Equity
-€3,347
Debts exceed assets in financial year 2025.
MSAR
Lifetime
2 annual accounts with figures on one time axispeak €73,601 (2025)
€73,601▲ 178%
lowest -€3,921 (2024)
-€3,426▲ €495
peak €79 (2024)
-€3,347▼ €3,426
€201,946▲ 26.4%
Board2 names since 2023
1 director
Documentsfilings and deeds
24-07-20267 days before the deadline
2025micro format
Gross margin from €26,440 to €73,601Loss of €3,426Resignation: (director) 04-02Equity from €79 to -€3,347Debts from €159,739 to €201,946
Key points
from the 2025 annual accountsLosses
-€7,347 in two years
The 2024 and 2025 financial years closed with a loss. 2024 was the heaviest.
Turnover
≈ €250,000 estimated
The micro format states no turnover.
Debts
€201,946 102% of the balance sheet
Financial debts 14%Suppliers 27%Taxes and wages 55%Other 5%
Of this, €172,851 falls due within a year.
At the same address
59 companies
Position in the sector
-€3,347
Less equity than 86% of companies in land transport. Sector median €34,001 · 6,615 companies.
Checked score
Bankruptcy probability within 12 months
Financial strength
Score breakdown
Comparable companies, two years later
In July 2024, 1,556 companies had the same profile as MSAR has now. Each dot stands for 4 companies, two years later.
91.3%
were still trading
3.8%
stopped another way
4.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
Test of the method
The method was tested on the 497,762 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 | 2.9% | 3.1% |
| 10 | 5.6% | 6.1% |
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 1,556 companies, not a prediction for MSAR. 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.
Credit verdict
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Recent changes
Registered-office move
holds all the shares · General meeting of 12-10-2026 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0803214438
Resignation: (director)
General meeting of 19-02-2024 · Gazette deed
Appointment: (director)
General meeting of 21-09-2023 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MSAR Brussels | €198,600 | €73,601 | -1.7% | - |
| BMR CONCEPT Sint-Gillis (bij-Brussel) | €223,862 | €71,857 | -2.7% | - |
| S.I.S.L. GROUP Molenbeek-Saint-Jean | €246,456 | €64,031 | 19.2% | - |
| KAMA TRANSPORT Anderlecht | €156,199 | €84,002 | 61.7% | - |
| B. Delorge Kortrijk | €184,812 | €69,809 | 18.8% | - |
| JPK TRANS Tielt | €213,870 | €72,350 | 56.2% | - |
| T&I LOGISTICS Tienen | €204,457 | €66,908 | 11.3% | - |
These companies have the same main activity as MSAR: freight transport by road (NACE 49410). They are comparable in size and age: total assets between €156,000 and €246,000, founded in 2023.
Official details
Source: KBO- Status
- Active since 27-06-2023Normal situation
- Registered office
- 60 active companies are registered at this address10 started in the 12 months before. Source: KBO register, as of 13 November 2026.
- Activity
- Freight transport by roadNACE 49410
- Establishment unit
- 2.351.634.0491000 Brussels, since 27-06-2023
- Financial year end
- 31 December
- Peppol
- Reachable since 15-12-2025
Annual accounts 2025
- €198,600▲ 24.3%
- Filing
- Filed on 24-07-2026, 7 days before the end of the filing period
Insights on MSAR
The 2025 annual accounts show negative equity (-€3,347) and a net result of -€3,426. Its solvency ranks better than 15% of 6,602 sector peers (NACE 49, financial year 2025).
The company has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about MSAR
- What is the company number of MSAR?
- The company number of MSAR is 0803.214.438. The VAT number is the same number with BE in front: BE 0803.214.438.
- Where is MSAR based?
- The registered office is at Barricadenplein 1, 1000 Brussels.Company details
- What does MSAR do?
- According to the KBO register, the main activity is freight transport by road (NACE 49410).
- What is the legal form of MSAR?
- MSAR is a private limited company (BV).
- When was MSAR founded?
- MSAR was founded on 27-06-2023.
- Is MSAR still active?
- Yes, MSAR is an active enterprise in the KBO register.
- What is the turnover of MSAR?
- The turnover in financial year 2025 is ≈ €250,000. This figure is estimated from the gross margin of €73,601 and 47 comparable companies (NACE 49410). It probably lies between €200,000 and €320,000.Financials
- Is MSAR profitable?
- In financial year 2025, MSAR made a loss of €3,426.
- Where can I find the annual accounts of MSAR?
- MSAR filed 2 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of MSAR due?
- MSAR must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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