ACTIVE

M.S.B.

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Financial year 2025 · Closed on 31/12/2025

Net result1 M €+20,2 %over 1 year

Revenue20,7 M €+47,2 %over 1 year

Equity1,7 M €+1,4 %over 1 year

Workforce34,2 ETP+12,9 %over 1 year

Identity

Source · BCE/KBO

M.S.B. is a Public limited company incorporated in 1978. Its registered office is in Zelzate. It employs on average 34,2 ETP workers (FTE).

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0418.773.843
Incorporation: 11/10/1978
Legal form: Public limited company
Registered office: Karnemelkstraat 2-4
9060 Zelzate · FlandreSee on map
Contributed capital: 172 362,50 €
Latest accounts: 31/12/2025
Average workforce: 34,2 ETP

Joint committees (3)

Signals

ProfitableLow riskPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

Financials

Source · NBB, 20 filings

Trend over 17 financial years

	2025		2024		2023		2022		2021
Income statement
Revenue	20,7 M €	+47.2%	14 M €	-10.4%	15,7 M €	+9.3%	14,3 M €	-4.7%	15 M €
EBITDA	1,5 M €	+41.6%	1,1 M €	+389%	223,2 k €	-57.4%	524,4 k €	-28.1%	729,2 k €
Operating result	1,3 M €	+22.9%	1,1 M €	+27268%	4 k €	-98.9%	354,2 k €	-40.5%	595,2 k €
Net result	1 M €	+20.2%	851,8 k €	+1195%	65,8 k €	-64.5%	185,2 k €	-61.2%	477,1 k €
Balance sheet
Equity	1,7 M €	+1.4%	1,6 M €	+18.1%	1,4 M €	+5.0%	1,3 M €	-6.4%	1,4 M €
Total assets	8,7 M €	+31.0%	6,6 M €	-5.2%	7 M €	+20.9%	5,8 M €	-2.4%	5,9 M €
Cash	616,6 k €	-24.2%	813,4 k €	-54.9%	1,8 M €	+376%	378,2 k €	-53.6%	815,8 k €
Debts	7 M €	+40.7%	5 M €	-11.0%	5,6 M €	+25.7%	4,4 M €	-0.8%	4,5 M €
Other
Workforce	34,2 ETP	+12.9%	30,3 ETP	+7.8%	28,1 ETP	-7.6%	30,4 ETP	-4.4%	31,8 ETP

Valuation

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

1 active · 42 ended

Active mandates

KOBOS

Director · since 31 janvier 2024 · until 31 janvier 2030 · 0834.216.529

Represented by Koen Strybos

Active

Ended mandates

KOBOS

Director · since 31 janvier 2024 · until 31 janvier 2030 · 0834.216.529

Represented by Koen STRYBOS

Ended

ANTIPOLE

Chairman of the board of directors · since 01 juillet 2018 · until 14 juin 2023 · 0698.921.523

Represented by Buysse PETER

Ended

ANTIPOLE

Chairman of the board of directors · since 01 juillet 2018 · until 31 janvier 2024 · 0698.921.523

Represented by Buysse PETER

Ended

ANTIPOLE

Mandate · since 01 juillet 2018 · until 14 juin 2023 · 0698.921.523

Represented by Peter Buysse

Ended

Other companies at this address

Karnemelkstraat 2-4 9060 Zelzate

Company	CBE no.
PentaS● Active	0446.291.258
POORTMAN● Active	0727.675.192
ROD IN● Active	0416.093.277

Full financial information

Source · NBB

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	30/06/2026	30/06/2025	12/07/2024	13/06/2023	21/06/2022	18/06/2021
General meeting	10/06/2026	30/04/2025	03/06/2024	06/06/2023	14/06/2022	10/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 20 filings

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	10/06/2026	30/06/2026	Dutch	PDF
Full model	31/12/2024	30/04/2025	30/06/2025	Dutch	PDF
Full model	31/12/2023	03/06/2024	12/07/2024	Dutch	PDF
Full model	31/12/2022	06/06/2023	13/06/2023	Dutch	PDF
Full model	31/12/2021	14/06/2022	21/06/2022	Dutch	PDF
Full model	31/12/2020	10/06/2021	18/06/2021	Dutch	PDF
Full model	31/12/2019	05/06/2020	18/06/2020	Dutch	PDF
Full model	31/12/2018	06/06/2019	07/06/2019	Dutch	PDF
Full model	31/12/2017	07/06/2018	11/06/2018	Dutch	PDF
Full model	31/12/2016	08/06/2017	20/06/2017	Dutch	PDF
Full model	31/12/2015	09/06/2016	17/06/2016	Dutch	PDF
Full model	31/12/2014	28/05/2015	10/06/2015	Dutch	PDF
Full model	31/12/2013	13/06/2014	23/06/2014	Dutch	PDF
Full model	31/12/2012	25/06/2013	10/07/2013	Dutch	PDF
Full model	31/12/2011	22/03/2012	23/04/2012	Dutch	PDF
Full model	31/12/2010	07/06/2011	08/07/2011	Dutch	PDF
Full model	31/12/2009	21/06/2010	05/07/2010	Dutch	PDF
Full model	31/12/2008	19/06/2009	23/06/2009	Dutch	PDF
Full model	31/12/2007	09/06/2008	10/06/2008	Dutch	PDF
Full model	31/12/2006	15/06/2007	02/07/2007	Dutch	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Board of directors

Source · NBB, accounts to 31/12/2025

1 active · 42 ended

Active mandates

KOBOS

Director · since 31 janvier 2024 · until 31 janvier 2030 · 0834.216.529

Represented by Koen Strybos

Active

Ended mandates

KOBOS

Director · since 31 janvier 2024 · until 31 janvier 2030 · 0834.216.529

Represented by Koen STRYBOS

Ended

ANTIPOLE

Chairman of the board of directors · since 01 juillet 2018 · until 14 juin 2023 · 0698.921.523

Represented by Buysse PETER

Ended

ANTIPOLE

Chairman of the board of directors · since 01 juillet 2018 · until 31 janvier 2024 · 0698.921.523

Represented by Buysse PETER

Ended

ANTIPOLE

Mandate · since 01 juillet 2018 · until 14 juin 2023 · 0698.921.523

Represented by Peter Buysse

Ended

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Mandates05/05/2026
ONTSLAGEN - BENOEMINGEN
PDF
Mandates25/03/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF
Mandates15/02/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates08/02/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates10/08/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates02/07/2019
ONTSLAGEN - BENOEMINGEN
PDF
Mandates05/11/2018
ONTSLAGEN - BENOEMINGEN
PDF
Mandates30/06/2017
ONTSLAGEN - BENOEMINGEN
PDF

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

Timeline

2025
Annual accounts 20251 M €↑
2024
Annual accounts 2024851,8 k €↑
2023
Annual accounts 202365,8 k €↓
2022
Annual accounts 2022185,2 k €↓
2021
Annual accounts 2021477,1 k €↓
2018
Annual accounts 20181,2 M €↑
2017
Annual accounts 2017995 k €↓
2016
Annual accounts 20161,4 M €↑
2015
Annual accounts 2015945,2 k €↓
2014
Annual accounts 20141,4 M €↑
2013
Annual accounts 2013679,5 k €↑
2011
Annual accounts 2011461,5 k €↓
2010
Annual accounts 2010669,8 k €↓
2009
Annual accounts 2009680,5 k €↑
2008
Annual accounts 2008412 k €↑
2007
Annual accounts 2007405,2 k €↓
2006
Annual accounts 2006587,6 k €
11/10/1978
IncorporationPublic limited company

M.S.B.

Overview

Identity

Financials

Valuation

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline

Timeline