Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 20 % of short-term debt in 2023; threshold 65 %.
-
Shrinking team NBB
FTE fell two years in a row, from 92.5 to 80.4.
-
Annual account missing NBB
Fiscal year 2024 was expected before 31 July 2025 and has not been filed.
Financials
Financial year 2023
MIG Motors from Nazareth-De Pinte, company number BE0417891440, closed financial year 2023 with a result of € 325,256 after tax. For that financial year MIG Motors recorded revenue of € 129.2 million and equity of € 4.8 million. Compared with financial year 2022, the result moved from € 5,667 to € 325,256. Profitable, and profit is growing. The buffer is growing. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on July 11, 2024.
€ 4.8 million
▲ 7% vs 2022
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 325,256
▲ € 319,589 vs 2022
Profit after tax over the fiscal year.
€ 3.1 million
▲ 189% vs 2022
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2023. Retained profit grew to € 4.2 million.
People and assets in 2023
80.4
▼ 2.8 vs 2022
Average over the fiscal year, from the social balance sheet.
€ 5.6 million
▲ 7% vs 2022
€ 70,100 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 36,364
▼ 1% vs 2022
Book value of vehicles, furniture and equipment.
Debts at end 2023
€ 6 million
▼ 11% vs 2022
€ 700,000 is repaid this year. At this pace the long-term loan is gone in ≈ 9 years.
€ 29.4 million
▲ 63% vs 2022
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 88 days on average.
€ 1.1 million
▼ 27% vs 2022
Taxes, VAT and social contributions still to pay.
| 2021 | 2022 | 2023 | Change 2022 → 2023 | |
|---|---|---|---|---|
| Revenue | € 93,839,862 | € 85,265,556 | € 129,187,554 | ▲ 52% |
| Profit after taxes | € 543,702 | € 5,667 | € 325,256 | ▲ € 319,589 |
| Equity | € 4,425,740 | € 4,431,408 | € 4,756,664 | ▲ 7% |
| Total debts | € 31,384,962 | € 36,072,995 | € 47,677,069 | ▲ 32% |
| Cash | € 671,637 | € 1,082,191 | € 3,128,020 | ▲ 189% |
| Land & buildings | € 3,456,768 | € 3,237,143 | € 3,104,931 | ▼ 4% |
| Retained profit | € 3,820,384 | € 3,826,052 | € 4,151,308 | ▲ 9% |
| Dividend | € 600,000 | € 0 | € 0 | |
| Bank debt | € 7,000,000 | € 6,650,000 | € 5,950,000 | ▼ 11% |
| Balance sheet total | € 35,972,222 | € 40,659,623 | € 52,582,652 | ▲ 29% |
| Employees (FTE) | 92.5 | 83.2 | 80.4 | ▼ 2.8 |
Key figures of MIG Motors, fiscal years 2021 to 2023, from the annual accounts filed with the National Bank of Belgium.The annual account for fiscal year 2024 has not been filed yet; it was expected before 31 July 2025.
What happened to MIG Motors?
What happened at MIG Motors in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Pole Position stepped down as director. NBB
- Zilverpijl stepped down as director. NBB
- Fleetinvest stepped down as director. NBB
- United NRJ stepped down as director. NBB
- New establishment in Wetteren. KBO
- New establishment in Gent. KBO
- New establishment in Gent. KBO
- New establishment in Nazareth-De Pinte. KBO
In short
From € 543,702 profit in 2021 to € 325,256 profit in 2023.
Paid € 531,135 in corporate taxes since 2021.
Best year ever: 2021, with € 543,702 profit.
Paid out € 600,000 in dividends to the owners in total.
Management
The stake of ZILVERPIJL, FLEETINVEST comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
MIG MotorsThe shares are held by ZILVERPIJL (100%) and FLEETINVEST (100%). It owns 100% of Mig Motors Gent itself.
Directors
According to the 2023 annual accounts
Director · represented by Christel LOOTENS
Also active at: MIG Motors Gent, Van Gogh Capital, FLEETINVEST, MIG Motors Latem
since 2023 · until 2029
Director · represented by Marc VAN HERREWEGHE
Also active at: CARROSSERIE EECKHOUT, GHISTELINCK AUTOBEDRIJVEN, MIG Motors Gent, Van Gogh Capital, FLEETINVEST, MIG Motors Latem, Mig Motors Wonder
since 2023 · until 2029
Director · represented by Hubert SIGIEZ
Also active at: Helanet, Helan Zorgwinkel, MIG Motors Gent, Kinderdagverblijf Martijntje, Hebe Kenniscentrum Kinderopvang, Helan Kinderopvang, Helan Vakantieverblijven, Medipartner Holding +12 more
since 2021 · until 2027
since 2023 · until 2029
Shareholders
100%
100%
Participations
100%
Establishments
Establishment units
Physical locations of this company
Begoniastraat 12
9810 Nazareth-De Pinte
Watermolenstraat 1
9880 Aalter
Active since 1 January 2013
Kruisstraat 10
9930 Lievegem
Active since 1 August 2018
Kortrijksesteenweg 151
9830 Sint-Martens-Latem
Active since 2 January 2024
H. Consciencelaan 58
9950 Lievegem
Active since 2 July 2024
Begoniastraat 16
9810 Nazareth-De Pinte
Active since 1 April 2026
Bedrijvenlaan 1
9080 Lochristi
Active since 1 April 2026
Nieuwe Brug 2 box a
9230 Wetteren
Active since 1 September 2026
Achilles Heyndrickxlaan 3
9050 Gent
Active since 1 September 2026
Zeeschipstraat 137
9000 Gent
Active since 1 September 2026
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 2 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0417.891.440
- VAT number
- BE 0417.891.440
- Registered office
- Begoniastraat 12, 9810 Nazareth-De Pinte
- Names & denominations
- MIG Motors
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 30 December 1977
- Peppol
- Active · Active since 20 Nov 2020
- Activities · NACE
Detailhandel in auto's en lichte bestelwagens (<= 3,5 ton)
Algemeen onderhoud en reparatie van auto's en lichte bestelwagens (<= 3,5 ton)
Onderhoud en reparatie van auto's
Detailhandel in auto's en lichte bestelwagens (= 3,5 ton)
Algemeen onderhoud en reparatie van auto's en lichte bestelwagens (= 3,5 ton)
Detailhandel in motorvoertuigen