M & S
InactiveInactive; last annual accounts for fiscal year 2025. Dissolved without liquidation on 04-02-2026.
Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 08-07-2026, 23 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
23 d early
2024
38 d early
2023
13 d early
2022
14 d early
2021
9 d early
2020
6 d early
2019
18 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2025, abbreviated schema
Turnover
€4.95M▲ 47.0%
2020 · €3.37M
2019: €3.27M
2020: €3.37M
2019 → 2021
EBIT margin
0.8%▼ 2.3pp
2020 · 3.1%
2019: 1.6%
2020: 3.1%
2019 → 2021
Net result
€434k▲ 123%
2024 · €195k
2019: €44k
2020: €87k
2021: €2k
2022: €473k
2023: €-592k
2024: €195k
2019 → 2025
Working capital
€667k▼ 69.2%
2024 · €2.16M
2019: €-288k
2020: €-203k
2021: €-701k
2022: €532k
2023: €564k
2024: €2.16M
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€4.95M-
Equity€337k-€810k▲ 140%€218k▼ 73.1%€412k▲ 89.3%€847k▲ 105%
Operating result€39k-€-4k€-587k▼ 15,498%€231k€430k▲ 85.8%
Net result€2k-€473k▲ 19,476%€-592k€195k€434k▲ 123%
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 86% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.08M
Fixed assets
€245k ▼ 26.4%
Current assets
€5.83M ▲ 24.2%
Equity and liabilities €6.08M
Equity
€847k ▲ 105%
Debt
€5.23M ▲ 13.3%
Debt's share of the balance-sheet total falls from 91.8% to 86.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€531k▲
2024 · €366k
Cash flow
€535k▲
2024 · €329k
Current ratio
1.13▼
2024 · 1.85
Quick ratio
0.93▼
2024 · 1.19
Debt to equity
6.18▼
2024 · 11.20
ROE
51.3%▲
2024 · 47.2%
ROA
7.1%▲
2024 · 3.9%
Interest coverage
41.27▲
2024 · 21.63
Debt ≤ 1 year
€5.17M▲
2024 · €2.54M
Income taxes
€-15k▼
2024 · €20k
Staff costs
€2.24M▲
2024 · €1.99M
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 60 lines
Balance sheet
Code20242025
Assets
Total assets20/58€5.03M€6.08M▲
Fixed assets21/28€333k€245k▼
Intangible fixed assets21€231k€180k▼
Tangible fixed assets22/27€91k€53k▼
Plant, machinery and equipment23€3k€10k▲
Furniture and vehicles24€41k€43k▲
Leasing and similar rights25€47k-
Financial fixed assets28€11k€11k=
Current assets29/58€4.70M€5.83M▲
Stocks and contracts in progress3€1.67M€1.03M▼
Stocks30/36€1.67M€1.03M▼
Amounts receivable within one year40/41€2.67M€3.84M▲
Trade receivables40€1.96M€3.36M▲
Other amounts receivable41€710k€479k▼
Cash at bank and in hand54/58€358k€831k▲
Deferred charges and accrued income490/1€64€127k▲
Equity and liabilities
Total equity and liabilities10/49€5.03M€6.08M▲
Equity10/15€412k€847k▲
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Reserves13€748k€748k=
Non-distributable reserves130/1€6k€6k=
Legal reserve130€6k€6k=
Tax-exempt reserves132€6k€6k=
Distributable reserves133€735k€735k=
Profit (loss) carried forward14€-397k€37k▲
Amounts payable17/49€4.62M€5.23M▲
Amounts payable after more than one year17€1.81M-
Financial debts170/4€1.81M-
Amounts payable within one year42/48€2.54M€5.17M▲
Current portion of amounts payable after more than one year42€10k€1.81M▲
Financial debts43€43k€43k▼
Credit institutions430/8€43k€43k▼
Trade debts44€2.14M€2.98M▲
Suppliers440/4€2.14M€2.98M▲
Taxes, remuneration and social security45€265k€310k▲
Taxes450/3€24k€58k▲
Remuneration and social security454/9€240k€253k▲
Other amounts payable47/48€79k€29k▼
Accrued charges and deferred income492/3€273k€65k▼
Income statement
Code20242025
Non-recurring operating income76A€19k€63k▲
Remuneration, social security and pensions62€1.99M€2.24M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€135k€101k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€8k-
Other operating charges640/8€19k€22k▲
Non-recurring operating charges66A€0€83▲
Gross operating margin9900€2.39M€2.79M▲
Operating profit (loss)9901€231k€430k▲
Financial income75/76B€0€3k▲
Recurring financial income75€0€3k▲
Financial charges65/66B€17k€13k▼
Recurring financial charges65€17k€13k▼
Profit (loss) for the period before taxes9903€215k€420k▲
Income taxes67/77€20k€-15k▼
Profit (loss) for the period9904€195k€434k▲
Profit (loss) for the period to be appropriated9905€195k€434k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-397k€37k▲
Profit (loss) brought forward from the previous period14P€-592k€-397k▲
Social balance
Average headcount (FTE)908724.525.4▲
The notes to these accounts (17 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
08-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
02-03
State Gazette act
Restructuring · End & cessationMerger · Accounting effect · Dissolution6 facts ▸
State Gazette act
Restructuring · End & cessation
Merger · Accounting effect · Dissolution6 facts ▸
- General meeting, 04-02-2026
- Merger, absorption
- Accounting effect, 01-01-2026
- Dissolution, 04-02-2026
- Power of attorney, Florence Delberghe
- Suspensive condition, goedkeuring van de fusie door de buitengewone algemene vergadering van de aandeelhouders van de overnemende vennootschap
2025
31-12
Financial
Equity above €500kEq €847k ▲105%
2 profitable years in a row build equity to €847k.
23-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Back to profitnet €195k
Net result €195k after one loss-making year.
18-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Weakest financial yearnet €-592k ▼225%
Net result drops to €-592k, the lowest in the series.
17-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Highest result since 2019net €473k ▲19476%
Net result €473k, the highest in the series.
31-12
Financial
Equity above €500kEq €810k ▲140%
4 profitable years in a row build equity to €810k.
22-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
25-01
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
Show earlier events
2020
13-01
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
02-01
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
27-12
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2016
23-12
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Structure & network
Acquisitions and mergers
1 transactionTaken over by:Centrum voor Informatica