Financials
Financial year 2025
M.S.B. from Zelzate, company number BE0418773843, closed financial year 2025 with a result of € 1 million after tax. For that financial year M.S.B. recorded revenue of € 20.7 million and equity of € 1.7 million. Compared with financial year 2024, the result moved from € 851,780 to € 1 million. Profitable, and profit is growing. The buffer is growing. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on June 30, 2026.
€ 1.7 million
▲ 1% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 1 million
▲ 20% vs 2024
Profit after tax over the fiscal year.
€ 616,577
▼ 24% vs 2024
Cash and bank balances on the last day of the fiscal year.
€ 1 million paid out
98 % of the profit went to the shareholders, mostly to FENOLA (66 % of the shares). That is where the money ends up.
People and assets in 2025
34.2
▲ 3.9 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 2.1 million
▲ 14% vs 2024
€ 61,000 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 195,185
▲ 91% vs 2024
Of which on lease € 134,788.
Debts at end 2025
€ 119,722
▲ 105% vs 2024
€ 36,744 is repaid this year. At this pace the long-term loan is gone in ≈ 3 years.
€ 3.5 million
▲ 220% vs 2024
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 70 days on average.
€ 384,221
▲ 68% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 14,327,160 | € 15,657,089 | € 14,035,369 | € 20,654,885 | ▲ 47% |
| Profit after taxes | € 185,228 | € 65,778 | € 851,780 | € 1,023,598 | ▲ 20% |
| Equity | € 1,322,333 | € 1,388,111 | € 1,639,890 | € 1,663,488 | ▲ 1% |
| Total debts | € 4,439,866 | € 5,579,468 | € 4,964,669 | € 6,986,649 | ▲ 41% |
| Cash | € 378,179 | € 1,801,881 | € 813,413 | € 616,577 | ▼ 24% |
| Retained profit | € 1,149,970 | € 1,215,748 | € 1,467,528 | € 1,491,126 | ▲ 2% |
| Dividend | € 275,000 | € 0 | € 600,000 | € 1,000,000 | ▲ 67% |
| Bank debt | € 0 | € 0 | € 58,333 | € 119,722 | ▲ 105% |
| Balance sheet total | € 5,786,332 | € 6,993,041 | € 6,626,492 | € 8,683,153 | ▲ 31% |
| Employees (FTE) | 30.4 | 28.1 | 30.3 | 34.2 | ▲ 3.9 |
Key figures of M.S.B., fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to M.S.B.?
What happened at M.S.B. in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Kobos BV stepped down as director. NBB
- New annual accounts for financial year 2025: profit of € 1 million (▲ 20% vs 2024). Source: NBB ↗
- Kobos BV became a director. NBB
- New establishment in Zelzate. KBO
- Start of the company according to the CBE. KBO
In short
From € 185,228 profit in 2022 to € 1 million profit in 2025.
Paid € 847,302 in corporate taxes since 2022.
Best year ever: 2025, with € 1 million profit.
Paid out € 1.9 million in dividends to the owners in total.
Management
The stake of FENOLA, KOBOS comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
M.S.B.The shares are held by FENOLA (66.4%) and KOBOS (33.2%).
Establishments
Establishment units
Physical locations of this company
Karnemelkstraat 2-4
9060 Zelzate
Karnemelkstraat 2 - 4
9060 Zelzate
Active since 19 February 1991
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 3 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Website
Technologies
Certifications & Partners
Hosting & Email
Email provider
Barracuda
Hosting
EFFIX-, BE
Website info
Features
Security
Details
- Company number
- 0418.773.843
- VAT number
- BE 0418.773.843
- Registered office
- Karnemelkstraat 2-4, 9060 Zelzate
- Names & denominations
- M.S.B. · MSB
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 11 October 1978
- Peppol
- Active · Active since 1 Jan 2001
- Contact
- msb.be
- Activities · NACE
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