M.A.SH
ActiveThe computed 12-month bankruptcy probability of M.A.SH is 1.7% (moderate). The 2025 annual accounts show equity of €200k and a net result of €54k. Equity is growing by ~47.2% per year across the filed fiscal years. Its solvency ranks better than 86% of 10242 sector peers (fiscal year 2025). The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
93
/ 100
Excellent= vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability100=
Solvency100=
Growth78=
Stability94
Bankruptcy probability, 12 months
1.7%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €19k at 30 days acceptable
Liquidity ample (current ratio 4.19 against 4.01 in 2024), and 24.3% of the assets are financed with debt.
Credit advice 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 10
Relative position
BE, all sectors
reference
Sector 10
higher
← 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
75.7%
Return on assets
20.7%
Age of the figures
8 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 30-08-2026, 30 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 · 4 filingsDeviation from the deadline
2025
30 d late
2024
257 d late
2023
60 d late
2022
32 d late
← before the deadline
after the deadline →
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
15-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€200k▲ 37.5%
2024 · €145k
2022: €34k
2023: €90k
2024: €145k
2022 → 2025
Total assets
€264k▲ 36.6%
2024 · €193k
2022: €56k
2023: €115k
2024: €193k
2022 → 2025
Net result
€54k▼ 1.9%
2024 · €55k
2022: €14k
2023: €56k
2024: €55k
2022 → 2025
Working capital
€200k▲ 38.6%
2024 · €144k
2022: €28k
2023: €79k
2024: €144k
2022 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line2022202320242025Trend
Equity€34k-€90k▲ 167%€145k▲ 61.9%€200k▲ 37.5%
Operating result€14k-€56k▲ 315%€74k▲ 31.3%€58k▼ 21.6%
Net result€14k-€56k▲ 315%€55k▼ 1.0%€54k▼ 1.9%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 22% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €264k
Fixed assets
€1k▲ 37.3%
Current assets
€262k▲ 36.6%
Equity and liabilities €264k
Equity
€200k▲ 37.5%
Debt
€64k▲ 33.9%
The debt ratio falls from 24.8% to 24.3%: equity grows faster than debt.
Key figures and ratios
EBITDA
€61k▼
2024 · €83k
Cash flow
€58k▼
2024 · €65k
Solvency
75.7%▲
2024 · 75.2%
Current ratio
4.19▲
2024 · 4.01
Quick ratio
4.11▲
2024 · 3.35
Debt / equity
0.32▼
2024 · 0.33
ROE
27.3%▼
2024 · 38.2%
ROA
20.7%▼
2024 · 28.8%
Interest coverage
9.68▼
2024 · 189.31
Debt
€64k▲
2024 · €48k
Debt ≤ 1 year
€63k▲
2024 · €48k
Staff costs
€92k▲
2024 · €49k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€193k€264k▲
Fixed assets21/28€1k€1k▲
Tangible fixed assets22/27€1k€1k▲
Plant, machinery and equipment23€644€244▼
Furniture and vehicles24€400€133▼
Other tangible fixed assets26-€1k
Current assets29/58€192k€262k▲
Stocks and contracts in progress3€32k€5k▼
Stocks30/36€32k€5k▼
Amounts receivable within one year40/41€3k€29k▲
Trade receivables40-€21k
Other amounts receivable41€3k€8k▲
Cash at bank and in hand54/58€158k€228k▲
Equity and liabilities
Total equity and liabilities10/49€193k€264k▲
Equity10/15€145k€200k▲
Contributions10/11€20k€20k=
Outside capital11-€20k
Other1109/19-€20k
Profit (loss) carried forward14€125k€180k▲
Amounts payable17/49€48k€64k▲
Amounts payable within one year42/48€48k€63k▲
Trade debts44€18k€31k▲
Suppliers440/4€18k€31k▲
Taxes, remuneration and social security45€22k€20k▼
Taxes450/3€18k€13k▼
Remuneration and social security454/9€4k€7k▲
Other amounts payable47/48€7k€12k▲
Accrued charges and deferred income492/3-€2k
Income statement
Code20242025
Remuneration, social security and pensions62€49k€92k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€10k€3k▼
Other operating charges640/8€4k€4k▲
Gross operating margin9900€136k€157k▲
Operating profit (loss)9901€74k€58k▼
Financial income75/76B-€3k
Recurring financial income75-€3k
Non-recurring financial income76B-€3k
Financial charges65/66B€440€6k▲
Recurring financial charges65€440€6k▲
Profit (loss) for the period before taxes9903€73k€54k▼
Income taxes67/77€18k-
Profit (loss) for the period9904€55k€54k▼
Profit (loss) for the period to be appropriated9905€55k€54k▼
Appropriation of the result
Profit (loss) to be appropriated9906€125k€180k▲
Profit (loss) brought forward from the previous period14P€70k€125k▲
The notes to these accounts (4 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
30-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 30 days late
14-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 257 days late
2025
31-12
Financial
Equity above €150kEq €200k ▲37.5%
4 profitable years in a row build equity to €200k.
2024
31-12
Financial
Equity above €100kEq €145k ▲61.9%
3 profitable years in a row build equity to €145k.
29-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 60 days late
2023
31-12
Financial
Highest result since 2022net €56k ▲315%
Net result €56k, the highest in the series.
01-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 32 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
1 act for this company is 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, Vilvoorde · 1 establishment unit since 2022
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Vlaanderenstraat 521800 VilvoordeGround area
163 m²
Building footprint
163 m²
Volume, LiDAR
1,413 m³
Parcel 23642D0397/00F000, Flanders · tallest building 11.8 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
M.A.SH
since 20222.328.548.841
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23642D0397/00F000 | Flanders | 163 m² | 1 · 163 m² | 11.8 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
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
Food safety, FASFC
1 siteVilvoorde2.328.548.841
Similar companies · same sector, comparable size
Coenen J. Bakkerij
BE 0887.885.441
Lummen · Eq €200k
HIMSCHOOT
BE 0715.402.120
Gent · Eq €199k
CREVA
BE 0542.385.693
Zutendaal · Eq €203k
BROOD, BANKET, TRAITEUR BRIERS-COLLA
BE 0464.456.784
Bilzen-Hoeselt · Eq €193k
SIEDE
BE 0668.361.276
Oostkamp · Eq €210k
Of 506 companies in sector 10711 we hold annual accounts for 325. 229 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded25-02-2022
Fiscal year end31-12
Activities, NACEBEL
10711Manufacture of food products
47241Retail sale of bread and pastry (bakery outlets)
Sources
Crossroads Bank for EnterprisesNational Bank · 4 filingsAddress and cadastre registers
Data from official sources, last processed on 15-09-2026. Scores and ratios are computed by Checked and are not a credit decision.