MSAR
ActiveSummary
The computed 12-month bankruptcy probability of MSAR is 5.7% (elevated). The 2025 annual accounts show negative equity (-€3,347) and a net result of -€3,426. Its solvency ranks better than 15% of 5,830 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.
Overview
- Equity
- -€3,347
- Loss
- -€3,426
Why 34raises riskSector: Land transport and transport via pipelines (NACE 49)Founded in 20231 of the last 3 latelowers riskFigures for financial year 2025 (filed 24-07-2026)Show the evidence
Checked score
About 6 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 49, micro): better than 14% on solvency, 15% on liquidity, 20% on profitability and 1% on growth.
The bankruptcy probability was computed on 27-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 2 accounts on average 19 days after the deadline; the sector median (NACE 49) for financial year 2024 is on the deadline day, and 49% of those companies filed late.
Searched, nothing found (2)
- Registered officeShareholding · Registered-office move ·…
- Annual accounts filedfinancial year 2025 · micro…
- Annual accounts filedfinancial year 2024 · micro…
Financials · financial year 2025, micro format
2024 to 2025, 2 financial years
The operating result falls in 2025; 2025 is 13% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 49, Land transport and transport via pipelines: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 1,555 companies that looked in July 2024 the way this one looks now, 4.6% went bankrupt within 24 months and 91.6% are still going.
- Micro
- 2 to 5 years old
- negative equity
- a small loss
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 5.7% 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 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 1,555 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.
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Remuneration, social security and pensions62 | €5,438 | €31,509 | ▲ 479% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €930 | €13,278 | ▲ 14× |
| Other operating charges640/8 | €3,110 | €23,048 | ▲ 641% |
| Non-recurring operating charges66A | €10,340 | - | - |
| Gross operating margin9900 | €26,440 | €73,601 | ▲ 178% |
| Operating profit (loss)9901 | €6,622 | €5,766 | ▼ 12.9% |
| Financial income75/76B | €36 | €1 | ▼ 97.2% |
| Recurring financial income75 | €36 | €1 | ▼ 97.2% |
| Financial charges65/66B | €7,690 | €9,193 | ▲ 19.5% |
| Recurring financial charges65 | €7,690 | €9,193 | ▲ 19.5% |
| Profit (loss) for the period before taxes9903 | -€1,032 | -€3,426 | ▼ 232% |
| Income taxes67/77 | €2,889 | - | - |
| Profit (loss) for the period9904 | -€3,921 | -€3,426 | ▲ 12.6% |
| Profit (loss) for the period to be appropriated9905 | -€3,921 | -€3,426 | ▲ 12.6% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €159,818 | €198,600 | ▲ 24.3% |
| Fixed assets21/28 | €60,104 | €49,616 | ▼ 17.4% |
| Tangible fixed assets22/27 | €58,629 | €47,933 | ▼ 18.2% |
| Plant, machinery and equipment23 | - | €873 | - |
| Furniture and vehicles24 | €3,600 | €3,043 | ▼ 15.5% |
| Leasing and similar rights25 | €55,029 | €44,017 | ▼ 20.0% |
| Financial fixed assets28 | €1,475 | €1,683 | ▲ 14.1% |
| Current assets29/58 | €99,714 | €148,984 | ▲ 49.4% |
| Amounts receivable within one year40/41 | €99,714 | €124,366 | ▲ 24.7% |
| Trade receivables40 | €60,205 | €12,977 | ▼ 78.4% |
| Other amounts receivable41 | €39,509 | €111,389 | ▲ 182% |
| Cash at bank and in hand54/58 | - | €24,618 | - |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €159,818 | €198,600 | ▲ 24.3% |
| Equity10/15 | €79 | -€3,347 | - |
| Contributions10/11 | €4,000 | €4,000 | = |
| Profit (loss) carried forward14 | -€3,921 | -€7,347 | ▼ 87.4% |
| Provisions and deferred taxes16 | - | €1 | - |
| Deferred taxes168 | - | €1 | - |
| Amounts payable17/49 | €159,739 | €201,946 | ▲ 26.4% |
| Amounts payable after more than one year17 | €35,877 | €27,845 | ▼ 22.4% |
| Financial debts170/4 | €35,877 | €27,845 | ▼ 22.4% |
| Amounts payable within one year42/48 | €123,862 | €172,851 | ▲ 39.6% |
| Current portion of amounts payable after more than one year42 | €7,664 | €8,032 | ▲ 4.8% |
| Financial debts43 | €3 | - | - |
| Credit institutions430/8 | €3 | - | - |
| Trade debts44 | €69,948 | €53,909 | ▼ 22.9% |
| Suppliers440/4 | €69,948 | €53,909 | ▼ 22.9% |
| Taxes, remuneration and social security45 | €46,248 | €110,910 | ▲ 140% |
| Taxes450/3 | €45,168 | €98,708 | ▲ 119% |
| Remuneration and social security454/9 | €1,080 | €12,202 | ▲ 11× |
| Accrued charges and deferred income492/3 | - | €1,250 | - |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | -€3,921 | -€3,426 | ▲ 12.6% |
| + Depreciation and write-downs630 | €930 | €13,278 | ▲ 14× |
| Operating cash flow (approximation) | -€2,991 | €9,852 | - |
| Investment in fixed assets (approximation) | - | -€2,790 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (2)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 24-07-2026 | 2026-00327053 |
| 31-12-2024 | micro format | 14-09-2025 | 2025-00490891 |
Similar companies · same sector and region
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| MEDIK Abdulkadir |
|
| MEDIK Ersin |
|
Owners and capital
Capital and shareholders
- MEDIK Abdulkadir all shares
- MEDIK Abdulkadir 100 shares (100%) · €4,000 in cash
The Belgian Official Gazette names shareholders only when an act mentions them; the share register itself is not published.
- 29-06-2023 Incorporation · €4,000 · 100 shares
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
22-10
Gazette deed
Registered officeShareholding · Registered-office move · Power of attorney7 facts ▸
- General meeting, 12-10-2026
- Other provision, “bureau, 11 heures 30’” (deed in French)
- Shareholding, 100, “actionnaire unique détenteur de toutes les parts” (deed in French)
- Other provision, “statuts non modifiés depuis constitution” (deed in French)
- Registered-office move, Région de Bruxelles-Capitale
- Power of attorney, Axel MONTIGNY
- Power of attorney (2 times)
04-02
Gazette deed
Resignation: Ersin MEDIK (director)4 facts ▸
- General meeting, 19-02-2024
- Director resignation, Ersin MEDIK (director)
- Director in office, Abdulkadir MEDIK (director)
- Other provision, “footer fragment, illegible” (deed in French)
27-10
Gazette deed
Appointment: MEDIK Ersin (director)2 facts ▸
- General meeting, 21-09-2023
- Director appointment, MEDIK Ersin (director)
29-06
Gazette deed
IncorporationAppointment: MEDIK Abdulkadir (director) · Registered office clause · Board rule11 facts ▸
- Registered office clause, “4420 Saint-Nicolas, rue Saint-Nicolas 395, dépôt au greffe expédition acte constitutif” (deed in French)
- Board rule, 1, “dépôt au greffe expédition acte constitutif” (deed in French)
- Director appointment, MEDIK Abdulkadir (director (not named in the articles))
- Founder, MEDIK Abdulkadir
- Other provision, “mariage et régime matrimonial, légal” (deed in French)
- Other provision, “capacité et réquisition au notaire, acter authentiquement” (deed in French)
- Incorporation, 22-06-2023
- Founding capital, €4,000
- Other provision, 01-06-2023
- Bank account, “ING”, 4000 (deed in French)
- Capital
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 27 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
2 parcels
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21803C0379/00S000 | Brussels | 429 m² | 1 · 404 m² | 19.4 m · 5 |
| 62815C0541/00D000 | Wallonia | 379 m² | 1 · 100 m² | 11.9 m · 3 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “Toute activité de transport et livraison de marchandises, unimodal et intermodal, au niveau national et international, ainsi que le…” (deed in French)deed of 29-06-2023
7 activities (deed in French)
- Toute activité de transport et livraison de marchandises, unimodal et intermodal, au niveau national et international, ainsi que le transport de personnes
- L'achat, la vente, la location, de tous véhicules ou moyens de transport ou de locomotion neufs ou d'occasion
- Effectuer toutes prestations de services se rapportant aux opérations de transports, acquérir, importer, exporter, vendre, louer, prêter, prendre ou donner en leasing, réparer, effectuer tout entretien, commercialiser sous toutes ses formes, tous véhicules, en ce compris de tous matériels, fournitures et accessoires se rapportant aux activités de transports routiers, de marchandises et/ou de personnes
- Exercer toute activités d'entreposage ou de gestion de stocks de marchandises, de distribution physique industrielle, de préparation de commandes, de manutention, et plus généralement toutes prestations de services de plate-forme de logistique, de services de groupage, dégroupage, de transit de toutes marchandises que ce soit par voie terrestre, maritime, aérienne, ainsi que toutes activités d'armement maritime
- Acheter, louer, construire, prendre en location ou donner en location, prendre en leasing ou donner en leasing, financer, toute construction d'immeubles, d'entrepôts, de plates-formes, de matériels de transports et généralement de tous matériels industriels ou commerciaux, ainsi qu'à usage de garage, atelier de réparation de véhicules
- Fournir toutes prestations de services et exécuter tous mandats sous forme d'études, d'organisation dans tout domaine rentrant dans son objet social
- L’acquisition par souscription ou achat et la gestion d'actions, d'obligations, de bons de caisse et d'autres valeurs mobilières généralement quelconques, de sociétés belges ou étrangères, existantes ou à constituer ainsi que la gestion d'un patrimoine mobilier
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimiteddeed of 29-06-2023
- Name clauseThe name the company operates under according to its articles.
- MSARdeed of 29-06-2023
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Le siège est établi en Région de Bruxelles-Capitale” (deed in French)deed of 22-10-2026
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- Each director alone
- Board ruleHow the board is made up, meets and takes decisions.
- “Signature personnelle précédée de mots « pour la Société à Responsabilité Limitée » suivis de dénomination,griffe admise, 1” (deed in French)
Capital, shares and profit
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Délivrés aux titulaires, inscription au registre des actions conformément à article 5:61 CSA” (deed in French)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Last Friday of June at 18:00
Oversight and winding up
- Statutory auditorA statutory auditor is a registered auditor who checks the accounts; small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Assemblée générale, modifications aux statuts” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Si aucun autre liquidateur désigné, quelque cause et moment” (deed in French)