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Complete company report
Generated 10-08-2026
Active BE 0633.728.021Private limited company (pre-2019)Open bankruptcy

M-SYSTEMS

Nijverheidspark 8 ·3580 Beringen, Belgium· 11 yrs active
Conclusion Checked

A bankruptcy procedure is open for M-SYSTEMS according to publications in the Belgian State Gazette. The 2020 annual accounts show equity of €69k and a net result of €13k.

Based on the State Gazette, CBE and 3 annual accounts.
Key figures
Equity €69k
Net result €13k
Active 11 yrs
Board 2
Snowflake analysis 5 of 5 axes measured · computed by Checked
Health30Profitability45Solvency56Growth68Stability0
40 / 100

Fragile profile, watch stability in particular.

All 5 axes are computed from data Checked has read.

Health 30
Profitability 45
Solvency 56
Growth 68
Stability 0
Bankruptcy probability (12 mo) Checked model v1 · free

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.

Risk Assessment rule-based
50 / 100
High riskRegister: open bankruptcy
This score counts publications in the Belgian State Gazette only. The KBO register additionally records legal situation 050 for this company; it does not feed the figure above.
Components
· Open bankruptcy (+50)
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 0 events
No administrative flags
Health barometer FY 2020 · computed
30 / 100 Weak
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 with Plus.

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Computed by Checked from the NBB filing for FY 2020 and an insolvency signal from the Belgian State Gazette. Indicative, not credit advice.
Financial overview5 NBB filings
Annual accounts filed on 30-09-2021 with the NBB · fiscal year 2020 · micro
€0€500k€1.00MRevenue 2018: €328k€328kOperating result 2018: €30k€30kNet result 2018: €17k€17kRevenue 2019: €215k€215kOperating result 2019: €5k€5kNet result 2019: €3k€3kRevenue 2020: €1.15M€1.15MOperating result 2020: €23k€23kNet result 2020: €13k€13k201820192020
RevenueOperating resultNet result
Revenue
€1.15M
+435.3% 18-20
EBITDA
€27k
+289.9% 18-20
Net profit
€13k
+326.0% 18-20
Cash flow
€17k
+218.5% 18-20
Total assets
€507k
+246.5% 18-20
Equity
€69k
+22.6% 18-20
Working capital
€55k
-23.8% 18-20
Income taxes
€6k
+291.2% 18-20
Debt
€437k
+386.9% 18-20
Debt ≤ 1y
€422k
+486.4% 18-20
Debt > 1y
€16k
-12.0% 18-20
Current ratio
1.13
-43.5% 18-20
Quick ratio
1.13
-43.5% 18-20
Solvency
13.6%
-64.6% 18-20
Debt / equity
0.23
-28.3% 18-20
ROE
18.5%
+247.3% 18-20
ROA
2.5%
+22.9% 18-20
Net margin
1.1%
-20.4% 18-20
EBITDA margin
2.4%
-27.2% 18-20
Figures by fiscal year
Fiscal year2020
Depositmicro
Revenue€1.15M
EBITDA€27k
Net profit€13k
Cash flow€17k
Staff costs-
Income taxes€6k
Dividends-
Total assets€507k
Equity€69k
Debt€437k
of which ≤ 1y€422k
of which > 1y€16k
Working capital€55k
Employees (FTE)-
Ratios (computed)
2020
Current ratio1.13
Quick ratio1.13
Working capital ratio10.8%
Solvency13.6%
Debt / equity0.23
Long-term debt ratio0.23
Interest coverage-
Gross margin-
Net margin1.1%
ROA2.5%
ROE18.5%
EBITDA margin2.4%
Days sales outstanding148d
Days payable outstanding-
Inventory turnover-
Days inventory (DSI)-
Balance-sheet composition 2020
Full annual accounts
Filed balance sheet and income statement, exactly as deposited with the NBB.
Line item Code2020
Balance sheet, Assets
TOTAL ASSETS 20/58€507k
Fixed assets 21/28€30k
Tangible fixed assets 22/27€16k
Financial fixed assets 28€14k
Current assets 29/58€477k
Amounts receivable within one year 40/41€468k
Cash & bank 54/58€853
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES 10/49€507k
Equity 10/15€69k
Contributions / capital 10/11€19k
Reserves 13€51k
Amounts payable 17/49€437k
Amounts payable after one year 17€16k
Amounts payable within one year 42/48€422k
Trade debts payable within one year 44€170k
Income statement
Turnover 70€1.15M
Gross operating margin 9900€287k
Operating result 9901€23k
Financial income 75€8k
Financial charges 65€12k
Result before taxes 9903€19k
Income taxes 67/77€6k
Net result for the period 9904€13k
Result to be appropriated 9905€13k
You're seeing the latest fiscal year only. Unlock 2 prior years (figures + ratios) with a paid plan. See plans →
Ratios computed by Checked.
Directors & mandates 2 directors
Current directors & mandates
  • Musa Aytekin
    Director
    State Gazette act 22036649 (17-03-2022)
    Current
    17-03-2022 → present
  • Compa ConsultLegal entity
    Director· perm. rep.: Urungu Rukiye
    State Gazette act 22036649 (17-03-2022)
    Current
    11-06-2021 → present
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.
Directors & mandates2 persons
Role Name Tenure Source
Curator HERMAN DRIESSEN
SINT-KATARINAPLEIN 15 BUS 3, 3500 HASSELT
 08-09-2022 → present Belgian State Gazette
Curator ILSE VRANKEN
KUNST- LAAN 10/A01, 3500 HASSELT
 08-09-2022 → present Belgian State Gazette
Legal Structure
NACE primary -
Legal form Private limited company (pre-2019)(015)
Incorporation10-07-2015
StatusActive
Postal code3580
First BS signal 14-09-2022
Latest BS signal 14-09-2022
Company structure, linked entities2 linked entities
M-SYSTEMSBE 0633.728.021HERMAN DRIESSENReceiverILSE VRANKENReceiver ↔ 78ACCONNEXVandekerkhof, Mar…IMERA
Mandates
↔ 1 of these mandate-holders are active on other cases, click any red card to open that KBO.
Establishment units 1 location
M-SYSTEMS
Schansstraat 68, 3550 Heusden-ZolderProjectontwikkeling voor de nieuwbouw van individuele woningen of voor renovatiewerken
since 20152.246.574.438
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Real-estate footprint Source: CBE × cadastre

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.

Flanders 2 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
71004A0021/00H000 Flanders 3,414 m² 1 · 771 m² 5.6 m · 2 fl.
71025A1052/02N000 Flanders 503 m² 1 · 130 m² 8.3 m · 2 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.
Updates 7 events

A single timeline of everything that happened to this company, publications, insolvency and lifecycle events, administrative changes and filed annual accounts.

2022
14-09-2022
Bankruptcy Opening
Ondernemingsrechtbank Antwerpen, afdeling Hasselt · M-SYSTEMS BV NIJVERHEIDS- PARK 8, 3580 BERINGEN · event 08-09-2022
17-03-2022
State Gazette act Director changes
2021
30-09-2021
NBB filing Annual accounts filed
fiscal year 2020 · micro
2020
30-06-2020
NBB filing Annual accounts filed
fiscal year 2019 · micro
2019
30-09-2019
NBB filing Annual accounts filed
fiscal year 2018 · micro
2018
31-07-2018
NBB filing Annual accounts filed
fiscal year 2017 · micro
2017
03-07-2017
NBB filing Annual accounts filed
fiscal year 2016 · verkort
Lifecycle & Insolvency Signals 1 events
14-09-2022
Bankruptcy Opening
Date: 08-09-2022 · Ondernemingsrechtbank Antwerpen, afdeling Hasselt · M-SYSTEMS BV NIJVERHEIDS- PARK 8, 3580 BERINGEN · Publications in State Gazette ↗
Time machine, BS events + macro context 2021, 2026
COVID lockdownEnergiecrisisECB hikes2021202220232024202520262022-09-14 · 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 1 acts
All acts · 1 updated 4 years ago
2022
17-03-2022 2 directors appointed Director changes
  • Urungu Rukiye, Bestuurder
  • Musa Aytekin, Bestuurder
Technical details 
{
  "events": [
    {
      "kind": "director_in",
      "role": "bestuurder",
      "person": {
        "rrn": null,
        "name": "Urungu Rukiye",
        "address": null,
        "birth_date": null,
        "profession": null,
        "birth_place": null
      },
      "reason": null,
      "subkind": "regular",
      "via_org": {
        "kbo": "0768.648.586",
        "name": "Compa Consult",
        "address": "Irissenlaan 26 3583 Paal",
        "country": "BE",
        "legal_form": null
      },
      "statutory": null,
      "compensated": null,
      "effective_date": "2021-06-11",
      "evidence_quote": "De Bijzondere Algemene Vergadering dd. 11/06/2021 beslist om Compa Consult, O.N. 0768.648.586, gevestigd te Irissenlaan 26 3583 Paal, vertegenwoordigd door mevr. Urungu Rukiye, aan te stellen als bestuurder met ingang van 11/06/2021 en zal het dagelijks bestuur van de vennootschap waarnemen.",
      "decharge_status": null,
      "mandate_duration": null,
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
      "effective_date_qualifier": "immediate"
    },
    {
      "kind": "director_in",
      "role": "bestuurder",
      "person": {
        "rrn": null,
        "name": "Musa Aytekin",
        "address": null,
        "birth_date": null,
        "profession": null,
        "birth_place": null
      },
      "reason": null,
      "subkind": "regular",
      "via_org": null,
      "statutory": null,
      "compensated": null,
      "effective_date": null,
      "evidence_quote": "Musa Aytekin Bestuurder",
      "decharge_status": null,
      "mandate_duration": null,
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
      "effective_date_qualifier": null
    }
  ],
  "notary": {
    "name": null,
    "firm_city": null,
    "firm_name": null,
    "office_city": "Antwerpen",
    "is_associated": false
  },
  "act_meta": {
    "language": "nl",
    "pub_date": null,
    "filing_date": "2022-03-08",
    "act_kind_objet": "Onderwerp akte:"
  },
  "decisions": [
    {
      "body": "bijzondere_algemene_vergadering",
      "date": "2021-06-11",
      "unanimous": null
    }
  ],
  "is_correction": false,
  "subject_company": {
    "kbo": "0633.728.021",
    "name_full": "M-SYSTEMS",
    "legal_form": "BVBA"
  },
  "publication_proxy": {
    "kind": "none",
    "org_kbo": null,
    "org_name": null,
    "person_name": null,
    "org_rep_person_name": null,
    "person_role_at_subject": null
  },
  "co_filed_documents": [],
  "corrected_publication_numac": null
}
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.
AI due-diligence brief Checked AI

Generate a structured, factual brief from every signal in this dossier: risk, financial health, ownership, mandates and sector comparison.

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The brief is drafted by our AI model at Anthropic in the US, from this dossier's public data. Nothing that identifies you is sent along and we do not keep the brief. Indicative, not legal or investment advice. How it works
Company registry (CBE) Crossroads Bank
Names & trade names
Legal nameNL M-SYSTEMS
Registered office
Nijverheidspark 8
3580 Beringen, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.
Source: Belgian State Gazette, CBE, NBB · generated via checked.be · indicative