MSM PROJECTS
ActiveThe computed 12-month bankruptcy probability of MSM PROJECTS is 2.4% (moderate). The annual accounts of MSM PROJECTS for fiscal year 2025 show a net loss of 51% of the equity at the start of that year. The 2025 annual accounts show equity of €12k and a net result of €-12k. Its solvency ranks better than 25% of 11209 sector peers (fiscal year 2025). The company has been active since 2023 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
28
/ 100
Weak
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability8▼-8
Solvency33▼-9
Growth32
Track record82
Bankruptcy probability, 12 months
2.4%
Moderate
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity short (current ratio 0.95 against 1.02 in 2024; short-term debt: 91.8% and cash: 0.2% of total assets), and 91.8% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Nine signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Young company
A young company has little track record yet and statistically fails more often than an established one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
8.2%
Return on assets
-8.4%
Age of the figures
18 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Sector 46
higher
← fewer bankruptcies
more bankruptcies →
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
2425
2024 to 2025 · latest year €-12k
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 25% of 11209 sector peers (2025).
NBB · sector comparisonPosition among 11209 sector peers
Solvency
better than 25%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 31-10-2025, 0 days ahead of the deadline.
NBB · 2 filingsDeviation from the deadline
2025
on the day
2024
on the day
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close17-09-2026 today31-10-2026 deadline
Financials · fiscal year 2025, micro schema
Turnover
€44k
EBIT margin
-3.1%
Net result
€-12k▼ 768%
2024 · €-1k
2024: €-1k
2024 → 2025
Working capital
€-7k
2024 · €2k
2024: €2k
2024 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20242025Trend
Turnover€44k-
Equity€24k-€12k▼ 50.7%
Operating result€-1k-€-12k▼ 762%
Net result€-1k-€-12k▼ 768%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €12k in 2025 against €1k in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €142k
Fixed assets
€18k▼ 17.1%
Current assets
€124k▲ 7.7%
Equity and liabilities €142k
Equity
€12k▼ 50.7%
Debt
€131k▲ 15.1%
The debt ratio rises from 82.8% to 91.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-8k▼
2024 · €-637
Cash flow
€-8k▼
2024 · €-644
Solvency
8.2%▼
2024 · 17.2%
Current ratio
0.95▼
2024 · 1.02
Quick ratio
0.13▼
2024 · 0.36
Debt / equity
11.21▲
2024 · 4.80
ROE
-102.9%▼
2024 · -5.8%
ROA
-8.4%▼
2024 · -1.0%
Interest coverage
-53.11▲
2024 · -86.07
Debt
€131k▲
2024 · €113k
Debt ≤ 1 year
€131k▲
2024 · €113k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€137k€142k▲
Fixed assets21/28€22k€18k▼
Intangible fixed assets21€20k€17k▼
Tangible fixed assets22/27€2k€1k▼
Furniture and vehicles24€2k€1k▼
Current assets29/58€115k€124k▲
Stocks and contracts in progress3€75k€107k▲
Stocks30/36€75k€107k▲
Amounts receivable within one year40/41€31k€17k▼
Trade receivables40€29k€17k▼
Other amounts receivable41€2k€0▼
Cash at bank and in hand54/58€8k€214▼
Deferred charges and accrued income490/1€1k€0▼
Equity and liabilities
Total equity and liabilities10/49€137k€142k▲
Equity10/15€24k€12k▼
Contributions10/11€25k€25k=
Profit (loss) carried forward14€-1k€-13k▼
Amounts payable17/49€113k€131k▲
Amounts payable within one year42/48€113k€131k▲
Financial debts43-€12k
Credit institutions430/8-€12k
Trade debts44€25k€10k▼
Suppliers440/4€25k€10k▼
Taxes, remuneration and social security45€0€15k▲
Taxes450/3€0€15k▲
Other amounts payable47/48€88k€94k▲
Income statement
Code20242025
Turnover70€44k-
Goods, raw materials, services and sundry goods60/61€45k-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€735€4k▲
Other operating charges640/8€384-
Gross operating margin9900€-253€-8k▼
Operating profit (loss)9901€-1k€-12k▼
Financial charges65/66B€7€152▲
Recurring financial charges65€7€152▲
Profit (loss) for the period before taxes9903€-1k€-12k▼
Profit (loss) for the period9904€-1k€-12k▼
Profit (loss) for the period to be appropriated9905€-1k€-12k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-1k€-13k▼
Profit (loss) brought forward from the previous period14P-€-1k
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2025
31-10
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2024
31-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
NBB filing
Directors · office · real estate
Directors
1 act for this company is 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, Bouillon · 1 establishment unit since 2023
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.
Voie de Cornimont,Vivy 486833 BouillonGround area
1,199 m²
Parcel 84074B0124/00H000, Wallonia. Linked by address, not a title deed.
1 establishment unit
MSM PROJECTS
since 20232.352.598.408
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 84074B0124/00H000 | Wallonia | 1,199 m² | - | - |
Linked by address, not proof of ownership
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.
Similar companies · same sector, comparable size
EASTBELGIUM DRINKS
BE 1009.135.144
Amel · Eq €12k
Kempendrinks Distributie
BE 0822.004.823
Arendonk · Eq €11k
DEFOREST
BE 0450.057.432
Tournai · Eq €11k
Gijbels Drankencenter
BE 0801.661.943
Beringen · Eq €11k
Right Spirits BE
BE 0741.949.733
Wommelgem · Eq €12k
Of 1,581 companies in sector 46349 we hold annual accounts for 986. 381 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded04-12-2023
Fiscal year end31-03
Activities, NACEBEL
46341Wholesale of wines and spirits
46349Wholesale of beverages, general range
47252Retail sale of beverages, general range
Sources
Crossroads Bank for EnterprisesNational Bank · 2 filingsAddress and cadastre registers
Data from official sources, last processed on 17-09-2026. Scores and ratios are computed by Checked and are not a credit decision.