ALPHA MASTERS
ActiveSummary
ALPHA MASTERS has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €650k and a net result of €-27k. Equity is growing by ~21.7% per year across the filed fiscal years. Its solvency ranks better than 74% of 9234 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability66▼-21
Solvency87▼-5
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €45k at 30 days acceptable
Liquidity short (current ratio 0.6 against 1.59 in 2024; short-term debt: 30.2% and cash: 0.1% of total assets), and 37.9% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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
62.1%
Return on assets
-2.6%
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 26-08-2026, 26 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 · 10 filingsDeviation from the deadline
2025
26 d late
2024
29 d late
2023
27 d early
2022
34 d early
2021
33 d early
2020
32 d early
2019
31 d early
← 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
Equity
€650k▼ 4.0%
2024 · €677k
Total assets
€1.05M▲ 3.1%
2024 · €1.02M
Net result
€-27k
2024 · €244k
Working capital
€-127k
2024 · €128k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€18k▼ 57.1%€61k▲ 248%€28k▼ 53.2%€30k▲ 6.9%€-29k
Net result€8k▼ 68.1%€170k▲ 2,015%€16k▼ 90.5%€244k▲ 1,402%€-27k
Equity€246k▲ 3.4%€417k▲ 69.2%€433k▲ 3.9%€677k▲ 56.4%€650k▼ 4.0%
Total assets€632k▼ 3.3%€747k▲ 18.2%€741k▼ 0.8%€1.02M▲ 37.1%€1.05M▲ 3.1%
Debt€385k▼ 7.1%€330k▼ 14.3%€308k▼ 6.8%€338k▲ 10.0%€397k▲ 17.3%
Working capital€-148k▼ 4.8%€-51k▲ 65.3%€-44k▲ 14.7%€128k€-127k
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €29k after €30k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.05M
Fixed assets
€858k ▲ 28.2%
Current assets
€189k ▼ 45.4%
Equity and liabilities €1.05M
Equity
€650k ▼ 4.0%
Debt
€397k ▲ 17.3%
Debt's share of the balance-sheet total rises from 33.3% to 37.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€41k▼
2024 · €70k
Cash flow
€43k▼
2024 · €284k
Current ratio
0.60▼
2024 · 1.59
Debt to equity
0.61▲
2024 · 0.50
ROE
-4.1%▼
2024 · 36.1%
ROA
-2.6%▼
2024 · 24.0%
Interest coverage
7.93▲
2024 · 4.53
Debt ≤ 1 year
€317k▲
2024 · €219k
Debt > 1 year
€75k▼
2024 · €104k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €9k | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17k | €17k | €18k | €40k | €70k | ▲ 76.0% |
| Other operating charges640/8 | €1k | €1k | €15k | €1k | €2k | ▲ 7.6% |
| Gross operating margin9900 | €36k | €79k | €62k | €72k | €42k | ▼ 40.9% |
| Operating profit (loss)9901 | €18k | €61k | €28k | €30k | €-29k | ▼ 196% |
| Financial income75/76B | €0 | €132k | €3k | €233k | €8k | ▼ 96.8% |
| Recurring financial income75 | €0 | €132k | €3k | €233k | €8k | ▼ 96.8% |
| Financial charges65/66B | €7k | €8k | €9k | €15k | €5k | ▼ 66.8% |
| Recurring financial charges65 | €7k | €8k | €9k | €15k | €5k | ▼ 66.8% |
| Profit (loss) for the period before taxes9903 | €10k | €185k | €22k | €248k | €-27k | ▼ 111% |
| Income taxes67/77 | €2k | €14k | €6k | €4k | - | - |
| Profit (loss) for the period9904 | €8k | €170k | €16k | €244k | €-27k | ▼ 111% |
| Profit (loss) for the period to be appropriated9905 | €8k | €170k | €16k | €244k | €-27k | ▼ 111% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €632k | €747k | €741k | €1.02M | €1.05M | ▲ 3.1% |
| Fixed assets21/28 | €589k | €636k | €618k | €669k | €858k | ▲ 28.2% |
| Tangible fixed assets22/27 | €415k | €463k | €445k | €669k | €858k | ▲ 28.2% |
| Land and buildings22 | €411k | €460k | €443k | €668k | €790k | ▲ 18.4% |
| Plant, machinery and equipment23 | €4k | €3k | €2k | €1k | €207 | ▼ 80.9% |
| Furniture and vehicles24 | - | - | - | - | €67k | - |
| Financial fixed assets28 | €174k | €174k | €174k | - | - | - |
| Current assets29/58 | €42k | €110k | €122k | €347k | €189k | ▼ 45.4% |
| Amounts receivable after more than one year29 | - | - | - | €150k | €150k | = |
| Other amounts receivable291 | - | - | - | €150k | €150k | = |
| Amounts receivable within one year40/41 | €8k | €94k | €103k | €94k | €28k | ▼ 70.1% |
| Trade receivables40 | €7k | €8k | €11k | €4k | €12k | ▲ 216% |
| Other amounts receivable41 | €741 | €87k | €92k | €90k | €16k | ▼ 82.5% |
| Cash at bank and in hand54/58 | €34k | €14k | €17k | €96k | €661 | ▼ 99.3% |
| Deferred charges and accrued income490/1 | €54 | €2k | €3k | €7k | €11k | ▲ 50.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €632k | €747k | €741k | €1.02M | €1.05M | ▲ 3.1% |
| Equity10/15 | €246k | €417k | €433k | €677k | €650k | ▼ 4.0% |
| Contributions10/11 | €13k | €13k | €13k | €13k | €13k | = |
| Reserves13 | €233k | €404k | €420k | €664k | €637k | ▼ 4.1% |
| Non-distributable reserves130/1 | €2k | €2k | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | - | - | - | - |
| Distributable reserves133 | €232k | €402k | €420k | €664k | €637k | ▼ 4.1% |
| Amounts payable17/49 | €385k | €330k | €308k | €338k | €397k | ▲ 17.3% |
| Amounts payable after more than one year17 | €187k | €159k | €131k | €104k | €75k | ▼ 27.7% |
| Financial debts170/4 | €187k | €159k | €131k | €104k | €75k | ▼ 27.7% |
| Amounts payable within one year42/48 | €190k | €162k | €166k | €219k | €317k | ▲ 44.9% |
| Current portion of amounts payable after more than one year42 | €28k | €28k | €28k | €28k | €29k | ▲ 3.9% |
| Financial debts43 | - | - | - | - | €333 | - |
| Credit institutions430/8 | - | - | - | - | €333 | - |
| Trade debts44 | €18k | €18k | €25k | €16k | €5k | ▼ 67.1% |
| Suppliers440/4 | €18k | €18k | €25k | €16k | €5k | ▼ 67.1% |
| Taxes, remuneration and social security45 | €5k | €3k | €4k | €4k | €2k | ▼ 56.0% |
| Taxes450/3 | €5k | €3k | €4k | €4k | €2k | ▼ 56.0% |
| Other amounts payable47/48 | €139k | €112k | €108k | €171k | €280k | ▲ 64.3% |
| Accrued charges and deferred income492/3 | €8k | €9k | €11k | €16k | €5k | ▼ 68.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8k | €170k | €16k | €244k | €-27k | ▼ 111% |
| + Depreciation and write-downs630 | €17k | €17k | €18k | €40k | €70k | ▲ 76.0% |
| Operating cash flow (approximation) | €25k | €187k | €34k | €284k | €43k | ▼ 84.8% |
| Investment in fixed assets (approximation) | - | €-64k | €0 | €-90k | €-259k | ▼ 187% |
| Change in cash | - | €-20k | €2k | €79k | €-95k | ▼ 220% |
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
26-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 26 days late
2025
31-12
Financial
Weakest financial yearnet €-27k
Net result drops to €-27k, the lowest in the series.
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 29 days late
2024
31-12
Financial
Highest result since 2018net €244k ▲1,402%
Net result €244k, the highest in the series.
31-12
Financial
Liquidity doublescurrent ratio 1.59
Current ratio from 0.74 to 1.59.
31-12
Financial
Equity above €500kEq €677k ▲56.4%
7 profitable years in a row build equity to €677k.
04-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
27-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
28-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
29-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
30-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Equity above €200kEq €213k ▲10.7%
2 profitable years in a row build equity to €213k.
Show earlier events
24-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
25-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
26-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Zwalm · 1 establishment unit since 2006
Ground area
2,204 m²
Building footprint
170 m²
Volume, LiDAR
708 m³
Parcel 45049A0433/00E000, Flanders · tallest building 6.0 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
S.V.D. Veldestraat(SML) 4, 9630 Zwalm
since 20062.153.106.525
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 45049A0433/00E000 | Flanders | 2,204 m² | 1 · 170 m² | 6.0 m · 1 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.
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Of 7,326 companies in sector 68110 we hold annual accounts for 5,385. 3,545 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
Founded23-03-2006
Fiscal year end31-12
Activities, NACEBEL 2025
68110Buying and selling of own real estate
68201Renting and operating of own or leased residential real estate, excluding social housing
70200Business and other management consultancy
81220Other building cleaning and industrial cleaning
Scores and ratios are computed by Checked and are not a credit decision.