M.S.G. ELECTRONICS
ActiveSummary
M.S.G. ELECTRONICS has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €59k and a net result of €-8k. Equity is growing by ~2.7% per year across the filed fiscal years. Its solvency ranks better than 92% of 8001 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
68
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability3▼-55
Solvency100=
Growth38▼-17
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1.5k at 30 days acceptable
Liquidity ample (current ratio 7.02 against 36.63 in 2024; short-term debt: 9.8% and cash: 19.5% of total assets), and 9.8% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
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 · 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
90.2%
Return on assets
-11.7%
Age of the figures
9 mo
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
47 d late
2023
22 d late
2022
31 d late
2021
30 d late
2020
59 d late
2019
61 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
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
€19k▼ 28.3%
2024 · €26k
2018: €39k
2019: €19k
2020: €31k
2021: €53k
2022: €26k
2023: €44k
2024: €26k
2018 → 2025
EBIT margin
-41.6%▼ 48.2pp
2024 · 6.5%
2018: -20.9%
2019: -57.0%
2020: 13.3%
2021: 7.6%
2022: -19.5%
2023: 29.8%
2024: 6.5%
2018 → 2025
Net result
€-8k
2024 · €2k
2018: €-9k
2019: €-11k
2020: €3k
2021: €4k
2022: €-4k
2023: €13k
2024: €2k
2018 → 2025
Working capital
€39k▼ 17.5%
2024 · €47k
2018: €21k
2019: €20k
2020: €42k
2021: €46k
2022: €42k
2023: €45k
2024: €47k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€53k-€26k▼ 50.6%€44k▲ 67.5%€26k▼ 41.0%€19k▼ 28.3%
Equity€56k-€52k▼ 7.6%€66k▲ 25.7%€67k▲ 2.6%€59k▼ 11.5%
Operating result€4k-€-5k€13k€2k▼ 87.1%€-8k
Net result€4k-€-4k€13k€2k▼ 87.4%€-8k
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €8k after €2k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €66k
Fixed assets
€21k ▲ 2.4%
Current assets
€45k ▼ 6.4%
Equity and liabilities €66k
Equity
€59k ▼ 11.5%
Debt
€6k ▲ 389%
Debt's share of the balance-sheet total rises from 1.9% to 9.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-7k▼
2024 · €3k
Cash flow
€-7k▼
2024 · €3k
Current ratio
7.02▼
2024 · 36.63
Quick ratio
6.99▼
2024 · 36.48
Debt to equity
0.11▲
2024 · 0.02
ROE
-13.0%▼
2024 · 2.5%
ROA
-11.7%▼
2024 · 2.5%
Interest coverage
-481.40
Debt ≤ 1 year
€6k▲
2024 · €1k
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 · 45 lines
Balance sheet
Code20242025
Assets
Total assets20/58€69k€66k▼
Fixed assets21/28€20k€21k▲
Tangible fixed assets22/27€20k€20k▲
Land and buildings22€20k€20k▲
Financial fixed assets28€595€595=
Current assets29/58€48k€45k▼
Stocks and contracts in progress3€205€181▼
Stocks30/36€205€181▼
Amounts receivable within one year40/41€28k€32k▲
Trade receivables40€15k€18k▲
Other amounts receivable41€13k€14k▲
Cash at bank and in hand54/58€20k€13k▼
Deferred charges and accrued income490/1€316-
Equity and liabilities
Total equity and liabilities10/49€69k€66k▼
Equity10/15€67k€59k▼
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Reserves13€66k€66k=
Non-distributable reserves130/1€2k€2k=
Legal reserve130€2k€2k=
Distributable reserves133€63k€63k=
Profit (loss) carried forward14€-60k€-68k▼
Amounts payable17/49€1k€6k▲
Amounts payable within one year42/48€1k€6k▲
Trade debts44€388€3k▲
Suppliers440/4€388€3k▲
Taxes, remuneration and social security45€240€211▼
Taxes450/3€240€211▼
Other amounts payable47/48€694€3k▲
Income statement
Code20242025
Turnover70€26k€19k▼
Non-recurring operating income76A-€985
Goods, raw materials, services and sundry goods60/61€18k€23k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2k€500▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€2k€1k▼
Other operating charges640/8€3k€2k▼
Gross operating margin9900€8k€-4k▼
Operating profit (loss)9901€2k€-8k▼
Financial charges65/66B-€15
Recurring financial charges65-€15
Profit (loss) for the period before taxes9903€2k€-8k▼
Profit (loss) for the period9904€2k€-8k▼
Profit (loss) for the period to be appropriated9905€2k€-8k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-60k€-68k▼
Profit (loss) brought forward from the previous period14P€-62k€-60k▲
The notes to these accounts (5 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
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
2025
16-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 47 days late
2024
31-12
Financial
Liquidity triplescurrent ratio 36.63
Current ratio from 13.44 to 36.63; short-term debt falls from €4k to €1k.
22-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 22 days late
2023
31-12
Financial
Back to profitnet €13k
Net result €13k after one loss-making year.
31-12
Financial
Liquidity doublescurrent ratio 13.44
Current ratio from 6.23 to 13.44; short-term debt falls from €8k to €4k.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 30 days late
2021
31-12
Financial
Liquidity triplescurrent ratio 11.38
Current ratio from 3.64 to 11.38; short-term debt falls from €16k to €4k.
28-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 59 days late
2020
31-12
Financial
Back to profitnet €3k
Net result €3k after 2 loss-making years.
31-12
Financial
Liquidity doublescurrent ratio 3.64
Current ratio from 1.52 to 3.64; short-term debt falls from €39k to €16k.
Show earlier events
30-09
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 61 days late
2019
31-12
Financial
Weakest financial yearnet €-11k
Net result drops to €-11k, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 30 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
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, Quaregnon · 1 establishment unit since 1988
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.
Rue Jules Destrée 1957390 QuaregnonGround area
345 m²
Building footprint
202 m²
Volume, LiDAR
1,435 m³
2 parcels, Wallonia · tallest building 10.8 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
M.S.G. ELECTRONICS SA
since 19882.040.539.906
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 53065A0344/00L000 | Wallonia | 196 m² | 1 · 98 m² | 10.8 m · 2 fl. |
| 53065B0733/00M000 | Wallonia | 150 m² | 1 · 104 m² | 9.7 m · 3 fl. |
Linked by address, not proof of ownership
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.
Similar companies · same sector, comparable size
EnergoTec
BE 0728.516.520
Watermaal-Bosvoorde · Eq €59,420
Rimaster Benelux
BE 0832.365.809
Schilde · Eq €59,219
AKOTECH ELECTRO
BE 0679.631.686
Brussel · Eq €60,710
DISCOM
BE 0437.566.010
Ranst · Eq €60,864
DELCOMP
BE 0454.418.274
Leuven · Eq €61,095
Of 1,247 companies in sector 46643 we hold annual accounts for 954. 484 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded28-09-1988
Fiscal year end31-12
Activities, NACEBEL 2025
46643Wholesale of electrical equipment, including installation materials
Sources
Crossroads Bank for EnterprisesNational Bank · 25 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.