M.A.S.
ActiveSummary
M.A.S. has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €396,627 and a net result of €85,295. Equity remains stable across the filed fiscal years (±1% per year). Its solvency ranks better than 56% of 28374 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability83=
Solvency78▲+10
Growth78=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €30,000 at 30 days acceptable
Liquidity short (current ratio 0.91 against 0.68 in 2024; short-term debt: 47.5% and cash: 31.6% of total assets), and 47.5% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more 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
52.5%
Return on assets
11.3%
Age of the figures
9 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €396,627
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 30-07-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 d early
2024
on the day
2023
29 d late
2022
28 d late
2021
26 d late
2020
26 d late
2019
27 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 19 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
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. Usually files around 26 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
Name match with a sanctions list
1 entryS M A
A name match is not a finding that this company itself is on the list; check the entry at the source.
History
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Financials · fiscal year 2025, micro schema
Equity
€396,627▲ 19.3%
2024 · €332,324
Total assets
€754,866▼ 3.0%
2024 · €777,914
Net result
€85,295▼ 6.7%
2024 · €91,452
Working capital
-€33,819▲ 75.9%
2024 · -€140,402
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€81,331▲ 80.6%€90,475▲ 11.2%€117,518▲ 29.9%€142,428▲ 21.2%€130,300▼ 8.5%
Net result€46,609above the sector's middle half▲ 183%€52,177above the sector's middle half▲ 11.9%€71,536above the sector's middle half▲ 37.1%€91,452above the sector's middle half▲ 27.8%€85,295above the sector's middle half▼ 6.7%
Equity€435,596above the sector's middle half▲ 12.0%€279,320above the sector's middle half▼ 35.9%€298,124above the sector's middle half▲ 6.7%€332,324above the sector's middle half▲ 11.5%€396,627above the sector's middle half▲ 19.3%
Total assets€724,461above the sector's middle half▲ 14.5%€634,431above the sector's middle half▼ 12.4%€719,203above the sector's middle half▲ 13.4%€777,914above the sector's middle half▲ 8.2%€754,866above the sector's middle half▼ 3.0%
Debt€288,865▲ 18.6%€355,111▲ 22.9%€421,079▲ 18.6%€445,589▲ 5.8%€358,239▼ 19.6%
Working capital€129,717above the sector's middle half▲ 9.7%-€56,585below the sector's middle half-€158,775below the sector's middle half▼ 181%-€140,402below the sector's middle half▲ 11.6%-€33,819below the sector's middle half▲ 75.9%
Solvency60.1%within the sector's middle half▼ 1.4pp44.0%within the sector's middle half▼ 16.1pp41.5%within the sector's middle half▼ 2.6pp42.7%within the sector's middle half▲ 1.3pp52.5%within the sector's middle half▲ 9.8pp
Current ratio1.51within the sector's middle half▲ 0.030.83below the sector's middle half▼ 0.680.62below the sector's middle half▼ 0.210.68below the sector's middle half▲ 0.060.91below the sector's middle half▲ 0.22
Return on assets (ROA)6.4%within the sector's middle half▲ 3.8pp8.2%within the sector's middle half▲ 1.8pp9.9%within the sector's middle half▲ 1.7pp11.8%within the sector's middle half▲ 1.8pp11.3%within the sector's middle half▼ 0.5pp
Staff (FTE)1
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 9% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €754,866
Fixed assets
€430,446 ▼ 8.9%
Current assets
€324,420 ▲ 6.3%
Equity and liabilities €754,866
Equity
€396,627 ▲ 19.3%
Debt
€358,239 ▼ 19.6%
Debt's share of the balance-sheet total falls from 57.3% to 47.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€170,651▼
2024 · €182,584
Cash flow
€125,646▼
2024 · €131,608
Quick ratio
0.86▲
2024 · 0.65
Debt to equity
0.90▼
2024 · 1.34
ROE
21.5%▼
2024 · 27.5%
Interest coverage
16.60▼
2024 · 19.63
Debt ≤ 1 year
€358,239▼
2024 · €445,589
Income taxes
€35,326▼
2024 · €38,255
Staff costs
€17,111▲
2024 · €16,488
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,371 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.5%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 31,371 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €16,386 | - | - |
| Remuneration, social security and pensions62 | €17,314 | €18,647 | €14,595 | €16,488 | €17,111 | ▲ 3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,412 | €32,081 | €42,701 | €40,156 | €40,351 | ▲ 0.5% |
| Other operating charges640/8 | €2,017 | €10,873 | €615 | €819 | €1,546 | ▲ 88.6% |
| Gross operating margin9900 | €127,073 | €152,076 | €175,429 | €199,891 | €189,308 | ▼ 5.3% |
| Operating profit (loss)9901 | €81,331 | €90,475 | €117,518 | €142,428 | €130,300 | ▼ 8.5% |
| Financial income75/76B | €1,039 | €404 | €223 | €529 | €601 | ▲ 13.6% |
| Recurring financial income75 | €1,039 | €404 | €223 | €529 | €601 | ▲ 13.6% |
| Financial charges65/66B | €10,596 | €18,176 | €17,713 | €13,250 | €10,280 | ▼ 22.4% |
| Recurring financial charges65 | €10,596 | €6,395 | €6,725 | €9,303 | €10,280 | ▲ 10.5% |
| Non-recurring financial charges66B | - | €11,781 | €10,988 | €3,947 | - | - |
| Profit (loss) for the period before taxes9903 | €71,774 | €72,703 | €100,028 | €129,707 | €120,621 | ▼ 7.0% |
| Income taxes67/77 | €25,165 | €20,526 | €28,492 | €38,255 | €35,326 | ▼ 7.7% |
| Profit (loss) for the period9904 | €46,609 | €52,177 | €71,536 | €91,452 | €85,295 | ▼ 6.7% |
| Transfer from tax-exempt reserves789 | €20,857 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €67,466 | €52,177 | €71,536 | €91,452 | €85,295 | ▼ 6.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €724,461 | €634,431 | €719,203 | €777,914 | €754,866 | ▼ 3.0% |
| Fixed assets21/28 | €342,802 | €352,789 | €456,899 | €472,726 | €430,446 | ▼ 8.9% |
| Tangible fixed assets22/27 | €340,552 | €348,289 | €452,399 | €468,226 | €430,446 | ▼ 8.1% |
| Land and buildings22 | €325,337 | €329,222 | €394,353 | €422,769 | €400,993 | ▼ 5.2% |
| Plant, machinery and equipment23 | €5,540 | €6,375 | €5,667 | €10,416 | €6,642 | ▼ 36.2% |
| Furniture and vehicles24 | €9,675 | €12,692 | €52,379 | €35,041 | €22,811 | ▼ 34.9% |
| Financial fixed assets28 | €2,250 | €4,500 | €4,500 | €4,500 | - | - |
| Current assets29/58 | €381,658 | €281,642 | €262,305 | €305,188 | €324,420 | ▲ 6.3% |
| Stocks and contracts in progress3 | €32,500 | €16,500 | €21,000 | €17,000 | €17,500 | ▲ 2.9% |
| Stocks30/36 | €32,500 | €16,500 | €21,000 | €17,000 | €17,500 | ▲ 2.9% |
| Amounts receivable within one year40/41 | €62,442 | €70,055 | €57,020 | €93,275 | €68,311 | ▼ 26.8% |
| Trade receivables40 | €58,025 | €63,144 | €52,523 | €93,244 | €62,999 | ▼ 32.4% |
| Other amounts receivable41 | €4,417 | €6,912 | €4,497 | €31 | €5,311 | ▲ 17,033% |
| Current investments50/53 | €100,000 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €186,716 | €195,087 | €184,285 | €194,913 | €238,610 | ▲ 22.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €724,461 | €634,431 | €719,203 | €777,914 | €754,866 | ▼ 3.0% |
| Equity10/15 | €435,596 | €279,320 | €298,124 | €332,324 | €396,627 | ▲ 19.3% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €416,996 | €260,720 | €279,524 | €313,724 | €378,027 | ▲ 20.5% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | €415,136 | €258,860 | €279,524 | €313,724 | €378,027 | ▲ 20.5% |
| Amounts payable17/49 | €288,865 | €355,111 | €421,079 | €445,589 | €358,239 | ▼ 19.6% |
| Amounts payable after more than one year17 | €36,924 | €16,884 | - | - | - | - |
| Financial debts170/4 | €36,924 | €16,884 | - | - | - | - |
| Amounts payable within one year42/48 | €251,941 | €338,227 | €421,079 | €445,589 | €358,239 | ▼ 19.6% |
| Current portion of amounts payable after more than one year42 | €19,800 | €20,039 | €16,884 | - | - | - |
| Trade debts44 | €29,018 | €10,861 | €64,349 | €33,879 | €7,867 | ▼ 76.8% |
| Suppliers440/4 | €29,018 | €10,861 | €64,349 | €33,879 | €7,867 | ▼ 76.8% |
| Taxes, remuneration and social security45 | €5,493 | €8,175 | €10,140 | €31,976 | €17,190 | ▼ 46.2% |
| Taxes450/3 | €3,113 | €8,175 | €10,140 | €31,976 | €17,190 | ▼ 46.2% |
| Remuneration and social security454/9 | €2,380 | - | - | - | - | - |
| Other amounts payable47/48 | €197,631 | €299,152 | €329,706 | €379,735 | €333,181 | ▼ 12.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €46,609 | €52,177 | €71,536 | €91,452 | €85,295 | ▼ 6.7% |
| + Depreciation and write-downs630 | €26,412 | €32,081 | €42,701 | €40,156 | €40,351 | ▲ 0.5% |
| Operating cash flow (approximation) | €73,020 | €84,258 | €114,237 | €131,608 | €125,646 | ▼ 4.5% |
| Investment in fixed assets (approximation) | - | -€42,068 | -€146,811 | -€55,983 | €1,930 | ▲ 103% |
| Change in cash | - | €8,371 | -€10,802 | €10,628 | €43,697 | ▲ 311% |
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
30-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2018net €91,452 ▲27.8%
Operating result €142,428, net result €91,452, both a record.
29-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2023
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 28 days late
2022
26-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 26 days late
2021
26-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 26 days late
2020
31-12
Financial
Weakest financial yearnet €16,478 ▼71.2%
Net result drops to €16,478, the lowest in the series; recovery starts the following year.
27-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 27 days late
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 29 days late
2018
20-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
24-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 24 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
No directors read yet: 0 of 6 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Gent · 1 establishment unit since 1990
Ground area
668 m²
Building footprint
132 m²
Volume, LiDAR
503 m³
Parcel 44051B0417/00A005, Flanders · tallest building 5.3 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
M.A.S. BVBA
since 19902.050.316.417
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44051B0417/00A005 | Flanders | 668 m² | 1 · 132 m² | 5.3 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 9,531 companies in this sector we hold annual accounts for 5,666. 4,293 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded20-09-1990
Fiscal year end31-12
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0441790755
Also
9925:BE0441790755
Registered
15-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.