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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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Busy address KBO
48 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
MSB ASSOCIATES from Brussel, company number BE0713820723, closed financial year 2025 with a result of € 102,907 after tax. For that financial year MSB ASSOCIATES recorded a gross margin of € 117,064 and equity of € 463,304. Compared with financial year 2024, the result moved from € -52,230 to € 102,907. Profitable, and profit is growing. The buffer is growing. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on October 31, 2025.
€ 463,304
▲ 29% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 102,907
▲ still € 52,230 loss in 2024
Profit after tax over the fiscal year.
€ 8,194
▲ 115% vs 2024
Cash and bank balances on the last day of the fiscal year.
Stays in the company
No dividend for 2025. Retained profit grew to € 444,754.
People and assets in 2025
€ 641
▼ 67% 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.
€ 32,864
▲ 29% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 26,489
▲ € 26,415 vs 2024
Corporate tax and VAT still to pay. No wage debt: nothing outstanding to staff or social security.
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| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 57,961 | € 31,075 | € -50,134 | € 117,064 | ▲ € 167,198 |
| Profit after taxes | € 35,219 | € 22,506 | € -52,230 | € 102,907 | ▲ € 155,137 |
| Equity | € 390,120 | € 412,626 | € 360,397 | € 463,304 | ▲ 29% |
| Total debts | € 27,329 | € 49,051 | € 25,459 | € 59,353 | ▲ 133% |
| Cash | € 64,899 | € 113,892 | € 3,819 | € 8,194 | ▲ 115% |
| Retained profit | € 371,570 | € 394,076 | € 341,847 | € 444,754 | ▲ 30% |
| Balance sheet total | € 417,449 | € 461,678 | € 385,855 | € 522,656 | ▲ 35% |
Key figures of MSB ASSOCIATES, 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 October 2026.
What happened to MSB ASSOCIATES?
What happened at MSB ASSOCIATES in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 102,907. Source: NBB ↗
- New establishment in Elsene. KBO
- Efthymios BOURTZALAS became a director. NBB
- Start of the company according to the CBE. KBO
In short
From € 35,219 profit in 2022 to € 102,907 profit in 2025.
Paid € 42,431 in corporate taxes since 2022.
Best year ever: 2025, with € 102,907 profit.
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De Lijn 8 June 2026 New annual account 2025
filed on 8 June 2026
What was left
€ 20 k ▼ 91%
Money in the bank
€ 178 k ▼ 98%
Open the dossier →
NMBS 8 June 2026 New annual account 2025 What was left ▼ 80%
bpost 18 May 2026 New annual account 2025 What was left from loss to profit
Management
Behind MSB ASSOCIATES is Efthymios BOURTZALAS.
Directors
According to the 2025 annual accounts
Efthymios BOURTZALAS
Director
since 2018
Establishments
Establishment units
Physical locations of this company
Louizalaan 222 box 7
1050 Brussel
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 48 companies are registered at this address.
All companies at this address →SPHERE BELGIUM
€ 207,431 gross margin · 2025
ULTIMMO
€ -10,739 gross margin · 2024
B & S Associates
JEAN - PAUL HORDIES
Second Floor
€ 758,443 gross margin · 2025
+43 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0713.820.723
- VAT number
- BE 0713.820.723
- Registered office
- Louizalaan 222 bus 7, 1050 Brussel
- Names & denominations
- MSB ASSOCIATES
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 22 November 2018
- Peppol
- Active · Active since 20 Jul 2026
- Activities · NACE
Activiteiten van advocaten