Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Every financial year from 2023 to 2025 closed with a loss. 2025 was the heaviest.
Of this, €192,561 falls due within a year.
In 2025, 1 person joined and 4 left.
The 2024 accounts came latest: 70 days after the end of the period.
Lower solvency than 95% of companies in office administrative support. Sector median 50.3% · 9,696 companies.
The dashed line is the sector median: 0.2% across 12,672 companies (NACE 82, micro).
About 6 in 100 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 82, micro). It does better than 5% of them on solvency, 9% on liquidity, 5% on profitability and 2% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 7,639 companies had the same profile as BST.M Solution has now. Each dot stands for 20 companies, two years later.
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BST.M Solution itself: 6.5% within 12 months.
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 7,639 companies, not a prediction for BST.M Solution. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Liquidity is insufficient, with a current ratio of 0.32 (0.68 in 2024), below 1. Short-term debt is 310.5% and cash 12.7% of total assets. Equity is negative.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 3 accounts on average 52 days after the deadline. In the sector (NACE 82), the median for financial year 2024 was 7 days before the deadline, and 35% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| BST.M Solution Charleroi | €62,012 | €115,654 | -210.5% | - |
| MUSEVENT PRODUCTIONS Brussels | €79,106 | €91,959 | 47.8% | - |
| Net's Work Hasselt | €45,467 | €108,028 | -43.2% | - |
| DriveCity Nivelles | €89,884 | €134,601 | 24.4% | - |
| RG EVENT SOLUTIONS Braine-l'Alleud | €44,326 | €94,032 | -44.9% | - |
| MK Projects management Antwerp | €70,576 | €78,952 | 77.5% | - |
| BRINKEVIDA Wommelgem | €71,456 | €56,157 | 50.4% | - |
These companies have the same main activity as BST.M Solution: organisation of conventions and trade shows (NACE 82300). They are comparable in size and age: total assets between €44,300 and €89,900, founded between 2022 and 2023.
BST.M Solution files the micro format. That format states no turnover. The gross margin rose from €60,738 in 2023 to €115,654 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €200,000. Estimated: probably between €140,000 and €300,000.
Lower than 95% of 9,696 companies in 2025.
Higher than 9% of 9,314 companies in 2025.
Lower than 95% of 9,438 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter
Staff costs divided by the average number of full-time equivalents.
In 2025, 1 person joined and 4 left.
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet: assets | ||||
20/58 |
62,012 | 97,680 | 98,868 | |
21/28 |
1,111 | 3,007 | 2,185 | |
22/27 |
1,111 | 2,287 | 1,465 | |
24 |
1,111 | 2,287 | 1,465 | |
28 |
0 | 720 | 720 | |
29/58 |
60,901 | 94,673 | 96,684 | |
40/41 |
52,203 | 94,673 | 96,581 | |
40 |
52,075 | 75,511 | 96,409 | |
41 |
128 | 19,162 | 172 | |
54/58 |
7,877 | - | - | |
490/1 |
820 | 0 | 103 | |
| Balance sheet: equity and liabilities | ||||
10/49 |
62,012 | 97,680 | 98,868 | |
10/15 |
-130,549 | -40,988 | -30,434 | |
10/11 |
1,000 | 1,000 | 1,000 | |
14 |
-131,549 | -41,988 | -31,434 | |
17/49 |
192,561 | 138,668 | 129,303 | |
42/48 |
192,561 | 138,499 | 129,153 | |
43 |
483 | 10,047 | 6,493 | |
430/8 |
0 | 9,506 | 6,493 | |
439 |
483 | 541 | - | |
44 |
139,940 | 72,707 | 101,104 | |
440/4 |
139,940 | 72,707 | 101,104 | |
46 |
1,200 | 9,000 | - | |
45 |
22,708 | 42,458 | 21,556 | |
450/3 |
2,439 | 3,130 | 8,055 | |
454/9 |
20,269 | 39,327 | 13,500 | |
47/48 |
28,230 | 4,287 | - | |
492/3 |
1 | 169 | 150 | |
| Income statement | ||||
76A |
5,502 | 10,419 | 86 | |
9900 |
115,654 | 231,148 | 60,738 | |
62 |
196,757 | 233,129 | 89,364 | |
630 |
1,176 | 1,177 | 63 | |
640/8 |
2,287 | 2,633 | 581 | |
66A |
1,619 | - | - | |
9901 |
-86,184 | -5,792 | -29,269 | |
75/76B |
10 | 67 | 5 | |
75 |
10 | 67 | 5 | |
65/66B |
3,242 | 4,785 | 2,042 | |
65 |
3,242 | 4,785 | 2,042 | |
9903 |
-89,415 | -10,510 | -31,306 | |
67/77 |
146 | 43 | 128 | |
9904 |
-89,561 | -10,554 | -31,434 | |
9905 |
-89,561 | -10,554 | -31,434 | |
| Appropriation of the result | ||||
9906 |
-131,549 | -41,988 | -31,434 | |
14P |
-41,988 | -31,434 | - | |
| Social balance sheet | ||||
9087 |
3.2 | 4.1 | 2.1 | |
Hours worked1013 |
5,941 | 7,319 | 2,622 | |
| Document | ||||
The notes to these accounts have 9 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 25-09-2026.
2025 annual accounts filed 56 days after the deadline. Filed on 25 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00524636.
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| -85,008 | -4,615 | -29,207 | ||
| -88,385 | -9,376 | -31,372 | ||
| 0 | 2,000 | 2,247 | ||
| -131,660 | -43,826 | -32,469 | ||
| -210.5% | -42.0% | -30.8% | ||
| 0.32 | 0.68 | 0.75 | ||
| -144.4% | -10.8% | -31.8% | ||
| -26.22 | -0.96 | -14.31 |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 2 | 5 | 3 |
| full-time | 2 | 4 | 3 |
| part-time | 0 | 1 | - |
| in full-time equivalents | 2 | 4.5 | 3 |
| 3.2 | 4.1 | 2.1 | |
| On a permanent contract | 2 | 5 | 3 |
| Joined | 1 | 7 | 3 |
| Left | 4 | 5 | 0 |
Source: social balance sheet in the 2023 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 |
|---|---|---|---|
| Tangible fixed assets | - | €2,000 | €1,527 |
| Financial fixed assets | €0 | - | €720 |
| €1,176 | €1,177 | €63 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €86,184, larger than the loss of €5,792 in 2024. It is the lowest result since 2023.
Equity is negative. Debt (€192,561) exceeds the balance-sheet total (€62,012).
BST.M Solution has no parent and no holdings in its annual accounts. MAURISSEN Frédéric Nicolas Xavier Jean François is the only director. BST.M Solution shares no director with another company.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
BST.M Solution was incorporated on 16 January 2023 as a private limited company by Rental Europe Frame and three natural persons, with a starting capital of €1,000.12 The registered office moved to Jambes in 2026 and to Charleroi in 2026.34 MAURISSEN Frédéric Nicolas Xavier Jean François is director of the company, appointed by deed of 18-01-2023.2 Total assets fell from €98,868 in 2023 to €62,012 in 2025 and headcount from 2.1 to 3.2 full-time equivalents.5
| Establishment | Since | Unit number |
|---|---|---|
| Rue du Cerisier 12 registered office 6041 Charleroi | ||
| Rue du Cerisier 5-12 6041 Charleroi | 16-01-2023 | 2.348.595.771 |
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