MSB
Open bankruptcyFinancials · financial year 2024, micro format
2024 annual accounts filed 67 days after the deadline Filed on 6 October 2025, deadline 31 July 2025 (7 months after the close on 31 December 2024, Companies Code art. 3:10). Source: NBB, 2025-00539748.
Annual accounts 2024 filed on 06-10-2025 PDF all 15 filings
Turnover
€323,605
EBIT margin
-25.3%
Net result
-€51,238▲ 10.9%
2023 · -€57,497
Working capital
-€307,970▼ 13.3%
2023 · -€271,790
Multi-year overview
2018 to 2024, 7 financial yearsTurnover
no figure
2024
20182024
Operating result
-€51,239
▲ 8.7%
2024
20182024
Net result
-€51,238
▲ 10.9%
2024
lowest quarter of the sector
20182024
EBIT margin
no figure
2024
20182024
Equity
-€278,786
▼ 22.5%
2024
lowest quarter of the sector
20182024
Total assets
€53,480
▼ 21.5%
2024
lowest quarter of the sector
20182024
Debt
€332,266
▲ 12.4%
2024
20182024
Working capital
-€307,970
▼ 13.3%
2024
lowest quarter of the sector
20182024
Solvency
-521.3%
▼ 187.5pp
2024
lowest quarter of the sector
20182024
Current ratio
0.07
▼ 0.01
2024
lowest quarter of the sector
20182024
Return on assets (ROA)
-95.8%
▼ 11.5pp
2024
lowest quarter of the sector
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Turnover€323,605-
Operating result-€81,952-€3,487-€33,990€11,186-€49,516-€56,136▼ 13.4%-€51,239▲ 8.7%
Net result-€82,162-€3,449-€34,146below the sector's middle half€11,032within the sector's middle half-€49,647below the sector's middle half-€57,497below the sector's middle half▼ 15.8%-€51,238below the sector's middle half▲ 10.9%
EBIT margin-25.3%-
Equity-€56,737--€53,288▲ 6.1%-€131,437below the sector's middle half▼ 147%-€120,405below the sector's middle half▲ 8.4%-€170,052below the sector's middle half▼ 41.2%-€227,548below the sector's middle half▼ 33.8%-€278,786below the sector's middle half▼ 22.5%
Total assets€517,511-€108,659▼ 79.0%€614,047above the sector's middle half▲ 465%€622,104above the sector's middle half▲ 1.3%€124,797within the sector's middle half▼ 79.9%€68,164within the sector's middle half▼ 45.4%€53,480below the sector's middle half▼ 21.5%
Debt€574,248-€161,947▼ 71.8%€745,484▲ 360%€742,509▼ 0.4%€294,849▼ 60.3%€295,713▲ 0.3%€332,266▲ 12.4%
Working capital-€116,038--€112,589▲ 3.0%-€190,738below the sector's middle half▼ 69.4%-€179,706below the sector's middle half▲ 5.8%-€229,353below the sector's middle half▼ 27.6%-€271,790below the sector's middle half▼ 18.5%-€307,970below the sector's middle half▼ 13.3%
Solvency-11.0%--49.0%▼ 38.1pp-21.4%below the sector's middle half▲ 27.6pp-19.4%below the sector's middle half▲ 2.1pp-136.3%below the sector's middle half▼ 116.9pp-333.8%below the sector's middle half▼ 197.6pp-521.3%below the sector's middle half▼ 187.5pp
Current ratio0.80-0.30▼ 0.490.74below the sector's middle half▲ 0.440.76below the sector's middle half▲ 0.010.22below the sector's middle half▼ 0.540.08below the sector's middle half▼ 0.140.07below the sector's middle half▼ 0.01
Return on assets (ROA)-15.9%-3.2%▲ 19.1pp-5.6%below the sector's middle half▼ 8.7pp1.8%within the sector's middle half▲ 7.3pp-39.8%below the sector's middle half▼ 41.6pp-84.4%below the sector's middle half▼ 44.6pp-95.8%below the sector's middle half▼ 11.5pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2024 is a loss of €51,239, smaller than the loss of €56,136 in 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €53,480
Fixed assets
€29,183 ▼ 34.0%
Current assets
€24,296 ▲ 1.6%
Equity and liabilities
Equity-€278,786
Debt€332,266
Equity is negative. Debt (€332,266) exceeds the balance-sheet total (€53,480).
Key figures and ratios
EBITDA
-€36,180▲
2023 · -€41,077
Cash flow
-€36,179▲
2023 · -€42,438
Quick ratio
0.02▼
2023 · 0.02
Interest coverage
-804.00▼
2023 · -490.70
Debt ≤ 1 year
€332,266▲
2023 · €295,713
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €323,605 | - | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,719 | - | - | - | - | €15,059 | €15,059 | = |
| Other operating charges640/8 | - | €266 | €158 | - | €1,925 | €1,236 | €916 | ▼ 25.9% |
| Gross operating margin9900 | -€73,696 | €3,753 | -€33,832 | €11,186 | -€47,591 | -€39,841 | -€35,264 | ▲ 11.5% |
| Operating profit (loss)9901 | -€81,952 | €3,487 | -€33,990 | €11,186 | -€49,516 | -€56,136 | -€51,239 | ▲ 8.7% |
| Financial income75/76B | - | - | - | - | €39 | €82 | €46 | ▼ 44.2% |
| Recurring financial income75 | €269 | - | - | - | €39 | €82 | €46 | ▼ 44.2% |
| Financial charges65/66B | - | €38 | €156 | €154 | €169 | €84 | €45 | ▼ 46.2% |
| Recurring financial charges65 | €479 | €38 | €156 | €154 | €169 | €84 | €45 | ▼ 46.2% |
| Profit (loss) for the period before taxes9903 | -€82,162 | €3,449 | -€34,146 | €11,032 | -€49,647 | -€56,137 | -€51,238 | ▲ 8.7% |
| Income taxes67/77 | - | - | - | - | - | €1,360 | - | - |
| Profit (loss) for the period9904 | -€82,162 | €3,449 | -€34,146 | €11,032 | -€49,647 | -€57,497 | -€51,238 | ▲ 10.9% |
| Profit (loss) for the period to be appropriated9905 | -€82,162 | €3,449 | -€34,146 | €11,032 | -€49,647 | -€57,497 | -€51,238 | ▲ 10.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €517,511 | €108,659 | €614,047 | €622,104 | €124,797 | €68,164 | €53,480 | ▼ 21.5% |
| Fixed assets21/28 | €59,301 | €59,301 | €59,301 | €59,301 | €59,301 | €44,242 | €29,183 | ▼ 34.0% |
| Tangible fixed assets22/27 | €59,301 | €59,301 | €59,301 | €59,301 | €59,301 | €44,242 | €29,183 | ▼ 34.0% |
| Furniture and vehicles24 | - | €59,301 | €59,301 | €59,301 | €59,301 | €44,242 | €29,183 | ▼ 34.0% |
| Current assets29/58 | €458,211 | €49,358 | €554,746 | €562,803 | €65,496 | €23,922 | €24,296 | ▲ 1.6% |
| Stocks and contracts in progress3 | €77,005 | €38,364 | €38,364 | €38,364 | €38,364 | €17,328 | €17,328 | = |
| Stocks30/36 | - | €38,364 | €38,364 | €38,364 | €38,364 | €17,328 | €17,328 | = |
| Amounts receivable within one year40/41 | €333,353 | €10,640 | €509,384 | €517,441 | €22,378 | €3,069 | €39 | ▼ 98.7% |
| Trade receivables40 | - | €10,167 | €416,427 | €508,242 | €7,435 | - | - | - |
| Other amounts receivable41 | - | €473 | €92,957 | €9,199 | €14,943 | €3,069 | €39 | ▼ 98.7% |
| Cash at bank and in hand54/58 | - | €354 | - | - | €4,169 | €2,900 | €6,929 | ▲ 139% |
| Deferred charges and accrued income490/1 | - | - | €6,998 | €6,998 | €586 | €625 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €517,511 | €108,659 | €614,047 | €622,104 | €124,797 | €68,164 | €53,480 | ▼ 21.5% |
| Equity10/15 | -€56,737 | -€53,288 | -€131,437 | -€120,405 | -€170,052 | -€227,548 | -€278,786 | ▼ 22.5% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Other1319 | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€64,797 | -€61,348 | -€139,497 | -€128,465 | -€178,112 | -€235,608 | -€286,846 | ▼ 21.7% |
| Amounts payable17/49 | €574,248 | €161,947 | €745,484 | €742,509 | €294,849 | €295,713 | €332,266 | ▲ 12.4% |
| Amounts payable within one year42/48 | €574,248 | €161,947 | €745,484 | €742,509 | €294,849 | €295,713 | €332,266 | ▲ 12.4% |
| Financial debts43 | - | €3,048 | €188,601 | €225,219 | - | - | - | - |
| Credit institutions430/8 | - | €3,048 | €188,601 | €225,219 | - | - | - | - |
| Trade debts44 | €253,766 | €1,706 | €453,072 | €516,707 | €67,119 | €55,784 | €61,325 | ▲ 9.9% |
| Suppliers440/4 | - | €1,706 | €453,072 | €516,707 | €67,119 | €55,784 | €61,325 | ▲ 9.9% |
| Taxes, remuneration and social security45 | - | €14,729 | €88,202 | - | €0 | - | €1,639 | - |
| Taxes450/3 | - | €14,729 | €88,202 | - | €0 | - | €1,639 | - |
| Other amounts payable47/48 | - | €142,464 | €15,609 | €583 | €227,730 | €239,929 | €269,302 | ▲ 12.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€82,162 | €3,449 | -€34,146 | €11,032 | -€49,647 | -€57,497 | -€51,238 | ▲ 10.9% |
| + Depreciation and write-downs630 | €5,719 | - | - | - | - | €15,059 | €15,059 | = |
| Operating cash flow (approximation) | -€76,444 | €3,449 | -€34,146 | €11,032 | -€49,647 | -€42,438 | -€36,179 | ▲ 14.7% |
| Investment in fixed assets (approximation) | - | -€0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | - | - | - | - | -€1,269 | €4,030 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 06-10-2025 | 2025-00539748 | |
| 31-12-2023 | micro format | 12-09-2025 | 2025-00489855 | |
| 31-12-2022 | micro format | 19-05-2025 | 2025-00097625 | |
| 31-12-2021 | micro format | 25-03-2025 | 2025-00055853 | |
| 31-12-2020 | micro format | 24-03-2025 | 2025-00055071 | |
| 31-12-2019 | micro format | 06-03-2025 | 2025-00044491 | |
| 31-12-2018 | abbreviated format | 26-02-2021 | 2021-06400560 | |
| 31-12-2017 | abbreviated format | 30-01-2019 | 2019-04000212 | |
| 31-12-2016 | abbreviated format | 09-10-2018 | 2018-69200123 | |
| 31-12-2015 | abbreviated format | 30-08-2016 | 2016-54400355 |