Mukden Logistics
ActiveThe computed 12-month bankruptcy probability of Mukden Logistics is 1.8% (moderate). The 2025 annual accounts show equity of €38k and a net result of €12k. Equity is growing by ~44.8% per year across the filed fiscal years. Its solvency ranks better than 13% of 716 sector peers (fiscal year 2025). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
52
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability70=
Solvency28▲+1
Growth78=
Track record100
Bankruptcy probability, 12 months
1.8%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €1.5k at 30 days acceptable
Liquidity short (current ratio 0.81 against 0.77 in 2024; short-term debt: 96.7% and cash: 35.8% of total assets), and 96.7% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 52
Relative position
BE, all sectors
reference
Sector 52
higher
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
3.3%
Return on assets
1.1%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 13% of 716 sector peers (2025).
NBB · sector comparisonPosition among 716 sector peers
Solvency
better than 13%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-08-2026, 29 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 · 5 filingsDeviation from the deadline
2025
29 d late
2024
31 d early
2023
12 d late
2022
77 d early
2021
288 d late
← before the deadline
after the deadline →
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
17-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€38k▲ 49.0%
2024 · €25k
2021: €-42k
2022: €10k
2023: €17k
2024: €25k
2021 → 2025
Total assets
€1.12M▲ 11.0%
2024 · €1.01M
2021: €17k
2022: €100k
2023: €517k
2024: €1.01M
2021 → 2025
Net result
€12k▲ 52.3%
2024 · €8k
2021: €-52k
2022: €53k
2023: €7k
2024: €8k
2021 → 2025
Working capital
€-211k▲ 8.1%
2024 · €-230k
2021: €-42k
2022: €10k
2023: €-114k
2024: €-230k
2021 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-42k-€10k€17k▲ 64.6%€25k▲ 47.4%€38k▲ 49.0%
Operating result€-51k-€54k€10k▼ 82.2%€13k▲ 39.3%€18k▲ 33.3%
Net result€-52k-€53k€7k▼ 87.3%€8k▲ 20.8%€12k▲ 52.3%
Turnover and EBIT margin not published: the abbreviated or 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 33% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.12M
Fixed assets
€248k▼ 2.5%
Current assets
€876k▲ 15.6%
Equity and liabilities €1.12M
Equity
€38k▲ 49.0%
Debt
€1.09M▲ 10.1%
The debt ratio falls from 97.5% to 96.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€24k▲
2024 · €17k
Cash flow
€19k▲
2024 · €12k
Solvency
3.3%▲
2024 · 2.5%
Current ratio
0.81▲
2024 · 0.77
Quick ratio
0.81▲
2024 · 0.77
Debt / equity
28.97▼
2024 · 39.22
ROE
32.9%▲
2024 · 32.2%
ROA
1.1%▲
2024 · 0.8%
Interest coverage
31.95▲
2024 · 9.21
Debt
€1.09M▲
2024 · €988k
Debt ≤ 1 year
€1.09M▲
2024 · €988k
Income taxes
€5k▲
2024 · €3k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€1.01M€1.12M▲
Fixed assets21/28€255k€248k▼
Tangible fixed assets22/27€123k€117k▼
Land and buildings22€123k€117k▼
Financial fixed assets28€131k€131k=
Current assets29/58€758k€876k▲
Amounts receivable within one year40/41-€472k
Trade receivables40-€472k
Other amounts receivable41-€154
Current investments50/53€5k€2k▼
Cash at bank and in hand54/58€753k€402k▼
Equity and liabilities
Total equity and liabilities10/49€1.01M€1.12M▲
Equity10/15€25k€38k▲
Contributions10/11€10k€10k=
Reserves13€1k€28k▲
Non-distributable reserves130/1€1k€1k=
Reserves not available under the articles1311€1k€1k=
Distributable reserves133-€27k
Profit (loss) carried forward14€14k-
Amounts payable17/49€988k€1.09M▲
Amounts payable within one year42/48€988k€1.09M▲
Trade debts44€708k€791k▲
Suppliers440/4€708k€791k▲
Taxes, remuneration and social security45-€5k
Taxes450/3-€5k
Other amounts payable47/48€280k€292k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€4k€6k▲
Other operating charges640/8€4k€502▼
Gross operating margin9900€21k€25k▲
Operating profit (loss)9901€13k€18k▲
Financial charges65/66B€2k€757▼
Recurring financial charges65€2k€757▼
Profit (loss) for the period before taxes9903€11k€17k▲
Income taxes67/77€3k€5k▲
Profit (loss) for the period9904€8k€12k▲
Profit (loss) for the period to be appropriated9905€8k€12k▲
Appropriation of the result
Profit (loss) to be appropriated9906€15k€27k▲
Profit (loss) brought forward from the previous period14P€7k€14k▲
Transfer to equity691/2€1k€27k▲
To the legal reserve6920€1k-
To other reserves6921-€27k
The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 29 days late
2025
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
12-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 12 days late
2023
15-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
15-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 288 days late
2022
31-12
Financial
Back to profitnet €53k
Net result €53k after one loss-making year.
31-12
Financial
Liquidity quadruplescurrent ratio 1.12
Current ratio from 0.28 to 1.12.
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
6 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, Zelzate · 1 establishment unit since 2023
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Groenplein 339060 ZelzateGround area
449 m²
Building footprint
413 m²
Volume, LiDAR
3,309 m³
Parcel 43018D0491/00G000, Flanders · tallest building 15.6 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Mukden Logistics
since 20232.352.236.538
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 43018D0491/00G000 | Flanders | 449 m² | 1 · 413 m² | 15.6 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
STOCKAGE VEDRIN
BE 0472.703.467
Namur · Eq €37k
PROS-STOCKAGE
BE 0872.115.221
Herstal · Eq €37k
HS LOGISTICS
BE 0807.764.728
Zedelgem · Eq €38k
MY SELF STORAGE
BE 0711.942.188
Anderlecht · Eq €38k
ARCHIVAGE ET GARDIENNAGE
BE 0464.912.585
Charleroi · Eq €39k
Of 1,030 companies in sector 52100 we hold annual accounts for 764. 282 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded08-06-2020
Fiscal year end31-12
Abbreviation NL
Mukden
Activities, NACEBEL
52100Warehousing and storage
52241Warehousing and support activities for transportation
52250Logistics services
52290Warehousing and support activities for transportation
Sources
Crossroads Bank for EnterprisesNational Bank · 5 filingsAddress and cadastre registers
Data from official sources, last processed on 17-09-2026. Scores and ratios are computed by Checked and are not a credit decision.