MS
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 3 November 2026.
Annual accounts 2024 filed on 28-08-2025 PDF all 2 filings
Every figure per financial year
The operating result for 2024 is 66% lower than in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2023 | 2024 |
|---|---|---|
| Tangible fixed assets | - | €10,442 |
| Intangible fixed assets | €60,000 | - |
| Depreciation and write-downs of the year | €5,000 | €7,013 |
Source: notes to the 2023 to 2024 annual accounts (statement of fixed assets)
| Line | 2023 | 2024 | Change |
|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,000 | €7,013 | ▲ 40.3% |
| Gross operating margin9900 | €69,284 | €29,119 | ▼ 58.0% |
| Operating profit (loss)9901 | €64,284 | €22,106 | ▼ 65.6% |
| Financial income75/76B | - | €4,425 | - |
| Recurring financial income75 | - | €4,425 | - |
| Financial charges65/66B | €163 | - | - |
| Recurring financial charges65 | €163 | - | - |
| Profit (loss) for the period before taxes9903 | €64,120 | €26,531 | ▼ 58.6% |
| Profit (loss) for the period9904 | €64,120 | €26,531 | ▼ 58.6% |
| Profit (loss) for the period to be appropriated9905 | €64,120 | €26,531 | ▼ 58.6% |
| Line | 2023 | 2024 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €138,087 | €167,175 | ▲ 21.1% |
| Fixed assets21/28 | €55,000 | €58,430 | ▲ 6.2% |
| Intangible fixed assets21 | €55,000 | €49,000 | ▼ 10.9% |
| Tangible fixed assets22/27 | - | €9,430 | - |
| Plant, machinery and equipment23 | - | €700 | - |
| Furniture and vehicles24 | - | €8,730 | - |
| Current assets29/58 | €83,087 | €108,745 | ▲ 30.9% |
| Stocks and contracts in progress3 | €13,530 | €14,200 | ▲ 5.0% |
| Stocks30/36 | €13,530 | €14,200 | ▲ 5.0% |
| Amounts receivable within one year40/41 | €65,775 | €86,339 | ▲ 31.3% |
| Other amounts receivable41 | €65,775 | €86,339 | ▲ 31.3% |
| Cash at bank and in hand54/58 | €3,781 | €8,206 | ▲ 117% |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €138,087 | €167,175 | ▲ 21.1% |
| Equity10/15 | €74,120 | €100,651 | ▲ 35.8% |
| Contributions10/11 | €10,000 | €10,000 | = |
| Reserves13 | €64,120 | €90,651 | ▲ 41.4% |
| Distributable reserves133 | €64,120 | €90,651 | ▲ 41.4% |
| Amounts payable17/49 | €63,967 | €66,523 | ▲ 4.0% |
| Amounts payable within one year42/48 | €63,967 | €66,523 | ▲ 4.0% |
| Trade debts44 | €63,967 | €66,523 | ▲ 4.0% |
| Suppliers440/4 | €63,967 | €66,523 | ▲ 4.0% |
| Line | 2023 | 2024 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | €64,120 | €26,531 | ▼ 58.6% |
| + Depreciation and write-downs630 | €5,000 | €7,013 | ▲ 40.3% |
| Operating cash flow (approximation) | €69,120 | €33,544 | ▼ 51.5% |
| Investment in fixed assets (approximation) | - | -€10,442 | - |
| Change in cash | - | €4,424 | - |
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, 39,278 companies had the same profile as MS has now. Two years later, 95.9% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
The bankruptcy probability of MS itself is higher: 4.8% within 12 months. It rests on far more data about MS 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 39,278 companies, not a prediction for MS. 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.