Checked.be
Active
BE 0449.214.324Private limited company (pre-2019)
MUSICMAKER
Stuivenberg 17 ·3140 Keerbergen, Belgium· 33 yrs active
Sector: Performing arts by artistic ensembles
(90202)
Conclusion
MUSICMAKER has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €9k and a net result of €-8k. Equity is shrinking by ~19.8% per year across the filed fiscal years. Its solvency ranks better than 64% of 518 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Based on the State Gazette, CBE and 5 annual accounts.
Key figures
| Equity | €9k |
| Net result | €-8k |
| Better than sector | 64% |
| Active | 33 yrs |
Financial profile
62
/ 100
Strong profile, led by stability.
All 5 axes are computed from data Checked has read.
Health
52
Profitability
0
Solvency
98
Growth
58
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 1993, 33 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
52
/ 100
Fair
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€500
estimate, not credit advice
Score history
25
2021
100
2022
52
2023
60
2024
52
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 2.02 (≥ 1.5)
+10
Quick ratio
Quick ratio 2.02 (≥ 1.0)
+5
Leverage
Debt/equity 0.74 (< 1.0)
+10
Profitability
Negatieve ROE -86%
-10
Interest coverage
Interest coverage -1.0× (< 1.5×)
-10
Profit trend
Net profit down YoY
-3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 27-08-2026 with the NBB · fiscal year 2025 · abbreviated schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
Equity: declining trend of ~19.8%/year over 5 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 90, Arts creation and performing arts activities · compared within the same schema type (abbreviated schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 57.4% | 43.7% | |
| Net result | €-8k | €12k | |
| Equity | €9k | €182k | |
| Gross operating margin | €-2k | €102k | |
| Total assets | €15k | €530k |
€-3k
-
21-25
€-8k
-546.6%
21-25
€-7k
-2631.7%
21-25
€15k
-31.0%
21-25
€9k
-46.3%
21-25
€7k
-50.9%
21-25
€282
-66.3%
21-25
€7k
+12.2%
21-25
€7k
+12.2%
21-25
2.02
-39.3%
21-25
2.02
-39.3%
21-25
57.4%
-22.2%
21-25
0.74
+109.1%
21-25
-86.3%
-1104.8%
21-25
-49.6%
-837.1%
21-25
-1.01
-
21-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Deposit | abbreviated schema | micro schema | micro schema | micro schema | micro schema |
| Revenue | - | - | - | - | - |
| EBITDA | €-3k | €653 | €-16k | €29k | €-21k |
| Net profit | €-8k | €-1k | €-19k | €24k | €-33k |
| Cash flow | €-7k | €-253 | €-18k | €29k | €-23k |
| Staff costs | - | - | - | - | - |
| Income taxes | - | €282 | €835 | €-622 | €1k |
| Dividends | - | - | - | - | - |
| Total assets | €15k | €22k | €23k | €45k | €26k |
| Equity | €9k | €16k | €18k | €37k | €13k |
| Debt | €7k | €6k | €5k | €9k | €13k |
| of which ≤ 1y | €7k | €6k | €5k | €9k | €13k |
| of which > 1y | - | - | - | - | - |
| Working capital | €7k | €14k | €14k | €18k | €-11k |
| Employees (FTE) | - | - | - | - | - |
Note: these years are not on the same basis. The filed schemas differ (abbreviated schema, micro schema), so the columns are not directly comparable.
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 2.02 | 3.32 | 3.56 | 3.08 | 0.10 |
| Quick ratio | 2.02 | 3.32 | 3.56 | 3.08 | 0.10 |
| Working capital ratio | 43.2% | 60.8% | 60.0% | 39.3% | -44.6% |
| Solvency | 57.4% | 73.8% | 76.6% | 81.1% | 50.4% |
| Debt / equity | 0.74 | 0.35 | 0.31 | 0.23 | 0.98 |
| Long-term debt ratio | - | - | - | - | - |
| Interest coverage | -1.01 | 1.05 | -37.35 | 45.74 | -22.06 |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | - | - | - |
| ROA | -49.6% | -5.3% | -82.2% | 52.5% | -127.1% |
| ROE | -86.3% | -7.2% | -107.3% | 64.7% | -252.3% |
| EBITDA margin | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (23 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €15k | €22k | €23k | €45k | €26k |
| Fixed assets | 21/28 | €2k | €3k | €4k | €19k | €24k |
| Tangible fixed assets | 22/27 | €2k | €3k | €4k | €19k | €24k |
| Financial fixed assets | 28 | €74 | €74 | €74 | €74 | €74 |
| Current assets | 29/58 | €13k | €19k | €19k | €26k | €1k |
| Amounts receivable within one year | 40/41 | €12k | €19k | €4k | €26k | €1k |
| Investments | 50/53 | €827 | - | - | - | - |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €15k | €22k | €23k | €45k | €26k |
| Equity | 10/15 | €9k | €16k | €18k | €37k | €13k |
| Contributions / capital | 10/11 | €6k | €6k | €6k | €6k | €6k |
| Reserves | 13 | €78k | €78k | €78k | €78k | €78k |
| Accumulated profits (losses) | 14 | €-75k | €-68k | €-66k | €-47k | €-71k |
| Amounts payable | 17/49 | €7k | €6k | €5k | €9k | €13k |
| Amounts payable within one year | 42/48 | €7k | €6k | €5k | €9k | €13k |
| Trade debts payable within one year | 44 | €2k | €850 | €2k | €4k | €867 |
| Income statement | ||||||
| Gross operating margin | 9900 | €-2k | €16k | €-15k | €30k | €-20k |
| Operating result | 9901 | €-4k | €-273 | €-18k | €24k | €-30k |
| Financial income | 75 | €18 | €0 | €0 | - | - |
| Financial charges | 65 | €3k | €625 | €441 | €638 | €960 |
| Result before taxes | 9903 | €-8k | €-898 | €-18k | €23k | €-31k |
| Income taxes | 67/77 | - | €282 | €835 | €-622 | €1k |
| Net result for the period | 9904 | €-8k | €-1k | €-19k | €24k | €-33k |
| Result to be appropriated | 9905 | €-8k | €-1k | €-19k | €24k | €-13k |
Legal Structure
| NACE primary | Performing arts by artistic ensembles(90202) |
| Legal form | Private limited company (pre-2019)(015) |
| Incorporation | 19-01-1993 |
| Status | Active |
| Postal code | 3140 |
Establishment units
ELIS-ART
since 19932.063.176.241
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24048A0049/00F002 | Flanders | 2,040 m² | 1 · 156 m² | 7.6 m · 2 fl. |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2026
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 27 days late
2025
07-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 7 days late
2024
21-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 21 days late
2023
29-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 29 days late
2022
31-12
Financial
Back to profitnet €24k
Net result €24k after one loss-making year.
31-12
Financial
Liquidity times 30current ratio 3.08
Current ratio from 0.10 to 3.08; short-term debt falls from €13k to €9k.
24-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 24 days late
2021
19-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 19 days late
2020
28-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 28 days late
2019
18-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 49 days late
2018
20-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 20 days late
2017
03-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 3 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Credit advice
Company registry (CBE)
Activities
Performing arts by artistic ensembles9020292312
Names & trade names
| Legal nameNL | MUSICMAKER |
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