Equity
Equity rose in 2025 from €331 to €117,279.
In July 2024, 34,721 companies had the same profile as MSICS has now. Each dot stands for 87 companies, two years later.
The method was tested on the 497,762 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 34,721 companies, not a prediction for MSICS. 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 | ||||
|---|---|---|---|---|
| MSICS Gavere | €140,645 | €155,027 | 83.4% | - |
| SMALL CHANGE Ghent | €134,043 | €139,536 | 93.3% | - |
| LSA CONSULT Sint-Martens-Latem | €148,926 | €166,691 | 94.7% | - |
| CDV SAFETY Aalst | €140,056 | €138,307 | 23.3% | - |
| KLEEMANS BELGIË Evergem | €158,345 | €136,582 | 29.3% | - |
| INNOVCO Sint-Niklaas | €146,864 | €126,132 | 17.1% | - |
| Fundahold Sint-Martens-Latem | €153,935 | €191,988 | 12.1% | - |
These companies have the same main activity as MSICS: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €134,000 and €158,000, founded between 2015 and 2016.
MSICS files the micro format. That format states no turnover. The gross margin rose from €144,123 in 2016 to €155,027 in 2025.
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 ≈ €260,000. Estimated: probably between €220,000 and €300,000.
Higher than 81% of 41,246 companies in 2025.
Higher than 83% of 39,815 companies in 2025.
Higher than 95% of 40,336 companies in 2025.
Net result: top quarter · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||
20/58 |
140,645 | 92,620 | 207,582 | 183,710 | 217,077 | 222,556 | 216,020 | 281,835 | 189,498 | 159,126 | |
21/28 |
2,500 | 2,663 | 3,759 | 1,930 | 2,846 | 14,657 | 27,250 | 7,139 | 15,772 | 14,802 | |
22/27 |
2,500 | 2,663 | 3,759 | 1,930 | 2,846 | 14,657 | 27,250 | 7,139 | 15,772 | 14,802 | |
23 |
933 | - | - | - | - | 362 | 724 | - | - | - | |
24 |
1,567 | 2,663 | 3,759 | 1,930 | 2,846 | 14,295 | 26,525 | 7,139 | 15,772 | 14,802 | |
29/58 |
138,145 | 89,957 | 203,823 | 181,779 | 214,232 | 207,899 | 188,770 | 274,697 | 173,725 | 144,324 | |
40/41 |
15,915 | 20,265 | - | 22,683 | 19,620 | 20,379 | 23,266 | 15,641 | 20,328 | 21,169 | |
40 |
15,791 | 20,147 | - | 22,650 | 19,602 | 19,602 | 17,908 | 15,488 | 20,328 | 13,165 | |
41 |
125 | 119 | - | 33 | 18 | 777 | 5,358 | 153 | - | 8,005 | |
54/58 |
118,409 | 67,231 | 202,066 | 156,045 | 193,604 | 186,546 | 165,504 | 258,877 | 153,309 | 123,068 | |
490/1 |
3,822 | 2,461 | 1,757 | 3,051 | 1,008 | 974 | - | 178 | 89 | 87 | |
| Balance sheet: equity and liabilities | |||||||||||
10/49 |
140,645 | 92,620 | 207,582 | 183,710 | 217,077 | 222,556 | 216,020 | 281,835 | 189,498 | 159,126 | |
10/15 |
117,279 | 331 | 172,842 | 154,144 | 192,668 | 189,707 | 172,100 | 223,263 | 137,008 | 93,160 | |
10/11 |
18,550 | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | 18,550 | 12,400 | 12,400 | 12,400 | |
100 |
- | - | - | - | - | - | 18,550 | 18,550 | 18,550 | 18,550 | |
101 |
- | - | - | - | - | - | - | 6,150 | 6,150 | 6,150 | |
13 |
118,803 | 1,855 | 1,855 | 1,855 | 80,760 | 80,760 | 80,760 | 80,760 | 80,760 | 80,760 | |
130/1 |
- | - | - | 1,855 | 1,855 | 1,855 | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,855 | 1,855 | 1,855 | 1,855 | |
1311 |
- | - | - | 1,855 | 1,855 | 1,855 | - | - | - | - | |
133 |
118,803 | 1,855 | 1,855 | - | 78,905 | 78,905 | 78,905 | 78,905 | 78,905 | 78,905 | |
14 |
-20,074 | -20,074 | 152,437 | 133,739 | 93,358 | 90,397 | 72,790 | 130,103 | 43,848 | - | |
17/49 |
23,366 | 92,289 | 34,740 | 29,566 | 24,409 | 32,849 | 43,920 | 58,573 | 52,490 | 65,966 | |
17 |
- | - | - | - | - | 9,948 | 19,796 | - | - | 1,903 | |
170/4 |
- | - | - | - | - | 9,948 | 19,796 | - | - | 1,903 | |
42/48 |
21,799 | 90,723 | 33,176 | 28,002 | 22,852 | 21,347 | 22,570 | 57,019 | 50,937 | 62,494 | |
42 |
- | - | - | - | 9,948 | 9,848 | - | - | - | 7,520 | |
43 |
- | - | - | - | - | - | 9,750 | - | 1,903 | - | |
430/8 |
- | - | - | - | - | - | 9,750 | - | 1,903 | - | |
44 |
220 | 97 | 6,129 | 1,883 | 129 | 812 | 1,156 | 6,619 | 357 | 404 | |
440/4 |
220 | 97 | 6,129 | 1,883 | 129 | 812 | 1,156 | 6,619 | 357 | 404 | |
45 |
8,901 | 9,197 | 19,505 | 11,921 | 5,364 | 4,172 | 2,204 | 45,634 | 28,632 | 54,571 | |
450/3 |
8,901 | 9,197 | 16,852 | 9,319 | 5,364 | 4,172 | 2,204 | 45,634 | 28,632 | 54,571 | |
454/9 |
- | - | 2,653 | 2,602 | - | - | - | - | - | - | |
47/48 |
12,678 | 81,429 | 7,543 | 14,199 | 7,412 | 6,514 | 9,459 | 4,766 | 20,044 | - | |
492/3 |
1,567 | 1,566 | 1,564 | 1,564 | 1,557 | 1,555 | 1,555 | 1,554 | 1,553 | 1,568 | |
| Income statement | |||||||||||
76A |
- | - | - | 1,102 | - | 1,749 | 3,800 | - | - | - | |
9900 |
155,027 | -16,771 | 201,872 | 176,410 | 136,646 | 133,417 | 108,377 | 121,583 | 76,757 | 144,123 | |
630 |
1,519 | 1,096 | 1,052 | 915 | 14,411 | 13,779 | 13,623 | 8,633 | 10,928 | 9,534 | |
640/8 |
1,424 | 1,641 | 1,519 | 1,369 | 1,255 | 2,004 | 1,258 | 1,294 | 1,572 | 1,553 | |
9901 |
152,084 | -19,509 | 199,301 | 174,126 | 120,981 | 117,635 | 93,495 | 111,655 | 64,258 | 133,035 | |
75/76B |
- | 0 | 0 | 4 | 1 | - | 1 | 0 | 61 | 4 | |
75 |
- | 0 | 0 | 4 | 1 | - | 1 | 0 | 61 | 4 | |
65/66B |
233 | 246 | 243 | 320 | 351 | 503 | 462 | 83 | 154 | 228 | |
65 |
233 | 246 | 243 | 320 | 351 | 503 | 462 | 83 | 154 | 228 | |
9903 |
151,851 | -19,754 | 199,058 | 173,811 | 120,631 | 117,132 | 93,035 | 111,572 | 64,165 | 132,811 | |
67/77 |
34,903 | 319 | 46,620 | 40,073 | 27,273 | 26,735 | 20,245 | 25,317 | 20,317 | 52,051 | |
9904 |
116,948 | -20,074 | 152,437 | 133,739 | 93,358 | 90,397 | 72,790 | 86,255 | 43,848 | 80,760 | |
9905 |
116,948 | -20,074 | 152,437 | 133,739 | 93,358 | 90,397 | 72,790 | 86,255 | 43,848 | 80,760 | |
| Appropriation of the result | |||||||||||
9906 |
96,874 | 132,364 | 286,176 | 227,097 | 183,755 | 163,187 | 202,893 | 130,103 | 43,848 | 80,760 | |
14P |
-20,074 | 152,437 | 133,739 | 93,358 | 90,397 | - | - | - | - | - | |
791/2 |
- | - | - | 78,905 | - | - | - | - | - | - | |
691/2 |
116,948 | - | - | - | - | - | - | - | - | 80,760 | |
6920 |
- | - | - | - | - | - | - | - | - | 1,855 | |
6921 |
116,948 | - | - | - | - | - | - | - | - | 78,905 | |
694/7 |
- | 152,437 | 133,739 | 172,263 | 90,397 | 72,790 | 130,103 | - | - | - | |
694 |
- | 152,437 | 133,739 | 172,263 | 90,397 | 72,790 | 130,103 | - | - | - | |
| Document | |||||||||||
The notes to these accounts have 5 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 2025 (PDF), filed on 30-01-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-01-2026 | 2026-00035809 | |
| 31-12-2024 | micro format | 16-07-2025 | 2025-00305059 | |
| 31-12-2023 | micro format | 14-06-2024 | 2024-00155351 | |
| 31-12-2022 | micro format | 05-06-2023 | 2023-00120709 | |
| 31-12-2021 | micro format | 07-06-2022 | 2022-20062537 | |
| 31-12-2020 | micro format | 21-06-2021 | 2021-24000482 | |
| 31-12-2019 | micro format | 16-06-2020 | 2020-18600215 | |
| 31-12-2018 | micro format | 14-06-2019 | 2019-19100225 | |
| 31-12-2017 | micro format | 24-08-2018 | 2018-51900292 | |
| 31-12-2016 | abbreviated format | 30-08-2017 | 2017-57400424 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 153,604 | -18,413 | 200,353 | 175,042 | 135,391 | 131,414 | 107,119 | 120,288 | 75,185 | 142,569 | ||
| 118,467 | -18,978 | 153,489 | 134,654 | 107,769 | 104,175 | 86,413 | 94,888 | 54,775 | 90,294 | ||
| 1,356 | 0 | 2,880 | 0 | 2,599 | 1,186 | 33,734 | 0 | 11,898 | 24,336 | ||
| 51,178 | -134,836 | 46,021 | -37,559 | 7,058 | 21,042 | -93,373 | 105,568 | 30,241 | - | ||
| 116,346 | -766 | 170,647 | 153,777 | 191,379 | 186,552 | 166,200 | 217,678 | 122,788 | 81,829 | ||
| 83.4% | 0.4% | 83.3% | 83.9% | 88.8% | 85.2% | 79.7% | 79.2% | 72.3% | 58.5% | ||
| 6.34 | 0.99 | 6.14 | 6.49 | 9.37 | 9.74 | 8.36 | 4.82 | 3.41 | 2.31 | ||
| 0.20 | - | 0.20 | 0.19 | 0.13 | 0.17 | 0.26 | 0.26 | 0.38 | 0.71 | ||
| 99.7% | - | 88.2% | 86.8% | 48.5% | 47.7% | 42.3% | 38.6% | 32.0% | 86.7% | ||
| 83.2% | -21.7% | 73.4% | 72.8% | 43.0% | 40.6% | 33.7% | 30.6% | 23.1% | 50.8% | ||
| over 100 | -74.86 | over 100 | over 100 | over 100 | - | - | - | - | - |
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 | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,356 | - | €2,880 | - | €2,599 |
| €1,519 | €1,096 | €1,052 | €915 | €14,411 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a profit of €152,084, after a loss of €19,509 in 2024.
Debt's share of the balance-sheet total falls from 99.6% to 16.6%. Equity is higher and debt is lower.
MSICS has no parent and no holdings in its annual accounts.
See the function holders in the KBO register.
Deadline for the 2026 accounts: 31-07-2027
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 | Start date | Unit number |
|---|---|---|
| Sint Rochuswegel 14 registered office 9890 Gavere | 26-11-2015 | 2.247.871.268 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 44020A0158/00R002 | 570 m² | 1 · 174 m² | 10.3 m · 1 |
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