ACTIVE

M.S.G.

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Financial year 2025 · closed on 31/12/2025

Net result

1,9 M €

-58.7% YoY

Gross margin

997,9 k €

-68.0% YoY

Equity

20,4 M €

+10.4% YoY

What does M.S.G. do?

M.S.G. is a Public limited company incorporated in 1986. Its main activity is: Real estate agencies. Its registered office is in Zaventem.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0429.216.090

Incorporation

18/06/1986

Legal form

Public limited company

Registered office

Da Vincilaan 2 box 243
1930 Zaventem · FlandreSee on map

Contributed capital

11 343 812,75 €

Latest accounts

31/12/2025

Activities (NACE)

68310Real estate agencies· main 68311Real estate agencies

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

View the BCE/KBO Public Search record →

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	997,9 k €	-68.0%	3,1 M €	+1154%	248,6 k €	-62.8%	667,8 k €	-50.0%	1,3 M €	+50.1%	890,2 k €	+645%	119,4 k €	+65.1%	72,4 k €	+29.2%	56 k €	+21.1%	46,2 k €	+56.7%	29,5 k €	+42.7%	20,7 k €	-62.8%	55,6 k €	-22.5%	71,8 k €	-4.2%	74,9 k €	+2313%	3,1 k €	-95.4%	68 k €	+9.2%	62,3 k €	+0.8%	61,8 k €	-45.9%	114,3 k €
EBITDA	889,4 k €	-70.5%	3 M €	+1372%	204,7 k €	-68.6%	652,6 k €	-49.0%	1,3 M €	+52.0%	841 k €	+1262%	61,8 k €	+29.9%	47,5 k €	-2.1%	48,6 k €	+30.1%	37,3 k €	+48.9%	25,1 k €	+112%	11,8 k €	-74.7%	46,9 k €	-28.3%	65,4 k €	+40.0%	46,7 k €	+57.9%	29,6 k €	-49.7%	58,7 k €	+7.9%	54,4 k €	+22.0%	44,6 k €	-37.6%	71,4 k €
Operating result	889,4 k €	-70.5%	3 M €	+1372%	204,7 k €	-68.6%	652,6 k €	-49.0%	1,3 M €	+52.0%	841 k €	+1277%	61,1 k €	+30.3%	46,9 k €	-2.1%	47,9 k €	+31.0%	36,6 k €	+50.8%	24,2 k €	+257%	6,8 k €	-85.2%	45,9 k €	-28.5%	64,2 k €	+41.3%	45,4 k €	+61.1%	28,2 k €	-8.9%	31 k €	+38.9%	22,3 k €	+29.4%	17,2 k €	-60.9%	44,1 k €
Net result	1,9 M €	-58.7%	4,7 M €	+182%	1,6 M €	+237%	488,5 k €	-48.4%	945,9 k €	+57.7%	599,9 k €	+1366%	40,9 k €	+29.8%	31,5 k €	+1.7%	31 k €	+62.8%	19 k €	+50.2%	12,7 k €	+111%	6 k €	-81.1%	31,9 k €	-28.1%	44,4 k €	+11.9%	39,6 k €	-93.0%	563,3 k €	+2062%	26,1 k €	+32.6%	19,7 k €	+59.0%	12,4 k €	-58.7%	29,9 k €
Balance sheet
Equity	20,4 M €	+10.4%	18,5 M €	+33.6%	13,8 M €	+13.5%	12,2 M €	+0.2%	12,2 M €	+0.4%	12,1 M €	+3988%	296,3 k €	+16.0%	255,3 k €	+14.1%	223,8 k €	+16.1%	192,8 k €	+11.0%	173,8 k €	-2.4%	178,1 k €	+138%	74,9 k €	-50.4%	151 k €	-30.9%	218,7 k €	-77.7%	979,1 k €	+135%	415,8 k €	+6.7%	389,7 k €	+5.3%	370,1 k €	+3.5%	357,7 k €
Total assets	26,5 M €	+7.9%	24,6 M €	+10.0%	22,3 M €	+73.0%	12,9 M €	-8.0%	14 M €	-4.4%	14,7 M €	+107%	7,1 M €	+69.7%	4,2 M €	+1477%	265,3 k €	+18.2%	224,5 k €	+2.3%	219,4 k €	+10.7%	198,2 k €	+3.1%	192,1 k €	-7.8%	208,4 k €	-61.8%	545,7 k €	-57.4%	1,3 M €	+173%	469,3 k €	-3.3%	485,4 k €	-1.8%	494,1 k €	-4.7%	518,6 k €
Cash	385,1 k €	+34.1%	287,1 k €	-48.3%	555,1 k €	-18.6%	681,8 k €	+130%	296 k €	-45.9%	547,1 k €	+74.1%	314,3 k €	+406%	62,2 k €	-43.8%	110,5 k €	+60.3%	68,9 k €	+9.0%	63,3 k €	+85.9%	34 k €	+101%	17 k €	-51.8%	35,2 k €	-90.5%	370,4 k €	+279%	97,8 k €	+744%	11,6 k €		–		8,6 k €	+27.6%	6,7 k €
Debts	6,1 M €	+0.4%	6,1 M €	-28.5%	8,5 M €	+1076%	721,8 k €	-61.3%	1,9 M €	-26.7%	2,5 M €	-62.5%	6,8 M €	+73.5%	3,9 M €	+16856%	23,1 k €	+98.3%	11,6 k €	-54.6%	25,6 k €	+85346%	30 €	-100.0%	97,2 k €	+160%	37,4 k €	-87.8%	307 k €	+1.8%	301,6 k €	+1610%	17,6 k €	-70.5%	59,8 k €	-32.2%	88,2 k €	-32.2%	130 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 6 ended

Active mandates

BELGIAN REAL ESTATE FINANCE

Director · since 18 mars 2020 · until 18 mars 2026 · 0671.792.306

Represented by Emmanuel Van Canneyt

Active

Ended mandates

BELGIAN REAL ESTATE FINANCE

Director · since 18 mars 2020 · 0671.792.306

Represented by Emmanuel Van Canneyt

Ended

BELGIAN REAL ESTATE FINANCE

Director · 0671.792.306

Represented by Emmanuel Van Canneyt

Ended

BELGIAN REAL ESTATE FINANCE

Manager · 0671.792.306

Represented by Emmanuel Van Canneyt

Ended

Bernard Goethals

Manager

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged 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	06/07/2026	06/07/2025	17/07/2024	28/08/2023	22/08/2022	23/08/2021
General meeting	30/06/2026	30/06/2025	30/06/2024	30/06/2023	30/06/2022	30/06/2021
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

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	30/06/2026	06/07/2026	Dutch	PDF
Abridged model	31/12/2024	30/06/2025	06/07/2025	Dutch	PDF
Abridged model	31/12/2023	30/06/2024	17/07/2024	Dutch	PDF
Abridged model	31/12/2022	30/06/2023	28/08/2023	Dutch	PDF
Abridged model	31/12/2021	30/06/2022	22/08/2022	Dutch	PDF
Abridged model	31/12/2020	30/06/2021	23/08/2021	Dutch	PDF
Abridged model	31/12/2019	27/08/2020	25/09/2020	Dutch	PDF
Abridged model	31/12/2018	30/06/2019	29/08/2019	Dutch	PDF
Abridged model	31/12/2017	30/06/2018	28/08/2018	Dutch	PDF
Abridged model	31/12/2016	30/06/2017	21/08/2017	Dutch	PDF
Abridged model	31/12/2015	16/04/2016	22/04/2016	Dutch	PDF
Abridged model	31/12/2014	24/04/2015	04/05/2015	Dutch	PDF
Abridged model	31/12/2013	19/04/2014	25/04/2014	Dutch	PDF
Abridged model	31/12/2012	20/04/2013	26/04/2013	Dutch	PDF
Abridged model	31/12/2011	21/04/2012	30/04/2012	Dutch	PDF
Abridged model	31/12/2010	16/04/2011	03/05/2011	Dutch	PDF
Abridged model	31/12/2009	17/04/2010	07/05/2010	Dutch	PDF
Abridged model	31/12/2008	18/04/2009	27/04/2009	Dutch	PDF
Abridged model	31/12/2007	19/04/2008	29/04/2008	Dutch	PDF
Abridged model	31/12/2006	21/04/2007	27/04/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 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.

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 6 ended

Active mandates

BELGIAN REAL ESTATE FINANCE

Director · since 18 mars 2020 · until 18 mars 2026 · 0671.792.306

Represented by Emmanuel Van Canneyt

Active

Ended mandates

BELGIAN REAL ESTATE FINANCE

Director · since 18 mars 2020 · 0671.792.306

Represented by Emmanuel Van Canneyt

Ended

BELGIAN REAL ESTATE FINANCE

Director · 0671.792.306

Represented by Emmanuel Van Canneyt

Ended

BELGIAN REAL ESTATE FINANCE

Manager · 0671.792.306

Represented by Emmanuel Van Canneyt

Ended

Bernard Goethals

Manager

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Registered office22/04/2026
MAATSCHAPPELIJKE ZETEL
PDF
Capital / shares09/12/2020
KAPITAAL - AANDELEN - WIJZIGING RECHTSVORM
PDF
Capital / shares24/11/2020
KAPITAAL - AANDELEN
PDF
Restructuring07/09/2020
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates22/04/2020
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM
PDF
Mandates09/05/2017
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares08/04/2014
KAPITAAL - AANDELEN
PDF
Capital / shares29/02/2012
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF

Source: Belgian Official Gazette

Competition

Similar companies

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

See the Business plan

2025
Annual accounts 20251,9 M €↓
2024
Annual accounts 20244,7 M €↑
2023
Annual accounts 20231,6 M €↑
2022
Annual accounts 2022488,5 k €↓
2021
Annual accounts 2021945,9 k €↑
2020
Annual accounts 2020599,9 k €↑
2019
Annual accounts 201940,9 k €↑
2018
Annual accounts 201831,5 k €↑
2017
Annual accounts 201731 k €↑
2016
Annual accounts 201619 k €↑
2015
Annual accounts 201512,7 k €↑
2014
Annual accounts 20146 k €↓
2013
Annual accounts 201331,9 k €↓
2012
Annual accounts 201244,4 k €↑
2011
Annual accounts 201139,6 k €↓
2010
Annual accounts 2010563,3 k €↑
2009
Annual accounts 200926,1 k €↑
2008
Annual accounts 200819,7 k €↑
2007
Annual accounts 200712,4 k €↓
2006
Annual accounts 200629,9 k €
18/06/1986
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

M.S.G.

Overview

What does M.S.G. do?

Trend over 20 financial years

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