Turnover
The abbreviated format states no turnover.
The dashed line is the sector median: 0.4% across 26,895 companies (NACE 46, micro).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 46, micro). It does better than 61% of them on solvency, 28% on liquidity, 73% on profitability and 76% on growth.
The bankruptcy probability was computed on 06-11-2026 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 30-06-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% 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).
In July 2024, 26,972 companies had the same profile as MSD has now. Each dot stands for 68 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MSD itself is higher: 2.0% within 12 months. It rests on far more data about MSD than the profile alone.
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 26,972 companies, not a prediction for MSD. 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.
Liquidity is ample, with a current ratio of 2.19 (1.98 in 2024), above the usual 1.5. Short-term debt is 45.7% and cash 2% of total assets. 45.7% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 5 accounts on average 20 days before the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| MSD Tielt | €92,493 | €9,585 | 54.3% | 0 |
| ANGUS GRAND CRU Kortrijk | €55,096 | €21,230 | 57.1% | 0 |
| Your Service Devliegere Bruges | €86,308 | €18,110 | 83.9% | 0 |
| Vive Loko Waregem | €78,827 | €9,013 | 21.2% | - |
| GULLWING INVESTMENTS Avelgem | €76,466 | €8,608 | 1.1% | - |
| BERILO Wevelgem | €110,268 | €9,365 | 26.0% | - |
| New Capital Point Antwerp | €364,844 | €8,634 | 20.2% | 0 |
These companies have the same main activity as MSD: agents in non-specialised wholesale trade (NACE 46190). They are comparable in size and age: total assets between €55,100 and €365,000, founded between 2017 and 2024.
MSD files the abbreviated format. That format states no turnover. The gross margin rose from -€9,203 in 2021 to €9,585 in 2025.
LDL GROUP HOLDING holds 67.5% of the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €60,000. Estimated: probably between €36,000 and €130,000.
Higher than 61% of 9,886 companies in 2025.
Higher than 61% of 9,650 companies in 2025.
Higher than 72% of 9,765 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half · Staff: bottom quarter
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
92,493 | 84,119 | 79,891 | 62,263 | 50,370 | |
21/28 |
1 | 208 | 415 | 622 | 830 | |
22/27 |
1 | 208 | 415 | 622 | 830 | |
24 |
1 | 208 | 415 | 622 | 830 | |
29/58 |
92,493 | 83,911 | 79,475 | 61,640 | 49,540 | |
3 |
14,666 | 14,666 | 17,496 | 35,232 | 37,730 | |
30/36 |
14,666 | 14,666 | 17,496 | 35,232 | 37,730 | |
40/41 |
75,484 | 68,315 | 59,867 | 6,373 | 8,792 | |
40 |
56,240 | 28,366 | 2,058 | 2,993 | - | |
41 |
19,244 | 39,949 | 57,809 | 3,380 | 8,792 | |
54/58 |
1,861 | 217 | 1,410 | 18,769 | 1,903 | |
490/1 |
482 | 713 | 702 | 1,267 | 1,115 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
92,493 | 84,119 | 79,891 | 62,263 | 50,370 | |
10/15 |
50,218 | 41,844 | 37,407 | 5,686 | 19,827 | |
10/11 |
62,000 | 62,000 | 62,000 | 62,000 | 62,000 | |
10 |
62,000 | 62,000 | 62,000 | 62,000 | - | |
100 |
62,000 | 62,000 | 62,000 | 62,000 | 62,000 | |
14 |
-11,782 | -20,156 | -24,593 | -56,314 | -42,173 | |
17/49 |
42,275 | 42,275 | 42,484 | 56,577 | 30,542 | |
42/48 |
42,275 | 42,275 | 42,484 | 56,577 | 30,542 | |
44 |
1,421 | 1,421 | 1,629 | 15,722 | 8,618 | |
440/4 |
1,421 | 1,421 | 1,629 | 15,722 | 8,618 | |
45 |
- | - | - | 0 | 70 | |
450/3 |
- | - | - | 0 | 70 | |
47/48 |
40,854 | 40,854 | 40,854 | 40,854 | 21,854 | |
| Income statement | ||||||
9900 |
9,585 | 5,448 | 31,386 | -13,378 | -9,203 | |
62 |
- | 0 | -1,148 | 612 | 30,459 | |
630 |
207 | 207 | 207 | 207 | 1,828 | |
640/8 |
705 | 516 | 484 | 0 | 853 | |
9901 |
8,672 | 4,725 | 31,843 | -14,197 | -42,343 | |
75/76B |
- | 0 | 0 | 94 | 249 | |
75 |
- | 0 | 0 | 94 | 249 | |
65/66B |
298 | 288 | 122 | 39 | 9 | |
65 |
298 | 288 | 122 | 39 | 9 | |
9903 |
8,374 | 4,437 | 31,721 | -14,141 | -42,103 | |
67/77 |
- | - | - | 0 | 70 | |
9904 |
8,374 | 4,437 | 31,721 | -14,141 | -42,173 | |
9905 |
8,374 | 4,437 | 31,721 | -14,141 | -42,173 | |
| Appropriation of the result | ||||||
9906 |
-11,782 | -20,156 | -24,593 | -56,314 | -42,173 | |
14P |
-20,156 | -24,593 | -56,314 | -42,173 | - | |
| Social balance sheet | ||||||
9087 |
0 | 0 | 0 | - | 0.4 | |
Hours worked1013 |
- | - | - | - | 652 | |
| Document | ||||||
The notes to these accounts have 9 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 27-01-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 27-01-2026 | 2026-00014892 | |
| 30-06-2024 | abbreviated format | 23-12-2024 | 2024-00623295 | |
| 30-06-2023 | abbreviated format | 16-01-2024 | 2024-00002090 | |
| 30-06-2022 | abbreviated format | 21-12-2022 | 2022-20542279 | |
| 30-06-2021 | abbreviated format | 28-01-2022 | 2022-02300518 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| 8,880 | 4,932 | 32,050 | -13,989 | -40,515 | ||
| 8,581 | 4,644 | 31,928 | -13,934 | -40,345 | ||
| 0 | 0 | 0 | 0 | 1,036 | ||
| 1,644 | -1,194 | -17,359 | 16,865 | - | ||
| 50,217 | 41,636 | 36,992 | 5,064 | 18,998 | ||
| 54.3% | 49.7% | 46.8% | 9.1% | 39.4% | ||
| 2.19 | 1.98 | 1.87 | 1.09 | 1.62 | ||
| 1.84 | 1.64 | 1.46 | 0.47 | 0.39 | ||
| 0.84 | 1.01 | 1.14 | 9.95 | 1.54 | ||
| 16.7% | 10.6% | 84.8% | -248.7% | -212.7% | ||
| 9.1% | 5.3% | 39.7% | -22.7% | -83.7% | ||
| 29.79 | 17.12 | over 100 | -360.37 | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
The operating result for 2025 is 84% higher than in 2024. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total falls from 50.3% to 45.7%. Equity is higher.
Source: lists of holdings in the owners' accounts
Source: list of holdings in the 30-06-2025 accounts of LDL GROUP HOLDING. Holdings that file themselves stand with their latest accounts, the others with the amounts of that list, in their own currency.
Part of the group LDL GROUP HOLDING Group, risk and exposure| LAMBERT, DRY CLEANING AND LAUNDRY EQUIPMENT
registered office since 21-02-2002 · founded in 2002 · group LDL GROUP HOLDING |
54 FTE (2025) 0476.692.642 |
| Jade Rent
registered office since 17-07-2019 · founded in 2019 · group LDL GROUP HOLDING |
0.9 FTE (2025) 0730.787.706 |
| LAVOIR DU PARUCK
registered office since 02-02-1989 · founded in 1989 · group LDL GROUP HOLDING |
2.5 FTE (2025) 0436.672.224 |
| ADL Holding
registered office since 10-03-2020 · founded in 2020 · group LDL GROUP HOLDING |
total assets €1.0m (2025) 0744.914.864 |
| ARDA Technics
registered office since 29-09-2009 · founded in 2009 |
4.1 FTE (2025) 0819.522.811 |
| Hotel & Leisure Management
registered office since 22-05-2024 · founded in 2024 |
total assets €67,763 (2025) 1009.586.094 |
| Benelux Laundry Solutions
registered office since 17-02-2022 · founded in 2022 · group LDL GROUP HOLDING |
total assets €46,661 (2025) 0782.300.248 |
| Devapo Belgium via LDL GROUP HOLDING, no longer at Devapo Belgium · Director (not named in the articles) · deed of 08-07-2021 founded in 2021 · negative equity (2025) |
total assets €50,627 (2025) |
| JADE via LDL GROUP HOLDING, no longer at JADE · Director · deed of 20-03-2026 founded in 1998 · group LDL GROUP HOLDING |
9.5 FTE (2025) |
| Jade Holding via LDL GROUP HOLDING, no longer at Jade Holding · Managing director · deed of 20-03-2026 founded in 2019 · group LDL GROUP HOLDING |
1 FTE (2025) |
| UNIBEL TECH via LDL GROUP HOLDING, no longer at UNIBEL TECH · Director · deed of 01-04-2026 founded in 1998 · group LDL GROUP HOLDING |
1.5 FTE (2025) |
| ADL Holding via LDL GROUP HOLDING, no longer at ADL Holding · Managing director · deed of 15-04-2026 founded in 2020 · group LDL GROUP HOLDING |
total assets €1.0m (2025) |
| RSC via LDL GROUP HOLDING, no longer at RSC · Director · deed of 20-03-2026 founded in 2022 · group LDL GROUP HOLDING |
5.2 FTE (2025) |
Deadline for the 2026 accounts: 31-01-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Sterrestraat 90B registered office 8700 Tielt | 18-05-2020 | 2.302.471.974 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 37001A0630/00L000 | 6,837 m² | 1 · 1,233 m² | 6.0 m |
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