Maastery
ActiveSummary
Maastery has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show negative equity (€-136k) and a net result of €18k. Equity is shrinking by ~52.1% per year across the filed fiscal years. Its solvency ranks better than 6% of 1546 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability43▲+43
Solvency0=
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.65 against 0.62 in 2023; short-term debt: 150.8% and cash: 4.4% of total assets), and equity is negative.
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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 62
Relative position
BE, all sectors
reference
Computer programming, consultancy and related activities (NACE 62)
about 64% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
-50.9%
Return on assets
6.9%
Age of the figures
21 mo
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 · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 6% of 1546 sector peers (2024).
NBB · sector comparisonPosition among 1546 sector peers
Solvency
better than 6%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 18-08-2025, 18 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
not confirmed
2024
18 d late
2023
30 d late
2022
31 d late
2021
26 d late
2020
31 d late
2019
7 d late
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€18k
2023 · €-98k
2018: €1k
2019: €-17k▼ -1277% vs 2018
2020: €-106k▼ -537% vs 2019lowest in 7 years
2021: €30k▲ +128% vs 2020highest in 7 years
2022: €-2k▼ -107% vs 2021
2023: €-98k▼ -4908% vs 2022
2024: €18k▲ +119% vs 2023
2018 → 2024
Working capital
€-142k▲ 7.8%
2023 · €-154k
2018: €89khighest in 7 years
2019: €31k▼ -65.1% vs 2018
2020: €-86k▼ -378% vs 2019
2021: €-45k▲ +47.2% vs 2020
2022: €-49k▼ -6.8% vs 2021
2023: €-154k▼ -217% vs 2022lowest in 7 years
2024: €-142k▲ +7.8% vs 2023
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€-85k-€-55k▲ 35.3%€-56k▼ 1.6%€-154k▼ 177%€-136k▲ 11.9%
2020: €-85k
2021: €-55k▲ +35.3% vs 2020highest in 5 years
2022: €-56k▼ -1.6% vs 2021
2023: €-154k▼ -177% vs 2022lowest in 5 years
2024: €-136k▲ +11.9% vs 2023
Operating result€-102k-€36k€7k▼ 79.8%€-82k€4k
2020: €-102klowest in 5 years
2021: €36k▲ +135% vs 2020highest in 5 years
2022: €7k▼ -79.8% vs 2021
2023: €-82k▼ -1228% vs 2022
2024: €4k▲ +105% vs 2023
Net result€-106k-€30k€-2k€-98k▼ 4,908%€18k
2020: €-106klowest in 5 years
2021: €30k▲ +128% vs 2020highest in 5 years
2022: €-2k▼ -107% vs 2021
2023: €-98k▼ -4908% vs 2022
2024: €18k▲ +119% vs 2023
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2024: €4k after a loss of €82k in 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €267k
Fixed assets
€6k ▼ 36.7%
Current assets
€260k ▲ 2.6%
Key figures and ratios
EBITDA
€8k▲
2023 · €-77k
Cash flow
€22k▲
2023 · €-93k
Solvency
-50.9%▲
2023 · -58.4%
Current ratio
0.65▲
2023 · 0.62
Debt to equity
-2.96▼
2023 · -2.71
ROA
6.9%▲
2023 · -37.3%
Interest coverage
1.88▲
2023 · -4.61
Debt
€402k▼
2023 · €417k
Debt ≤ 1 year
€402k▼
2023 · €408k
Staff costs
€3k▼
2023 · €83k
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 · 2024 against 2023 · 52 lines
Balance sheet
Code20232024
Assets
Total assets20/58€264k€267k▲
Fixed assets21/28€10k€6k▼
Intangible fixed assets21€8k€5k▼
Tangible fixed assets22/27€1k€716▼
Plant, machinery and equipment23€1k€716▼
Financial fixed assets28€1k€1k=
Current assets29/58€254k€260k▲
Amounts receivable within one year40/41€209k€240k▲
Trade receivables40€199k€234k▲
Other amounts receivable41€10k€5k▼
Cash at bank and in hand54/58€39k€12k▼
Deferred charges and accrued income490/1€5k€8k▲
Equity and liabilities
Total equity and liabilities10/49€264k€267k▲
Equity10/15€-154k€-136k▲
Contributions10/11€9k€9k=
Reserves13€26k€26k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Distributable reserves133€24k€24k=
Profit (loss) carried forward14€-190k€-172k▲
Investment grants15€844€619▼
Provisions and deferred taxes16€281€206▼
Deferred taxes168€281€206▼
Amounts payable17/49€417k€402k▼
Amounts payable within one year42/48€408k€402k▼
Trade debts44€93k€117k▲
Suppliers440/4€93k€117k▲
Advances received on contracts in progress46€8k-
Taxes, remuneration and social security45€15k€30k▲
Taxes450/3€15k€30k▲
Other amounts payable47/48€291k€254k▼
Accrued charges and deferred income492/3€10k-
Income statement
Code20232024
Non-recurring operating income76A€3k-
Remuneration, social security and pensions62€83k€3k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€5k€4k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4-€20k
Other operating charges640/8€265€4k▲
Non-recurring operating charges66A-€3k
Gross operating margin9900€6k€37k▲
Operating profit (loss)9901€-82k€4k▲
Financial income75/76B€225€18k▲
Recurring financial income75€225€336▲
Non-recurring financial income76B-€18k
Financial charges65/66B€17k€4k▼
Recurring financial charges65€17k€4k▼
Profit (loss) for the period before taxes9903€-98k€18k▲
Profit (loss) for the period9904€-98k€18k▲
Transfer from tax-exempt reserves789€75-
Profit (loss) for the period to be appropriated9905€-98k€18k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-190k€-172k▲
Profit (loss) brought forward from the previous period14P€-92k€-190k▼
Social balance
Average headcount (FTE)90871.2-
The notes to these accounts (11 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3k | - | - |
| Remuneration, social security and pensions62 | - | €31k | €103k | €83k | €3k | ▼ 96.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6k | €7k | €7k | €5k | €4k | ▼ 23.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €20k | - |
| Other operating charges640/8 | - | €640 | €644 | €265 | €4k | ▲ 1,234% |
| Non-recurring operating charges66A | - | - | - | - | €3k | - |
| Gross operating margin9900 | €-82k | €74k | €118k | €6k | €37k | ▲ 490% |
| Operating profit (loss)9901 | €-102k | €36k | €7k | €-82k | €4k | ▲ 105% |
| Financial income75/76B | - | €0 | €57 | €225 | €18k | ▲ 8,077% |
| Recurring financial income75 | €3k | €0 | €57 | €225 | €336 | ▲ 49.3% |
| Non-recurring financial income76B | - | - | - | - | €18k | - |
| Financial charges65/66B | - | €6k | €7k | €17k | €4k | ▼ 73.9% |
| Recurring financial charges65 | €7k | €6k | €7k | €17k | €4k | ▼ 73.9% |
| Profit (loss) for the period before taxes9903 | €-106k | €30k | €571 | €-98k | €18k | ▲ 119% |
| Transfer from deferred taxes780 | - | - | €19 | - | - | - |
| Income taxes67/77 | - | - | €3k | - | - | - |
| Profit (loss) for the period9904 | €-106k | €30k | €-2k | €-98k | €18k | ▲ 119% |
| Transfer from tax-exempt reserves789 | - | €24k | - | €75 | - | - |
| Profit (loss) for the period to be appropriated9905 | €-106k | €54k | €-2k | €-98k | €18k | ▲ 119% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €116k | €234k | €311k | €264k | €267k | ▲ 1.1% |
| Fixed assets21/28 | €16k | €9k | €5k | €10k | €6k | ▼ 36.7% |
| Intangible fixed assets21 | €14k | €8k | €5k | €8k | €5k | ▼ 41.2% |
| Tangible fixed assets22/27 | €2k | €809 | €114 | €1k | €716 | ▼ 38.7% |
| Plant, machinery and equipment23 | - | - | - | €1k | €716 | ▼ 38.7% |
| Furniture and vehicles24 | - | €809 | €114 | - | - | - |
| Financial fixed assets28 | - | - | - | €1k | €1k | = |
| Current assets29/58 | €100k | €226k | €306k | €254k | €260k | ▲ 2.6% |
| Amounts receivable within one year40/41 | €58k | €165k | €268k | €209k | €240k | ▲ 15.0% |
| Trade receivables40 | - | €159k | €261k | €199k | €234k | ▲ 17.7% |
| Other amounts receivable41 | - | €6k | €7k | €10k | €5k | ▼ 42.4% |
| Cash at bank and in hand54/58 | €29k | €46k | €24k | €39k | €12k | ▼ 70.1% |
| Deferred charges and accrued income490/1 | - | €15k | €14k | €5k | €8k | ▲ 57.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €116k | €234k | €311k | €264k | €267k | ▲ 1.1% |
| Equity10/15 | €-85k | €-55k | €-56k | €-154k | €-136k | ▲ 11.9% |
| Contributions10/11 | - | €9k | €9k | €9k | €9k | = |
| Reserves13 | €26k | €26k | €26k | €26k | €26k | = |
| Non-distributable reserves130/1 | - | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | - | €2k | €2k | €2k | €2k | = |
| Distributable reserves133 | - | €24k | €24k | €24k | €24k | = |
| Profit (loss) carried forward14 | €-120k | €-90k | €-92k | €-190k | €-172k | ▲ 9.7% |
| Investment grants15 | - | - | €1k | €844 | €619 | ▼ 26.7% |
| Provisions and deferred taxes16 | - | - | €356 | €281 | €206 | ▼ 26.7% |
| Deferred taxes168 | - | - | €356 | €281 | €206 | ▼ 26.7% |
| Amounts payable17/49 | €200k | €289k | €366k | €417k | €402k | ▼ 3.7% |
| Amounts payable after more than one year17 | €5k | - | - | - | - | - |
| Amounts payable within one year42/48 | €186k | €271k | €355k | €408k | €402k | ▼ 1.3% |
| Current portion of amounts payable after more than one year42 | - | €5k | - | - | - | - |
| Financial debts43 | - | - | €5k | - | - | - |
| Credit institutions430/8 | - | - | €5k | - | - | - |
| Trade debts44 | €45k | €76k | €34k | €93k | €117k | ▲ 26.6% |
| Suppliers440/4 | - | €76k | €34k | €93k | €117k | ▲ 26.6% |
| Advances received on contracts in progress46 | - | - | €8k | €8k | - | - |
| Taxes, remuneration and social security45 | - | €34k | €42k | €15k | €30k | ▲ 99.6% |
| Taxes450/3 | - | €29k | €20k | €15k | €30k | ▲ 99.6% |
| Remuneration and social security454/9 | - | €4k | €22k | - | - | - |
| Other amounts payable47/48 | - | €156k | €266k | €291k | €254k | ▼ 12.7% |
| Accrued charges and deferred income492/3 | - | €18k | €12k | €10k | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-106k | €30k | €-2k | €-98k | €18k | ▲ 119% |
| + Depreciation and write-downs630 | €6k | €7k | €7k | €5k | €4k | ▼ 23.8% |
| Operating cash flow (approximation) | €-100k | €37k | €5k | €-93k | €22k | ▲ 124% |
| Investment in fixed assets (approximation) | - | €0 | €-4k | €-10k | €0 | ▲ 100% |
| Change in cash | - | €17k | €-21k | €15k | €-28k | ▼ 284% |
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
2025
18-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 18 days late
2024
31-12
Financial
Back to profitnet €18k
Net result €18k after 2 loss-making years.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 30 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 31 days late
2022
26-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 26 days late
2021
31-12
Financial
Back to profitnet €30k
Net result €30k after 2 loss-making years.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 31 days late
2020
31-12
Financial
Weakest financial yearnet €-106k
Net result drops to €-106k, the lowest in the series; recovery starts the following year.
07-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 7 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 30 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
2016
31-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Elsene · 1 establishment unit since 2001
Ground area
349 m²
Building footprint
126 m²
Volume, LiDAR
1,998 m³
Parcel 21446D0030/00X010, Brussels · tallest building 19.4 m, ±6 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
George Bergmannlaan 70, 1050 Elsene
since 20012.098.145.632
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21446D0030/00X010 | Brussels | 349 m² | 1 · 126 m² | 19.4 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.
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Of 30,002 companies in sector 62200 we hold annual accounts for 18,390. 13,209 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
Founded12-02-2001
Fiscal year end31-12
Activities, NACEBEL 2025
62200Computer consultancy and computer facilities management
62100Computer programming
63100Computing infrastructure, data processing, hosting and related activities
Scores and ratios are computed by Checked and are not a credit decision.