Financials
- Fiscal year
- 2025
- Total assets
- €242,770
- Loss
- -€11,829
- Solvency
- -59.1%
Total assets▲ 4.8%
Net result
20182025
MILESTONE 44
ActiveSummary
MILESTONE 44 has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€143,377) and a net result of -€11,829. Equity is growing by ~3.2% per year across the filed fiscal years. Its solvency ranks better than 5% of 291 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
Activity
Manufacture of other non-metallic mineral products
NACE 23990NACE 26820
1 site
Size
€242,770total assets 2025
- Equity
- -€143,377
- Loss
- -€11,829
Turnover not published (abridged schema)
Structure
- Largest shareholder
- DEN BLAUWE STEEN · 24%
Accounts filed 12 d late0 of 4 deeds read
Why 53Capped at 59: negative equity- Negative equity -€143,377+ Size: total assets €242,770+ Sector Manufacture of other non-metallic mineral products (NACE 23)+ Founded in 1988Show the evidence
Checked score
Score 2025
53
/ 100
Fair
Probability in this band: 1.5% to 4.2%
Better than 16% of its sector peers (NACE 23, micro)
Performance against the sector, not lower risk
Negative equity caps the score at 59. Every signal that weighs is under Signals.
Financial strength · tick = 2024
Weak
Solvency
0=
equity -59.1% of total assets
Liquidity
35-14
short-term debt 157.4% · cash 28.0%
Profitability
17-1
return on assets -4.9%
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
11-2024: 0.1%
12-2024: 0.1%● 0.0% vs 11-2024
01-2025: 0.1%▼ -1.7% vs 12-2024lowest value
02-2025: 0.1%● 0.0% vs 01-2025lowest value
03-2025: 0.1%● 0.0% vs 02-2025lowest value
04-2025: 0.1%● 0.0% vs 03-2025lowest value
05-2025: 0.1%● 0.0% vs 04-2025lowest value
06-2025: 0.1%▲ +11.4% vs 05-2025
07-2025: 0.2%▲ +41.7% vs 06-2025
08-2025: 0.2%▲ +32.8% vs 07-2025
09-2025: 0.1%▼ -38.5% vs 08-2025
10-2025: 0.1%● 0.0% vs 09-2025
11-2025: 0.1%● 0.0% vs 10-2025
12-2025: 0.1%● 0.0% vs 11-2025
01-2026: 0.1%▼ -1.4% vs 12-2025
02-2026: 0.1%● 0.0% vs 01-2026
03-2026: 0.1%● 0.0% vs 02-2026
04-2026: 0.1%● 0.0% vs 03-2026
05-2026: 0.1%▼ -0.7% vs 04-2026
06-2026: 0.2%▲ +11.1% vs 05-2026
07-2026: 0.2%▲ +11.9% vs 06-2026
08-2026: 0.3%▲ +46.4% vs 07-2026highest value
09-2026: 0.2%▼ -37.4% vs 08-2026
10-2026: 0.2%● 0.0% vs 09-2026
- Negative equity -€143,377 raises the probability
- Size: total assets €242,770 lowers the probability for this profile
- Sector Manufacture of other non-metallic mineral products (NACE 23) lowers the probability
- Founded in 1988 lowers the probability for this profile
No credit on open account
Liquidity short (current ratio 0.35 against 0.37 in 2024; short-term debt: 157.4% and cash: 28% of total assets), and equity is negative.
How it is calculated
The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (NACE 23, micro). Better than this share of them on solvency 3%, liquidity 25%, profitability 13%, growth against the median 21%. That is performance, not lower risk; the band itself always comes from the probability.
Bankruptcy probability: model pd-v3.202610021621, computed on 03-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.
Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 -€143,377
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 12-08-2026, 12 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
12 d late
2024
27 d late
2023
28 d early
2022
39 d early
2021
11 d late
2020
61 d early
2019
29 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 15 days before the deadline; the sector median for financial year 2024 is 11 days before the deadline, and 34% 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. Usually files around 11 August (4 of the last 5 filed years within 38 days of that day).
Companies Code · seven monthsPosition in the running window
03-10-2026 today31-12-2026 close31-07-2027 deadline
- Annual accounts filedfiscal year 2025 · abbreviated…
- Weakest financial yearnet -€11,829
- Annual accounts filedfiscal year 2024 · micro…
Key points
By topic
Board & ownership
- Largest shareholder
- DEN BLAUWE STEEN · 24%
Timeline
- Events
- 13
- Since
- 2017
- Next accounts
- by 31-07-2027
- 12-08-2026Annual accounts filed
- 31-12-2025Weakest financial year
- 27-08-2025Annual accounts filed
Company details
- Sites
- 1
- Legal form
- Public limited company
- Activity
- Manufacture of other non-metallic mineral productsNACE 23990
- Founded
- 12-04-1988
- Year ends
- 31-12
- Peppol
- Reachable for e-invoices
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