MA.AS
ActiveSummary
MA.AS has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €56k and a net result of €58k. Equity remains stable across the filed fiscal years (±1.7% per year). Its solvency ranks better than 28% of 8001 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
63
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability97▲+97
Solvency47▲+23
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3.5k at 30 days acceptable
Liquidity tight (current ratio 1.23 against 0.87 in 2024; short-term debt: 72.6% and cash: 3.4% of total assets), and 77.8% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Sector 46
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
22.2%
Return on assets
22.9%
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 28-08-2026, 28 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
28 d late
2024
28 d late
2023
7 d early
2022
59 d early
2021
31 d late
2020
32 d early
2019
67 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
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€56k
2024 · €-2k
2018: €70k
2019: €71k
2020: €108k
2021: €128k
2022: €135k
2023: €105k
2024: €-2k
2018 → 2025
Total assets
€251k▼ 18.0%
2024 · €306k
2018: €161k
2019: €256k
2020: €287k
2021: €400k
2022: €455k
2023: €332k
2024: €306k
2018 → 2025
Net result
€58k
2024 · €-107k
2018: €7k
2019: €907
2020: €37k
2021: €20k
2022: €8k
2023: €-29k
2024: €-107k
2018 → 2025
Working capital
€42k
2024 · €-39k
2018: €54k
2019: €29k
2020: €63k
2021: €62k
2022: €74k
2023: €56k
2024: €-39k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€128k-€135k▲ 5.4%€105k▼ 21.9%€-2k€56k
Operating result€30k-€23k▼ 21.9%€-15k€-94k▼ 529%€67k
Net result€20k-€8k▼ 60.9%€-29k€-107k▼ 273%€58k
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 returns to profit in 2025: €67k after a loss of €94k in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €251k
Fixed assets
€27k ▼ 27.5%
Current assets
€224k ▼ 16.7%
Equity and liabilities €251k
Equity
€56k
Debt
€195k
Debt finances 77.8% of the balance-sheet total.
Key figures and ratios
EBITDA
€79k▲
2024 · €-83k
Cash flow
€69k▲
2024 · €-95k
Current ratio
1.23▲
2024 · 0.87
Quick ratio
0.12▼
2024 · 0.14
Debt to equity
3.51
ROE
103.2%
ROA
22.9%▲
2024 · -34.9%
Interest coverage
7.38▲
2024 · -6.82
Debt ≤ 1 year
€182k▼
2024 · €308k
Debt > 1 year
€13k
Income taxes
€71▼
2024 · €670
Staff costs
€-4k▼
2024 · €30k
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 · 55 lines
Balance sheet
Code20242025
Assets
Total assets20/58€306k€251k▼
Fixed assets21/28€37k€27k▼
Intangible fixed assets21€2k€410▼
Tangible fixed assets22/27€32k€23k▼
Plant, machinery and equipment23-€1k
Furniture and vehicles24€11k€7k▼
Other tangible fixed assets26€21k€15k▼
Financial fixed assets28€4k€4k=
Current assets29/58€269k€224k▼
Amounts receivable after more than one year29€3k-
Other amounts receivable291€3k-
Stocks and contracts in progress3€227k€203k▼
Stocks30/36€227k€203k▼
Amounts receivable within one year40/41€32k€9k▼
Trade receivables40€32k€9k▼
Other amounts receivable41€366-
Cash at bank and in hand54/58€5k€9k▲
Deferred charges and accrued income490/1€2k€4k▲
Equity and liabilities
Total equity and liabilities10/49€306k€251k▼
Equity10/15€-2k€56k▲
Contributions10/11€6k€6k=
Reserves13€59k€59k=
Tax-exempt reserves132€10k€10k=
Distributable reserves133€48k€48k=
Profit (loss) carried forward14€-67k€-9k▲
Amounts payable17/49€308k€195k▼
Amounts payable after more than one year17-€13k
Other amounts payable178/9-€13k
Amounts payable within one year42/48€308k€182k▼
Financial debts43€72k€67k▼
Credit institutions430/8€72k€67k▼
Trade debts44€206k€113k▼
Suppliers440/4€206k€113k▼
Taxes, remuneration and social security45€14k€3k▼
Taxes450/3€11k€3k▼
Remuneration and social security454/9€4k-
Other amounts payable47/48€15k-
Income statement
Code20242025
Non-recurring operating income76A-€935
Remuneration, social security and pensions62€30k€-4k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€12k€12k▼
Other operating charges640/8€973€191▼
Gross operating margin9900€-51k€75k▲
Operating profit (loss)9901€-94k€67k▲
Financial income75/76B€291€1k▲
Recurring financial income75€291€1k▲
Financial charges65/66B€12k€11k▼
Recurring financial charges65€12k€11k▼
Profit (loss) for the period before taxes9903€-106k€58k▲
Income taxes67/77€670€71▼
Profit (loss) for the period9904€-107k€58k▲
Profit (loss) for the period to be appropriated9905€-107k€58k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-107k€-9k▲
Profit (loss) brought forward from the previous period14P-€-67k
Transfer from equity791/2€40k-
Social balance
Average headcount (FTE)90870.6-
The notes to these accounts (11 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
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 28 days late
2025
31-12
Financial
Back to profitnet €58k
Net result €58k after 2 loss-making years.
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 28 days late
2024
31-12
Financial
Weakest financial yearnet €-107k
Net result drops to €-107k, the lowest in the series; recovery starts the following year.
24-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
02-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
29-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Equity above €100kEq €108k ▲51.7%
3 profitable years in a row build equity to €108k.
06-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 67 days late
2019
25-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
28-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 59 days late
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 29 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
3 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, Beernem · 1 establishment unit since 2004
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.
Hubert d'Ydewallestraat 188730 BeernemGround area
1,082 m²
Building footprint
483 m²
Volume, LiDAR
2,578 m³
Parcel 31003G0032/00C002, Flanders · tallest building 10.4 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
MA.AS
since 20042.135.431.937
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31003G0032/00C002 | Flanders | 1,082 m² | 1 · 483 m² | 10.4 m · 1 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
Legal Entity Identifier
6488007WXL13SIHRA711
Similar companies · same sector, comparable size
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Of 1,275 companies in sector 46160 we hold annual accounts for 685. 524 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded31-12-2003
Fiscal year end31-12
Activities, NACEBEL 2025
46160Agents in the wholesale of textiles, clothing, fur, footwear and leather goods
46190Agents in non-specialised wholesale trade
Sources
Crossroads Bank for EnterprisesNational Bank · 22 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.