NORMAL SITUATION

M & S

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Financial year 2025 · closed on 31/12/2025
Net result
434,3 k €
+123.2% YoY
Gross margin
2,8 M €
+17.0% YoY
Equity
846,8 k €
+105.3% YoY
Workforce
25,4 ETP
+3.7% YoY

Company — Normal situation.

What does M & S do?

M & S is a company registered in Belgium. It employs on average 25,4 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0437.201.071
Legal form
Public limited company
Contributed capital
62 000,00 €
Latest accounts
31/12/2025
Average workforce
25,4 ETP
Joint committees (5)
  • 149
  • 14904
  • 200
  • 2000
  • 218
Signals
ProfitablePositive cashflowPositive EBITDAHealthy social debts
View the BCE/KBO Public Search record →
Health score
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✦ Verdict · Analyst summary
Financials

Trend over 19 financial years

2025202420232022202120202019201820172016201520142013201220112010200920082007
Income statement
Gross margin2,8 M €2,4 M €1,5 M €1,7 M €–––––––––2,1 M €1,9 M €2 M €1,9 M €1,8 M €1,6 M €
EBITDA531,3 k €374,4 k €-434,1 k €136,9 k €255,6 k €255,2 k €171,5 k €227,2 k €158,3 k €136,3 k €175,4 k €234,5 k €146,8 k €63,3 k €33,8 k €170,8 k €-5,4 k €95,9 k €89,2 k €
Operating result430,1 k €231,5 k €-587,5 k €-3,8 k €38,8 k €104,6 k €51,2 k €97,7 k €36,8 k €30,7 k €44,7 k €110,6 k €35,9 k €-11,5 k €-30,4 k €64,5 k €-145,3 k €-29,7 k €8 k €
Net result434,3 k €194,6 k €-591,9 k €472,7 k €2,4 k €86,6 k €44,3 k €42,2 k €24,3 k €18,5 k €8,7 k €39,2 k €2,3 k €7,6 k €28,3 k €65,7 k €-136,6 k €2,6 k €4,9 k €
Balance sheet
Equity846,8 k €412,4 k €217,9 k €809,8 k €337 k €334,6 k €248,1 k €203,8 k €161,6 k €137,3 k €118,8 k €110,1 k €70,9 k €68,6 k €61 k €32,6 k €-33 k €103,6 k €101 k €
Total assets6,1 M €5 M €2 M €2,4 M €2,9 M €1,7 M €1,4 M €1,2 M €1,4 M €1,3 M €1,3 M €1,3 M €1,1 M €1,2 M €1 M €892,8 k €1,3 M €1,4 M €1,3 M €
Cash831,1 k €357,6 k €239,6 k €219,8 k €799,7 k €554,4 k €310,6 k €323,2 k €299,8 k €301,3 k €260,8 k €241,9 k €235,7 k €300,1 k €212,4 k €173,9 k €117,5 k €127,1 k €75,7 k €
Debts5,2 M €4,3 M €1 M €1,6 M €2,6 M €1,3 M €1,2 M €1 M €1,2 M €1,1 M €1,2 M €1,2 M €1,1 M €1,2 M €957,7 k €860,1 k €1,3 M €1,2 M €1,2 M €
Other
Workforce25,4 ETP24,5 ETP5,8 ETP21,0 ETP32,3 ETP42,3 ETP43,0 ETP40,8 ETP41,2 ETP41,0 ETP41,1 ETP39,4 ETP37,0 ETP34,2 ETP32,9 ETP33,1 ETP37,0 ETP36,7 ETP32,4 ETP
Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 40 ended

Active mandates

Christoph Verheecke

Managing director · since 30 août 2024

Active
Jan Deprest

Director · since 30 août 2024

Active

Ended mandates

Bart D'Hollander

Managing director · since 06 décembre 2019 · until 05 décembre 2025

Ended
Bart D'Hollander

Managing director · since 06 décembre 2019 · until 06 décembre 2025

Ended
Bart Dhollander

Managing director · since 06 décembre 2019 · until 30 août 2024

Ended
Bart Dhollander

Managing director · since 06 décembre 2019 · until 13 juin 2025

Ended
Annual accounts

Full financial information

202520242023202220212020
Type of accountAbridged modelAbridged modelAbridged modelAbridged modelFull modelFull model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/07/202001/07/2019
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202130/06/2020
Length of the financial year12 months12 months12 months12 months18 months12 months
Filing date08/07/202623/06/202518/07/202417/07/202322/07/202225/01/2021
General meeting12/06/202613/06/202514/06/202409/06/202310/06/202204/12/2020
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

36 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Abridged model31/12/202512/06/202608/07/2026DutchPDF
Abridged model31/12/202413/06/202523/06/2025DutchPDF
Abridged model31/12/202314/06/202418/07/2024DutchPDF
Abridged model31/12/202209/06/202317/07/2023DutchPDF
Full model31/12/202110/06/202222/07/2022DutchPDF
Full model30/06/202004/12/202025/01/2021DutchPDF
Full model30/06/201906/12/201913/01/2020DutchPDF
Full model30/06/201807/12/201802/01/2019DutchPDF
Full model30/06/201701/12/201727/12/2017DutchPDF
Full model30/06/201602/12/201623/12/2016DutchPDF
Full model30/06/201522/12/201520/01/2016DutchPDF
Full model30/06/201419/12/201427/01/2015DutchPDF
Full model30/06/201306/12/201327/01/2014DutchPDF
Abridged model30/06/201207/12/201212/12/2012DutchPDF
Abridged model30/06/201102/12/201117/01/2012DutchPDF
Abridged model30/06/201002/08/201020/08/2010DutchPDF
Abridged model30/06/200904/12/200915/12/2009DutchPDF
Abridged model30/06/200805/12/200822/01/2009DutchPDF
Abridged model30/06/200707/12/200717/12/2007DutchPDF
Abridged model30/06/200601/12/200603/01/2007DutchPDF
Abridged model30/06/200502/12/200516/12/2005DutchPDF
Abridged model30/06/200403/12/200420/12/2004DutchPDF
Abridged model30/06/200305/12/200310/12/2003DutchPDF
Abridged model30/06/200206/12/200216/12/2002DutchPDF

View all 36 filings

Estimate

Indicative valuation

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 · 2 active · 40 ended

Active mandates

Christoph Verheecke

Managing director · since 30 août 2024

Active
Jan Deprest

Director · since 30 août 2024

Active

Ended mandates

Bart D'Hollander

Managing director · since 06 décembre 2019 · until 05 décembre 2025

Ended
Bart D'Hollander

Managing director · since 06 décembre 2019 · until 06 décembre 2025

Ended
Bart Dhollander

Managing director · since 06 décembre 2019 · until 30 août 2024

Ended
Bart Dhollander

Managing director · since 06 décembre 2019 · until 13 juin 2025

Ended
Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

  • Restructuring02/03/2026
    Fusie door overneming van een 100% dochtervennootschap - algemene !
    PDF
  • Restructuring22/12/2025
    FUSIEVOORSTEL
    PDF
  • Mandates18/11/2024
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates22/10/2024
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates07/12/2022
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates22/06/2021
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - ONTSLAGEN - BENOEMINGEN - ALGEMENE VERGADERING - BOEKJAAR
    PDF
  • Mandates01/04/2020
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates19/02/2020
    ONTSLAGEN - BENOEMINGEN
    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

Timeline

  1. 2025
    Annual accounts 2025434,3 k €↑
  2. 2024
    Annual accounts 2024194,6 k €↑
  3. 2023
    Annual accounts 2023-591,9 k €↓
  4. 2022
    Annual accounts 2022472,7 k €↑
  5. 2021
    Annual accounts 20212,4 k €↓
  6. 2020
    Annual accounts 202086,6 k €↑
  7. 2019
    Annual accounts 201944,3 k €↑
  8. 2018
    Annual accounts 201842,2 k €↑
  9. 2017
    Annual accounts 201724,3 k €↑
  10. 2016
    Annual accounts 201618,5 k €↑
  11. 2015
    Annual accounts 20158,7 k €↓
  12. 2014
    Annual accounts 201439,2 k €↑
  13. 2013
    Annual accounts 20132,3 k €↓
  14. 2012
    Annual accounts 20127,6 k €↓
  15. 2011
    Annual accounts 201128,3 k €↓
  16. 2010
    Annual accounts 201065,7 k €↑
  17. 2009
    Annual accounts 2009-136,6 k €↓
  18. 2008
    Annual accounts 20082,6 k €↓
  19. 2007
    Annual accounts 20074,9 k €