Messidor
ActiveSummary
Messidor has been active since 2018 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €69,974 and a net result of €22,470. Equity has been growing by about 13% per year since 2020. Its solvency ranks better than 95% of 4,342 sector peers (NACE 74, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 07-11-2018 Normal situation
- Activity
- Other photographic activities NACE 74209
- Establishment unit
- 2.309.311.365 1060 Sint-Gillis (bij-Brussel), since 09-11-2018
- Financial year end
- 31 December
- Peppol
- Reachable since 20-05-2026
Board and ownership
Financial position
- Bankruptcy probabilitywithin 12 months
- < 0.1%
- Turnover
- €26,087
- ▼ 43.3%
- Surplus
- €22,470
- ▲ 43.2%
- Equity
- €69,974
- ▲ 23.5%
- Total assets
- €70,515
- ▲ 17.6%
Score breakdownlowers riskLegal form: non-profit associationLiquidity: current ratio 118.45, cash €63,806Sector: Other professional, scientific and technical activities (NACE 74)Equity €69,974 (99.2% of total assets)Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
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 74, micro). It does better than 88% of them on solvency, 97% on liquidity, 88% on profitability and 41% on growth.
The bankruptcy probability was computed on 03-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 6 accounts on average 13 days before the deadline. In the sector (NACE 74), the median for financial year 2024 was 3 days before the deadline, and 38% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 6 filings
Every figure per financial year
The operating result for 2025 is 43% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €3,539 | €1,388 |
| Intangible fixed assets | €8,272 | - | - | - | - |
| Depreciation and write-downs of the year | €11,886 | €11,886 | €11,886 | €12,594 | €12,540 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 4 entries · €125,577 awarded · €120,962 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €29,147 | €41,532 |
| 2024 | 2 | €44,000 | €30,146 |
| 2023 | 1 | €52,430 | €49,284 |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Turnover70 | - | €17,610 | €22,327 | €28,670 | €46,013 | €26,087 | ▼ 43.3% |
| Membership fees, donations, legacies and grants73 | - | €44,178 | €15,532 | €66,404 | €63,788 | €60,195 | ▼ 5.6% |
| Goods, raw materials, services and sundry goods60/61 | - | €54,177 | €23,678 | €95,158 | €85,538 | €51,181 | ▼ 40.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,613 | €11,886 | €11,886 | €11,886 | €12,594 | €12,540 | ▼ 0.4% |
| Other operating charges640/8 | - | €1,524 | €53 | €71 | - | - | - |
| Gross operating margin9900 | €3,571 | €16,897 | €14,530 | €755 | €28,368 | €35,117 | ▲ 23.8% |
| Operating profit (loss)9901 | -€7,042 | €3,488 | €2,591 | -€11,202 | €15,774 | €22,577 | ▲ 43.1% |
| Financial income75/76B | - | - | - | €35 | €5 | €5 | ▼ 2.7% |
| Recurring financial income75 | €9,980 | - | - | €35 | €5 | €5 | ▼ 2.7% |
| Financial charges65/66B | - | €140 | €79 | €77 | €88 | €112 | ▲ 27.2% |
| Recurring financial charges65 | €74 | €140 | €79 | €77 | €88 | €112 | ▲ 27.2% |
| Profit (loss) for the period before taxes9903 | €2,864 | €3,347 | €2,512 | -€11,244 | €15,692 | €22,470 | ▲ 43.2% |
| Profit (loss) for the period9904 | €2,864 | €3,347 | €2,512 | -€11,244 | €15,692 | €22,470 | ▲ 43.2% |
| Profit (loss) for the period to be appropriated9905 | €2,864 | €3,347 | €2,512 | -€11,244 | €15,692 | €22,470 | ▲ 43.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €101,672 | €78,096 | €71,526 | €50,273 | €59,981 | €70,515 | ▲ 17.6% |
| Fixed assets21/28 | €54,077 | €50,464 | €38,578 | €26,692 | €17,637 | €6,486 | ▼ 63.2% |
| Intangible fixed assets21 | €52,295 | €49,104 | €37,641 | €26,178 | €14,715 | €3,251 | ▼ 77.9% |
| Tangible fixed assets22/27 | €1,782 | €1,360 | €937 | €514 | €2,922 | €3,234 | ▲ 10.7% |
| Furniture and vehicles24 | - | €1,360 | €937 | €514 | €2,922 | €3,234 | ▲ 10.7% |
| Current assets29/58 | €47,594 | €27,632 | €32,948 | €23,581 | €42,344 | €64,029 | ▲ 51.2% |
| Amounts receivable within one year40/41 | €4,306 | €2,696 | €8,133 | €1,430 | €741 | - | - |
| Trade receivables40 | - | - | €6,737 | €1,261 | €741 | - | - |
| Other amounts receivable41 | - | €2,696 | €1,396 | €169 | - | - | - |
| Cash at bank and in hand54/58 | €43,288 | €24,936 | €24,815 | €21,971 | €41,603 | €63,806 | ▲ 53.4% |
| Deferred charges and accrued income490/1 | - | - | - | €180 | - | €224 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €101,672 | €78,096 | €71,526 | €50,273 | €59,981 | €70,515 | ▲ 17.6% |
| Equity10/15 | €35,068 | €77,269 | €70,545 | €50,138 | €56,667 | €69,974 | ▲ 23.5% |
| Profit (loss) carried forward14 | €35,068 | €38,415 | €40,928 | €29,684 | €45,376 | €67,846 | ▲ 49.5% |
| Investment grants15 | - | €38,853 | €29,617 | €20,454 | €11,291 | €2,128 | ▼ 81.2% |
| Amounts payable17/49 | €66,603 | €827 | €981 | €135 | €3,314 | €541 | ▼ 83.7% |
| Amounts payable after more than one year17 | €48,031 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €2,573 | €827 | €981 | €135 | €3,314 | €541 | ▼ 83.7% |
| Trade debts44 | €1,558 | €827 | €210 | €135 | €108 | - | - |
| Suppliers440/4 | - | €827 | €210 | €135 | €108 | - | - |
| Taxes, remuneration and social security45 | - | - | €771 | - | €3,206 | €541 | ▼ 83.1% |
| Taxes450/3 | - | - | €771 | - | €3,206 | €541 | ▼ 83.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,864 | €3,347 | €2,512 | -€11,244 | €15,692 | €22,470 | ▲ 43.2% |
| + Depreciation and write-downs630 | €10,613 | €11,886 | €11,886 | €11,886 | €12,594 | €12,540 | ▼ 0.4% |
| Operating cash flow (approximation) | €13,477 | €15,233 | €14,398 | €642 | €28,286 | €35,010 | ▲ 23.8% |
| Investment in fixed assets (approximation) | - | -€8,272 | €0 | €0 | -€3,539 | -€1,388 | ▲ 60.8% |
| Change in cash | - | -€18,352 | -€121 | -€2,844 | €19,632 | €22,203 | ▲ 13.1% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 26,972 companies had the same profile as Messidor has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Messidor itself is lower: < 0.1% within 12 months. It rests on far more data about Messidor than the profile alone.
Test of the method
The method was tested on the 497,446 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 26,972 companies, not a prediction for Messidor. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00213919 | |
| 31-12-2024 | micro format | 10-06-2025 | 2025-00126890 | |
| 31-12-2023 | micro format | 03-07-2024 | 2024-00199287 | |
| 31-12-2022 | micro format | 04-07-2023 | 2023-00196186 | |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20123008 | |
| 31-12-2020 | abbreviated format | 28-10-2021 | 2021-73700031 |
Board & ownership
Directors
Owners and capital
Shareholders
- Eitan Efrat founder
- Sirah Foighel Brutmann founder
- Pieter Geenen founder
- Meggy Rustamova founder
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Dirkx Dagmar |
|
| Dušica Dražić |
|
| Katarzyna Ruchel-Stockmans |
|
| Sven Dehens |
|
| Sonja Simonyi |
|
| CHEVAL Florence |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Illimitée, 3”“16, tous les actes de gestion interne nécessaires ou utiles à la réalisation de l'objet”“21, Assemblée Générale”
- Dissolution ruleThe articles set when and by whom the company can be dissolved.
- “Au moins 2/3 des membres effectifs présents ou représentés, 28”
Articles of association, deed of 12-06-2023 (in French)
Network & group
Companies at the same address
4 other companies- CASTAWAY Registered office · since 2024 1014393930
- PHOTOGRAPHIC EXPANDED Registered office · since 2020 0533934223
- Van Eeckhoudt, Mikaël (sole trader) Establishment · since 2007 0890768222
- Association des copropriétaires à Saint-Gilles, rue Antoine Bréart , 107 Registered office · since 2000 0824135952
Connections & network
1 connected companyThe connected companies are in the list below.
Timeline
Acts, filings and financial milestones
20-07
Gazette deed
Resignation: Sonja Simonyi (director)6 points ▸
- General meeting, 14-06-2026
- Director resignation, Sonja Simonyi (director)
- Board composition, Dagmar Dirkx (director)
- Board composition, Dušica Dražić (director)
- Board composition, Katarzyna Ruchel-Stockmans (director)
- Board composition, Sven Dehens (director)
12-06
Gazette deed
Amendment of the articles · Resignations & appointmentsResignation: Florence Cheval (lid bestuursorgaan) · Admissions: Florence Cheval, Dušica Dražić and 2 others · Appointments: Dušica Dražić, Katarzyna Ruchel-Stockmans and Sven Dehens21 points ▸
- Incorporation, 20-07-2018
- Founder, Eitan Efrat
- Founder, Sirah Foighel Brutmann
- Founder, Pieter Geenen
- Founder, Meggy Rustamova
- Other provision, 20-07-2018
- General meeting, 25-04-2023
- Amendment of the articles
- Director resignation, Florence Cheval (lid bestuursorgaan)
- Member admission, Florence Cheval (lid van de vereniging)
- Member admission, Dušica Dražić (lid van de vereniging)
- Member admission, Katarzyna Ruchel-Stockmans (lid van de vereniging)
- The act holds 9 more points.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
6 activities
- De productie, presentatie, uitgave, promotie, organisatie en realisatie van artistieke producten, activiteiten en manifestaties van culturele aard
- Vormende activiteiten, onderzoek, publicaties, optredens, advies aan programmatoren, organisatoren en curatoren, evenals de ondersteuning en promotie van kunstenaars, en alle andere activiteiten die daarmee verband kunnen houden en dit binnen de grenzen van wat wettelijk is toegelaten
- Lezingen, workshops performances en screenings te ondersteunen
- Via Messidor bevragen en onderzoeken we wat het betekent om in het hedendaagse artistieke veld (in België en daarbuiten) de krachten te bundelen en hoe we dit kunnen omzetten in onze individuele-en groepspraktijk
- Messidor behoudt het recht om zich voortdurend aan te passen aan de veranderende noden van de participerende kunstenaars om kunstwerken te produceren, presenteren en er een dialoog rond aan te gaan
- Naast een gedeelde inspanning om hun werk te distribueren en om productiemiddelen te delen, nodigen de kunstenaars van Messidor ook collega's uit verschillende disciplines uit, om in het kader van een reeks evenementen samen te speculeren over praktijk-gebaseerde bekommernissen, alsook om thema's te bespreken die het huidige cultureel-politieke klimaat beïnvloeden
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21013B0388/00W015 | Brussels | 183 m² | 1 · 114 m² | 17.3 m · 5 |