MUSE
ActiveSummary
MUSE has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €328k and a net result of €85k. Equity is growing by ~10.5% per year across the filed fiscal years. Its solvency ranks better than 66% of 31791 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability92▼-2
Solvency97▼-3
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30k at 30 days acceptable
Liquidity ample (current ratio 3.21 against 4.02 in 2024; short-term debt: 28.4% and cash: 84.1% of total assets), and 28.4% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
71.6%
Return on assets
18.6%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-03-2026, 122 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
122 d early
2024
66 d early
2023
44 d early
2022
34 d early
2021
38 d early
2020
31 d late
2019
31 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€328k▲ 10.4%
2024 · €297k
2018: €163klowest in 8 years
2019: €174k▲ +6.9% vs 2018
2020: €204k▲ +17.2% vs 2019
2021: €212k▲ +4.1% vs 2020
2022: €248k▲ +16.8% vs 2021
2023: €267k▲ +7.6% vs 2022
2024: €297k▲ +11.5% vs 2023
2025: €328k▲ +10.4% vs 2024highest in 8 years
2018 → 2025
Total assets
€458k▲ 20.3%
2024 · €381k
2018: €251klowest in 8 years
2019: €290k▲ +15.6% vs 2018
2020: €299k▲ +3.1% vs 2019
2021: €275k▼ -8.0% vs 2020
2022: €331k▲ +20.0% vs 2021
2023: €368k▲ +11.2% vs 2022
2024: €381k▲ +3.6% vs 2023
2025: €458k▲ +20.3% vs 2024highest in 8 years
2018 → 2025
Net result
€85k▲ 12.0%
2024 · €76k
2018: €58k
2019: €71k▲ +21.8% vs 2018
2020: €90k▲ +26.3% vs 2019highest in 8 years
2021: €51k▼ -42.9% vs 2020lowest in 8 years
2022: €76k▲ +47.4% vs 2021
2023: €64k▼ -14.9% vs 2022
2024: €76k▲ +18.4% vs 2023
2025: €85k▲ +12.0% vs 2024
2018 → 2025
Working capital
€287k▲ 14.1%
2024 · €252k
2018: €152k
2019: €144k▼ -4.9% vs 2018lowest in 8 years
2020: €173k▲ +20.0% vs 2019
2021: €185k▲ +6.6% vs 2020
2022: €217k▲ +17.5% vs 2021
2023: €220k▲ +1.2% vs 2022
2024: €252k▲ +14.7% vs 2023
2025: €287k▲ +14.1% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€212k-€248k▲ 16.8%€267k▲ 7.6%€297k▲ 11.5%€328k▲ 10.4%
2021: €212klowest in 5 years
2022: €248k▲ +16.8% vs 2021
2023: €267k▲ +7.6% vs 2022
2024: €297k▲ +11.5% vs 2023
2025: €328k▲ +10.4% vs 2024highest in 5 years
Operating result€78k-€112k▲ 44.4%€106k▼ 6.0%€111k▲ 4.8%€123k▲ 11.5%
2021: €78klowest in 5 years
2022: €112k▲ +44.4% vs 2021
2023: €106k▼ -6.0% vs 2022
2024: €111k▲ +4.8% vs 2023
2025: €123k▲ +11.5% vs 2024highest in 5 years
Net result€51k-€76k▲ 47.4%€64k▼ 14.9%€76k▲ 18.4%€85k▲ 12.0%
2021: €51klowest in 5 years
2022: €76k▲ +47.4% vs 2021
2023: €64k▼ -14.9% vs 2022
2024: €76k▲ +18.4% vs 2023
2025: €85k▲ +12.0% vs 2024highest in 5 years
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 12% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €458k
Fixed assets
€41k ▼ 10.3%
Current assets
€417k ▲ 24.4%
Equity and liabilities €458k
Equity
€328k ▲ 10.4%
Debt
€130k ▲ 55.6%
Debt's share of the balance-sheet total rises from 21.9% to 28.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€135k▲
2024 · €123k
Cash flow
€97k▲
2024 · €88k
Current ratio
3.21▼
2024 · 4.02
Debt to equity
0.40▲
2024 · 0.28
ROE
26.0%▲
2024 · 25.6%
ROA
18.6%▼
2024 · 20.0%
Interest coverage
108.20▲
2024 · 100.12
Debt ≤ 1 year
€130k▲
2024 · €83k
Income taxes
€40k▲
2024 · €36k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 47 lines
Balance sheet
Code20242025
Assets
Total assets20/58€381k€458k▲
Fixed assets21/28€45k€41k▼
Tangible fixed assets22/27€45k€41k▼
Land and buildings22€17k€18k▲
Plant, machinery and equipment23€1k€980▼
Furniture and vehicles24€27k€22k▼
Current assets29/58€335k€417k▲
Amounts receivable within one year40/41€22k€31k▲
Trade receivables40€22k€30k▲
Other amounts receivable41€0€594▲
Cash at bank and in hand54/58€311k€385k▲
Deferred charges and accrued income490/1€2k€1k▼
Equity and liabilities
Total equity and liabilities10/49€381k€458k▲
Equity10/15€297k€328k▲
Contributions10/11€14k€14k=
Reserves13€271k€301k▲
Distributable reserves133€271k€301k▲
Profit (loss) carried forward14€12k€12k=
Amounts payable17/49€83k€130k▲
Amounts payable within one year42/48€83k€130k▲
Financial debts43€5k€4k▼
Credit institutions430/8€5k€4k▼
Trade debts44€8k€40k▲
Suppliers440/4€8k€40k▲
Taxes, remuneration and social security45€26k€29k▲
Taxes450/3€26k€29k▲
Other amounts payable47/48€44k€57k▲
Accrued charges and deferred income492/3€0-
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€12k€12k=
Other operating charges640/8€24€821▲
Gross operating margin9900€123k€136k▲
Operating profit (loss)9901€111k€123k▲
Financial income75/76B€2k€3k▲
Recurring financial income75€2k€3k▲
Financial charges65/66B€1k€1k▲
Recurring financial charges65€1k€1k▲
Profit (loss) for the period before taxes9903€112k€125k▲
Income taxes67/77€36k€40k▲
Profit (loss) for the period9904€76k€85k▲
Profit (loss) for the period to be appropriated9905€76k€85k▲
Appropriation of the result
Profit (loss) to be appropriated9906€89k€98k▲
Profit (loss) brought forward from the previous period14P€12k€12k=
Transfer from equity791/2€45k€55k▲
Transfer to equity691/2€76k€85k▲
To other reserves6921€76k€85k▲
Profit to be distributed694/7€45k€55k▲
Return on contributions (dividend)694€45k€55k▲
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €176 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10k | €6k | €9k | €12k | €12k | = |
| Other operating charges640/8 | €550 | €559 | €409 | €24 | €821 | ▲ 3,320% |
| Gross operating margin9900 | €88k | €119k | €115k | €123k | €136k | ▲ 11.1% |
| Operating profit (loss)9901 | €78k | €112k | €106k | €111k | €123k | ▲ 11.5% |
| Financial income75/76B | €362 | €175 | €60 | €2k | €3k | ▲ 24.0% |
| Recurring financial income75 | €362 | €175 | €60 | €2k | €3k | ▲ 24.0% |
| Financial charges65/66B | €1k | €1k | €1k | €1k | €1k | ▲ 2.2% |
| Recurring financial charges65 | €1k | €1k | €1k | €1k | €1k | ▲ 2.2% |
| Profit (loss) for the period before taxes9903 | €77k | €111k | €104k | €112k | €125k | ▲ 11.9% |
| Income taxes67/77 | €26k | €36k | €40k | €36k | €40k | ▲ 11.6% |
| Profit (loss) for the period9904 | €51k | €76k | €64k | €76k | €85k | ▲ 12.0% |
| Transfer from tax-exempt reserves789 | €4k | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €55k | €76k | €64k | €76k | €85k | ▲ 12.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €275k | €331k | €368k | €381k | €458k | ▲ 20.3% |
| Fixed assets21/28 | €27k | €31k | €48k | €45k | €41k | ▼ 10.3% |
| Tangible fixed assets22/27 | €27k | €31k | €48k | €45k | €41k | ▼ 10.3% |
| Land and buildings22 | €24k | €21k | €17k | €17k | €18k | ▲ 3.0% |
| Plant, machinery and equipment23 | - | - | €2k | €1k | €980 | ▼ 25.7% |
| Furniture and vehicles24 | €4k | €10k | €28k | €27k | €22k | ▼ 18.0% |
| Current assets29/58 | €248k | €300k | €320k | €335k | €417k | ▲ 24.4% |
| Amounts receivable within one year40/41 | €21k | €32k | €51k | €22k | €31k | ▲ 37.4% |
| Trade receivables40 | €13k | €32k | €49k | €22k | €30k | ▲ 34.7% |
| Other amounts receivable41 | €8k | €0 | €1k | €0 | €594 | - |
| Cash at bank and in hand54/58 | €227k | €268k | €268k | €311k | €385k | ▲ 23.9% |
| Deferred charges and accrued income490/1 | €395 | €690 | €1k | €2k | €1k | ▼ 34.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €275k | €331k | €368k | €381k | €458k | ▲ 20.3% |
| Equity10/15 | €212k | €248k | €267k | €297k | €328k | ▲ 10.4% |
| Contributions10/11 | €14k | €14k | €14k | €14k | €14k | = |
| Reserves13 | €145k | €221k | €240k | €271k | €301k | ▲ 11.4% |
| Non-distributable reserves130/1 | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | €0 | - | - | - | - | - |
| Tax-exempt reserves132 | €0 | - | - | - | - | - |
| Distributable reserves133 | €145k | €221k | €240k | €271k | €301k | ▲ 11.4% |
| Profit (loss) carried forward14 | €52k | €12k | €12k | €12k | €12k | = |
| Amounts payable17/49 | €63k | €83k | €101k | €83k | €130k | ▲ 55.6% |
| Amounts payable within one year42/48 | €63k | €83k | €100k | €83k | €130k | ▲ 55.6% |
| Financial debts43 | €5k | €5k | €5k | €5k | €4k | ▼ 24.4% |
| Credit institutions430/8 | €5k | €5k | €5k | €5k | €4k | ▼ 24.4% |
| Trade debts44 | €9k | €13k | €36k | €8k | €40k | ▲ 380% |
| Suppliers440/4 | €9k | €13k | €36k | €8k | €40k | ▲ 380% |
| Taxes, remuneration and social security45 | €7k | €34k | €14k | €26k | €29k | ▲ 10.1% |
| Taxes450/3 | €7k | €34k | €14k | €26k | €29k | ▲ 10.1% |
| Other amounts payable47/48 | €43k | €30k | €45k | €44k | €57k | ▲ 30.7% |
| Accrued charges and deferred income492/3 | €0 | - | €530 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €51k | €76k | €64k | €76k | €85k | ▲ 12.0% |
| + Depreciation and write-downs630 | €10k | €6k | €9k | €12k | €12k | = |
| Operating cash flow (approximation) | €61k | €81k | €73k | €88k | €97k | ▲ 10.4% |
| Investment in fixed assets (approximation) | - | €-9k | €-26k | €-10k | €-7k | ▲ 26.5% |
| Change in cash | - | €41k | €448 | €43k | €74k | ▲ 72.5% |
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
Next filing, fiscal year 2026, expected by
2026
31-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
26-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
17-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
27-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
23-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Weakest financial yearnet €51k ▼42.9%
Net result drops to €51k, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Highest result since 2018net €90k ▲26.3%
Net result €90k, the highest in the series.
31-12
Financial
Equity above €200kEq €204k ▲17.2%
3 profitable years in a row build equity to €204k.
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 31 days late
2019
07-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 7 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 29 days late
Financial 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.
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Directors · office · real estate
Directors
5 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, Court-Saint-Etienne · 1 establishment unit since 1990
Ground area
114 m²
Building footprint
65 m²
Volume, LiDAR
598 m³
Parcel 25023F0630/00H000, Wallonia · tallest building 11.1 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
MUSE
since 19902.047.825.495
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25023F0630/00H000 | Wallonia | 114 m² | 1 · 65 m² | 11.1 m · 3 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.
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CAREYE Andy
BE 0505.729.492
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ENADVIS
BE 0879.188.006
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WL & D MANAGEMENT
BE 0756.648.401
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Of 82,553 companies in sector 70200 we hold annual accounts for 52,585. 37,611 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
Founded15-01-1990
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
62900Other information technology and computer services
74209Other photographic activities
Contact
E-mail
jacques.moreau@musescrl.net
Phone
0477617784
Scores and ratios are computed by Checked and are not a credit decision.