MSA SERVICES
The file of MSA SERVICES contains 2 historical bankruptcy publications, as published in the Belgian State Gazette. The computed 12-month bankruptcy probability is 2.2% (moderate). The 2024 annual accounts show negative equity (€-10k) and a net result of €-444. Equity is shrinking by ~28.7% per year across the filed fiscal years. Its solvency ranks better than 5% of 11077 sector peers (fiscal year 2024).
| Equity | €-10k |
| Net result | €-444 |
| Better than sector | 5% |
| Active | 8 yrs |
Strong profile, led by stability.
Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?
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The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | -57.5% | 40.9% | |
| Net result | €-444 | €11k | |
| Equity | €-10k | €34k | |
| Gross operating margin | €33k | €35k | |
| Staff costs | €0 | €24k |
| Fiscal year | 2024 |
|---|---|
| Revenue | €73k |
| EBITDA | €23k |
| Net profit | €-444 |
| Cash flow | €17k |
| Staff costs | €0 |
| Income taxes | - |
| Dividends | - |
| Total assets | €17k |
| Equity | €-10k |
| Debt | €27k |
| of which ≤ 1y | €6k |
| of which > 1y | - |
| Working capital | €12k |
| Employees (FTE) | - |
| 2024 | |
|---|---|
| Current ratio | 3.09 |
| Quick ratio | 3.09 |
| Working capital ratio | 67.6% |
| Solvency | -57.5% |
| Debt / equity | -2.74 |
| Long-term debt ratio | - |
| Interest coverage | 3.68 |
| Gross margin | 45.3% |
| Net margin | -0.6% |
| ROA | -2.6% |
| ROE | 4.5% |
| EBITDA margin | 32.0% |
| Days sales outstanding | 34d |
| Days payable outstanding | 32d |
| Inventory turnover | - |
| Days inventory (DSI) | - |
| Line item | Code | 2024 |
|---|---|---|
| Balance sheet, Assets | ||
| TOTAL ASSETS | 20/58 | €17k |
| Fixed assets | 21/28 | €0 |
| Tangible fixed assets | 22/27 | €0 |
| Current assets | 29/58 | €17k |
| Amounts receivable within one year | 40/41 | €15k |
| Cash & bank | 54/58 | €2k |
| Balance sheet, Equity & liabilities | ||
| TOTAL EQUITY & LIABILITIES | 10/49 | €17k |
| Equity | 10/15 | €-10k |
| Contributions / capital | 10/11 | €19k |
| Reserves | 13 | €2k |
| Accumulated profits (losses) | 14 | €-30k |
| Amounts payable | 17/49 | €27k |
| Amounts payable within one year | 42/48 | €6k |
| Trade debts payable within one year | 44 | €4k |
| Income statement | ||
| Turnover | 70 | €73k |
| Gross operating margin | 9900 | €33k |
| Operating result | 9901 | €6k |
| Financial income | 75 | €0 |
| Financial charges | 65 | €6k |
| Result before taxes | 9903 | €-444 |
| Net result for the period | 9904 | €-444 |
| Result to be appropriated | 9905 | €-444 |
| Role | Name | Tenure | Source |
|---|---|---|---|
| Curator | KARL VANSTIPELEN A. DE COCKPLEIN 9,
1831 DIEGEM |
24-12-2024 → present | Belgian State Gazette |
| NACE primary | Specialised construction(43990) |
| Legal form | Private limited company(610) |
| Incorporation | 11-12-2017 |
| Status | Active |
| Postal code | 1930 |
| First BS signal | 31-12-2024 |
| Latest BS signal | 27-02-2025 |
Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23094D0105/00M003 | Flanders | 2,582 m² | 1 · 2,424 m² | 12.3 m · 3 fl. |
| 21908E0263/00L000 | Brussels | 405 m² | 1 · 82 m² | 14.2 m · 4 fl. |
A single timeline of everything that happened to this company, publications, insolvency and lifecycle events, administrative changes and filed annual accounts.
04-03-2026 1 director appointed, 1 resigning
- Kader Akdeniz, Bestuurder
- Moustafa Akdeniz, Bestuurder
Technical details
{
"events": [
{
"kind": "director_out",
"role": "administrateur",
"person": {
"rrn": null,
"name": "Moustafa Akdeniz",
"address": null,
"birth_date": null,
"profession": null,
"birth_place": null
},
"reason": null,
"subkind": null,
"via_org": null,
"statutory": null,
"compensated": false,
"effective_date": "2026-02-19",
"evidence_quote": "De algemene vergadering heeft het ontslag van administrateur Moustafa Akdeniz met onmiddellijke ingang aanvaard.",
"decharge_status": null,
"mandate_duration": null,
"rep_rotation_new_rep": null,
"rep_rotation_old_rep": null,
"effective_date_qualifier": "immediate"
},
{
"kind": "director_in",
"role": "administrateur",
"person": {
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"name": "Kader Akdeniz",
"address": null,
"birth_date": null,
"profession": null,
"birth_place": null
},
"reason": null,
"subkind": "successor_conditional",
"via_org": null,
"statutory": null,
"compensated": false,
"effective_date": "2026-02-19",
"evidence_quote": "De algemene vergadering heeft mevrouw Kader Akdeniz benoemd als zijn vervangster.",
"decharge_status": null,
"mandate_duration": null,
"rep_rotation_new_rep": "Kader Akdeniz",
"rep_rotation_old_rep": "Moustafa Akdeniz",
"effective_date_qualifier": "immediate"
}
],
"notary": {
"name": null,
"firm_city": null,
"firm_name": null,
"office_city": "Brussel",
"is_associated": false
},
"act_meta": {
"language": "nl",
"pub_date": "2026-03-04",
"filing_date": "2026-02-25",
"act_kind_objet": "Onderwerp akte:"
},
"decisions": [
{
"body": "algemene_vergadering",
"date": "2026-02-19",
"unanimous": null
}
],
"is_correction": false,
"subject_company": {
"kbo": "0685.820.088",
"name_full": "MSA SERVICES",
"legal_form": "BV",
"_kbo_filled_from_list": true
},
"publication_proxy": {
"kind": "person",
"org_kbo": null,
"org_name": null,
"person_name": "KADEK AKDENiZ",
"org_rep_person_name": null,
"person_role_at_subject": null
},
"co_filed_documents": [],
"corrected_publication_numac": null
}23-12-2021 Registered office moved from Schaarbeek to Zaventem
- Beughemstraat 18, 1030 Schaarbeek → Lambroekstraat 1, 1930 Zaventem
Technical details
{
"events": [
{
"kind": "zetel_transfer",
"seat_type": "statutaire",
"new_address": {
"city": "Zaventem",
"region": "Vlaams Gewest",
"street": "Lambroekstraat",
"country": "BE",
"postcode": "1930",
"box_number": "1",
"street_number": "1"
},
"old_address": {
"city": "Schaarbeek",
"region": "Brussels Gewest",
"street": "Beughemstraat",
"country": "BE",
"postcode": "1030",
"box_number": null,
"street_number": "18"
},
"effective_date": "2021-12-23",
"evidence_quote": "De vergadering beslist de zetel over te brengen van Schaarbeek (1030 Brussel), Beughemstraat 18 naar 1930 Zaventem, Lambroekstraat 1 (Unit 1)"
}
],
"schema": "v3.2",
"act_meta": {
"model_id": 36,
"extractor": "constrained-core-35b"
},
"subject_company": {
"kbo": "0685.820.088",
"name_full": "AKDENIZ RENOV",
"legal_form": "BV"
}
}13-12-2017 Incorporation of a new SRL
Technical details
{
"kind": "oprichting",
"seat": "Schaerbeek (1030 Bruxelles), rue de Beughem 18",
"schema": "v3.2",
"act_meta": {
"model_id": 36,
"extractor": "constrained-core-35b"
},
"founders": [
{
"org": null,
"kind": "natural_person",
"person": {
"dob": "1989-07-04",
"name": "AKDENIZ Moustafa",
"niss": null,
"address": "Schaerbeek (1030 Bruxelles), chauss\u00E9e de Haecht 111/02"
},
"share_class": "Ordinary",
"partner_role": null,
"holder_org_kbo": null,
"holder_org_name": null,
"contribution_type": "cash",
"amount_paid_in_eur": 3100.0,
"holder_person_name": "AKDENIZ Moustafa",
"is_subscriber_only": true,
"n_shares_subscribed": 50,
"amount_subscribed_eur": 9300.0,
"is_anonymous_silent_partner": false
},
{
"org": null,
"kind": "natural_person",
"person": {
"dob": "1991-04-26",
"name": "ONERBAY Nazmiye",
"niss": null,
"address": "Schaerbeek (1030 Bruxelles), chauss\u00E9e de Haecht 111/02"
},
"share_class": "Ordinary",
"partner_role": null,
"holder_org_kbo": null,
"holder_org_name": null,
"contribution_type": "cash",
"amount_paid_in_eur": 3100.0,
"holder_person_name": "ONERBAY Nazmiye",
"is_subscriber_only": true,
"n_shares_subscribed": 50,
"amount_subscribed_eur": 9300.0,
"is_anonymous_silent_partner": false
}
],
"capital_eur": 18600.0,
"subject_company": {
"kbo": "0685.820.088",
"name_full": "AKDENIZ RENOV",
"legal_form": "SRL"
},
"initial_directors": [],
"incorporation_date": "2017-12-11",
"post_incorporation_mandates": []
}Generate a structured, factual brief from every signal in this dossier: risk, financial health, ownership, mandates and sector comparison.
| Legal nameFR | MSA SERVICES |