Equity
-€242,975
Debts exceed assets in financial year 2025.
MSB-Spirits
Lifetime
8 annual accounts with figures on one time axispeak -€22,252 (2020)
-€25,498▲ €3,415
lowest -€288,321 (2018)
-€47,104▼ €11,209
peak -€6,255 (2018)
-€242,975▼ €47,104
€468,040▲ 5.0%
Board6 names since 2017
2 directorsD-Tectonics BV and 1 other
Owners
Documentsfilings and deeds
14-10-202675 days late
2025abbreviated format
Loss of €47,104Registered office moved within Antwerp 17-04Resignation: Van Dessel Hugo (director) 08-04Equity from -€195,871 to -€242,975Cash from €1,960 to €998
Key points
from the 2025 annual accountsLosses
-€755,334 in eight years
Every financial year from 2018 to 2025 closed with a loss. 2018 was the heaviest.
Debts
€468,040 208% of the balance sheet
Financial debts 47%Suppliers 34%Other 18%
Of this, €246,134 falls due within a year.
Filings
8 annual accounts 75 days
Latest accounts filed late: after the legal deadline.
At the same address
106 companies
Position in the sector
-108.0%
Lower solvency than 91% of companies in beverages. Sector median 24.4% · 133 companies.
Turnover not published (abbreviated or micro format)
Checked score
35
Weak
Financially stronger than 15% of micro companies in beverages (NACE 11)
Probability in this band: 4.2% to 15.0%
Bankruptcy probability within 12 months
5.2% Elevated
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.7% across 550 companies (NACE 11, micro).
About 5 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 4.7%
01-2025: 4.7%● unchanged vs 12-2024
02-2025: 4.7%● unchanged vs 01-2025
03-2025: 4.6%▼ -0.1 percentage points vs 02-2025lowest value
04-2025: 4.6%● unchanged vs 03-2025lowest value
05-2025: 9.0%▲ +4.4 percentage points vs 04-2025
06-2025: 8.7%▼ -0.3 percentage points vs 05-2025
07-2025: 8.7%● unchanged vs 06-2025
08-2025: 10.0%▲ +1.3 percentage points vs 07-2025
09-2025: 11.3%▲ +1.3 percentage points vs 08-2025
10-2025: 13.6%▲ +2.3 percentage points vs 09-2025
11-2025: 13.6%● unchanged vs 10-2025
12-2025: 14.5%▲ +0.9 percentage points vs 11-2025highest value
01-2026: 10.4%▼ -4.1 percentage points vs 12-2025
02-2026: 10.7%▲ +0.3 percentage points vs 01-2026
03-2026: 10.5%▼ -0.2 percentage points vs 02-2026
04-2026: 6.0%▼ -4.5 percentage points vs 03-2026
05-2026: 5.6%▼ -0.4 percentage points vs 04-2026
06-2026: 5.4%▼ -0.2 percentage points vs 05-2026
07-2026: 5.3%▼ -0.1 percentage points vs 06-2026
08-2026: 6.3%▲ +1.0 percentage point vs 07-2026
09-2026: 6.9%▲ +0.6 percentage points vs 08-2026
10-2026: 5.2%▼ -1.7 percentage points vs 09-2026
11-2026: 5.2%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Last filed accounts filed 75 days late; 3 of the last 3 accounts late
1 change of registered office in 24 months
Negative equity -€242,975
lowers risk
Size: total assets €225,065
Calculation
The band follows from the bankruptcy probability. 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 11, micro). It does better than 13% of them on solvency, 4% on liquidity, 13% on profitability and 31% on growth.
The bankruptcy probability was computed on 09-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 6,008 companies had the same profile as MSB-Spirits has now. Each dot stands for 16 companies, two years later.
83.0%
were still trading
8.4%
stopped another way
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MSB-Spirits itself: 5.2% within 12 months.
Test of the method
The method was tested on the 497,447 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 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
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 6,008 companies, not a prediction for MSB-Spirits. 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
No credit on open account
Liquidity is insufficient, with a current ratio of 0.9 (0.97 in 2024), below 1. Short-term debt is 109.4% and cash 0.4% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises risk
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€242,975
raises risk · 2025 accounts filed 75 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 14-10-2026, 75 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 8 filingsDeviation from the deadline
2025
75 days late
2024
138 days late
2023
108 days late
2022
31 days early
2021
31 days early
2020
38 days early
2019
14 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 30 days after the deadline. In the sector (NACE 11), the median for financial year 2024 was 2 days before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 14 October (5 of the last 5 accounts filed within 106 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- D-Tectonics 54.65%score 49equity €44,831 (2025) · 2025 annual accounts of D-Tectonics
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0681540905
Registered office moved within Antwerp
New registered office: Uitbreidingstraat 66 Bus 32, 2600 Antwerpen (Berchem) · Previous registered office: Quellinstraat 49, 2018 Antwerpen · Permanent representatives: Candide Behets and Alexander Darwazeh · General meeting of 20-03-2025 · Gazette deed
Resignation: Van Dessel Hugo (director)
Permanent representative: Behets Candide · General meeting of 15-11-2024 · Gazette deed
Registered office moved from Evere to Antwerp
New registered office: Quellinstraat 49 (Regus Business Centre), 2018 Antwerpen · Previous registered office: Jules Bordetlaan 160, 1140 Evere, België · General meeting of 04-12-2023 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MSB-Spirits Antwerp | €225,065 | -€25,498 | -108.0% | - |
| THE THREE TURTLES BVBA Anzegem | €219,218 | -€2,981 | 25.0% | - |
| TIPSY TRIBE Koekelberg | €193,680 | -€3,828 | -105.9% | - |
| ZINNEKE SPIRIT Wavre | €85,855 | -€8,036 | -99.7% | - |
| OPIUS Merelbeke-Melle | €524,386 | -€4,832 | -51.3% | 1 |
| NMTJW Oudsbergen | €105,007 | €2,169 | 58.2% | - |
| Distillerie de l'Ambassadeur Léglise | €482,872 | -€16,448 | 12.9% | - |
These companies have the same main activity as MSB-Spirits: manufacture of beverages (NACE 11010). They are comparable in size and age: total assets between €85,900 and €524,000, founded between 2017 and 2021.
Official details
Source: KBO- Status
- Active since 19-09-2017Normal situation
- Registered office
- 107 active companies are registered at this address18 started in the 12 months before. Source: KBO register, as of 9 November 2026.
- Activity
- Manufacture of beveragesNACE 11010and 2 others
- Establishment unit
- 2.269.833.5532600 Antwerp, since 19-09-2017
- Financial year end
- 31 December
- Peppol
- Reachable since 05-12-2025
Insights on MSB-Spirits
MSB-Spirits files the abbreviated format. That format states no turnover. The gross margin rose from -€275,067 in 2018 to -€25,498 in 2025.
D-Tectonics holds 54.65% of the shares.
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 MSB-Spirits
- What is the company number of MSB-Spirits?
- The company number of MSB-Spirits is 0681.540.905. The VAT number is the same number with BE in front: BE 0681.540.905.
- Where is MSB-Spirits based?
- The registered office is at Uitbreidingstraat 66, 2600 Antwerp.Company details
- What does MSB-Spirits do?
- According to the KBO register, the main activity is manufacture of beverages (NACE 11010).
- What is the legal form of MSB-Spirits?
- MSB-Spirits is a private limited company (BV).
- When was MSB-Spirits founded?
- MSB-Spirits was founded on 19-09-2017.
- Is MSB-Spirits still active?
- Yes, MSB-Spirits is an active enterprise in the KBO register.
- What is the turnover of MSB-Spirits?
- The annual accounts for financial year 2025 state no turnover. The abbreviated or micro format does not require it.Financials
- Is MSB-Spirits profitable?
- In financial year 2025, MSB-Spirits made a loss of €47,104.
- Where can I find the annual accounts of MSB-Spirits?
- MSB-Spirits filed 8 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of MSB-Spirits due?
- MSB-Spirits must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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