MSDP
ActiveSummary
MSDP has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €163,342 and a net result of €56,721. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 41% of 11502 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability82▼-6
Solvency55▲+11
Growth78=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €10,000 at 30 days acceptable
Liquidity ample (current ratio 2.62 against 2.6 in 2024; short-term debt: 18.1% and cash: 1% of total assets), but 69.5% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
18202122232425
2018 to 2025 · latest year €163,342
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 08-10-2025, 23 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
23 d early
2024
on the day
2023
8 d early
2022
on the day
2021
3 d late
2020
on the day
2018
27 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 8 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close28-09-2026 today31-10-2026 deadline
History
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Financials · fiscal year 2025, micro schema
In the rankings
#10 company by total assets in Ramillies, Wholesale and retail trade sector#10 company by equity in Ramillies, Wholesale and retail trade sector
Equity
€163,342▲ 53.2%
2024 · €106,621
Total assets
€535,998▼ 4.5%
2024 · €560,974
Net result
€56,721▼ 35.4%
2024 · €87,744
Working capital
€156,886▼ 8.0%
2024 · €170,477
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€27,306▲ 36.6%-€12,743€74,980€131,084▲ 74.8%€88,412▼ 32.6%
Net result€8,966within the sector's middle half▲ 197%-€25,462below the sector's middle half€44,018above the sector's middle half€87,744above the sector's middle half▲ 99.3%€56,721above the sector's middle half▼ 35.4%
Equity€28,322within the sector's middle half▲ 46.3%€2,860below the sector's middle half▼ 89.9%€18,878within the sector's middle half▲ 560%€106,621within the sector's middle half▲ 465%€163,342within the sector's middle half▲ 53.2%
Total assets€518,279above the sector's middle half▲ 84.5%€535,992above the sector's middle half▲ 3.4%€531,729above the sector's middle half▼ 0.8%€560,974above the sector's middle half▲ 5.5%€535,998above the sector's middle half▼ 4.5%
Debt€489,957▲ 87.3%€533,132▲ 8.8%€512,851▼ 3.8%€454,353▼ 11.4%€372,656▼ 18.0%
Working capital€177,895above the sector's middle half▼ 12.8%€181,823above the sector's middle half▲ 2.2%€129,182above the sector's middle half▼ 29.0%€170,477above the sector's middle half▲ 32.0%€156,886above the sector's middle half▼ 8.0%
Solvency5.5%below the sector's middle half▼ 1.4pp0.5%below the sector's middle half▼ 4.9pp3.6%below the sector's middle half▲ 3.0pp19.0%within the sector's middle half▲ 15.5pp30.5%within the sector's middle half▲ 11.5pp
Current ratio3.46above the sector's middle half▼ 1.003.15within the sector's middle half▼ 0.321.95within the sector's middle half▼ 1.192.60within the sector's middle half▲ 0.642.62within the sector's middle half▲ 0.02
Return on assets (ROA)1.7%within the sector's middle half▲ 0.7pp-4.8%below the sector's middle half▼ 6.5pp8.3%within the sector's middle half▲ 13.0pp15.6%above the sector's middle half▲ 7.4pp10.6%within the sector's middle half▼ 5.1pp
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
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 2025; 2025 is 33% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €535,998
Fixed assets
€282,202 ▼ 0.6%
Current assets
€253,797 ▼ 8.4%
Equity and liabilities €535,998
Equity
€163,342 ▲ 53.2%
Debt
€372,656 ▼ 18.0%
Debt's share of the balance-sheet total falls from 81.0% to 69.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€92,323▼
2024 · €135,018
Cash flow
€60,632▼
2024 · €91,678
Debt to equity
2.28▼
2024 · 4.26
ROE
34.7%▼
2024 · 82.3%
Interest coverage
8.97▼
2024 · 11.60
Debt ≤ 1 year
€96,911▼
2024 · €106,633
Debt > 1 year
€274,568▼
2024 · €346,505
Income taxes
€21,394▼
2024 · €31,705
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,810 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 97% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
3.1%
stopped otherwise
97%
still going
For this company itself Checked computes a higher bankruptcy probability: 0.7% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 17,810 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €3,160 | €0 | €4,582 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €40,791 | €2,000 | €2,308 | €3,934 | €3,911 | ▼ 0.6% |
| Other operating charges640/8 | - | €2,424 | €2,244 | €1,022 | €528 | ▼ 48.3% |
| Non-recurring operating charges66A | - | €183 | €0 | - | €253 | - |
| Gross operating margin9900 | €76,020 | -€8,136 | €79,532 | €136,040 | €93,104 | ▼ 31.6% |
| Operating profit (loss)9901 | €27,306 | -€12,743 | €74,980 | €131,084 | €88,412 | ▼ 32.6% |
| Financial income75/76B | - | - | - | - | €0 | - |
| Recurring financial income75 | €0 | - | - | - | €0 | - |
| Financial charges65/66B | - | €11,841 | €11,612 | €11,636 | €10,297 | ▼ 11.5% |
| Recurring financial charges65 | €12,478 | €11,841 | €11,612 | €11,636 | €10,297 | ▼ 11.5% |
| Profit (loss) for the period before taxes9903 | €14,828 | -€24,584 | €63,368 | €119,449 | €78,115 | ▼ 34.6% |
| Income taxes67/77 | €5,862 | €878 | €19,350 | €31,705 | €21,394 | ▼ 32.5% |
| Profit (loss) for the period9904 | €8,966 | -€25,462 | €44,018 | €87,744 | €56,721 | ▼ 35.4% |
| Profit (loss) for the period to be appropriated9905 | €8,966 | -€25,462 | €44,018 | €87,744 | €56,721 | ▼ 35.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €518,279 | €535,992 | €531,729 | €560,974 | €535,998 | ▼ 4.5% |
| Fixed assets21/28 | €268,200 | €269,441 | €267,133 | €283,864 | €282,202 | ▼ 0.6% |
| Tangible fixed assets22/27 | €258,200 | €259,441 | €257,133 | €273,864 | €272,202 | ▼ 0.6% |
| Land and buildings22 | - | €250,000 | €250,000 | €250,000 | €250,000 | = |
| Furniture and vehicles24 | - | €4,104 | €2,766 | €1,734 | €3,108 | ▲ 79.2% |
| Other tangible fixed assets26 | - | €5,336 | €4,367 | €22,130 | €19,093 | ▼ 13.7% |
| Assets under construction and advance payments27 | - | €0 | - | - | - | - |
| Financial fixed assets28 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Current assets29/58 | €250,079 | €266,551 | €264,596 | €277,110 | €253,797 | ▼ 8.4% |
| Amounts receivable within one year40/41 | €242,776 | €235,000 | €237,152 | €250,218 | €248,067 | ▼ 0.9% |
| Trade receivables40 | - | €235,000 | €237,152 | €250,218 | €239,742 | ▼ 4.2% |
| Other amounts receivable41 | - | - | - | - | €8,325 | - |
| Cash at bank and in hand54/58 | €6,082 | €31,070 | €26,286 | €25,624 | €5,619 | ▼ 78.1% |
| Deferred charges and accrued income490/1 | - | €482 | €1,158 | €1,268 | €110 | ▼ 91.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €518,279 | €535,992 | €531,729 | €560,974 | €535,998 | ▼ 4.5% |
| Equity10/15 | €28,322 | €2,860 | €18,878 | €106,621 | €163,342 | ▲ 53.2% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | €9,722 | -€15,740 | €278 | €88,021 | €144,742 | ▲ 64.4% |
| Amounts payable17/49 | €489,957 | €533,132 | €512,851 | €454,353 | €372,656 | ▼ 18.0% |
| Amounts payable after more than one year17 | €416,629 | €447,132 | €376,196 | €346,505 | €274,568 | ▼ 20.8% |
| Financial debts170/4 | - | €374,134 | €302,456 | €228,662 | €169,346 | ▼ 25.9% |
| Other amounts payable178/9 | - | €72,998 | €73,741 | €117,844 | €105,222 | ▼ 10.7% |
| Amounts payable within one year42/48 | €72,184 | €84,728 | €135,414 | €106,633 | €96,911 | ▼ 9.1% |
| Current portion of amounts payable after more than one year42 | - | €70,657 | €84,928 | €87,203 | €62,062 | ▼ 28.8% |
| Trade debts44 | €4,371 | €1,110 | €1,715 | €2,925 | €30,132 | ▲ 930% |
| Suppliers440/4 | - | €1,110 | €1,715 | €2,925 | €30,132 | ▲ 930% |
| Taxes, remuneration and social security45 | - | €12,962 | €20,771 | €15,893 | €4,716 | ▼ 70.3% |
| Taxes450/3 | - | €12,962 | €18,602 | €15,893 | €4,716 | ▼ 70.3% |
| Remuneration and social security454/9 | - | €0 | €2,169 | €0 | - | - |
| Other amounts payable47/48 | - | - | €28,000 | €613 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | €1,271 | €1,241 | €1,214 | €1,177 | ▼ 3.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,966 | -€25,462 | €44,018 | €87,744 | €56,721 | ▼ 35.4% |
| + Depreciation and write-downs630 | €40,791 | €2,000 | €2,308 | €3,934 | €3,911 | ▼ 0.6% |
| Operating cash flow (approximation) | €49,756 | -€23,462 | €46,326 | €91,678 | €60,632 | ▼ 33.9% |
| Investment in fixed assets (approximation) | - | -€3,241 | €0 | -€20,665 | -€2,249 | ▲ 89.1% |
| Change in cash | - | €24,988 | -€4,784 | -€661 | -€20,005 | ▼ 2,924% |
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
2025
08-10
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
31-03
Financial
Equity above €150,000Eq €163,342 ▲53.2%
3 profitable years in a row build equity to €163,342.
2024
31-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
31-03
Financial
Highest result since 2018net €87,744 ▲99.3%
Operating result €131,084, net result €87,744, both a record.
31-03
Financial
Equity above €100,000Eq €106,621 ▲465%
2 profitable years in a row build equity to €106,621.
2023
23-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
31-03
Financial
Back to profitnet €44,018
Net result €44,018 after one loss-making year.
2022
31-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2021
03-11
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 3 days late
2020
31-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
31-03
Financial
Back to profitnet €3,014
Net result €3,014 after one loss-making year.
2019
03-04
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
29-03
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Ramillies · 1 establishment unit since 2016
Ground area
998 m²
Building footprint
144 m²
Volume, LiDAR
728 m³
Parcel 25030A0338/00R000, Wallonia · tallest building 6.5 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
MSDP
since 20162.251.974.962
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25030A0338/00R000 | Wallonia | 998 m² | 1 · 144 m² | 6.5 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.
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Of 1,076 companies in sector 46140 we hold annual accounts for 646. 503 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
Founded22-03-2016
Fiscal year end31-03
Activities, NACEBEL 2025
46140Agents in the wholesale of industrial machinery, ships and aircraft
62100Computer programming
62200Computer consultancy and computer facilities management
70200Business and other management consultancy
78200Temporary employment agencies and other provision of personnel
85599Other education
Contact
E-mail
info@msdp.eu
E-invoicing
Reachable via Peppol
Peppol ID
0208:0650665409
Also
9925:BE0650665409
Registered
17-11-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.