MSD TRANS
InactiveMSD TRANS was declared bankrupt on 02-01-2025 (Ondernemingsrechtbank Antwerpen, afdeling Antwerpen); the bankruptcy was closed for insufficient assets by judgment of 04-11-2025, published in the Belgian State Gazette on 10-11-2025.
Summary
Inactive; last annual accounts for fiscal year 2023.
Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Two or more financial years not filed
Since the financial year that closed on 31-03-2024, 2 financial years are missing at the National Bank. A company this far behind goes bankrupt within the year nineteen times as often as a punctual filer.
NBB · 5 filingsPosition against the passed deadline
31-03-2024 close31-10-2024 deadline27-09-2026 today
neutral · Filed after the deadline
The financial year that closed on 31-03-2023 was due by 31-10-2023 and was filed on 16-11-2023, 16 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 5 filingsDeviation from the deadline
2025
not filed
2024
not filed
2023
16 d late
2022
36 d late
2021
96 d late
2020
46 d late
2019
15 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 5 accounts on average 42 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (1)
History
Financials · fiscal year 2023, micro schema
Turnover
€191,672▼ 3.7%
2022 · €199,129
EBIT margin
9.2%▼ 2.8pp
2022 · 12.0%
Net result
€12,300▼ 32.3%
2022 · €18,181
Working capital
€28,247▲ 54.1%
2022 · €18,330
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
Line20192020202120222023
Turnover€154,577-€216,530▲ 40.1%€156,638▼ 27.7%€199,129▲ 27.1%€191,672▼ 3.7%
Operating result-€916-€5,774-€7,543€23,888€17,659▼ 26.1%
Net result-€1,600-€12,093-€8,252€18,181€12,300▼ 32.3%
EBIT margin-0.6%-2.7%▲ 3.3pp-4.8%▼ 7.5pp12.0%▲ 16.8pp9.2%▼ 2.8pp
Equity€10,800-€22,893▲ 112%€14,641▼ 36.0%€32,822▲ 124%€45,122▲ 37.5%
Total assets€40,998-€51,019▲ 24.4%€31,861▼ 37.6%€83,247▲ 161%€88,750▲ 6.6%
Debt€30,199-€28,126▼ 6.9%€17,220▼ 38.8%€50,425▲ 193%€43,628▼ 13.5%
Working capital€6,636-€12,389▲ 86.7%€4,327▼ 65.1%€18,330▲ 324%€28,247▲ 54.1%
Staff (FTE)1.4-2.2▲ 57.1%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2023; 2023 is 26% below 2022.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €88,750
Fixed assets
€23,276 ▼ 20.5%
Current assets
€65,473 ▲ 21.3%
Equity and liabilities €88,750
Equity
€45,122 ▲ 37.5%
Debt
€43,628 ▼ 13.5%
Debt's share of the balance-sheet total falls from 60.6% to 49.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€23,652▼
2022 · €29,932
Cash flow
€18,294▼
2022 · €24,225
Current ratio
1.76▲
2022 · 1.51
Debt to equity
0.97▼
2022 · 1.54
ROE
27.3%▼
2022 · 55.4%
ROA
13.9%▼
2022 · 21.8%
Interest coverage
23.55▼
2022 · 40.36
Debt ≤ 1 year
€37,226▲
2022 · €35,648
Debt > 1 year
€6,401▼
2022 · €14,778
Income taxes
€5,813▲
2022 · €4,965
Staff costs
€33,327▼
2022 · €37,038
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €154,577 | €216,530 | €156,638 | €199,129 | €191,672 | ▼ 3.7% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €124,651 | €125,282 | ▲ 0.5% |
| Remuneration, social security and pensions62 | - | - | - | €37,038 | €33,327 | ▼ 10.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €993 | €4,660 | €0 | €6,044 | €5,993 | ▼ 0.8% |
| Other operating charges640/8 | - | - | - | €7,508 | €9,411 | ▲ 25.4% |
| Gross operating margin9900 | €43,874 | €75,295 | €29,897 | €74,478 | €66,390 | ▼ 10.9% |
| Operating profit (loss)9901 | -€916 | €5,774 | -€7,543 | €23,888 | €17,659 | ▼ 26.1% |
| Financial income75/76B | - | - | - | - | €1,459 | - |
| Recurring financial income75 | €0 | €6,663 | €0 | - | €1,459 | - |
| Financial charges65/66B | - | - | - | €742 | €1,004 | ▲ 35.4% |
| Recurring financial charges65 | €685 | €344 | €708 | €742 | €1,004 | ▲ 35.4% |
| Profit (loss) for the period before taxes9903 | -€1,600 | €12,093 | -€8,252 | €23,146 | €18,113 | ▼ 21.7% |
| Income taxes67/77 | €0 | €0 | €0 | €4,965 | €5,813 | ▲ 17.1% |
| Profit (loss) for the period9904 | -€1,600 | €12,093 | -€8,252 | €18,181 | €12,300 | ▼ 32.3% |
| Profit (loss) for the period to be appropriated9905 | -€1,600 | €12,093 | -€8,252 | €18,181 | €12,300 | ▼ 32.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €40,998 | €51,019 | €31,861 | €83,247 | €88,750 | ▲ 6.6% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - |
| Fixed assets21/28 | €4,164 | €10,503 | €10,313 | €29,270 | €23,276 | ▼ 20.5% |
| Intangible fixed assets21 | €0 | €0 | €0 | - | - | - |
| Tangible fixed assets22/27 | €3,974 | €10,313 | €10,313 | €29,270 | €23,276 | ▼ 20.5% |
| Plant, machinery and equipment23 | - | - | - | €664 | €332 | ▼ 50.0% |
| Furniture and vehicles24 | - | - | - | €28,605 | €22,944 | ▼ 19.8% |
| Financial fixed assets28 | €190 | €190 | €0 | - | - | - |
| Current assets29/58 | €36,835 | €40,515 | €21,547 | €53,977 | €65,473 | ▲ 21.3% |
| Stocks and contracts in progress3 | €0 | €0 | €0 | - | - | - |
| Amounts receivable within one year40/41 | €36,778 | €35,414 | €11,281 | €26,676 | €31,747 | ▲ 19.0% |
| Trade receivables40 | - | - | - | €14,437 | €535 | ▼ 96.3% |
| Other amounts receivable41 | - | - | - | €12,239 | €31,212 | ▲ 155% |
| Current investments50/53 | €0 | €0 | €0 | - | - | - |
| Cash at bank and in hand54/58 | €56 | €5,102 | €10,267 | €27,302 | €33,726 | ▲ 23.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €40,998 | €51,019 | €31,861 | €83,247 | €88,750 | ▲ 6.6% |
| Equity10/15 | €10,800 | €22,893 | €14,641 | €32,822 | €45,122 | ▲ 37.5% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Capital10 | - | - | - | €12,400 | €12,400 | = |
| Issued capital100 | - | - | - | €18,600 | €18,600 | = |
| Uncalled capital101 | - | - | - | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€1,600 | €10,493 | €2,241 | €20,422 | €32,722 | ▲ 60.2% |
| Amounts payable17/49 | €30,199 | €28,126 | €17,220 | €50,425 | €43,628 | ▼ 13.5% |
| Amounts payable after more than one year17 | - | - | - | €14,778 | €6,401 | ▼ 56.7% |
| Financial debts170/4 | - | - | - | €14,778 | €6,401 | ▼ 56.7% |
| Amounts payable within one year42/48 | €30,199 | €28,126 | €17,220 | €35,648 | €37,226 | ▲ 4.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,200 | €8,377 | ▲ 2.2% |
| Trade debts44 | €5,590 | - | €491 | €11,935 | €14,125 | ▲ 18.4% |
| Suppliers440/4 | - | - | - | €11,935 | €14,125 | ▲ 18.4% |
| Taxes, remuneration and social security45 | - | - | - | €15,513 | €14,725 | ▼ 5.1% |
| Taxes450/3 | - | - | - | €6,127 | €11,940 | ▲ 94.9% |
| Remuneration and social security454/9 | - | - | - | €9,387 | €2,785 | ▼ 70.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,600 | €12,093 | -€8,252 | €18,181 | €12,300 | ▼ 32.3% |
| + Depreciation and write-downs630 | €993 | €4,660 | €0 | €6,044 | €5,993 | ▼ 0.8% |
| Operating cash flow (approximation) | -€607 | €16,753 | -€8,252 | €24,225 | €18,294 | ▼ 24.5% |
| Investment in fixed assets (approximation) | - | -€11,000 | €190 | -€25,000 | €0 | ▲ 100% |
| Change in cash | - | €5,046 | €5,165 | €17,035 | €6,424 | ▼ 62.3% |
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
2025
10-11
Bankruptcy
Bankruptcy closure (insufficient assets)
Ondernemingsrechtbank Antwerpen, afdeling Antwerpen · event 04-11-2025
08-01
Bankruptcy
Opening
Ondernemingsrechtbank Antwerpen, afdeling Antwerpen · event 02-01-2025
2023
16-11
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 16 days late
2022
06-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 36 days late
31-03
Financial
Back to profitnet €18,181
Net result €18,181 after one loss-making year.
04-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 96 days late
2021
31-03
Financial
Weakest financial yearnet -€8,252
Net result drops to -€8,252, the lowest in the series.
2020
16-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 46 days late
31-03
Financial
Back to profitnet €12,093
Net result €12,093 after one loss-making year.
2019
15-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 15 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | JAN BERGMANS EIKENSTRAAT 80, 2840 RUMST- |
02-01-2025 → 04-11-2025 |