MULTI SERVICES ENGINEERING
ActiveSummary
The computed 12-month bankruptcy probability of MULTI SERVICES ENGINEERING is 3.2% (moderate). The 2025 annual accounts show equity of €879k and a net result of €469k. Equity is growing by ~53.7% per year across the filed fiscal years. Its solvency ranks better than 61% of 484 sector peers (fiscal year 2025). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability98▼-2
Solvency70▼-30
Growth78=
Track record100
Bankruptcy probability, 12 months
3.2%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €60k at 30 days acceptable
Liquidity ample (current ratio 1.79 against 10.1 in 2024; short-term debt: 52% and cash: 52.5% of total assets), but 55.4% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 33
Relative position
BE, all sectors
reference
Repair, maintenance and installation of machinery and equipment (NACE 33)
about 56% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
44.6%
Return on assets
23.8%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-08-2026, 29 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 7 filingsDeviation from the deadline
2025
29 d late
2024
29 d late
2023
30 d late
2022
31 d late
2021
29 d late
2020
31 d late
2019
31 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€469k▲ 81.4%
2024 · €259k
2019: €47klowest in 7 years
2020: €87k▲ +85.9% vs 2019
2021: €86k▼ -1.6% vs 2020
2022: €269k▲ +213% vs 2021
2023: €217k▼ -19.4% vs 2022
2024: €259k▲ +19.3% vs 2023
2025: €469k▲ +81.4% vs 2024highest in 7 years
2019 → 2025
Working capital
€815k▲ 18.4%
2024 · €688k
2019: €48klowest in 7 years
2020: €132k▲ +177% vs 2019
2021: €203k▲ +53.7% vs 2020
2022: €343k▲ +68.8% vs 2021
2023: €462k▲ +34.6% vs 2022
2024: €688k▲ +49.0% vs 2023
2025: €815k▲ +18.4% vs 2024highest in 7 years
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€239k-€300k▲ 25.5%€517k▲ 72.2%€775k▲ 50.0%€879k▲ 13.4%
2021: €239klowest in 5 years
2022: €300k▲ +25.5% vs 2021
2023: €517k▲ +72.2% vs 2022
2024: €775k▲ +50.0% vs 2023
2025: €879k▲ +13.4% vs 2024highest in 5 years
Operating result€107k-€348k▲ 225%€286k▼ 17.9%€363k▲ 27.1%€698k▲ 92.4%
2021: €107klowest in 5 years
2022: €348k▲ +225% vs 2021
2023: €286k▼ -17.9% vs 2022
2024: €363k▲ +27.1% vs 2023
2025: €698k▲ +92.4% vs 2024highest in 5 years
Net result€86k-€269k▲ 213%€217k▼ 19.4%€259k▲ 19.3%€469k▲ 81.4%
2021: €86klowest in 5 years
2022: €269k▲ +213% vs 2021
2023: €217k▼ -19.4% vs 2022
2024: €259k▲ +19.3% vs 2023
2025: €469k▲ +81.4% vs 2024highest in 5 years
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 92% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.97M
Fixed assets
€133k ▼ 15.7%
Current assets
€1.84M ▲ 141%
Equity and liabilities €1.97M
Equity
€879k ▲ 13.4%
Provisions
€54k ▲ 18.6%
Debt
€1.04M ▲ 931%
Debt's share of the balance-sheet total rises from 10.9% to 52.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€725k▲
2024 · €394k
Cash flow
€496k▲
2024 · €290k
Current ratio
1.79▼
2024 · 10.10
Quick ratio
1.27▼
2024 · 9.22
Debt to equity
1.18▲
2024 · 0.13
ROE
53.4%▲
2024 · 33.4%
ROA
23.8%▼
2024 · 28.1%
Interest coverage
9.90▼
2024 · 70.56
Debt ≤ 1 year
€1.02M▲
2024 · €76k
Debt > 1 year
€15k▼
2024 · €19k
Income taxes
€156k▲
2024 · €100k
Staff costs
€129k▲
2024 · €81k
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 · 63 lines
Balance sheet
Code20242025
Assets
Total assets20/58€922k€1.97M▲
Fixed assets21/28€158k€133k▼
Intangible fixed assets21€2k€1k▼
Tangible fixed assets22/27€152k€128k▼
Land and buildings22€82k€77k▼
Plant, machinery and equipment23€26k€17k▼
Furniture and vehicles24€22k€14k▼
Other tangible fixed assets26€23k€20k▼
Financial fixed assets28€4k€4k=
Current assets29/58€764k€1.84M▲
Stocks and contracts in progress3€66k€539k▲
Stocks30/36€66k€82k▲
Contracts in progress37-€457k
Amounts receivable within one year40/41€406k€251k▼
Trade receivables40€359k€214k▼
Other amounts receivable41€47k€37k▼
Cash at bank and in hand54/58€280k€1.03M▲
Deferred charges and accrued income490/1€11k€15k▲
Equity and liabilities
Total equity and liabilities10/49€922k€1.97M▲
Equity10/15€775k€879k▲
Contributions10/11€24k€24k=
Reserves13€740k€850k▲
Distributable reserves133€740k€850k▲
Profit (loss) carried forward14€9k€3k▼
Investment grants15€2k€2k▼
Provisions and deferred taxes16€45k€54k▲
Provisions for liabilities and charges160/5€45k€54k▲
Other liabilities and charges164/5€45k€54k▲
Amounts payable17/49€101k€1.04M▲
Amounts payable after more than one year17€19k€15k▼
Financial debts170/4€9k€5k▼
Other amounts payable178/9€10k€10k=
Amounts payable within one year42/48€76k€1.02M▲
Current portion of amounts payable after more than one year42€4k€4k▲
Trade debts44€43k€96k▲
Suppliers440/4€43k€96k▲
Advances received on contracts in progress46-€696k
Taxes, remuneration and social security45€29k€42k▲
Taxes450/3€9k€22k▲
Remuneration and social security454/9€20k€21k▲
Other amounts payable47/48€615€187k▲
Accrued charges and deferred income492/3€7k-
Income statement
Code20242025
Remuneration, social security and pensions62€81k€129k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€31k€27k▼
Provisions for liabilities and charges: additions (uses and reversals)635/8€45k€8k▼
Other operating charges640/8€1k€3k▲
Gross operating margin9900€521k€866k▲
Operating profit (loss)9901€363k€698k▲
Financial income75/76B€1k€528▼
Recurring financial income75€1k€528▼
Financial charges65/66B€6k€73k▲
Recurring financial charges65€6k€73k▲
Profit (loss) for the period before taxes9903€359k€626k▲
Income taxes67/77€100k€156k▲
Profit (loss) for the period9904€259k€469k▲
Profit (loss) for the period to be appropriated9905€259k€469k▲
Appropriation of the result
Profit (loss) to be appropriated9906€259k€478k▲
Profit (loss) brought forward from the previous period14P€24€9k▲
Transfer to equity691/2€250k€110k▼
To other reserves6921€250k€110k▼
Profit to be distributed694/7-€365k
Return on contributions (dividend)694-€365k
Social balance
Average headcount (FTE)90871.02.0▲
The notes to these accounts (12 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €946 | €71k | €81k | €129k | ▲ 60.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2k | €12k | €20k | €31k | €27k | ▼ 12.7% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €45k | €8k | ▼ 81.4% |
| Other operating charges640/8 | €902 | €1k | €983 | €1k | €3k | ▲ 136% |
| Gross operating margin9900 | €110k | €362k | €378k | €521k | €866k | ▲ 66.1% |
| Operating profit (loss)9901 | €107k | €348k | €286k | €363k | €698k | ▲ 92.4% |
| Financial income75/76B | €126 | €7k | €2k | €1k | €528 | ▼ 64.2% |
| Recurring financial income75 | €126 | €7k | €2k | €1k | €528 | ▼ 64.2% |
| Financial charges65/66B | €737 | €877 | €2k | €6k | €73k | ▲ 1,212% |
| Recurring financial charges65 | €737 | €877 | €2k | €6k | €73k | ▲ 1,212% |
| Profit (loss) for the period before taxes9903 | €107k | €354k | €286k | €359k | €626k | ▲ 74.3% |
| Income taxes67/77 | €20k | €85k | €69k | €100k | €156k | ▲ 56.2% |
| Profit (loss) for the period9904 | €86k | €269k | €217k | €259k | €469k | ▲ 81.4% |
| Profit (loss) for the period to be appropriated9905 | €86k | €269k | €217k | €259k | €469k | ▲ 81.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €293k | €427k | €662k | €922k | €1.97M | ▲ 114% |
| Fixed assets21/28 | €36k | €69k | €122k | €158k | €133k | ▼ 15.7% |
| Intangible fixed assets21 | - | - | €3k | €2k | €1k | ▼ 26.2% |
| Tangible fixed assets22/27 | €32k | €66k | €116k | €152k | €128k | ▼ 16.0% |
| Land and buildings22 | - | €27k | €45k | €82k | €77k | ▼ 5.4% |
| Plant, machinery and equipment23 | €7k | €6k | €18k | €26k | €17k | ▼ 35.7% |
| Furniture and vehicles24 | - | €6k | €29k | €22k | €14k | ▼ 34.5% |
| Other tangible fixed assets26 | €25k | €27k | €24k | €23k | €20k | ▼ 14.0% |
| Financial fixed assets28 | €4k | €4k | €4k | €4k | €4k | = |
| Current assets29/58 | €257k | €357k | €540k | €764k | €1.84M | ▲ 141% |
| Stocks and contracts in progress3 | €26k | €52k | €91k | €66k | €539k | ▲ 712% |
| Stocks30/36 | €26k | €52k | €91k | €66k | €82k | ▲ 24.2% |
| Contracts in progress37 | - | - | - | - | €457k | - |
| Amounts receivable within one year40/41 | €75k | €70k | €235k | €406k | €251k | ▼ 38.2% |
| Trade receivables40 | €61k | €58k | €201k | €359k | €214k | ▼ 40.3% |
| Other amounts receivable41 | €14k | €12k | €34k | €47k | €37k | ▼ 22.3% |
| Cash at bank and in hand54/58 | €149k | €226k | €203k | €280k | €1.03M | ▲ 269% |
| Deferred charges and accrued income490/1 | €7k | €9k | €12k | €11k | €15k | ▲ 33.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €293k | €427k | €662k | €922k | €1.97M | ▲ 114% |
| Equity10/15 | €239k | €300k | €517k | €775k | €879k | ▲ 13.4% |
| Contributions10/11 | €19k | €24k | €24k | €24k | €24k | = |
| Reserves13 | €219k | €270k | €490k | €740k | €850k | ▲ 14.9% |
| Non-distributable reserves130/1 | €2k | - | - | - | - | - |
| Reserves not available under the articles1311 | €2k | - | - | - | - | - |
| Distributable reserves133 | €217k | €270k | €490k | €740k | €850k | ▲ 14.9% |
| Profit (loss) carried forward14 | €109 | €3k | €24 | €9k | €3k | ▼ 67.5% |
| Investment grants15 | €2k | €3k | €3k | €2k | €2k | ▼ 13.1% |
| Provisions and deferred taxes16 | - | - | - | €45k | €54k | ▲ 18.6% |
| Provisions for liabilities and charges160/5 | - | - | - | €45k | €54k | ▲ 18.6% |
| Other liabilities and charges164/5 | - | - | - | €45k | €54k | ▲ 18.6% |
| Amounts payable17/49 | €53k | €126k | €145k | €101k | €1.04M | ▲ 931% |
| Amounts payable after more than one year17 | - | €112k | €67k | €19k | €15k | ▼ 20.3% |
| Financial debts170/4 | - | - | €12k | €9k | €5k | ▼ 44.0% |
| Other amounts payable178/9 | - | €112k | €55k | €10k | €10k | = |
| Amounts payable within one year42/48 | €53k | €14k | €78k | €76k | €1.02M | ▲ 1,255% |
| Current portion of amounts payable after more than one year42 | - | - | €4k | €4k | €4k | ▲ 1.6% |
| Trade debts44 | €11k | €6k | €45k | €43k | €96k | ▲ 124% |
| Suppliers440/4 | €11k | €6k | €45k | €43k | €96k | ▲ 124% |
| Advances received on contracts in progress46 | - | - | - | - | €696k | - |
| Taxes, remuneration and social security45 | €25k | €4k | €24k | €29k | €42k | ▲ 48.6% |
| Taxes450/3 | €25k | €4k | €10k | €9k | €22k | ▲ 148% |
| Remuneration and social security454/9 | - | - | €14k | €20k | €21k | ▲ 4.2% |
| Other amounts payable47/48 | €17k | €4k | €6k | €615 | €187k | ▲ 30,268% |
| Accrued charges and deferred income492/3 | - | €218 | - | €7k | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €86k | €269k | €217k | €259k | €469k | ▲ 81.4% |
| + Depreciation and write-downs630 | €2k | €12k | €20k | €31k | €27k | ▼ 12.7% |
| Operating cash flow (approximation) | €88k | €281k | €237k | €290k | €496k | ▲ 71.4% |
| Investment in fixed assets (approximation) | - | €-45k | €-73k | €-66k | €-2k | ▲ 97.0% |
| Change in cash | - | €77k | €-23k | €78k | €755k | ▲ 873% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
29-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 29 days late
2025
31-12
Financial
Highest result since 2019net €469k ▲81.4%
Operating result €698k, net result €469k, both a record.
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 29 days late
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-12
Financial
Equity above €500kEq €517k ▲72.2%
5 profitable years in a row build equity to €517k.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-12
Financial
Liquidity times 5current ratio 25.38
Current ratio from 4.81 to 25.38; short-term debt falls from €53k to €14k.
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 29 days late
2021
31-12
Financial
Equity above €200kEq €239k ▲72%
3 profitable years in a row build equity to €239k.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Equity above €100kEq €139k ▲165%
2 profitable years in a row build equity to €139k.
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Sint-Gillis (bij-Brussel) · 2 establishment units since 2018
Ground area
639 m²
Building footprint
151 m²
Volume, LiDAR
2,323 m³
Parcel 21562A0353/00B016, Brussels · tallest building 20.1 m, ±6 floors. Linked by address, not a title deed.
8
companies at this address
See who is registered here
2 establishment units
Multi Services Engineering
since 20182.283.430.874
Multi Services Engineering
since 20212.312.922.438
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21562A0353/00B016 | Brussels | 639 m² | 1 · 151 m² | 20.1 m · 6 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
894500V1ONER2Z8LN149
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Of 1,225 companies in sector 33200 we hold annual accounts for 677. 380 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded21-12-2018
Fiscal year end31-12
Abbreviation FR
MSE
Activities, NACEBEL 2025
33200Installation of industrial machinery and equipment
70200Business and other management consultancy
26110Manufacture of computer, electronic and optical products
26120Manufacture of computer, electronic and optical products
33130Repair, maintenance and installation of machinery and equipment
Scores and ratios are computed by Checked and are not a credit decision.