MSM PROJECTS
ActiveSummary
The computed 12-month bankruptcy probability of MSM PROJECTS is 3.1% (moderate). The annual accounts of MSM PROJECTS for financial year 2025 show a net loss of 51% of the equity at the start of that year. The 2025 annual accounts show equity of €11,644 and a net result of -€11,977. Its solvency ranks better than 25% of 13,692 sector peers (NACE 46, financial year 2025). The company has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Equity
- €11,644
- Loss
- -€11,977
- CAYPHAS SavinienDirector
- RONSMANS Martin Jean CharlesDirector
- TORDEURS Mathieu Marc ClaireDirector
Why 48raises riskFounded in 2023Liquidity: current ratio 0.95, cash €214, halvedLoss of €11,977, the second in a row (financial year 2025)lowers riskSize: total assets €142,226Show the evidence
Checked score
About 3 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 46, micro): better than 22% on solvency, 2% on liquidity, 16% on profitability and 10% on growth.
The bankruptcy probability was computed on 30-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 2 accounts on average on the deadline day; the sector median (NACE 46) for financial year 2024 is 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · micro…
- Annual accounts filedfinancial year 2024 · micro…
- IncorporationAppointments: RONSMANS Martin Jean Charles…
Financials · financial year 2025, micro format
2024 to 2025, 2 financial years
The operating result stays negative: a loss of €11,824 in 2025 against €1,372 in 2024; the loss grows.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 1,301 companies that looked in July 2024 the way this one looks now, 5.5% went bankrupt within 24 months and 92.6% are still going.
- Micro
- 2 to 5 years old
- solvency under 10%
- a small loss
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 3.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,301 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Turnover70 | €44,283 | - | - |
| Goods, raw materials, services and sundry goods60/61 | €44,536 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €735 | €3,734 | ▲ 408% |
| Other operating charges640/8 | €384 | - | - |
| Gross operating margin9900 | -€253 | -€8,090 | ▼ 3,104% |
| Operating profit (loss)9901 | -€1,372 | -€11,824 | ▼ 762% |
| Financial charges65/66B | €7 | €152 | ▲ 21× |
| Recurring financial charges65 | €7 | €152 | ▲ 21× |
| Profit (loss) for the period before taxes9903 | -€1,379 | -€11,977 | ▼ 768% |
| Profit (loss) for the period9904 | -€1,379 | -€11,977 | ▼ 768% |
| Profit (loss) for the period to be appropriated9905 | -€1,379 | -€11,977 | ▼ 768% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €137,071 | €142,226 | ▲ 3.8% |
| Fixed assets21/28 | €21,900 | €18,166 | ▼ 17.1% |
| Intangible fixed assets21 | €19,524 | €16,668 | ▼ 14.6% |
| Tangible fixed assets22/27 | €2,376 | €1,498 | ▼ 37.0% |
| Furniture and vehicles24 | €2,376 | €1,498 | ▼ 37.0% |
| Current assets29/58 | €115,172 | €124,061 | ▲ 7.7% |
| Stocks and contracts in progress3 | €74,710 | €107,048 | ▲ 43.3% |
| Stocks30/36 | €74,710 | €107,048 | ▲ 43.3% |
| Amounts receivable within one year40/41 | €31,143 | €16,799 | ▼ 46.1% |
| Trade receivables40 | €29,404 | €16,799 | ▼ 42.9% |
| Other amounts receivable41 | €1,739 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €8,016 | €214 | ▼ 97.3% |
| Deferred charges and accrued income490/1 | €1,302 | €0 | ▼ 100% |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €137,071 | €142,226 | ▲ 3.8% |
| Equity10/15 | €23,621 | €11,644 | ▼ 50.7% |
| Contributions10/11 | €25,000 | €25,000 | = |
| Profit (loss) carried forward14 | -€1,379 | -€13,356 | ▼ 868% |
| Amounts payable17/49 | €113,451 | €130,582 | ▲ 15.1% |
| Amounts payable within one year42/48 | €113,451 | €130,582 | ▲ 15.1% |
| Financial debts43 | - | €12,038 | - |
| Credit institutions430/8 | - | €12,038 | - |
| Trade debts44 | €25,451 | €9,781 | ▼ 61.6% |
| Suppliers440/4 | €25,451 | €9,781 | ▼ 61.6% |
| Taxes, remuneration and social security45 | €0 | €14,764 | - |
| Taxes450/3 | €0 | €14,764 | - |
| Other amounts payable47/48 | €88,000 | €94,000 | ▲ 6.8% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | -€1,379 | -€11,977 | ▼ 768% |
| + Depreciation and write-downs630 | €735 | €3,734 | ▲ 408% |
| Operating cash flow (approximation) | -€644 | -€8,242 | ▼ 1,179% |
| Investment in fixed assets (approximation) | - | €0 | - |
| Change in cash | - | -€7,802 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (2)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-03-2025 | micro format | 31-10-2025 | 2025-00558857 |
| 31-03-2024 | micro format | 31-10-2024 | 2024-00522922 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| CAYPHAS Savinien |
|
| RONSMANS Martin Jean Charles |
|
| TORDEURS Mathieu Marc Claire |
|
Owners and capital
Capital and shareholders
- RONSMANS Martin Jean Charles €6,292
- TORDEURS Mathieu Marc Claire €12,416
- CAYPHAS Savinien €6,292
The Belgian Official Gazette names shareholders only when an act mentions them; the share register itself is not published.
- 06-12-2023 Incorporation · €25,000 · 1,200 shares
Group and network
Connections & network
3 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
06-12
Gazette deed
IncorporationAppointments: RONSMANS Martin Jean Charles, TORDEURS Mathieu Marc Claire and CAYPHAS Savinien · Founder · Kind of shares15 facts ▸
- Incorporation, 01-12-2023
- Founder, RONSMANS Martin Jean Charles
- Founder, TORDEURS Mathieu Marc Claire
- Founder, CAYPHAS Savinien
- Kind of shares, “A”, 1140 (deed in French)
- Kind of shares, “B”, 60 (deed in French)
- Bank account, 25000, “compte spécial au nom de la société en formation” (deed in French)
- Capital
- Founding capital, €25,000
- Registered office clause, “48 voie de Cornimont à 6833 Vivy, réputée valablement intervenue par actionnaires titulaires titres et certificats” (deed in French)
- Board rule, 3
- Director appointment, RONSMANS Martin Jean Charles (director (not named in the articles))
- +3 further facts in this act
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 31 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 84074B0124/00H000 | Wallonia | 1,199 m² | - | - |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “Le commerce, en gros et au détail, l’importation et l’exportation de toutes boissons, vins et spiritueux, sans que cette liste ne puisse…” (deed in French)
15 activities (deed in French)
- Le commerce, en gros et au détail, l’importation et l’exportation de toutes boissons, vins et spiritueux, sans que cette liste ne puisse être considérée comme limitative.
- L’intermédiation commerciale entre les producteurs et/ou coopératives et les détaillants
- La production, la commercialisation de toutes marques de vins, spiritueux et autres boissons (alcoolisées ou non) sous marque propre ou pour compte de tiers
- L’exploitation, sous sa propre enseigne ou par voie de franchise ou licence de tout snack-bar, bar à vin, cafétariat, sandwicherie, service de cuisine rapide ou de petite restauration, de tout service traiteur et/ou d’un ou plusieurs restaurants et la vente ambulante
- La conception, la préparation et la livraison de repas pour sociétés et particuliers.
- L’achat et la vente, en gros et au détail de toutes les marchandises, fournitures et produits alimentaires ou non, ayant un rapport direct ou indirect avec la dégustation des vins et spiritueux.
- L’organisation, la gestion, la production et la réalisation de tous évènements culturels, sportifs, politiques, privés.
- L’écriture, l’édition et la vente de livres de cuisine dans le sens le plus large
- La création, la production, la réalisation, la distribution de clips, de publicités, de vidéogrammes, de reportages photographiques pour la télévision, la radio, le cinéma, le spectacle, le show ou toutes autres techniques de communications existantes ou à venir.
- Toute opération matérielle ou conceptuelle relative à l’audiovisuel et en particulier la production, la réalisation, la distribution de films de fiction, de films d’animation, de films documentaires, de reportages, de films publicitaires et industriels sur tous types de supports existants ou non encore découverts à ce jour, de courts, moyens ou longs métrages.
- Toutes opérations se rapportant directement ou indirectement à la communication de particulier, d’entreprises, d’institutions, dont entre autre webdesign, graphisme, consultant en image de marque, organisation de campagne publicitaire et promotionnelles sur tous supports média, les relations publiques.
- La consultance et/ou la prestation de services dans les domaines de la gestion, de l’administration, de la restructuration, du développement, de la reconversion et du management d’entreprises, dans le cadre d’une activité de coordination de projets et/ou de tous concepts de gestion et de management d’entreprises en général;
- La constitution, le développement et la gestion d’un patrimoine immobilier ; toutes opérations immobilières quelconques y compris celles se rapportant à tous droits réels immobiliers.
- La constitution, le développement et la gestion d’un patrimoine mobilier ; toutes opérations mobilières quelconques y compris celles se rapportant à tous droits mobiliers.
- L’acquisition de participations sous quelque forme que ce soit de toutes sociétés et personnes morales, existantes ou encore à constituer ayant un objet similaire ou connexe au sien ou susceptible de favoriser le développement de ses activités.
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- MSM PROJECTS
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région Wallonne, par simple décision de l’organe d’administration en tout endroit de la Région Wallonne ou de la région de langue française…” (deed in French)
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “Avec ou sans limitation, organe d'administration” (deed in French)“Rémunération des administrateurs, frais généraux” (deed in French)
Capital, shares and profit
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Moitié cédant moitié acquéreurs, cession d'actions” (deed in French)
- Share issue ruleHow and by whom new shares can be issued.
- One provision in the deed
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Last Friday of August at 18:00
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Décision de l’assemblée générale délibérant comme en matière de modification des statuts” (deed in French)“Délibérant formes modifications statuts, dissolution” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Liquidateurs, assemblée générale désigne liquidateurs détermine pouvoirs émoluments” (deed in French)