Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Tight liquidity NBB
Cash and receivables cover 45 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
MSGA from Welkenraedt, company number BE0801300766, closed financial year 2025 with a result of € 8,467 after tax. For that financial year MSGA recorded a gross margin of € 131,771 and equity of € 96,280. Compared with financial year 2024, the result moved from € 38,212 to € 8,467. The company is profitable. The buffer is growing. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on August 28, 2026.
€ 96,280
▲ 10% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 8,467
▼ 78% vs 2024
Profit after tax over the fiscal year.
€ 6,773
▼ 88% 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 € 86,280.
People and assets in 2025
€ 74,573
▼ 6% 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.
€ 43,278
▼ 22% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 796,619
€ 41,350 is repaid this year. At this pace the long-term loan is gone in ≈ 19 years.
€ 47,193
▲ 77% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 8,377
▼ 62% vs 2024
Taxes, VAT and social contributions still to pay.
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| 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|
| Gross margin | € 82,261 | € 159,681 | € 131,771 | ▼ 17% |
| Profit after taxes | € 39,602 | € 38,212 | € 8,467 | ▼ 78% |
| Equity | € 49,602 | € 87,813 | € 96,280 | ▲ 10% |
| Total debts | € 218,126 | € 209,263 | € 1,019,311 | ▲ € 810,049 |
| Cash | € 90,074 | € 58,219 | € 6,773 | ▼ 88% |
| Land & buildings | - | - | € 901,627 | |
| Retained profit | € 39,602 | € 77,813 | € 86,280 | ▲ 11% |
| Bank debt | € 0 | € 0 | € 796,619 | |
| Balance sheet total | € 267,728 | € 297,076 | € 1,115,591 | ▲ 276% |
Key figures of MSGA, fiscal years 2023 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 MSGA?
What happened at MSGA in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: profit of € 8,467 (▼ 78% vs 2024). filed late Source: NBB ↗
- New establishment in Welkenraedt. KBO
- Adrien François Smets became a director. NBB
- Gilles Fabien Smets became a director. NBB
- Start of the company according to the CBE. KBO
In short
From € 39,602 profit in 2023 to € 8,467 profit in 2025.
Paid € 23,020 in corporate taxes since 2023.
Best year ever: 2023, with € 39,602 profit.
A new publication or filing at MSGA? We notify you, reason included.
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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 MSGA are Adrien François Smets and Gilles Fabien Smets.
Directors
According to the 2025 annual accounts
Adrien François Smets
Director
since 2023
Gilles Fabien Smets
Director
since 2023
Establishments
Establishment units
Physical locations of this company
Hockelbach 7
4841 Welkenraedt
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.
Details
- Company number
- 0801.300.766
- VAT number
- BE 0801.300.766
- Registered office
- Hockelbach 7, 4841 Welkenraedt
- Names & denominations
- MSGA
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 28 April 2023
- Peppol
- Active · Active since 23 Jan 2026
- Activities · NACE
Schrijnwerk
Bouwrijp maken van terreinen
Landschapsverzorging
Glaszetten
Dakwerkzaamheden
Waterdichtingswerken van muren