MSA ARDUINNA
ActiveMSA ARDUINNA has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €392k and a net result of €-20k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 20% of 87 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
13
/ 100
Critical▲ +3 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0=
Solvency20▲+12
Growth68=
Stability100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.11 against 0.06 in 2024), and 77.5% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 02
Relative position
BE, all sectors
reference
Sector 02
lower
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 87 sector peers (2025).
NBB · sector comparisonPosition among 87 sector peers
Solvency
better than 20%
← weakest
strongest →
lowers risk · Growing equity
Equity grew over 2023-2025. Profits are largely retained rather than distributed.
NBB · annual accounts 2025Equity per financial year
18202122232425
2018 to 2025 · latest year €392k
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-04-2026, 92 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
92 d early
2024
87 d early
2023
90 d early
2022
87 d early
2021
95 d early
2020
57 d early
2019
38 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
15-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€16k▲ 92.0%
2018 · €8k
2018: €8k
2018 → 2020
EBIT margin
-38.5%▼ 36.4pp
2018 · -2.1%
2018: -2.1%
2018 → 2020
Net result
€-20k▲ 9.1%
2024 · €-21k
2018: €-232
2020: €-6k
2021: €-4k
2022: €5k
2023: €-23k
2024: €-21k
2018 → 2025
Working capital
€-876k▼ 51.4%
2024 · €-578k
2018: €-52k
2020: €-58k
2021: €-67k
2022: €-207k
2023: €-425k
2024: €-578k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-39k-€176k€153k▼ 13.3%€131k▼ 14.1%€392k▲ 199%
Operating result€-4k-€5k€-22k€-11k▲ 49.0%€-14k▼ 24.6%
Net result€-4k-€5k€-23k€-21k▲ 8.5%€-20k▲ 9.1%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €14k in 2025 against €11k in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.74M
Fixed assets
€1.64M▲ 47.5%
Current assets
€107k▲ 182%
Equity and liabilities €1.74M
Equity
€392k▲ 199%
Debt
€1.35M▲ 33.1%
The debt ratio falls from 88.6% to 77.5%: equity grows faster than debt.
Key figures and ratios
EBITDA
€-4k▼
2024 · €-309
Cash flow
€-10k▲
2024 · €-11k
Solvency
22.5%▲
2024 · 11.4%
Current ratio
0.11▲
2024 · 0.06
Quick ratio
0.11▲
2024 · 0.06
Debt / equity
3.45▼
2024 · 7.75
ROE
-5.0%▲
2024 · -16.4%
ROA
-1.1%▲
2024 · -1.9%
Interest coverage
-0.27▼
2024 · -0.02
Debt
€1.35M▲
2024 · €1.02M
Debt ≤ 1 year
€983k▲
2024 · €616k
Debt > 1 year
€370k▼
2024 · €400k
Staff costs
€132▼
2024 · €217
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€1.15M€1.74M▲
Fixed assets21/28€1.11M€1.64M▲
Intangible fixed assets21€4k€3k▼
Tangible fixed assets22/27€1.09M€1.62M▲
Land and buildings22€232k€512k▲
Plant, machinery and equipment23€15k€14k▼
Furniture and vehicles24€134k€149k▲
Assets under construction and advance payments27€708k€942k▲
Financial fixed assets28€16k€16k=
Current assets29/58€38k€107k▲
Amounts receivable within one year40/41€28k€18k▼
Trade receivables40€26k€17k▼
Other amounts receivable41€2k€1k▼
Cash at bank and in hand54/58€3k€79k▲
Deferred charges and accrued income490/1€8k€10k▲
Equity and liabilities
Total equity and liabilities10/49€1.15M€1.74M▲
Equity10/15€131k€392k▲
Contributions10/11€216k€496k▲
Profit (loss) carried forward14€-85k€-105k▼
Amounts payable17/49€1.02M€1.35M▲
Amounts payable after more than one year17€400k€370k▼
Financial debts170/4€400k€370k▼
Amounts payable within one year42/48€616k€983k▲
Current portion of amounts payable after more than one year42-€20k
Trade debts44€2k€11k▲
Suppliers440/4€2k€11k▲
Other amounts payable47/48€614k€951k▲
Income statement
Code20242025
Remuneration, social security and pensions62€217€132▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€11k€10k▼
Other operating charges640/8€2k€2k▲
Non-recurring operating charges66A-€105
Gross operating margin9900€2k€-2k▼
Operating profit (loss)9901€-11k€-14k▼
Financial income75/76B€3k€10k▲
Recurring financial income75€3k€10k▲
Financial charges65/66B€13k€15k▲
Recurring financial charges65€13k€15k▲
Profit (loss) for the period before taxes9903€-21k€-20k▲
Profit (loss) for the period9904€-21k€-20k▲
Profit (loss) for the period to be appropriated9905€-21k€-20k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-85k€-105k▼
Profit (loss) brought forward from the previous period14P€-64k€-85k▼
The notes to these accounts (12 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
30-04
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Equity above €200kEq €392k ▲199%
Equity rises from €131k to €392k.
05-05
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
02-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet €-23k ▼544%
Net result drops to €-23k, the lowest in the series; recovery starts the following year.
05-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €5k
Net result €5k after 3 loss-making years.
31-12
Financial
Equity above €150kEq €176k
Equity rises from €-39k to €176k.
27-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
04-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
23-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
18-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
15-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
29-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
5 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
Registered office, Messancy · 1 establishment unit since 1990
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue de la Biff,Hondelange 256780 MessancyGround area
881 m²
Building footprint
148 m²
Volume, LiDAR
1,018 m³
Parcel 81012C0023/00C000, Wallonia · tallest building 9.9 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Rue de la Biff,Hondelange 25, 6780 Messancy
since 19902.050.595.935
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 81012C0023/00C000 | Wallonia | 881 m² | 1 · 148 m² | 9.9 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 1,551 companies in sector 02200 we hold annual accounts for 448. 332 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded08-12-1990
Fiscal year end31-12
Activities, NACEBEL
02200Logging
Sources
Crossroads Bank for EnterprisesNational Bank · 35 filingsAddress and cadastre registers
Data from official sources, last processed on 15-09-2026. Scores and ratios are computed by Checked and are not a credit decision.