MSI
ActiveSummary
For MSI, at least two filing cycles of the annual accounts are missing. The 2023 annual accounts show equity of €106,459 and a net result of €24,699. Equity is growing by ~32.9% per year across the filed fiscal years. Its solvency ranks better than 55% of 24615 sector peers (fiscal year 2023). The company has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 1.4% (low).
Checked score
No current score
Figures too old
The available figures for FY 2023 are too old to assess current financial health.
Filing: At least two filing cycles are missing
Axes, FY 2023 · tick = 2022
Profitability79▼-8
Solvency62▼-10
Growth78=
Track record100
Bankruptcy probability, 12 months
1.4%
Low
0%0.5%1.5%4%10%≥ 25%
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Signals
Four signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2023Solvency, return and age of the figures
Solvency
36.8%
Return on assets
8.5%
Age of the figures
39 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Two or more financial years not filed
Since the financial year that closed on 30-06-2024, 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 · 7 filingsPosition against the passed deadline
30-06-2024 close31-01-2025 deadline28-09-2026 today
neutral · Filed after the deadline
The financial year that closed on 30-06-2023 was due by 31-01-2024 and was filed on 31-03-2024, 60 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 · 7 filingsDeviation from the deadline
2025
not filed
2024
not filed
2023
60 d late
2022
2 d late
2021
150 d late
2020
10 d late
2019
1 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 45 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2023, micro schema
Equity
€106,459▲ 30.2%
2022 · €81,761
Total assets
€289,262▲ 66.3%
2022 · €173,960
Net result
€24,699▼ 3.5%
2022 · €25,594
Working capital
€121,074▲ 160%
2022 · €46,633
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail 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
Line20192020202120222023
Operating result€24,463-€22,856▼ 6.6%€8,510▼ 62.8%€34,229▲ 302%€38,233▲ 11.7%
Net result€16,007-€18,932within the sector's middle half▲ 18.3%€5,031within the sector's middle half▼ 73.4%€25,594above the sector's middle half▲ 409%€24,699above the sector's middle half▼ 3.5%
Equity€32,204-€51,136within the sector's middle half▲ 58.8%€56,167within the sector's middle half▲ 9.8%€81,761within the sector's middle half▲ 45.6%€106,459within the sector's middle half▲ 30.2%
Total assets€125,161-€112,640within the sector's middle half▼ 10.0%€198,905within the sector's middle half▲ 76.6%€173,960within the sector's middle half▼ 12.5%€289,262within the sector's middle half▲ 66.3%
Debt€92,957-€61,504▼ 33.8%€142,739▲ 132%€92,199▼ 35.4%€182,802▲ 98.3%
Working capital€18,442-€27,992▲ 51.8%€24,494▼ 12.5%€46,633▲ 90.4%€121,074▲ 160%
Solvency25.7%-45.4%within the sector's middle half▲ 19.7pp28.2%within the sector's middle half▼ 17.2pp47.0%within the sector's middle half▲ 18.8pp36.8%within the sector's middle half▼ 10.2pp
above
within
below
the middle half (P25 to P75) of NACE 47, Retail 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
After the dip in 2021 the operating result has climbed two years in a row; 2023 is 12% above 2022 and is the highest result in the available series.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €289,262
Fixed assets
€27,480 ▼ 43.9%
Current assets
€261,781 ▲ 109%
Equity and liabilities €289,262
Equity
€106,459 ▲ 30.2%
Debt
€182,802 ▲ 98.3%
Debt's share of the balance-sheet total rises from 53.0% to 63.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€46,302▼
2022 · €58,121
Cash flow
€32,768▼
2022 · €49,485
Current ratio
1.86▲
2022 · 1.60
Quick ratio
0.83▲
2022 · 0.26
Debt to equity
1.72▲
2022 · 1.13
ROE
23.2%▼
2022 · 31.3%
ROA
8.5%▼
2022 · 14.7%
Interest coverage
7.44▼
2022 · 18.92
Debt ≤ 1 year
€140,708▲
2022 · €78,357
Debt > 1 year
€42,095▲
2022 · €13,842
Income taxes
€7,551▲
2022 · €5,564
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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €7,074 | €21,629 | €11,777 | ▼ 45.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,934 | €11,628 | €22,017 | €23,891 | €8,069 | ▼ 66.2% |
| Other operating charges640/8 | - | - | €378 | - | €2,004 | - |
| Gross operating margin9900 | €36,843 | €34,563 | €30,905 | €58,121 | €48,306 | ▼ 16.9% |
| Operating profit (loss)9901 | €24,463 | €22,856 | €8,510 | €34,229 | €38,233 | ▲ 11.7% |
| Financial income75/76B | - | - | €151 | €0 | €244 | ▲ 610,425% |
| Recurring financial income75 | €1 | €48 | €151 | €0 | €244 | ▲ 610,425% |
| Financial charges65/66B | - | - | €2,539 | €3,071 | €6,227 | ▲ 103% |
| Recurring financial charges65 | €3,711 | €1,964 | €2,539 | €3,071 | €6,227 | ▲ 103% |
| Profit (loss) for the period before taxes9903 | €20,753 | €20,940 | €6,122 | €31,158 | €32,250 | ▲ 3.5% |
| Income taxes67/77 | €4,746 | €2,008 | €1,091 | €5,564 | €7,551 | ▲ 35.7% |
| Profit (loss) for the period9904 | €16,007 | €18,932 | €5,031 | €25,594 | €24,699 | ▼ 3.5% |
| Profit (loss) for the period to be appropriated9905 | €16,007 | €10,132 | €5,031 | €25,594 | €24,699 | ▼ 3.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €125,161 | €112,640 | €198,905 | €173,960 | €289,262 | ▲ 66.3% |
| Fixed assets21/28 | €29,490 | €32,356 | €75,769 | €48,970 | €27,480 | ▼ 43.9% |
| Tangible fixed assets22/27 | €29,490 | €32,356 | €75,769 | €48,970 | €27,480 | ▼ 43.9% |
| Land and buildings22 | - | - | - | €3,139 | €2,407 | ▼ 23.3% |
| Plant, machinery and equipment23 | - | - | €11,302 | €22,770 | €23,680 | ▲ 4.0% |
| Furniture and vehicles24 | - | - | €64,466 | €23,061 | €1,394 | ▼ 94.0% |
| Current assets29/58 | €95,671 | €80,284 | €123,137 | €124,990 | €261,781 | ▲ 109% |
| Stocks and contracts in progress3 | €75,862 | €65,911 | €73,879 | €104,392 | €144,828 | ▲ 38.7% |
| Stocks30/36 | - | - | €73,879 | €104,392 | €144,828 | ▲ 38.7% |
| Amounts receivable within one year40/41 | €19,809 | €14,374 | €49,258 | €20,599 | €106,310 | ▲ 416% |
| Trade receivables40 | - | - | €46,855 | €20,599 | €103,775 | ▲ 404% |
| Other amounts receivable41 | - | - | €2,403 | - | €2,536 | - |
| Cash at bank and in hand54/58 | - | - | - | - | €10,643 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €125,161 | €112,640 | €198,905 | €173,960 | €289,262 | ▲ 66.3% |
| Equity10/15 | €32,204 | €51,136 | €56,167 | €81,761 | €106,459 | ▲ 30.2% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Capital10 | - | - | €12,400 | €12,400 | €12,400 | = |
| Issued capital100 | - | - | €18,600 | €18,600 | €18,600 | = |
| Uncalled capital101 | - | - | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €19,804 | €38,736 | €43,767 | €69,361 | €94,059 | ▲ 35.6% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | €1,860 | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | - | €8,800 | €8,800 | €8,800 | = |
| Distributable reserves133 | - | - | €33,107 | €58,701 | €83,399 | ▲ 42.1% |
| Profit (loss) carried forward14 | -€4,137 | - | - | - | - | - |
| Amounts payable17/49 | €92,957 | €61,504 | €142,739 | €92,199 | €182,802 | ▲ 98.3% |
| Amounts payable after more than one year17 | €15,728 | €9,212 | €44,095 | €13,842 | €42,095 | ▲ 204% |
| Financial debts170/4 | - | - | €44,095 | €13,842 | €42,095 | ▲ 204% |
| Amounts payable within one year42/48 | €77,229 | €52,292 | €98,643 | €78,357 | €140,708 | ▲ 79.6% |
| Current portion of amounts payable after more than one year42 | - | - | €20,315 | €8,445 | €17,653 | ▲ 109% |
| Financial debts43 | - | - | €35,096 | €14,600 | €25,537 | ▲ 74.9% |
| Credit institutions430/8 | - | - | €35,096 | €14,600 | €25,537 | ▲ 74.9% |
| Trade debts44 | €14,168 | €7,137 | €1,875 | €34,660 | €33,000 | ▼ 4.8% |
| Suppliers440/4 | - | - | €1,875 | €34,660 | €33,000 | ▼ 4.8% |
| Advances received on contracts in progress46 | - | - | €36,300 | - | - | - |
| Taxes, remuneration and social security45 | - | - | €3,703 | €16,875 | €56,435 | ▲ 234% |
| Taxes450/3 | - | - | €3,703 | €16,875 | €56,435 | ▲ 234% |
| Other amounts payable47/48 | - | - | €1,354 | €3,777 | €8,083 | ▲ 114% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,007 | €18,932 | €5,031 | €25,594 | €24,699 | ▼ 3.5% |
| + Depreciation and write-downs630 | €11,934 | €11,628 | €22,017 | €23,891 | €8,069 | ▼ 66.2% |
| Operating cash flow (approximation) | €27,941 | €30,560 | €27,047 | €49,485 | €32,768 | ▼ 33.8% |
| Investment in fixed assets (approximation) | - | -€14,494 | -€65,429 | €2,908 | €13,420 | ▲ 362% |
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
2024
31-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 60 days late
2023
30-06
Financial
Equity above €100,000Eq €106,459 ▲30.2%
5 profitable years in a row build equity to €106,459.
02-02
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 2 days late
2022
30-06
Financial
Highest result since 2019net €25,594 ▲409%
Net result €25,594, the highest in the series.
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 150 days late
2021
30-06
Financial
Weakest financial yearnet €5,031 ▼73.4%
Net result drops to €5,031, the lowest in the series; recovery starts the following year.
10-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 10 days late
2020
01-02
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 1 day late
2019
28-02
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 28 days late
2018
28-02
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 28 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Sint-Truiden · 1 establishment unit since 2016
Ground area
7,158 m²
Building footprint
1,284 m²
Volume, LiDAR
5,621 m³
2 parcels, Flanders, Wallonia · tallest building 9.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
MSI
since 20162.254.825.970
2 parcels
Flanders
1
(50%)
Wallonia
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71009A0066/00E000 | Flanders | 4,589 m² | 1 · 1,216 m² | 9.8 m · 2 fl. |
| 64019B0346/00C002 | Wallonia | 2,569 m² | 1 · 68 m² | - |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 2,445 companies in sector 47820 we hold annual accounts for 780. 598 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 (pre-2019)
Founded31-05-2016
Fiscal year end30-06
Activities, NACEBEL 2025
47820Retail sale of motor vehicle parts and accessories
46720Wholesale of motor vehicle parts and accessories
E-invoicing
Reachable via Peppol
Peppol ID
0208:0655792947
Also
9925:BE0655792947
Registered
31-03-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.