MGS CONSTRUCTION
ActiveSummary
MGS CONSTRUCTION has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €538k and a net result of €134k. Equity is growing by ~13.5% per year across the filed fiscal years. Its solvency ranks better than 53% of 2198 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability81▼-4
Solvency65▼-35
Growth78=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30k at 30 days acceptable
Liquidity short (current ratio 0.96 against 3.82 in 2024; short-term debt: 56.7% and cash: 0% of total assets), and 60.1% 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 · 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
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
39.9%
Return on assets
10%
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
31 d late
2023
36 d early
2022
33 d early
2021
24 d late
2020
66 d early
2019
65 d early
← 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, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€134k▲ 90.6%
2024 · €70k
2018: €2klowest in 8 years
2019: €6k▲ +167% vs 2018
2020: €26k▲ +349% vs 2019
2021: €11k▼ -59.2% vs 2020
2022: €100k▲ +845% vs 2021
2023: €24k▼ -76.3% vs 2022
2024: €70k▲ +198% vs 2023
2025: €134k▲ +90.6% vs 2024highest in 8 years
2018 → 2025
Working capital
€-30k
2024 · €377k
2018: €134k
2019: €136k▲ +2.2% vs 2018
2020: €250k▲ +83.2% vs 2019
2021: €141k▼ -43.7% vs 2020
2022: €267k▲ +89.8% vs 2021
2023: €299k▲ +12.0% vs 2022
2024: €377k▲ +26.1% vs 2023highest in 8 years
2025: €-30k▼ -108% vs 2024lowest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€255k-€355k▲ 39.2%€333k▼ 6.0%€404k▲ 21.2%€538k▲ 33.3%
2021: €255klowest in 5 years
2022: €355k▲ +39.2% vs 2021
2023: €333k▼ -6.0% vs 2022
2024: €404k▲ +21.2% vs 2023
2025: €538k▲ +33.3% vs 2024highest in 5 years
Operating result€19k-€126k▲ 550%€39k▼ 69.1%€90k▲ 132%€185k▲ 106%
2021: €19klowest in 5 years
2022: €126k▲ +550% vs 2021
2023: €39k▼ -69.1% vs 2022
2024: €90k▲ +132% vs 2023
2025: €185k▲ +106% vs 2024highest in 5 years
Net result€11k-€100k▲ 845%€24k▼ 76.3%€70k▲ 198%€134k▲ 90.6%
2021: €11klowest in 5 years
2022: €100k▲ +845% vs 2021
2023: €24k▼ -76.3% vs 2022
2024: €70k▲ +198% vs 2023
2025: €134k▲ +90.6% vs 2024highest in 5 years
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 106% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.35M
Fixed assets
€613k ▲ 1,894%
Current assets
€735k ▲ 43.8%
Equity and liabilities €1.35M
Equity
€538k ▲ 33.3%
Provisions
€33k
Debt
€776k ▲ 462%
Debt's share of the balance-sheet total rises from 25.5% to 57.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€201k▲
2024 · €114k
Cash flow
€150k▲
2024 · €94k
Current ratio
0.96▼
2024 · 3.82
Quick ratio
0.71▼
2024 · 3.71
Debt to equity
1.44▲
2024 · 0.34
ROE
25.0%▲
2024 · 17.5%
ROA
10.0%▼
2024 · 13.0%
Interest coverage
30.78▲
2024 · 17.94
Debt ≤ 1 year
€764k▲
2024 · €134k
Income taxes
€13k▼
2024 · €23k
Staff costs
€432k▲
2024 · €354k
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 · 57 lines
Balance sheet
Code20242025
Assets
Total assets20/58€542k€1.35M▲
Fixed assets21/28€31k€613k▲
Tangible fixed assets22/27€31k€613k▲
Plant, machinery and equipment23€13k€2k▼
Furniture and vehicles24€18k€21k▲
Assets under construction and advance payments27-€590k
Financial fixed assets28€180€180=
Current assets29/58€511k€735k▲
Stocks and contracts in progress3€15k€193k▲
Stocks30/36€15k€193k▲
Amounts receivable within one year40/41€222k€513k▲
Trade receivables40€184k€265k▲
Other amounts receivable41€38k€248k▲
Cash at bank and in hand54/58€273k€321▼
Deferred charges and accrued income490/1€844€29k▲
Equity and liabilities
Total equity and liabilities10/49€542k€1.35M▲
Equity10/15€404k€538k▲
Contributions10/11€85k€85k=
Reserves13€319k€453k▲
Tax-exempt reserves132-€99k
Distributable reserves133€319k€354k▲
Provisions and deferred taxes16-€33k
Deferred taxes168-€33k
Amounts payable17/49€138k€776k▲
Amounts payable after more than one year17€4k-
Financial debts170/4€4k-
Amounts payable within one year42/48€134k€764k▲
Current portion of amounts payable after more than one year42€16k€4k▼
Financial debts43-€25k
Credit institutions430/8-€25k
Trade debts44€90k€535k▲
Suppliers440/4€90k€535k▲
Taxes, remuneration and social security45€27k€50k▲
Taxes450/3€4k€16k▲
Remuneration and social security454/9€23k€34k▲
Other amounts payable47/48€252€150k▲
Accrued charges and deferred income492/3€315€12k▲
Income statement
Code20242025
Remuneration, social security and pensions62€354k€432k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€24k€16k▼
Other operating charges640/8€3k€3k▼
Gross operating margin9900€471k€636k▲
Operating profit (loss)9901€90k€185k▲
Financial income75/76B€10k€2k▼
Recurring financial income75€10k€2k▼
Financial charges65/66B€6k€7k▲
Recurring financial charges65€6k€7k▲
Profit (loss) for the period before taxes9903€94k€181k▲
Transfer to deferred taxes680-€33k
Income taxes67/77€23k€13k▼
Profit (loss) for the period9904€70k€134k▲
Transfer to tax-exempt reserves689-€99k
Profit (loss) for the period to be appropriated9905€70k€35k▼
Appropriation of the result
Profit (loss) to be appropriated9906€316k€35k▼
Profit (loss) brought forward from the previous period14P€245k-
Transfer to equity691/2€316k€35k▼
To other reserves6921€316k€35k▼
Social balance
Average headcount (FTE)90878.09.0▲
The notes to these accounts (9 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 | - | - | €3k | - | - | - |
| Remuneration, social security and pensions62 | €430k | €391k | €421k | €354k | €432k | ▲ 22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €54k | €57k | €39k | €24k | €16k | ▼ 32.9% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €-5k | - | - | - | - | - |
| Other operating charges640/8 | €3k | €4k | €3k | €3k | €3k | ▼ 2.7% |
| Gross operating margin9900 | €501k | €577k | €502k | €471k | €636k | ▲ 35.2% |
| Operating profit (loss)9901 | €19k | €126k | €39k | €90k | €185k | ▲ 106% |
| Financial income75/76B | €10k | €12k | €13k | €10k | €2k | ▼ 82.3% |
| Recurring financial income75 | €10k | €12k | €13k | €10k | €2k | ▼ 82.3% |
| Financial charges65/66B | €10k | €7k | €13k | €6k | €7k | ▲ 3.1% |
| Recurring financial charges65 | €10k | €7k | €13k | €6k | €7k | ▲ 3.1% |
| Profit (loss) for the period before taxes9903 | €20k | €131k | €39k | €94k | €181k | ▲ 92.5% |
| Transfer to deferred taxes680 | - | - | - | - | €33k | - |
| Income taxes67/77 | €9k | €31k | €16k | €23k | €13k | ▼ 44.1% |
| Profit (loss) for the period9904 | €11k | €100k | €24k | €70k | €134k | ▲ 90.6% |
| Transfer to tax-exempt reserves689 | - | - | - | - | €99k | - |
| Profit (loss) for the period to be appropriated9905 | €11k | €100k | €24k | €70k | €35k | ▼ 50.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €464k | €542k | €478k | €542k | €1.35M | ▲ 149% |
| Fixed assets21/28 | €174k | €124k | €54k | €31k | €613k | ▲ 1,894% |
| Tangible fixed assets22/27 | €148k | €98k | €53k | €31k | €613k | ▲ 1,905% |
| Plant, machinery and equipment23 | €72k | €46k | €21k | €13k | €2k | ▼ 87.0% |
| Furniture and vehicles24 | €76k | €52k | €32k | €18k | €21k | ▲ 17.3% |
| Assets under construction and advance payments27 | - | - | - | - | €590k | - |
| Financial fixed assets28 | €26k | €26k | €1k | €180 | €180 | = |
| Current assets29/58 | €290k | €418k | €424k | €511k | €735k | ▲ 43.8% |
| Stocks and contracts in progress3 | - | - | - | €15k | €193k | ▲ 1,165% |
| Stocks30/36 | - | - | - | €15k | €193k | ▲ 1,165% |
| Amounts receivable within one year40/41 | €113k | €133k | €137k | €222k | €513k | ▲ 131% |
| Trade receivables40 | €95k | €102k | €95k | €184k | €265k | ▲ 44.0% |
| Other amounts receivable41 | €19k | €31k | €42k | €38k | €248k | ▲ 547% |
| Cash at bank and in hand54/58 | €176k | €273k | €276k | €273k | €321 | ▼ 99.9% |
| Deferred charges and accrued income490/1 | - | €12k | €11k | €844 | €29k | ▲ 3,333% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €464k | €542k | €478k | €542k | €1.35M | ▲ 149% |
| Equity10/15 | €255k | €355k | €333k | €404k | €538k | ▲ 33.3% |
| Contributions10/11 | €85k | €85k | €85k | €85k | €85k | = |
| Capital10 | €85k | €85k | - | - | - | - |
| Issued capital100 | €85k | €85k | - | - | - | - |
| Reserves13 | €3k | €3k | €3k | €319k | €453k | ▲ 42.2% |
| Non-distributable reserves130/1 | €3k | €3k | €3k | - | - | - |
| Legal reserve130 | €3k | €3k | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €3k | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | €99k | - |
| Distributable reserves133 | - | - | - | €319k | €354k | ▲ 11.0% |
| Profit (loss) carried forward14 | €167k | €267k | €245k | - | - | - |
| Provisions and deferred taxes16 | - | - | - | - | €33k | - |
| Deferred taxes168 | - | - | - | - | €33k | - |
| Amounts payable17/49 | €209k | €187k | €145k | €138k | €776k | ▲ 462% |
| Amounts payable after more than one year17 | €56k | €36k | €20k | €4k | - | - |
| Financial debts170/4 | €56k | €36k | €20k | €4k | - | - |
| Amounts payable within one year42/48 | €149k | €151k | €125k | €134k | €764k | ▲ 472% |
| Current portion of amounts payable after more than one year42 | €32k | €19k | €16k | €16k | €4k | ▼ 74.9% |
| Financial debts43 | - | - | - | - | €25k | - |
| Credit institutions430/8 | - | - | - | - | €25k | - |
| Trade debts44 | €35k | €75k | €54k | €90k | €535k | ▲ 493% |
| Suppliers440/4 | €35k | €75k | €54k | €90k | €535k | ▲ 493% |
| Taxes, remuneration and social security45 | €60k | €38k | €51k | €27k | €50k | ▲ 84.7% |
| Taxes450/3 | €707 | €1k | €14k | €4k | €16k | ▲ 331% |
| Remuneration and social security454/9 | €59k | €37k | €36k | €23k | €34k | ▲ 44.4% |
| Other amounts payable47/48 | €22k | €18k | €4k | €252 | €150k | ▲ 59,514% |
| Accrued charges and deferred income492/3 | €4k | - | - | €315 | €12k | ▲ 3,700% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11k | €100k | €24k | €70k | €134k | ▲ 90.6% |
| + Depreciation and write-downs630 | €54k | €57k | €39k | €24k | €16k | ▼ 32.9% |
| Operating cash flow (approximation) | €65k | €156k | €63k | €94k | €150k | ▲ 59.7% |
| Investment in fixed assets (approximation) | - | €-7k | €31k | €50 | €-598k | ▼ 1,200,977% |
| Change in cash | - | €97k | €3k | €-3k | €-273k | ▼ 9,717% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
2025
31-12
Financial
Highest result since 2018net €134k ▲90.6%
Operating result €185k, net result €134k, both a record.
31-12
Financial
Equity above €500kEq €538k ▲33.3%
8 profitable years in a row build equity to €538k.
31-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 31 days late
2024
25-06
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
28-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
24-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 24 days late
2021
26-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Liquidity triplescurrent ratio 5.64
Current ratio from 1.80 to 5.64; short-term debt falls from €171k to €54k.
27-05
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
14-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 14 days late
2018
18-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
11-07
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 4 acts read
About the unread acts
We know of 4 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
4 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, Marchin · 1 establishment unit since 2007
Ground area
3,553 m²
Building footprint
91 m²
Volume, LiDAR
542 m³
Parcel 61039A0262/00D000, Wallonia · tallest building 7.4 m, ±2 floors. Linked by address, not a title deed.
9
companies at this address
See who is registered here
1 establishment unit
MGS CONSTRUCTION
since 20072.160.808.721
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 61039A0262/00D000 | Wallonia | 3,553 m² | 1 · 91 m² | 7.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel 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 categoriesMGS CONSTRUCTION SRL32447
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Of 29,779 companies in sector 41001 we hold annual accounts for 16,044. 8,951 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
Founded13-02-2007
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
43410Roofing work
43990Other specialised construction activities
Scores and ratios are computed by Checked and are not a credit decision.