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MUSIMAP

Active
Public limited company·Ontwerpen van computerprogramma’s· 11 yrs active
Georges Benoidtlaan 21 ·1170 Watermaal-Bosvoorde, Belgium
Open bankruptcy
KBO/BCE: BE 0568.490.472
Watch Print / PDF
Age11 yrs
Board4
Staff (FTE)2.3
Real estate2 parcels · 1,021 m²

Summary

Conclusion

the dossier summarised in one paragraph

A bankruptcy procedure is open for MUSIMAP according to publications in the Belgian State Gazette. The 2022 annual accounts show negative equity (€-1.63M) and a net result of €-2.30M.

Based on the State Gazette, CBE and 5 annual accounts.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

Bankruptcy opened

A bankruptcy procedure is already open, a probability score is no longer meaningful. See the insolvency timeline for the state of the procedure.

Insolvency timeline

1 events
02-05-2025
Bankruptcy Opening
Date: 18-04-2025 · Tribunal de l’entreprise francophone de Bruxelles · SA MUSIMAP AVENUE GEORGES BENOIDT 21, 1170 WATERMAEL-BOITSFORT · Publications in State Gazette ↗

Signals

Insufficient current data: the most recent filed accounts (financial year 2022) are too old to derive current signals.

Filing behaviour

From the deposit records, complete market-wide
Filing behaviour not assessed
The register records an open bankruptcy. From that point the trustee files and the ordinary seven-month rhythm no longer governs. The register carries no start date, so we cannot tell which filings fall before it: we show the facts and do not assess the behaviour.
How we compute the deadline
The year end is derived from 8 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2022, that is 31-07-2023.
Deadline per financial year
Year closed Due by Filed Variance Reference
31-12-2025 31-07-2026 nothing on record not filed -
31-12-2024 31-07-2025 nothing on record not filed -
31-12-2023 31-07-2024 nothing on record not filed -
31-12-2022 31-07-2023 21-12-2023 143 d late 2023-00534793
31-12-2021 31-07-2022 22-11-2022 114 d late 2022-20524406
31-12-2020 31-07-2021 20-07-2021 11 d early 2021-37500277
31-12-2019 31-07-2020 22-06-2020 39 d early 2020-19000082
31-12-2018 31-07-2019 22-08-2019 22 d late 2019-48900213
31-12-2017 31-07-2018 28-08-2018 28 d late 2018-52200454
31-12-2016 31-07-2017 23-08-2017 23 d late 2017-46700301
31-12-2015 31-07-2016 26-08-2016 26 d late 2016-48800555

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals
Register: open bankruptcy
The KBO register records legal situation 050 for this company. This is today's state according to the register itself; the register carries no start date.
Open bankruptcy
Active bankruptcy procedure in the Belgisch Staatsblad. Claims are handled by the appointed curator.

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.

Financials

Turnover€383k
EBIT margin-157.1%
Net result€-2.30M-275.2%
Working capital€-198k+79.6%
Directors1

Annual accounts & ratios

Source: NBB · 2022
Annual accounts filed on 21-12-2023 with the NBB · fiscal year 2022 · volledig
€-3.00M€-2.00M€-1.00M€0Operating result 2018: €-881k€-881kNet result 2018: €-2.52M€-2.52MOperating result 2019: €18k€18kNet result 2019: €-2.51M€-2.51MOperating result 2020: €-629k€-629kNet result 2020: €-1.56M€-1.56MRevenue 2021: €383k€383kOperating result 2021: €-602k€-602kNet result 2021: €-613k€-613kOperating result 2022: €-2.28M€-2.28MNet result 2022: €-2.30M€-2.30M20182019202020212022
RevenueOperating resultNet result
Sector comparison
Fiscal year 2022 · NACE 62, Computer programming & consultancy · compared within the same schema type (full schema)
Metric This company Sector median Position in the sector
Solvency -2174.6% 42.5%
better than 5% of 238 sector peers
Net result €-2.30M €23k
better than 5% of 240 sector peers
Equity €-1.63M €64k
better than 5% of 240 sector peers
Gross operating margin €18k €56k
better than 25% of 192 sector peers
Staff costs €267k €297k
higher than 48% of 126 sector peers
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
Sector position over time
Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).
Solvency P5
2020: P71 · n=1042021: P40 · n=1492022: P5 · n=2382020 2022
Weakening position over 2020-2022 · n=104-238
Net result P5
2020: P8 · n=1042021: P5 · n=1492022: P5 · n=2402020 2022
Stable position over 2020-2022 · n=104-240
Equity P5
2020: P71 · n=1042021: P73 · n=1492022: P5 · n=2402020 2022
Weakening position over 2020-2022 · n=104-240
Gross operating margin P25
2020: P5 · n=772021: P76 · n=1172022: P25 · n=1922020 2022
Improving position over 2020-2022 · n=77-192
Describes the position versus peers, not a forecast.
Revenue
€383k
- 18-22
EBITDA
€-2.28M
-815.0% 18-22
Net profit
€-2.30M
-275.2% 18-22
Cash flow
€-2.29M
-782.7% 18-22
Total assets
€75k
-96.5% 18-22
Equity
€-1.63M
- 18-22
Working capital
€-198k
+79.6% 18-22
Employees (FTE)
2
-48.9% 18-22
Staff costs
€267k
-52.4% 18-22
Debt
€1.70M
+15.2% 18-22
Debt ≤ 1y
€260k
-76.3% 18-22
Debt > 1y
€1.44M
+281.7% 18-22
Current ratio
0.24
+102.7% 18-22
Quick ratio
0.24
+102.7% 18-22
Solvency
-2174.6%
- 18-22
Debt / equity
-1.05
- 18-22
ROE
141.4%
- 18-22
ROA
-3075.2%
-10685.8% 18-22
Net margin
-160.0%
- 18-22
EBITDA margin
-64.9%
- 18-22
Interest coverage
-129.19
-590.9% 18-22
Figures by fiscal year
Fiscal year2022
Depositvolledig
Revenue-
EBITDA€-2.28M
Net profit€-2.30M
Cash flow€-2.29M
Staff costs€267k
Income taxes-
Dividends-
Total assets€75k
Equity€-1.63M
Debt€1.70M
of which ≤ 1y€260k
of which > 1y€1.44M
Working capital€-198k
Employees (FTE)2.3
Ratios (computed)
2022
Current ratio0.24
Quick ratio0.24
Working capital ratio-265.0%
Solvency-2174.6%
Debt / equity-1.05
Long-term debt ratio-0.89
Interest coverage-129.19
Gross margin-
Net margin-
ROA-3075.2%
ROE141.4%
EBITDA margin-
Days sales outstanding-
Days payable outstanding-
Inventory turnover-
Days inventory (DSI)-
Balance-sheet composition 2022
Full annual accounts
Filed balance sheet and income statement, exactly as deposited with the NBB.
Line item Code2022
Balance sheet, Assets
TOTAL ASSETS 20/58€75k
Fixed assets 21/28€13k
Tangible fixed assets 22/27€10k
Financial fixed assets 28€3k
Current assets 29/58€62k
Amounts receivable within one year 40/41€18k
Cash & bank 54/58€44k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES 10/49€75k
Equity 10/15€-1.63M
Contributions / capital 10/11€2.00M
Accumulated profits (losses) 14€-3.63M
Amounts payable 17/49€1.70M
Amounts payable after one year 17€1.44M
Amounts payable within one year 42/48€260k
Trade debts payable within one year 44€33k
Income statement
Gross operating margin 9900€18k
Operating result 9901€-2.28M
Financial income 75€107
Financial charges 65€18k
Result before taxes 9903€-2.30M
Net result for the period 9904€-2.30M
Result to be appropriated 9905€-2.30M
You're seeing the latest fiscal year only. Unlock 4 prior years (figures + ratios) with a paid plan. See plans →
Ratios computed by Checked.

Health barometer

FY 2022 · computed
0 / 100 Critical
050100
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.

Unlock the full score breakdown, per-year score history and the indicative credit limit from Kantoor S.

See plans →
Computed by Checked from the NBB filing for FY 2022 and an insolvency signal from the Belgian State Gazette. Indicative, not credit advice.

Directors

Directors & mandates

17 directors
Current directors & mandates
  • Pierre Lebecque
    Director
    State Gazette act 23124796 (29-09-2023)
    Current
    29-09-2023 → present
    4 events
    • 03-10-2024 Resigned· Director
    • 29-09-2023 Appointed· Director
    • 07-12-2021 Resigned· Director
    • 12-01-2018 Resigned· Managing director
  • Bastien Louis Albert Vidal
    Director
    State Gazette act 23019998 (09-02-2023)
    Current
    09-02-2023 → present
  • Patrick Zucchetta
    Director
    State Gazette act 21143233 (07-12-2021)
    Current
    07-12-2021 → present
    3 events
    • 03-10-2024 Resigned· Managing director
    • 07-12-2021 Appointed· Director
    • 07-12-2021 Appointed· Managing director
  • Susanne Spang Kimmerling
    Director
    State Gazette act 21143233 (07-12-2021)
    Current
    07-12-2021 → present
    2 events
    • 27-05-2022 Resigned· Director
    • 07-12-2021 Appointed· Director
Historic, not recently confirmed (2)
These mandates remain open in the register but have not been confirmed by a new act in over six years. They do not count as active directors.
  • Ascarez Thierry
    Daily management delegate
    State Gazette act 19036106 (12-03-2019)
    Not recently confirmed
    last confirmed in an act from 2019
    3 events
    • 07-12-2021 Resigned· Managing director
    • 12-03-2019 Appointed· Daily management delegate
    • 23-10-2018 Appointed· Ceo
  • INVESTPARTNER
    Director
    State Gazette act 15136562 (28-09-2015)
    Not recently confirmed
    last confirmed in an act from 2015
Former directors (11)
  • Bastien Vidal
    Director
    State Gazette act 23124796 (29-09-2023)
    Former
    - → 29-09-2023
  • Giulio Sannitz
    Director
    State Gazette act 22064280 (27-05-2022)
    Former
    27-05-2022 → 09-02-2023
    2 events
    • 09-02-2023 Resigned· Director
    • 27-05-2022 Appointed· Director
  • Roy Fransiscus Johanna van Son
    Director
    State Gazette act 21143233 (07-12-2021)
    Former
    07-12-2021 → 27-05-2022
    2 events
    • 27-05-2022 Resigned· Director
    • 07-12-2021 Appointed· Director
  • Andreas Spechtler
    Director
    State Gazette act 21143233 (07-12-2021)
    Former
    - → 07-12-2021
  • Arno Delmuile
    Director
    State Gazette act 21143233 (07-12-2021)
    Former
    - → 07-12-2021
  • Gauthier Van Der Elst
    Director
    State Gazette act 21143233 (07-12-2021)
    Former
    - → 07-12-2021
  • Luc Paquay
    Director
    State Gazette act 21143233 (07-12-2021)
    Former
    - → 07-12-2021
  • Xavier Péters
    Director
    State Gazette act 21143233 (07-12-2021)
    Former
    - → 07-12-2021
  • Vincent Favrat
    Délégué journalier
    State Gazette act 18159984 (31-10-2018)
    Former
    12-01-2018 → 09-12-2020
    4 events
    • 09-12-2020 Resigned· Director
    • 31-10-2018 Appointed· Délégué journalier
    • 23-10-2018 Resigned· Managing director
    • 12-01-2018 Appointed· Managing director
  • Robert Van Craen
    Director
    State Gazette act 19036106 (12-03-2019)
    Former
    - → 12-03-2019
    2 events
    • 12-03-2019 Resigned· Director
    • 31-10-2018 Resigned· Director
  • Olivier Lebeau
    Director
    State Gazette act 16097915 (13-07-2016)
    Former
    - → 13-07-2016
Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.

Insolvency mandates

1 mandate
Role Name Tenure Source
Curator DIANE OSSIEUR
AVENUE H. & F. LIMBOURG 19, 1070 ANDERLECHT
 18-04-2025 → present Belgian State Gazette

Legal Structure

NACE primary Ontwerpen van computerprogramma’s(62100)
Legal form Public limited company(014)
Incorporation08-01-2015
StatusActive
Postal code1170
First BS signal 02-05-2025
Latest BS signal 02-05-2025

Structure & network

Ownership & control

No ownership or control structure found in the sources.

For this we read shareholding and parent/subsidiary relations from the acts in the Belgian State Gazette, plus the board seats that legal entities hold in one another. Nothing of the sort is published for this company, which is common: most Belgian companies do not publish a shareholding structure.

1 court or liquidation mandate is on record for this company. Such a mandate is a fact about the company itself, not about a tie to another one: two bankruptcies handled by the same receiver are two separate cases. They are listed under Directors & mandates.

Locations & real estate

Registered office

from the Crossroads Bank
Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Georges Benoidtlaan 211170 Watermaal-Bosvoorde

Establishment units

2 locations
Establishment
Ontwerpen en programmeren van computerprogramma's
since 20152.241.053.257
Vrijwilligerslaan 19, 1160 Oudergem
Ontwerpen en programmeren van computerprogramma's
since 20182.285.928.823
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Parcels2
Ground area1,021 m²
Buildings2
Building footprint489 m²
Volume (LiDAR)3,850 m³
Tallest building16.0 m · ±4 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Brussels 2 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
21652E0266/00W004 Brussels 813 m² 1 · 282 m² 16.0 m · 2 fl.
21002A0170/00E004 Brussels 208 m² 1 · 207 m² 14.9 m · 4 fl.
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.

Publications

Lifecycle & Insolvency Signals

1 event from the State Gazette
02-05-2025
Bankruptcy Opening
Date: 18-04-2025 · Tribunal de l’entreprise francophone de Bruxelles · SA MUSIMAP AVENUE GEORGES BENOIDT 21, 1170 WATERMAEL-BOITSFORT · Publications in State Gazette ↗

Time machine: BS events + macro context

2021-2026
COVID lockdownEnergiecrisisECB hikes2021202220232024202520262025-05-02 · Bankruptcy · Opening
Macro context
2020-Q2/Q3 COVID lockdown
2022 energy crisis
2023-2024 ECB rate hikes
Legend
Bankruptcy
Interim / reorg
KBO event

Belgisch Staatsblad · acts

20 acts
Capital history · 5
20-04-2021
v3.2
06-07-2020
v3.2
08-02-2019
v3.2
19-06-2018
v3.2
31-01-2018
v3.2
Address history · 2
29-09-2023
Registered-office move
17-04-2015
Registered-office move
All acts · 20 updated 1 year ago
2024
03-10-2024 2 resigning Director changes
  • Zucchetta Patrick, Gedelegeerd bestuurder
  • Lebecque Pierre, Bestuurder
Summary: v3.2
2023
29-09-2023 Registered office moved from Liège to Bruxelles Registered-office change·Jacques Bakulu
  • Rue de-Harlez 51 4000 Liège → 21 avenue Georges Benoidt, 1170 Bruxelles
Notary: Jacques Bakulu · BruxellesFirm: CMS DeBacker
09-02-2023 1 director appointed, 1 resigning Director changes
  • Bastien Louis Albert Vidal, Bestuurder
  • Giulio Sannitz, Bestuurder
Summary: v3.2
2022
27-05-2022 1 director appointed, 2 resigning Director changes
  • Giulio Sannitz, Bestuurder
  • Roy Fransiscus Johanna van Son, Bestuurder
  • Susanne Kimmerling Spang, Bestuurder
Summary: v3.2
2021
07-12-2021 4 directors appointed, 7 resigning Director changes
  • Patrick Zucchetta, Bestuurder
  • Roy Fransiscus Johanna van Son, Bestuurder
  • Susanne Spang Kimmerling, Bestuurder
  • Patrick Zucchetta, Gedelegeerd bestuurder
  • Arno Delmuile, Bestuurder
  • Xavier Péters, Bestuurder
  • Gauthier Van Der Elst, Bestuurder
  • Andreas Spechtler, Bestuurder
Summary: v3.2
20-04-2021 Capital increase of €300,000 to €2,845,934.94 Capital & shares
  • €2.545.934,94 → €2.845.934,94
  • Inbreng in natura · Apport en nature
Summary: v3.2
2020
09-12-2020 Vincent Favrat resigns as director Director changes
  • Vincent Favrat, Bestuurder
Summary: v3.2
06-07-2020 Capital increase of €284,995.20 to €3,945,934.94 Capital & shares
  • €3.660.939,74 → €3.945.934,94
  • Inbreng in natura · Apport en nature
Summary: v3.2
2019
13-05-2019 Articles of association amended Statutes amendment
Summary: v3.2
12-03-2019 Publication in the Belgian Official Gazette, Miscellaneous Miscellaneous·Gunal de l'Entreprise D
Summary: otherNotary: Gunal de l'Entreprise D · Liège
08-02-2019 Capital increase of €299,999.84 to €2,810,940.54 Capital & shares
  • €2.510.940,70 → €2.810.940,54
  • Inbreng in geld · Apport en numéraire
Summary: v3.2
2018
31-10-2018 1 director appointed, 1 resigning Director changes
  • Vincent Favrat, Délégué journalier
  • Robert Van Craen, Bestuurder
Summary: v3.2
23-10-2018 1 director appointed, 1 resigning Director changes
  • Ascarez Thierry, Ceo
  • Favrat Vincent, Gedelegeerd bestuurder
Summary: v3.2
19-06-2018 Capital increase of €800,000.00 to €2,510,940.70 Capital & shares
  • €1.710.940,70 → €2.510.940,70
  • Inbreng in geld · Apport en numéraire
Summary: v3.2
31-01-2018 Capital increase of €780,000 to €1,710,940.70 Capital & shares
  • €930.940,70 → €1.710.940,70
  • Inbreng in natura · Apport en nature
Summary: v3.2
12-01-2018 1 director appointed, 1 resigning Director changes
  • Vincent FAVRAT, Gedelegeerd bestuurder
  • Pierre LEBECQUE, Gedelegeerd bestuurder
Summary: v3.2
2017
06-03-2017 Articles of association amended Statutes amendment
Summary: v3.2
2016
13-07-2016 Olivier Lebeau resigns as director Director changes
  • Olivier Lebeau, Bestuurder
Summary: v3.2
2015
28-09-2015 INVESTPARTNER appointed as director Director changes
  • INVESTPARTNER, Bestuurder
Summary: v3.2
17-04-2015 Registered office moved within Liège Registered-office change·Philippe Labé
  • boulevard Emile de Laveleye, 89/24, 4020 Liège → 4000 Liège, rue de Harlez, 51
Notary: Philippe Labé · Liège

Analysis

Snowflake analysis

financial profile on 5 axes
Health0Profitability100Solvency33Growth58Stability0
38 / 100

Fragile profile, watch health in particular.

All 5 axes are computed from data Checked has read.

Health 0
Profitability 100
Solvency 33
Growth 58
Stability 0

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Credit advice

verdict per customer and amount

Should this customer buy amount X on invoice? Enter the amount and payment terms, you get an instant GREEN/AMBER/RED verdict, with a suggested ceiling and concrete conditions.

Based on official sources (NBB, CBE, State Gazette). Indicative, not credit advice.

Similar

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We hold annual accounts for 2,789 of the 16,737 companies in this sector. 1,270 of them are within a factor 10 of this company's equity.

Company registry

Company registry (CBE)

Crossroads Bank
Activities
Ontwerpen en programmeren van computerprogramma's62010Ontwerpen van computerprogramma’s62100
Primary activity highlighted.
Names & trade names
Legal nameFR MUSIMAP
Registered office
Georges Benoidtlaan 21
1170 Watermaal-Bosvoorde, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.