Equity
€1.7m ▲ 1.4%
M.S.B. paid out €1.0m in dividends. That is 98% of the 2025 profit.
M.S.B.
Lifetime
20 annual accounts with figures on one time axis, 48 filings since 1978peak €20.7m (2025)
€20.7m▲ 47.2%
peak €2.3m (2020)
€1.0m▲ 20.2%
peak €2.3m (2019)
€1.7m▲ 1.4%
€7.0m▲ 40.7%
peak 36.6 FTE (2018)
34.2 FTE▲ 12.9%
Board10 names since 2010
-
Owners5 names in the annual accounts
33.33%INVACC
Documentsfilings and deeds
30-06-202631 days before the deadline
2025financial year
Turnover from €14.0m to €20.7mStaff from 30.3 FTE to 34.2 FTEDividend €1.0mDebts from €5.0m to €7.0m
Key points
from the 2025 annual accountsTurnover
€20.7m ▲ 47.2%
Turnover rose in 2025 from €14.0m to €20.7m.
Debts
€7.0m 80% of the balance sheet
Financial debts 1%Suppliers 50%Taxes and wages 5%Other 43%
Of this, €6.9m falls due within a year.
Staff
35 employees on 31-12-2025
In 2025, 13 people joined and 9 left. On top of that, 2.1 agency workers worked there on average.
Payment terms
70 days to suppliers
M.S.B. pays its suppliers 34 days later than in 2024. Customers pay 17 days later.
Filings
48 annual accounts since 1978
The last five annual accounts were filed 19 to 48 days before the end of the period.
Checked score
83
Excellent
Financially stronger than 35% of small companies in specialised construction (NACE 43)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.4% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.3% across 2,647 companies (NACE 43, small).
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.2%● unchanged vs 05-2025
07-2025: 0.2%● unchanged vs 06-2025
08-2025: 0.1%▼ -0.1 percentage points vs 07-2025
09-2025: 0.1%● unchanged vs 08-2025
10-2025: 0.1%● unchanged vs 09-2025
11-2025: 0.1%● unchanged vs 10-2025
12-2025: 0.1%● unchanged vs 11-2025
01-2026: 0.1%● unchanged vs 12-2025
02-2026: 0.1%● unchanged vs 01-2026
03-2026: 0.1%● unchanged vs 02-2026
04-2026: 0.1%● unchanged vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026lowest value
07-2026: 0.4%▲ +0.3 percentage points vs 06-2026highest value
08-2026: 0.4%● unchanged vs 07-2026highest value
09-2026: 0.4%● unchanged vs 08-2026highest value
10-2026: 0.4%● unchanged vs 09-2026highest value
11-2026: 0.4%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
Sector: Specialised construction activities (NACE 43)
Equity €1.7m (19.2% of total assets)
lowers risk
Size: turnover €20.7m, 34.2 FTE, total assets €8.7m
Profit of €1.0m (financial year 2025)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 43, small). It does better than 20% of them on solvency, 7% on liquidity, 48% on profitability and 65% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 2,613 companies had the same profile as M.S.B. has now. Each dot stands for 7 companies, two years later.
97.3%
were still trading
2.0%
stopped another way
0.7%
went bankrupt
That fits the bankruptcy probability of M.S.B. itself: 0.4% within 12 months.
Test of the method
The method was tested on the 497,447 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 2,613 companies, not a prediction for M.S.B.. 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.
Credit verdict
Credit of up to €130,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.19 (1.25 in 2024), below the usual 1.5. Short-term debt is 79.5% and cash 7.1% of total assets. 80.8% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Seven signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 2463 sector peers (2025).
NBB · sector comparisonPosition among 2463 sector peers
Solvency
better than 20%
← weakest
strongest →
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €1.7m
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 30-06-2026, 31 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
31 days early
2024
31 days early
2023
19 days early
2022
48 days early
2021
40 days early
2020
43 days early
2019
43 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 36 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 30 June (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- FENOLA 66.4%equity €8.4m (2024) · 2023 annual accounts of FENOLA
- INVACC 33.33%score 85equity €1.4m (2025) · 2025 annual accounts of INVACC
- KOBOS 33.2%score 95equity €4.1m (2025) · 2023 annual accounts of KOBOS
Recent changes
Reappointment: Moore Audit BV (statutory auditor)
Permanent representative: Koen Strybos · General meeting of 30-04-2025 · Gazette deed
Amendment of the articles · Resignations & appointments
General meeting of 14-03-2024 · Gazette deed
1 director appointed, 4 resignations
Resignations: Sopet NV, Wolspin BV, Antipole BV and Kobos BV · Permanent representatives: Rudy Buysse, Sofie Buysse, Peter Buysse and Koen Strybos · Appointment: Kobos BV · General meeting of 31-01-2024 · Gazette deed
4 directors reappointed
SOPET NV, WOLSPIN BV (managing director), ANTIPOLE BV (chair) and KOBOS BV (managing director) · Permanent representatives: Rudy Buysse, Sofie Buysse, Peter Buysse and Koen Strybos · General meeting of 06-06-2023 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| M.S.B. Zelzate | €20.7m | 6.5% | 19.2% | 34.2 |
| L. DUMAY - CANARD ET FILS Cerfontaine | €13.1m | 12.1% | 44.0% | 30.1 |
| Poels Halen | €27.6m | 5.2% | 51.9% | 42.7 |
| BOUWBEDRIJF WILLEMS & C° Westerlo | €14.4m | 8.3% | 60.3% | 25.3 |
| LOVANEX Roeselare | €17.2m | 5.0% | 45.3% | 39.9 |
| SOCIETE DE CONSTRUCTION ET D'ISOLATION DINANTAISE Dinant | €12.9m | 9.0% | 49.5% | 28.8 |
| Meyvaert Ghent | €22.0m | 3.7% | 41.9% | 41.1 |
Grey: the largest companies of the sector (specialised construction (NACE 43)), without their names. Blue: the sector peers from the table.
These companies have the same main activity as M.S.B.: joinery installation (NACE 43320). They are comparable in size and age: total assets between €6.3m and €13m, founded between 1968 and 1990.
Official details
Source: KBO- Status
- Active since 11-10-1978Normal situation
- Activity
- Joinery installationNACE 43320and 1 other
- Joint committees
- 124Construction
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment unit
- 2.016.824.8899060 Zelzate, since 19-02-1991
- Financial year end
- 31 December
- Peppol
- Reachable
Annual accounts 2025
- €8.7m▲ 31.0%
- Employeeson 31-12-2025
- 35▲ 12.9%
- Filing
- Filed on 30-06-2026, 31 days before the end of the filing period
Insights on M.S.B.
M.S.B. has existed since 1978. Turnover grew from €7.4m in 2006 to €20.7m in 2025.
Solvency fell in 2025 from 24.7% to 19.2% because of the dividend and higher debts to suppliers.
FENOLA holds 66.4% of the shares. In February 2024, three directors stepped down.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about M.S.B.
- What is the company number of M.S.B.?
- The company number of M.S.B. is 0418.773.843. The VAT number is the same number with BE in front: BE 0418.773.843.
- Where is M.S.B. based?
- The registered office is at Karnemelkstraat 2-4, 9060 Zelzate.Company details
- What does M.S.B. do?
- According to the KBO register, the main activity is joinery installation (NACE 43320).
- What is the legal form of M.S.B.?
- M.S.B. is a public limited company (NV).
- When was M.S.B. founded?
- M.S.B. was founded on 11-10-1978.
- Is M.S.B. still active?
- Yes, M.S.B. is an active enterprise in the KBO register.
- How many employees does M.S.B. have?
- M.S.B. had an average of 34.2 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does M.S.B. fall under?
- In its 2025 annual accounts, M.S.B. states joint committees 124 (Construction) and 200 (Auxiliary committee for white-collar workers).
- What is the turnover of M.S.B.?
- The turnover of M.S.B. was €20.7m in financial year 2025, according to the filed annual accounts.
- Is M.S.B. profitable?
- In financial year 2025, M.S.B. made a profit of €1.0m.
- Where can I find the annual accounts of M.S.B.?
- M.S.B. filed 48 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of M.S.B. due?
- M.S.B. must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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