MSP Bois
ActiveSummary
MSP Bois has been active since 1968 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€3.7m) and a net result of €27,804. Equity is shrinking by ~38.4% per year across the filed fiscal years. Its solvency ranks better than 5% of 851 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability68▲+68
Solvency0▼-5
Growth55▲+21
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.61 against 0.39 in 2024; short-term debt: 53.6% and cash: 0.1% of total assets), and equity is negative.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
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 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more bankruptcies
← 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
-24.6%
Return on assets
0.2%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 851 sector peers (2025).
NBB · sector comparisonPosition among 851 sector peers
Solvency
better than 5%
← weakest
strongest →
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 09-06-2026, 52 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
52 d early
2024
20 d late
2023
29 d early
2022
31 d late
2021
61 d late
2020
47 d late
2019
89 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 24 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 20 August (4 of the last 5 filed years within 48 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Is the workforce growing, and do people stay?Employer check Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check
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Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, full schema
In the rankings
#1 company by total assets in Etalle#4 employer in Etalle
Turnover
€10.9m▲ 115%
2024 · €5.0m
EBIT margin
1.5%▲ 79.4pp
2024 · -78.0%
Net result
€27,804
2024 · -€3.9m
Working capital
-€3.2m▲ 43.5%
2024 · -€5.7m
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€4.9m€9.4m€5.0m▼ 46.5%€10.9m▲ 115%
Operating result-€2.6m-€1.7m▲ 33.8%-€979,003▲ 42.8%-€3.9m▼ 302%€157,720
Net result-€3.1mbelow the sector's middle half▼ 1,142%-€2.4mbelow the sector's middle half▲ 20.6%-€1.3mbelow the sector's middle half▲ 48.3%-€3.9mbelow the sector's middle half▼ 208%€27,804within the sector's middle half
EBIT margin-52.4%-10.4%-78.0%▼ 67.6pp1.5%▲ 79.4pp
Equity€2.0mabove the sector's middle half▼ 60.8%-€539,711below the sector's middle half€1.1mwithin the sector's middle half-€3.2mbelow the sector's middle half-€3.7mbelow the sector's middle half▼ 15.6%
Total assets€19.9mabove the sector's middle half▼ 9.5%€20.7mabove the sector's middle half▲ 4.1%€19.4mabove the sector's middle half▼ 6.4%€16.2mabove the sector's middle half▼ 16.2%€15.3mabove the sector's middle half▼ 6.0%
Debt€17.9m▲ 6.0%€20.9m▲ 16.6%€18.2m▼ 12.5%€19.4m▲ 6.6%€19.0m▼ 2.4%
Working capital-€593,071below the sector's middle half-€2.6mbelow the sector's middle half▼ 343%-€4.0mbelow the sector's middle half▼ 51.4%-€5.7mbelow the sector's middle half▼ 42.3%-€3.2mbelow the sector's middle half▲ 43.5%
Solvency10.1%below the sector's middle half▼ 13.2pp-2.6%below the sector's middle half▼ 12.7pp5.8%below the sector's middle half▲ 8.4pp-20.0%below the sector's middle half▼ 25.8pp-24.6%below the sector's middle half▼ 4.6pp
Current ratio0.91below the sector's middle half▼ 0.350.68below the sector's middle half▼ 0.230.58below the sector's middle half▼ 0.100.39below the sector's middle half▼ 0.190.61below the sector's middle half▲ 0.22
Return on assets (ROA)-15.4%below the sector's middle half▼ 14.3pp-11.8%below the sector's middle half▲ 3.6pp-6.5%below the sector's middle half▲ 5.3pp-23.9%below the sector's middle half▼ 17.4pp0.2%within the sector's middle half▲ 24.0pp
Staff (FTE)25.1within the sector's middle half28.5within the sector's middle half▲ 13.5%31.9within the sector's middle half▲ 11.9%26.7within the sector's middle half▼ 16.3%23.2within the sector's middle half▼ 13.1%
above
within
below
the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2021 Net result -1,142% on 2020. The accounts now follow the full schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €157,720 after a loss of €3.9m in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €15.3m
Fixed assets
€10.3m ▼ 18.6%
Current assets
€5.0m ▲ 37.9%
Equity and liabilities
Equity-€3.7m
Debt€19.0m
Equity is negative: debt (€19.0m) exceeds the balance-sheet total (€15.3m).
Key figures and ratios
EBITDA
€2.8m▲
2024 · -€1.4m
Cash flow
€2.6m▲
2024 · -€1.3m
Quick ratio
0.49▲
2024 · 0.30
Interest coverage
3.89▲
2024 · -2.63
Debt ≤ 1 year
€8.2m▼
2024 · €9.3m
Debt > 1 year
€10.4m▲
2024 · €9.7m
Income taxes
€35,005
Staff costs
€1.2m▲
2024 · €1.2m
No debt to equity: equity is negative, so debt divided by equity means nothing.
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 518 companies that looked in July 2024 the way this one looks now, 2.9% went bankrupt within 24 months and 92% are still going.
- Small
- 20 years or older
- negative equity
- a profit under 5% of the balance sheet
2.9%
went bankrupt
3.9%
stopped otherwise
92%
still going
A further 1.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.4% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 518 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €4.9m | - | €9.4m | €5.0m | €10.9m | ▲ 115% |
| Non-recurring operating income76A | - | - | €140,321 | €5,754 | €268 | ▼ 95.3% |
| Goods, raw materials, services and sundry goods60/61 | €4.2m | - | €7.4m | €5.6m | €6.9m | ▲ 23.5% |
| Remuneration, social security and pensions62 | €1.2m | €1.2m | €1.5m | €1.2m | €1.2m | ▲ 0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.1m | €1.6m | €2.1m | €2.5m | €2.6m | ▲ 2.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €8,223 | - | €8,061 | - | -€1,646 | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | €382,105 | -€382,105 | €36,000 | - | - |
| Other operating charges640/8 | €44,094 | €111,334 | €85,248 | €76,922 | €21,408 | ▼ 72.2% |
| Non-recurring operating charges66A | - | - | €28 | €134,613 | €3,511 | ▼ 97.4% |
| Gross operating margin9900 | -€201,598 | €1.5m | €2.4m | €77,215 | €4.0m | ▲ 5,110% |
| Operating profit (loss)9901 | -€2.6m | -€1.7m | -€979,003 | -€3.9m | €157,720 | ▲ 104% |
| Financial income75/76B | €57 | €217,123 | €301,109 | €592,426 | €617,010 | ▲ 4.1% |
| Recurring financial income75 | €57 | €217,123 | €301,109 | €561,847 | €575,280 | ▲ 2.4% |
| Non-recurring financial income76B | - | - | - | €30,579 | €41,731 | ▲ 36.5% |
| Financial charges65/66B | €479,189 | €939,350 | €580,124 | €531,912 | €711,921 | ▲ 33.8% |
| Recurring financial charges65 | €432,571 | €464,183 | €375,104 | €531,687 | €711,031 | ▲ 33.7% |
| Non-recurring financial charges66B | €46,618 | €475,167 | €205,020 | €225 | €890 | ▲ 295% |
| Profit (loss) for the period before taxes9903 | -€3.1m | -€2.4m | -€1.3m | -€3.9m | €62,809 | ▲ 102% |
| Income taxes67/77 | - | - | €440 | - | €35,005 | - |
| Profit (loss) for the period9904 | -€3.1m | -€2.4m | -€1.3m | -€3.9m | €27,804 | ▲ 101% |
| Profit (loss) for the period to be appropriated9905 | -€3.1m | -€2.4m | -€1.3m | -€3.9m | €27,804 | ▲ 101% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €19.9m | €20.7m | €19.4m | €16.2m | €15.3m | ▼ 6.0% |
| Formation expenses20 | €21,145 | €21,145 | €0 | - | - | - |
| Fixed assets21/28 | €14.0m | €15.1m | €13.9m | €12.6m | €10.3m | ▼ 18.6% |
| Intangible fixed assets21 | €4.0m | €4.2m | €3.4m | €2.5m | €1.7m | ▼ 33.3% |
| Tangible fixed assets22/27 | €10.0m | €10.8m | €10.5m | €9.4m | €7.8m | ▼ 17.2% |
| Land and buildings22 | €1.8m | €1.8m | €2.1m | €2.2m | €2.1m | ▼ 3.5% |
| Plant, machinery and equipment23 | €1.1m | €1.3m | €1.3m | €1.4m | €1.1m | ▼ 25.6% |
| Furniture and vehicles24 | €73,194 | €78,943 | €33,890 | €22,678 | €11,890 | ▼ 47.6% |
| Leasing and similar rights25 | €5.4m | €5.4m | €4.2m | €3.7m | €3.1m | ▼ 18.0% |
| Other tangible fixed assets26 | €1.5m | €2.2m | €2.8m | €2.1m | €1.6m | ▼ 23.9% |
| Assets under construction and advance payments27 | €38,484 | €60,000 | - | - | - | - |
| Financial fixed assets28 | €54,057 | €54,057 | €54,030 | €665,447 | €790,815 | ▲ 18.8% |
| Current assets29/58 | €5.8m | €5.6m | €5.5m | €3.6m | €5.0m | ▲ 37.9% |
| Amounts receivable after more than one year29 | €500,000 | €1.0m | €1.7m | - | - | - |
| Other amounts receivable291 | €500,000 | €1.0m | €1.7m | - | - | - |
| Stocks and contracts in progress3 | €1.4m | €853,807 | €664,186 | €859,902 | €990,262 | ▲ 15.2% |
| Stocks30/36 | €1.4m | €853,807 | €664,186 | €859,902 | €990,262 | ▲ 15.2% |
| Amounts receivable within one year40/41 | €3.4m | €3.1m | €3.0m | €2.7m | €3.9m | ▲ 48.2% |
| Trade receivables40 | €1.7m | €1.2m | €2.9m | €2.6m | €3.9m | ▲ 50.5% |
| Other amounts receivable41 | €1.8m | €1.9m | €88,500 | €54,395 | €21,339 | ▼ 60.8% |
| Current investments50/53 | €408 | €408 | €43 | €0 | - | - |
| Cash at bank and in hand54/58 | €513,645 | €590,998 | €164,073 | €86,712 | €17,924 | ▼ 79.3% |
| Deferred charges and accrued income490/1 | €23,586 | €19,786 | €0 | €7,972 | €32,367 | ▲ 306% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €19.9m | €20.7m | €19.4m | €16.2m | €15.3m | ▼ 6.0% |
| Equity10/15 | €2.0m | -€539,711 | €1.1m | -€3.2m | -€3.7m | ▼ 15.6% |
| Contributions10/11 | €500,000 | €500,000 | €2.0m | €2.0m | €2.0m | = |
| Capital10 | €500,000 | €500,000 | €2.0m | €2.0m | €2.0m | = |
| Issued capital100 | €500,000 | €500,000 | €2.0m | €2.0m | €2.0m | = |
| Revaluation surpluses12 | €1.2m | €1.2m | €0 | - | - | - |
| Reserves13 | €443,572 | €443,572 | €83,118 | €83,118 | €84,508 | ▲ 1.7% |
| Non-distributable reserves130/1 | €51,763 | €51,763 | €51,763 | €64,368 | €65,758 | ▲ 2.2% |
| Legal reserve130 | €51,763 | €51,763 | €51,763 | €51,763 | €53,153 | ▲ 2.7% |
| Reserves not available under the articles1311 | - | - | - | €12,605 | €12,605 | = |
| Tax-exempt reserves132 | €31,355 | €31,355 | €31,355 | €18,750 | €18,750 | = |
| Distributable reserves133 | €360,454 | €360,454 | €0 | - | - | - |
| Profit (loss) carried forward14 | -€2.8m | -€5.3m | -€3.1m | -€7.0m | -€7.0m | ▲ 0.4% |
| Investment grants15 | €2.7m | €2.6m | €2.2m | €1.7m | €1.1m | ▼ 32.0% |
| Provisions and deferred taxes16 | - | €382,105 | €0 | €36,000 | €36,000 | = |
| Provisions for liabilities and charges160/5 | - | €382,105 | €0 | €36,000 | €36,000 | = |
| Other liabilities and charges164/5 | - | €382,105 | €0 | €36,000 | €36,000 | = |
| Amounts payable17/49 | €17.9m | €20.9m | €18.2m | €19.4m | €19.0m | ▼ 2.4% |
| Amounts payable after more than one year17 | €10.6m | €10.5m | €7.9m | €9.7m | €10.4m | ▲ 7.3% |
| Financial debts170/4 | €10.6m | €10.5m | €7.9m | €5.8m | €6.0m | ▲ 3.5% |
| Other amounts payable178/9 | - | - | - | €3.9m | €4.4m | ▲ 12.9% |
| Amounts payable within one year42/48 | €6.4m | €8.2m | €9.4m | €9.3m | €8.2m | ▼ 11.8% |
| Current portion of amounts payable after more than one year42 | €1.6m | €2.3m | €2.1m | €2.2m | €1.5m | ▼ 29.2% |
| Financial debts43 | €2.1m | €1.7m | €1.6m | €1.6m | €1.5m | ▼ 8.1% |
| Credit institutions430/8 | €2.1m | €1.7m | €1.6m | €1.6m | €1.5m | ▼ 8.1% |
| Trade debts44 | €2.1m | €3.9m | €5.4m | €4.8m | €2.5m | ▼ 47.9% |
| Suppliers440/4 | €2.1m | €3.9m | €5.4m | €4.8m | €2.5m | ▼ 47.9% |
| Advances received on contracts in progress46 | - | - | - | €358,343 | €1.5m | ▲ 308% |
| Taxes, remuneration and social security45 | €652,163 | €310,449 | €321,888 | €269,395 | €1.2m | ▲ 330% |
| Taxes450/3 | €75,392 | - | €62,364 | - | €897,025 | - |
| Remuneration and social security454/9 | €576,771 | €310,449 | €259,524 | €269,395 | €261,416 | ▼ 3.0% |
| Other amounts payable47/48 | €2,287 | €2,662 | €13,793 | €2,661 | €2,661 | = |
| Accrued charges and deferred income492/3 | €798,563 | €2.2m | €938,331 | €492,548 | €410,456 | ▼ 16.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3.1m | -€2.4m | -€1.3m | -€3.9m | €27,804 | ▲ 101% |
| + Depreciation and write-downs630 | €1.1m | €1.6m | €2.1m | €2.5m | €2.6m | ▲ 2.8% |
| Operating cash flow (approximation) | -€2.0m | -€856,611 | €823,049 | -€1.3m | €2.6m | ▲ 297% |
| Investment in fixed assets (approximation) | - | -€2.7m | -€863,963 | -€1.3m | -€263,187 | ▲ 79.1% |
| Change in cash | - | €77,353 | -€426,925 | -€77,361 | -€68,787 | ▲ 11.1% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
09-06
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Back to profitnet €27,804
Net result €27,804 after 5 loss-making years.
20-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 20 days late
2024
31-12
Financial
Weakest financial yearnet -€3.9m
Net result drops to -€3.9m, the lowest in the series; recovery starts the following year.
02-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Equity above €1mEq €1.1m
Equity rises from -€539,711 to €1.1m.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 31 days late
2022
30-09
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 61 days late
2021
16-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 47 days late
2020
28-10
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 89 days late
2019
31-12
Financial
Equity above €5mEq €5.3m ▲37%
2 profitable years in a row build equity to €5.3m.
25-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
31-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
No directors read yet: 0 of 7 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Etalle · 1 establishment unit since 1986
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.
Croix-Rouge,Ste-Marie SN6740 Etalle1 establishment unit
MSP Bois
since 19862.005.027.216
Structure & network
Owners and holdings
1 ownerChain of control
- MSP Bois Groupe
- MSP Bois
Highest known parent: MSP Bois Groupe. The sources do not say who stands above it.
Owners 1
-
100%
Holdings 0
The accounts to 31-12-2025 list no holdings, and no other source names one.
According to the 2025 annual accounts of MSP Bois and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Food safety, FASFC
1 siteEtalle2.005.027.216
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Company details
Identification
Legal formPublic limited company
Founded01-01-1968
Fiscal year end31-12
Activities, NACEBEL 2025
16110Sawmilling and planing of wood
41001General construction of residential buildings
16230Manufacture of other builders' carpentry and joinery
43320Joinery installation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0402035009
Registered
05-01-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.