M.S.B.

Active

Public limited companyfounded 197847 yrs activeKarnemelkstraat 2-4, 9060 Zelzate, BelgiumKBO/BCE: BE 0418.773.843

Summary

M.S.B. has been active since 1978 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.7m and a net result of €1.0m. Equity remains stable across the filed fiscal years (±0.3% per year). Its solvency ranks better than 20% of 2401 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).

Risk analysisWatch Report Compare

M.S.B.ActiveChecked score 83/100

Risk analysis Report Compare

Activity

Joinery installation

NACE 43320General construction of other non-residential buildings NACE 41003NACE 41203

#1 company by total assets in Zelzate, Construction sector1 site

Size

€20.7mturnover 2025

Staff: 34.2 FTE
Equity: €1.7m
Profit: €1.0m

Financial health

83 Excellent Checked score 2025

Bankruptcy chance 12 m: 0.4%

Structure

Parent: FENOLA · 66.4%
Board: 1 member
Holdings: 1

Auditor: Moore AuditAccounts 31 d early

Why 83- Sector Specialised construction activities (NACE 43)- Equity €1.7m (19.2% of total assets)+ Size: turnover €20.7m, 34.2 FTE, total assets €8.7m+ Profit of €1.0m (FY 2025)Show the evidence

Checked score

Score 2025

83 / 100

Excellent

Probability in this band: under 0.55%

Better than 35% of its sector peers (NACE 43, small)

Performance against the sector, not lower risk

Every signal that weighs is under Signals.

Financial strength · tick = 2024

Weak

Solvency 44-6

equity 19.2% of total assets

Liquidity 15-10

short-term debt 79.5% · cash 7.1%

Profitability 72-3

return on assets 11.8%

Bankruptcy probability, 12 months

0.4% Very low

0%0.5%1.5%4%10%≥ 25%

About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.3% (2,636 companies)

Last 24 months 11-2024: 0.2% 12-2024: 0.2%● 0.0% vs 11-2024 01-2025: 0.2%● 0.0% vs 12-2024 02-2025: 0.2%▼ -4.1% vs 01-2025 03-2025: 0.2%● 0.0% vs 02-2025 04-2025: 0.2%▼ -1.4% vs 03-2025 05-2025: 0.2%▼ -0.5% vs 04-2025 06-2025: 0.2%▼ -4.4% vs 05-2025 07-2025: 0.2%▲ +12.2% vs 06-2025 08-2025: 0.1%▼ -32.3% vs 07-2025 09-2025: 0.1%● 0.0% vs 08-2025 10-2025: 0.1%● 0.0% vs 09-2025 11-2025: 0.1%● 0.0% vs 10-2025 12-2025: 0.1%● 0.0% vs 11-2025 01-2026: 0.1%● 0.0% vs 12-2025 02-2026: 0.1%▼ -4.0% vs 01-2026 03-2026: 0.1%● 0.0% vs 02-2026 04-2026: 0.1%▼ -1.4% vs 03-2026 05-2026: 0.1%▲ +1.4% vs 04-2026 06-2026: 0.1%▼ -2.1% vs 05-2026lowest value 07-2026: 0.4%▲ +152% vs 06-2026highest value 08-2026: 0.4%● 0.0% vs 07-2026highest value 09-2026: 0.4%● 0.0% vs 08-2026highest value 10-2026: 0.4%● 0.0% vs 09-2026highest value

Sector Specialised construction activities (NACE 43) raises the probability
Equity €1.7m (19.2% of total assets) raises the probability
Size: turnover €20.7m, 34.2 FTE, total assets €8.7m lowers the probability for this profile
Profit of €1.0m (FY 2025) lowers the probability

Credit up to €130,000 at 30 days acceptable

Liquidity tight (current ratio 1.19 against 1.25 in 2024; short-term debt: 79.5% and cash: 7.1% of total assets), and 80.8% of the assets are financed with debt.

How it is calculated

The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.

75-100	Excellent	under 0.55%
60-74	Healthy	0.55% to 1.5%
45-59	Fair	1.5% to 4.2%
25-44	Weak	4.2% to 15.0%
0-24	Critical	over 15.0%

Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (NACE 43, small). Better than this share of them on solvency 21%, liquidity 7%, profitability 48%, growth against the median 65%. That is performance, not lower risk; the band itself always comes from the probability.

Bankruptcy probability: model pd-v3.202610021621, computed on 06-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.

Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.

Credit check for your own amount and term

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Signals

Seven signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Sector Specialised construction activities (NACE 43)

In the bankruptcy model this factor raises the probability.

KBO

Equity €1.7m (19.2% of total assets)

In the bankruptcy model this factor raises the probability.

NBB · annual accounts

Size: turnover €20.7m, 34.2 FTE, total assets €8.7m

In the bankruptcy model this factor lowers the probability for this profile.

NBB · annual accounts

Profit of €1.0m (FY 2025)

In the bankruptcy model this factor lowers the probability.

NBB · annual accounts

Weak solvency vs sector

Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 2401 sector peers (2025).

NBB · sector comparison

Position among 2401 sector peers

Solvency

better than 20%

← weakest strongest →

Growing equity

Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.

NBB · annual accounts 2025

Equity per financial year

1819202122232425

2018 to 2025 · latest year €1.7m

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-06-2026, 31 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

31 d early

2024

31 d early

2023

19 d early

2022

48 d early

2021

40 d early

2020

43 d early

2019

43 d early

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

This company filed its last 7 accounts on average 36 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.

Checked, nothing found (2)

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. Usually files around 30 June (5 of the last 5 filed years within 30 days of that day).

Companies Code · seven months

Position in the running window

06-10-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

30-06-26 Annual accounts filedfiscal year 2025 · full…
05-05-26 Reappointment: Moore Audit BV (statutory auditor)Permanent representative: Koen Strybos ·…
30-06-25 Annual accounts filedfiscal year 2024 · full…

Key points

Positive: Company by total assets in Zelzate, Construction sectorin the Checked rankings #1 View
Positive: Turnover rose in 2025from €14.0m to €20.7m ▲ 47.2% View
Positive: Always filed on timeaccounts within the deadline every year 8 years View
Positive: 8 profitable years in a rowprofit 2025: €1.0m 8 years View
Controlled by FENOLAitself parent of 1 companies 66.4% View
Active since 1978founded 11-10-1978 47 years View
Flemish supportawarded 2022 - 2025 €82,735 View