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MSA

Active Private limited companyfounded 2008active for 18 yearsChemin de Surisse 15, 4607 DalhemKBO/BCE: BE 0898.673.029
MSA
Financial year 2025
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Annual accounts 2025

micro format, filed on 26-08-2026, 26 days late
€19,105
▲ 82.6%
€6,853
▲ 97.2%
€1,579
▲ €2,107
-€5,062
▼ €1,472
8.9%
▲ 1.0 percentage points
0.82
▼ 0.04

Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.

Turnover ≈ €91,000. Estimated: probably between €61,000 and €150,000.

Balance sheet

balance sheet total €42,859 on 31-12-2025
What the company ownsHow it is paid for

in euro

in euro

Position in the sector

Compare with sector

8.9%

Higher than 12% of 15,813 companies in 2025.

0.82

Higher than 12% of 15,585 companies in 2025.

3.7%

Higher than 18% of 15,702 companies in 2025.

MSA Middle half of the sector 80% of the sector Micro accounts in legal and accounting (NACE 69)

Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter

Filed annual accounts

as filed with the National Bank, click a year to choose it
Line Trend202520242023202220212020201920182017201620152014201320122011201020092008
Balance sheet: assets
20/58 42,85928,19113,51615,20310,7768,90114,96928,38025,34038,27428,11725,00625,06830,38047,54152,61755,36227,850
21/28 20,1575,8307,9731,2152,3161,4791,7712,4301,9174,089-8,62011,35022,89933,15442,47246,50316,059
22/27 20,1575,8307,9731,2152,3161,4791,7712,4301,9174,0896,1608,62011,35022,89933,15442,47246,50316,059
23 3,6005,830-----5351,0833,1875,2917,3969,49911,60413,70815,81312,72014,010
24 16,557-7,9731,2152,3161,4791,7711,8958349028691,2241,85111,29519,44626,65933,7832,048
29/58 22,70222,3615,54313,9888,4607,42213,19825,95023,42334,18521,95716,38613,7187,48114,38710,1458,85911,792
40/41 1,3767697271,0306,6937401,4303,42111,18219,72717,61114,7106,3274,1558,2394,7983,0687,226
40 1,3127147025086,6796781,3533,42111,01912,0149,9246,7186,3274,1557,2083,7432,9985,990
41 645525522146277-1637,7137,6877,992--1,0311,055701,237
54/58 21,32621,5924,81612,9581,7676,58211,33421,58912,24113,9983,1661,6766,9913,2965,5014,1063,7114,566
490/1 -----100434940-4601,180-400306471,2412,080-
Balance sheet: equity and liabilities
10/49 42,85928,19113,51615,20310,7768,90114,96928,38025,34038,27428,11725,00625,06830,38047,54152,61755,36227,850
10/15 3,8192,2402,7684,4292,385-8,6922309,87819,59419,45715,00910,0224,192-1,373-2,5692,7716,71213,593
10/11 15,90015,90015,90015,90015,90015,90015,90015,90015,90015,900-15,90015,90015,90015,90015,90015,90013,400
10 ----15,900-----15,900-------
100 ----18,60018,60018,60018,60018,60018,60018,60018,60018,60018,60018,60018,60018,60018,600
101 ----2,7002,7002,7002,7002,7002,7002,7002,7002,7002,7002,7002,7002,7005,200
11 --15,90015,900--------------
1109/19 --15,90015,900--------------
13 1,8601,8601,8601,8601,8601,8601,8601,8601,8601,860--------
130/1 1,8601,8601,8601,8601,8601,860------------
130 ----1,8601,8601,8601,8601,8601,860--------
1311 1,8601,8601,8601,860--------------
14 -13,941-15,520-14,992-13,331-15,375-26,452-17,530-7,8821,8341,697-891-5,878-11,708-17,273-18,469-13,129-9,188193
17/49 39,04025,95110,74810,7748,39117,59314,73918,5025,74618,81713,10814,98420,87631,75350,11049,84648,65014,257
17 11,276-1,041----------2,7478,24113,73519,229-
170/4 11,276-1,041----------2,7478,24113,73519,229-
42/48 27,76425,9519,70710,7748,39117,49314,63918,5025,74616,87613,10814,98420,87628,42639,60935,17127,50112,877
42 3,9561,0414,165---------2,7475,4945,4945,4945,494-
44 1,13011196611,527382074375063888431085602,6296842,626961
440/4 1,13011196611,527382074375063888431085602,6296842,626961
46 --------------2,6622,662--
45 4,0103,2232,7665,1116,5343,2671,5725,4564,9159,61713,02013,54111,5535,1421,0891,3043,338748
450/3 4,0103,2232,7665,1116,5343,2671,5725,4564,9159,61713,02013,54111,5535,1421,089-3,338748
454/9 ---------------1,304--
47/48 18,66821,5762,6805,60233014,18812,86012,6093257,22101,4006,46817,23027,73525,02716,04311,168
492/3 -----100100--1,941---5802,2609401,9201,380
Income statement
9900 19,10510,4636,36410,07817,791-6,371-5,564-11,0557,92214,18112,84416,52529,15519,5649,74111,0877,1485,191
62 564441904768445001,0946656672,188155113420571059659880
630 10,1895,2154,5701,1011,3207041,0321,4962,6522,7313,1203,57611,54911,66711,97211,34410,4032,239
640/8 1,4991,3321,3641,1902,0069471,5043,3211,4941,0239501,0781,0251,0339229373,650525
9901 6,8533,4753407,31113,621-8,522-9,194-16,5373,1098,2398,61911,75816,1616,807-3,258-1,203-7,5641,547
75/76B -34-11-2-7,002---513---4910952
75 -34-11-2-2--579513---4910952
76B -------7,000----------
65/66B 604483635206181180168181159151-1321,5612,2702,0782,2201,9051,146
65 6044836352061811801681811591512271321,5612,2702,0782,2201,9051,146
9903 6,2493,026-2957,11613,440-8,700-9,362-9,7162,9508,0888,97112,13914,6004,537-5,336-3,374-9,360453
67/77 4,6703,5541,3665,0722,363221286-2,8133,6403,9844,9085,7353,341556721259
9904 1,579-528-1,6612,04411,077-8,921-9,648-9,7161374,4484,9877,2318,8651,196-5,341-3,941-9,381193
9905 1,579-528-1,6612,04411,077-8,921-9,648-9,7161374,4484,9877,2318,8651,196-5,341-3,941-9,381193
Appropriation of the result
9906 -13,941-15,520-14,992-13,331-15,375-26,452-17,530-7,8821,8343,557-891-4,478-8,408-17,273-18,469-13,129-9,188193
14P -15,520-14,992-13,331-15,375-26,452------5,878-------
691/2 ---------1,860--------
6920 ---------1,860--------
694/7 -----------1,4003,300-----
694 ----------01,4003,300-----
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The notes to these accounts have 8 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 26-08-2026.

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Filings

each dot is a set of accounts, on the day it reached the National Bank

2025 annual accounts filed 26 days after the deadline. Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00429537.

Financial year Type Filed Reference Document
31-12-2025 micro format 26-08-2026 2026-00429537 PDF
31-12-2024 micro format 26-08-2025 2025-00405696 PDF
31-12-2023 micro format 27-08-2024 2024-00376919 PDF
31-12-2022 micro format 30-08-2023 2023-00378354 PDF
31-12-2021 micro format 31-08-2022 2022-20376651 PDF
31-12-2020 micro format 31-08-2021 2021-62800260 PDF
31-12-2019 micro format 30-10-2020 2020-65700558 PDF
31-12-2018 micro format 27-08-2019 2019-51700250 PDF
31-12-2017 micro format 30-08-2018 2018-56100019 PDF
31-12-2016 micro format 31-08-2017 2017-59200203 PDF
31-12-2015 full format 31-08-2016 2016-58900502 PDF
31-12-2014 full format 26-08-2015 2015-48200337 PDF
31-12-2013 full format 29-08-2014 2014-53600494 PDF
31-12-2012 full format 30-08-2013 2013-53500214 PDF
31-12-2011 full format 24-08-2012 2012-45100306 PDF
31-12-2010 full format 25-08-2011 2011-44400034 PDF
31-12-2009 full format 27-08-2010 2010-45700588 PDF
31-12-2008 full format 26-08-2009 2009-65600057 PDF

Key figures and ratios

per financial year, computed from the annual accounts
Line Trend202520242023202220212020201920182017201620152014201320122011201020092008
17,0428,6904,9108,41214,941-7,818-8,162-15,0415,76110,97011,73915,33427,71018,4748,71410,1412,8393,786
11,7684,6872,9093,14512,397-8,217-8,616-8,2202,7897,1798,10710,80720,41412,8636,6317,4031,0222,433
24,5163,07211,32902,1584123732,00947966066084401,4122,6557,31340,84818,298
-26616,776-8,14211,191-4,815-4,752-10,2559,348-1,75710,8321,490-5,3153,695-2,2051,395395-855-
-5,062-3,590-4,1643,21469-10,071-1,4417,44817,67717,3098,8491,402-7,158-20,945-25,222-25,026-18,642-1,085
8.9%7.9%20.5%29.1%22.1%-97.7%1.5%34.8%77.3%50.8%53.4%40.1%16.7%-4.5%-5.4%5.3%12.1%48.8%
0.820.860.571.301.010.420.901.404.082.031.681.090.660.260.360.290.320.92
10.2211.593.882.433.52--1.870.290.970.871.504.98--17.997.251.05
41.3%-23.6%-60.0%46.2%464.4%---98.4%0.7%22.9%33.2%72.2%211.5%---142.2%-139.8%1.4%
3.7%-1.9%-12.3%13.4%102.8%-100.2%-64.5%-34.2%0.5%11.6%17.7%28.9%35.4%3.9%-11.2%-7.5%-16.9%0.7%
28.2217.997.7340.8382.55-----51.71-------

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Investments

fixed assets acquired
Item20252024202320222021
Tangible fixed assets€24,516€3,072€11,329-€2,158
Intangible fixed assets-€0---
€10,189€5,215€4,570€1,101€1,320

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Insights on MSA

The operating result for 2025 is 97% higher than in 2024 and the highest since 2022. It is the second rise in a row, after the fall in 2023.

Debt's share of the balance-sheet total falls from 92.1% to 91.1%. Equity and debt are higher.

Next steps

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