M.S. CONSTRUCTION
ActiveSummary
M.S. CONSTRUCTION has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €132k and a net result of €34k. Equity is growing by ~25.4% per year across the filed fiscal years. Its solvency ranks better than 29% of 7500 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability55▲+55
Solvency48▼-3
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6k at 30 days acceptable
Liquidity tight (current ratio 1.17 against 1.18 in 2024; short-term debt: 70.7% and cash: 2.1% of total assets), and 76.6% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
23.4%
Return on assets
6%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
58 d late
2023
29 d late
2022
31 d late
2021
29 d late
2020
26 d late
2019
90 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · 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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€132k▲ 34.3%
2024 · €99k
2018: €3klowest in 8 years
2019: €16k▲ +527% vs 2018
2020: €52k▲ +227% vs 2019
2021: €57k▲ +10.5% vs 2020
2022: €94k▲ +63.5% vs 2021
2023: €167k▲ +78.3% vs 2022highest in 8 years
2024: €99k▼ -40.8% vs 2023
2025: €132k▲ +34.3% vs 2024
2018 → 2025
Total assets
€565k▲ 51.8%
2024 · €372k
2018: €64klowest in 8 years
2019: €108k▲ +69.1% vs 2018
2020: €176k▲ +63.5% vs 2019
2021: €223k▲ +26.5% vs 2020
2022: €141k▼ -36.9% vs 2021
2023: €257k▲ +82.6% vs 2022
2024: €372k▲ +45.0% vs 2023
2025: €565k▲ +51.8% vs 2024highest in 8 years
2018 → 2025
Net result
€34k
2024 · €-68k
2018: €26k
2019: €13k▼ -49.4% vs 2018
2020: €24k▲ +76.5% vs 2019
2021: €5k▼ -76.9% vs 2020
2022: €36k▲ +569% vs 2021
2023: €73k▲ +102% vs 2022highest in 8 years
2024: €-68k▼ -193% vs 2023lowest in 8 years
2025: €34k▲ +150% vs 2024
2018 → 2025
Working capital
€68k▲ 65.8%
2024 · €41k
2018: €-2klowest in 8 years
2019: €11k▲ +618% vs 2018
2020: €50k▲ +342% vs 2019
2021: €57k▲ +13.2% vs 2020
2022: €90k▲ +56.8% vs 2021
2023: €146k▲ +62.8% vs 2022highest in 8 years
2024: €41k▼ -72.1% vs 2023
2025: €68k▲ +65.8% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€57k-€94k▲ 63.5%€167k▲ 78.3%€99k▼ 40.8%€132k▲ 34.3%
2021: €57klowest in 5 years
2022: €94k▲ +63.5% vs 2021
2023: €167k▲ +78.3% vs 2022highest in 5 years
2024: €99k▼ -40.8% vs 2023
2025: €132k▲ +34.3% vs 2024
Operating result€10k-€60k▲ 479%€114k▲ 89.6%€-53k€73k
2021: €10k
2022: €60k▲ +479% vs 2021
2023: €114k▲ +89.6% vs 2022highest in 5 years
2024: €-53k▼ -147% vs 2023lowest in 5 years
2025: €73k▲ +237% vs 2024
Net result€5k-€36k▲ 569%€73k▲ 102%€-68k€34k
2021: €5k
2022: €36k▲ +569% vs 2021
2023: €73k▲ +102% vs 2022highest in 5 years
2024: €-68k▼ -193% vs 2023lowest in 5 years
2025: €34k▲ +150% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €73k after a loss of €53k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €565k
Fixed assets
€98k ▼ 11.4%
Current assets
€467k ▲ 78.5%
Equity and liabilities €565k
Equity
€132k ▲ 34.3%
Debt
€433k ▲ 58.1%
Debt's share of the balance-sheet total rises from 73.5% to 76.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€86k▲
2024 · €-44k
Cash flow
€46k▲
2024 · €-59k
Current ratio
1.17▼
2024 · 1.18
Quick ratio
1.09▼
2024 · 1.11
Debt to equity
3.27▲
2024 · 2.77
ROE
25.5%▲
2024 · -69.0%
ROA
6.0%▲
2024 · -18.3%
Interest coverage
3.45▲
2024 · -4.09
Debt ≤ 1 year
€400k▲
2024 · €221k
Debt > 1 year
€33k▼
2024 · €53k
Income taxes
€16k▲
2024 · €5k
Staff costs
€92k▼
2024 · €138k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 50 lines
Balance sheet
Code20242025
Assets
Total assets20/58€372k€565k▲
Fixed assets21/28€111k€98k▼
Tangible fixed assets22/27€43k€31k▼
Plant, machinery and equipment23€2k€2k▼
Furniture and vehicles24€41k€29k▼
Financial fixed assets28€67k€67k=
Current assets29/58€262k€467k▲
Stocks and contracts in progress3€17k€32k▲
Stocks30/36€4k€32k▲
Contracts in progress37€14k-
Amounts receivable within one year40/41€186k€399k▲
Trade receivables40€166k€374k▲
Other amounts receivable41€20k€25k▲
Cash at bank and in hand54/58€25k€12k▼
Deferred charges and accrued income490/1€34k€24k▼
Equity and liabilities
Total equity and liabilities10/49€372k€565k▲
Equity10/15€99k€132k▲
Contributions10/11€19k€19k=
Reserves13€82€82=
Non-distributable reserves130/1€82€82=
Reserves not available under the articles1311€82€82=
Profit (loss) carried forward14€80k€114k▲
Amounts payable17/49€274k€433k▲
Amounts payable after more than one year17€53k€33k▼
Financial debts170/4€53k€33k▼
Amounts payable within one year42/48€221k€400k▲
Current portion of amounts payable after more than one year42€19k€20k▲
Financial debts43€90k€100k▲
Credit institutions430/8€90k€100k▲
Trade debts44€28k€201k▲
Suppliers440/4€28k€201k▲
Taxes, remuneration and social security45€83k€73k▼
Taxes450/3€54k€31k▼
Remuneration and social security454/9€30k€42k▲
Other amounts payable47/48-€7k
Income statement
Code20242025
Remuneration, social security and pensions62€138k€92k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€10k€13k▲
Other operating charges640/8€11k€893▼
Gross operating margin9900€105k€179k▲
Operating profit (loss)9901€-53k€73k▲
Financial income75/76B€1k€1k▼
Recurring financial income75€1k€1k▼
Financial charges65/66B€11k€25k▲
Recurring financial charges65€11k€25k▲
Profit (loss) for the period before taxes9903€-63k€50k▲
Income taxes67/77€5k€16k▲
Profit (loss) for the period9904€-68k€34k▲
Profit (loss) for the period to be appropriated9905€-68k€34k▲
Appropriation of the result
Profit (loss) to be appropriated9906€80k€114k▲
Profit (loss) brought forward from the previous period14P€148k€80k▼
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €165 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | €42k | €138k | €92k | ▼ 33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1k | - | €18k | €10k | €13k | ▲ 32.6% |
| Other operating charges640/8 | €1k | €459 | €4k | €11k | €893 | ▼ 91.9% |
| Gross operating margin9900 | €13k | €60k | €178k | €105k | €179k | ▲ 70.0% |
| Operating profit (loss)9901 | €10k | €60k | €114k | €-53k | €73k | ▲ 237% |
| Financial income75/76B | - | €346 | €1k | €1k | €1k | ▼ 16.6% |
| Recurring financial income75 | - | €346 | €1k | €1k | €1k | ▼ 16.6% |
| Financial charges65/66B | €2k | €11k | €7k | €11k | €25k | ▲ 132% |
| Recurring financial charges65 | €2k | €11k | €7k | €11k | €25k | ▲ 132% |
| Profit (loss) for the period before taxes9903 | €8k | €49k | €108k | €-63k | €50k | ▲ 179% |
| Income taxes67/77 | €3k | €13k | €35k | €5k | €16k | ▲ 195% |
| Profit (loss) for the period9904 | €5k | €36k | €73k | €-68k | €34k | ▲ 150% |
| Profit (loss) for the period to be appropriated9905 | €5k | €36k | €73k | €-68k | €34k | ▲ 150% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €223k | €141k | €257k | €372k | €565k | ▲ 51.8% |
| Fixed assets21/28 | €101 | €4k | €44k | €111k | €98k | ▼ 11.4% |
| Tangible fixed assets22/27 | - | €0 | €37k | €43k | €31k | ▼ 29.1% |
| Plant, machinery and equipment23 | - | €0 | €1k | €2k | €2k | ▼ 23.2% |
| Furniture and vehicles24 | - | €0 | €36k | €41k | €29k | ▼ 29.5% |
| Financial fixed assets28 | €101 | €4k | €7k | €67k | €67k | = |
| Current assets29/58 | €223k | €137k | €213k | €262k | €467k | ▲ 78.5% |
| Stocks and contracts in progress3 | - | - | - | €17k | €32k | ▲ 87.1% |
| Stocks30/36 | - | - | - | €4k | €32k | ▲ 755% |
| Contracts in progress37 | - | - | - | €14k | - | - |
| Amounts receivable within one year40/41 | €218k | €107k | €158k | €186k | €399k | ▲ 115% |
| Trade receivables40 | €183k | €93k | €140k | €166k | €374k | ▲ 126% |
| Other amounts receivable41 | €35k | €14k | €18k | €20k | €25k | ▲ 25.3% |
| Cash at bank and in hand54/58 | €5k | €26k | €54k | €25k | €12k | ▼ 51.9% |
| Deferred charges and accrued income490/1 | - | €3k | - | €34k | €24k | ▼ 29.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €223k | €141k | €257k | €372k | €565k | ▲ 51.8% |
| Equity10/15 | €57k | €94k | €167k | €99k | €132k | ▲ 34.3% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Outside capital11 | €19k | - | - | - | - | - |
| Other1109/19 | €19k | - | - | - | - | - |
| Reserves13 | €82 | €82 | €82 | €82 | €82 | = |
| Non-distributable reserves130/1 | €82 | €82 | €82 | €82 | €82 | = |
| Reserves not available under the articles1311 | €82 | €82 | €82 | €82 | €82 | = |
| Profit (loss) carried forward14 | €39k | €75k | €148k | €80k | €114k | ▲ 42.2% |
| Amounts payable17/49 | €166k | €47k | €90k | €274k | €433k | ▲ 58.1% |
| Amounts payable after more than one year17 | - | - | €23k | €53k | €33k | ▼ 37.3% |
| Financial debts170/4 | - | - | €23k | €53k | €33k | ▼ 37.3% |
| Amounts payable within one year42/48 | €166k | €47k | €67k | €221k | €400k | ▲ 80.8% |
| Current portion of amounts payable after more than one year42 | - | - | €7k | €19k | €20k | ▲ 1.4% |
| Financial debts43 | - | - | - | €90k | €100k | ▲ 11.1% |
| Credit institutions430/8 | - | - | - | €90k | €100k | ▲ 11.1% |
| Trade debts44 | €123k | €22k | €5k | €28k | €201k | ▲ 610% |
| Suppliers440/4 | €123k | €22k | €5k | €28k | €201k | ▲ 610% |
| Taxes, remuneration and social security45 | €42k | €23k | €46k | €83k | €73k | ▼ 13.1% |
| Taxes450/3 | €41k | €23k | €46k | €54k | €31k | ▼ 43.0% |
| Remuneration and social security454/9 | €2k | €0 | - | €30k | €42k | ▲ 40.5% |
| Other amounts payable47/48 | - | €2k | €9k | - | €7k | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5k | €36k | €73k | €-68k | €34k | ▲ 150% |
| + Depreciation and write-downs630 | €1k | - | €18k | €10k | €13k | ▲ 32.6% |
| Operating cash flow (approximation) | €7k | €36k | €92k | €-59k | €46k | ▲ 179% |
| Investment in fixed assets (approximation) | - | €-4k | €-59k | €-76k | €-14 | ▲ 100.0% |
| Change in cash | - | €21k | €28k | €-30k | €-13k | ▲ 56.7% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
01-09
State Gazette act
Registered officeRegistered-office move2 facts ▸
State Gazette act
Registered office
Registered-office move2 facts ▸
- General meeting, 28-08-2026
- Registered-office move, Rue de la Station 60, 4430 Ans
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
31-12
Financial
Back to profitnet €34k
Net result €34k after one loss-making year.
31-12
Financial
Equity above €100kEq €132k ▲34.3%
Equity rises from €99k to €132k.
27-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 58 days late
2024
31-12
Financial
Weakest financial yearnet €-68k
Net result drops to €-68k, the lowest in the series; recovery starts the following year.
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
31-12
Financial
Highest result since 2018net €73k ▲102%
Operating result €114k, net result €73k, both a record.
31-12
Financial
Equity above €150kEq €167k ▲78.3%
6 profitable years in a row build equity to €167k.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-12
Financial
Liquidity doublescurrent ratio 2.90
Current ratio from 1.34 to 2.90; short-term debt falls from €166k to €47k.
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 29 days late
Show earlier events
2021
26-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 26 days late
2020
29-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 90 days late
2019
24-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
25-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
08-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 4 acts read
About the unread acts
Of the 4 Belgian State Gazette acts we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Ans · 1 establishment unit since 2014
Ground area
1,080 m²
Building footprint
193 m²
Volume, LiDAR
1,447 m³
2 parcels, Wallonia · tallest building 11.8 m, ±3 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
M.S. CONSTRUCTION
since 20142.235.568.403
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62332B0024/00T003 | Wallonia | 783 m² | 1 · 69 m² | 11.8 m · 3 fl. |
| 62001B0576/00Y002 | Wallonia | 297 m² | 1 · 124 m² | 8.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Recognised contractor
8 categoriesM.S. CONSTRUCTION SRL43546
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Of 29,779 companies in sector 41001 we hold annual accounts for 16,044. 12,835 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded26-09-2014
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
43910Bricklaying and masonry work
43110Demolition
43230Insulation installation
43320Joinery installation
43341Painting of buildings
Scores and ratios are computed by Checked and are not a credit decision.