Equity
MSDP paid out €144,742 in dividends. That is 178% of the 2026 profit.
MSDP paid out €144,742 in dividends. That is 178% of the 2026 profit.
The micro format states no turnover.
Of this, €99,685 falls due within a year.
Short-term debts rose from €96,911 to €99,685.
The 2021 accounts came 3 days late. The other eight were filed on time.
Higher net result than 90% of companies in wholesale trade. Sector median €7,516 · 576 companies.
In July 2024, 5,053 companies had the same profile as MSDP has now. Each dot stands for 13 companies, two years later.
Another 0.1% stopped without a precise date, possibly only after those two years.
The method was tested on the 497,331 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 | 2.9% | 3.1% |
| 10 | 5.6% | 6.1% |
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 5,053 companies, not a prediction for MSDP. 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.
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.
| Company | ||||
|---|---|---|---|---|
| MSDP Ramillies | €429,402 | €129,291 | 23.3% | - |
| INVASO Lint | €591,323 | €130,539 | 49.8% | - |
| Oomen Valve Consulting Brasschaat | €513,052 | €183,929 | 97.2% | - |
| 4WORTH Brecht | €417,649 | €125,956 | 92.5% | - |
| ENGISOL Beernem | €391,677 | €78,760 | 36.5% | - |
| VASACO Hasselt | €311,189 | €109,207 | 99.3% | - |
| V.R. SERVICES SPRL Messancy | €352,141 | €107,551 | 7.1% | - |
These companies have the same main activity as MSDP: agents in the wholesale of industrial machinery, ships and aircraft (NACE 46140). They are comparable in size and age: total assets between €311,000 and €591,000, founded between 2013 and 2018.
MSDP files the micro format. That format states no turnover. The gross margin rose from €17,737 in 2017 to €129,291 in 2026.
The balance sheet grew most from 2021 to 2022 through fixed assets, financed with long-term debt.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €490,000. Estimated: probably between €230,000 and €1.2m.
Higher than 42% of 15,428 companies in 2025.
Higher than 66% of 14,692 companies in 2025.
Higher than 71% of 14,921 companies in 2025.
| Line | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 202018 months | 2018 | 201718 months |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||
20/58 |
429,402 | 535,998 | 560,974 | 531,729 | 535,992 | 518,279 | 280,906 | 121,193 | 185,195 | |
21/28 |
278,118 | 282,202 | 283,864 | 267,133 | 269,441 | 268,200 | 17,838 | 6,675 | 133,024 | |
22/27 |
268,118 | 272,202 | 273,864 | 257,133 | 259,441 | 258,200 | 7,838 | 6,675 | 5,524 | |
22 |
250,000 | 250,000 | 250,000 | 250,000 | 250,000 | 250,000 | - | - | - | |
24 |
1,746 | 3,108 | 1,734 | 2,766 | 4,104 | 860 | 4,455 | 1,842 | 5,524 | |
26 |
16,371 | 19,093 | 22,130 | 4,367 | 5,336 | 6,306 | 3,383 | 4,833 | - | |
27 |
- | - | - | - | 0 | 1,033 | - | - | - | |
28 |
10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | - | 127,500 | |
29/58 |
151,284 | 253,797 | 277,110 | 264,596 | 266,551 | 250,079 | 263,068 | 114,518 | 52,171 | |
40/41 |
115,022 | 248,067 | 250,218 | 237,152 | 235,000 | 242,776 | 239,452 | 46,633 | 10,333 | |
40 |
115,022 | 239,742 | 250,218 | 237,152 | 235,000 | 242,776 | 236,535 | 44,955 | 2,146 | |
41 |
0 | 8,325 | - | - | - | 0 | 2,917 | 1,678 | 8,187 | |
54/58 |
35,837 | 5,619 | 25,624 | 26,286 | 31,070 | 6,082 | 13,701 | 65,052 | 40,988 | |
490/1 |
425 | 110 | 1,268 | 1,158 | 482 | 1,221 | 9,915 | 2,832 | 851 | |
| Balance sheet: equity and liabilities | ||||||||||
10/49 |
429,402 | 535,998 | 560,974 | 531,729 | 535,992 | 518,279 | 280,906 | 121,193 | 185,195 | |
10/15 |
99,990 | 163,342 | 106,621 | 18,878 | 2,860 | 28,322 | 19,356 | -29,320 | 17,386 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 0 | 18,600 | 18,600 | |
100 |
- | - | - | - | - | - | 0 | 18,600 | 18,600 | |
11 |
- | - | - | - | - | - | 18,600 | - | - | |
1100/10 |
- | - | - | - | - | - | 18,600 | - | - | |
14 |
81,390 | 144,742 | 88,021 | 278 | -15,740 | 9,722 | 756 | -47,920 | -1,215 | |
17/49 |
329,412 | 372,656 | 454,353 | 512,851 | 533,132 | 489,957 | 261,550 | 150,513 | 167,809 | |
17 |
228,589 | 274,568 | 346,505 | 376,196 | 447,132 | 416,629 | 202,454 | 112,520 | 129,593 | |
170/4 |
114,110 | 169,346 | 228,662 | 302,456 | 374,134 | 343,767 | 202,454 | 112,520 | 129,593 | |
178/9 |
114,479 | 105,222 | 117,844 | 73,741 | 72,998 | 72,862 | - | - | - | |
42/48 |
99,685 | 96,911 | 106,633 | 135,414 | 84,728 | 72,184 | 58,954 | 37,003 | 37,114 | |
42 |
58,026 | 62,062 | 87,203 | 84,928 | 70,657 | 49,659 | 35,027 | 21,236 | 20,407 | |
44 |
3,072 | 30,132 | 2,925 | 1,715 | 1,110 | 4,371 | 11,639 | 2,400 | 7,676 | |
440/4 |
3,072 | 30,132 | 2,925 | 1,715 | 1,110 | 4,371 | 11,639 | 2,400 | 7,676 | |
45 |
37,974 | 4,716 | 15,893 | 20,771 | 12,962 | 18,154 | 12,288 | 13,367 | 9,031 | |
450/3 |
37,974 | 4,716 | 15,893 | 18,602 | 12,962 | 14,006 | 12,288 | 10,016 | 5,684 | |
454/9 |
- | - | 0 | 2,169 | 0 | 4,148 | 0 | 3,351 | 3,346 | |
47/48 |
613 | 0 | 613 | 28,000 | - | - | - | - | - | |
492/3 |
1,138 | 1,177 | 1,214 | 1,241 | 1,271 | 1,144 | 141 | 990 | 1,103 | |
| Income statement | ||||||||||
76A |
- | 0 | 4,582 | 0 | 3,160 | 3,977 | - | - | - | |
9900 |
129,291 | 93,104 | 136,040 | 79,532 | -8,136 | 76,020 | 31,604 | 15,509 | 17,737 | |
630 |
4,084 | 3,911 | 3,934 | 2,308 | 2,000 | 40,791 | 6,764 | 4,890 | 6,759 | |
640/8 |
490 | 528 | 1,022 | 2,244 | 2,424 | 7,446 | 4,844 | 2,439 | 6,818 | |
66A |
0 | 253 | - | 0 | 183 | 476 | - | - | - | |
9901 |
124,717 | 88,412 | 131,084 | 74,980 | -12,743 | 27,306 | 19,997 | 8,180 | 4,160 | |
75/76B |
0 | 0 | - | - | - | 0 | 3,153 | 368 | 344 | |
75 |
0 | 0 | - | - | - | 0 | 3,153 | 368 | 344 | |
65/66B |
8,022 | 10,297 | 11,636 | 11,612 | 11,841 | 12,478 | 13,508 | 51,802 | 2,744 | |
65 |
8,022 | 10,297 | 11,636 | 11,612 | 11,841 | 12,478 | 13,508 | 6,139 | 2,744 | |
66B |
- | - | - | - | - | - | - | 45,662 | - | |
9903 |
116,695 | 78,115 | 119,449 | 63,368 | -24,584 | 14,828 | 9,642 | -43,254 | 1,761 | |
67/77 |
35,305 | 21,394 | 31,705 | 19,350 | 878 | 5,862 | 6,628 | 3,452 | 2,975 | |
9904 |
81,390 | 56,721 | 87,744 | 44,018 | -25,462 | 8,966 | 3,014 | -46,706 | -1,215 | |
9905 |
81,390 | 56,721 | 87,744 | 44,018 | -25,462 | 8,966 | 3,014 | -46,706 | -1,215 | |
| Appropriation of the result | ||||||||||
9906 |
226,132 | 144,742 | 88,021 | 28,278 | -15,740 | 9,722 | 756 | -47,920 | -1,215 | |
14P |
144,742 | 88,021 | 278 | -15,740 | 9,722 | - | - | - | - | |
694/7 |
144,742 | - | 0 | 28,000 | - | - | - | - | - | |
694 |
144,742 | - | 0 | 28,000 | - | - | - | - | - | |
| Document | ||||||||||
The notes to these accounts have 11 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2026 at the NBB, filed on 30-09-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 30-09-2026 | 2026-00541595 | |
| 31-03-2025 | micro format | 08-10-2025 | 2025-00535413 | |
| 31-03-2024 | micro format | 31-10-2024 | 2024-00526194 | |
| 31-03-2023 | micro format | 23-10-2023 | 2023-00491605 | |
| 31-03-2022 | micro format | 31-10-2022 | 2022-20478244 | |
| 31-03-2021 | micro format | 03-11-2021 | 2021-76800267 | |
| 31-03-2020 | micro format | 31-10-2020 | 2020-67700026 | |
| 30-09-2018 | micro format | 03-04-2019 | 2019-09400393 | |
| 30-09-2017 | micro format | 29-03-2018 | 2018-08700010 |
| Line | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 202018 months | 2018 | 201718 months |
|---|---|---|---|---|---|---|---|---|---|---|
| 128,801 | 92,323 | 135,018 | 77,288 | -10,743 | 68,097 | 26,761 | 13,070 | 10,920 | ||
| 85,474 | 60,632 | 91,678 | 46,326 | -23,462 | 49,756 | 9,777 | -41,816 | 5,545 | ||
| 0 | 2,501 | 20,665 | 0 | 4,457 | 294,009 | 7,926 | 6,041 | 138,546 | ||
| 30,218 | -20,005 | -661 | -4,784 | 24,988 | -7,620 | -51,351 | 24,065 | - | ||
| 51,599 | 156,886 | 170,477 | 129,182 | 181,823 | 177,895 | 204,114 | 77,515 | 15,058 | ||
| 23.3% | 30.5% | 19.0% | 3.6% | 0.5% | 5.5% | 6.9% | -24.2% | 9.4% | ||
| 1.52 | 2.62 | 2.60 | 1.95 | 3.15 | 3.46 | 4.46 | 3.09 | 1.41 | ||
| 3.29 | 2.28 | 4.26 | 27.17 | - | 17.30 | 13.51 | - | 9.65 | ||
| 81.4% | 34.7% | 82.3% | 233.2% | -890.3% | 31.7% | 15.6% | - | -7.0% | ||
| 19.0% | 10.6% | 15.6% | 8.3% | -4.8% | 1.7% | 1.1% | -38.5% | -0.7% | ||
| 16.06 | 8.97 | 11.60 | 6.66 | -0.91 | - | - | - | - |
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.
| Item | 31-03-2026 | 31-03-2025 | 31-03-2024 | 31-03-2023 | 31-03-2022 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 |
| €150,000 | €150,000 | €150,000 | €150,000 | €150,000 | |
| Carrying value of the mortgaged assets | €250,000 | €250,000 | €250,000 | €250,000 | €250,000 |
Source: notes to the 2022 to 2026 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 31-03-2026 | 31-03-2025 | 31-03-2024 | 31-03-2023 | 31-03-2022 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €2,501 | €20,665 | - | €4,457 |
| €4,084 | €3,911 | €3,934 | €2,308 | €2,000 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
The operating result for 2026 is 41% higher than in 2025. It is a recovery after the fall in 2025.
Debt's share of the balance-sheet total rises from 69.5% to 76.7%. Equity and debt are lower.
Source: list of holdings in its own 30-09-2017 accounts. The amounts are in that list and come from the holdings' accounts at 31-12-2016, in their own currency.
| APHB
registered office since 15-09-2020 · founded in 2020 |
total assets €50,355 (2025) 0754.428.683 |
The connected companies are in the list below.
Deadline for the 2027 accounts: 31-10-2027
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 |
|---|---|---|
| Rue Antoine Glume 11 registered office 1367 Ramillies 4614001 Agents in the wholesale of industrial machinery, ships and aircraft | 01-04-2016 | 2.251.974.962 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 25030A0338/00R000 | 998 m² | 1 · 144 m² | 6.5 m · 2 |
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