MS Expert
ActiveSummary
The computed 12-month bankruptcy probability of MS Expert is 1.9% (moderate). The 2026 annual accounts show equity of €16,362 and a net result of €10,697. Equity has been growing by about 113% per year since 2024. Its solvency ranks better than 13% of 913 sector peers (NACE 43, financial year 2026). The company has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Overview
Official details
Source: KBO- Status
- Active since 14-09-2023 Normal situation
- Activity
- Other specialised construction activities NACE 43990and 4 others
- Establishment unit
- 2.349.516.083 1730 Asse, since 14-09-2023
- Financial year end
- 31 March
- Peppol
- Reachable since 09-01-2026
Financial position
- Bankruptcy probabilitywithin 12 months
- 1.9%
- Turnover
- €717,951
- ▲ 64.8%
- Profit
- €10,697
- ▲ 420%
- Equity
- €16,362
- ▲ 189%
- Total assets
- €131,458
- ▼ 4.9%
Score breakdownraises riskFounded in 2023Size: turnover €717,951, total assets €131,458Equity €16,362 (12.4% of total assets)lowers riskLiquidity: current ratio 0.95, cash €24,054Show the evidence
Checked score
About 2 in 100 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 43, micro). It does better than 16% of them on solvency, 14% on liquidity, 21% on profitability and 93% 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 3 accounts on average 12 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2026, micro format
Annual accounts 2026 filed on 26-09-2026 at the NBB all 3 filings
Every figure per financial year
The operating result for 2026 is 5.2 times that of 2025 and the highest since 2024. It is the second rise in a row.
Investments
| Item | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|
| Tangible fixed assets | - | - | €26,272 |
| Depreciation and write-downs of the year | - | - | €3,904 |
Source: notes to the 2024 to 2026 annual accounts (statement of fixed assets)
| Line | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|
| Turnover70 | €153,607 | €435,537 | €717,951 | ▲ 64.8% |
| Goods, raw materials, services and sundry goods60/61 | €151,584 | €431,175 | €699,489 | ▲ 62.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €3,904 | - |
| Gross operating margin9900 | €2,023 | €2,055 | €14,601 | ▲ 610% |
| Operating profit (loss)9901 | €2,023 | €2,055 | €10,697 | ▲ 420% |
| Financial charges65/66B | €11 | - | - | - |
| Recurring financial charges65 | €11 | - | - | - |
| Profit (loss) for the period before taxes9903 | €2,012 | €2,055 | €10,697 | ▲ 420% |
| Income taxes67/77 | €402 | - | - | - |
| Profit (loss) for the period9904 | €1,610 | €2,055 | €10,697 | ▲ 420% |
| Profit (loss) for the period to be appropriated9905 | €1,610 | €2,055 | €10,697 | ▲ 420% |
| Line | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €42,391 | €138,247 | €131,458 | ▼ 4.9% |
| Fixed assets21/28 | - | - | €22,368 | - |
| Tangible fixed assets22/27 | - | - | €22,368 | - |
| Plant, machinery and equipment23 | - | - | €3,320 | - |
| Furniture and vehicles24 | - | - | €19,048 | - |
| Current assets29/58 | €42,391 | €138,247 | €109,091 | ▼ 21.1% |
| Amounts receivable within one year40/41 | €12,184 | €98,423 | €85,036 | ▼ 13.6% |
| Trade receivables40 | €10,950 | €98,164 | €68,211 | ▼ 30.5% |
| Other amounts receivable41 | €1,234 | €259 | €16,825 | ▲ 65× |
| Cash at bank and in hand54/58 | €15,208 | €39,643 | €24,054 | ▼ 39.3% |
| Deferred charges and accrued income490/1 | €15,000 | €181 | - | - |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €42,391 | €138,247 | €131,458 | ▼ 4.9% |
| Equity10/15 | €3,610 | €5,665 | €16,362 | ▲ 189% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) carried forward14 | €1,610 | €3,665 | €14,362 | ▲ 292% |
| Amounts payable17/49 | €38,782 | €132,582 | €115,096 | ▼ 13.2% |
| Amounts payable within one year42/48 | €38,782 | €132,582 | €115,096 | ▼ 13.2% |
| Trade debts44 | €20,273 | €130,397 | €84,100 | ▼ 35.5% |
| Suppliers440/4 | €20,273 | €130,397 | €84,100 | ▼ 35.5% |
| Taxes, remuneration and social security45 | €17,008 | €685 | €29,536 | ▲ 43× |
| Taxes450/3 | €402 | €685 | €29,536 | ▲ 43× |
| Remuneration and social security454/9 | €16,606 | - | - | - |
| Other amounts payable47/48 | €1,500 | €1,500 | €1,461 | ▼ 2.6% |
| Line | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,610 | €2,055 | €10,697 | ▲ 420% |
| + Depreciation and write-downs630 | - | - | €3,904 | - |
| Operating cash flow (approximation) | €1,610 | €2,055 | €14,601 | ▲ 610% |
| Change in cash | - | €24,435 | -€15,588 | - |
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, 7,976 companies had the same profile as MS Expert has now. Two years later, 94.3% were still going and 3.6% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MS Expert itself: 1.9% within 12 months.
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 7,976 companies, not a prediction for MS Expert. 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.
Board & ownership
Directors
Owners and capital
Shareholders
- MESTER Alexandru 100 shares (100%) · in cash
Capital transactions
- 18-09-2023 Incorporation · €2,000
- 18-09-2023 Incorporation · 100 shares
Articles of association
Board and representation
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “1, enige aandeelhouder”
Capital, shares and profit
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Helft overdrager helft kopers naar evenredigheid aantal, vermelde prijs of bij betwisting door deskundige”
- Share issue ruleThe articles set how and by whom new shares are issued.
- “Overblijvende aandelen eerst aangeboden aan andere aandeelhouders die hun recht volledig hebben uitgeoefend tot uitgifte volledig geplaatst…”
Audit, dissolution and liquidation
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
Articles of association, deed of 18-09-2023 (in Dutch)
Network & group
MS Expert shares no director with another company.
Companies at the same address
1 other companyConnections & network
1 current directorThe network starts from the directors of MS Expert. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
18-09
Gazette deed
IncorporationStarting capital €2,000 · Appointment: MESTER Alexandru (director) · Registered office clause · Pre-incorporation commitments9 points ▸
- Other provision, “comparant, uitwerking overgangsbepalingen” (deed in Dutch)
- Registered office clause, “1730 Asse,Huinegem 48” (deed in Dutch)
- Director appointment, MESTER Alexandru (director (not named in the articles))
- Pre-incorporation commitments, “takeover, alle verbintenissen en verplichtingen en alle activiteiten ondernomen vanaf heden door comparanten in naam en voor rekening van vennootschap in oprich…” (deed in Dutch)
- Incorporation, “MS Expert” (deed in Dutch)
- Founder, MESTER Alexandru (comparant)
- Founding capital, €2,000
- Founding capital
- Capital
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
Invoicing and payment
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0805.860.657
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 23322B0350/00G002 | Flanders | 918 m² | 1 · 416 m² | 12.2 m · 3 |