ACTIVE

M-SQUARE CERTIFICATES

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Financial year 2025 · closed on 31/12/2025

Net result

17,6 k €

+1.9% YoY

Revenue

1,3 M €

+3.2% YoY

Equity

263,7 k €

+7.1% YoY

What does M-SQUARE CERTIFICATES do?

M-SQUARE CERTIFICATES is a Public limited company incorporated in 2012. Its registered office is in Bruxelles.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0846.825.044

Incorporation

25/06/2012

Legal form

Public limited company

Registered office

Rue Guimard 18
1040 Bruxelles · BruxellesSee on map

Contributed capital

200 000,00 €

Latest accounts

31/12/2025

Signals

ProfitableGood liquidityPositive cashflowPositive EBITDAHigh revenue

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 13 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013
Income statement
Revenue	1,3 M €	+3.2%	1,2 M €	+1.3%	1,2 M €	+10.6%	1,1 M €	+5.1%	1,1 M €	+0.9%	1 M €	+111%	492,9 k €		–		–		–		–		–		13,8 k €
EBITDA	1,2 M €	+3.4%	1,1 M €	+2.4%	1,1 M €	+9.6%	999,5 k €	+6.1%	942 k €	+1.4%	928,6 k €	+125%	413 k €	+945%	-48,9 k €	-1624%	-2,8 k €	-270%	-766,2 €	+41.9%	-1,3 k €	+96.7%	-39,6 k €	-242%	-11,6 k €
Operating result	608,7 k €	+6.6%	570,9 k €	+4.7%	545,1 k €	+21.4%	449,1 k €	+14.7%	391,6 k €	+3.6%	378,2 k €	+151%	150,7 k €	+408%	-48,9 k €	-1519%	-3 k €	-150%	-1,2 k €	+31.4%	-1,8 k €	+95.6%	-40 k €	-226%	-12,3 k €
Net result	17,6 k €	+1.9%	17,3 k €	+3.1%	16,7 k €	-6.2%	17,8 k €	-6.5%	19,1 k €	+1.4%	18,8 k €	+78.5%	10,5 k €	+120%	-52,1 k €	-1385%	-3,5 k €	-146%	-1,4 k €	+23.4%	-1,9 k €	-102%	85,3 k €	+786%	-12,4 k €
Balance sheet
Equity	263,7 k €	+7.1%	246,2 k €	+7.5%	228,9 k €	+7.9%	212,2 k €	+9.2%	194,3 k €	+10.9%	175,2 k €	+12.0%	156,4 k €	+7.2%	145,9 k €	-26.3%	198 k €	+214%	63 k €	-2.2%	64,5 k €	-2.8%	66,3 k €	+35.2%	49,1 k €
Total assets	19,3 M €	-2.6%	19,9 M €	-2.5%	20,4 M €	-2.1%	20,8 M €	-2.3%	21,3 M €	-2.5%	21,8 M €	-0.9%	22 M €	+0.6%	21,9 M €	-1.6%	22,3 M €	+35168%	63,1 k €	-2.2%	64,5 k €	-52.7%	136,4 k €	-77.6%	608,7 k €
Cash	1,4 M €	+3.9%	1,3 M €	+22.7%	1,1 M €	+2.3%	1,1 M €	-1.3%	1,1 M €	+2.9%	1 M €	+52.3%	681,7 k €	-88.6%	6 M €	-72.4%	21,7 M €	+34375%	62,9 k €	-1.5%	63,9 k €	-52.8%	135,3 k €	+18864%	713,5 €
Debts	19,1 M €	-2.7%	19,6 M €	-2.6%	20,1 M €	-2.2%	20,6 M €	-2.4%	21,1 M €	-2.6%	21,6 M €	-0.6%	21,8 M €	+0.2%	21,7 M €	-1.4%	22,1 M €	+35596125%	62 €	0.0%	62 €	-99.9%	70 k €	-87.5%	559,6 k €

Estimate

Indicative valuation

As an indication, this company is worth

between 0 € and 100 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 15 ended

Active mandates

PEETERS GAETAN

Director · since 15 mai 2024 · until 29 mars 2027

Active

INVEST FOR JOBS

Director · since 28 mars 2023 · until 29 mars 2027 · 0644.590.437

Represented by Steven Adons

Active

Kim Mario CRETEN

Director · since 28 mars 2023 · until 29 mars 2027

Active

Ended mandates

GAETAN PEETERS

Director · since 28 mars 2023 · until 29 mars 2027 · 0464.759.662

Represented by Gaetan PEETERS

Ended

INVEST FOR JOBS

Director · since 19 novembre 2019 · until 28 mars 2023 · 0644.590.437

Represented by Emilie Rousseaux

Ended

Akbar SOLTANINASSAB

Director · since 20 décembre 2017 · until 20 janvier 2020

Ended

Akbar SOLTANINASSAB

Director · since 20 décembre 2017 · until 28 mars 2023

Ended

At this address

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Annual accounts

Full financial information

	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	07/04/2026	04/04/2025	03/04/2024	30/03/2023	31/01/2023	01/04/2021
General meeting	31/03/2026	25/03/2025	26/03/2024	28/03/2023	29/03/2022	30/03/2021
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

14 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Full model	31/12/2025	31/03/2026	07/04/2026	French	PDF
Full model	31/12/2024	25/03/2025	04/04/2025	French	PDF
Full model	31/12/2023	26/03/2024	03/04/2024	French	PDF
Full model	31/12/2022	28/03/2023	30/03/2023	French	PDF
Full modelCorrection	31/12/2021	29/03/2022	31/01/2023	French	PDF
Full model	31/12/2021	29/03/2022	12/04/2022	French	PDF
Full model	31/12/2020	30/03/2021	01/04/2021	French	PDF
Full model	31/12/2019	31/03/2020	03/04/2020	French	PDF
Full model	31/12/2018	26/03/2019	27/03/2019	French	PDF
Full model	31/12/2017	27/03/2018	16/04/2018	French	PDF
Abridged model	31/12/2016	31/05/2017	19/06/2017	French	PDF
Full model	31/12/2015	25/05/2016	07/06/2016	French	PDF
Full model	31/12/2014	27/05/2015	08/06/2015	French	PDF
Full model	31/12/2013	28/05/2014	25/06/2014	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 0 € and 100 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.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 15 ended

Active mandates

PEETERS GAETAN

Director · since 15 mai 2024 · until 29 mars 2027

Active

INVEST FOR JOBS

Director · since 28 mars 2023 · until 29 mars 2027 · 0644.590.437

Represented by Steven Adons

Active

Kim Mario CRETEN

Director · since 28 mars 2023 · until 29 mars 2027

Active

Ended mandates

GAETAN PEETERS

Director · since 28 mars 2023 · until 29 mars 2027 · 0464.759.662

Represented by Gaetan PEETERS

Ended

INVEST FOR JOBS

Director · since 19 novembre 2019 · until 28 mars 2023 · 0644.590.437

Represented by Emilie Rousseaux

Ended

Akbar SOLTANINASSAB

Director · since 20 décembre 2017 · until 20 janvier 2020

Ended

Akbar SOLTANINASSAB

Director · since 20 décembre 2017 · until 28 mars 2023

Ended

Shareholders

Ownership and network

Looking for more information about this company?

Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates20/02/2026
DEMISSIONS, NOMINATIONS
PDF
Mandates02/05/2025
DEMISSIONS, NOMINATIONS
PDF
Other25/07/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates16/02/2024
DEMISSIONS, NOMINATIONS
PDF
Mandates14/04/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates29/04/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates20/03/2020
DEMISSIONS, NOMINATIONS
PDF
Mandates01/03/2019
DEMISSIONS, NOMINATIONS
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 202517,6 k €↑
2024
Annual accounts 202417,3 k €↑
2023
Annual accounts 202316,7 k €↓
2022
Annual accounts 202217,8 k €↓
2021
Annual accounts 202119,1 k €↑
2020
Annual accounts 202018,8 k €↑
2019
Annual accounts 201910,5 k €↑
2018
Annual accounts 2018-52,1 k €↓
2017
Annual accounts 2017-3,5 k €↓
2016
Annual accounts 2016-1,4 k €↑
2015
Annual accounts 2015-1,9 k €↓
2014
Annual accounts 201485,3 k €↑
2013
Annual accounts 2013-12,4 k €
25/06/2012
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-SQUARE CERTIFICATES

Overview

What does M-SQUARE CERTIFICATES do?

Trend over 13 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