Active BE 0826.451.579Private limited company

Masa Conception

Rue de Baume(L.L) 361 ·7100 La Louvière, Belgium· 16 yrs active

Sector: Buying and selling of own real estate (68110)

Conclusion Checked

Masa Conception has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €11k and a net result of €1k. Equity is growing by ~10.3% per year across the filed fiscal years. Its solvency ranks better than 24% of 13549 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).

Based on the State Gazette, CBE and 4 annual accounts.

Key figures

Equity	€11k
Net result	€1k
Better than sector	24%
Active	16 yrs

Financial profile 5 of 5 axes measured · computed by Checked

61 / 100

Strong profile, led by stability.

All 5 axes are computed from data Checked has read.

Health 63

Profitability 57

Solvency 35

Growth 52

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.3% Very low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Established

Founded in 2010, 16 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

63 / 100 Healthy

050100

Computed from 4 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€500

estimate, not credit advice

Score history

70 2022

60 2023

37 2024

63 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 3.56 (≥ 1.5) +10

Quick ratio Quick ratio 0.45 (< 0.6) -5

Leverage Debt/equity 36.14 (> 3.0) -10

Profitability ROE 11% (≥ 10%) +10

Profit trend Net profit up YoY +5

Equity growth Equity growing YoY +3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview15 NBB filings

Annual accounts filed on 27-07-2026 with the NBB · fiscal year 2025 · micro schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~10.3%/year over 4 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 68, Real estate activities · compared within the same schema type (micro schema)

Metric	This company	Sector median	Position in the sector
Solvency	2.7%	29.9%	better than 24% of 13549 sector peers
Net result	€1k	€6k	better than 41% of 13550 sector peers
Equity	€11k	€79k	better than 26% of 13565 sector peers
Gross operating margin	€12k	€41k	better than 29% of 13533 sector peers
Total assets	€401k	€416k	better than 49% of 13553 sector peers

Net profit

€1k

- 22-25

Total assets

€401k

+269.7% 22-25

Equity

€11k

+12.8% 22-25

Working capital

€288k

+2911.4% 22-25

Debt

€390k

+294.5% 22-25

Debt ≤ 1y

€113k

+14.0% 22-25

Debt > 1y

€277k

- 22-25

Current ratio

3.56

+224.3% 22-25

Quick ratio

0.45

-58.0% 22-25

Solvency

2.7%

-69.5% 22-25

Debt / equity

36.14

+249.8% 22-25

ROE

11.3%

- 22-25

ROA

0.3%

- 22-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023	2022
Deposit	micro schema	micro schema	micro schema	micro schema
Revenue	-	-	-	-
EBITDA	-	-	-	-
Net profit	€1k	€-10k	€12k	€15k
Cash flow	-	-	-	-
Staff costs	-	-	-	-
Income taxes	-	-	-	-
Dividends	-	-	-	-
Total assets	€401k	€108k	€126k	€29k
Equity	€11k	€10k	€20k	€8k
Debt	€390k	€99k	€106k	€21k
of which ≤ 1y	€113k	€99k	€106k	€21k
of which > 1y	€277k	-	-	-
Working capital	€288k	€10k	€20k	€8k
Employees (FTE)	-	-	-	-

Ratios (computed)

	2025	2024	2023	2022
Current ratio	3.56	1.10	1.19	1.38
Quick ratio	0.45	1.07	1.19	1.38
Working capital ratio	71.9%	8.8%	15.8%	27.3%
Solvency	2.7%	8.8%	15.8%	27.3%
Debt / equity	36.14	10.33	5.32	2.67
Long-term debt ratio	25.70	-	-	-
Interest coverage	-	-	-	-
Gross margin	-	-	-	-
Net margin	-	-	-	-
ROA	0.3%	-9.6%	9.5%	52.3%
ROE	11.3%	-108.7%	60.3%	191.9%
EBITDA margin	-	-	-	-
Days sales outstanding	-	-	-	-
Days payable outstanding	-	-	-	-
Inventory turnover	-	-	-	-
Days inventory (DSI)	-	-	-	-

Balance-sheet composition 2025

Equity & liabilities

Equity €11k · 2.7% Debt €390k · 97.3%

Full annual accounts (20 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023	2022
Balance sheet, Assets
TOTAL ASSETS	20/58	€401k	€108k	€126k	€29k
Current assets	29/58	€401k	€108k	€126k	€29k
Stocks & contracts in progress	3	€350k	€3k	-	-
Amounts receivable within one year	40/41	€22k	€308	€90	€155
Cash & bank	54/58	€29k	€105k	€126k	€29k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€401k	€108k	€126k	€29k
Equity	10/15	€11k	€10k	€20k	€8k
Contributions / capital	10/11	€20k	€20k	€20k	€20k
Accumulated profits (losses)	14	€-9k	€-10k	€-40	€-12k
Amounts payable	17/49	€390k	€99k	€106k	€21k
Amounts payable after one year	17	€277k	-	-	-
Amounts payable within one year	42/48	€113k	€99k	€106k	€21k
Trade debts payable within one year	44	€14k	€153	€4k	€895
Income statement
Gross operating margin	9900	€12k	€-10k	€12k	€26k
Operating result	9901	€12k	€-10k	€12k	€25k
Financial income	75	€11	-	-	-
Financial charges	65	€11k	€327	€386	€10k
Result before taxes	9903	€1k	€-10k	€12k	€15k
Net result for the period	9904	€1k	€-10k	€12k	€15k
Result to be appropriated	9905	€1k	€-10k	€12k	€15k

Legal Structure

NACE primary	Buying and selling of own real estate(68110)
Legal form	Private limited company(610)
Incorporation	07-06-2010
Status	Active
Postal code	7100

Establishment units 1 location

Rue de Baume(L.L) 361, 7100 La Louvière

Manufacture of fabricated metal products, except machinery and equipment

since 20102.188.667.517

Real-estate footprint Source: CBE × cadastre

Wallonia 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
55373B0095/00N005	Wallonia	120 m²	1 · 63 m²	-

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.

Updates 12 events

All 15Financial 3Gazette 2Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

27-07

NBB filing Annual accounts filed

fiscal year 2025 · micro schema

2025

31-12

Financial Back to profitnet €1k

Net result €1k after one loss-making year.

31-12

Financial Liquidity triplescurrent ratio 3.56

Current ratio from 1.10 to 3.56.

03-06

NBB filing Annual accounts filed

fiscal year 2024 · micro schema

2024

31-12

Financial Weakest financial yearnet €-10k ▼186%

Net result drops to €-10k, the lowest in the series; recovery starts the following year.

27-06

NBB filing Annual accounts filed

fiscal year 2023 · micro schema

2023

08-12

State Gazette act Director changes

Sébastien DUPUIS

13-06

NBB filing Annual accounts filed

fiscal year 2022 · micro schema

2022

01-08

State Gazette act Capital & shares

Sébastien Dupuis

29-07

NBB filing Annual accounts filed

fiscal year 2021 · full schema

2021

27-07

NBB filing Annual accounts filed

fiscal year 2020 · full schema

2020

19-08

NBB filing Annual accounts filed

fiscal year 2019 · full schema · 19 days late

2019

27-08

NBB filing Annual accounts filed

fiscal year 2018 · full schema · 27 days late

2018

24-08

NBB filing Annual accounts filed

fiscal year 2017 · full schema · 24 days late

2017

28-08

NBB filing Annual accounts filed

fiscal year 2016 · full schema · 28 days late

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 8 acts read

We know of 8 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 2 acts

Capital history · 1

01-08-2022

Capital change

All acts · 2 updated 2 years ago

2023

08-12-2023 Discharge granted to the board Director changes·Sébastien DUPUIS

Notary: Sébastien DUPUIS · La Louvière

Original publication ↗

Technical details

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      "body": "algemene_vergadering",
      "date": "2023-12-05",
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    },
    {
      "body": "algemene_vergadering",
      "date": "2023-12-05",
      "unanimous": true
    },
    {
      "body": "algemene_vergadering",
      "date": "2023-12-05",
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    {
      "body": "algemene_vergadering",
      "date": "2023-12-05",
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      "body": "algemene_vergadering",
      "date": "2023-12-05",
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      "body": "algemene_vergadering",
      "date": "2023-12-05",
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    "org_rep_person_name": null,
    "person_role_at_subject": "notaire"
  },
  "co_filed_documents": [
    "Bijlagen bij het Belgisch Staatsblad - 08/12/2023 - Annexes du Moniteur belge"
  ],
  "corrected_publication_numac": null
}

2022

01-08-2022 Transaction in capital or shares Capital & shares·Sébastien Dupuis

Notary: Sébastien Dupuis · La Louvière

Original publication ↗

Technical details

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      "kind": "share_transfer",
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      "subscribers": [
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  "act_meta": {
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    "pub_date": "2022-08-01",
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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Buying and selling of own real estate68110Other specialised construction activities43990Specialised construction activities43999Renting and operating of own or leased non-residential real estate, excluding land68203Business and other management consultancy70200Business consulting70220

Names & trade names

Legal nameFR

Masa Conception

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