Summary
Mipad is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €18,600 and a net result of €224,259. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 23% of 8091 sector peers (fiscal year 2025). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 23% of 8091 sector peers (2025).
NBB · sector comparisonPosition among 8091 sector peers
Solvency
better than 23%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 25-03-2026, 128 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
128 d early
2024
122 d early
2023
127 d early
2022
126 d early
2021
138 d early
2020
99 d early
2019
63 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 115 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% 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.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€18,600=
2024 · €18,600
Net result
€224,259▲ 104%
2024 · €110,070
Total assets
€102,112▼ 31.2%
2024 · €148,482
Solvency
18.2%▲ 5.7pp
2024 · 12.5%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€231,762▲ 7.6%€191,987▼ 17.2%€133,013▼ 30.7%€145,211▲ 9.2%€297,531▲ 105%
Net result€174,053above the sector's middle half▲ 7.1%€144,826above the sector's middle half▼ 16.8%€100,855above the sector's middle half▼ 30.4%€110,070above the sector's middle half▲ 9.1%€224,259above the sector's middle half▲ 104%
Equity€264,761within the sector's middle half▲ 10.0%€96,587within the sector's middle half▼ 63.5%€162,442within the sector's middle half▲ 68.2%€18,600below the sector's middle half▼ 88.5%€18,600below the sector's middle half=
Total assets€428,169within the sector's middle half▲ 45.6%€134,921within the sector's middle half▼ 68.5%€206,279within the sector's middle half▲ 52.9%€148,482within the sector's middle half▼ 28.0%€102,112below the sector's middle half▼ 31.2%
Debt€163,409▲ 207%€38,334▼ 76.5%€43,837▲ 14.4%€129,882▲ 196%€83,512▼ 35.7%
Working capital€237,788above the sector's middle half▼ 0.7%€73,551within the sector's middle half▼ 69.1%€141,424within the sector's middle half▲ 92.3%-€53,256below the sector's middle half-€39,444below the sector's middle half▲ 25.9%
Solvency61.8%within the sector's middle half▼ 20.0pp71.6%within the sector's middle half▲ 9.8pp78.7%above the sector's middle half▲ 7.2pp12.5%below the sector's middle half▼ 66.2pp18.2%below the sector's middle half▲ 5.7pp
Current ratio2.46within the sector's middle half▼ 3.042.92within the sector's middle half▲ 0.464.23above the sector's middle half▲ 1.310.59below the sector's middle half▼ 3.640.53below the sector's middle half▼ 0.06
Return on assets (ROA)40.7%above the sector's middle half▼ 14.6pp107.3%above the sector's middle half▲ 66.7pp48.9%above the sector's middle half▼ 58.4pp74.1%above the sector's middle half▲ 25.2pp219.6%above the sector's middle half▲ 145.5pp
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 105% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €102,112
Fixed assets
€58,044 ▼ 19.2%
Current assets
€44,067 ▼ 42.5%
Equity and liabilities €102,112
Equity
€18,600 =
Debt
€83,512 ▼ 35.7%
Debt's share of the balance-sheet total falls from 87.5% to 81.8%. Debt is lower.
Key figures and ratios
Debt ≤ 1 year
€83,512▼
2024 · €129,882
Income taxes
€73,135▲
2024 · €35,001
A ratio outside any meaningful range has been withheld (balance sheet total €102,112, equity €18,600).
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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,091 | €5,338 | €5,333 | €15,295 | €17,158 | ▲ 12.2% |
| Other operating charges640/8 | - | €995 | €1,576 | €1,495 | €1,411 | ▼ 5.7% |
| Gross operating margin9900 | €235,825 | €198,321 | €139,921 | €162,001 | €316,099 | ▲ 95.1% |
| Operating profit (loss)9901 | €231,762 | €191,987 | €133,013 | €145,211 | €297,531 | ▲ 105% |
| Financial income75/76B | - | €22 | €0 | - | €3 | - |
| Recurring financial income75 | €0 | €22 | €0 | - | €3 | - |
| Financial charges65/66B | - | €100 | €101 | €140 | €140 | = |
| Recurring financial charges65 | €129 | €100 | €101 | €140 | €140 | = |
| Profit (loss) for the period before taxes9903 | €231,633 | €191,910 | €132,912 | €145,071 | €297,394 | ▲ 105% |
| Income taxes67/77 | €57,580 | €47,084 | €32,056 | €35,001 | €73,135 | ▲ 109% |
| Profit (loss) for the period9904 | €174,053 | €144,826 | €100,855 | €110,070 | €224,259 | ▲ 104% |
| Profit (loss) for the period to be appropriated9905 | €174,053 | €144,826 | €100,855 | €110,070 | €224,259 | ▲ 104% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €428,169 | €134,921 | €206,279 | €148,482 | €102,112 | ▼ 31.2% |
| Fixed assets21/28 | €26,973 | €23,036 | €21,018 | €71,856 | €58,044 | ▼ 19.2% |
| Tangible fixed assets22/27 | €26,973 | €23,036 | €21,018 | €71,856 | €58,044 | ▼ 19.2% |
| Furniture and vehicles24 | - | €8,762 | €8,356 | €60,805 | €48,605 | ▼ 20.1% |
| Other tangible fixed assets26 | - | €14,274 | €12,662 | €11,051 | €9,439 | ▼ 14.6% |
| Current assets29/58 | €401,196 | €111,885 | €185,261 | €76,626 | €44,067 | ▼ 42.5% |
| Amounts receivable within one year40/41 | €37,603 | €5,916 | €11,060 | €0 | €34,632 | - |
| Trade receivables40 | - | €0 | - | - | €32,267 | - |
| Other amounts receivable41 | - | €5,916 | €11,060 | €0 | €2,365 | - |
| Cash at bank and in hand54/58 | €362,757 | €105,008 | €173,182 | €75,222 | €7,969 | ▼ 89.4% |
| Deferred charges and accrued income490/1 | - | €962 | €1,019 | €1,404 | €1,466 | ▲ 4.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €428,169 | €134,921 | €206,279 | €148,482 | €102,112 | ▼ 31.2% |
| Equity10/15 | €264,761 | €96,587 | €162,442 | €18,600 | €18,600 | = |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €246,161 | €77,987 | €143,842 | €0 | - | - |
| Non-distributable reserves130/1 | - | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | €0 | - | - | - | - |
| Distributable reserves133 | - | €77,987 | €143,842 | €0 | - | - |
| Profit (loss) carried forward14 | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €163,409 | €38,334 | €43,837 | €129,882 | €83,512 | ▼ 35.7% |
| Amounts payable within one year42/48 | €163,409 | €38,334 | €43,837 | €129,882 | €83,512 | ▼ 35.7% |
| Trade debts44 | €28 | €399 | €661 | €1,530 | €529 | ▼ 65.4% |
| Suppliers440/4 | - | €399 | €661 | €1,530 | €529 | ▼ 65.4% |
| Taxes, remuneration and social security45 | - | €5,741 | €8,176 | €9,991 | €8,160 | ▼ 18.3% |
| Taxes450/3 | - | €5,741 | €8,176 | €9,991 | €8,160 | ▼ 18.3% |
| Remuneration and social security454/9 | - | €0 | - | - | - | - |
| Other amounts payable47/48 | - | €32,195 | €35,000 | €118,360 | €74,823 | ▼ 36.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €174,053 | €144,826 | €100,855 | €110,070 | €224,259 | ▲ 104% |
| + Depreciation and write-downs630 | €3,091 | €5,338 | €5,333 | €15,295 | €17,158 | ▲ 12.2% |
| Operating cash flow (approximation) | €177,144 | €150,164 | €106,188 | €125,365 | €241,417 | ▲ 92.6% |
| Investment in fixed assets (approximation) | - | -€1,401 | -€3,315 | -€66,133 | -€3,346 | ▲ 94.9% |
| Change in cash | - | -€257,749 | €68,174 | -€97,960 | -€67,253 | ▲ 31.3% |
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
Next filing, fiscal year 2026, expected by
2026
25-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2018net €224,259 ▲104%
Operating result €297,531, net result €224,259, both a record.
31-03
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
26-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Equity above €150,000Eq €162,442 ▲68.2%
6 profitable years in a row build equity to €162,442.
27-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
15-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
23-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Liquidity doublescurrent ratio 5.49
Current ratio from 2.72 to 5.49; short-term debt falls from €65,702 to €53,313.
31-12
Financial
Equity above €200,000Eq €240,708 ▲108%
3 profitable years in a row build equity to €240,708.
29-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Equity above €100,000Eq €115,739 ▲115%
2 profitable years in a row build equity to €115,739.
04-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Aalst · 1 establishment unit since 2018
Ground area
2,708 m²
Building footprint
185 m²
Parcel 41029A0629/00A000, Flanders. Linked by address, not a title deed.
1 establishment unit
Mipad
since 20182.272.776.415
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41029A0629/00A000 | Flanders | 2,708 m² | 1 · 185 m² | - |
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.
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Of 24,729 companies in sector 64210 we hold annual accounts for 19,799. 7,170 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
Founded17-01-2018
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0688548857
Also
9925:BE0688548857
Registered
25-02-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.