Turnover
The abbreviated format states no turnover.
The abbreviated format states no turnover.
Of this, €545,309 falls due within a year.
In 2025, nobody joined and 2 people left.
Short-term debts fell from €913,562 to €545,309.
The 2025 accounts came latest: 52 days after the end of the period.
Lower solvency than 85% of companies in construction of buildings. Sector median 38.6% · 2,808 companies.
The dashed line is the sector median: 1.5% across 13,457 companies (NACE 41, micro).
About 7 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 41, micro). It does better than 15% of them on solvency, 26% on liquidity, 43% on profitability and 76% on growth.
The bankruptcy probability was computed on 06-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% went bankrupt within twelve months.
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).
In July 2024, 2,135 companies had the same profile as MS PROJECTS has now. Each dot stands for 6 companies, two years later.
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MS PROJECTS itself: 6.7% within 12 months.
The method was tested on the 497,447 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 2,135 companies, not a prediction for MS PROJECTS. 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.
Liquidity is tight, with a current ratio of 1.05 (0.54 in 2024), below the usual 1.5. Short-term debt is 45.9% and cash 2.5% of total assets. 95.2% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 3 accounts on average 23 days after the deadline. In the sector (NACE 41), the median for financial year 2024 was on the deadline day, and 46% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| MS PROJECTS Waregem | €1.2m | €738,819 | 4.8% | 7.1 |
| BOUWWERKEN TURCQ Lo-Reninge | €0.8m | €645,255 | 8.9% | 7.8 |
| KRAX Wevelgem | €1.0m | €476,894 | 23.6% | 7.1 |
| WINPROTECH Wezembeek-Oppem | €1.4m | €592,321 | 34.8% | 8.9 |
| DR Technieken Kasterlee | €1.2m | €789,607 | 53.7% | 9 |
| DUTYNPULL Roeselare | €0.7m | €610,775 | 24.4% | 7.4 |
| BP BOUW EN RENOVATIE Tielt | €1.5m | €695,697 | 15.9% | 5.3 |
These companies have the same main activity as MS PROJECTS: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €747,000 and €1.5m, founded between 2021 and 2022.
MS PROJECTS files the abbreviated format. That format states no turnover. The gross margin rose from €349,782 in 2023 to €738,819 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €1.6m. Estimated: probably between €1.3m and €2.3m.
Amounts without an identifiable currency are taken as euros.
Higher than 14% of 2,808 companies in 2025.
Higher than 25% of 2,737 companies in 2025.
Higher than 37% of 2,773 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half · Staff: middle half
Staff costs divided by the average number of full-time equivalents.
In 2025, nobody joined and 2 people left.
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet: assets | ||||
20/58 |
1.2m | 1.2m | 1.3m | |
20 |
522 | 747 | 972 | |
21/28 |
614,306 | 727,988 | 846,208 | |
21 |
- | - | 1 | |
22/27 |
614,306 | 727,988 | 846,207 | |
23 |
236,298 | 259,321 | 237,123 | |
24 |
323,436 | 438,996 | 572,729 | |
25 |
53,131 | 27,735 | 35,135 | |
26 |
1,441 | 1,936 | 1,220 | |
29/58 |
574,407 | 488,988 | 486,401 | |
3 |
149,279 | 119,151 | 146,854 | |
30/36 |
149,279 | 119,151 | 146,854 | |
40/41 |
390,089 | 276,187 | 322,686 | |
40 |
375,641 | 276,086 | 296,859 | |
41 |
14,448 | 101 | 25,827 | |
54/58 |
30,243 | 83,819 | 16,861 | |
490/1 |
4,796 | 9,831 | - | |
| Balance sheet: equity and liabilities | ||||
10/49 |
1.2m | 1.2m | 1.3m | |
10/15 |
56,594 | 40,136 | 17,750 | |
10/11 |
3,000 | 3,000 | 3,000 | |
13 |
14,750 | 14,750 | 14,750 | |
133 |
14,750 | 14,750 | 14,750 | |
14 |
38,844 | 22,386 | - | |
17/49 |
1.1m | 1.2m | 1.3m | |
17 |
587,332 | 264,025 | - | |
170/4 |
587,332 | 264,025 | - | |
42/48 |
545,309 | 913,562 | 1.3m | |
42 |
104,345 | 84,862 | - | |
43 |
150,000 | 150,000 | - | |
430/8 |
150,000 | 150,000 | - | |
44 |
241,981 | 167,358 | 193,652 | |
440/4 |
241,981 | 167,358 | 193,652 | |
45 |
20,153 | 22,282 | 29,437 | |
450/3 |
7,640 | 10,398 | 7,222 | |
454/9 |
12,513 | 11,884 | 22,214 | |
47/48 |
28,830 | 489,060 | 1.1m | |
| Income statement | ||||
76A |
16,649 | 3,781 | - | |
9900 |
738,819 | 734,180 | 349,782 | |
62 |
481,827 | 495,093 | 267,979 | |
630 |
202,793 | 179,492 | 47,720 | |
640/8 |
13,074 | 6,722 | 12,214 | |
66A |
- | - | 126 | |
9901 |
41,125 | 52,873 | 21,742 | |
75/76B |
944 | 977 | 474 | |
75 |
944 | 977 | 474 | |
65/66B |
19,334 | 23,226 | 244 | |
65 |
19,334 | 23,226 | 244 | |
9903 |
22,734 | 30,624 | 21,972 | |
67/77 |
6,277 | 8,238 | 7,222 | |
9904 |
16,458 | 22,386 | 14,750 | |
9905 |
16,458 | 22,386 | 14,750 | |
| Appropriation of the result | ||||
9906 |
38,844 | 22,386 | 14,750 | |
14P |
22,386 | - | - | |
691/2 |
- | - | 14,750 | |
6921 |
- | - | 14,750 | |
| Social balance sheet | ||||
9087 |
7.1 | 7.3 | 9.3 | |
Hours worked1013 |
11,034 | 12,118 | 6,159 | |
| Document | ||||
The notes to these accounts have 13 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 21-09-2026.
2025 annual accounts filed 52 days after the deadline. Filed on 21 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00518073.
| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €359 | €691 |
| 2024 | 1 | €1,543 | €1,514 |
| 2023 | 2 | €2,157 | €2,016 |
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| 243,918 | 232,365 | 69,463 | ||
| 219,251 | 201,878 | 62,470 | ||
| 103,147 | 87,265 | 893,775 | ||
| -53,576 | 66,958 | - | ||
| 29,098 | -424,574 | -829,431 | ||
| 4.8% | 3.3% | 1.3% | ||
| 1.05 | 0.54 | 0.37 | ||
| 0.78 | 0.40 | 0.26 | ||
| 20.01 | 29.34 | 74.13 | ||
| 29.1% | 55.8% | 83.1% | ||
| 1.4% | 1.8% | 1.1% | ||
| 12.62 | 10.00 | over 100 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 6 | 8 | 8 |
| full-time | 4 | 6 | 7 |
| part-time | 2 | 2 | 1 |
| in full-time equivalents | 5.3 | 7.3 | 7.5 |
| 7.1 | 7.3 | 4.1 | |
| On a permanent contract | 6 | 8 | 7 |
| Joined | 0 | - | 10 |
| Left | 2 | - | 2 |
Source: social balance sheet in the 2023 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 |
|---|---|---|---|
| Tangible fixed assets | €103,147 | €87,265 | €893,773 |
| Intangible fixed assets | - | - | €2 |
| €202,793 | €179,492 | €47,720 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 22% lower than in 2024.
Debt's share of the balance-sheet total falls from 96.7% to 95.2%. Equity is higher and debt is lower.
MS PROJECTS has no parent and no holdings in its annual accounts.
| Sulmon, Michiel (sole trader)
establishment since 01-10-2010 |
founded in 2010 0829.003.867 |
The connected companies are in the list below.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 4 May 2023, MS PROJECTS was incorporated as a private limited company by two natural persons, with a starting capital of €3,000.12 Of the 2 current board members, 2 have served since 2023.3 Total assets went from €1.3m in 2023 to €1.2m in 2025 and headcount from 9.3 to 7.1 full-time equivalents.4
| Establishment | Since | Unit number |
|---|---|---|
| Roterijstraat 89 registered office 8790 Waregem | 04-05-2023 | 2.346.964.389 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 34453D0023/00D003 | 3,055 m² | 1 · 1,203 m² | 6.9 m · 1 |
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 0801.416.671
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