Musar
Open bankruptcyAre 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
- Enterprise Court of Antwerp, Antwerp division
- Declared bankrupt
- 3 October 2023
- Supervising judge
- Daniel Servaty
- Official Gazette
- 09-10-2023 (pdf) ↗search the document for 2023/137227
Deadlines
- Provisional date payments stopped
- 3 October 2023Moved back by judgment of 18 April 2024. Payments and security you received since that day can in some cases be challenged by the curator.art. XX.105 CEL
- Appeal or third-party opposition until
- passed on 24 October 2023Fifteen days after the publication in the Official Gazette.art. XX.108 CEL
- File the claim in RegSol until
- passed on 2 November 2023art. XX.104 and XX.155 CEL
- First verification report
- passed on 1 December 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 3 October 2024Late, you share only in what has not been paid out yet, and the costs are yours.art. XX.165 CEL
Curator
- Werenfried SchwagtenPrins Boudewijn- Laan 177-179, 2610 Wilrijk (Antwerpen)w.schwagten@ardent.be
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
Embed in an article
Writing about this bankruptcy? Put the card of Musar in your article: name, enterprise number, its status in the KBO and the latest annual accounts, with a link to this dossier.
Preview
The preview appears here.
- Stays current: the status follows the register, the figures are those of the latest filed accounts. No Checked score or verdict.
- Light on your page: one small script and one data request, also answered from a cache; no cookies, no tracking.
- Where scripts do not run (a newsletter, a feed reader) a plain link remains.
Signals
Two 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 29-08-2022, 29 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 · 7 filingsDeviation from the deadline
2022
not filed
2021
29 d late
2020
67 d late
2019
69 d late
2018
8 d early
2017
on the day
2016
14 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 24 days after the deadline; the sector median for financial year 2022 is 4 days before the deadline, and 39% 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?Process a list How is the Real estate agency activities sector doing?Sector figures
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2021, abbreviated schema
Equity
€666,107▼ 19.4%
2020 · €825,957
Total assets
€4.4m▲ 0.6%
2020 · €4.4m
Net result
-€159,850▼ 1,797%
2020 · -€8,425
Working capital
-€1.1m▼ 20.1%
2020 · -€914,540
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2018201920202021
Operating result€9,830-€189,885▲ 1,832%€44,135▼ 76.8%-€85,167
Net result€282,068-€138,652▼ 50.8%-€8,425within the sector's middle half-€159,850below the sector's middle half▼ 1,797%
Equity€695,730-€834,382▲ 19.9%€825,957within the sector's middle half▼ 1.0%€666,107within the sector's middle half▼ 19.4%
Total assets€1.9m-€3.9m▲ 109%€4.4mwithin the sector's middle half▲ 12.2%€4.4mwithin the sector's middle half▲ 0.6%
Debt€1.2m-€3.1m▲ 163%€3.5m▲ 15.8%€3.7m▲ 5.2%
Working capital€543,547--€899,313-€914,540below the sector's middle half▼ 1.7%-€1.1mbelow the sector's middle half▼ 20.1%
Solvency37.5%-21.5%▼ 16.0pp18.9%within the sector's middle half▼ 2.5pp15.2%within the sector's middle half▼ 3.8pp
Current ratio9.88-0.71▼ 9.170.74within the sector's middle half▲ 0.040.70within the sector's middle half▼ 0.04
Return on assets (ROA)15.2%-3.6%▼ 11.6pp-0.2%within the sector's middle half▼ 3.8pp-3.6%below the sector's middle half▼ 3.5pp
Staff (FTE)0.4below the sector's middle half1.3within the sector's middle half▲ 225%
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2019 Net result -51% on 2018. The accounts now follow the abbreviated schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2021: a loss of €85,167 after €44,135 in 2020, the lowest result in the available series.
Balance-sheet composition
2021 in colour, 2020 as the grey bar beneath
Assets €4.4m
Fixed assets
€1.8m ▲ 3.2%
Current assets
€2.6m ▼ 1.2%
Equity and liabilities €4.4m
Equity
€666,107 ▼ 19.4%
Debt
€3.7m ▲ 5.2%
Debt's share of the balance-sheet total rises from 81.1% to 84.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€78,322▼
2020 · €47,995
Cash flow
-€153,006▼
2020 · -€4,564
Quick ratio
0.52▼
2020 · 0.74
Debt to equity
5.58
ROE
-24.0%▼
2020 · -1.0%
Interest coverage
-0.84
Debt ≤ 1 year
€3.7m▲
2020 · €3.5m
Income taxes
€3,009▲
2020 · €393
Staff costs
€37,736
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 | - | - | - | €2,000 | - |
| Remuneration, social security and pensions62 | - | - | - | €37,736 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €3,733 | €3,861 | €6,844 | ▲ 77.3% |
| Other operating charges640/8 | - | - | - | €8,616 | - |
| Gross operating margin9900 | €9,960 | €199,919 | €65,005 | -€31,970 | ▼ 149% |
| Operating profit (loss)9901 | €9,830 | €189,885 | €44,135 | -€85,167 | ▼ 293% |
| Financial income75/76B | - | - | - | €21,337 | - |
| Recurring financial income75 | €302,069 | €1,562 | €13,577 | €21,004 | ▲ 54.7% |
| Non-recurring financial income76B | - | - | - | €333 | - |
| Financial charges65/66B | - | - | - | €93,011 | - |
| Recurring financial charges65 | €29,835 | €52,794 | €65,745 | €93,011 | ▲ 41.5% |
| Profit (loss) for the period before taxes9903 | €282,064 | €138,652 | -€8,032 | -€156,841 | ▼ 1,853% |
| Income taxes67/77 | -€4 | - | €393 | €3,009 | ▲ 667% |
| Profit (loss) for the period9904 | €282,068 | €138,652 | -€8,425 | -€159,850 | ▼ 1,797% |
| Profit (loss) for the period to be appropriated9905 | €282,068 | €138,652 | -€8,425 | -€159,850 | ▼ 1,797% |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €1.9m | €3.9m | €4.4m | €4.4m | ▲ 0.6% |
| Fixed assets21/28 | €1.3m | €1.7m | €1.7m | €1.8m | ▲ 3.2% |
| Tangible fixed assets22/27 | - | €14,934 | €12,638 | €38,398 | ▲ 204% |
| Furniture and vehicles24 | - | - | - | €38,398 | - |
| Financial fixed assets28 | €1.3m | €1.7m | €1.7m | €1.8m | ▲ 1.7% |
| Current assets29/58 | €604,786 | €2.2m | €2.6m | €2.6m | ▼ 1.2% |
| Stocks and contracts in progress3 | €436,000 | - | €320,000 | €661,357 | ▲ 107% |
| Contracts in progress37 | - | - | - | €661,357 | - |
| Amounts receivable within one year40/41 | €165,639 | €2.1m | €2.3m | €1.9m | ▼ 16.2% |
| Trade receivables40 | - | - | - | €1.4m | - |
| Other amounts receivable41 | - | - | - | €565,606 | - |
| Cash at bank and in hand54/58 | €3,147 | €17,684 | - | €579 | - |
| Deferred charges and accrued income490/1 | - | - | - | €161 | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €1.9m | €3.9m | €4.4m | €4.4m | ▲ 0.6% |
| Equity10/15 | €695,730 | €834,382 | €825,957 | €666,107 | ▼ 19.4% |
| Contributions10/11 | €550,000 | €550,000 | €550,000 | €550,000 | = |
| Capital10 | - | - | - | €550,000 | - |
| Issued capital100 | - | - | - | €550,000 | - |
| Reserves13 | €145,730 | €284,382 | €284,382 | €116,107 | ▼ 59.2% |
| Non-distributable reserves130/1 | - | - | - | €60,000 | - |
| Legal reserve130 | - | - | - | €60,000 | - |
| Distributable reserves133 | - | - | - | €56,107 | - |
| Profit (loss) carried forward14 | -€105,785 | -€136,338 | -€8,425 | - | - |
| Amounts payable17/49 | €1.2m | €3.1m | €3.5m | €3.7m | ▲ 5.2% |
| Amounts payable after more than one year17 | €1.1m | - | - | - | - |
| Amounts payable within one year42/48 | €61,238 | €3.0m | €3.5m | €3.7m | ▲ 4.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1.1m | - |
| Financial debts43 | - | - | - | €2.1m | - |
| Credit institutions430/8 | - | - | - | €2.1m | - |
| Trade debts44 | €528 | €62,845 | €215,760 | €133,210 | ▼ 38.3% |
| Suppliers440/4 | - | - | - | €133,210 | - |
| Taxes, remuneration and social security45 | - | - | - | €6,181 | - |
| Taxes450/3 | - | - | - | €5,457 | - |
| Remuneration and social security454/9 | - | - | - | €724 | - |
| Other amounts payable47/48 | - | - | - | €354,530 | - |
| Accrued charges and deferred income492/3 | - | - | - | €34,196 | - |
| Line | 2018 | 2019 | 2020 | 2021 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €282,068 | €138,652 | -€8,425 | -€159,850 | ▼ 1,797% |
| + Depreciation and write-downs630 | - | €3,733 | €3,861 | €6,844 | ▲ 77.3% |
| Operating cash flow (approximation) | €282,068 | €142,386 | -€4,564 | -€153,006 | ▼ 3,252% |
| Investment in fixed assets (approximation) | - | -€489,334 | -€11,565 | -€61,938 | ▼ 436% |
| Change in cash | - | €14,537 | - | - | - |
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
2025
06-03
Bankruptcy
Supervising judge replaced
Ondernemingsrechtbank Antwerpen, afdeling Antwerpen · event 27-02-2025
2024
29-04
Bankruptcy
Date of cessation of payments moved back
Ondernemingsrechtbank Antwerpen, afdeling Antwerpen · event 18-04-2024
2023
09-10
Bankruptcy
Opening
Ondernemingsrechtbank Antwerpen, afdeling Antwerpen · event 03-10-2023
2022
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 29 days late
2021
31-12
Financial
Weakest financial yearnet -€159,850
Net result drops to -€159,850, the lowest in the series.
06-10
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 67 days late
2020
08-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 69 days late
2019
23-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
17-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
26-07
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
No directors read yet: 0 of 5 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Antwerpen · 1 establishment unit since 2014
Ground area
572 m²
Building footprint
269 m²
Volume, LiDAR
5,837 m³
Parcel 11810K1891/00X002, Flanders · tallest building 25.5 m, ±7 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
Musar
since 20142.233.299.888
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11810K1891/00X002 | Flanders | 572 m² | 1 · 269 m² | 25.5 m · 7 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel 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 | WERENFRIED SCHWAGTEN Prins Boudewijn- Laan 177-179, 2610 Wilrijk (Antwerpen) |
03-10-2023 → present |
Structure & network
Owners and holdings
3 holdingsOwners 0
The accounts to 31-12-2021 list no shareholders, and no other source names one.
Holdings 3
-
100%
-
100%
- IGOR OUD-TURNHOUTsubsidiarySourceown accounts 2021100%
According to the 2021 annual accounts of Musar and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Similar companies · same sector, comparable size
LAMBRECHT CONSULT
BE 0469.221.068
Vorst · Eq €664,911
GEORGES WAEGENAER
BE 0439.320.720
Anderlecht · Eq €667,314
NEXT GENERATION DEVELOPMENT
BE 0446.888.995
Elsene · Eq €667,690
CBI VASTGOED
BE 0589.944.397
Eeklo · Eq €664,474
DECLERCQ
BE 0427.647.165
Brugelette · Eq €667,790
Of 11,749 companies in this sector we hold annual accounts for 6,910. 4,250 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPublic limited company
Founded02-07-2014
Fiscal year end31-12
Activities, NACEBEL 2025
68310Real estate agency activities
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 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.