Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Tight liquidity NBB
Cash and receivables cover 45 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
MSM from Leuven, company number BE0670520022, closed financial year 2025 with a result of € -139,176 after tax. For that financial year MSM recorded a gross margin of € 759,940 and equity of € 592,290. Compared with financial year 2024, the result moved from € 298,836 to € -139,176. The company made a loss. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on September 25, 2026.
€ 592,290
▼ 19% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -139,176
▼ still € 298,836 profit in 2024
Profit after tax over the fiscal year.
€ 29,893
▼ 74% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € 579,890.
People and assets in 2025
€ 711,862
▲ 8% vs 2024
Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 105,144
▼ 59% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 677,489
▲ 28% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 365,186
▲ 11% vs 2024
Taxes, VAT and social contributions still to pay.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 586,509 | € 964,706 | € 1,220,305 | € 759,940 | ▼ 38% |
| Profit after taxes | € 232,760 | € 109,192 | € 298,836 | € -139,176 | ▼ € 438,011 |
| Equity | € 323,438 | € 432,630 | € 731,466 | € 592,290 | ▼ 19% |
| Total debts | € 937,966 | € 1,041,995 | € 857,250 | € 1,043,982 | ▲ 22% |
| Cash | € 73,446 | € 85,009 | € 114,391 | € 29,893 | ▼ 74% |
| Retained profit | € 311,038 | € 420,230 | € 719,066 | € 579,890 | ▼ 19% |
| Balance sheet total | € 1,261,404 | € 1,474,625 | € 1,588,716 | € 1,636,272 | ▲ 3% |
| Employees (FTE) | 7 | 15.1 | 17.4 | - |
Key figures of MSM, 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 MSM?
What happened at MSM in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 139,176 (▼ € 438,011 vs 2024). filed late Source: NBB ↗
- Shamhan Mahmoedov became a director. NBB
- New establishment in Glabbeek. KBO
- New establishment in Leuven. KBO
- Start of the company according to the CBE. KBO
In short
From € 232,760 profit in 2022 to € 139,176 loss in 2025.
Paid € 480,563 in corporate taxes since 2022.
Best year ever: 2024, with € 298,836 profit.
On average € 70,100 of value added per employee in 2024.
Management
Behind MSM is Shamhan Mahmoedov. It owns 50% of MSM Energy Solutions itself.
Directors
According to the 2025 annual accounts
Shamhan Mahmoedov
Director
since 2024
Establishments
Establishment units
Physical locations of this company
Wijgmaalsesteenweg 100
3012 Leuven
Tiensesteenweg 132
3380 Glabbeek
Active since 1 March 2017
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 1 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
Hosting & Email
Email provider
Zoho Mail
Hosting
CLOUDFLARENET - Cloudflare, Inc., US
DNS
Cloudflare DNS
Website info
Features
Security
Network
Details
- Company number
- 0670.520.022
- VAT number
- BE 0670.520.022
- Registered office
- Wijgmaalsesteenweg 100, 3012 Leuven
- Names & denominations
- MSM
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 30 January 2017
- Peppol
- Active · Active since 25 Aug 2026
- Contact
- msm-group.be
- Activities · NACE
Reparatie en onderhoud van consumentenartikelen, neg
Stukadoorswerk
Overige werkzaamheden in verband met de afwerking van gebouwen
Groothandel in bouwmaterialen, algemeen assortiment
Algemene bouw van residentiële gebouwen
Algemene elektrotechnische installatiewerken