MUSHI
ActiveMUSHI has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €261k and a net result of €44k. Equity is growing by ~27.1% per year across the filed fiscal years. Its solvency ranks better than 77% of 18207 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
84
/ 100
Excellent
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability83▼-1
Solvency92▼-8
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €21k at 30 days acceptable
Liquidity ample (current ratio 3.68 against 4.24 in 2024; short-term debt: 25.9% and cash: 44.7% of total assets), and 33.2% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Sector 47
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
66.8%
Return on assets
11.4%
Age of the figures
15 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 27-01-2026, 4 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
4 d early
2024
4 d early
2023
on the day
2022
7 d late
2021
32 d late
2020
3 d early
2019
10 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close20-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€261k▲ 20.5%
2024 · €217k
2019: €12k
2020: €41k
2021: €125k
2022: €151k
2023: €184k
2024: €217k
2019 → 2025
Total assets
€391k▲ 40.3%
2024 · €279k
2019: €148k
2020: €147k
2021: €219k
2022: €257k
2023: €305k
2024: €279k
2019 → 2025
Net result
€44k▲ 34.8%
2024 · €33k
2019: €10k
2020: €29k
2021: €84k
2022: €26k
2023: €33k
2024: €33k
2019 → 2025
Working capital
€272k▲ 35.2%
2024 · €201k
2019: €-19k
2020: €16k
2021: €93k
2022: €124k
2023: €163k
2024: €201k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€125k-€151k▲ 20.6%€184k▲ 21.6%€217k▲ 17.9%€261k▲ 20.5%
Operating result€100k-€34k▼ 65.5%€46k▲ 33.3%€49k▲ 7.7%€59k▲ 20.1%
Net result€84k-€26k▼ 69.2%€33k▲ 26.2%€33k▲ 1.0%€44k▲ 34.8%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 20% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €391k
Fixed assets
€18k▲ 14.7%
Current assets
€373k▲ 41.8%
Equity and liabilities €391k
Equity
€261k▲ 20.5%
Debt
€130k▲ 109%
The debt ratio rises from 22.3% to 33.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€66k▲
2024 · €56k
Cash flow
€51k▲
2024 · €39k
Solvency
66.8%▼
2024 · 77.7%
Current ratio
3.68▼
2024 · 4.24
Quick ratio
3.30▼
2024 · 3.57
Debt / equity
0.50▲
2024 · 0.29
ROE
17.0%▲
2024 · 15.2%
ROA
11.4%▼
2024 · 11.8%
Interest coverage
76.32▲
2024 · 30.28
Debt
€130k▲
2024 · €62k
Debt ≤ 1 year
€101k▲
2024 · €62k
Income taxes
€16k▲
2024 · €15k
Staff costs
€100k▲
2024 · €90k
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€279k€391k▲
Fixed assets21/28€16k€18k▲
Tangible fixed assets22/27€16k€18k▲
Land and buildings22€11k€8k▼
Plant, machinery and equipment23€5k€10k▲
Current assets29/58€263k€373k▲
Stocks and contracts in progress3€41k€39k▼
Stocks30/36€41k€39k▼
Amounts receivable within one year40/41€106k€129k▲
Other amounts receivable41€106k€129k▲
Current investments50/53-€29k
Cash at bank and in hand54/58€114k€175k▲
Deferred charges and accrued income490/1€2k€1k▼
Equity and liabilities
Total equity and liabilities10/49€279k€391k▲
Equity10/15€217k€261k▲
Contributions10/11€6k€6k=
Reserves13€2k€2k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Profit (loss) carried forward14€209k€253k▲
Amounts payable17/49€62k€130k▲
Amounts payable within one year42/48€62k€101k▲
Trade debts44€32k€45k▲
Suppliers440/4€32k€45k▲
Taxes, remuneration and social security45€30k€45k▲
Taxes450/3€30k€45k▲
Other amounts payable47/48€942€11k▲
Accrued charges and deferred income492/3-€29k
Income statement
Code20242025
Remuneration, social security and pensions62€90k€100k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€6k€6k▲
Other operating charges640/8€2k€4k▲
Non-recurring operating charges66A€12€54▲
Gross operating margin9900€148k€170k▲
Operating profit (loss)9901€49k€59k▲
Financial income75/76B€10€2k▲
Recurring financial income75€10€2k▲
Financial charges65/66B€2k€888▼
Recurring financial charges65€2k€863▼
Non-recurring financial charges66B€5€25▲
Profit (loss) for the period before taxes9903€48k€61k▲
Income taxes67/77€15k€16k▲
Profit (loss) for the period9904€33k€44k▲
Profit (loss) for the period to be appropriated9905€33k€44k▲
Appropriation of the result
Profit (loss) to be appropriated9906€209k€253k▲
Profit (loss) brought forward from the previous period14P€176k€209k▲
The notes to these accounts (6 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
27-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
27-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-06
Financial
Equity above €200kEq €217k ▲17.9%
6 profitable years in a row build equity to €217k.
31-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
07-02
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 7 days late
2022
30-06
Financial
Equity above €150kEq €151k ▲20.6%
4 profitable years in a row build equity to €151k.
04-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 32 days late
2021
30-06
Financial
Highest result since 2019net €84k ▲187%
Operating result €100k, net result €84k, both a record.
30-06
Financial
Equity above €100kEq €125k ▲203%
3 profitable years in a row build equity to €125k.
28-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
21-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
14-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
10-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
01-12
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
3 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, Oostende · 1 establishment unit since 2012
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.
Vlaanderenstraat 58400 OostendeGround area
354 m²
Building footprint
337 m²
Volume, LiDAR
2,142 m³
2 parcels, Flanders · tallest building 15.3 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
MUSHI
since 20122.212.642.155
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 35013A0199/00F000 | Flanders | 191 m² | 1 · 195 m² | 15.3 m · 4 fl. |
| 35022A0512/00A000 | Flanders | 163 m² | 1 · 142 m² | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 2,000 EUR awarded · 2,000 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 2,000 EUR | 2,000 EUR |
Schemes
Hinderpremie bij openbare werken
Similar companies · same sector, comparable size
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BALESSE
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YOUNG CLUB
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ROSEDORANGE
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Of 2,211 companies in sector 47711 we hold annual accounts for 889. 615 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company (pre-2019)
Founded03-07-2012
Fiscal year end30-06
Activities, NACEBEL
47711Retail sale of women's outerwear
47716Retail sale of clothing and accessories for women, men, children and babies (general range)
46110Wholesale trade
47712Retail trade
47713Retail trade
Sources
Crossroads Bank for EnterprisesNational Bank · 13 filingsAddress and cadastre registers
Data from official sources, last processed on 20-09-2026. Scores and ratios are computed by Checked and are not a credit decision.