MIPA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 30 filings
Equity
€36,373▼ 48.2%
2024 · €70,211
Total assets
€52,226▼ 73.9%
2024 · €200,342
Net result
-€33,838▼ 15.6%
2024 · -€29,272
Working capital
€11,096▼ 72.4%
2024 · €40,200
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€33,862
▼ 18.6%
2025
20182025
Net result
-€33,838
▼ 15.6%
2025
lowest quarter of the sector
20182025
Equity
€36,373
▼ 48.2%
2025
middle half of the sector
20182025
Total assets
€52,226
▼ 73.9%
2025
lowest quarter of the sector
20182025
Debt
€15,853
▼ 87.8%
2025
20182025
Working capital
€11,096
▼ 72.4%
2025
middle half of the sector
20182025
Solvency
69.6%
▲ 34.6pp
2025
middle half of the sector
20182025
Current ratio
1.70
▲ 0.39
2025
middle half of the sector
20182025
Return on assets (ROA)
-64.8%
▼ 50.2pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€2,371--€4,490▼ 89.3%-€14,560▼ 224%€10,390-€5,052-€20,291▼ 302%-€28,550▼ 40.7%-€33,862▼ 18.6%
Net result-€4,174--€7,133▼ 70.9%-€20,210below the sector's middle half▼ 183%€8,956within the sector's middle half-€6,911below the sector's middle half-€20,971below the sector's middle half▼ 203%-€29,272below the sector's middle half▼ 39.6%-€33,838below the sector's middle half▼ 15.6%
Equity€145,810-€138,677▼ 4.9%€118,467within the sector's middle half▼ 14.6%€127,422within the sector's middle half▲ 7.6%€120,512within the sector's middle half▼ 5.4%€99,541within the sector's middle half▼ 17.4%€70,211within the sector's middle half▼ 29.5%€36,373within the sector's middle half▼ 48.2%
Total assets€213,434-€292,522▲ 37.1%€227,152within the sector's middle half▼ 22.3%€244,139within the sector's middle half▲ 7.5%€394,366within the sector's middle half▲ 61.5%€278,854within the sector's middle half▼ 29.3%€200,342within the sector's middle half▼ 28.2%€52,226below the sector's middle half▼ 73.9%
Debt€67,624-€153,845▲ 128%€108,685▼ 29.4%€116,717▲ 7.4%€273,855▲ 135%€179,313▼ 34.5%€130,131▼ 27.4%€15,853▼ 87.8%
Working capital€76,352-€71,142▼ 6.8%€51,214within the sector's middle half▼ 28.0%€62,124within the sector's middle half▲ 21.3%€57,575within the sector's middle half▼ 7.3%€68,457within the sector's middle half▲ 18.9%€40,200within the sector's middle half▼ 41.3%€11,096within the sector's middle half▼ 72.4%
Solvency68.3%-47.4%▼ 20.9pp52.2%within the sector's middle half▲ 4.7pp52.2%within the sector's middle half=30.6%within the sector's middle half▼ 21.6pp35.7%within the sector's middle half▲ 5.1pp35.0%within the sector's middle half▼ 0.7pp69.6%within the sector's middle half▲ 34.6pp
Current ratio2.13-1.46▼ 0.671.47within the sector's middle half▲ 0.011.53within the sector's middle half▲ 0.061.21within the sector's middle half▼ 0.321.38within the sector's middle half▲ 0.171.31within the sector's middle half▼ 0.071.70within the sector's middle half▲ 0.39
Return on assets (ROA)-2.0%--2.4%▼ 0.5pp-8.9%below the sector's middle half▼ 6.5pp3.7%within the sector's middle half▲ 12.6pp-1.8%below the sector's middle half▼ 5.4pp-7.5%below the sector's middle half▼ 5.8pp-14.6%below the sector's middle half▼ 7.1pp-64.8%below the sector's middle half▼ 50.2pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €33,862, larger than the loss of €28,550 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €52,226
Fixed assets
€25,277 ▼ 15.8%
Current assets
€26,949 ▼ 84.2%
Equity and liabilities €52,226
Equity
€36,373 ▼ 48.2%
Debt
€15,853 ▼ 87.8%
Debt's share of the balance-sheet total falls from 65.0% to 30.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€29,128▼
2024 · -€23,978
Cash flow
-€29,104▼
2024 · -€24,699
Debt to equity
0.44▼
2024 · 1.85
ROE
-93.0%▼
2024 · -41.7%
Interest coverage
-58.09▲
2024 · -59.58
Debt ≤ 1 year
€15,853▼
2024 · €130,131
Income taxes
€311▼
2024 · €319
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €10,843 | €3,500 | - |
| Depreciation and write-downs of the year | €2,362 | €2,362 | €3,835 | €4,573 | €4,734 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €10,072 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,923 | €1,923 | €2,069 | €2,362 | €2,362 | €3,835 | €4,573 | €4,734 | ▲ 3.5% |
| Other operating charges640/8 | - | - | - | €2,214 | €1,569 | €2,466 | €2,647 | €4,508 | ▲ 70.3% |
| Gross operating margin9900 | €1,304 | -€578 | -€9,806 | €14,966 | -€1,121 | -€13,989 | -€21,331 | -€24,620 | ▼ 15.4% |
| Operating profit (loss)9901 | -€2,371 | -€4,490 | -€14,560 | €10,390 | -€5,052 | -€20,291 | -€28,550 | -€33,862 | ▼ 18.6% |
| Financial income75/76B | - | - | - | - | - | - | - | €837 | - |
| Recurring financial income75 | - | - | €0 | - | - | - | - | €837 | - |
| Financial charges65/66B | - | - | - | €1,213 | €1,626 | €448 | €402 | €501 | ▲ 24.6% |
| Recurring financial charges65 | €1,340 | €2,402 | €5,481 | €1,213 | €1,626 | €448 | €402 | €501 | ▲ 24.6% |
| Profit (loss) for the period before taxes9903 | -€3,711 | -€6,892 | -€20,041 | €9,177 | -€6,678 | -€20,739 | -€28,953 | -€33,527 | ▼ 15.8% |
| Income taxes67/77 | €462 | €242 | €170 | €222 | €233 | €232 | €319 | €311 | ▼ 2.4% |
| Profit (loss) for the period9904 | -€4,174 | -€7,133 | -€20,210 | €8,956 | -€6,911 | -€20,971 | -€29,272 | -€33,838 | ▼ 15.6% |
| Profit (loss) for the period to be appropriated9905 | -€4,174 | -€7,133 | -€20,210 | €8,956 | -€6,911 | -€20,971 | -€29,272 | -€33,838 | ▼ 15.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €213,434 | €292,522 | €227,152 | €244,139 | €394,366 | €278,854 | €200,342 | €52,226 | ▼ 73.9% |
| Fixed assets21/28 | €69,458 | €67,535 | €67,660 | €65,298 | €62,936 | €31,084 | €30,011 | €25,277 | ▼ 15.8% |
| Tangible fixed assets22/27 | €30,598 | €28,675 | €28,800 | €26,438 | €24,076 | €31,084 | €30,011 | €25,277 | ▼ 15.8% |
| Land and buildings22 | - | - | - | €24,829 | €22,906 | €20,983 | €22,517 | €20,244 | ▼ 10.1% |
| Furniture and vehicles24 | - | - | - | €1,609 | €1,170 | €10,101 | €7,494 | €5,032 | ▼ 32.8% |
| Financial fixed assets28 | €38,860 | €38,860 | €38,860 | €38,860 | €38,860 | - | - | - | - |
| Current assets29/58 | €143,976 | €224,987 | €159,491 | €178,841 | €331,430 | €247,771 | €170,331 | €26,949 | ▼ 84.2% |
| Amounts receivable within one year40/41 | €143,976 | €105,876 | €120,333 | €108,865 | €109,681 | €105,200 | €75,503 | €25,557 | ▼ 66.2% |
| Trade receivables40 | - | - | - | €1,815 | - | - | €222 | €1,471 | ▲ 562% |
| Other amounts receivable41 | - | - | - | €107,050 | €109,681 | €105,200 | €75,281 | €24,086 | ▼ 68.0% |
| Cash at bank and in hand54/58 | - | €571 | - | - | €138,436 | €56,009 | €11,198 | €0 | ▼ 100% |
| Deferred charges and accrued income490/1 | - | - | - | €69,976 | €83,313 | €86,562 | €83,630 | €1,392 | ▼ 98.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €213,434 | €292,522 | €227,152 | €244,139 | €394,366 | €278,854 | €200,342 | €52,226 | ▼ 73.9% |
| Equity10/15 | €145,810 | €138,677 | €118,467 | €127,422 | €120,512 | €99,541 | €70,211 | €36,373 | ▼ 48.2% |
| Contributions10/11 | €6,205 | €6,205 | - | €6,205 | €6,205 | €6,205 | €6,205 | €6,205 | = |
| Reserves13 | €139,605 | €132,472 | €112,261 | €121,217 | €114,306 | €93,336 | €64,006 | €30,168 | ▼ 52.9% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €119,357 | €112,446 | €91,476 | €62,146 | €28,308 | ▼ 54.4% |
| Amounts payable17/49 | €67,624 | €153,845 | €108,685 | €116,717 | €273,855 | €179,313 | €130,131 | €15,853 | ▼ 87.8% |
| Amounts payable within one year42/48 | €67,624 | €153,845 | €108,277 | €116,717 | €273,855 | €179,313 | €130,131 | €15,853 | ▼ 87.8% |
| Financial debts43 | - | - | - | €2,431 | - | - | - | €2,247 | - |
| Credit institutions430/8 | - | - | - | €2,431 | - | - | - | €2,247 | - |
| Trade debts44 | €6,333 | €37,645 | €38,366 | €41,556 | €49,880 | €52,266 | €47,683 | €2,175 | ▼ 95.4% |
| Suppliers440/4 | - | - | - | €41,556 | €49,880 | €52,266 | €47,683 | €2,175 | ▼ 95.4% |
| Advances received on contracts in progress46 | - | - | - | €47,923 | €53,519 | €47,598 | €46,993 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €24,632 | €17,431 | €9,684 | €9,771 | €11,431 | ▲ 17.0% |
| Taxes450/3 | - | - | - | €24,632 | €17,431 | €9,684 | €9,771 | €11,431 | ▲ 17.0% |
| Other amounts payable47/48 | - | - | - | €175 | €153,025 | €69,766 | €25,685 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,174 | -€7,133 | -€20,210 | €8,956 | -€6,911 | -€20,971 | -€29,272 | -€33,838 | ▼ 15.6% |
| + Depreciation and write-downs630 | €1,923 | €1,923 | €2,069 | €2,362 | €2,362 | €3,835 | €4,573 | €4,734 | ▲ 3.5% |
| Operating cash flow (approximation) | -€2,251 | -€5,210 | -€18,141 | €11,318 | -€4,549 | -€17,135 | -€24,699 | -€29,104 | ▼ 17.8% |
| Investment in fixed assets (approximation) | - | €0 | -€2,194 | €0 | €0 | €28,017 | -€3,500 | €0 | - |
| Change in cash | - | - | - | - | - | -€82,427 | -€44,811 | -€11,198 | ▲ 75.0% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 5,831 companies had the same profile as MIPA has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MIPA itself: 0.5% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 5,831 companies, not a prediction for MIPA. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-07-2026 | 2026-00231624 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00195557 | |
| 31-12-2023 | micro format | 21-05-2024 | 2024-00091150 | |
| 31-12-2022 | micro format | 06-06-2023 | 2023-00114698 | |
| 31-12-2021 | micro format | 13-07-2022 | 2022-20178475 | |
| 31-12-2020 | micro format | 06-04-2021 | 2021-09900256 | |
| 31-12-2019 | micro format | 02-06-2020 | 2020-14100008 | |
| 31-12-2018 | micro format | 13-08-2019 | 2019-45900189 | |
| 31-12-2017 | micro format | 25-01-2019 | 2019-02400241 | |
| 31-12-2016 | abbreviated format | 04-05-2017 | 2017-11200539 |