MSICS
ActiveSummary
MSICS has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €117,279 and a net result of €116,948. Equity is shrinking by ~8.6% per year across the filed fiscal years. Its solvency ranks better than 80% of 31896 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+100
Solvency100▲+75
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11,000 at 30 days acceptable
Liquidity ample (current ratio 6.34 against 0.99 in 2024; short-term debt: 15.5% and cash: 84.2% of total assets), and 16.6% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
83.4%
Return on assets
83.2%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-01-2026, 182 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
182 d early
2024
15 d early
2023
47 d early
2022
56 d early
2021
54 d early
2020
40 d early
2019
45 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 63 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€117,279▲ 35,303%
2024 · €331
Total assets
€140,645▲ 51.9%
2024 · €92,620
Net result
€116,948
2024 · -€20,074
Working capital
€116,346
2024 · -€766
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€120,981▲ 2.8%€174,126▲ 43.9%€199,301▲ 14.5%-€19,509€152,084
Net result€93,358▲ 3.3%€133,739▲ 43.3%€152,437▲ 14.0%-€20,074€116,948
Equity€192,668▲ 1.6%€154,144▼ 20.0%€172,842▲ 12.1%€331▼ 99.8%€117,279▲ 35,303%
Total assets€217,077▼ 2.5%€183,710▼ 15.4%€207,582▲ 13.0%€92,620▼ 55.4%€140,645▲ 51.9%
Debt€24,409▼ 25.7%€29,566▲ 21.1%€34,740▲ 17.5%€92,289▲ 166%€23,366▼ 74.7%
Working capital€191,379▲ 2.6%€153,777▼ 19.6%€170,647▲ 11.0%-€766€116,346
Turnover and EBIT margin not published: the micro schema does not require them.
Why a figure moved sharply
- 2025 Equity +35,303% on 2024. Cause not known from the registers.
- 2024 Equity -100%, Total assets -55% on 2023. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €152,084 after a loss of €19,509 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €140,645
Fixed assets
€2,500 ▼ 6.1%
Current assets
€138,145 ▲ 53.6%
Equity and liabilities €140,645
Equity
€117,279 ▲ 35,303%
Debt
€23,366 ▼ 74.7%
Debt's share of the balance-sheet total falls from 99.6% to 16.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€153,604▲
2024 · -€18,413
Cash flow
€118,467▲
2024 · -€18,978
Current ratio
6.34▲
2024 · 0.99
Debt to equity
0.20
ROE
99.7%
ROA
83.2%▲
2024 · -21.7%
Interest coverage
658.48▲
2024 · -74.86
Debt ≤ 1 year
€21,799▼
2024 · €90,723
Income taxes
€34,903▲
2024 · €319
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,672 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.9%
stopped otherwise
95%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 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% | 1.6% |
| 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 74% 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 34,672 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 | - | €1,102 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,411 | €915 | €1,052 | €1,096 | €1,519 | ▲ 38.6% |
| Other operating charges640/8 | €1,255 | €1,369 | €1,519 | €1,641 | €1,424 | ▼ 13.3% |
| Gross operating margin9900 | €136,646 | €176,410 | €201,872 | -€16,771 | €155,027 | ▲ 1,024% |
| Operating profit (loss)9901 | €120,981 | €174,126 | €199,301 | -€19,509 | €152,084 | ▲ 880% |
| Financial income75/76B | €1 | €4 | €0 | €0 | - | - |
| Recurring financial income75 | €1 | €4 | €0 | €0 | - | - |
| Financial charges65/66B | €351 | €320 | €243 | €246 | €233 | ▼ 5.2% |
| Recurring financial charges65 | €351 | €320 | €243 | €246 | €233 | ▼ 5.2% |
| Profit (loss) for the period before taxes9903 | €120,631 | €173,811 | €199,058 | -€19,754 | €151,851 | ▲ 869% |
| Income taxes67/77 | €27,273 | €40,073 | €46,620 | €319 | €34,903 | ▲ 10,832% |
| Profit (loss) for the period9904 | €93,358 | €133,739 | €152,437 | -€20,074 | €116,948 | ▲ 683% |
| Profit (loss) for the period to be appropriated9905 | €93,358 | €133,739 | €152,437 | -€20,074 | €116,948 | ▲ 683% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €217,077 | €183,710 | €207,582 | €92,620 | €140,645 | ▲ 51.9% |
| Fixed assets21/28 | €2,846 | €1,930 | €3,759 | €2,663 | €2,500 | ▼ 6.1% |
| Tangible fixed assets22/27 | €2,846 | €1,930 | €3,759 | €2,663 | €2,500 | ▼ 6.1% |
| Plant, machinery and equipment23 | - | - | - | - | €933 | - |
| Furniture and vehicles24 | €2,846 | €1,930 | €3,759 | €2,663 | €1,567 | ▼ 41.2% |
| Current assets29/58 | €214,232 | €181,779 | €203,823 | €89,957 | €138,145 | ▲ 53.6% |
| Amounts receivable within one year40/41 | €19,620 | €22,683 | - | €20,265 | €15,915 | ▼ 21.5% |
| Trade receivables40 | €19,602 | €22,650 | - | €20,147 | €15,791 | ▼ 21.6% |
| Other amounts receivable41 | €18 | €33 | - | €119 | €125 | ▲ 4.9% |
| Cash at bank and in hand54/58 | €193,604 | €156,045 | €202,066 | €67,231 | €118,409 | ▲ 76.1% |
| Deferred charges and accrued income490/1 | €1,008 | €3,051 | €1,757 | €2,461 | €3,822 | ▲ 55.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €217,077 | €183,710 | €207,582 | €92,620 | €140,645 | ▲ 51.9% |
| Equity10/15 | €192,668 | €154,144 | €172,842 | €331 | €117,279 | ▲ 35,303% |
| Contributions10/11 | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €80,760 | €1,855 | €1,855 | €1,855 | €118,803 | ▲ 6,304% |
| Non-distributable reserves130/1 | €1,855 | €1,855 | - | - | - | - |
| Reserves not available under the articles1311 | €1,855 | €1,855 | - | - | - | - |
| Distributable reserves133 | €78,905 | - | €1,855 | €1,855 | €118,803 | ▲ 6,304% |
| Profit (loss) carried forward14 | €93,358 | €133,739 | €152,437 | -€20,074 | -€20,074 | = |
| Amounts payable17/49 | €24,409 | €29,566 | €34,740 | €92,289 | €23,366 | ▼ 74.7% |
| Amounts payable within one year42/48 | €22,852 | €28,002 | €33,176 | €90,723 | €21,799 | ▼ 76.0% |
| Current portion of amounts payable after more than one year42 | €9,948 | - | - | - | - | - |
| Trade debts44 | €129 | €1,883 | €6,129 | €97 | €220 | ▲ 128% |
| Suppliers440/4 | €129 | €1,883 | €6,129 | €97 | €220 | ▲ 128% |
| Taxes, remuneration and social security45 | €5,364 | €11,921 | €19,505 | €9,197 | €8,901 | ▼ 3.2% |
| Taxes450/3 | €5,364 | €9,319 | €16,852 | €9,197 | €8,901 | ▼ 3.2% |
| Remuneration and social security454/9 | - | €2,602 | €2,653 | - | - | - |
| Other amounts payable47/48 | €7,412 | €14,199 | €7,543 | €81,429 | €12,678 | ▼ 84.4% |
| Accrued charges and deferred income492/3 | €1,557 | €1,564 | €1,564 | €1,566 | €1,567 | ▲ 0.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €93,358 | €133,739 | €152,437 | -€20,074 | €116,948 | ▲ 683% |
| + Depreciation and write-downs630 | €14,411 | €915 | €1,052 | €1,096 | €1,519 | ▲ 38.6% |
| Operating cash flow (approximation) | €107,769 | €134,654 | €153,489 | -€18,978 | €118,467 | ▲ 724% |
| Investment in fixed assets (approximation) | - | €0 | -€2,880 | €0 | -€1,356 | - |
| Change in cash | - | -€37,559 | €46,021 | -€134,836 | €51,178 | ▲ 138% |
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
2026
30-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Back to profitnet €116,948
Net result €116,948 after one loss-making year.
31-12
Financial
Liquidity times 6current ratio 6.34
Current ratio from 0.99 to 6.34; short-term debt falls from €90,723 to €21,799.
31-12
Financial
Equity above €100,000Eq €117,279 ▲35,303%
Equity rises from €331 to €117,279.
16-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet -€20,074
Net result drops to -€20,074, the lowest in the series; recovery starts the following year.
14-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2018net €152,437 ▲14%
Operating result €199,301, net result €152,437, both a record.
05-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
07-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
21-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
16-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2019
14-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
24-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 24 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Gavere · 1 establishment unit since 2015
Ground area
571 m²
Building footprint
174 m²
Volume, LiDAR
770 m³
Parcel 44020A0158/00R002, Flanders · tallest building 10.4 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
MSICS
since 20152.247.871.268
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44020A0158/00R002 | Flanders | 570 m² | 1 · 174 m² | 10.3 m · 1 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.
Similar companies · same sector, comparable size
ROP
BE 0828.299.034
Gent · Eq €117,276
VEERLE SANTENS
BE 0867.713.302
Nieuwpoort · Eq €117,273
WIMAS
BE 0778.996.409
Wemmel · Eq €117,292
PRIORITY CONSULT
BE 0791.434.678
Lille · Eq €117,265
FENOLIA
BE 0843.144.586
Nieuwpoort · Eq €117,297
Of 82,642 companies in sector 70200 we hold annual accounts for 52,590. 40,845 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
Founded26-11-2015
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0643654485
Also
9925:BE0643654485
Registered
09-10-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.