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M.S.B.

Active
Public limited companyfounded 1978active for 48 yearsKarnemelkstraat 2-4, 9060 Zelzate, BelgiumKBO/BCE: BE 0418.773.843
Summary

M.S.B. has been active since 1978 and the Belgian Official 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 financial years (±0.3% per year). Its solvency ranks better than 20% of 2,441 sector peers (NACE 43, financial year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).

Risk analysisFollow ReportCompare
M.S.B.ActiveChecked score 83/100
Risk analysis ReportCompare

Overview

Activity
Joinery installation
NACE 43320General construction of other non-residential buildings NACE 41003
Largest 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 probabilitywithin 12 months
0.4%
Structure
Parent
FENOLA · 66.4%
Holdings
1
Auditor: Moore Audit2025 accounts 31 days early
Why 83raises riskSector: Specialised construction activities (NACE 43)Equity €1.7m (19.2% of total assets)lowers riskSize: turnover €20.7m, 34.2 FTE, total assets €8.7mProfit of €1.0m (financial year 2025)Show the evidence

Checked score

Score 2025
83 / 100
Excellent
Probability in this band: under 0.55%
Financially better than 35% of its sector peers (NACE 43, small)
Every signal that counts is listed 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% (2,646 companies, NACE 43, small)
Last 24 months 11-2024: 0.2% 12-2024: 0.2%● unchanged vs 11-2024 01-2025: 0.2%● unchanged vs 12-2024 02-2025: 0.2%● unchanged vs 01-2025 03-2025: 0.2%● unchanged vs 02-2025 04-2025: 0.2%● unchanged vs 03-2025 05-2025: 0.2%● unchanged vs 04-2025 06-2025: 0.2%● unchanged vs 05-2025 07-2025: 0.2%● unchanged vs 06-2025 08-2025: 0.1%▼ -0.1 percentage points vs 07-2025 09-2025: 0.1%● unchanged vs 08-2025 10-2025: 0.1%● unchanged vs 09-2025 11-2025: 0.1%● unchanged vs 10-2025 12-2025: 0.1%● unchanged vs 11-2025 01-2026: 0.1%● unchanged vs 12-2025 02-2026: 0.1%● unchanged vs 01-2026 03-2026: 0.1%● unchanged vs 02-2026 04-2026: 0.1%● unchanged vs 03-2026 05-2026: 0.1%● unchanged vs 04-2026 06-2026: 0.1%● unchanged vs 05-2026lowest value 07-2026: 0.4%▲ +0.3 percentage points vs 06-2026highest value 08-2026: 0.4%● unchanged vs 07-2026highest value 09-2026: 0.4%● unchanged vs 08-2026highest value 10-2026: 0.4%● unchanged vs 09-2026highest value
Credit of up to €130,000 on 30-day terms is acceptable
Liquidity tight (current ratio 1.19, compared with 1.25 in 2024, below the usual 1.5; short-term debt: 79.5% and cash: 7.1% of total assets), and 80.8% of the assets are financed with debt and provisions.
How it is calculated

The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:

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%

Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 43, small): better than 21% on solvency, 7% on liquidity, 48% on profitability and 65% on growth.

The bankruptcy probability was computed on 30-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.

Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).

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Signals

Seven signals.
lowers riskraises riskneutral
raises risk · Sector: Specialised construction activities (NACE 43)
KBO
raises risk · Equity €1.7m (19.2% of total assets)
NBB · annual accounts
lowers risk · Size: turnover €20.7m, 34.2 FTE, total assets €8.7m
Companies of this size fail less often; how much that weighs depends on the rest of its profile.
NBB · annual accounts
lowers risk · Profit of €1.0m (financial year 2025)
NBB · annual accounts
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 2441 sector peers (2025).
NBB · sector comparison
Position among 2441 sector peers
Solvency
better than 20%
← weakest strongest →
lowers risk · 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
neutral · 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 days early
2024
31 days early
2023
19 days early
2022
48 days early
2021
40 days early
2020
43 days early
2019
43 days 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 (NACE 43) for financial year 2024 is 1 day before the deadline, and 43% of those companies filed late.

Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 30 June (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven months
Where today falls in the filing period
31-10-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
Searched since 2021.
KBO publications · our coverage
  1. Annual accounts filedfinancial year 2025 · full…
  2. Reappointment: Moore Audit BV (statutory auditor)Permanent representative: Koen Strybos ·…
  3. Annual accounts filedfinancial year 2024 · full…

Key points

  • Positive: Largest company by total assets in Zelzate, Construction sectorin the Checked rankings No. 1 View
  • Positive: Turnover rose in 2025from €14.0m to €20.7m ▲ 47.2% View
  • Positive: Filed on time since financial year 2018accounts within the deadline every year 8 years View
  • Positive: 8 profitable years in a rowprofit 2025: €1.0m 8 years View
  • Controlled by FENOLAthe company in turn controls 1 companies 66.4% View
  • Active since 1978founded 11-10-1978 48 years View
  • Flemish supportawarded from 2022 to 2025 €82,735 View

By topic

Financials

Financial year
2025
Turnover
€20.7m
Profit
€1.0m
Solvency
19.2%
Turnover▲ 47.2%
Net result
20182025
Go to Financials

Network & group

Subsidiaries
1
Connected companies
5
Mergers and asset contributions
2

1 subsidiary

Go to Network & group

Timeline

Events
70
Since
1979
Next accounts
by 31-07-2027
  1. 12-07-2024Annual accounts filed
  2. 25-03-2024Amendment of the articles · Resignations &…
  3. 15-02-2024Resignations: Sopet NV, Wolspin BV and 2…
Go to Timeline

Company details

Sites
1
Legal form
Public limited company
Activity
Joinery installationNACE 43320
Founded
11-10-1978
Year ends
31-12
Peppol
Reachable for e-invoices
Go to Company details

Articles of association

Provisions read
5
Annual meeting
Second Wednesday of June
Purpose
“De vennootschap heeft tot doel, zowel voor eigen rekening als voor rekening van derden, of…” (deed in Dutch)
Go to Articles of association

Key facts about M.S.B.

What is the company number of M.S.B.?
0418.773.843. In Belgium the VAT number is the company number with BE in front: BE 0418.773.843.
Where is M.S.B. based?
The registered office is at Karnemelkstraat 2-4, 9060 Zelzate.Company details
What does M.S.B. do?
According to the KBO register, the main activity is joinery installation (NACE 43320).
What is the legal form of M.S.B.?
Public limited company (NV).
When was M.S.B. founded?
On 11-10-1978.
Is M.S.B. still active?
Yes, M.S.B. is an active enterprise in the KBO register.
How many employees does M.S.B. have?
On average 34.2 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
What is the turnover of M.S.B.?
€20.7m in financial year 2025, according to the filed annual accounts.
Is M.S.B. profitable?
In financial year 2025, M.S.B. made a profit of €1.0m.
Where can I find the annual accounts of M.S.B.?
M.S.B. filed 48 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
When are the next annual accounts of M.S.B. due?
By 31-07-2027, for financial year 2026.Timeline

Companies related to M.S.B.

Subsidiaries and holdings

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How much credit can you give this customer, and on what payment terms?Credit check What should you check before you do business with this company?Supplier due diligence Is the workforce growing, and do people stay?Employer check Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check

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