Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Green is investment, beige is depreciation. Machinery stands 108.5% higher than in 2024.
In 2025, 30 people joined and 30 left.
Latest accounts filed late: after the legal deadline.
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).
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).
In July 2024, 1,216 companies had the same profile as MSL has now. Each dot stands for 4 companies, two years later.
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.
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.
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.
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.
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.
| 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.
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.
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 ≈ €300,000. Estimated: probably between €250,000 and €390,000.
Higher than 15% of 17,153 companies in 2025.
Higher than 22% of 16,579 companies in 2025.
Higher than 31% of 16,662 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter
Staff costs divided by the average number of full-time equivalents.
In 2025, 30 people joined and 30 left.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||
20/58 |
105,917 | 74,035 | 99,265 | 81,131 | 85,195 | 96,090 | 112,293 | 150,018 | 150,918 | 172,862 | 185,891 | 186,799 | 128,441 | |
21/28 |
37,204 | 25,526 | 29,339 | 38,296 | 60,816 | 83,024 | 101,658 | 121,353 | 138,244 | 159,775 | 163,040 | 147,843 | 99,983 | |
22/27 |
22,444 | 10,766 | 14,579 | 23,536 | 46,056 | 68,264 | 86,898 | 106,593 | 123,484 | 145,015 | 155,040 | 147,843 | 99,983 | |
23 |
22,444 | 10,766 | 14,579 | 23,536 | 36,413 | 48,484 | 57,970 | 68,023 | 81,072 | 94,120 | 95,663 | 79,983 | 23,641 | |
24 |
- | - | - | - | 9,642 | 19,780 | 28,927 | 38,570 | 42,412 | 50,894 | 59,377 | 67,859 | 76,342 | |
28 |
14,760 | 14,760 | 14,760 | 14,760 | 14,760 | 14,760 | 14,760 | 14,760 | 14,760 | 14,760 | 8,000 | - | - | |
29/58 |
68,713 | 48,509 | 69,925 | 42,835 | 24,380 | 13,066 | 10,635 | 28,665 | 12,674 | 13,088 | 22,851 | 38,957 | 28,458 | |
3 |
40,605 | 43,605 | 22,750 | 25,530 | 15,690 | 2,210 | 2,980 | 9,140 | 3,410 | 2,285 | 11,125 | 16,845 | 17,840 | |
30/36 |
40,605 | 43,605 | 22,750 | 25,530 | 15,690 | 2,210 | 2,980 | 9,140 | 3,410 | 2,285 | 11,125 | 16,845 | 17,840 | |
40/41 |
22,000 | 2,500 | 1,000 | - | - | - | - | 6,050 | 1,010 | - | 10,848 | 16,765 | - | |
40 |
20,500 | - | - | - | - | - | - | 6,050 | 1,010 | - | 10,848 | 6,790 | - | |
41 |
1,500 | 2,500 | 1,000 | - | - | - | - | - | - | - | - | 9,975 | - | |
54/58 |
6,108 | 2,404 | 46,175 | 17,305 | 8,690 | 10,856 | 7,655 | 13,475 | 8,254 | 10,803 | 878 | 5,347 | 10,618 | |
| Balance sheet: equity and liabilities | ||||||||||||||
10/49 |
105,917 | 74,035 | 99,265 | 81,131 | 85,195 | 96,090 | 112,293 | 150,018 | 150,918 | 172,862 | 185,891 | 186,799 | 128,441 | |
10/15 |
-48,026 | -46,125 | -47,391 | -27,618 | -15,356 | 494 | -21,876 | 3,021 | -22,116 | -12,348 | -24,939 | 13,934 | -25,095 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 6,200 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | - | - | - | - | 12,400 | 12,400 | 12,400 | |
11 |
- | - | - | - | - | 18,600 | - | - | - | - | - | - | - | |
1109/19 |
- | - | - | - | - | 18,600 | - | - | - | - | - | - | - | |
13 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | |
130/1 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | |
1311 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | |
14 |
-68,486 | -66,585 | -67,851 | -48,078 | -35,816 | -19,966 | -42,336 | -17,439 | -42,576 | -32,808 | -32,999 | 5,874 | -31,295 | |
17/49 |
153,942 | 120,160 | 146,655 | 108,749 | 100,552 | 95,597 | 134,169 | 146,997 | 173,035 | 185,211 | 210,830 | 172,865 | 153,536 | |
17 |
- | - | - | - | - | - | - | - | - | - | 40,609 | 40,609 | 109,609 | |
170/4 |
- | - | - | - | - | - | - | - | - | - | 40,609 | 40,609 | 109,609 | |
42/48 |
153,942 | 120,160 | 146,655 | 108,749 | 100,552 | 95,597 | 134,169 | 146,997 | 173,035 | 185,211 | 170,221 | 132,256 | 43,926 | |
42 |
- | - | - | - | - | - | - | - | - | 23,090 | 17,391 | 22,391 | - | |
43 |
- | - | - | - | - | - | - | - | - | - | - | - | 20,000 | |
430/8 |
- | - | - | - | - | - | - | - | - | - | - | - | 20,000 | |
44 |
31,425 | 25,097 | 48,914 | 29,783 | 25,925 | 15,710 | 43,243 | 27,530 | 57,122 | 81,719 | 76,426 | 48,779 | 6,186 | |
440/4 |
31,425 | 25,097 | 48,914 | 29,783 | 25,925 | 15,710 | 43,243 | 27,530 | 57,122 | 81,719 | 76,426 | 48,779 | 6,186 | |
45 |
50,278 | 52,086 | 59,264 | 34,739 | 20,400 | 29,660 | 26,699 | 24,845 | 20,862 | 28,793 | 31,664 | 28,346 | 5,241 | |
450/3 |
50,278 | 52,086 | 59,264 | 34,739 | 20,400 | 29,660 | 26,699 | 24,845 | 20,862 | 28,793 | 22,331 | 28,346 | 5,241 | |
454/9 |
- | - | - | - | - | - | - | - | - | - | 9,333 | - | - | |
47/48 |
72,239 | 42,977 | 38,477 | 44,227 | 54,227 | 50,227 | 64,227 | 94,623 | 95,051 | 51,608 | 44,740 | 32,740 | 12,500 | |
| Income statement | ||||||||||||||
9900 |
83,194 | 106,811 | 86,269 | 86,468 | 51,868 | 63,256 | 74,516 | 99,825 | 73,632 | 84,303 | 71,448 | 181,194 | 57,745 | |
62 |
74,512 | 91,782 | 81,477 | 68,089 | 36,276 | 25,608 | 61,792 | 46,716 | 55,625 | 50,462 | 78,099 | 106,579 | 61,700 | |
630 |
3,322 | 5,364 | 11,730 | 22,520 | 25,558 | 24,200 | 23,024 | 22,691 | 21,531 | 21,531 | 20,423 | 17,661 | 11,109 | |
640/8 |
184 | 1,141 | 2,886 | 5,006 | 1,146 | 1,206 | 6,215 | 3,309 | 4,112 | 8,526 | 9,832 | 17,888 | 16,204 | |
66A |
- | - | - | - | - | - | - | - | - | - | 1,358 | - | - | |
9901 |
5,175 | 8,525 | -9,824 | -9,147 | -11,112 | 12,243 | -16,515 | 27,109 | -7,635 | 3,784 | -36,906 | 39,066 | -31,268 | |
75/76B |
- | - | - | 2,771 | - | 14,590 | - | - | - | - | - | - | - | |
75 |
- | - | - | 2,771 | - | - | - | - | - | - | - | - | - | |
76B |
- | - | - | - | - | 14,590 | - | - | - | - | - | - | - | |
65/66B |
6,876 | 7,259 | 9,949 | 5,485 | 4,738 | 4,462 | 8,382 | 1,972 | 2,133 | 940 | 609 | 37 | 26 | |
65 |
6,876 | 7,259 | 7,184 | 5,485 | 4,738 | 4,462 | 8,382 | 1,972 | 2,133 | 940 | 609 | 37 | 26 | |
66B |
- | - | 2,765 | - | - | - | - | - | - | - | - | - | - | |
9903 |
-1,701 | 1,266 | -19,773 | -11,862 | -15,850 | 22,370 | -24,897 | 25,137 | -9,768 | 2,845 | -38,873 | 39,029 | -31,295 | |
67/77 |
200 | - | - | 400 | - | - | - | - | - | 2,654 | - | - | - | |
9904 |
-1,901 | 1,266 | -19,773 | -12,262 | -15,850 | 22,370 | -24,897 | 25,137 | -9,768 | 190 | -38,873 | 39,029 | -31,295 | |
9905 |
-1,901 | 1,266 | -19,773 | -12,262 | -15,850 | 22,370 | -24,897 | 25,137 | -9,768 | 190 | -38,873 | 39,029 | -31,295 | |
| Appropriation of the result | ||||||||||||||
9906 |
-68,486 | -66,585 | -67,851 | -48,078 | -35,816 | -19,966 | -42,336 | -17,439 | -42,576 | -32,808 | -32,999 | 7,734 | -31,295 | |
14P |
-66,585 | -67,851 | -48,078 | -35,816 | -19,966 | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | - | - | - | 1,860 | - | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | 1,860 | - | |
| Social balance sheet | ||||||||||||||
9087 |
11.2 | 9.3 | - | - | - | 1.5 | 1.8 | 1.8 | 1.8 | - | 2.6 | 3 | 2.1 | |
Hours worked1013 |
3,472 | 3,887 | - | - | - | 1,199 | 2,259 | 2,389 | 2,459 | - | 4,012 | 4,757 | 3,322 | |
| Document | ||||||||||||||
The notes to these accounts have 6 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 30-09-2026.
2025 annual accounts filed 61 days after the deadline. Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00551576.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-09-2026 | 2026-00551576 | |
| 31-12-2024 | micro format | 07-10-2025 | 2025-00536345 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00415233 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00372254 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20398901 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-59700597 | |
| 31-12-2019 | micro format | 29-10-2020 | 2020-64700123 | |
| 31-12-2018 | micro format | 30-09-2019 | 2019-66900127 | |
| 31-12-2017 | full format | 31-08-2018 | 2018-57000388 | |
| 31-12-2016 | full format | 30-08-2017 | 2017-51900193 | |
| 31-12-2015 | full format | 31-08-2016 | 2016-55000010 | |
| 31-12-2014 | full format | 27-08-2015 | 2015-53000569 | |
| 31-12-2013 | full format | 29-08-2014 | 2014-53600110 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 8,497 | 13,889 | 1,906 | 13,373 | 14,446 | 36,442 | 6,509 | 49,800 | 13,895 | 25,315 | -16,483 | 56,728 | -20,159 | ||
| 1,421 | 6,630 | -8,043 | 10,259 | 9,708 | 46,570 | -1,873 | 47,828 | 11,763 | 21,721 | -18,450 | 56,691 | -20,186 | ||
| 15,000 | 1,550 | 2,774 | 0 | 3,350 | 5,566 | 3,328 | 5,800 | 0 | 22,153 | 35,621 | 65,521 | 111,092 | ||
| 3,703 | -43,771 | 28,870 | 8,616 | -2,167 | 3,201 | -5,820 | 5,221 | -2,549 | 9,925 | -4,469 | -5,271 | - | ||
| -85,229 | -71,651 | -76,730 | -65,914 | -76,172 | -82,530 | -123,534 | -118,333 | -160,360 | -172,123 | -147,370 | -93,299 | -15,469 | ||
| -45.3% | -62.3% | -47.7% | -34.0% | -18.0% | 0.5% | -19.5% | 2.0% | -14.7% | -7.1% | -13.4% | 7.5% | -19.5% | ||
| 0.45 | 0.40 | 0.48 | 0.39 | 0.24 | 0.14 | 0.08 | 0.20 | 0.07 | 0.07 | 0.13 | 0.29 | 0.65 | ||
| 0.18 | 0.04 | 0.32 | 0.16 | 0.09 | 0.11 | 0.06 | 0.13 | 0.05 | 0.06 | 0.07 | 0.17 | 0.24 | ||
| - | - | - | - | - | - | - | 48.67 | - | - | - | 12.41 | - | ||
| - | - | - | - | - | - | - | 832.2% | - | - | - | 280.1% | - | ||
| -1.8% | 1.7% | -19.9% | -15.1% | -18.6% | 23.3% | -22.2% | 16.8% | -6.5% | 0.1% | -20.9% | 20.9% | -24.4% | ||
| 1.24 | 1.91 | 0.27 | 2.44 | 3.05 | - | - | - | - | - | - | - | - |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 31-12-2025 | 31-12-2024 |
|---|---|---|
| Employees at the balance-sheet date | 7 | 14 |
| full-time | 0 | 0 |
| part-time | 7 | 14 |
| in full-time equivalents | 1.3 | 2.9 |
| 2.4 | 2.2 | |
| On a permanent contract | 0 | 1 |
| Joined | 30 | 9 |
| Left | 30 | 3 |
| Training hours | - | 0 |
Source: social balance sheet in the 2024 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €15,000 | €1,550 | €2,774 | - | €3,350 |
| €3,322 | €5,364 | €11,730 | €22,520 | €25,558 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 39% lower than in 2024.
Equity is negative. Debt (€153,942) exceeds the balance-sheet total (€105,917).
MSL has no parent and no holdings in its annual accounts.
| SimCorp Benelux SA/NV
registered office since 12-01-2000 · founded in 2000 · group Deutsche Börse Aktiengesellschaft |
35 FTE (2025) 0469.597.883 |
| Driveco Invest BE 1
registered office since 14-06-2024 · founded in 2024 · negative equity (2025) |
total assets €7.0m (2025) 1010.381.989 |
| INOX BEDRIJVEN
registered office since 25-03-1985 · founded in 1985 |
total assets €2.5m (2025) 0427.125.642 |
| BUROTEL BELGIUM
establishment since 19-03-2021 · founded in 1975 |
2.7 FTE (2025) 0415.860.576 |
| ADVICE-NET
registered office since 01-06-1981 · founded in 1981 · accounts filed late |
total assets €1.8m (2025) 0421.505.184 |
| DRIVECO BELGIUM
registered office since 29-11-2023 · founded in 2023 · negative equity (2025) |
6.8 FTE (2025) 1002.802.430 |
| Legacy Group
registered office since 04-11-2022 · founded in 2022 |
total assets €1.1m (2025) 0793.269.463 |
| FONCIERE DU CONGRES
registered office since 07-08-1987 · founded in 1987 |
total assets €1.0m (2025) 0431.362.067 |
| J. CHOO (BELGIUM)
registered office since 30-03-2011 · founded in 2011 · negative equity (2025) |
4 FTE (2025) 0835.061.815 |
| Bergwood
establishment since 01-08-1957 · founded in 1957 |
total assets €718,063 (2025) 0400.432.430 |
| HAIR OF THE DOG via RICHARDSON Liam, no longer at HAIR OF THE DOG · Director (not named in the articles) · deed of 28-06-2019 founded in 2004 |
total assets €531,828 (2025) |
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 | Since | Unit number |
|---|---|---|
| Harper's registered office Boulevard Joseph Tirou 88, 6000 Charleroi 5611105 Full-service restaurants | 01-04-2013 | 2.218.757.709 |
Registered office since 01-06-2026, per the deed of 14-08-2026
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 52011D0036/00C000 | Wallonia | 496 m² | 1 · 163 m² | 14.7 m · 4 |
| 21803C0244/00F002 | Brussels | 270 m² | 1 · 188 m² | 24.5 m · 7 |
If something looks wrong or is missing, please tell us.