MSM
ActiveThe file of MSM contains 1 historical bankruptcy publication, as published in the Belgian State Gazette. The computed 12-month bankruptcy probability is 1.4% (low). The 2024 annual accounts show equity of €731k and a net result of €299k. Equity is growing by ~99.4% per year across the filed fiscal years. Its solvency ranks better than 53% of 7447 sector peers (fiscal year 2024).
Checked score
Score 2024
64
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability92▲+14
Solvency71▲+17
Growth78=
Track record85
Bankruptcy probability, 12 months
1.4%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €45k at 30 days only on tighter terms
Liquidity ample (current ratio 1.53 against 1.32 in 2023; short-term debt: 54% and cash: 7.2% of total assets), but 54% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Sector 43
higher
← 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 2024Solvency, return and age of the figures
Solvency
46%
Return on assets
18.8%
Age of the figures
21 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 13-08-2025, 13 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 · 8 filingsDeviation from the deadline
2025
not confirmed
2024
13 d late
2023
198 d late
2022
248 d late
2021
173 d late
2020
122 d late
2019
65 d late
← before the deadline
after the deadline →
Financials · fiscal year 2024, abbreviated schema
Equity
€731k▲ 69.1%
2023 · €433k
2018: €-112k
2019: €-10k
2020: €64k
2021: €91k
2022: €323k
2023: €433k
2018 → 2024
Total assets
€1.59M▲ 7.7%
2023 · €1.47M
2018: €181k
2019: €207k
2020: €373k
2021: €588k
2022: €1.26M
2023: €1.47M
2018 → 2024
Net result
€299k▲ 174%
2023 · €109k
2018: €-103k
2019: €102k
2020: €74k
2021: €27k
2022: €233k
2023: €109k
2018 → 2024
Working capital
€458k▲ 35.9%
2023 · €337k
2018: €-112k
2019: €-55k
2020: €-428
2021: €25k
2022: €245k
2023: €337k
2018 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€64k-€91k▲ 41.8%€323k▲ 257%€433k▲ 33.8%€731k▲ 69.1%
Operating result€91k-€8k▼ 91.4%€305k▲ 3,779%€435k▲ 42.8%€447k▲ 2.6%
Net result€74k-€27k▼ 64.0%€233k▲ 771%€109k▼ 53.1%€299k▲ 174%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2021 the operating result has climbed three years in a row; 2024 is 3% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.59M
Fixed assets
€274k▲ 186%
Current assets
€1.32M▼ 4.6%
Equity and liabilities €1.59M
Equity
€731k▲ 69.1%
Debt
€857k▼ 17.7%
The debt ratio falls from 70.7% to 54.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€521k▲
2023 · €476k
Cash flow
€373k▲
2023 · €150k
Solvency
46.0%▲
2023 · 29.3%
Current ratio
1.53▲
2023 · 1.32
Quick ratio
0.80▲
2023 · 0.54
Debt / equity
1.17▼
2023 · 2.41
ROE
40.9%▲
2023 · 25.2%
ROA
18.8%▲
2023 · 7.4%
Interest coverage
125.79▲
2023 · 99.87
Debt
€857k▼
2023 · €1.04M
Debt ≤ 1 year
€857k▼
2023 · €1.04M
Income taxes
€151k▼
2023 · €230k
Staff costs
€658k▲
2023 · €468k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2024 against 2023
Balance sheet
Code20232024
Assets
Total assets20/58€1.47M€1.59M▲
Fixed assets21/28€96k€274k▲
Tangible fixed assets22/27€91k€262k▲
Plant, machinery and equipment23€15k€8k▼
Furniture and vehicles24€76k€254k▲
Other tangible fixed assets26€398€266▼
Financial fixed assets28€5k€12k▲
Current assets29/58€1.38M€1.32M▼
Stocks and contracts in progress3€820k€628k▼
Stocks30/36€820k€628k▼
Amounts receivable within one year40/41€439k€572k▲
Trade receivables40€245k€403k▲
Other amounts receivable41€193k€169k▼
Current investments50/53€8k€0▼
Cash at bank and in hand54/58€85k€114k▲
Deferred charges and accrued income490/1€28k€366▼
Equity and liabilities
Total equity and liabilities10/49€1.47M€1.59M▲
Equity10/15€433k€731k▲
Contributions10/11€12k€12k=
Reserves13€420k€420k=
Distributable reserves133€420k€420k=
Profit (loss) carried forward14€230€299k▲
Amounts payable17/49€1.04M€857k▼
Amounts payable within one year42/48€1.04M€857k▼
Trade debts44€612k€528k▼
Suppliers440/4€612k€528k▼
Taxes, remuneration and social security45€341k€328k▼
Taxes450/3€243k€245k▲
Remuneration and social security454/9€98k€83k▼
Other amounts payable47/48€89k€1k▼
Accrued charges and deferred income492/3€3€0▼
Income statement
Code20232024
Non-recurring operating income76A€3k€2k▼
Remuneration, social security and pensions62€468k€658k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€40k€74k▲
Other operating charges640/8€12k€40k▲
Non-recurring operating charges66A€10k€1k▼
Gross operating margin9900€965k€1.22M▲
Operating profit (loss)9901€435k€447k▲
Financial income75/76B€10k€7k▼
Recurring financial income75€10k€7k▼
Financial charges65/66B€106k€4k▼
Recurring financial charges65€5k€4k▼
Non-recurring financial charges66B€101k€0▼
Profit (loss) for the period before taxes9903€339k€450k▲
Income taxes67/77€230k€151k▼
Profit (loss) for the period9904€109k€299k▲
Profit (loss) for the period to be appropriated9905€109k€299k▲
Appropriation of the result
Profit (loss) to be appropriated9906€110k€299k▲
Profit (loss) brought forward from the previous period14P€1k€230▼
Transfer to equity691/2€110k€0▼
To other reserves6921€110k€0▼
Social balance
Average headcount (FTE)908715.117.4▲
The notes to these accounts (14 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
13-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 13 days late
14-02
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 198 days late
2024
31-12
Financial
Highest result since 2018net €299k ▲174%
Operating result €447k, net result €299k, both a record.
31-12
Financial
Equity above €500kEq €731k ▲69.1%
6 profitable years in a row build equity to €731k.
04-04
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 248 days late
2023
06-04
Bankruptcy
Bankruptcy reversal
Ondernemingsrechtbank Antwerpen, afdeling Hasselt · MSM BV ABDIJSTRAAT 15, 3890 GINGELOM · event 30-03-2023
20-01
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 173 days late
2022
31-12
Financial
Equity above €200kEq €323k ▲257%
4 profitable years in a row build equity to €323k.
2021
30-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 122 days late
2020
04-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 65 days late
2019
31-12
Financial
Back to profitnet €102k
Net result €102k after one loss-making year.
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
24-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 55 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
4 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, Leuven · 2 establishment units since 2017
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Wijgmaalsesteenweg 1003012 LeuvenGround area
1,630 m²
Building footprint
686 m²
Volume, LiDAR
3,228 m³
2 parcels, Flanders · tallest building 12.0 m, ±2 floors. Linked by address, not a title deed.
2 establishment units
MSM
since 20172.264.449.162
Tiensesteenweg 132, 3380 Glabbeek
since 20172.293.303.001
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24018A0155/00T002 | Flanders | 1,396 m² | 1 · 456 m² | 12.0 m · 2 fl. |
| 24126C0092/00V000 | Flanders | 233 m² | 1 · 231 m² | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels 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
TIM VAN HAUWERMEIREN
BE 0846.842.068
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Materialen en Industriële Plaveisels - Matériaux et Pavements Industriels
BE 0404.652.227
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AD PRO
BE 0543.536.134
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ALGEMENE ANTWERPSE BEZETTINGSWERKEN
BE 0476.391.150
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DE MEUTER & OLTMANS
BE 0476.351.558
Ternat · Eq €750k
Of 4,011 companies in sector 43310 we hold annual accounts for 1,745. 808 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded30-01-2017
Fiscal year end31-12
Activities, NACEBEL
43310Plastering work
95290Repair and maintenance of other personal and household goods
41001General construction of residential buildings
43211General electrical installation work
43350Other building finishing work
46831Wholesale of construction materials, general range
Sources
Crossroads Bank for EnterprisesNational Bank · 8 filingsAddress and cadastre registers
Data from official sources, last processed on 19-09-2026. Scores and ratios are computed by Checked and are not a credit decision.