MSMT
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 30-10-2026 at the NBB all 8 filings
Turnover
€50,433
EBIT margin
0.2%
Net result
€12,529
2025 · -€5,576
Working capital
€26,323▲ 90.8%
2025 · €13,794
Multi-year overview
2019 to 2026, 8 financial yearsTurnover
no figure
2026
20192026
Operating result
€12,574
2026
20192026
Net result
€12,529
2026
20192026
EBIT margin
no figure
2026
20192026
Equity
€26,323
▲ 90.8%
2026
20192026
Total assets
€29,949
▲ 116%
2026
20192026
Debt
€3,626
▲ 44×
2026
20192026
Working capital
€26,323
▲ 90.8%
2026
20192026
Solvency
87.9%
▼ 11.5pp
2026
20192026
Current ratio
8.26
2026
20192026
Return on assets (ROA)
41.8%
▲ 82.0pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Turnover€50,433-
Operating result€80--€4,491€1,812€1,225▼ 32.4%€984▼ 19.7%€4,307▲ 338%-€4,789€12,574
Net result-€767--€5,225▼ 581%€451below the sector's middle half€1,110below the sector's middle half▲ 146%€939below the sector's middle half▼ 15.4%€4,262within the sector's middle half▲ 354%-€5,576below the sector's middle half€12,529
EBIT margin0.2%-
Equity€17,833-€12,608▼ 29.3%€13,059below the sector's middle half▲ 3.6%€14,169below the sector's middle half▲ 8.5%€15,108below the sector's middle half▲ 6.6%€19,370below the sector's middle half▲ 28.2%€13,794below the sector's middle half▼ 28.8%€26,323▲ 90.8%
Total assets€39,824-€27,856▼ 30.1%€16,480below the sector's middle half▼ 40.8%€14,925below the sector's middle half▼ 9.4%€16,312below the sector's middle half▲ 9.3%€21,019below the sector's middle half▲ 28.9%€13,877below the sector's middle half▼ 34.0%€29,949▲ 116%
Debt€21,991-€15,248▼ 30.7%€3,421▼ 77.6%€756▼ 77.9%€1,204▲ 59.3%€1,649▲ 37.0%€83▼ 95.0%€3,626▲ 44×
Working capital€7,088-€3,307▼ 53.3%€4,059within the sector's middle half▲ 22.7%€14,169within the sector's middle half▲ 249%€15,108within the sector's middle half▲ 6.6%€19,370within the sector's middle half▲ 28.2%€13,794within the sector's middle half▼ 28.8%€26,323▲ 90.8%
Solvency44.8%-45.3%▲ 0.5pp79.2%above the sector's middle half▲ 34.0pp94.9%above the sector's middle half▲ 15.7pp92.6%above the sector's middle half▼ 2.3pp92.2%above the sector's middle half▼ 0.5pp99.4%above the sector's middle half▲ 7.2pp87.9%▼ 11.5pp
Current ratio7.67-9.55▲ 1.882.19within the sector's middle half▼ 7.3619.74above the sector's middle half▲ 17.5613.55above the sector's middle half▼ 6.1912.75above the sector's middle half▼ 0.808.26
Return on assets (ROA)-1.9%--18.8%▼ 16.8pp2.7%within the sector's middle half▲ 21.5pp7.4%within the sector's middle half▲ 4.7pp5.8%within the sector's middle half▼ 1.7pp20.3%within the sector's middle half▲ 14.5pp-40.2%below the sector's middle half▼ 60.5pp41.8%▲ 82.0pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 2026 is a profit of €12,574, after a loss of €4,789 in 2025. It is the highest result since 2022.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Equity and liabilities €29,949
Equity
€26,323 ▲ 90.8%
Debt
€3,626 ▲ 44×
Debt's share of the balance-sheet total rises from 0.6% to 12.1%. Equity and debt are higher.
Key figures and ratios
Debt to equity
0.14▲
2025 · 0.01
ROE
47.6%▲
2025 · -40.4%
Debt ≤ 1 year
€3,626▲
2025 · €83
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €50,433 | - | - | - | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,511 | €7,511 | €3,685 | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €432 | €355 | €384 | €638 | €665 | ▲ 4.2% |
| Non-recurring operating charges66A | - | - | - | €120 | - | - | €300 | - | - |
| Gross operating margin9900 | €8,532 | €3,902 | €8,157 | €1,777 | €1,339 | €4,691 | -€3,851 | €13,239 | - |
| Operating profit (loss)9901 | €80 | -€4,491 | €1,812 | €1,225 | €984 | €4,307 | -€4,789 | €12,574 | - |
| Financial charges65/66B | - | - | - | €115 | €45 | €45 | €49 | €45 | ▼ 8.2% |
| Recurring financial charges65 | €847 | €616 | €1,361 | €115 | €45 | €45 | €49 | €45 | ▼ 8.2% |
| Profit (loss) for the period before taxes9903 | -€767 | -€5,107 | €451 | €1,110 | €939 | €4,262 | -€4,838 | €12,529 | - |
| Income taxes67/77 | - | €118 | - | - | - | - | €738 | - | - |
| Profit (loss) for the period9904 | -€767 | -€5,225 | €451 | €1,110 | €939 | €4,262 | -€5,576 | €12,529 | - |
| Profit (loss) for the period to be appropriated9905 | -€767 | -€5,225 | €451 | €1,110 | €939 | €4,262 | -€5,576 | €12,529 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €39,824 | €27,856 | €16,480 | €14,925 | €16,312 | €21,019 | €13,877 | €29,949 | ▲ 116% |
| Fixed assets21/28 | €31,673 | €24,162 | €9,000 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €22,673 | €15,162 | - | - | - | - | - | - | - |
| Financial fixed assets28 | €9,000 | €9,000 | €9,000 | - | - | - | - | - | - |
| Current assets29/58 | €8,151 | €3,694 | €7,480 | €14,925 | €16,312 | €21,019 | €13,877 | €29,949 | ▲ 116% |
| Amounts receivable within one year40/41 | €4,882 | €1,051 | - | €410 | €11,495 | €4,500 | €12,340 | €19,433 | ▲ 57.5% |
| Trade receivables40 | - | - | - | - | - | €4,500 | €4,500 | €4,500 | = |
| Other amounts receivable41 | - | - | - | €410 | €11,495 | - | €7,840 | €14,933 | ▲ 90.5% |
| Cash at bank and in hand54/58 | €3,269 | €2,643 | €7,480 | €14,515 | €4,817 | €16,519 | €1,537 | €10,516 | ▲ 584% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €39,824 | €27,856 | €16,480 | €14,925 | €16,312 | €21,019 | €13,877 | €29,949 | ▲ 116% |
| Equity10/15 | €17,833 | €12,608 | €13,059 | €14,169 | €15,108 | €19,370 | €13,794 | €26,323 | ▲ 90.8% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€767 | -€5,992 | -€5,541 | -€4,431 | -€3,492 | €770 | -€4,806 | €7,723 | - |
| Amounts payable17/49 | €21,991 | €15,248 | €3,421 | €756 | €1,204 | €1,649 | €83 | €3,626 | ▲ 44× |
| Amounts payable after more than one year17 | €20,928 | €14,861 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €1,063 | €387 | €3,421 | €756 | €1,204 | €1,649 | €83 | €3,626 | ▲ 44× |
| Trade debts44 | €312 | - | €619 | €756 | €173 | - | €83 | €2,055 | ▲ 25× |
| Suppliers440/4 | - | - | - | €756 | €173 | - | €83 | €2,055 | ▲ 25× |
| Taxes, remuneration and social security45 | - | - | - | - | €1,031 | €1,649 | - | €1,571 | - |
| Taxes450/3 | - | - | - | - | €1,031 | €1,649 | - | €1,571 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€767 | -€5,225 | €451 | €1,110 | €939 | €4,262 | -€5,576 | €12,529 | - |
| + Depreciation and write-downs630 | €7,511 | €7,511 | €3,685 | - | - | - | - | - | - |
| Operating cash flow (approximation) | €6,744 | €2,286 | €4,136 | €1,110 | €939 | €4,262 | -€5,576 | €12,529 | - |
| Investment in fixed assets (approximation) | - | €0 | €11,477 | - | - | - | - | - | - |
| Change in cash | - | -€626 | €4,837 | €7,035 | -€9,698 | €11,702 | -€14,982 | €8,979 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 26,972 companies had the same profile as MSMT has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MSMT itself is lower: < 0.1% within 12 months. It rests on far more data about MSMT than the profile alone.
Test of the method
The method was tested on the 497,446 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 26,972 companies, not a prediction for MSMT. 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.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 30-10-2026 | 2026-00597101 | |
| 31-03-2025 | micro format | 11-08-2025 | 2025-00370114 | |
| 31-03-2024 | micro format | 02-04-2024 | 2024-00056436 | |
| 31-03-2023 | micro format | 05-10-2023 | 2023-00475350 | |
| 31-03-2022 | micro format | 08-05-2022 | 2022-20024187 | |
| 31-03-2021 | micro format | 17-09-2021 | 2021-67500330 | |
| 31-03-2020 | micro format | 05-11-2020 | 2020-68600448 | |
| 31-03-2019 | micro format | 21-06-2019 | 2019-21000322 |