MSG
ActiveSummary
MSG has been active since 2013 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €48,888 and a net result of €27,143. Equity is growing by about 21% per year across the filed financial years. Its solvency ranks better than 26% of 9,585 sector peers (NACE 82, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Financials · financial year 2025, micro format
Equity
€48,888▼ 36.3%
2024 · €76,744
Total assets
€256,595▲ 43.3%
2024 · €179,068
Net result
€27,143▼ 28.7%
2024 · €38,050
Working capital
-€5,782
2024 · €66,184
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result has fallen two years in a row; 2025 is 19% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result€51,533
2025
Net result€27,143
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€256,595
2025
Equity€48,888
2025
Debt€207,708
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€5,782
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)10.6%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency19.1%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.95
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 82, Office administrative, office support and other business support activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€6,563-€18,672€7,821▼ 58.1%€21,028▲ 169%€16,494▼ 21.6%€69,691▲ 323%€63,671▼ 8.6%€51,533▼ 19.1%
Net result-€7,928-€12,784€4,100within the sector's middle half▼ 67.9%€14,162within the sector's middle half▲ 245%€11,625within the sector's middle half▼ 17.9%€46,857above the sector's middle half▲ 303%€38,050within the sector's middle half▼ 18.8%€27,143within the sector's middle half▼ 28.7%
Equity€2,366-€15,150▲ 540%€19,250within the sector's middle half▲ 27.1%€47,212within the sector's middle half▲ 145%€46,837within the sector's middle half▼ 0.8%€53,694within the sector's middle half▲ 14.6%€76,744within the sector's middle half▲ 42.9%€48,888within the sector's middle half▼ 36.3%
Total assets€14,707-€39,498▲ 169%€37,880below the sector's middle half▼ 4.1%€70,744within the sector's middle half▲ 86.8%€152,468within the sector's middle half▲ 116%€200,517within the sector's middle half▲ 31.5%€179,068within the sector's middle half▼ 10.7%€256,595within the sector's middle half▲ 43.3%
Debt€12,341-€24,348▲ 97.3%€18,630▼ 23.5%€23,532▲ 26.3%€105,631▲ 349%€146,823▲ 39.0%€102,324▼ 30.3%€207,708▲ 103%
Working capital-€3,328-€9,157€12,633within the sector's middle half▲ 38.0%€37,525within the sector's middle half▲ 197%€59,920within the sector's middle half▲ 59.7%€49,201within the sector's middle half▼ 17.9%€66,184within the sector's middle half▲ 34.5%-€5,782below the sector's middle half
Solvency16.1%-38.4%▲ 22.3pp50.8%within the sector's middle half▲ 12.5pp66.7%within the sector's middle half▲ 15.9pp30.7%within the sector's middle half▼ 36.0pp26.8%within the sector's middle half▼ 3.9pp42.9%within the sector's middle half▲ 16.1pp19.1%within the sector's middle half▼ 23.8pp
Current ratio0.73-1.38▲ 0.651.68within the sector's middle half▲ 0.302.59within the sector's middle half▲ 0.921.72within the sector's middle half▼ 0.881.38within the sector's middle half▼ 0.341.72within the sector's middle half▲ 0.340.95below the sector's middle half▼ 0.76
Return on assets (ROA)-53.9%-32.4%▲ 86.3pp10.8%within the sector's middle half▼ 21.5pp20.0%within the sector's middle half▲ 9.2pp7.6%within the sector's middle half▼ 12.4pp23.4%within the sector's middle half▲ 15.7pp21.2%within the sector's middle half▼ 2.1pp10.6%within the sector's middle half▼ 10.7pp
above
within
below
the middle half of NACE 82, Office administrative, office support and other business support activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €256,595
Fixed assets
€138,137 ▲ 571%
Current assets
€118,458 ▼ 25.2%
Equity and liabilities €256,595
Equity
€48,888 ▼ 36.3%
Debt
€207,708 ▲ 103%
Debt's share of the balance-sheet total rises from 57.1% to 80.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€59,843▼
2024 · €65,026
Cash flow
€35,453▼
2024 · €39,405
Debt to equity
4.25▲
2024 · 1.33
ROE
55.5%▲
2024 · 49.6%
Interest coverage
7.06▲
2024 · 6.62
Debt ≤ 1 year
€124,240▲
2024 · €92,283
Debt > 1 year
€83,468▲
2024 · €10,041
Income taxes
€15,912▼
2024 · €16,216
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €0 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €743 | €858 | €563 | €774 | €774 | €855 | €1,354 | €8,310 | ▲ 514% |
| Other operating charges640/8 | - | - | - | €214 | €236 | €357 | €494 | €551 | ▲ 11.5% |
| Gross operating margin9900 | -€4,922 | €20,255 | €11,797 | €22,015 | €17,504 | €70,903 | €65,520 | €60,394 | ▼ 7.8% |
| Operating profit (loss)9901 | -€6,563 | €18,672 | €7,821 | €21,028 | €16,494 | €69,691 | €63,671 | €51,533 | ▼ 19.1% |
| Financial income75/76B | - | - | - | €1,127 | €2,414 | €1,288 | €419 | €1 | ▼ 99.9% |
| Recurring financial income75 | €2 | €1 | €230 | €1,127 | €2,414 | €1,288 | €419 | €1 | ▼ 99.9% |
| Financial charges65/66B | - | - | - | €562 | €1,063 | €7,885 | €9,824 | €8,479 | ▼ 13.7% |
| Recurring financial charges65 | €1,367 | €678 | €739 | €562 | €1,063 | €7,885 | €9,824 | €8,479 | ▼ 13.7% |
| Profit (loss) for the period before taxes9903 | -€7,928 | €17,995 | €7,313 | €21,593 | €17,846 | €63,094 | €54,266 | €43,055 | ▼ 20.7% |
| Income taxes67/77 | - | €5,211 | €3,213 | €7,431 | €6,221 | €16,237 | €16,216 | €15,912 | ▼ 1.9% |
| Profit (loss) for the period9904 | -€7,928 | €12,784 | €4,100 | €14,162 | €11,625 | €46,857 | €38,050 | €27,143 | ▼ 28.7% |
| Profit (loss) for the period to be appropriated9905 | -€7,928 | €12,784 | €4,100 | €14,162 | €11,625 | €46,857 | €38,050 | €27,143 | ▼ 28.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €14,707 | €39,498 | €37,880 | €70,744 | €152,468 | €200,517 | €179,068 | €256,595 | ▲ 43.3% |
| Fixed assets21/28 | €5,695 | €5,993 | €6,618 | €9,688 | €8,913 | €20,610 | €20,602 | €138,137 | ▲ 571% |
| Tangible fixed assets22/27 | €2,595 | €2,893 | €3,518 | €4,088 | €3,313 | €3,835 | €3,827 | €2,662 | ▼ 30.4% |
| Plant, machinery and equipment23 | - | - | - | €350 | €350 | €1,645 | €1,508 | €1,370 | ▼ 9.1% |
| Furniture and vehicles24 | - | - | - | €3,738 | €2,963 | €2,189 | €2,319 | €1,292 | ▼ 44.3% |
| Financial fixed assets28 | €3,100 | €3,100 | €3,100 | €5,600 | €5,600 | €16,775 | €16,775 | €135,475 | ▲ 708% |
| Current assets29/58 | €9,013 | €33,505 | €31,263 | €61,057 | €143,554 | €179,907 | €158,467 | €118,458 | ▼ 25.2% |
| Amounts receivable within one year40/41 | €5,398 | €18,765 | €16,344 | €46,174 | €141,946 | €122,020 | €142,845 | €99,522 | ▼ 30.3% |
| Trade receivables40 | - | - | - | €16,352 | €28,831 | €36,150 | €59,571 | €46,729 | ▼ 21.6% |
| Other amounts receivable41 | - | - | - | €29,822 | €113,115 | €85,870 | €83,273 | €52,793 | ▼ 36.6% |
| Cash at bank and in hand54/58 | €3,615 | €13,861 | €14,919 | €13,525 | €1,608 | €57,887 | €15,622 | €17,913 | ▲ 14.7% |
| Deferred charges and accrued income490/1 | - | - | - | €1,357 | €0 | - | - | €1,022 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €14,707 | €39,498 | €37,880 | €70,744 | €152,468 | €200,517 | €179,068 | €256,595 | ▲ 43.3% |
| Equity10/15 | €2,366 | €15,150 | €19,250 | €47,212 | €46,837 | €53,694 | €76,744 | €48,888 | ▼ 36.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €6,687 | €8,950 | €13,050 | €27,212 | €26,837 | €33,694 | €56,744 | €28,888 | ▼ 49.1% |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €25,212 | €24,837 | €33,694 | €56,744 | €28,888 | ▼ 49.1% |
| Profit (loss) carried forward14 | -€10,520 | -€2,592 | - | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €12,341 | €24,348 | €18,630 | €23,532 | €105,631 | €146,823 | €102,324 | €207,708 | ▲ 103% |
| Amounts payable after more than one year17 | - | - | - | - | €21,996 | €16,117 | €10,041 | €83,468 | ▲ 731% |
| Financial debts170/4 | - | - | - | - | €21,996 | €16,117 | €10,041 | €83,468 | ▲ 731% |
| Amounts payable within one year42/48 | €12,341 | €24,348 | €18,630 | €23,532 | €83,634 | €130,705 | €92,283 | €124,240 | ▲ 34.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €5,688 | €5,879 | €6,076 | €25,038 | ▲ 312% |
| Financial debts43 | - | - | - | €3,667 | €7,333 | €9,167 | €9,167 | €17,929 | ▲ 95.6% |
| Credit institutions430/8 | - | - | - | €3,667 | €7,333 | €9,167 | €9,167 | €17,929 | ▲ 95.6% |
| Trade debts44 | €7,655 | €11,063 | €7,830 | €6,067 | €9,523 | €11,021 | €8,818 | €7,807 | ▼ 11.5% |
| Suppliers440/4 | - | - | - | €6,067 | €9,523 | €11,021 | €8,818 | €7,807 | ▼ 11.5% |
| Taxes, remuneration and social security45 | - | - | - | €13,798 | €8,185 | €29,105 | €14,352 | €21,921 | ▲ 52.7% |
| Taxes450/3 | - | - | - | €13,798 | €8,185 | €29,105 | €14,352 | €21,921 | ▲ 52.7% |
| Other amounts payable47/48 | - | - | - | - | €52,904 | €75,534 | €53,871 | €51,545 | ▼ 4.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,928 | €12,784 | €4,100 | €14,162 | €11,625 | €46,857 | €38,050 | €27,143 | ▼ 28.7% |
| + Depreciation and write-downs630 | €743 | €858 | €563 | €774 | €774 | €855 | €1,354 | €8,310 | ▲ 514% |
| Operating cash flow (approximation) | -€7,186 | €13,642 | €4,663 | €14,936 | €12,399 | €47,712 | €39,405 | €35,453 | ▼ 10.0% |
| Investment in fixed assets (approximation) | - | -€1,157 | -€1,187 | -€3,844 | €0 | -€12,551 | -€1,346 | -€125,845 | ▼ 9,248% |
| Change in cash | - | €10,246 | €1,057 | -€1,393 | -€11,917 | €56,279 | -€42,265 | €2,291 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 12 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 22-07-2026 | 2026-00316982 |
| 31-12-2024 | micro format | 09-07-2025 | 2025-00249143 |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00410803 |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00369204 |
| 31-12-2021 | micro format | 24-08-2022 | 2022-20310378 |
| 31-12-2020 | micro format | 30-08-2021 | 2021-56300123 |
| 31-12-2019 | micro format | 20-10-2020 | 2020-61900470 |
| 31-12-2018 | micro format | 30-08-2019 | 2019-55300198 |
| 31-12-2017 | micro format | 29-08-2018 | 2018-51800062 |
| 31-12-2016 | micro format | 18-08-2017 | 2017-44400246 |
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Of the 24,180 active companies whose main activity is other business support services (NACE 82990), figures are known for 9,610. 7,094 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.