MEHSAD
InactiveMEHSAD was declared bankrupt on 11-09-2023 (Tribunal de l’entreprise du Hainaut, division Charleroi); the bankruptcy was closed by liquidation by judgment of 15-12-2025, published in the Belgian State Gazette on 23-12-2025.
Summary
Inactive; last annual accounts for fiscal year 2021.
Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Two or more financial years not filed
Since the financial year that closed on 31-12-2022, 4 financial years are missing at the National Bank. A company this far behind goes bankrupt within the year nineteen times as often as a punctual filer.
NBB · 5 filingsPosition against the passed deadline
31-12-2022 close31-07-2023 deadline30-09-2026 today
neutral · Filed after the deadline
The financial year that closed on 31-12-2021 was due by 31-07-2022 and was filed on 29-08-2022, 29 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
29 d late
2020
25 d late
2019
28 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 3 accounts on average 27 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
Financials · fiscal year 2021, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€18,677▲ 344%
2020 · €4,208
Working capital
-€43,620▲ 41.6%
2020 · -€74,664
Trend over the years
In euros
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2018201920202021
Operating result-€2,335-€11,216€4,520▼ 59.7%€28,527▲ 531%
Net result-€2,714-€9,560€4,208▼ 56.0%€18,677▲ 344%
Equity-€13,630--€4,070▲ 70.1%€138€18,815▲ 13,511%
Total assets€23,765-€28,426▲ 19.6%€321,521▲ 1,031%€292,040▼ 9.2%
Debt€37,395-€32,496▼ 13.1%€321,383▲ 889%€273,225▼ 15.0%
Working capital-€21,162--€9,351▲ 55.8%-€74,664▼ 698%-€43,620▲ 41.6%
Staff (FTE)2.5-2.9▲ 16.0%3.6▲ 24.1%3.4▼ 5.6%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2021; 2021 is 531% above 2020 and is the highest result in the available series.
Balance-sheet composition
2021 in colour, 2020 as the grey bar beneath
Assets €292,040
Fixed assets
€259,577 ▼ 11.5%
Current assets
€32,463 ▲ 14.7%
Equity and liabilities €292,040
Equity
€18,815 ▲ 13,511%
Debt
€273,225 ▼ 15.0%
Debt's share of the balance-sheet total falls from 100.0% to 93.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€67,622▲
2020 · €8,243
Cash flow
€57,771▲
2020 · €7,932
Current ratio
0.43▲
2020 · 0.27
Quick ratio
0.39▲
2020 · 0.25
Debt to equity
14.52
ROE
99.3%
ROA
6.4%▲
2020 · 1.3%
Interest coverage
6.86
Debt ≤ 1 year
€76,083▼
2020 · €102,975
Debt > 1 year
€197,143▼
2020 · €218,408
Staff costs
€71,829
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €71,829 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,750 | €1,750 | €3,723 | €39,094 | ▲ 950% |
| Other operating charges640/8 | - | - | - | €2,592 | - |
| Gross operating margin9900 | €73,893 | €91,949 | €97,844 | €142,042 | ▲ 45.2% |
| Operating profit (loss)9901 | -€2,335 | €11,216 | €4,520 | €28,527 | ▲ 531% |
| Financial income75/76B | - | - | - | €13 | - |
| Recurring financial income75 | €1,274 | €0 | €1,601 | €13 | ▼ 99.2% |
| Financial charges65/66B | - | - | - | €9,864 | - |
| Recurring financial charges65 | €1,653 | €1,656 | €1,913 | €9,864 | ▲ 416% |
| Profit (loss) for the period before taxes9903 | -€2,714 | €9,560 | €4,208 | €18,677 | ▲ 344% |
| Profit (loss) for the period9904 | -€2,714 | €9,560 | €4,208 | €18,677 | ▲ 344% |
| Profit (loss) for the period to be appropriated9905 | -€2,714 | €9,560 | €4,208 | €18,677 | ▲ 344% |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €23,765 | €28,426 | €321,521 | €292,040 | ▼ 9.2% |
| Fixed assets21/28 | €7,531 | €5,281 | €293,210 | €259,577 | ▼ 11.5% |
| Tangible fixed assets22/27 | €4,531 | €2,281 | €290,210 | €256,577 | ▼ 11.6% |
| Plant, machinery and equipment23 | - | - | - | €252,512 | - |
| Furniture and vehicles24 | - | - | - | €4,065 | - |
| Financial fixed assets28 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Current assets29/58 | €16,234 | €23,145 | €28,311 | €32,463 | ▲ 14.7% |
| Stocks and contracts in progress3 | €2,140 | €1,781 | €2,309 | €2,515 | ▲ 8.9% |
| Stocks30/36 | - | - | - | €2,515 | - |
| Amounts receivable within one year40/41 | €95 | €1,364 | €8,364 | €13,572 | ▲ 62.3% |
| Trade receivables40 | - | - | - | €5,377 | - |
| Other amounts receivable41 | - | - | - | €8,195 | - |
| Cash at bank and in hand54/58 | €12,833 | €19,808 | €17,638 | €16,199 | ▼ 8.2% |
| Deferred charges and accrued income490/1 | - | - | - | €177 | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €23,765 | €28,426 | €321,521 | €292,040 | ▼ 9.2% |
| Equity10/15 | -€13,630 | -€4,070 | €138 | €18,815 | ▲ 13,511% |
| Contributions10/11 | €6,500 | €6,500 | - | €6,500 | - |
| Outside capital11 | - | - | - | €6,500 | - |
| Other1109/19 | - | - | - | €6,500 | - |
| Reserves13 | - | - | - | €12,315 | - |
| Distributable reserves133 | - | - | - | €12,315 | - |
| Profit (loss) carried forward14 | -€20,130 | -€10,570 | -€6,362 | - | - |
| Amounts payable17/49 | €37,395 | €32,496 | €321,383 | €273,225 | ▼ 15.0% |
| Amounts payable after more than one year17 | - | - | €218,408 | €197,143 | ▼ 9.7% |
| Financial debts170/4 | - | - | - | €197,143 | - |
| Amounts payable within one year42/48 | €37,395 | €32,496 | €102,975 | €76,083 | ▼ 26.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €23,007 | - |
| Trade debts44 | €32,339 | €24,375 | €32,103 | €25,813 | ▼ 19.6% |
| Suppliers440/4 | - | - | - | €25,813 | - |
| Taxes, remuneration and social security45 | - | - | - | €8,863 | - |
| Taxes450/3 | - | - | - | €4,538 | - |
| Remuneration and social security454/9 | - | - | - | €4,324 | - |
| Other amounts payable47/48 | - | - | - | €18,400 | - |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,714 | €9,560 | €4,208 | €18,677 | ▲ 344% |
| + Depreciation and write-downs630 | €1,750 | €1,750 | €3,723 | €39,094 | ▲ 950% |
| Operating cash flow (approximation) | -€964 | €11,310 | €7,932 | €57,771 | ▲ 628% |
| Investment in fixed assets (approximation) | - | €500 | -€291,653 | -€5,461 | ▲ 98.1% |
| Change in cash | - | €6,975 | -€2,170 | -€1,439 | ▲ 33.7% |
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
2025
23-12
Bankruptcy
Bankruptcy closure (by liquidation)
Tribunal de l’entreprise du Hainaut, division Charleroi · event 15-12-2025
14-03
Bankruptcy
Supervising judge replaced
Tribunal de l’entreprise du Hainaut, division Charleroi · event 20-01-2025
2023
15-09
Bankruptcy
Opening
Tribunal de l’entreprise du Hainaut, division Charleroi · event 11-09-2023
2022
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 29 days late
2021
31-12
Financial
Highest result since 2018net €18,677 ▲344%
Operating result €28,527, net result €18,677, both a record.
25-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 25 days late
2020
28-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 28 days late
2019
31-12
Financial
Back to profitnet €9,560
Net result €9,560 after one loss-making year.
23-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 23 days late
2018
24-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 24 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | MELANIE HARVENGT RUE DE ROBIANO 74,
7130 BINCHE- .
Date provisoire de cessation de paiement : 11/09/2023 |
11-09-2023 → 15-12-2025 |