MSAA-ventures
ActiveSummary
MSAA-ventures has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€268,659) and a net result of -€211,619. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 5% of 7097 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-29
Solvency0▼-16
Growth32=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.01; cash: 15.5% of total assets), and equity is negative.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Age of the figures
Age of the figures
15 mo
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 · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
19202122232425
2019 to 2025 · latest year -€268,659
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 23-01-2026, 8 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
8 d early
2024
1 d early
2023
35 d early
2022
5 d early
2021
on the day
2020
1 d late
2019
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 7 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today. Usually files around 26 January (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-06-2026 close28-09-2026 today31-01-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€268,659▼ 371%
2024 · -€57,040
Total assets
€14,810▼ 97.6%
2024 · €626,343
Net result
-€211,619▼ 939%
2024 · -€20,366
Working capital
-€277,369▲ 37.0%
2023 · -€440,032
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€166,472-€32,154▲ 80.7%-€479▲ 98.5%-€5,805▼ 1,112%-€203,295▼ 3,402%
Net result-€76,690below the sector's middle half-€34,682below the sector's middle half▲ 54.8%-€24,161below the sector's middle half▲ 30.3%-€20,366below the sector's middle half▲ 15.7%-€211,619below the sector's middle half▼ 939%
Equity€22,169within the sector's middle half▼ 77.6%-€12,513below the sector's middle half-€36,674below the sector's middle half▼ 193%-€57,040below the sector's middle half▼ 55.5%-€268,659below the sector's middle half▼ 371%
Total assets€923,493above the sector's middle half▼ 13.8%€693,321above the sector's middle half▼ 24.9%€666,447above the sector's middle half▼ 3.9%€626,343above the sector's middle half▼ 6.0%€14,810below the sector's middle half▼ 97.6%
Debt€901,324▲ 2.8%€705,834▼ 21.7%€703,121▼ 0.4%€683,383▼ 2.8%€283,469▼ 58.5%
Working capital-€382,892below the sector's middle half▼ 196%-€388,073below the sector's middle half▼ 1.4%-€440,032below the sector's middle half▼ 13.4%-€277,369below the sector's middle half
Solvency2.4%below the sector's middle half▼ 6.8pp-1.8%below the sector's middle half▼ 4.2pp-5.5%below the sector's middle half▼ 3.7pp-9.1%below the sector's middle half▼ 3.6pp
Current ratio0.37below the sector's middle half▼ 0.390.07below the sector's middle half▼ 0.300.02below the sector's middle half▼ 0.050.01below the sector's middle half
Return on assets (ROA)-8.3%below the sector's middle half▼ 15.1pp-5.0%below the sector's middle half▲ 3.3pp-3.6%below the sector's middle half▲ 1.4pp-3.3%below the sector's middle half▲ 0.4pp
above
within
below
the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €203,295 in 2025 against €5,805 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
Assets €14,810
Fixed assets
€11,027
Current assets
€3,783
Key figures and ratios
EBITDA
-€202,621▼
2024 · €24,392
Cash flow
-€210,946▼
2024 · €9,831
Debt to equity
-1.06▲
2024 · -11.98
Interest coverage
-24.47▼
2024 · 1.68
Debt ≤ 1 year
€281,152▼
2024 · €471,414
Debt > 1 year
€0▼
2024 · €209,153
Income taxes
€42
A ratio outside any meaningful range has been withheld (balance sheet total €14,810, equity -€268,659).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,639 companies that looked in July 2024 the way this one looks now, 4.1% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
4.1%
went bankrupt
9.8%
stopped otherwise
84%
still going
A further 2.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.9% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,639 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €33,294 | €32,838 | €31,757 | €30,197 | €673 | ▼ 97.8% |
| Other operating charges640/8 | - | €17,440 | €2,774 | €2,371 | €11,963 | ▲ 405% |
| Non-recurring operating charges66A | - | - | - | - | €191,010 | - |
| Gross operating margin9900 | -€15,997 | €18,123 | €34,052 | €26,763 | €351 | ▼ 98.7% |
| Operating profit (loss)9901 | -€166,472 | -€32,154 | -€479 | -€5,805 | -€203,295 | ▼ 3,402% |
| Financial income75/76B | - | €11 | - | - | - | - |
| Recurring financial income75 | €42 | €11 | - | - | - | - |
| Financial charges65/66B | - | €2,539 | €23,682 | €14,561 | €8,282 | ▼ 43.1% |
| Recurring financial charges65 | €6,210 | €2,539 | €23,682 | €14,561 | €8,282 | ▼ 43.1% |
| Profit (loss) for the period before taxes9903 | -€172,640 | -€34,682 | -€24,161 | -€20,366 | -€211,577 | ▼ 939% |
| Income taxes67/77 | - | - | - | - | €42 | - |
| Profit (loss) for the period9904 | -€76,690 | -€34,682 | -€24,161 | -€20,366 | -€211,619 | ▼ 939% |
| Profit (loss) for the period to be appropriated9905 | €109,568 | -€34,682 | -€24,161 | -€20,366 | -€211,619 | ▼ 939% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €923,493 | €693,321 | €666,447 | €626,343 | €14,810 | ▼ 97.6% |
| Fixed assets21/28 | €696,152 | €663,290 | €656,540 | €626,343 | €11,027 | ▼ 98.2% |
| Tangible fixed assets22/27 | €695,568 | €662,730 | €656,540 | €626,343 | €11,027 | ▼ 98.2% |
| Land and buildings22 | - | €662,730 | €656,540 | €626,343 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | - | - | €11,027 | - |
| Financial fixed assets28 | €585 | €560 | - | - | - | - |
| Current assets29/58 | €227,340 | €30,031 | €9,907 | - | €3,783 | - |
| Amounts receivable within one year40/41 | €37,571 | €30,000 | - | - | - | - |
| Trade receivables40 | - | €30,000 | - | - | - | - |
| Cash at bank and in hand54/58 | €189,770 | €31 | €9,130 | - | €2,295 | - |
| Deferred charges and accrued income490/1 | - | - | €777 | - | €1,487 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €923,493 | €693,321 | €666,447 | €626,343 | €14,810 | ▼ 97.6% |
| Equity10/15 | €22,169 | -€12,513 | -€36,674 | -€57,040 | -€268,659 | ▼ 371% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Distributable reserves133 | - | €1,860 | €1,860 | €1,860 | €0 | ▼ 100% |
| Profit (loss) carried forward14 | €1,709 | -€32,973 | -€57,134 | -€77,500 | -€287,259 | ▼ 271% |
| Amounts payable17/49 | €901,324 | €705,834 | €703,121 | €683,383 | €283,469 | ▼ 58.5% |
| Amounts payable after more than one year17 | €288,534 | €285,173 | €249,381 | €209,153 | €0 | ▼ 100% |
| Financial debts170/4 | - | €285,173 | €249,381 | €209,153 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €610,233 | €418,104 | €449,939 | €471,414 | €281,152 | ▼ 40.4% |
| Current portion of amounts payable after more than one year42 | - | €7,553 | €35,792 | €76,020 | €0 | ▼ 100% |
| Financial debts43 | - | - | €142,400 | €145,638 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | €142,400 | €145,638 | €0 | ▼ 100% |
| Trade debts44 | €49,194 | €1,893 | €1,825 | €3,686 | €2,983 | ▼ 19.1% |
| Suppliers440/4 | - | €1,893 | €1,825 | €3,686 | €2,983 | ▼ 19.1% |
| Taxes, remuneration and social security45 | - | €5,082 | €6,245 | €6,203 | €9,556 | ▲ 54.1% |
| Taxes450/3 | - | €5,082 | €6,245 | €6,203 | €9,556 | ▲ 54.1% |
| Other amounts payable47/48 | - | €403,577 | €263,677 | €239,868 | €268,613 | ▲ 12.0% |
| Accrued charges and deferred income492/3 | - | €2,557 | €3,801 | €2,816 | €2,317 | ▼ 17.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€76,690 | -€34,682 | -€24,161 | -€20,366 | -€211,619 | ▼ 939% |
| + Depreciation and write-downs630 | €33,294 | €32,838 | €31,757 | €30,197 | €673 | ▼ 97.8% |
| Operating cash flow (approximation) | -€43,395 | -€1,844 | €7,596 | €9,831 | -€210,946 | ▼ 2,246% |
| Investment in fixed assets (approximation) | - | €25 | -€25,007 | €0 | €614,643 | - |
| Change in cash | - | -€189,739 | €9,100 | - | - | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
23-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-06
Financial
Weakest financial yearnet -€211,619
Net result drops to -€211,619, the lowest in the series.
30-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2023
27-12
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
26-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
01-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 1 day late
2020
30-06
Financial
Highest result since 2019net €72,461 ▲2,951%
Operating result €178,882, net result €72,461, both a record.
31-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
29-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
07-02
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 7 days late
2017
27-01
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 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, Aalst · 1 establishment unit since 2000
Ground area
327 m²
Building footprint
164 m²
Parcel 41019A0626/00B000, Flanders. Linked by address, not a title deed.
1 establishment unit
Meirbeekstraat 132a, 9308 Aalst
since 20002.131.830.861
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41019A0626/00B000 | Flanders | 327 m² | 1 · 164 m² | - |
Linked by address, not proof of ownership
Good to know
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 9,863 companies in sector 73110 we hold annual accounts for 3,758. 2,660 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded07-01-2000
Fiscal year end30-06
Activities, NACEBEL 2025
73110Advertising agencies
74140Other specialised design activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0469357462
Also
9925:BE0469357462
Registered
03-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.