MSG PRO
Overview
Lifetime
3 annual accounts with figures on one time axisKey points
from the 2024 annual accountsFilings
2025 accounts not filed: deadline was 31-07-2026.
Position in the sector
Lower net result than 91% of companies in specialised construction. Sector median €9,467 · 35,926 companies.
Checked score
The dashed line is the sector median: 0.7% across 47,696 companies (NACE 43, micro).
About 1 in 5 comparable companies go bankrupt within 12 months (an estimate).
Financial strengthWeak
Score breakdown
Calculation
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 43, micro). It does better than 16% of them on solvency, 3% on liquidity, 4% on profitability and 6% on growth.
The bankruptcy probability was computed on 10-11-2026 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 31-12-2024.
Of the companies with a bankruptcy probability in the high class on 30-06-2025, 14.6% 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).
Comparable companies, two years later
In July 2024, 1,133 companies had the same profile as MSG PRO has now. Each dot stands for 3 companies, two years later.
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MSG PRO itself is higher: 18.9% within 12 months. It rests on far more data about MSG PRO than the profile alone.
Test of the method
The method was tested on the 497,448 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 1,133 companies, not a prediction for MSG PRO. 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.
Credit verdict
Liquidity is tight, with a current ratio of 1.15 (1.59 in 2023), below the usual 1.5. Short-term debt is 86.9% and cash 0% of total assets. 86.9% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 3 accounts on average 13 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Board and ownership
- GASHI Mergim 99 sharesdeed of 17-06-2021
- IBRAJ Shkëlqesë 1 sharedeed of 17-06-2021
Recent changes
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MSG PRO Haacht | €42,971 | -€6,769 | 13.1% | - |
| ENJOY THE SILENCE ACOUSTIC Grimbergen | €51,424 | -€22,020 | 93.7% | - |
| TERRA BUILDING Braine-l'Alleud | €42,209 | -€5,129 | 33.1% | - |
| ANC Sint-Pieters-Leeuw | €42,550 | -€18,012 | 5.0% | - |
| D-cube Virton | €53,936 | -€800 | -393.3% | - |
| ALGORANT Woluwe-Saint-Lambert | €35,909 | €1,159 | 54.8% | - |
| Izoya Houthalen-Helchteren | €45,872 | -€885 | 39.0% | - |
These companies have the same main activity as MSG PRO: insulation installation (NACE 43230). They are comparable in size and age: total assets between €35,900 and €53,900, founded between 2019 and 2022.
Official details
Source: KBO- Status
- Active since 15-06-2021Normal situation
- Activity
- Insulation installationNACE 43230and 3 others
- Establishment unit
- 2.378.224.8181830 Machelen (Brab.), since 12-09-2025
- Financial year end
- 31 December
- Peppol
- Reachable since 21-10-2026
Annual accounts 2024
- -€6,769
- €16,490
- €5,626▼ 74.6%
- €42,971▼ 24.1%
- Filing
- Filed on 01-07-2025
Insights on MSG PRO
MSG PRO files the micro format. That format states no turnover. The gross margin fell from €27,186 in 2022 to -€6,769 in 2024.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
Annual accounts 2024
micro format, filed on 01-07-2025, 30 days before the deadline2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 11 November 2026.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance sheet
balance sheet total €42,971 on 31-12-2024in euro
in euro
Position in the sector
13.1%
Higher than 16% of 35,957 companies in 2024.
1.15
Higher than 27% of 35,355 companies in 2024.
-38.4%
Lower than 95% of 35,539 companies in 2024.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Balance sheet: assets | ||||
20/58 |
42,971 | 56,648 | 60,368 | |
21/28 |
- | 1,674 | 3,348 | |
22/27 |
- | 1,674 | 3,348 | |
23 |
- | - | 3,348 | |
24 |
- | 1,674 | - | |
29/58 |
42,971 | 54,974 | 57,020 | |
3 |
40,300 | 25,300 | 25,300 | |
30/36 |
40,300 | 25,300 | 25,300 | |
40/41 |
2,669 | 29,128 | 24,736 | |
40 |
2,633 | 21,661 | 23,348 | |
41 |
36 | 7,467 | 1,389 | |
54/58 |
2 | 546 | 6,983 | |
| Balance sheet: equity and liabilities | ||||
10/49 |
42,971 | 56,648 | 60,368 | |
10/15 |
5,626 | 22,117 | 21,758 | |
10/11 |
2,500 | 2,500 | 2,500 | |
10 |
2,500 | 2,500 | 2,500 | |
100 |
2,500 | 2,500 | 2,500 | |
14 |
3,126 | 19,617 | 19,258 | |
17/49 |
37,344 | 34,532 | 38,610 | |
42/48 |
37,344 | 34,532 | 38,610 | |
44 |
- | 20,282 | 37,310 | |
440/4 |
- | 20,282 | 37,310 | |
47/48 |
37,344 | 14,250 | 1,300 | |
| Income statement | ||||
9900 |
-6,769 | 2,839 | 27,186 | |
62 |
- | - | 3,097 | |
630 |
1,674 | 1,674 | 1,674 | |
640/8 |
2,458 | 509 | 2,899 | |
9901 |
-10,901 | 656 | 19,516 | |
65/66B |
355 | 298 | 258 | |
65 |
355 | 298 | 258 | |
9903 |
-11,257 | 359 | 19,258 | |
67/77 |
5,234 | - | - | |
9904 |
-16,490 | 359 | 19,258 | |
9905 |
-16,490 | 359 | 19,258 | |
| Appropriation of the result | ||||
9906 |
3,126 | 19,617 | 19,258 | |
14P |
19,617 | 19,258 | - | |
| Document | ||||
The notes to these accounts have 3 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 2024 (PDF), filed on 01-07-2025.
Filings
each dot is a set of accounts, on the day it reached the National BankKey figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| -9,227 | 2,331 | 21,190 | ||
| -14,816 | 2,033 | 20,932 | ||
| 0 | 0 | - | ||
| -544 | -6,437 | - | ||
| 5,626 | 20,442 | 18,410 | ||
| 13.1% | 39.0% | 36.0% | ||
| 1.15 | 1.59 | 1.48 | ||
| 0.07 | 0.86 | 0.82 | ||
| 6.64 | 1.56 | 1.77 | ||
| -293.1% | 1.6% | 88.5% | ||
| -38.4% | 0.6% | 31.9% | ||
| -25.97 | 7.82 | 82.10 |
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.
Insights on MSG PRO
The operating result for 2024 is a loss of €10,901, after a profit of €656 in 2023. It is the lowest result since 2022.
Debt's share of the balance-sheet total rises from 61.0% to 86.9%. Equity is lower and debt is higher.
Board & ownership
Board
2 directors, no change since June 2026- Signing authorityThe articles say who may bind the company, for example by signing a contract.
- Each director alonedeed of 21-02-2023
Mandates through the years
2 names, the dashed line is todayDirector (not named in the articles)
Director (not named in the articles)
Mandates as a list
- GASHI Mergim
- Director (not named in the articles), appointed by deed of 17-06-2021, still in office
- IBRAJ Shkëlqesë
- Director (not named in the articles), appointed by deed of 17-06-2021, until 01-06-2026
- Director (not named in the articles), appointed by deed of 17-06-2021, still in office
Control
Capital
- Contribution
- €2,500
- Shares
- 100
- Contribution per share
- €25
- Equity per share
- €56.26 in 2024
- Source
- deed of 17-06-2021
Articles of association
- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimiteddeed of 21-02-2023 (in Dutch)
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Wet of statuten aan algemene vergadering voorbehouden, kan bijzondere machten toekennen aan elke mandataris”deed of 21-02-2023 (in Dutch)
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Voor helft overdrager en helft koper(s) naar evenredigheid verworven aantal bij meerdere kopers, ook bij weigering erfgenaam/legataris, elke…”deed of 21-02-2023 (in Dutch)
- Financial yearThe company draws up its annual accounts over this twelve-month period.
- “TITEL VI: BOEKJAAR - WINSTVERDELING - RESERVES Artikel 20: Boekjaar Het boekjaar van de vennootschap gaat in op 1 januari en eindigt op 31…”deed of 21-02-2023 (in Dutch)
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Fourth Tuesday of May at 18:00deed of 21-02-2023 (in Dutch)
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditordeed of 17-06-2021 (in French)
Shareholders
- GASHI Mergim 99 shares (99%) · €2,475
- IBRAJ Shkëlqesë 1 share (1%) · €25
Capital transactions
- 21-02-2023 Capital stated in the deed · 100 shares
- 17-06-2021 Incorporation · €2,500 · 100 shares
Network & group
No group
MSG PRO has no parent and no holdings in its annual accounts. MSG PRO shares no director with another company.
Timeline
Timeline
12 events since 2021
Registered office moved from Machelen to HaachtNew registered office: Grote Baan 122, 3150 Haacht · Previous registered office: Nieuwbrugstraat 66 1830 Machelen · Resignation: Shkëlqesë Ibraj (director) · General meeting of 01-06-20263 points ▸
- General meeting, 01-06-2026
- Registered-office move, Grote Baan 122, 3150 Haacht
- Director resignation, Shkëlqesë Ibraj
Registered-office move · Amendment of the articlesGeneral meeting of 08-02-20223 points ▸
- General meeting, 08-02-2022
- Registered-office move, Machelen (1830) Nieuwbrugstraat, 66
- Power of attorney, Simon WETS
- The deed holds 4 more points.
IncorporationFounding capital of €2,500, 100 shares · Founders: GASHI Mergim and IBRAJ Shkëlqesë · Appointments: GASHI Mergim (director) and IBRAJ Shkëlqesë (director) · published on 17-06-20216 points ▸
- Founder, GASHI Mergim
- Founder, IBRAJ Shkëlqesë
- Founding capital, €2,500, 100 shares
- Registered office clause, rue de Grand-Bigard 14, 1082 Berchem-Sainte-Agathe
- Director appointment, GASHI Mergim (director (not named in the articles))
- Director appointment, IBRAJ Shkëlqesë (director (not named in the articles))
- The deed holds 8 more points.
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Identity
- Enterprise number
- 0769.685.397
- VAT number
- BE 0769.685.397
- Peppol ID
- 0208:0769685397
- Legal form
- Private limited company
- Status
- Active, normal situation
- Founded
- 15-06-2021
- Financial year
- ends on 31 December
- Financial yearThe company draws up its annual accounts over this twelve-month period.
- “TITEL VI: BOEKJAAR - WINSTVERDELING - RESERVES Artikel 20: Boekjaar Het boekjaar van de vennootschap gaat in op 1 januari en eindigt op 31…”deed of 21-02-2023 (in Dutch)
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Fourth Tuesday of May at 18:00deed of 21-02-2023 (in Dutch)
- Peppol
- Reachable since 21-10-2026Follow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- MSG PRO in French
- Entity type
- Legal entity
- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimiteddeed of 21-02-2023 (in Dutch)
Activities
NACEBEL 2025Codes under NACEBEL 2008
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “Alle werkzaamheden in verband met het algemene bouwbedrijf, alsmede alle verbouwingen die met de bouw verband houden, waaronder het algemene…”deed of 21-02-2023 (in Dutch)
23 activities
- Alle werkzaamheden in verband met het algemene bouwbedrijf, alsmede alle verbouwingen die met de bouw verband houden, waaronder het algemene bouwbedrijf met coördinatie van werkzaamheden door onderaannemers, grond-, metsel- en betonwerken, sloopwerkzaamheden, aanleg van rioleringen, niet-metalen dakbedekking van gebouwen, zinken en metalen dakbedekking van gebouwen, waterdicht maken van gebouwen, elektrische installatie, timmer- en framewerk, leggen van parket, PVC timmerwerk, monteren van sloten en bouwbeslag, monteren van kunststof plinten en deuren, monteren van houten, kunststof en metalen luiken, monteren van houten en gyproc scheidingswanden en valse plafonds en pleisterelementen, bekleden van wanden en plafonds met metalen elementen, monteren van ijzerwerk, monteren van marmer en ashlar, beglazing, sanitair en loodgieterswerk, installatie van waterontharders, installatie van centrale verwarming, gasverwarming per afzonderlijk toestel, installatie, onderhoud en reparatie van alle branders, installatie van ventilatie en beluchting, installatie van heteluchtverwarming, airconditioning en isolatie van buizen en leidingen, schoorsteenmantel, betegelen, stukadoren, opnieuw voegen, leggen van dekvloeren, schilderen, restauratie en schoonmaken alsmede het wassen van gebouwen, gevels en monumenten, thermische en akoestische isolatie kasten en ingerichte keukens, de activiteit van koelspecialist, lichtreclames, aanleg en onderhoud van diverse terreinen, parken en tuinen, sportvelden, installatie van omheiningen en palissaden, installatie van antennes, installatie van alarm- en bewakingssystemen, alle eiektrische en computerinstallaties, en alle activiteiten van algemene aard van onroerend goed, zoals de verkoop, aankoop, transformatie van onroerend goed voor rekening van de vennootschap of van een derde
- De uitvoering van alle grond- en vastgoedtransacties en met name de aankoop, verkoop, taxatie, ruil, bouw, wederopbouw, afbraak, renovatie, exploitatie, verhuur en beheer van alle gebouwen, gemeubileerd of ongemeubileerd; deze opsomming is niet limitatief en betreft alle activiteiten in verband met algemene aannemingswerkzaamheden in de bouwsector
- De studie, de bouw, de verbouwing, de inrichting van gebouwen, de aan- en verkoop ervan, van alle materialen en goederen die met deze activiteit verband houden, alsmede de voltooling van vastgoedwerken en de verkoop van grond, huizen en elk ander onroerend goed
- De aankoop, verkoop, verhuur, in- en uitvoer van alle materialen, koopwaar, uitrusting en gereedschappen die nodig zijn voor het onderhoud, de instandhouding, de reparatie en de vernieuwing van kunstwerken en gebouwen
- Het verstrekken van alle advies, consultancy, studies en bijstand inzake onroerend goed
- Opleiding, technische expertise en bijstand op bovengenoemde gebieden
- Alle binnen- en buitenreiniging van alle soorten gebouwen: kantoren, fabrieken, werkplaatsen, institutionele gebouwen en alle andere gebouwen voor commercieel of professioneel gebruik, appartementsgebouwen of huizen, reiniging van gevels en ramen, enz
- Administratief beheer in de ruimste zin, beheer van de gemeenschappelijke delen van gebouwen in mede-eigendom, de activiteit van vastgoedbeheerder, d.w.z. het beheer van onroerende goederen en onroerende rechten, de activiteit van verzekeringsdekking van de risico's voor het onroerend goed dat het voorwerp uitmaakt van de hierboven beschreven activiteiten
- De uitoefening van elke activiteit op het gebied van het kappersvak, zowel voor mannen, vrouwen als kinderen, aismede de handel in parfumerie- en toiletartikelen
- Groot- en kleinhandel, import en export van artikelen met betrekking tot het kappersvak
- Het beheer en de exploitatie van een kapperszaak
- De organisatie, de coördinatie, het beheer en de promotie van openbare of particuliere evenementen, tentoonstellingen, vergaderingen, congressen en bijeenkomsten
- Marketing, communicatie, mediaplanning en de productie van al het promotiemateriaal
- Onderzoek, studie en oprichting van commerciële netwerken
- Groot- en kleinhandel, in al zijn vormen, import, export, binnenlandse markt, met inbegrip van de aankoop, verkoop, verhuur, onderhoud en reparatie van alle drogisterijartikelen en reinigingsproducten, alle machines, apparatuur, toestellen en artikelen die direct of indirect verband houden met reiniging, onderhoud en ontsmetting en alle bovengenoemde activiteiten
- Alle activiteiten in verband met de horeca, in de ruimste zin van het woord, en met name de catering en de exploitatie van een restaurant en een snackbar
- Alle handelingen die rechtstreeks of onrechtstreeks verband houden met de exploitatie van een of meer detailhandelszaken voor dagelijkse consumptiegoederen, al dan niet met zelfbediening, ook via franchising, en met name inkoop, detailhandel (met inbegrip van levering aan huis), invoer, uitvoer, met inbegrip van maar niet beperkt tot slagerij, delicatessen, erwten, groenten en fruit, snoepgoed, alcoholische en niet-alcoholische dranken en andere voedingsmiddelen, tabak, schoonmaak- en onderhoudsproducten, drogisterijartikelen, schoonheids- en parfumerieartikelen, kleding, linnengoed, draperieën en andere kousen, textiel, bloemen en diverse planten, enz
- Alle handelingen die rechtstreeks of onrechtstreeks verband houden met de exploitatie, aankoop en verkoop van meubilair, sanitair, huishoudelijke artikelen en hun uitrusting, en alle huishoudelijke, elektronische, elektrische, computer- en vrijetijdsproducten, in de ruimste zin van het woord
- De aankoop, verkoop, invoer, uitvoer, opslag, verwerking en vervaardiging van alcohol en alle alcoholhoudende dranken (bier, wijn, gedistilleerd en andere) en meer in het algemeen alle activiteiten die direct of indirect verband houden met alcoholhoudende dranken
- Alle activiteiten die direct of indirect verband houden met de horeca in het algemeen en de de organisatie van banketten en recepties, cateringdiensten, waaronder de organisatie, het beheer en de exploitatie van restaurants, cafetaria's, drinkgelegenheden, alsmede alle toeristische, hotel-, amusements- en vrijetijdsactiviteiten
- De exploitatie, onder eigen naam of via franchising of licentie, van een snackbar, cafetaria, broodjeszaak, fastfood- of kleine cateringdienst, een cateringdienst en/of een of meer restaurants, alsook van thuisbezorging en straatverkoop
- Alle activiteiten die bestaan uit het verstrekken van cateringdiensten aan klanten die hun maaltijd bestellen aan een servicebalie of per telefoon, fax, internet of enig ander communicatiemiddel
- Alle activiteiten van organisatie van evenementen, verjaardagen, entertainment, feesten van alle aard, beurzen, festivals, conferenties, vergaderingen, seminars, concerten, café-concerten, theaters, cabaret, shows, avonden, bais, recepties, rally's, thema-evenementen, herscholing en training voor particulieren of bedrijven
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| Grote Baan 122 registered office 3150 Haacht | ||
| Nieuwbrugstraat 66 1830 Machelen (Brab.) | 12-09-2025 | 2.378.224.818 |
2 former offices
- Nieuwbrugstraat 66, 1830 Machelen until 01-06-2026 · deed of 14-08-2026
- 1082 Brussels) until the deed of 21-02-2023
Buildings and parcels at the addresses
- Ground area
- 1,258 m²
- Buildings
- 532 m²
- Volume, LiDAR
- 2,363 m³
- Tallest building
- 7.7 m
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 24122A0145/00W002 | 690 m² | 1 · 166 m² | 7.7 m · 1 |
| 23047A0359/00P000 | 568 m² | 1 · 366 m² | 6.8 m · 1 |
Invoicing and payment
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0769.685.397