MSJ CONSTRUCT
Annual accounts 2025
micro format, filed on 14-10-2026, 75 days lateTurnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €680,000. Estimated: probably between €520,000 and €990,000.
Balance sheet
balance sheet total €536,579 on 31-12-2025in euro
in euro
Position in the sector
12.3%
Higher than 16% of 37,177 companies in 2025.
1.11
Higher than 26% of 36,472 companies in 2025.
36.1%
Higher than 90% of 36,707 companies in 2025.
Net result: top quarter · Equity: middle half · Balance sheet total: top quarter · Working capital: middle half
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet: assets | |||||
20/58 |
536,579 | 246,981 | 409,120 | 358,677 | |
21/28 |
37,348 | 9,250 | 9,730 | 4,442 | |
22/27 |
37,348 | 9,250 | 9,730 | 4,442 | |
23 |
8,745 | 8,638 | 9,730 | 4,442 | |
24 |
26,303 | 613 | - | - | |
27 |
2,300 | - | - | - | |
29/58 |
499,231 | 237,731 | 399,389 | 354,235 | |
29 |
122,000 | 122,000 | 122,000 | 110,000 | |
291 |
122,000 | 122,000 | 122,000 | 110,000 | |
40/41 |
197,076 | 57,377 | 264,426 | 151,051 | |
40 |
80,596 | 5,317 | 262,922 | 149,796 | |
41 |
116,481 | 52,060 | 1,504 | 1,255 | |
54/58 |
180,154 | 58,353 | 12,964 | 93,183 | |
| Balance sheet: equity and liabilities | |||||
10/49 |
536,579 | 246,981 | 409,120 | 358,677 | |
10/15 |
66,172 | 116,389 | 101,293 | 84,651 | |
10/11 |
2,500 | 2,500 | 2,500 | 2,500 | |
14 |
63,672 | 113,889 | 98,793 | 82,151 | |
17/49 |
470,407 | 130,592 | 307,827 | 274,026 | |
17 |
21,862 | - | - | - | |
170/4 |
21,862 | - | - | - | |
42/48 |
448,545 | 130,592 | 307,827 | 274,026 | |
42 |
5,339 | - | - | - | |
44 |
48,839 | 4,184 | 266,368 | 210,857 | |
440/4 |
48,839 | 4,184 | 266,368 | 210,857 | |
46 |
- | 62,172 | - | - | |
45 |
150,465 | 64,236 | 40,835 | 59,223 | |
450/3 |
150,465 | 64,236 | 40,835 | 59,223 | |
47/48 |
243,902 | - | 625 | 3,945 | |
| Income statement | |||||
9900 |
276,517 | 23,281 | 26,681 | 115,591 | |
630 |
4,328 | 1,389 | 1,037 | 158 | |
640/8 |
1,731 | 669 | 2,169 | 3,959 | |
9901 |
270,459 | 21,223 | 23,474 | 111,475 | |
75/76B |
48 | 1 | 1 | 28 | |
75 |
48 | 1 | 1 | 28 | |
65/66B |
2,117 | 2,031 | 143 | 98 | |
65 |
2,117 | 2,031 | 143 | 98 | |
9903 |
268,389 | 19,193 | 23,333 | 111,404 | |
67/77 |
74,705 | 4,096 | 6,691 | 29,253 | |
9904 |
193,685 | 15,096 | 16,642 | 82,151 | |
9905 |
193,685 | 15,096 | 16,642 | 82,151 | |
| Appropriation of the result | |||||
9906 |
307,574 | 113,889 | 98,793 | 82,151 | |
14P |
113,889 | 98,793 | 82,151 | - | |
694/7 |
243,902 | - | - | - | |
694 |
243,902 | - | - | - | |
| Document | |||||
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 14-10-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 75 days after the deadline. Filed on 14 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00564799.
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| 274,786 | 22,612 | 24,512 | 111,633 | ||
| 198,013 | 16,485 | 17,679 | 82,309 | ||
| 30,126 | 909 | 6,326 | 4,600 | ||
| 121,801 | 45,390 | -80,220 | - | ||
| 50,686 | 107,139 | 91,562 | 80,209 | ||
| 12.3% | 47.1% | 24.8% | 23.6% | ||
| 1.11 | 1.82 | 1.30 | 1.29 | ||
| 7.11 | 1.12 | 3.04 | 3.24 | ||
| 292.7% | 13.0% | 16.4% | 97.0% | ||
| 36.1% | 6.1% | 4.1% | 22.9% | ||
| over 100 | 11.13 | over 100 | over 100 |
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| Item | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Tangible fixed assets | €30,126 | €909 | €6,326 | €4,600 |
| €4,328 | €1,389 | €1,037 | €158 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Insights on MSJ CONSTRUCT
The operating result for 2025 is nearly 13 times that of 2024 and the highest since 2022. It is a recovery after the fall in 2024.
Debt's share of the balance-sheet total rises from 52.9% to 87.7%. Equity is lower and debt is higher.