MSA Infra
ActiveThe computed 12-month bankruptcy probability of MSA Infra is 1.8% (moderate). The 2025 annual accounts show equity of €110k and a net result of €58k. Equity is growing by ~42.2% per year across the filed fiscal years. Its solvency ranks better than 63% of 26908 sector peers (fiscal year 2025). The company has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
100
/ 100
Excellent= vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability100=
Solvency98▲+1
Growth78=
Stability100
Bankruptcy probability, 12 months
1.8%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €11k at 30 days acceptable
Liquidity ample (current ratio 2.33 against 2.02 in 2024), and 41.5% 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
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
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 43
Relative position
BE, all sectors
reference
Sector 43
higher
← 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
58.5%
Return on assets
30.9%
Age of the figures
14 mo
neutral · A punctual record breaks
This company filed 3 consecutive financial years on time. The year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 28-02-2026, 28 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 6 filingsDeviation from the deadline
2025
28 d late
2024
on the day
2023
1 d early
2022
2 d early
2021
9 d late
2020
3 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close08-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€110k▲ 112%
2024 · €52k
2020: €18k
2021: €19k
2022: €23k
2023: €36k
2024: €52k
2020 → 2025
Total assets
€188k▲ 99.7%
2024 · €94k
2020: €51k
2021: €69k
2022: €73k
2023: €69k
2024: €94k
2020 → 2025
Net result
€58k▲ 278%
2024 · €15k
2020: €6k
2021: €683
2022: €4k
2023: €14k
2024: €15k
2020 → 2025
Working capital
€104k▲ 142%
2024 · €43k
2020: €18k
2021: €19k
2022: €21k
2023: €28k
2024: €43k
2020 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€19k-€23k▲ 21.5%€36k▲ 59.4%€52k▲ 42.2%€110k▲ 112%
Operating result€4k-€7k▲ 66.0%€19k▲ 167%€21k▲ 7.0%€74k▲ 260%
Net result€683-€4k▲ 492%€14k▲ 235%€15k▲ 13.2%€58k▲ 278%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2025 is 260% above 2024 and is the highest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €188k
Fixed assets
€6k▼ 32.7%
Current assets
€182k▲ 113%
Equity and liabilities €188k
Equity
€110k▲ 112%
Debt
€78k▲ 84.5%
The debt ratio falls from 44.9% to 41.5%: equity grows faster than debt.
Key figures and ratios
EBITDA
€77k▲
2024 · €23k
Cash flow
€61k▲
2024 · €18k
Solvency
58.5%▲
2024 · 55.1%
Current ratio
2.33▲
2024 · 2.02
Quick ratio
2.33▲
2024 · 2.02
Debt / equity
0.71▼
2024 · 0.82
ROE
52.8%▲
2024 · 29.7%
ROA
30.9%▲
2024 · 16.3%
Interest coverage
34.75▼
2024 · 86.01
Debt
€78k▲
2024 · €42k
Debt ≤ 1 year
€78k▲
2024 · €42k
Income taxes
€17k▲
2024 · €5k
Staff costs
€9k
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€94k€188k▲
Fixed assets21/28€9k€6k▼
Tangible fixed assets22/27€7k€4k▼
Furniture and vehicles24€7k€4k▼
Financial fixed assets28€2k€2k=
Current assets29/58€85k€182k▲
Amounts receivable within one year40/41€52k€151k▲
Trade receivables40€12k€72k▲
Other amounts receivable41€40k€79k▲
Cash at bank and in hand54/58€34k€31k▼
Equity and liabilities
Total equity and liabilities10/49€94k€188k▲
Equity10/15€52k€110k▲
Contributions10/11€12k€12k=
Profit (loss) carried forward14€39k€97k▲
Amounts payable17/49€42k€78k▲
Amounts payable within one year42/48€42k€78k▲
Trade debts44€18k€35k▲
Suppliers440/4€18k€35k▲
Taxes, remuneration and social security45€14k€33k▲
Taxes450/3€14k€29k▲
Remuneration and social security454/9-€4k
Other amounts payable47/48€10k€10k=
Income statement
Code20242025
Remuneration, social security and pensions62-€9k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€3k€3k▲
Other operating charges640/8€1k-
Gross operating margin9900€24k€86k▲
Operating profit (loss)9901€21k€74k▲
Financial income75/76B-€3k
Recurring financial income75-€3k
Financial charges65/66B€271€2k▲
Recurring financial charges65€271€2k▲
Profit (loss) for the period before taxes9903€20k€75k▲
Income taxes67/77€5k€17k▲
Profit (loss) for the period9904€15k€58k▲
Profit (loss) for the period to be appropriated9905€15k€58k▲
Appropriation of the result
Profit (loss) to be appropriated9906€39k€97k▲
Profit (loss) brought forward from the previous period14P€24k€39k▲
The notes to these accounts (6 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
28-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 28 days late
2025
30-06
Financial
Highest result since 2020net €58k ▲278%
Operating result €74k, net result €58k, both a record.
30-06
Financial
Equity above €100kEq €110k ▲112%
6 profitable years in a row build equity to €110k.
31-01
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
29-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
09-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 9 days late
2021
30-06
Financial
Weakest financial yearnet €683 ▼88%
Net result drops to €683, the lowest in the series; recovery starts the following year.
28-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 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, Zele · 1 establishment unit since 2019
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.
Scoutsstraat 319240 ZeleGround area
185 m²
Building footprint
77 m²
Volume, LiDAR
109 m³
Parcel 42403D0982/00V000, Flanders · tallest building 8.3 m. Linked by address, not a title deed.
1 establishment unit
MSA Infra
since 20192.285.739.672
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42403D0982/00V000 | Flanders | 185 m² | 1 · 77 m² | 8.3 m |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
MEGA TERRA
BE 0742.520.251
Walcourt · Eq €110k
ERVA
BE 0755.715.221
Zaventem · Eq €110k
ERENSAN
BE 1005.868.917
Evere · Eq €109k
WA CONSTRUCT
BE 0479.479.611
Schaarbeek · Eq €110k
DULCO
BE 0501.742.495
Herk-de-Stad · Eq €109k
Of 8,391 companies in sector 43120 we hold annual accounts for 3,202. 2,624 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company (pre-2019)
Founded13-02-2019
Fiscal year end30-06
Activities, NACEBEL
43120Site preparation
42219Civil engineering
42220Construction of utility projects for electricity and telecommunications
43110Demolition
43130Specialised construction activities
43350Other building finishing work
Sources
Crossroads Bank for EnterprisesNational Bank · 6 filingsAddress and cadastre registers
Data from official sources, last processed on 07-09-2026. Scores and ratios are computed by Checked and are not a credit decision.