MSM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 12-05-2026 PDF all 8 filings
Equity
-€53,944▼ 117%
2024 · -€24,879
Net result
-€29,065▼ 169%
2024 · -€10,820
Total assets
€98,154▼ 21.6%
2024 · €125,264
Solvency
-55.0%▼ 35.1pp
2024 · -19.9%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€24,808
▼ 267%
2025
20182025
Net result
-€29,065
▼ 169%
2025
lowest quarter of the sector
20182025
Equity
-€53,944
▼ 117%
2025
lowest quarter of the sector
20182025
Total assets
€98,154
▼ 21.6%
2025
lowest quarter of the sector
20182025
Debt
€152,098
▲ 1.3%
2025
20182025
Working capital
-€94,985
▼ 35.0%
2025
lowest quarter of the sector
20182025
Solvency
-55.0%
▼ 35.1pp
2025
lowest quarter of the sector
20182025
Current ratio
0.01
▼ 0.19
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-29.6%
▼ 21.0pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€8,467-€3,272€28,521▲ 772%€4,002▼ 86.0%€16,768▲ 319%-€45,560-€6,756▲ 85.2%-€24,808▼ 267%
Net result-€9,110-€428€22,459within the sector's middle half▲ 53×€98below the sector's middle half▼ 99.6%€1,520below the sector's middle half▲ 16×-€48,053below the sector's middle half-€10,820below the sector's middle half▲ 77.5%-€29,065below the sector's middle half▼ 169%
Equity€9,490-€9,918▲ 4.5%€32,376below the sector's middle half▲ 226%€32,474below the sector's middle half▲ 0.3%€33,994below the sector's middle half▲ 4.7%-€14,059below the sector's middle half-€24,879below the sector's middle half▼ 77.0%-€53,944below the sector's middle half▼ 117%
Total assets€14,854-€30,716▲ 107%€61,785below the sector's middle half▲ 101%€144,947within the sector's middle half▲ 135%€161,870within the sector's middle half▲ 11.7%€128,180within the sector's middle half▼ 20.8%€125,264below the sector's middle half▼ 2.3%€98,154below the sector's middle half▼ 21.6%
Debt€5,364-€20,799▲ 288%€29,409▲ 41.4%€112,473▲ 282%€127,876▲ 13.7%€142,239▲ 11.2%€150,143▲ 5.6%€152,098▲ 1.3%
Working capital€7,215-€7,750▲ 7.4%€25,316within the sector's middle half▲ 227%-€33,724below the sector's middle half-€30,473below the sector's middle half▲ 9.6%-€64,328below the sector's middle half▼ 111%-€70,374below the sector's middle half▼ 9.4%-€94,985below the sector's middle half▼ 35.0%
Solvency63.9%-32.3%▼ 31.6pp52.4%within the sector's middle half▲ 20.1pp22.4%below the sector's middle half▼ 30.0pp21.0%below the sector's middle half▼ 1.4pp-11.0%below the sector's middle half▼ 32.0pp-19.9%below the sector's middle half▼ 8.9pp-55.0%below the sector's middle half▼ 35.1pp
Current ratio2.47-1.43▼ 1.041.92within the sector's middle half▲ 0.490.01below the sector's middle half▼ 1.910.48below the sector's middle half▲ 0.480.11below the sector's middle half▼ 0.380.20below the sector's middle half▲ 0.100.01below the sector's middle half▼ 0.19
Return on assets (ROA)-61.3%-1.4%▲ 62.7pp36.3%above the sector's middle half▲ 35.0pp0.1%below the sector's middle half▼ 36.3pp0.9%below the sector's middle half▲ 0.9pp-37.5%below the sector's middle half▼ 38.4pp-8.6%below the sector's middle half▲ 28.9pp-29.6%below the sector's middle half▼ 21.0pp
Staff (FTE)10.3below the sector's middle half▼ 70.0%0.3=1.3▲ 333%1▼ 23.1%
above
within
below
The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €24,808, larger than the loss of €6,756 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €98,154
Fixed assets
€97,276 ▼ 9.4%
Current assets
€878 ▼ 95.1%
Equity and liabilities
Equity-€53,944
Debt€152,098
Equity is negative. Debt (€152,098) exceeds the balance-sheet total (€98,154).
Key figures and ratios
Debt ≤ 1 year
€95,862▲
2024 · €88,320
Debt > 1 year
€54,960▼
2024 · €60,377
Staff costs
€7,284
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 1 |
| full-time | 1 | 1 | - |
| part-time | 1 | 1 | 1 |
| in full-time equivalents | 1.3 | 1.3 | 0.2 |
| Average over the year, in full-time equivalents | 0.3 | 1.3 | 0.2 |
| On a permanent contract | 2 | 2 | 1 |
| Joined | 1 | 1 | 0 |
| Left | 0 | 0 | 1 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €144,149 | €1,318 | - | - | - |
| Financial fixed assets | - | €24,000 | - | - | - |
| Depreciation and write-downs of the year | €8,262 | €12,702 | €12,350 | €10,427 | €10,041 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €480 awarded · €480 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €19,395 | €21,924 | €5,013 | - | €7,284 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,535 | €1,957 | €2,386 | €8,262 | €12,702 | €12,350 | €10,427 | €10,041 | ▼ 3.7% |
| Other operating charges640/8 | - | - | - | €4,328 | €31,541 | €4,212 | €2,947 | €5,697 | ▲ 93.3% |
| Gross operating margin9900 | -€5,064 | €6,899 | €41,680 | €35,985 | €82,936 | -€23,986 | €6,618 | -€1,786 | - |
| Operating profit (loss)9901 | -€8,467 | €3,272 | €28,521 | €4,002 | €16,768 | -€45,560 | -€6,756 | -€24,808 | ▼ 267% |
| Financial income75/76B | - | - | - | - | €2 | €16 | €1 | - | - |
| Recurring financial income75 | - | €0 | €3 | - | €2 | €16 | €1 | - | - |
| Financial charges65/66B | - | - | - | €1,831 | €2,720 | €2,509 | €4,065 | €4,257 | ▲ 4.7% |
| Recurring financial charges65 | €563 | €1,042 | €659 | €1,831 | €2,720 | €2,509 | €4,065 | €4,257 | ▲ 4.7% |
| Profit (loss) for the period before taxes9903 | -€9,030 | €2,230 | €27,865 | €2,170 | €14,050 | -€48,053 | -€10,820 | -€29,065 | ▼ 169% |
| Income taxes67/77 | €80 | €1,802 | €5,407 | €2,073 | €12,530 | - | - | - | - |
| Profit (loss) for the period9904 | -€9,110 | €428 | €22,459 | €98 | €1,520 | -€48,053 | -€10,820 | -€29,065 | ▼ 169% |
| Profit (loss) for the period to be appropriated9905 | -€9,110 | €428 | €22,459 | €98 | €1,520 | -€48,053 | -€10,820 | -€29,065 | ▼ 169% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €14,854 | €30,716 | €61,785 | €144,947 | €161,870 | €128,180 | €125,264 | €98,154 | ▼ 21.6% |
| Fixed assets21/28 | €2,727 | €4,787 | €8,823 | €144,711 | €133,327 | €120,597 | €107,318 | €97,276 | ▼ 9.4% |
| Intangible fixed assets21 | €1,827 | €673 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | - | €3,214 | €7,923 | €143,811 | €132,427 | €119,697 | €106,418 | €96,376 | ▼ 9.4% |
| Land and buildings22 | - | - | - | €118,947 | €112,796 | €106,646 | €100,496 | €94,345 | ▼ 6.1% |
| Plant, machinery and equipment23 | - | - | - | €2,678 | €1,964 | €1,249 | - | - | - |
| Furniture and vehicles24 | - | - | - | €22,186 | €17,667 | €11,802 | €5,922 | €2,031 | ▼ 65.7% |
| Financial fixed assets28 | €900 | €900 | €900 | €900 | €900 | €900 | €900 | €900 | = |
| Current assets29/58 | €12,127 | €25,930 | €52,962 | €236 | €28,543 | €7,583 | €17,946 | €878 | ▼ 95.1% |
| Amounts receivable within one year40/41 | €1,146 | €10,965 | €1,520 | €236 | €2,525 | €3,206 | €16,386 | €878 | ▼ 94.6% |
| Trade receivables40 | - | - | - | €236 | €1,446 | €3,206 | €15,828 | €878 | ▼ 94.5% |
| Other amounts receivable41 | - | - | - | - | €1,079 | - | €558 | - | - |
| Cash at bank and in hand54/58 | €5,082 | €14,965 | €43,912 | - | €26,018 | - | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €4,377 | €1,560 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €14,854 | €30,716 | €61,785 | €144,947 | €161,870 | €128,180 | €125,264 | €98,154 | ▼ 21.6% |
| Equity10/15 | €9,490 | €9,918 | €32,376 | €32,474 | €33,994 | -€14,059 | -€24,879 | -€53,944 | ▼ 117% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€9,110 | -€8,682 | €13,776 | €13,874 | €15,394 | -€32,659 | -€43,479 | -€72,544 | ▼ 66.8% |
| Amounts payable17/49 | €5,364 | €20,799 | €29,409 | €112,473 | €127,876 | €142,239 | €150,143 | €152,098 | ▲ 1.3% |
| Amounts payable after more than one year17 | €452 | - | - | €76,171 | €65,717 | €65,717 | €60,377 | €54,960 | ▼ 9.0% |
| Financial debts170/4 | - | - | - | €76,171 | €65,717 | €65,717 | €60,377 | €54,960 | ▼ 9.0% |
| Amounts payable within one year42/48 | €4,912 | €18,180 | €27,646 | €33,961 | €59,016 | €71,910 | €88,320 | €95,862 | ▲ 8.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,117 | €10,455 | €5,265 | €5,340 | €5,416 | ▲ 1.4% |
| Financial debts43 | - | - | - | €5,221 | - | €2,013 | €18,516 | €26,003 | ▲ 40.4% |
| Credit institutions430/8 | - | - | - | €5,221 | - | €2,013 | €18,516 | €26,003 | ▲ 40.4% |
| Trade debts44 | €2,629 | €6,942 | €14,446 | €8,834 | €23,832 | €21,092 | €31,314 | €7,170 | ▼ 77.1% |
| Suppliers440/4 | - | - | - | €8,834 | €23,832 | €21,092 | €31,314 | €7,170 | ▼ 77.1% |
| Taxes, remuneration and social security45 | - | - | - | €13,323 | €22,828 | €13,241 | - | €9,295 | - |
| Taxes450/3 | - | - | - | €13,323 | €22,828 | €13,241 | - | €9,295 | - |
| Other amounts payable47/48 | - | - | - | €1,466 | €1,901 | €30,300 | €33,150 | €47,977 | ▲ 44.7% |
| Accrued charges and deferred income492/3 | - | - | - | €2,341 | €3,143 | €4,612 | €1,446 | €1,275 | ▼ 11.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,110 | €428 | €22,459 | €98 | €1,520 | -€48,053 | -€10,820 | -€29,065 | ▼ 169% |
| + Depreciation and write-downs630 | €2,535 | €1,957 | €2,386 | €8,262 | €12,702 | €12,350 | €10,427 | €10,041 | ▼ 3.7% |
| Operating cash flow (approximation) | -€6,576 | €2,385 | €24,845 | €8,360 | €14,222 | -€35,703 | -€392 | -€19,024 | ▼ 4,748% |
| Investment in fixed assets (approximation) | - | -€4,017 | -€6,423 | -€144,149 | -€1,318 | €380 | €2,852 | €0 | ▼ 100% |
| Change in cash | - | €9,884 | €28,947 | - | - | - | - | - | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-05-2026 | 2026-00108556 | |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00185897 | |
| 31-12-2023 | micro format | 12-06-2024 | 2024-00123880 | |
| 31-12-2022 | micro format | 11-07-2023 | 2023-00223114 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20112868 | |
| 31-12-2020 | micro format | 15-06-2021 | 2021-20300542 | |
| 31-12-2019 | micro format | 15-05-2020 | 2020-12300359 | |
| 31-12-2018 | micro format | 19-05-2019 | 2019-13500228 |