MSG Retail
ActiveFrom the official registers: KBO 3 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
MSG Retail has been active since 2022 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€566,672) and a net result of -€156,321. Equity is shrinking by about 60% per year across the filed financial years. Its solvency ranks better than 9% of 22,679 sector peers (NACE 47, financial year 2025). The computed 12-month bankruptcy probability is 1.2% (low).
Overview
Official details
KBO- Status
- Active since 01-06-2022 Normal situation
- Legal form
- Private limited company
- Registered office
- Grand'Rue 25, 1435 Mont-Saint-Guibert
- Activity
- Non-specialised retail sale with food, beverages or tobacco predominating NACE 47110
- Establishment unit
- 2.333.577.795 1435 Mont-Saint-Guibert, since 01-06-2022
- Financial year end
- 31 December
- Peppol
- Reachable since 15-03-2024
Who decides
- G.I. StudioDirector · since 01-06-2022
How it is doing
- Bankruptcy probabilitywithin 12 months
- 1.2%
- Gross margin
- €364,126
- ▼ 3.2%
- Turnover
- ≈ €3.3m
- estimated
- Loss
- €156,321
- ▼ 53.8%
- Equity
- -€566,672
- ▼ 38.1%
- Total assets
- €667,691
- ▼ 31.0%
- Staff
- 22.5 FTE
- ▼ 18.5%
Why 53raises riskCapped at 59: negative equityNegative equity -€566,672Loss of €156,321, the second in a row (financial year 2025)Sector: Retail trade (NACE 47)lowers riskSize: total assets €667,691Show the evidence
Checked score
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 47, micro): better than 6% on solvency, 20% on liquidity, 6% on profitability and 13% on growth.
The bankruptcy probability was computed on 31-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
Credit check for your own amount and term
Show the recommended maximum and see how the verdict changes with amount, term and advance.
Signals
This company filed its last 3 accounts on average 2 days before the deadline; the sector median (NACE 47) for financial year 2024 is on the deadline day, and 47% of those companies filed late.
Searched, nothing found (2)
Financials · financial year 2025, micro format
2025 annual accounts filed late (28 days) Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00455841.
Annual accounts 2025
- Financial year ended
- 31-12-2025
- Filed on
- 28-08-2026
- Format
- micro format
- Reference
- 2026-00455841
2023 to 2025, 3 financial years
The operating result stays negative: a loss of €114,239 in 2025 against €271,156 in 2024; the loss shrinks.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 47, Retail trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 490 companies that looked in July 2024 the way this one looks now, 6.7% went bankrupt within 24 months and 88.8% are still going.
- Small
- 2 to 5 years old
- negative equity
- a loss of 10% of the balance sheet or more
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 1.2% 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 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 490 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.
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Remuneration, social security and pensions62 | €765,516 | €575,340 | €421,441 | ▼ 26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €69,642 | €52,837 | €54,073 | ▲ 2.3% |
| Other operating charges640/8 | €8,031 | €19,014 | €2,851 | ▼ 85.0% |
| Gross operating margin9900 | €836,248 | €376,036 | €364,126 | ▼ 3.2% |
| Operating profit (loss)9901 | -€6,941 | -€271,156 | -€114,239 | ▲ 57.9% |
| Financial income75/76B | €6,578 | €5,951 | €3,720 | ▼ 37.5% |
| Recurring financial income75 | €6,578 | €5,951 | €3,720 | ▼ 37.5% |
| Financial charges65/66B | €86,583 | €73,199 | €45,802 | ▼ 37.4% |
| Recurring financial charges65 | €86,583 | €73,199 | €45,802 | ▼ 37.4% |
| Profit (loss) for the period before taxes9903 | -€86,947 | -€338,404 | -€156,321 | ▲ 53.8% |
| Profit (loss) for the period9904 | -€86,947 | -€338,404 | -€156,321 | ▲ 53.8% |
| Profit (loss) for the period to be appropriated9905 | -€86,947 | -€338,404 | -€156,321 | ▲ 53.8% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €1.1m | €1.0m | €0.7m | ▼ 31.0% |
| Fixed assets21/28 | €0.4m | €0.4m | €0.4m | ▼ 12.9% |
| Intangible fixed assets21 | €0.2m | €0.1m | €0.1m | ▼ 13.1% |
| Tangible fixed assets22/27 | €0.3m | €0.3m | €0.2m | ▼ 12.8% |
| Plant, machinery and equipment23 | €0.3m | €0.3m | €0.2m | ▼ 12.8% |
| Furniture and vehicles24 | €0.008m | - | - | - |
| Current assets29/58 | €0.7m | €0.5m | €0.3m | ▼ 44.9% |
| Stocks and contracts in progress3 | €0.3m | €0.3m | €0.1m | ▼ 61.3% |
| Stocks30/36 | €0.3m | €0.3m | €0.1m | ▼ 61.3% |
| Amounts receivable within one year40/41 | €0.03m | €0.1m | €0.08m | ▼ 29.0% |
| Trade receivables40 | €0.01m | €0.06m | €0.06m | ▲ 1.1% |
| Other amounts receivable41 | €0.02m | €0.06m | €0.02m | ▼ 58.5% |
| Cash at bank and in hand54/58 | €0.3m | €0.2m | €0.1m | ▼ 27.5% |
| Deferred charges and accrued income490/1 | €0.001m | €0.008m | €0.002m | ▼ 70.7% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €1.1m | €1.0m | €0.7m | ▼ 31.0% |
| Equity10/15 | -€0.07m | -€0.4m | -€0.6m | ▼ 38.1% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | -€0.09m | -€0.4m | -€0.6m | ▼ 36.8% |
| Amounts payable17/49 | €1.2m | €1.4m | €1.2m | ▼ 10.4% |
| Amounts payable after more than one year17 | €0.3m | €0.2m | €0.2m | ▼ 14.3% |
| Financial debts170/4 | €0.3m | €0.2m | €0.2m | ▼ 14.3% |
| Amounts payable within one year42/48 | €0.9m | €1.1m | €1.0m | ▼ 10.6% |
| Current portion of amounts payable after more than one year42 | €0.04m | €0.04m | €0.04m | = |
| Trade debts44 | €0.2m | €0.5m | €0.4m | ▼ 21.3% |
| Suppliers440/4 | €0.2m | €0.5m | €0.4m | ▼ 21.3% |
| Taxes, remuneration and social security45 | €0.09m | €0.08m | €0.06m | ▼ 22.7% |
| Taxes450/3 | €0.009m | €0.01m | €0.001m | ▼ 94.5% |
| Remuneration and social security454/9 | €0.08m | €0.07m | €0.06m | ▼ 9.4% |
| Other amounts payable47/48 | €0.5m | €0.5m | €0.5m | = |
| Accrued charges and deferred income492/3 | - | €0.01m | €0.02m | ▲ 100% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€86,947 | -€338,404 | -€156,321 | ▲ 53.8% |
| + Depreciation and write-downs630 | €69,642 | €52,837 | €54,073 | ▲ 2.3% |
| Operating cash flow (approximation) | -€17,305 | -€285,566 | -€102,249 | ▲ 64.2% |
| Investment in fixed assets (approximation) | - | -€27,658 | €0 | - |
| Change in cash | - | -€183,100 | -€43,709 | ▲ 76.1% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Similar companies · same sector and region
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Mandate history
- Board
- end not dated
| Name | Functions and periods |
|---|---|
| G.I. Studio |
|
| GV Retail |
|
How the board is organised
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- Each director alone
- Board ruleHow the board is made up, meets and takes decisions.
- “Avec ou sans limitation, un ou plusieurs”
Oversight and winding up
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Proportion actions, même_proportion”
Articles of association, deed of 03-06-2022
Owners and capital
Owners
1 ownerChain of control
- GV Retail
- MSG Retail
Owners 1
- GV RetailparentSourceaccounts GV Retail 2025100%
Capital and shareholders
- G.I. Studio (BE 0670.835.469) sole founder · 100% at incorporation
- 03-06-2022 Incorporation · €15,000 · 100 shares
Other provisions of the articles of association
- Other provisionsRules from the articles on subjects other than the board, the shares, the purpose and the meetings.
- Other provision: “Affectation_bénéfice, assemblée_générale”Other provision: “Gestion_journalière, tout temps”5 more provisions in the deed, see the deed of 03-06-2022
Articles of association, deed of 03-06-2022 (in French)
Group and network
Connections & network
3 connected companiesHistory
MSG Retail was incorporated on 1 June 2022 as a private limited company by G.I. Studio, with a starting capital of €15,000.12 Since 2022, G.I. Studio has served as administrateur non statutaire of the company.3 Total assets fell from €1.1m in 2023 to €667,691 in 2025 and headcount from 22.8 to 22.5 full-time equivalents.4
Acts, filings and financial milestones
03-06
Gazette deed
IncorporationAppointment: G.I. Studio (administrateur non statutaire) · Permanent representative: VANDEWYNCKELE Gregory Louis Auguste · Founder6 facts ▸
- Incorporation, 01-06-2022
- Founder, G.I. Studio
- Founding capital, €15,000
- Bank account, “Banque ING, BE83 3632 2273 8615” (deed in French)
- Director appointment, G.I. Studio (administrateur non statutaire)
- Permanent representative, VANDEWYNCKELE Gregory Louis Auguste (représentant permanent)
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
Register details
Who it is
KBO recordWhere it is based
What it does
NACEBEL 2025Invoicing and payment
Financial year and general meeting
Accounts at the NBBScores and ratios are computed by Checked and are not a credit decision.
Purpose, financial year and meetings according to the articles of association
What the company does
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région wallonne, Grand'Rue 25 1435 Mont-Saint-Guibert”
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Second Friday of June at 18:00
Articles of association, deed of 03-06-2022 (in French)
Sites & property
1 establishment unit
Buildings and parcels at the address
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 25068B0513/00F000 | Wallonia | 1,605 m² | 1 · 927 m² | - |