MS Design
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 11-05-2026 PDF all 4 filings
Turnover
≈ €250,000
Estimated: probably between €190,000 and €400,000
Total assets
€152,446▲ 52.0%
2024 · €100,322
Net result
€34,736▼ 20.2%
2024 · €43,520
Working capital
€80,327▲ 11.5%
2024 · €72,039
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€47,896
▼ 20.0%
2025
20222025
Net result
€34,736
▼ 20.2%
2025
highest quarter of the sector
20222025
Equity
€112,287
▲ 44.8%
2025
middle half of the sector
20222025
Total assets
€152,446
▲ 52.0%
2025
middle half of the sector
20222025
Debt
€40,159
▲ 76.4%
2025
20222025
Working capital
€80,327
▲ 11.5%
2025
middle half of the sector
20222025
Solvency
73.7%
▼ 3.6pp
2025
highest quarter of the sector
20222025
Current ratio
5.19
▲ 0.96
2025
highest quarter of the sector
20222025
Return on assets (ROA)
22.8%
▼ 20.6pp
2025
highest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€13,526-€30,094▲ 122%€59,902▲ 99.0%€47,896▼ 20.0%
Net result€9,565within the sector's middle half-€21,966within the sector's middle half▲ 130%€43,520above the sector's middle half▲ 98.1%€34,736above the sector's middle half▼ 20.2%
Equity€12,065below the sector's middle half-€34,030within the sector's middle half▲ 182%€77,550within the sector's middle half▲ 128%€112,287within the sector's middle half▲ 44.8%
Total assets€72,051within the sector's middle half-€79,244within the sector's middle half▲ 10.0%€100,322within the sector's middle half▲ 26.6%€152,446within the sector's middle half▲ 52.0%
Debt€59,986-€45,214▼ 24.6%€22,772▼ 49.6%€40,159▲ 76.4%
Working capital-€4,972below the sector's middle half-€19,833within the sector's middle half€72,039within the sector's middle half▲ 263%€80,327within the sector's middle half▲ 11.5%
Solvency16.7%below the sector's middle half-42.9%within the sector's middle half▲ 26.2pp77.3%above the sector's middle half▲ 34.4pp73.7%above the sector's middle half▼ 3.6pp
Current ratio0.90below the sector's middle half-1.50within the sector's middle half▲ 0.604.23above the sector's middle half▲ 2.735.19above the sector's middle half▲ 0.96
Return on assets (ROA)13.3%within the sector's middle half-27.7%above the sector's middle half▲ 14.4pp43.4%above the sector's middle half▲ 15.7pp22.8%above the sector's middle half▼ 20.6pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 20% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €152,446
Fixed assets
€52,941 ▲ 786%
Current assets
€99,505 ▲ 5.5%
Equity and liabilities €152,446
Equity
€112,287 ▲ 44.8%
Debt
€40,159 ▲ 76.4%
Debt's share of the balance-sheet total rises from 22.7% to 26.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€61,773▼
2024 · €64,230
Cash flow
€48,613▲
2024 · €47,848
Debt to equity
0.36▲
2024 · 0.29
ROE
30.9%▼
2024 · 56.1%
Interest coverage
13.22▼
2024 · 13.97
Debt ≤ 1 year
€19,178▼
2024 · €22,306
Debt > 1 year
€20,914▲
2024 · €0
Income taxes
€8,738▼
2024 · €12,032
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Pledge on other assets, amount secured | €22,409 | €22,409 | €22,409 | €22,409 |
| Carrying value of the other pledged assets | €22,409 | €22,409 | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €62,544 | €1,700 | €2,104 | €60,841 |
| Financial fixed assets | - | - | - | €0 |
| Depreciation and write-downs of the year | €8,109 | €9,539 | €4,328 | €13,877 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €250 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,109 | €9,539 | €4,328 | €13,877 | ▲ 221% |
| Other operating charges640/8 | €10,514 | €1,712 | €1,033 | €2,120 | ▲ 105% |
| Gross operating margin9900 | €32,149 | €41,595 | €65,263 | €63,893 | ▼ 2.1% |
| Operating profit (loss)9901 | €13,526 | €30,094 | €59,902 | €47,896 | ▼ 20.0% |
| Financial income75/76B | €95 | €95 | €249 | €252 | ▲ 1.0% |
| Recurring financial income75 | €95 | €95 | €249 | €252 | ▲ 1.0% |
| Financial charges65/66B | €918 | €1,831 | €4,599 | €4,674 | ▲ 1.6% |
| Recurring financial charges65 | €918 | €1,831 | €4,599 | €4,674 | ▲ 1.6% |
| Profit (loss) for the period before taxes9903 | €12,704 | €28,357 | €55,552 | €43,474 | ▼ 21.7% |
| Income taxes67/77 | €3,139 | €6,392 | €12,032 | €8,738 | ▼ 27.4% |
| Profit (loss) for the period9904 | €9,565 | €21,966 | €43,520 | €34,736 | ▼ 20.2% |
| Profit (loss) for the period to be appropriated9905 | €9,565 | €21,966 | €43,520 | €34,736 | ▼ 20.2% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €72,051 | €79,244 | €100,322 | €152,446 | ▲ 52.0% |
| Fixed assets21/28 | €27,228 | €19,390 | €5,977 | €52,941 | ▲ 786% |
| Tangible fixed assets22/27 | €27,228 | €19,390 | €5,977 | €52,941 | ▲ 786% |
| Plant, machinery and equipment23 | €1,436 | €2,395 | €1,417 | €10,223 | ▲ 621% |
| Furniture and vehicles24 | €25,793 | €16,995 | €2,614 | €2,176 | ▼ 16.8% |
| Leasing and similar rights25 | - | - | - | €38,806 | - |
| Other tangible fixed assets26 | - | - | €1,946 | €1,735 | ▼ 10.8% |
| Current assets29/58 | €44,822 | €59,854 | €94,345 | €99,505 | ▲ 5.5% |
| Amounts receivable within one year40/41 | €27,127 | €15,036 | €38,706 | €21,761 | ▼ 43.8% |
| Trade receivables40 | €18,347 | €8,301 | €29,287 | €2,004 | ▼ 93.2% |
| Other amounts receivable41 | €8,779 | €6,735 | €9,419 | €19,757 | ▲ 110% |
| Cash at bank and in hand54/58 | €17,634 | €41,548 | €53,129 | €76,888 | ▲ 44.7% |
| Deferred charges and accrued income490/1 | €61 | €3,271 | €2,510 | €857 | ▼ 65.9% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €72,051 | €79,244 | €100,322 | €152,446 | ▲ 52.0% |
| Equity10/15 | €12,065 | €34,030 | €77,550 | €112,287 | ▲ 44.8% |
| Contributions10/11 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | €9,565 | €31,530 | €75,050 | €109,787 | ▲ 46.3% |
| Distributable reserves133 | €9,565 | €31,530 | €75,050 | €109,787 | ▲ 46.3% |
| Amounts payable17/49 | €59,986 | €45,214 | €22,772 | €40,159 | ▲ 76.4% |
| Amounts payable after more than one year17 | €10,192 | €5,129 | €0 | €20,914 | - |
| Financial debts170/4 | €10,192 | €5,129 | €0 | €20,914 | - |
| Amounts payable within one year42/48 | €49,794 | €40,021 | €22,306 | €19,178 | ▼ 14.0% |
| Current portion of amounts payable after more than one year42 | €4,999 | €5,064 | €5,129 | €5,694 | ▲ 11.0% |
| Trade debts44 | €5,311 | €6,923 | €3,055 | €3,636 | ▲ 19.0% |
| Suppliers440/4 | €5,311 | €6,923 | €3,055 | €3,636 | ▲ 19.0% |
| Taxes, remuneration and social security45 | €4,018 | €4,895 | €2,680 | €5,319 | ▲ 98.5% |
| Taxes450/3 | €4,018 | €2,895 | €2,580 | €5,319 | ▲ 106% |
| Remuneration and social security454/9 | - | €2,000 | €100 | €0 | ▼ 100% |
| Other amounts payable47/48 | €35,466 | €23,140 | €11,442 | €4,530 | ▼ 60.4% |
| Accrued charges and deferred income492/3 | - | €64 | €466 | €67 | ▼ 85.6% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,565 | €21,966 | €43,520 | €34,736 | ▼ 20.2% |
| + Depreciation and write-downs630 | €8,109 | €9,539 | €4,328 | €13,877 | ▲ 221% |
| Operating cash flow (approximation) | €17,673 | €31,504 | €47,848 | €48,613 | ▲ 1.6% |
| Investment in fixed assets (approximation) | - | -€1,700 | €9,085 | -€60,841 | - |
| Change in cash | - | €23,913 | €11,582 | €23,758 | ▲ 105% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 26,972 companies had the same profile as MS Design has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MS Design itself is lower: 0.2% within 12 months. It rests on far more data about MS Design than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 26,972 companies, not a prediction for MS Design. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.