | - | €7,610 | -€13,410 | -€12,965 | ▲ 3.3% |
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
2024
04-12
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 126 days late
01-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 214 days late
2023
31-12
Financial
Weakest financial yearnet -€23,685
Net result drops to -€23,685, the lowest in the series.
27-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 211 days late
2022
19-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 445 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 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
8 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, Anderlecht · 1 establishment unit since 2019
Ground area
6,019 m²
Building footprint
1,955 m²
Volume, LiDAR
16,070 m³
2 parcels, Brussels, Flanders · tallest building 17.4 m, ±3 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
MIGSA CONSTRUCT
since 20192.298.115.387
2 parcels
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23062B0379/00K004 | Flanders | 5,742 m² | 1 · 1,678 m² | 10.0 m · 3 fl. |
| 21305B0204/00S030 | Brussels | 277 m² | 1 · 278 m² | 17.4 m · 3 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.
Identification & contact
Identification
Legal formPrivate limited company
Founded02-12-2019
Fiscal year end31-12
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
What can you do?
Try sending from your invoicing software; if that fails, ask the customer whether they already receive via Peppol.
If the customer is not ready yet, you may send the invoice another way, for example as a PDF; if electronically, with their agreement on a secure alternative. That invoice is valid; the customer risks a penalty. FPS Finance
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.