M&S System
ActiveM&S System has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €407k and a net result of €103k. Equity is shrinking by ~24% per year across the filed fiscal years. Its solvency ranks better than 59% of 999 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2024
89
/ 100
Excellent▲ +41 vs 2023
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability100▲+100
Solvency71▲+14
Growth32=
Stability100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35k at 30 days acceptable
Liquidity tight (current ratio 1.36 against 1.12 in 2023), and 58.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Four 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 43
Relative position
BE, all sectors
reference
Sector 43
higher
← fewer bankruptcies
more bankruptcies →
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 31-12-2024 was due by 31-07-2025 and was filed on 14-07-2025, 17 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
17 d early
2023
25 d early
2022
5 d early
2021
38 d early
2020
46 d early
2019
42 d early
← before the deadline
after the deadline →
Financials · fiscal year 2024, abbreviated schema
Equity
€407k▲ 34.0%
2023 · €303k
2022: €602k
2023: €303k
2022 → 2024
Total assets
€977k▲ 10.7%
2023 · €883k
2022: €811k
2023: €883k
2022 → 2024
Net result
€103k
2023 · €-298k
2022: €218k
2023: €-298k
2022 → 2024
Working capital
€204k▲ 198%
2023 · €68k
2022: €241k
2023: €68k
2022 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line202220232024Trend
Equity€602k-€303k▼ 49.6%€407k▲ 34.0%
Operating result€282k-€87k▼ 68.9%€217k▲ 148%
Net result€218k-€-298k€103k
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 148% above 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €977k
Fixed assets
€206k▼ 17.4%
Current assets
€771k▲ 21.8%
Equity and liabilities €977k
Equity
€407k▲ 34.0%
Debt
€571k▼ 1.6%
The debt ratio falls from 65.6% to 58.4%: equity grows while debt is paid down.
Key figures and ratios
EBITDA
€319k▲
2023 · €186k
Cash flow
€205k▲
2023 · €-200k
Solvency
41.6%▲
2023 · 34.4%
Current ratio
1.36▲
2023 · 1.12
Quick ratio
1.09▲
2023 · 0.50
Debt / equity
1.40▼
2023 · 1.91
ROE
25.4%▲
2023 · -98.3%
ROA
10.6%▲
2023 · -33.8%
Interest coverage
4.72▼
2023 · 11.33
Debt
€571k▼
2023 · €580k
Debt ≤ 1 year
€567k▲
2023 · €565k
Debt > 1 year
€3k▼
2023 · €15k
Income taxes
€51k▼
2023 · €369k
Staff costs
€383k▼
2023 · €469k
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 · 2024 against 2023
Balance sheet
Code20232024
Total assets
20/58€883k€977k▲
Fixed assets
21/28€250k€206k▼
Tangible fixed assets
22/27€242k€199k▼
Financial fixed assets
28€8k€8k=
Current assets
29/58€633k€771k▲
Stocks & contracts in progress
3€353k€155k▼
Amounts receivable within one year
40/41€268k€609k▲
Cash & bank
54/58€7k€4k▼
Total equity & liabilities
10/49€883k€977k▲
Equity
10/15€303k€407k▲
Contributions / capital
10/11€19k€19k=
Reserves
13€285k€388k▲
Amounts payable
17/49€580k€571k▼
Amounts payable after one year
17€15k€3k▼
Amounts payable within one year
42/48€565k€567k▲
Trade debts payable within one year
44€101k€241k▲
Income statement
Code20232024
Gross operating margin
9900€863k€713k▼
Operating result
9901€87k€217k▲
Financial income
75€23€5k▲
Financial charges
65€16k€68k▲
Result before taxes
9903€71k€155k▲
Income taxes
67/77€369k€51k▼
Net result for the period
9904€-298k€103k▲
Result to be appropriated
9905€-298k€103k▲
Timeline · acts, filings and financial milestones
2025
14-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Back to profitnet €103k
Net result €103k after one loss-making year.
06-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Weakest financial yearnet €-298k ▼237%
Net result drops to €-298k, the lowest in the series; recovery starts the following year.
12-12
State Gazette act
Director changes
Filip Van der Cruysse
26-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
23-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
15-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
19-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
17-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
03-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
22-05
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
13-06
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 7 acts read
About the unread acts
Of the 7 Belgian State Gazette acts we know for this company, 1 has been read. The other 6 have not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
1 director, last change in 2023
SOUSSAH Mohamed
CurrentDirector · since 12-12-2023
12-12-2023
Resigned as Director
12-12-2023
Appointed as Director
Not every act has been read: a resignation may be missing here
6 of this company's 7 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Lokeren · 1 establishment unit since 2012
Ground area
253 m²
Building footprint
82 m²
Volume, LiDAR
647 m³
Parcel 46382B0419/00G000, Flanders · tallest building 10.4 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
M&S System
since 20122.211.765.888
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46382B0419/00G000 | Flanders | 253 m² | 1 · 82 m² | 10.4 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.
Comparable companies · same sector, comparable size
Similar companies · same sector, comparable size
Alex & Kenneth Recycling
BE 0669.644.547
Nieuwpoort · Eq €407k
C. MANGUETTE TERRASSEMENT
BE 0742.946.358
Theux · Eq €406k
Ondernemingen Fettweis J.P.
BE 0446.723.206
Heers · Eq €407k
BENOIT GUISSARD
BE 0454.645.829
Vaux-sur-Sûre · Eq €408k
GRONDWERKEN & VERVOER PERSOON
BE 0806.584.001
Stekene · Eq €408k
Of 8,447 companies in sector 43120 we hold annual accounts for 3,111. 2,263 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded08-02-2012
Fiscal year end31-12
Activities, NACEBEL
43120Site preparation
43130Specialised construction activities
Sources
Crossroads Bank for EnterprisesBelgian Official Gazette · 1 actNational Bank · 13 filingsAddress and cadastre registers
Data from official sources, last processed on 15-07-2026. Scores and ratios are computed by Checked and are not a credit decision.