MST
ActiveSummary
MST has been active since 2008 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €326,144 and a net result of -€130,272. Equity has been shrinking by about 16% per year since 2019. If that trend continues, it turns negative around financial year 2027. The computed 12-month bankruptcy probability is 0.4% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 19-12-2008 Normal situation
- Activity
- No activity registered in the KBO
- Establishment unit
- 2.175.178.181 3621 Lanaken, since 05-01-2009
- Financial year end
- 30 June
- Peppol
- Reachable since 24-11-2023
Board and ownership
- Reyskens BartDirector · since 02-04-2009
- Thijs GreetDirector · since 25-02-2012
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.4%
- Gross margin
- -€60,347
- Loss
- €130,272
- Equity
- €326,144
- ▼ 28.5%
- Total assets
- €521,831
- ▼ 35.3%
Score breakdownraises riskLoss of €130,272 (financial year 2025)lowers riskSize: total assets €521,831Equity €326,144 (62.5% of total assets)No main activity registeredShow the evidence
Checked score
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 (no NACE code, micro). It does better than 53% of them on solvency, 42% on liquidity, 4% on profitability and 14% on growth.
The bankruptcy probability was computed on 01-11-2026 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.
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).
Credit check for an amount and term of your choice
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 18 days before the deadline. The Belgian median for financial year 2024 was 4 days before the deadline, and 38% of all filings were late.
Searched, nothing found (2)
Financials
Financials · 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 |
Board & ownership
Directors
Owners and capital
Owners
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| Reyskens Bart |
|
| Thijs Greet |
|
Network & group
MST shares no director with another company.
Connections & network
2 current directorsThe network starts from the directors of MST. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the addresses
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 71322A0130/03S000 | Flanders | 1,280 m² | 1 · 199 m² | 6.4 m · 2 |
| 73064B1141/00T000 | Flanders | 366 m² | 1 · 160 m² | 10.1 m · 2 |