M-SYSTEMS
Bankruptcy closedInactive since 14-08-2026; last annual accounts for fiscal year 2020.
Summary
M-SYSTEMS was declared bankrupt on 08-09-2022 (Ondernemingsrechtbank Antwerpen, afdeling Hasselt); the bankruptcy was closed by liquidation by judgment of 12-08-2026, published in the Belgian State Gazette on 18-08-2026.
Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
neutral · Filed after the deadline
The financial year that closed on 31-12-2020 was due by 31-07-2021 and was filed on 30-09-2021, 61 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 5 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
not filed
2022
not filed
2021
not filed
2020
61 d late
2019
31 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 2 accounts on average 15 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (1)
History
Go further with this company
Still owed money by this company? Its procedure, who runs it and what to do now.Creditor guide Who ran this company, and where was it based, on a date before the end?Company as of a date Is the registered address a letterbox address or a business centre?Addresses Are there other customers at risk in your own list?List enrichment
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2020, micro schema
Turnover
€1.2m▲ 435%
2019 · €215,063
EBIT margin
2.0%▼ 0.2pp
2019 · 2.1%
Net result
€12,753▲ 326%
2019 · €2,994
Working capital
€54,872▼ 23.8%
2019 · €71,967
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line201820192020
Turnover€328,298-€215,063▼ 34.5%€1.2m▲ 435%
Operating result€30,135-€4,612▼ 84.7%€22,932▲ 397%
Net result€17,054-€2,994▼ 82.4%€12,753▲ 326%
EBIT margin9.2%-2.1%▼ 7.0pp2.0%▼ 0.2pp
Equity€53,356-€56,350▲ 5.6%€69,104▲ 22.6%
Total assets€187,172-€146,207▼ 21.9%€506,587▲ 246%
Debt€133,816-€89,856▼ 32.9%€437,484▲ 387%
Working capital€78,950-€71,967▼ 8.8%€54,872▼ 23.8%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2020; 2020 is 397% above 2019.
Balance-sheet composition
2020 in colour, 2019 as the grey bar beneath
Assets €506,587
Fixed assets
€30,017 ▲ 1,191%
Current assets
€476,570 ▲ 231%
Equity and liabilities €506,587
Equity
€69,104 ▲ 22.6%
Debt
€437,484 ▲ 387%
Debt's share of the balance-sheet total rises from 61.5% to 86.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€27,421▲
2019 · €7,032
Cash flow
€17,242▲
2019 · €5,414
Current ratio
1.13▼
2019 · 2.00
Debt to equity
0.23▼
2019 · 0.32
ROE
18.5%▲
2019 · 5.3%
ROA
2.5%▲
2019 · 2.0%
Debt ≤ 1 year
€421,698▲
2019 · €71,915
Debt > 1 year
€15,785▼
2019 · €17,941
Income taxes
€5,907▲
2019 · €1,510
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | Change |
|---|---|---|---|---|
| Turnover70 | €328,298 | €215,063 | €1.2m | ▲ 435% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,420 | €2,420 | €4,488 | ▲ 85.5% |
| Gross operating margin9900 | €75,279 | €50,244 | €287,289 | ▲ 472% |
| Operating profit (loss)9901 | €30,135 | €4,612 | €22,932 | ▲ 397% |
| Recurring financial income75 | €2,950 | €4,680 | €8,185 | ▲ 74.9% |
| Recurring financial charges65 | €8,575 | €4,788 | €12,457 | ▲ 160% |
| Profit (loss) for the period before taxes9903 | €24,510 | €4,504 | €18,660 | ▲ 314% |
| Income taxes67/77 | €7,455 | €1,510 | €5,907 | ▲ 291% |
| Profit (loss) for the period9904 | €17,054 | €2,994 | €12,753 | ▲ 326% |
| Profit (loss) for the period to be appropriated9905 | €17,054 | €2,994 | €12,753 | ▲ 326% |
| Line | 2018 | 2019 | 2020 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €187,172 | €146,207 | €506,587 | ▲ 246% |
| Fixed assets21/28 | €4,745 | €2,325 | €30,017 | ▲ 1,191% |
| Tangible fixed assets22/27 | €4,420 | €2,000 | €15,892 | ▲ 695% |
| Financial fixed assets28 | €325 | €325 | €14,125 | ▲ 4,246% |
| Current assets29/58 | €182,427 | €143,882 | €476,570 | ▲ 231% |
| Amounts receivable within one year40/41 | €111,665 | €139,728 | €467,657 | ▲ 235% |
| Cash at bank and in hand54/58 | €66,802 | €152 | €853 | ▲ 462% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €187,172 | €146,207 | €506,587 | ▲ 246% |
| Equity10/15 | €53,356 | €56,350 | €69,104 | ▲ 22.6% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €34,756 | €37,750 | €50,504 | ▲ 33.8% |
| Amounts payable17/49 | €133,816 | €89,856 | €437,484 | ▲ 387% |
| Amounts payable after more than one year17 | €30,338 | €17,941 | €15,785 | ▼ 12.0% |
| Amounts payable within one year42/48 | €103,478 | €71,915 | €421,698 | ▲ 486% |
| Trade debts44 | €20,680 | €5,969 | €169,602 | ▲ 2,741% |
| Line | 2018 | 2019 | 2020 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,054 | €2,994 | €12,753 | ▲ 326% |
| + Depreciation and write-downs630 | €2,420 | €2,420 | €4,488 | ▲ 85.5% |
| Operating cash flow (approximation) | €19,474 | €5,414 | €17,242 | ▲ 218% |
| Investment in fixed assets (approximation) | - | €0 | -€32,181 | - |
| Change in cash | - | -€66,650 | €701 | ▲ 101% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2026
18-08
Bankruptcy
Bankruptcy closure (by liquidation)
Ondernemingsrechtbank Antwerpen, afdeling Hasselt · event 12-08-2026
2022
14-09
Bankruptcy
Opening
Ondernemingsrechtbank Antwerpen, afdeling Hasselt · event 08-09-2022
2021
30-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 61 days late
2020
30-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Weakest financial yearnet €2,994 ▼82.4%
Net result drops to €2,994, the lowest in the series.
30-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 61 days late
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
03-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
7 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, Beringen
Ground area
3,414 m²
Building footprint
771 m²
Volume, LiDAR
4,039 m³
Parcel 71004A0021/00H000, Flanders · tallest building 5.6 m, ±2 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71004A0021/00H000 | Flanders | 3,414 m² | 1 · 771 m² | 5.6 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Insolvency mandates
2 mandates| Role | Name | Tenure |
|---|---|---|
| Curator | HERMAN DRIESSEN SINT-KATARINAPLEIN 15 BUS 3,
3500 HASSELT |
08-09-2022 → 12-08-2026 |
| Curator | ILSE VRANKEN KUNST-
LAAN 10/A01, 3500 HASSELT |
08-09-2022 → 12-08-2026 |
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded10-07-2015
Fiscal year end31-12
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.