MSC
ActiveSummary
MSC has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €301,531 and a net result of -€28,103. Equity is growing by ~5.5% per year across the filed fiscal years. Its solvency ranks better than 88% of 31840 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability8▼-62
Solvency100=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €19,000 at 30 days acceptable
Liquidity ample (current ratio 6.54 against 8.25 in 2024; short-term debt: 10.1% and cash: 3.3% of total assets), and 10.3% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 11-09-2026, 42 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
42 d late
2024
17 d early
2023
42 d early
2022
35 d early
2021
33 d early
2020
11 d early
2019
21 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 17 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€301,531▼ 8.5%
2024 · €329,633
Total assets
€336,015▼ 16.3%
2024 · €401,295
Net result
-€28,103
2024 · €3,213
Working capital
€188,799▼ 23.8%
2024 · €247,840
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€72,939▲ 7.5%€54,316▼ 25.5%€47,212▼ 13.1%€14,462▼ 69.4%-€31,281
Net result€61,730▲ 3.7%€51,119▼ 17.2%€34,297▼ 32.9%€3,213▼ 90.6%-€28,103
Equity€240,953▼ 19.6%€292,073▲ 21.2%€326,420▲ 11.8%€329,633▲ 1.0%€301,531▼ 8.5%
Total assets€313,386▼ 6.0%€332,671▲ 6.2%€361,870▲ 8.8%€401,295▲ 10.9%€336,015▼ 16.3%
Debt€72,432▲ 114%€40,598▼ 44.0%€35,450▼ 12.7%€71,661▲ 102%€34,484▼ 51.9%
Working capital-€7,558€186,132€212,989▲ 14.4%€247,840▲ 16.4%€188,799▼ 23.8%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €31,281 after €14,462 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €336,015
Fixed assets
€113,131 ▼ 5.2%
Current assets
€222,884 ▼ 21.0%
Equity and liabilities €336,015
Equity
€301,531 ▼ 8.5%
Debt
€34,484 ▼ 51.9%
Debt's share of the balance-sheet total falls from 17.9% to 10.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€17,831▼
2024 · €25,647
Cash flow
-€14,652▼
2024 · €14,398
Current ratio
6.54▼
2024 · 8.25
Debt to equity
0.11▼
2024 · 0.22
ROE
-9.3%▼
2024 · 1.0%
ROA
-8.4%▼
2024 · 0.8%
Interest coverage
-181.41▼
2024 · 53.88
Debt ≤ 1 year
€34,085▼
2024 · €34,161
Income taxes
-€3,277▼
2024 · €10,985
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,518 | €7,079 | €9,406 | €11,185 | €13,451 | ▲ 20.3% |
| Other operating charges640/8 | €1,748 | €2,050 | €901 | €5,090 | €1,582 | ▼ 68.9% |
| Gross operating margin9900 | €80,205 | €63,445 | €57,519 | €30,737 | -€16,248 | ▼ 153% |
| Operating profit (loss)9901 | €72,939 | €54,316 | €47,212 | €14,462 | -€31,281 | ▼ 316% |
| Financial income75/76B | €6,019 | €9,237 | - | €213 | - | - |
| Recurring financial income75 | €6,019 | €9,237 | - | €213 | - | - |
| Financial charges65/66B | €794 | €649 | €268 | €476 | €98 | ▼ 79.4% |
| Recurring financial charges65 | €794 | €649 | €268 | €476 | €98 | ▼ 79.4% |
| Profit (loss) for the period before taxes9903 | €78,163 | €62,904 | €46,944 | €14,199 | -€31,380 | ▼ 321% |
| Income taxes67/77 | €16,433 | €11,785 | €12,647 | €10,985 | -€3,277 | ▼ 130% |
| Profit (loss) for the period9904 | €61,730 | €51,119 | €34,297 | €3,213 | -€28,103 | ▼ 975% |
| Profit (loss) for the period to be appropriated9905 | €61,730 | €51,119 | €34,297 | €3,213 | -€28,103 | ▼ 975% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €313,386 | €332,671 | €361,870 | €401,295 | €336,015 | ▼ 16.3% |
| Fixed assets21/28 | €259,629 | €111,853 | €116,661 | €119,293 | €113,131 | ▼ 5.2% |
| Tangible fixed assets22/27 | €28,619 | €30,843 | €35,651 | €38,283 | €32,121 | ▼ 16.1% |
| Furniture and vehicles24 | €28,619 | €30,843 | €23,459 | €20,422 | €17,324 | ▼ 15.2% |
| Other tangible fixed assets26 | - | - | €12,192 | €17,861 | €14,797 | ▼ 17.2% |
| Financial fixed assets28 | €231,010 | €81,010 | €81,010 | €81,010 | €81,010 | = |
| Current assets29/58 | €53,757 | €220,818 | €245,209 | €282,002 | €222,884 | ▼ 21.0% |
| Amounts receivable within one year40/41 | €17,001 | €90,458 | €94,034 | €253,435 | €211,686 | ▼ 16.5% |
| Trade receivables40 | €16,904 | €87,500 | €90,000 | €250,029 | €201,250 | ▼ 19.5% |
| Other amounts receivable41 | €97 | €2,958 | €4,034 | €3,406 | €10,436 | ▲ 206% |
| Cash at bank and in hand54/58 | €36,398 | €130,360 | €150,815 | €28,567 | €11,198 | ▼ 60.8% |
| Deferred charges and accrued income490/1 | €357 | - | €360 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €313,386 | €332,671 | €361,870 | €401,295 | €336,015 | ▼ 16.3% |
| Equity10/15 | €240,953 | €292,073 | €326,420 | €329,633 | €301,531 | ▼ 8.5% |
| Contributions10/11 | €18,550 | €18,550 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €222,403 | €273,523 | €307,820 | €311,033 | €311,033 | = |
| Non-distributable reserves130/1 | €1,855 | €1,855 | - | - | - | - |
| Reserves not available under the articles1311 | €1,855 | €1,855 | - | - | - | - |
| Distributable reserves133 | €220,548 | €271,668 | €307,820 | €311,033 | €311,033 | = |
| Profit (loss) carried forward14 | - | - | - | - | -€28,103 | - |
| Amounts payable17/49 | €72,432 | €40,598 | €35,450 | €71,661 | €34,484 | ▼ 51.9% |
| Amounts payable after more than one year17 | €10,927 | €5,912 | €849 | - | - | - |
| Financial debts170/4 | €10,927 | €5,912 | €849 | - | - | - |
| Amounts payable within one year42/48 | €61,315 | €34,687 | €32,220 | €34,161 | €34,085 | ▼ 0.2% |
| Current portion of amounts payable after more than one year42 | €12,889 | €5,015 | €5,063 | €849 | - | - |
| Trade debts44 | €2,046 | €911 | €2,405 | €2,595 | €3,003 | ▲ 15.7% |
| Suppliers440/4 | €2,046 | €911 | €2,405 | €2,595 | €3,003 | ▲ 15.7% |
| Taxes, remuneration and social security45 | €16,535 | €3,872 | €947 | €330 | €714 | ▲ 116% |
| Taxes450/3 | €16,535 | €3,872 | €947 | €330 | €714 | ▲ 116% |
| Other amounts payable47/48 | €29,846 | €24,888 | €23,804 | €30,387 | €30,368 | ▼ 0.1% |
| Accrued charges and deferred income492/3 | €190 | - | €2,381 | €37,500 | €400 | ▼ 98.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €61,730 | €51,119 | €34,297 | €3,213 | -€28,103 | ▼ 975% |
| + Depreciation and write-downs630 | €5,518 | €7,079 | €9,406 | €11,185 | €13,451 | ▲ 20.3% |
| Operating cash flow (approximation) | €67,248 | €58,198 | €43,704 | €14,398 | -€14,652 | ▼ 202% |
| Investment in fixed assets (approximation) | - | €140,698 | -€14,214 | -€13,817 | -€7,289 | ▲ 47.2% |
| Change in cash | - | €93,962 | €20,455 | -€122,248 | -€17,369 | ▲ 85.8% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
11-09
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 42 days late
2025
31-12
Financial
Weakest financial yearnet -€28,103
Net result drops to -€28,103, the lowest in the series.
14-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
19-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
26-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Liquidity times 7current ratio 6.37
Current ratio from 0.88 to 6.37; short-term debt falls from €61,315 to €34,687.
28-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Highest result since 2018net €61,730 ▲3.7%
Operating result €72,939, net result €61,730, both a record.
20-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
10-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Back to profitnet €34,999
Net result €34,999 after one loss-making year.
01-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
25-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
14-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Antwerpen · 1 establishment unit since 2009
Ground area
167 m²
Building footprint
137 m²
Volume, LiDAR
889 m³
Parcel 11809I2108/00T002, Flanders · tallest building 8.0 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
MSC
since 20092.177.917.244
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11809I2108/00T002 | Flanders | 167 m² | 1 · 137 m² | 8.0 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
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DE BODT
BE 0421.213.590
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Of 82,632 companies in sector 70200 we hold annual accounts for 52,587. 38,138 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded25-03-2009
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
86995Nutrition and dietetics services
Scores and ratios are computed by Checked and are not a credit decision.