Checked.be
Active
BE 0429.839.662Private limited company
MIDARMS
Rue Joseph Lhoest(CHE) 17 ·4602 Visé, Belgium· 39 yrs active
Sector: Retail trade
(47631)
Conclusion
MIDARMS has been active since 1986 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €4.87M and a net result of €723k. Equity is growing by ~20.4% per year across the filed fiscal years. Its solvency ranks better than 89% of 9984 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Based on the State Gazette, CBE and 5 annual accounts.
Key figures
| Equity | €4.87M |
| Net result | €723k |
| Staff (FTE) | 6.3 |
| Better than sector | 89% |
Financial profile
90
/ 100
Exceptional profile, strong across almost every axis.
All 5 axes are computed from data Checked has read.
Health
100
Profitability
74
Solvency
100
Growth
78
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 1986, 39 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
100
/ 100
Excellent
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€490k
estimate, not credit advice
Score history
86
2021
93
2022
93
2023
100
2024
100
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 43.27 (≥ 1.5)
+10
Quick ratio
Quick ratio 24.86 (≥ 1.0)
+5
Leverage
Debt/equity 0.24 (< 1.0)
+10
Profitability
ROE 15% (≥ 10%)
+10
Interest coverage
Interest coverage 101.8× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 09-07-2026 with the NBB · fiscal year 2025 · abbreviated schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~20.4%/year over 5 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 47, Retail trade · compared within the same schema type (abbreviated schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 80.7% | 37.6% | |
| Net result | €723k | €30k | |
| Equity | €4.87M | €260k | |
| Gross operating margin | €1.46M | €227k | |
| Staff costs | €370k | €158k |
€1.08M
-1.3%
21-25
€723k
+1.5%
21-25
€795k
0.0%
21-25
€6.03M
+12.8%
21-25
€4.87M
+17.4%
21-25
€5.61M
+15.1%
21-25
6
+1.6%
21-25
€370k
+2.5%
21-25
€299k
+0.7%
21-25
€1.17M
-3.2%
21-25
€133k
-4.3%
21-25
€1.03M
-3.0%
21-25
43.27
+19.7%
21-25
24.86
+28.1%
21-25
80.7%
+4.1%
21-25
0.24
-17.6%
21-25
14.9%
-13.6%
21-25
12.0%
-10.0%
21-25
101.80
+44.6%
21-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Deposit | abbreviated schema | full schema | full schema | full schema | full schema |
| Revenue | - | - | - | - | - |
| EBITDA | €1.08M | €1.10M | €900k | €956k | €864k |
| Net profit | €723k | €712k | €556k | €600k | €638k |
| Cash flow | €795k | €795k | €636k | €675k | €714k |
| Staff costs | €370k | €361k | €353k | €320k | €317k |
| Income taxes | €299k | €297k | €260k | €282k | €284k |
| Dividends | - | - | - | - | - |
| Total assets | €6.03M | €5.35M | €4.70M | €4.28M | €6.10M |
| Equity | €4.87M | €4.15M | €3.43M | €2.88M | €2.28M |
| Debt | €1.17M | €1.20M | €1.27M | €1.40M | €3.83M |
| of which ≤ 1y | €133k | €139k | €161k | €281k | €292k |
| of which > 1y | €1.03M | €1.07M | €1.11M | €1.12M | €3.52M |
| Working capital | €5.61M | €4.87M | €4.17M | €3.61M | €5.40M |
| Employees (FTE) | 6.3 | 6.2 | 6.2 | 6.0 | 6.0 |
Note: these years are not on the same basis. The filed schemas differ (abbreviated schema, full schema), so the columns are not directly comparable.
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 43.27 | 36.16 | 26.94 | 13.84 | 19.50 |
| Quick ratio | 24.86 | 19.41 | 10.65 | 3.96 | 10.90 |
| Working capital ratio | 93.0% | 91.1% | 88.6% | 84.4% | 88.4% |
| Solvency | 80.7% | 77.5% | 73.0% | 67.3% | 37.3% |
| Debt / equity | 0.24 | 0.29 | 0.37 | 0.49 | 1.68 |
| Long-term debt ratio | 0.21 | 0.26 | 0.32 | 0.39 | 1.55 |
| Interest coverage | 101.80 | 70.41 | 54.66 | 81.49 | 16.85 |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | - | - | - |
| ROA | 12.0% | 13.3% | 11.8% | 14.0% | 10.5% |
| ROE | 14.9% | 17.2% | 16.2% | 20.8% | 28.0% |
| EBITDA margin | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (27 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €6.03M | €5.35M | €4.70M | €4.28M | €6.10M |
| Fixed assets | 21/28 | €292k | €338k | €375k | €386k | €413k |
| Intangible fixed assets | 21 | €4k | - | - | - | - |
| Tangible fixed assets | 22/27 | €288k | €338k | €375k | €386k | €412k |
| Financial fixed assets | 28 | - | - | - | - | €766 |
| Current assets | 29/58 | €5.74M | €5.01M | €4.33M | €3.89M | €5.69M |
| Stocks & contracts in progress | 3 | €2.44M | €2.32M | €2.62M | €2.78M | €2.51M |
| Amounts receivable within one year | 40/41 | €617k | €599k | €527k | €604k | €458k |
| Investments | 50/53 | €1.50M | €800k | €500k | - | €1.10M |
| Cash & bank | 54/58 | €1.17M | €1.28M | €674k | €500k | €1.60M |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €6.03M | €5.35M | €4.70M | €4.28M | €6.10M |
| Equity | 10/15 | €4.87M | €4.15M | €3.43M | €2.88M | €2.28M |
| Contributions / capital | 10/11 | €125k | €125k | €125k | €125k | €125k |
| Reserves | 13 | €3.76M | €3.31M | €2.86M | €2.30M | €1.70M |
| Accumulated profits (losses) | 14 | €987k | €714k | €452k | €452k | €452k |
| Amounts payable | 17/49 | €1.17M | €1.20M | €1.27M | €1.40M | €3.83M |
| Amounts payable after one year | 17 | €1.03M | €1.07M | €1.11M | €1.12M | €3.52M |
| Amounts payable within one year | 42/48 | €133k | €139k | €161k | €281k | €292k |
| Trade debts payable within one year | 44 | €11k | €15k | €58k | €109k | €108k |
| Income statement | ||||||
| Gross operating margin | 9900 | €1.46M | €1.48M | €1.27M | €1.34M | €1.20M |
| Operating result | 9901 | €1.01M | €1.02M | €819k | €880k | €788k |
| Financial income | 75 | €21k | €10k | €13k | €13k | €185k |
| Financial charges | 65 | €11k | €16k | €16k | €12k | €51k |
| Result before taxes | 9903 | €1.02M | €1.01M | €816k | €882k | €921k |
| Income taxes | 67/77 | €299k | €297k | €260k | €282k | €284k |
| Net result for the period | 9904 | €723k | €712k | €556k | €600k | €638k |
| Result to be appropriated | 9905 | €723k | €712k | €556k | €600k | €638k |
Legal Structure
| NACE primary | Retail trade(47631) |
| Legal form | Private limited company(610) |
| Incorporation | 13-11-1986 |
| Status | Active |
| Postal code | 4602 |
Establishment units
MIDARMS
since 19872.030.991.938
Real-estate footprint
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62024A0641/00R003 | Wallonia | 672 m² | 1 · 198 m² | 11.7 m · 3 fl. |
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.
Updates
Next filing, fiscal year 2026, expected by
2026
09-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2021net €723k ▲1.5%
Net result €723k, the highest in the series.
07-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
03-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Weakest financial yearnet €556k ▼7.4%
Net result drops to €556k, the lowest in the series; recovery starts the following year.
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
04-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
03-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
11-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
05-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
08-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
07-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
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.
Credit advice
Company registry (CBE)
Activities
Wholesale trade46496Retail trade47631Retail trade4778351476
Names & trade names
| Legal nameFR | MIDARMS |
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