MB SPA
ActiveSummary
MB SPA has been active since 1977 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €962k and a net result of €3k. Equity is growing by ~13.2% per year across the filed fiscal years. Its solvency ranks better than 84% of 4178 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability33▼-47
Solvency97▲+2
Growth49▼-17
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €65k at 30 days acceptable
Liquidity ample (current ratio 6.42 against 6.07 in 2024; short-term debt: 14.4% and cash: 7.2% of total assets), and 27.5% 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
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 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% 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
72.5%
Return on assets
0.2%
Age of the figures
12 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 03-04-2026, 27 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
27 d early
2024
13 d early
2023
28 d early
2022
3 d early
2021
5 d early
2020
7 d early
2019
on the day
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today30-09-2026 close30-04-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€2.67M▲ 2.6%
2022 · €2.60M
2022: €2.60M
2023: €2.67M▲ +2.6% vs 2022
2022 → 2023
EBIT margin
5.7%▲ 1.7pp
2022 · 4.0%
2022: 4.0%
2023: 5.7%▲ +43.6% vs 2022
2022 → 2023
Net result
€3k▼ 97.4%
2024 · €125k
2018: €35k
2019: €32k▼ -9.6% vs 2018
2020: €51k▲ +59.9% vs 2019
2021: €100k▲ +96.9% vs 2020
2022: €91k▼ -9.4% vs 2021
2023: €128k▲ +40.9% vs 2022highest in 8 years
2024: €125k▼ -2.5% vs 2023
2025: €3k▼ -97.4% vs 2024lowest in 8 years
2018 → 2025
Working capital
€1.04M▼ 5.1%
2024 · €1.09M
2018: €277klowest in 8 years
2019: €405k▲ +46.1% vs 2018
2020: €500k▲ +23.6% vs 2019
2021: €662k▲ +32.3% vs 2020
2022: €977k▲ +47.7% vs 2021
2023: €1.08M▲ +10.6% vs 2022
2024: €1.09M▲ +1.2% vs 2023highest in 8 years
2025: €1.04M▼ -5.1% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€2.60M€2.67M▲ 2.6%
2022: €2.60M
2023: €2.67M▲ +2.6% vs 2022
Equity€615k-€706k▲ 14.8%€834k▲ 18.1%€959k▲ 15.0%€962k▲ 0.3%
2021: €615klowest in 5 years
2022: €706k▲ +14.8% vs 2021
2023: €834k▲ +18.1% vs 2022
2024: €959k▲ +15.0% vs 2023
2025: €962k▲ +0.3% vs 2024highest in 5 years
Operating result€117k-€103k▼ 11.9%€152k▲ 47.4%€156k▲ 2.6%€-6k
2021: €117k
2022: €103k▼ -11.9% vs 2021
2023: €152k▲ +47.4% vs 2022
2024: €156k▲ +2.6% vs 2023highest in 5 years
2025: €-6k▼ -104% vs 2024lowest in 5 years
Net result€100k-€91k▼ 9.4%€128k▲ 40.9%€125k▼ 2.5%€3k▼ 97.4%
2021: €100k
2022: €91k▼ -9.4% vs 2021
2023: €128k▲ +40.9% vs 2022highest in 5 years
2024: €125k▼ -2.5% vs 2023
2025: €3k▼ -97.4% vs 2024lowest in 5 years
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €6k after €156k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.33M
Fixed assets
€98k ▲ 47.5%
Current assets
€1.23M ▼ 6.1%
Equity and liabilities €1.33M
Equity
€962k ▲ 0.3%
Debt
€365k ▼ 12.3%
Debt's share of the balance-sheet total falls from 30.3% to 27.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€26k▼
2024 · €179k
Cash flow
€35k▼
2024 · €148k
Current ratio
6.42▲
2024 · 6.07
Quick ratio
1.35▼
2024 · 1.50
Debt to equity
0.38▼
2024 · 0.43
ROE
0.3%▼
2024 · 13.0%
ROA
0.2%▼
2024 · 9.1%
Interest coverage
1.73▼
2024 · 13.16
Debt ≤ 1 year
€192k▼
2024 · €216k
Debt > 1 year
€174k▼
2024 · €201k
Income taxes
€3k▼
2024 · €45k
Staff costs
€358k▲
2024 · €342k
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 · 49 lines
Balance sheet
Code20242025
Assets
Total assets20/58€1.37M€1.33M▼
Fixed assets21/28€66k€98k▲
Tangible fixed assets22/27€66k€98k▲
Land and buildings22€34k€39k▲
Plant, machinery and equipment23-€11k
Furniture and vehicles24€32k€48k▲
Current assets29/58€1.31M€1.23M▼
Stocks and contracts in progress3€986k€970k▼
Stocks30/36€986k€970k▼
Amounts receivable within one year40/41€74k€155k▲
Trade receivables40€15k€74k▲
Other amounts receivable41€59k€81k▲
Current investments50/53€100k€0▼
Cash at bank and in hand54/58€149k€96k▼
Deferred charges and accrued income490/1€0€8k▲
Equity and liabilities
Total equity and liabilities10/49€1.37M€1.33M▼
Equity10/15€959k€962k▲
Contributions10/11€20k€20k=
Reserves13€340k€340k=
Tax-exempt reserves132€6k€6k=
Distributable reserves133€334k€334k=
Profit (loss) carried forward14€599k€602k▲
Amounts payable17/49€416k€365k▼
Amounts payable after more than one year17€201k€174k▼
Financial debts170/4€201k€174k▼
Other amounts payable178/9€0-
Amounts payable within one year42/48€216k€192k▼
Current portion of amounts payable after more than one year42€51k€51k▼
Trade debts44€100k€70k▼
Suppliers440/4€100k€70k▼
Taxes, remuneration and social security45€65k€71k▲
Taxes450/3€8k€7k▼
Remuneration and social security454/9€56k€64k▲
Income statement
Code20242025
Remuneration, social security and pensions62€342k€358k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€23k€32k▲
Other operating charges640/8€26k€29k▲
Gross operating margin9900€547k€414k▼
Operating profit (loss)9901€156k€-6k▼
Financial income75/76B€27k€27k▼
Recurring financial income75€27k€27k▼
Financial charges65/66B€14k€15k▲
Recurring financial charges65€14k€15k▲
Profit (loss) for the period before taxes9903€169k€6k▼
Income taxes67/77€45k€3k▼
Profit (loss) for the period9904€125k€3k▼
Profit (loss) for the period to be appropriated9905€125k€3k▼
Appropriation of the result
Profit (loss) to be appropriated9906€599k€602k▲
Profit (loss) brought forward from the previous period14P€474k€599k▲
Social balance
Average headcount (FTE)90878.38.4▲
The notes to these accounts (15 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 |
|---|---|---|---|---|---|---|
| Turnover70 | - | €2.60M | €2.67M | - | - | - |
| Non-recurring operating income76A | €495 | €0 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €2.18M | €2.11M | - | - | - |
| Remuneration, social security and pensions62 | €290k | €330k | €366k | €342k | €358k | ▲ 4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €30k | €25k | €22k | €23k | €32k | ▲ 36.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €-2k | €-27k | €0 | - | - | - |
| Other operating charges640/8 | €22k | €22k | €23k | €26k | €29k | ▲ 13.9% |
| Non-recurring operating charges66A | €0 | - | - | - | - | - |
| Gross operating margin9900 | €458k | €454k | €563k | €547k | €414k | ▼ 24.3% |
| Operating profit (loss)9901 | €117k | €103k | €152k | €156k | €-6k | ▼ 104% |
| Financial income75/76B | €24k | €26k | €26k | €27k | €27k | ▼ 0.5% |
| Recurring financial income75 | €24k | €26k | €26k | €27k | €27k | ▼ 0.5% |
| Financial charges65/66B | €11k | €10k | €7k | €14k | €15k | ▲ 11.2% |
| Recurring financial charges65 | €11k | €10k | €7k | €14k | €15k | ▲ 11.2% |
| Profit (loss) for the period before taxes9903 | €130k | €119k | €171k | €169k | €6k | ▼ 96.3% |
| Income taxes67/77 | €30k | €28k | €43k | €45k | €3k | ▼ 93.3% |
| Profit (loss) for the period9904 | €100k | €91k | €128k | €125k | €3k | ▼ 97.4% |
| Profit (loss) for the period to be appropriated9905 | €100k | €91k | €128k | €125k | €3k | ▼ 97.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.12M | €1.36M | €1.37M | €1.37M | €1.33M | ▼ 3.5% |
| Fixed assets21/28 | €27k | €65k | €84k | €66k | €98k | ▲ 47.5% |
| Tangible fixed assets22/27 | €27k | €65k | €84k | €66k | €98k | ▲ 47.5% |
| Land and buildings22 | €27k | €65k | €49k | €34k | €39k | ▲ 12.8% |
| Plant, machinery and equipment23 | €0 | - | - | - | €11k | - |
| Furniture and vehicles24 | €0 | - | €35k | €32k | €48k | ▲ 51.1% |
| Current assets29/58 | €1.09M | €1.29M | €1.29M | €1.31M | €1.23M | ▼ 6.1% |
| Stocks and contracts in progress3 | €950k | €1.02M | €1.01M | €986k | €970k | ▼ 1.6% |
| Stocks30/36 | €950k | €1.02M | €1.01M | €986k | €970k | ▼ 1.6% |
| Amounts receivable within one year40/41 | €128k | €134k | €100k | €74k | €155k | ▲ 110% |
| Trade receivables40 | €19k | €23k | €33k | €15k | €74k | ▲ 388% |
| Other amounts receivable41 | €109k | €110k | €68k | €59k | €81k | ▲ 37.5% |
| Current investments50/53 | - | - | - | €100k | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €11k | €144k | €178k | €149k | €96k | ▼ 35.5% |
| Deferred charges and accrued income490/1 | - | - | €340 | €0 | €8k | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.12M | €1.36M | €1.37M | €1.37M | €1.33M | ▼ 3.5% |
| Equity10/15 | €615k | €706k | €834k | €959k | €962k | ▲ 0.3% |
| Contributions10/11 | €19k | €19k | €20k | €20k | €20k | = |
| Reserves13 | €342k | €342k | €340k | €340k | €340k | = |
| Non-distributable reserves130/1 | €2k | €2k | €0 | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | €0 | - | - | - |
| Tax-exempt reserves132 | €6k | €6k | €6k | €6k | €6k | = |
| Distributable reserves133 | €334k | €334k | €334k | €334k | €334k | = |
| Profit (loss) carried forward14 | €255k | €346k | €474k | €599k | €602k | ▲ 0.5% |
| Amounts payable17/49 | €502k | €653k | €538k | €416k | €365k | ▼ 12.3% |
| Amounts payable after more than one year17 | €72k | €327k | €330k | €201k | €174k | ▼ 13.5% |
| Financial debts170/4 | €72k | €42k | €25k | €201k | €174k | ▼ 13.5% |
| Other amounts payable178/9 | - | €285k | €305k | €0 | - | - |
| Amounts payable within one year42/48 | €427k | €316k | €208k | €216k | €192k | ▼ 11.1% |
| Current portion of amounts payable after more than one year42 | €30k | €30k | €16k | €51k | €51k | ▼ 0.1% |
| Financial debts43 | €214k | €0 | - | - | - | - |
| Credit institutions430/8 | €214k | €0 | - | - | - | - |
| Trade debts44 | €134k | €228k | €118k | €100k | €70k | ▼ 29.9% |
| Suppliers440/4 | €134k | €175k | €118k | €100k | €70k | ▼ 29.9% |
| Bills of exchange payable441 | - | €53k | €0 | - | - | - |
| Taxes, remuneration and social security45 | €49k | €58k | €74k | €65k | €71k | ▲ 9.1% |
| Taxes450/3 | €4k | €8k | €10k | €8k | €7k | ▼ 21.1% |
| Remuneration and social security454/9 | €45k | €50k | €63k | €56k | €64k | ▲ 13.6% |
| Accrued charges and deferred income492/3 | €2k | €9k | €0 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €100k | €91k | €128k | €125k | €3k | ▼ 97.4% |
| + Depreciation and write-downs630 | €30k | €25k | €22k | €23k | €32k | ▲ 36.0% |
| Operating cash flow (approximation) | €130k | €116k | €150k | €148k | €35k | ▼ 76.3% |
| Investment in fixed assets (approximation) | - | €-63k | €-41k | €-6k | €-63k | ▼ 940% |
| Change in cash | - | €133k | €34k | €-29k | €-53k | ▼ 85.9% |
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
03-04
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
30-09
Financial
Weakest financial yearnet €3k ▼97.4%
Net result drops to €3k, the lowest in the series.
17-04
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
02-04
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
30-09
Financial
Highest result since 2018net €128k ▲40.9%
Net result €128k, the highest in the series.
27-04
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
25-04
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
23-04
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
30-09
Financial
Equity above €500kEq €515k ▲11%
3 profitable years in a row build equity to €515k.
30-04
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
17-04
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
03-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 3 days late
2017
24-03
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are 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, Malmedy · 1 establishment unit since 1977
Ground area
8,938 m²
Building footprint
5,756 m²
Volume, LiDAR
38,536 m³
2 parcels, Wallonia · tallest building 10.1 m, ±2 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
Avenue Reine Astrid 246, 4900 Spa
since 19772.015.312.778
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63049F0348/00T000 | Wallonia | 5,082 m² | 1 · 3,202 m² | 10.1 m · 2 fl. |
| 63072E0441/00M000 | Wallonia | 3,856 m² | 1 · 2,555 m² | 8.9 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
Food safety, FASFC
1 siteSpa2.015.312.778
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Of 1,719 companies in sector 47521 we hold annual accounts for 1,287. 940 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
Founded10-12-1977
Fiscal year end30-09
Activities, NACEBEL 2025
47521Retail sale of hardware, building materials, paint and glass (general range)
43221Plumbing work
43222Installation of electric heating, air conditioning, cooling and ventilation
47522Retail trade
Scores and ratios are computed by Checked and are not a credit decision.