ACTIVE

MST DELGADO

Financial year 2025 · Closed on 30/06/2025

Net result-59 k €-413,8 %over 1 year

Gross margin128,3 k €-49,9 %over 1 year

Equity191,4 k €-23,6 %over 1 year

Identity

Source · BCE/KBO

MST DELGADO is a Public limited company incorporated in 1989. Its main activity is: Manufacture of central heating radiators and boilers. Its registered office is in Liège.

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0438.959.642
Incorporation: 17/11/1989
Legal form: Public limited company
Registered office: Route du Condroz 523
4031 Liège · WallonieSee on map
Contributed capital: 62 000,00 €
Latest accounts: 30/06/2025

Activities (NACE)

25210Manufacture of central heating radiators and boilers· main 25300Manufacture of steam generators, except central heating hot water boilers 28300Manufacture of agricultural and forestry machinery 74700Other professional, scientific and technical activities 81220Other building and industrial cleaning activities 81220Other building and industrial cleaning activities+10

Joint committees (1)

Signals

Solid equityLow riskGood liquidityHealthy social debts

Financials

Source · NBB, 20 filings

Trend over 19 financial years

	2025		2024		2023		2022		2021
Income statement
Gross margin	128,3 k €	-49.9%	256,2 k €	+33.5%	191,8 k €	+133%	82,3 k €	-70.9%	282,7 k €
EBITDA	-37 k €	-190%	41,3 k €	+186%	14,4 k €	+132%	-44,6 k €	+50.5%	-90 k €
Operating result	-59,3 k €	-417%	18,7 k €	+378%	-6,7 k €	+90.1%	-68,3 k €	+43.0%	-119,9 k €
Net result	-59 k €	-414%	18,8 k €	+216%	-16,2 k €	+76.4%	-68,7 k €	+66.4%	-204,5 k €
Balance sheet
Equity	191,4 k €	-23.6%	250,4 k €	-10.2%	278,8 k €	-14.3%	325,1 k €	-46.5%	607,8 k €
Total assets	270,7 k €	-8.9%	297 k €	-8.5%	324,6 k €	-11.5%	366,7 k €	-51.7%	758,8 k €
Cash	46,6 k €	-69.3%	151,8 k €	+62.7%	93,3 k €	-28.1%	129,8 k €	-67.0%	393,4 k €
Debts	78 k €	+73.1%	45,1 k €	+1.3%	44,5 k €	+10.0%	40,5 k €	-72.4%	146,7 k €
Other
Workforce	–		–		–		–		–

Valuation

Indicative valuation

As an indication, this company is worth

between 100 k€ and 250 k€

See the valuation

Board of directors

Source · NBB, accounts to 30/06/2025

2 active · 15 ended

Active mandates

DAVID DELGADO

Director · since 15 décembre 2023 · until 15 décembre 2029

Active

Josefa MARTINEZ CASTELLANO

Director · since 15 décembre 2023 · until 15 décembre 2029

Active

Ended mandates

JOSEFA MARTINEZ CASTELLANO

Director · since 15 avril 2018 · until 14 avril 2024

Ended

DAVID DELGADO

Director · since 02 avril 2018 · until 01 avril 2024

Ended

DAVID DELGADO

Managing director · since 02 avril 2018 · until 01 avril 2024

Ended

David Delgado Martinez

Managing director · since 02 avril 2018 · until 01 avril 2024

Ended

Other companies at this address

Route du Condroz 523 4031 Liège

Company	CBE no.
VIZION AVS● Active	1036.495.775

Full financial information

Source · NBB

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro model
Start of the financial year	01/07/2024	01/07/2023	01/07/2022	01/07/2021	01/07/2020	01/07/2019
Closing of the financial year	30/06/2025	30/06/2024	30/06/2023	30/06/2022	30/06/2021	30/06/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	15/01/2026	28/01/2025	24/01/2024	23/01/2023	21/01/2022	25/01/2021
General meeting	09/01/2026	27/01/2025	15/12/2023	15/12/2022	15/12/2021	20/01/2021
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
Micro model	30/06/2025	09/01/2026	15/01/2026	French	PDF
Micro model	30/06/2024	27/01/2025	28/01/2025	French	PDF
Micro model	30/06/2023	15/12/2023	24/01/2024	French	PDF
Micro model	30/06/2022	15/12/2022	23/01/2023	French	PDF
Micro model	30/06/2021	15/12/2021	21/01/2022	French	PDF
Micro model	30/06/2020	20/01/2021	25/01/2021	French	PDF
Abridged model	30/06/2019	15/12/2019	22/01/2020	French	PDF
Abridged model	30/06/2018	15/12/2018	07/01/2019	French	PDF
Abridged model	30/06/2017	15/12/2017	24/01/2018	French	PDF
Abridged model	30/06/2016	15/12/2016	27/01/2017	French	PDF
Abridged model	30/06/2015	15/12/2015	14/01/2016	French	PDF
Abridged model	30/06/2014	15/12/2014	13/01/2015	French	PDF
Abridged model	30/06/2013	06/02/2014	07/02/2014	French	PDF
Abridged model	30/06/2012	31/01/2013	12/02/2013	French	PDF
Abridged model	30/06/2011	27/12/2011	25/01/2012	French	PDF
Abridged model	30/06/2010	15/12/2010	20/12/2010	French	PDF
Abridged model	30/06/2009	15/12/2009	07/01/2010	French	PDF
Abridged model	30/06/2008	15/12/2008	13/01/2009	French	PDF
Abridged model	30/06/2007	15/12/2007	11/01/2008	French	PDF
Abridged model	30/06/2006	15/12/2006	30/01/2007	French	PDF

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 k€ and 250 k€

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 30/06/2025

2 active · 15 ended

Active mandates

DAVID DELGADO

Director · since 15 décembre 2023 · until 15 décembre 2029

Active

Josefa MARTINEZ CASTELLANO

Director · since 15 décembre 2023 · until 15 décembre 2029

Active

Ended mandates

JOSEFA MARTINEZ CASTELLANO

Director · since 15 avril 2018 · until 14 avril 2024

Ended

DAVID DELGADO

Director · since 02 avril 2018 · until 01 avril 2024

Ended

DAVID DELGADO

Managing director · since 02 avril 2018 · until 01 avril 2024

Ended

David Delgado Martinez

Managing director · since 02 avril 2018 · until 01 avril 2024

Ended

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Registered office29/08/2025
SIEGE SOCIAL
PDF
Mandates21/12/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DENOMINATION - DEMISSIONS, NOMINATIONS
PDF
Mandates06/02/2018
DEMISSIONS, NOMINATIONS
PDF
Mandates26/01/2015
DEMISSIONS, NOMINATIONS
PDF
Mandates26/04/2012
DEMISSIONS, NOMINATIONS
PDF
Capital / shares09/01/2012
CAPITAL, ACTIONS
PDF
Mandates29/01/2009
DEMISSIONS, NOMINATIONS
PDF
Mandates13/07/2005
DEMISSIONS, NOMINATIONS
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 2025-59 k €↓
2024
Annual accounts 202418,8 k €↑
2023
Annual accounts 2023-16,2 k €↑
2022
Annual accounts 2022-68,7 k €↑
2021
Annual accounts 2021-204,5 k €↓
2020
Annual accounts 2020-80,6 k €↓
2019
Annual accounts 201998 k €↑
2018
Annual accounts 201847,2 k €↑
2017
Annual accounts 201730,1 k €↓
2016
Annual accounts 201657,4 k €↑
2015
Annual accounts 201548,7 k €↓
2014
Annual accounts 2014184,3 k €↓
2013
Annual accounts 2013191,5 k €↓
2012
Annual accounts 2012242,9 k €↑
2011
Annual accounts 2011225,6 k €↑
2010
Annual accounts 2010137,9 k €↓
2009
Annual accounts 2009296,3 k €↑
2008
Annual accounts 2008118,8 k €↓
2007
Annual accounts 2007149,5 k €
17/11/1989
IncorporationPublic limited company

MST DELGADO

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