MST
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 05-01-2026 PDF all 16 filings
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result for 2025 is a loss of €119,170, after a profit of €444,317 in 2024. It is the lowest result since 2021.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
Use the arrow keys on the chart for the figures per year.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €157,423 | €166,234 | €366,509 | €111,598 |
| Depreciation and write-downs of the year | €18,482 | €24,971 | €64,899 | €56,511 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €2,000 | €579,623 | €11,312 | ▼ 98.0% |
| Remuneration, social security and pensions62 | - | - | - | -€3 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €848 | €1,823 | €18,360 | €18,482 | €24,971 | €64,899 | €56,511 | ▼ 12.9% |
| Other operating charges640/8 | - | - | - | €4,024 | €5,034 | €2,538 | €2,311 | ▼ 8.9% |
| Non-recurring operating charges66A | - | - | - | - | €15 | €547 | - | - |
| Gross operating margin9900 | €391,827 | -€25,422 | -€29,097 | -€25,934 | -€28,148 | €512,301 | -€60,347 | - |
| Operating profit (loss)9901 | €354,057 | -€37,041 | -€53,270 | -€48,437 | -€58,168 | €444,317 | -€119,170 | - |
| Financial income75/76B | - | - | - | €4,171 | €0 | €0 | - | - |
| Recurring financial income75 | €3,534 | - | €510 | €4,171 | €0 | €0 | - | - |
| Financial charges65/66B | - | - | - | €20,669 | €27,866 | €25,065 | €10,875 | ▼ 56.6% |
| Recurring financial charges65 | €33,895 | €8,139 | €19,267 | €20,669 | €27,866 | €25,065 | €10,875 | ▼ 56.6% |
| Profit (loss) for the period before taxes9903 | €323,697 | -€45,179 | -€72,028 | -€64,935 | -€86,034 | €419,252 | -€130,045 | - |
| Income taxes67/77 | €78,475 | €233 | €543 | €571 | €480 | €28,402 | €228 | ▼ 99.2% |
| Profit (loss) for the period9904 | €245,222 | -€45,413 | -€72,571 | -€65,506 | -€86,514 | €390,851 | -€130,272 | - |
| Profit (loss) for the period to be appropriated9905 | €245,222 | -€45,413 | -€72,571 | -€65,506 | -€86,514 | €390,851 | -€130,272 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €437,084 | €908,095 | €815,072 | €773,170 | €868,027 | €806,274 | €521,831 | ▼ 35.3% |
| Fixed assets21/28 | €1,236 | €424,513 | €552,525 | €691,466 | €832,714 | €456,283 | €497,683 | ▲ 9.1% |
| Tangible fixed assets22/27 | €1,236 | €424,513 | €552,525 | €691,466 | €832,714 | €456,283 | €497,683 | ▲ 9.1% |
| Land and buildings22 | - | - | - | €691,451 | €732,851 | €385,971 | €462,501 | ▲ 19.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | €3,925 | €3,000 | ▼ 23.6% |
| Furniture and vehicles24 | - | - | - | €15 | €99,862 | €66,388 | €32,182 | ▼ 51.5% |
| Current assets29/58 | €435,848 | €483,582 | €262,547 | €81,704 | €35,314 | €349,991 | €24,148 | ▼ 93.1% |
| Amounts receivable within one year40/41 | €27,103 | €61,617 | €28,313 | €464 | €542 | - | €284 | - |
| Trade receivables40 | - | - | - | €464 | €542 | - | €11 | - |
| Other amounts receivable41 | - | - | - | - | - | - | €273 | - |
| Cash at bank and in hand54/58 | €407,363 | €420,617 | €231,228 | €78,519 | €33,360 | €346,740 | €22,632 | ▼ 93.5% |
| Deferred charges and accrued income490/1 | - | - | - | €2,721 | €1,411 | €3,251 | €1,232 | ▼ 62.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €437,084 | €908,095 | €815,072 | €773,170 | €868,027 | €806,274 | €521,831 | ▼ 35.3% |
| Equity10/15 | €335,569 | €290,157 | €217,586 | €152,080 | €65,566 | €456,416 | €326,144 | ▼ 28.5% |
| Contributions10/11 | €150,000 | - | - | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Reserves13 | €185,569 | €183,192 | €183,192 | €183,192 | €183,192 | €306,416 | €306,416 | = |
| Distributable reserves133 | - | - | - | €183,192 | €183,192 | €306,416 | €306,416 | = |
| Profit (loss) carried forward14 | - | -€43,035 | -€115,606 | -€181,112 | -€267,626 | - | -€130,272 | - |
| Amounts payable17/49 | €101,515 | €617,938 | €597,486 | €621,090 | €802,461 | €349,858 | €195,687 | ▼ 44.1% |
| Amounts payable after more than one year17 | - | €536,948 | €523,708 | €560,278 | €726,655 | €250,000 | €104,000 | ▼ 58.4% |
| Financial debts170/4 | - | - | - | €560,278 | €726,655 | €250,000 | €104,000 | ▼ 58.4% |
| Amounts payable within one year42/48 | €101,515 | €80,990 | €70,744 | €60,811 | €75,807 | €99,837 | €91,666 | ▼ 8.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €13,430 | €13,623 | - | - | - |
| Trade debts44 | €1,263 | €51,708 | €27,542 | €10,793 | €6,833 | €14,068 | €1,052 | ▼ 92.5% |
| Suppliers440/4 | - | - | - | €10,793 | €6,833 | €14,068 | €1,052 | ▼ 92.5% |
| Advances received on contracts in progress46 | - | - | - | - | €5,000 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €5,521 | €8,071 | €18,972 | €3,186 | ▼ 83.2% |
| Taxes450/3 | - | - | - | €5,521 | €8,071 | €18,972 | €3,186 | ▼ 83.2% |
| Other amounts payable47/48 | - | - | - | €31,067 | €42,280 | €66,797 | €87,428 | ▲ 30.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €21 | €21 | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €245,222 | -€45,413 | -€72,571 | -€65,506 | -€86,514 | €390,851 | -€130,272 | - |
| + Depreciation and write-downs630 | €848 | €1,823 | €18,360 | €18,482 | €24,971 | €64,899 | €56,511 | ▼ 12.9% |
| Operating cash flow (approximation) | €246,070 | -€43,590 | -€54,211 | -€47,024 | -€61,543 | €455,750 | -€73,761 | - |
| Investment in fixed assets (approximation) | - | -€425,099 | -€146,372 | -€157,423 | -€166,219 | €311,531 | -€97,910 | - |
| Change in cash | - | €13,254 | -€189,389 | -€152,709 | -€45,159 | €313,380 | -€324,107 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 376 companies had the same profile as MST has now. Two years later, 0.8% had gone bankrupt and 91.8% were still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MST itself: 0.4% within 12 months.
Test of the method
The method was tested on the 497,446 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 376 companies, not a prediction for MST. 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.
Latest 10 of 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 05-01-2026 | 2026-00000706 | |
| 30-06-2024 | micro format | 15-01-2025 | 2025-00004892 | |
| 30-06-2023 | micro format | 04-01-2024 | 2024-00542561 | |
| 30-06-2022 | micro format | 16-01-2023 | 2023-20558370 | |
| 30-06-2021 | micro format | 14-01-2022 | 2022-00900598 | |
| 30-06-2020 | micro format | 29-01-2021 | 2021-02900487 | |
| 30-06-2019 | micro format | 08-01-2020 | 2020-00500108 | |
| 30-06-2018 | micro format | 07-02-2019 | 2019-04700587 | |
| 30-06-2017 | micro format | 11-01-2018 | 2018-01000476 | |
| 30-06-2016 | abbreviated format | 13-02-2017 | 2017-04400065 |