Equity
-€48,026
Debts exceed assets in financial year 2025.
MSL
Lifetime
13 annual accounts with figures on one time axispeak €181,194 (2014)
€83,194▼ 22.1%
lowest -€38,873 (2015)
-€1,901▼ €3,167
peak €13,934 (2014)
-€48,026▼ €1,901
€153,942▲ 28.1%
peak 3 FTE (2014)
-not published
Board5 names since 2022
2 directorsBUTSEACA Vasilica and 1 other
Documentsfilings and deeds
30-09-202661 days late
2025micro format
Gross margin from €106,811 to €83,194Loss of €1,901New sole director 07-04Debts from €120,160 to €153,942Investments €15,000Cash from €2,404 to €6,108
Key points
from the 2025 annual accountsDebts
€153,942 145% of the balance sheet
Suppliers 20%Taxes and wages 33%Other 47%
Investments
€15,000 4.5 × depreciation
Green is investment, beige is depreciation. Machinery stands 108.5% higher than in 2024.
Staff
7 employees on 31-12-2025
In 2025, 30 people joined and 30 left.
Filings
13 annual accounts 61 days
Latest accounts filed late: after the legal deadline.
At the same address
82 companies
Checked score
34
Weak
Financially stronger than 20% of micro companies in food and beverage service (NACE 56)
Probability in this band: 4.2% to 15.0%
Bankruptcy probability within 12 months
6.1% Elevated
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 1.8% across 23,788 companies (NACE 56, micro).
About 6 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 2.4%
01-2025: 2.4%● unchanged vs 12-2024
02-2025: 2.3%▼ -0.1 percentage points vs 01-2025
03-2025: 2.3%● unchanged vs 02-2025
04-2025: 2.3%● unchanged vs 03-2025
05-2025: 2.2%▼ -0.1 percentage points vs 04-2025
06-2025: 2.1%▼ -0.1 percentage points vs 05-2025
07-2025: 2.1%● unchanged vs 06-2025lowest value
08-2025: 2.4%▲ +0.3 percentage points vs 07-2025
09-2025: 2.6%▲ +0.2 percentage points vs 08-2025
10-2025: 2.8%▲ +0.2 percentage points vs 09-2025
11-2025: 3.3%▲ +0.5 percentage points vs 10-2025
12-2025: 3.3%● unchanged vs 11-2025
01-2026: 3.3%● unchanged vs 12-2025
02-2026: 3.3%● unchanged vs 01-2026
03-2026: 3.2%▼ -0.1 percentage points vs 02-2026
04-2026: 3.2%● unchanged vs 03-2026
05-2026: 3.1%▼ -0.1 percentage points vs 04-2026
06-2026: 3.0%▼ -0.1 percentage points vs 05-2026
07-2026: 3.1%▲ +0.1 percentage points vs 06-2026
08-2026: 3.8%▲ +0.7 percentage points vs 07-2026
09-2026: 9.0%▲ +5.2 percentage points vs 08-2026highest value
10-2026: 6.1%▼ -2.9 percentage points vs 09-2026
11-2026: 6.1%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Last filed accounts filed 61 days late; 2 of the last 3 accounts late
Sector: Food and beverage service activities (NACE 56)
1 change of registered office in 24 months
Negative equity -€48,026
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 56, micro). It does better than 9% of them on solvency, 8% on liquidity, 26% on profitability and 36% on growth.
The bankruptcy probability was computed on 09-11-2026 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 31-12-2025.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% 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, 1,216 companies had the same profile as MSL has now. Each dot stands for 4 companies, two years later.
95.6%
were still trading
2.6%
stopped another way
1.1%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MSL itself is higher: 6.1% within 12 months. It rests on far more data about MSL than the profile alone.
Test of the method
The method was tested on the 497,447 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 1,216 companies, not a prediction for MSL. 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
No credit on open account
Liquidity is insufficient, with a current ratio of 0.45 (0.4 in 2024), below 1. Short-term debt is 145.3% and cash 5.8% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
raises risk
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€48,026
raises risk · 2025 accounts filed 61 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-09-2026, 61 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
61 days late
2024
68 days late
2023
29 days late
2022
29 days late
2021
31 days late
2020
30 days late
2019
90 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 48 days after the deadline. In the sector (NACE 56), the median for financial year 2024 was 7 days after the deadline, and 53% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 31 August (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered office moved from Brussels to Charleroi
New registered office: Boulevard Joseph Tirou 88 à 6000 Charleroi · Previous registered office: Rue du Congrès 37 à 1000 Bruxelles · General meeting of 22-06-2026 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0501737745
New sole director
RICHARDSON Liam appointed, EVR INVEST resigned · Director discharge: EVR INVEST · Legal-form conversion: from private limited company (pre-2019) to private limited company · General meeting of 27-02-2025 · Gazette deed
1 director appointed, 1 resignation
Resignation: Vasilaca Butiseaca · Appointment: EVR Invest · Permanent representative: Liam Richardson · General meeting of 12-12-2022 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MSL Brussels | €105,917 | €83,194 | -45.3% | - |
| IT.SOLUTIONS Schaerbeek | €92,920 | €84,594 | 93.3% | 0 |
| MB Import Sint-Gillis (bij-Brussel) | €121,041 | €88,543 | 82.6% | - |
| TOEKOMST RELEGEM Asse | €100,471 | €81,972 | -17.5% | - |
| Belrom Sint-Truiden | €111,960 | €76,546 | -50.8% | - |
| DEFAM Sambreville | €104,934 | €94,542 | 18.8% | - |
| DEN DON Heist-op-den-Berg | €113,564 | €88,214 | 48.0% | - |
These companies have the same main activity as MSL: cafés and bars (NACE 56301). They are comparable in size and age: total assets between €92,900 and €121,000, founded between 2012 and 2014.
Official details
Source: KBO- Status
- Active since 04-12-2012Normal situation
- Activity
- Cafés and barsNACE 56301
- Establishment unit
- 2.218.757.7096000 Charleroi, since 01-04-2013
- Financial year end
- 31 December
- Peppol
- Reachable since 05-01-2026
Annual accounts 2025
- ≈ €300,000estimated
- €105,917▲ 43.1%
- Employeeson 31-12-2025
- 7▼ 50.0%
- Filing
- Filed on 30-09-2026
Insights on MSL
MSL files the micro format. That format states no turnover. The gross margin rose from €57,745 in 2013 to €83,194 in 2025.
The balance sheet grew most in 2014 through fixed assets.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about MSL
- What is the company number of MSL?
- The company number of MSL is 0501.737.745. The VAT number is the same number with BE in front: BE 0501.737.745.
- Where is MSL based?
- The registered office is at Congresstraat 37, 1000 Brussels.Company details
- What does MSL do?
- According to the KBO register, the main activity is cafés and bars (NACE 56301).
- What is the legal form of MSL?
- MSL is a private limited company (BV).
- When was MSL founded?
- MSL was founded on 04-12-2012.
- Is MSL still active?
- Yes, MSL is an active enterprise in the KBO register.
- How many employees does MSL have?
- MSL had an average of 11.2 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of MSL?
- The turnover in financial year 2025 is ≈ €300,000. This figure is estimated from the gross margin of €83,194 and 36 comparable companies (NACE 56301). It probably lies between €250,000 and €390,000.
- Is MSL profitable?
- In financial year 2025, MSL made a loss of €1,901.
- Where can I find the annual accounts of MSL?
- MSL filed 13 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of MSL due?
- MSL must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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