MSB
Open bankruptcyOverview
Information for creditors
Open bankruptcy
Source: Belgian Official Gazette
Declared bankrupt on 23 February 2026 · trustee Jasper Baert · claim deadline passed on 25 March 2026
How to file a claimThe procedure
- Court
- Enterprise Court of Ghent, Dendermonde division
- Supervising judge
- Luc Van Poucke
- Official Gazette
- 27-02-2026search the document for 2026/108370
Deadlines
- Provisional date payments stopped
- 23 February 2026A later judgment can still change the date.art. XX.105, Code of Economic Law
- Appeal or third-party opposition until
- passed on 14 March 2026That is fifteen days after the publication in the Official Gazette.art. XX.108, Code of Economic Law
- File the claim in RegSol, the Belgian insolvency register, until
- passed on 25 March 2026art. XX.104 and XX.155, Code of Economic Law
- First verification report
- passed on 3 April 2026Reclaim goods that are still yours, such as goods delivered under retention of title, before this day.art. XX.104 and XX.194, Code of Economic Law
- Late claim until
- 23 February 2027A late claim shares only in what has not yet been paid out. You bear the costs of that claim.art. XX.165, Code of Economic Law
Trustee
- Jasper BaertDrukkerijstraat 11, 9240 Zelejasper.baert@flexbusinessattorneys.be
Steps for a creditor
- Stop delivering on credit unless the trustee agrees.
- Gather your documents: invoices, purchase orders, contract, delivery notes and reminders.
- File your proof of claim in RegSol (regsol.be), yourself with eID or itsme, or through your lawyer. State principal, interest and costs separately, and any preferential right you hold.
- Reclaim goods you delivered under retention of title before the first report on the verification of claims.
- Ask your accountant about the VAT on the unpaid invoices. In a bankruptcy it can be recovered, subject to conditions.
- Follow the file in RegSol. The verification report (admitted or disputed) and the trustee's reports appear there.
These deadlines come from the publication of the judgment. Check them in RegSol before you file anything. Once a deadline has passed, it is too late for that step.
If this company owes you money, you are not paid automatically. You file your claim yourself, within the deadline the judgment sets.
Follow
Follow this bankruptcy and you are notified the next morning if it is closed or reversed.
This is general information, not legal advice. If in doubt, the trustee, your lawyer or your accountant can help.
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Overview
Official details
Source: KBO- Status
- Open bankruptcy registered since 21-10-2008
- Activity
- Retail sale of household furniture NACE 47551and 1 other
- Establishment unit
- 2.176.359.603 9100 Sint-Niklaas, since 21-10-2008
- Financial year end
- 31 December
- Peppol
- Not found in the Peppol Directory
Financial position
No score
Annual accounts 2024
- Gross margin
- -€35,264
- ▲ 11.5%
- Loss
- €51,238
- ▼ 10.9%
- Equity
- -€278,786
- ▼ 22.5%
- Total assets
- €53,480
- ▼ 21.5%
Turnover not published (abbreviated or micro format)
Financials
Financials · 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 |
Board & ownership
Directors
Directors
1 director
Altiner Soner
Current
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Trustee | Jasper Baert Drukkerijstraat 11, 9240 Zele |
23-02-2026 → present |
Owners and capital
Owners
Network & group
MSB shares no director with another company.
Connections & network
1 current directorThe network starts from the directors of MSB. Every other company they run is a node.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
2026
27-02
Bankruptcy
Bankruptcy declared
Enterprise Court of Ghent, Dendermonde division · judgment of 23-02-2026
2025
24-10
KBO administration
Strikeout withdrawn
06-10
micro format · 67 days late
12-09
micro format · 408 days late
19-05
micro format · 658 days late
25-03
micro format · 968 days late
24-03
micro format · 1332 days late
06-03
micro format · 1679 days late
2021
31-12
Financial
Back to profitnet €11,032
The net result is €11,032, after one loss-making year.
26-02
abbreviated format · 576 days late
2019
31-12
Financial
Back to profitnet €3,449
The net result is €3,449, after one loss-making year.
30-01
abbreviated format · 183 days late
SignalFinancial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Opening faillissement
- Last annual accounts
- financial year to 31 December 2024
- Legal form
- Private limited company (pre-2019)
- Active since
- 21 October 2008
Register details
Identity
Name
MSB in Dutch
Enterprise number
0807.241.621
Entity type
Legal entity
Registered office and establishments
Registered office
Mercatorstraat 156, 9100 Sint-Niklaas, Belgium
Establishment unit
MSB, Driegaaienstraat 112, 9100 Sint-Niklaas since 21-10-2008 · unit number 2.176.359.603
Activities
NACEBEL 202547551
Retail sale of household furniture main activity
46471
Wholesale trade
Codes under NACEBEL 2008
47591
Retail trade main activity
46471
Wholesale trade
Invoicing and payment
VAT number
BE 0807.241.621
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Sites & property
Location
Buildings and parcels at the address
Ground area
2,471 m²
Building footprint
2,313 m²
Building volume
11,591 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 46443E0109/00T002 | Flanders | 2,470 m² | 1 · 2,313 m² | 9.0 m · 2 |