MS-REFRIGERATION
ActiveMS-REFRIGERATION has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €148k and a net result of €7k. Equity is growing by ~9.7% per year across the filed fiscal years. Its solvency ranks better than 64% of 391 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
83
/ 100
Excellent
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability72▲+2
Solvency92▼-8
Growth52=
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €12k at 30 days acceptable
Liquidity ample (current ratio 2.77 against 3.53 in 2024; short-term debt: 31.1% and cash: 51.4% of total assets), and 32.8% 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
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
67.2%
Return on assets
3%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
30 d early
2023
34 d early
2022
31 d early
2021
34 d early
2020
32 d early
2019
21 d early
← before the deadline
after the deadline →
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
21-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€148k▲ 4.6%
2024 · €141k
2018: €63k
2019: €77k
2020: €89k
2021: €140k
2022: €125k
2023: €139k
2024: €141k
2018 → 2025
Total assets
€220k▲ 19.3%
2024 · €184k
2018: €80k
2019: €95k
2020: €131k
2021: €172k
2022: €182k
2023: €220k
2024: €184k
2018 → 2025
Net result
€7k▲ 211%
2024 · €2k
2018: €10k
2019: €16k
2020: €24k
2021: €51k
2022: €11k
2023: €27k
2024: €2k
2018 → 2025
Working capital
€121k▲ 26.3%
2024 · €96k
2018: €56k
2019: €58k
2020: €75k
2021: €102k
2022: €93k
2023: €87k
2024: €96k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€140k-€125k▼ 10.8%€139k▲ 11.3%€141k▲ 1.5%€148k▲ 4.6%
Operating result€71k-€17k▼ 76.9%€43k▲ 158%€5k▼ 87.1%€12k▲ 118%
Net result€51k-€11k▼ 78.2%€27k▲ 137%€2k▼ 92.1%€7k▲ 211%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 118% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €220k
Fixed assets
€31k▼ 39.4%
Current assets
€189k▲ 41.8%
Equity and liabilities €220k
Equity
€148k▲ 4.6%
Debt
€72k▲ 67.7%
The debt ratio rises from 23.3% to 32.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€32k▲
2024 · €26k
Cash flow
€27k▲
2024 · €22k
Solvency
67.2%▼
2024 · 76.7%
Current ratio
2.77▼
2024 · 3.53
Quick ratio
2.77▼
2024 · 3.44
Debt / equity
0.49▲
2024 · 0.30
ROE
4.4%▲
2024 · 1.5%
ROA
3.0%▲
2024 · 1.1%
Interest coverage
33.42▲
2024 · 17.92
Debt
€72k▲
2024 · €43k
Debt ≤ 1 year
€68k▲
2024 · €38k
Income taxes
€5k▲
2024 · €3k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€184k€220k▲
Fixed assets21/28€51k€31k▼
Tangible fixed assets22/27€51k€31k▼
Plant, machinery and equipment23€9k€6k▼
Furniture and vehicles24€42k€25k▼
Current assets29/58€133k€189k▲
Stocks and contracts in progress3€4k-
Stocks30/36€4k-
Amounts receivable within one year40/41€29k€74k▲
Trade receivables40€28k€62k▲
Other amounts receivable41€878€11k▲
Cash at bank and in hand54/58€99k€113k▲
Deferred charges and accrued income490/1€2k€3k▲
Equity and liabilities
Total equity and liabilities10/49€184k€220k▲
Equity10/15€141k€148k▲
Contributions10/11€6k€6k=
Reserves13€130k€137k▲
Distributable reserves133€130k€137k▲
Profit (loss) carried forward14€5k€5k▲
Amounts payable17/49€43k€72k▲
Amounts payable after more than one year17€5k-
Financial debts170/4€5k-
Amounts payable within one year42/48€38k€68k▲
Current portion of amounts payable after more than one year42€10k€5k▼
Trade debts44€24k€55k▲
Suppliers440/4€24k€18k▼
Bills of exchange payable441-€36k
Advances received on contracts in progress46€850€850=
Taxes, remuneration and social security45€3k€7k▲
Taxes450/3€3k€7k▲
Accrued charges and deferred income492/3-€4k
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€20k€20k▲
Other operating charges640/8€801€654▼
Gross operating margin9900€26k€33k▲
Operating profit (loss)9901€5k€12k▲
Financial income75/76B€800€872▲
Recurring financial income75€800€872▲
Financial charges65/66B€1k€960▼
Recurring financial charges65€1k€960▼
Profit (loss) for the period before taxes9903€5k€12k▲
Income taxes67/77€3k€5k▲
Profit (loss) for the period9904€2k€7k▲
Profit (loss) for the period to be appropriated9905€2k€7k▲
Appropriation of the result
Profit (loss) to be appropriated9906€5k€11k▲
Profit (loss) brought forward from the previous period14P€3k€5k▲
Transfer to equity691/2-€7k
To other reserves6921-€7k
The notes to these accounts (10 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
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
01-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet €2k ▼92.1%
Net result drops to €2k, the lowest in the series; recovery starts the following year.
27-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
27-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Highest result since 2018net €51k ▲113%
Operating result €71k, net result €51k, both a record.
31-12
Financial
Equity above €100kEq €140k ▲57.7%
4 profitable years in a row build equity to €140k.
29-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
10-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
28-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
28-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
29-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
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, Mons · 1 establishment unit since 2010
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 des Trois Hurées (Jem. II) 1947012 MonsGround area
613 m²
Building footprint
117 m²
Volume, LiDAR
660 m³
2 parcels, Wallonia · tallest building 11.5 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Rue du Home (C.) 39, 7033 Mons
since 20102.184.176.318
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 53043B1282/00C007 | Wallonia | 452 m² | 1 · 68 m² | 11.5 m · 3 fl. |
| 53019C0318/00L004 | Wallonia | 160 m² | 1 · 49 m² | - |
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.
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Of 462 companies in sector 28250 we hold annual accounts for 285. 214 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded18-12-2009
Fiscal year end31-12
Activities, NACEBEL
28250Manufacture of machinery and equipment not elsewhere classified
33110Repair and maintenance of fabricated metal products
43211General electrical installation work
43222Installation of electric heating, air conditioning, cooling and ventilation
Sources
Crossroads Bank for EnterprisesNational Bank · 16 filingsAddress and cadastre registers
Data from official sources, last processed on 20-09-2026. Scores and ratios are computed by Checked and are not a credit decision.