MSM CONSTRUCT
Open bankruptcyA bankruptcy procedure is open for MSM CONSTRUCT according to publications in the Belgian State Gazette; curator: EMILIE MICHEL.
Summary
The 2021 annual accounts show equity of €48,846 and a net result of -€32,186.
Are you a creditor?
Open bankruptcy
Source: Belgian Official Gazette
If this company owes you money, you are not paid automatically: you file your claim yourself, within the deadline the judgment sets.
The procedure
- Court
- French-language Enterprise Court of Brussels
- Declared bankrupt
- 14 August 2023
- Supervising judge
- Georges Noblesse
- Official Gazette
- 18-08-2023 (pdf) ↗search the document for 2023/131935
Deadlines
- Appeal or third-party opposition until
- passed on 2 September 2023Fifteen days after the publication in the Official Gazette.art. XX.108 CEL
- File the claim in RegSol until
- passed on 13 September 2023art. XX.104 and XX.155 CEL
- First verification report
- passed on 20 September 2023Goods that belong to you, such as those delivered under retention of title, are reclaimed before this day.art. XX.104 and XX.194 CEL
- Late claim until
- passed on 14 August 2024Late, you share only in what has not been paid out yet, and the costs are yours.art. XX.165 CEL
Curator
- Emilie MichelAvenue De Fre 229, 1180 02 Uccleemilie.michel@kairos.law
What to do now
- Do not deliver on credit any more without an agreement with the curator.
- Gather your documents: invoices, purchase orders, contract, delivery notes and reminders.
- File your proof of claim in RegSol (regsol.be), yourself with eID or itsme, or through your lawyer. State principal, interest and costs separately, and any preferential right you hold.
- Delivered under retention of title? Reclaim your goods before the first report on the verification of claims.
- Ask your accountant about the VAT on the unpaid invoices: in a bankruptcy it can be recovered under conditions.
- Follow the file in RegSol: the verification report (admitted or disputed) and the curator's reports appear there.
The deadlines above come from the publication of the judgment. Check them in RegSol before you file anything; a passed deadline no longer applies.
File a claim in RegSol ↗
Watch
Follow this bankruptcy: you are alerted when it is closed or reversed.
General information, not legal advice. If in doubt, the curator, your lawyer or your accountant can help.Creditor guide for this company
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Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
neutral · Filed after the deadline
The financial year that closed on 31-12-2021 was due by 31-07-2022 and was filed on 02-08-2022, 2 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 · 6 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
not filed
2022
not filed
2021
2 d late
2020
13 d late
2019
94 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 3 accounts on average 36 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (1)
History
Go further with this company
Who ran this company, and where was it based, on a date before the end?Company as of a date Is the registered address a letterbox address or a business centre?Addresses Are there other customers at risk in your own list?List enrichment How is the General construction of residential buildings sector doing?Sector figures
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2021, micro schema
Equity
€48,846▼ 39.7%
2020 · €81,032
Total assets
€367,971▲ 95.8%
2020 · €187,933
Net result
-€32,186
2020 · €2,019
Working capital
€48,909▼ 38.0%
2020 · €78,839
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2018201920202021
Operating result€25,698-€35,195▲ 37.0%€26,217▼ 25.5%-€10,304
Net result€12,038-€15,429▲ 28.2%€2,019within the sector's middle half▼ 86.9%-€32,186below the sector's middle half
Equity€63,584-€79,013▲ 24.3%€81,032within the sector's middle half▲ 2.6%€48,846within the sector's middle half▼ 39.7%
Total assets€472,353-€194,805▼ 58.8%€187,933within the sector's middle half▼ 3.5%€367,971above the sector's middle half▲ 95.8%
Debt€408,769-€115,792▼ 71.7%€106,902▼ 7.7%€319,125▲ 199%
Working capital€57,572-€75,216▲ 30.6%€78,839within the sector's middle half▲ 4.8%€48,909within the sector's middle half▼ 38.0%
Solvency13.5%-40.6%▲ 27.1pp43.1%within the sector's middle half▲ 2.6pp13.3%below the sector's middle half▼ 29.8pp
Current ratio1.17-2.25▲ 1.082.14within the sector's middle half▼ 0.121.16within the sector's middle half▼ 0.97
Return on assets (ROA)2.5%-7.9%▲ 5.4pp1.1%within the sector's middle half▼ 6.8pp-8.7%below the sector's middle half▼ 9.8pp
Staff (FTE)0.5
above
within
below
the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2021: a loss of €10,304 after €26,217 in 2020, the lowest result in the available series.
Balance-sheet composition
2021 in colour, 2020 as the grey bar beneath
Assets €367,971
Fixed assets
€18,856 ▼ 52.5%
Current assets
€349,115 ▲ 136%
Equity and liabilities €367,971
Equity
€48,846 ▼ 39.7%
Debt
€319,125 ▲ 199%
Debt's share of the balance-sheet total rises from 56.9% to 86.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€9,576▼
2020 · €46,096
Cash flow
-€12,306▼
2020 · €21,898
Debt to equity
6.53▲
2020 · 0.46
ROE
-65.9%▼
2020 · 2.5%
Interest coverage
0.44
Debt ≤ 1 year
€300,206▲
2020 · €69,389
Debt > 1 year
€18,919▼
2020 · €37,513
Staff costs
€27,704
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €2,566 | - |
| Remuneration, social security and pensions62 | - | - | - | €27,704 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,047 | €21,057 | €19,879 | €19,879 | = |
| Other operating charges640/8 | - | - | - | €585 | - |
| Gross operating margin9900 | €51,244 | €67,509 | €51,902 | €37,865 | ▼ 27.0% |
| Operating profit (loss)9901 | €25,698 | €35,195 | €26,217 | -€10,304 | ▼ 139% |
| Financial income75/76B | - | - | - | €20 | - |
| Recurring financial income75 | €0 | €2,544 | €1,111 | €20 | ▼ 98.2% |
| Financial charges65/66B | - | - | - | €21,902 | - |
| Recurring financial charges65 | €9,973 | €19,824 | €23,229 | €21,902 | ▼ 5.7% |
| Profit (loss) for the period before taxes9903 | €15,725 | €17,916 | €4,100 | -€32,186 | ▼ 885% |
| Income taxes67/77 | €3,687 | €2,487 | €2,081 | - | - |
| Profit (loss) for the period9904 | €12,038 | €15,429 | €2,019 | -€32,186 | ▼ 1,694% |
| Transfer from tax-exempt reserves789 | - | - | - | €18,750 | - |
| Profit (loss) for the period to be appropriated9905 | €12,038 | €15,429 | €2,019 | -€13,436 | ▼ 765% |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €472,353 | €194,805 | €187,933 | €367,971 | ▲ 95.8% |
| Fixed assets21/28 | €79,760 | €59,584 | €39,705 | €18,856 | ▼ 52.5% |
| Tangible fixed assets22/27 | €78,790 | €58,614 | €38,735 | €18,856 | ▼ 51.3% |
| Furniture and vehicles24 | - | - | - | €18,856 | - |
| Financial fixed assets28 | €970 | €970 | €970 | - | - |
| Current assets29/58 | €392,593 | €135,221 | €148,228 | €349,115 | ▲ 136% |
| Amounts receivable within one year40/41 | €385,794 | €124,168 | €144,461 | €345,689 | ▲ 139% |
| Trade receivables40 | - | - | - | €341,564 | - |
| Other amounts receivable41 | - | - | - | €4,125 | - |
| Cash at bank and in hand54/58 | €3,519 | €6,229 | €2,277 | €3,426 | ▲ 50.5% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €472,353 | €194,805 | €187,933 | €367,971 | ▲ 95.8% |
| Equity10/15 | €63,584 | €79,013 | €81,032 | €48,846 | ▼ 39.7% |
| Contributions10/11 | €6,300 | €6,300 | - | €6,300 | - |
| Reserves13 | €21,330 | €21,330 | €21,330 | €2,580 | ▼ 87.9% |
| Non-distributable reserves130/1 | - | - | - | €2,580 | - |
| Reserves not available under the articles1311 | - | - | - | €2,580 | - |
| Profit (loss) carried forward14 | €35,954 | €51,382 | €53,401 | €39,966 | ▼ 25.2% |
| Amounts payable17/49 | €408,769 | €115,792 | €106,902 | €319,125 | ▲ 199% |
| Amounts payable after more than one year17 | €73,748 | €55,787 | €37,513 | €18,919 | ▼ 49.6% |
| Financial debts170/4 | - | - | - | €18,919 | - |
| Amounts payable within one year42/48 | €335,021 | €60,005 | €69,389 | €300,206 | ▲ 333% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,594 | - |
| Financial debts43 | - | - | - | €65 | - |
| Credit institutions430/8 | - | - | - | €65 | - |
| Trade debts44 | €280,058 | €15,540 | €17,693 | €260,273 | ▲ 1,371% |
| Suppliers440/4 | - | - | - | €260,273 | - |
| Taxes, remuneration and social security45 | - | - | - | €11,159 | - |
| Taxes450/3 | - | - | - | €491 | - |
| Remuneration and social security454/9 | - | - | - | €10,667 | - |
| Other amounts payable47/48 | - | - | - | €10,116 | - |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,038 | €15,429 | €2,019 | -€32,186 | ▼ 1,694% |
| + Depreciation and write-downs630 | €23,047 | €21,057 | €19,879 | €19,879 | = |
| Operating cash flow (approximation) | €35,085 | €36,486 | €21,898 | -€12,306 | ▼ 156% |
| Investment in fixed assets (approximation) | - | -€882 | €0 | €970 | - |
| Change in cash | - | €2,711 | -€3,952 | €1,149 | ▲ 129% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2023
18-08
Bankruptcy
Opening
Tribunal de l’entreprise francophone de Bruxelles · event 14-08-2023
2022
02-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 2 days late
2021
31-12
Financial
Weakest financial yearnet -€32,186
Net result drops to -€32,186, the lowest in the series.
13-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 13 days late
2020
02-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 94 days late
2019
31-12
Financial
Highest result since 2018net €15,429 ▲28.2%
Operating result €35,195, net result €15,429, both a record.
15-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 76 days late
2018
14-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 45 days late
2017
05-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 10 acts read
About the unread acts
We know of 10 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
10 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, Sint-Gillis (bij-Brussel) · 1 establishment unit since 2015
Ground area
220 m²
Building footprint
148 m²
Volume, LiDAR
806 m³
2 parcels, Brussels, Wallonia · tallest building 14.3 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
Rue des Ponts 112, 1480 Tubize
since 20152.248.400.216
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25105C0067/00F002 | Wallonia | 137 m² | 1 · 74 m² | - |
| 21013B0392/00G005 | Brussels | 83 m² | 1 · 74 m² | 14.3 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | EMILIE MICHEL AVENUE DE FRE 229, 1180 02 UCCLE- |
14-08-2023 → present |
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Of 29,787 companies in sector 41001 we hold annual accounts for 16,052. 13,073 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded15-07-2015
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
41002Construction of residential and non-residential buildings
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.