Turnover
≈ €140,000 estimated
The micro format states no turnover.
MSW-Engineering
Overview
Lifetime
1 annual account with figurespeak €35,141 (2024)
€35,141
peak €15,358 (2024)
€15,358
peak €17,358 (2024)
€17,358
€42,243
Board2 names since 2024
2 directorsMADAME MORREN Stephanie Catherine Albert Roger and 1 other
Documentsfilings and deeds
16-10-202577 days late
2024micro format
Incorporation 17-091 establishment registeredFirst year with figures
Key points
from the 2024 annual accountsDebts
€42,243 71% of the balance sheet
Suppliers 12%Taxes and wages 86%Other 1%
Board
1 left
A director left. Latest change 06-05-2026 · 1 in office.
2024 accounts filed 77 days after the deadline
Checked score
53
Fair
Financially stronger than 49% of micro companies in other professional activities (NACE 74)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
2.4% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 5,430 companies (NACE 74, micro).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
10-2025: 0.6%
11-2025: 0.5%▼ -0.1 percentage points vs 10-2025lowest value
12-2025: 0.5%● unchanged vs 11-2025lowest value
01-2026: 0.5%● unchanged vs 12-2025
02-2026: 0.5%● unchanged vs 01-2026
03-2026: 0.6%▲ +0.1 percentage points vs 02-2026
04-2026: 0.6%● unchanged vs 03-2026
05-2026: 0.6%● unchanged vs 04-2026
06-2026: 0.6%● unchanged vs 05-2026
07-2026: 0.6%● unchanged vs 06-2026
08-2026: 1.1%▲ +0.5 percentage points vs 07-2026
09-2026: 1.4%▲ +0.3 percentage points vs 08-2026
10-2026: 2.4%▲ +1.0 percentage point vs 09-2026highest value
11-2026: 2.4%● unchanged vs 10-2026highest value
Financial strengthStrong
Score breakdown
raises risk
Figures for financial year 2024 (filed on 16-10-2025)
1 financial year not filed after the legal deadline; last filed accounts filed 77 days late; 1 of the last 3 accounts late
Founded in 2024
lowers risk
Sector: Other professional, scientific and technical activities (NACE 74)
Calculation
The band follows from the bankruptcy probability. 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 74, micro). It does better than 34% of them on solvency, 25% on liquidity and 88% on profitability.
The bankruptcy probability was computed on 09-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2024.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 7,976 companies had the same profile as MSW-Engineering has now. Each dot stands for 20 companies, two years later.
94.3%
were still trading
1.8%
stopped another way
3.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MSW-Engineering itself: 2.4% within 12 months.
Test of the method
The method was tested on the 497,447 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 7,976 companies, not a prediction for MSW-Engineering. 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.
Credit verdict
Credit of up to €500 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.37, below the usual 1.5. Short-term debt is 70.9% and cash 23.1% of total assets. 70.9% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises risk
raises risk · 2024 accounts filed 77 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 16-10-2025, 77 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 1 filingDeviation from the deadline
2024
77 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its 2024 accounts 77 days after the deadline. In the sector (NACE 74), the median for financial year 2024 was 3 days before the deadline, and 38% of those companies filed late.
Searched, nothing found (1)
Board and ownership
- MORREN Stephanie Catherine Albert Roger 120 sharesdeed of 28-05-2026
Recent changes
New sole director
MORREN Stephanie Catherine Albert Roger appointed, WALCKIERS Stephan resigned · Transfer of shares from WALCKIERS Stephan to MORREN Stephanie Catherine Albert Roger · MORREN Stephanie Catherine Albert Roger holds 120 shares · General meeting of 08-05-2026 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:1013566064
Incorporation
Founding capital of €2,000, 120 shares · Founders: WALCKIERS Stephan and MORREN Stephanie Catherine Albert Roger · Appointments: MORREN Stephanie Catherine Albert Roger (director) and WALCKIERS Stephan (director) · published on 17-09-2024 · Gazette deed
First establishment
MSW Engineering, Ganzenweidestraat 131, Brussels
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MSW-Engineering Brussels | €59,601 | €35,141 | 29.1% | - |
| Building Digital Antwerp | €58,546 | €37,338 | 83.8% | - |
| Co Design Diksmuide | €52,901 | €41,366 | 60.4% | - |
| Latiwola Oudenburg | €52,051 | €37,548 | 61.2% | - |
| Phidecon Oudenaarde | €68,357 | €52,774 | 68.0% | - |
| VD Création Couvin | €80,952 | €43,652 | 10.9% | - |
| KYOS CONCEPT Uccle | €57,341 | €19,317 | 69.5% | - |
These companies have the same main activity as MSW-Engineering: other professional, scientific and technical activities (NACE 74112). They are comparable in size and age: total assets between €52,100 and €81,000, founded between 2024 and 2025.
Official details
Source: KBO- Status
- Active since 13-09-2024Normal situation
- Activity
- Other professional, scientific and technical activitiesNACE 74112and 4 others
- Establishment unit
- 2.363.563.6631130 Brussels, since 13-09-2024
- Financial year end
- 31 December
- Peppol
- Reachable since 19-01-2026
Insights on MSW-Engineering
The computed 12-month bankruptcy probability of MSW-Engineering is 2.4% (moderate). The 2024 annual accounts show equity of €17,358 and a net result of €15,358.
Its solvency ranks better than 33% of 4,285 sector peers (NACE 74, financial year 2024). The company has been active since 2024 and the Belgian Official Gazette contains no insolvency or warning signals.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
Annual accounts 2024
micro format, filed on 16-10-2025, 77 days late€35,141
€19,427
€15,358
€15,781
29.1%
1.37
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €140,000. Estimated: probably between €85,000 and €250,000.
Balance sheet
balance sheet total €59,601 on 31-12-2024What the company ownsHow it is paid for
Position in the sector
29.1%
Higher than 33% of 4,285 companies in 2024.
1.37
Higher than 37% of 4,125 companies in 2024.
25.8%
Higher than 76% of 4,160 companies in 2024.
MSW-Engineering
Middle half of the sector
80% of the sector
Micro accounts in other professional activities (NACE 74)
Net result: middle half · Equity: middle half · Balance sheet total: middle half · Working capital: middle half
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2024 |
|---|---|---|
| Balance sheet: assets | ||
20/58 |
59,601 | |
20 |
1,577 | |
29/58 |
58,024 | |
40/41 |
43,891 | |
40 |
43,891 | |
54/58 |
13,764 | |
490/1 |
369 | |
| Balance sheet: equity and liabilities | ||
10/49 |
59,601 | |
10/15 |
17,358 | |
10/11 |
2,000 | |
14 |
15,358 | |
17/49 |
42,243 | |
42/48 |
42,243 | |
44 |
5,094 | |
440/4 |
5,094 | |
45 |
36,523 | |
450/3 |
30,925 | |
454/9 |
5,597 | |
47/48 |
626 | |
| Income statement | ||
9900 |
35,141 | |
62 |
15,088 | |
630 |
626 | |
9901 |
19,427 | |
65/66B |
28 | |
65 |
28 | |
9903 |
19,399 | |
67/77 |
4,041 | |
9904 |
15,358 | |
9905 |
15,358 | |
| Appropriation of the result | ||
9906 |
15,358 | |
| Document | ||
The notes to these accounts have 1 item. You find them in the accounts filed with the NBB.
Source: Annual accounts 2024 at the NBB, filed on 16-10-2025.
Filings
each dot is a set of accounts, on the day it reached the National Bank2024 annual accounts filed 77 days after the deadline. Filed on 16 October 2025, deadline 31 July 2025 (7 months after the close on 31 December 2024, Companies Code art. 3:10). Source: NBB, 2025-00543915.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 16-10-2025 | 2025-00543915 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2024 |
|---|---|---|
| 20,053 | ||
| 15,984 | ||
| 15,781 | ||
| 29.1% | ||
| 1.37 | ||
| 2.43 | ||
| 88.5% | ||
| 25.8% | ||
| over 100 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Insights on MSW-Engineering
Debt's share of the balance-sheet total is 70.9%.
Board & ownership
Board
1 director, no change since May 2026Sole director
appointed by deed of 17-09-2024
term without a fixed end
- Signing authorityThe articles say who may bind the company, for example by signing a contract.
- Each director alonedeed of 17-09-2024
Mandates through the years
2 names, the dashed line is todayMADAME MORREN Stephanie Catherine Albert Roger
Director (not named in the articles)
Director (not named in the articles)
MONSIEUR WALCKIERS Stephan
Director (not named in the articles)
Director (not named in the articles)
BoardEarlier
Mandates as a list
- MADAME MORREN Stephanie Catherine Albert Roger
- Director (not named in the articles), appointed by deed of 17-09-2024, still in office
- MONSIEUR WALCKIERS Stephan
- Director (not named in the articles), appointed by deed of 17-09-2024, until 06-05-2026
Control
Shareholder
MORREN Stephanie Catherine Albert Roger
This company
MSW-Engineering
Equity €17,358
Profit €15,358 in 2024
Capital
- Contribution
- €2,000
- Shares
- 120
- Contribution per share
- €16.67
- Equity per share
- €145 in 2024
- Source
- deed of 17-09-2024
Articles of association
deed of 17-09-2024 (in French)- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimited
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- At least 1 director
- Kind of sharesThe articles set which classes of shares exist and what rights each class carries.
- “Cent (120) actions, en rémunération des apports”
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Last Saturday of June at 18:00
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
Shareholders
Stated in the deed
deed of 28-05-2026 ↗
- MORREN Stephanie Catherine Albert Roger 120 shares
Share transfer
deed of 28-05-2026 ↗
- WALCKIERS Stephan to MORREN Stephanie Catherine Albert Roger
At incorporation
deed of 17-09-2024 ↗
- WALCKIERS Stephan 60 shares (50%) · €1,000 in cash
- MORREN Stephanie Catherine Albert Roger 60 shares (50%) · €1,000 in cash
Network & group
No group
MSW-Engineering has no parent and no holdings in its annual accounts. MADAME MORREN Stephanie Catherine Albert Roger is the only director. MSW-Engineering shares no director with another company.
Timeline
Timeline
5 events since 2024Board
Filings
Establishments
202420252026
2026
New sole directorMORREN Stephanie Catherine Albert Roger appointed, WALCKIERS Stephan resigned · Transfer of shares from WALCKIERS Stephan to MORREN Stephanie Catherine Albert Roger · MORREN Stephanie Catherine Albert Roger holds 120 shares · General meeting of 08-05-20265 points ▸
- General meeting, 08-05-2026
- Share transfer, WALCKIERS Stephan → MORREN Stephanie Catherine Albert Roger
- MORREN Stephanie Catherine Albert Roger holds 120 shares
- Director resignation, WALCKIERS Stephan
- Director appointment, MORREN Stephanie Catherine Albert Roger (sole director)
- The deed holds 1 more point.
Registered in the Peppol Directory Reachable for e-invoices through 0208:1013566064
2025
Annual accounts 2024 filed NBBmicro format · 77 days late
2024
IncorporationFounding capital of €2,000, 120 shares · Founders: WALCKIERS Stephan and MORREN Stephanie Catherine Albert Roger · Appointments: MORREN Stephanie Catherine Albert Roger (director) and WALCKIERS Stephan (director) · published on 17-09-20247 points ▸
- Founder, WALCKIERS Stephan
- Founder, MORREN Stephanie Catherine Albert Roger
- Founding capital, €2,000, 120 shares
- Registered office clause, Rue du pré aux oies 131, 1130 Haren
- Director appointment, MORREN Stephanie Catherine Albert Roger (director (not named in the articles))
- Director appointment, WALCKIERS Stephan (director (not named in the articles))
- Power of attorney, proxy holder
- The deed holds 8 more points.
First establishment MSW Engineering, Ganzenweidestraat 131, Brussels
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
History
On 13 September 2024, MSW-Engineering was incorporated as a private limited company by two natural persons, with a starting capital of €2,000.12 MADAME MORREN Stephanie Catherine Albert Roger is sole director of the company, appointed by deed of 17-09-2024.2 The company has filed annual accounts once, for financial year 2024.3
Company details
Identity
- Enterprise number
- 1013.566.064
- VAT number
- BE 1013.566.064
- Peppol ID
- 0208:1013566064
- Legal form
- Private limited company
- Status
- Active, normal situation
- Founded
- 13-09-2024
- Financial year
- ends on 31 December
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Last Saturday of June at 18:00deed of 17-09-2024 (in French)
- Peppol
- Reachable since 19-01-2026Follow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- MSW-Engineering in French
- Entity type
- Legal entity
- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimiteddeed of 17-09-2024 (in French)
- Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
- “Région de Bruxelles-Capitale”deed of 17-09-2024 (in French)
Activities
NACEBEL 2025VAT activities
74112
Other professional, scientific and technical activities main activity
Social security (RSZ) activities
71121
Engineering and related technical consultancy, excluding land surveyors main activity
Codes under NACEBEL 2008
VAT activities
74102
Other professional, scientific and technical activities main activity
63990
Computing infrastructure, data processing, hosting and other information service activities
70220
Business consulting
71121
Engineering activities
74109
Other professional, scientific and technical activities
Social security (RSZ) activities
71121
Engineering activities main activity
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “La société peut faire toutes opérations commerciales, industrielles, immobilières, mobilières ou financières se rattachant directement ou…”deed of 17-09-2024 (in French)
6 activities
- La société peut faire toutes opérations commerciales, industrielles, immobilières, mobilières ou financières se rattachant directement ou indirectement à son objet ou susceptibles d’en faciliter la réalisation.
- La société peut s’associer par voie d’apport, de fusion, de souscription ou de toute autre manière, dans les entreprises, associations ou sociétés ayant un objet similaire, analogue ou connexe ou qui sont utiles à la réalisation de tout ou partie de son objet.
- L’énumération ci-dessus n’est pas limitative, de sorte que la société peut accomplir tous les actes qui peuvent, d’une manière ou d’une autre, contribuer à la réalisation de son objet.
- La société peut réaliser son objet tant en Belgique qu’à l’étranger, de toutes les manières et par tous les moyens qu’elle juge les plus appropriés.
- La constitution, le développement judicieux et la gestion d’un patrimoine immobilier ; toutes les opérations relatives aux biens immobiliers et aux droits réels immobiliers, telles que le crédit-bail immobilier à des tiers, l’achat, la vente, l’échange, la construction, la transformation, l’entretien, la location, le lotissement, la prospection et l’exploitation de biens immobiliers ; l’achat et la vente, la location et l’affermage de biens mobiliers, ainsi que tous les actes se rapportant directement ou indirectement à cet objet et de nature à favoriser la rentabilité des biens mobiliers et immobiliers, ainsi qu’à se porter garant de la bonne exécution des engagements pris par les tiers qui auraient la jouissance de ces biens mobiliers et immobiliers.
- La constitution, le développement judicieux et la gestion d’un patrimoine mobilier, toutes les opérations relatives aux biens et droits mobiliers, de quelque nature qu’elles soient, telles que l’acquisition par souscription ou achat et la gestion d’actions, d’obligations, de bons de caisse ou d’autres titres mobiliers, sous quelque forme que ce soit, de personnes morales et des sociétés belges ou étrangères, existantes ou à constituer.
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| MSW Engineering registered office Ganzenweidestraat 131, 1130 Brussels | 13-09-2024 | 2.363.563.663 |
Buildings and parcels at the address
- Ground area
- 341 m²
- Buildings
- 85 m²
- Volume, LiDAR
- 711 m³
- Tallest building
- 12.1 m
Buildings to scale, each on its own parcel
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21821A0067/00G000 | 340 m² | 1 · 85 m² | 12.1 m · 3 |