MASA CONSTRUCT
ActiveFrom the official registers: KBO 15 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
MASA CONSTRUCT has been active since 2010 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €54,772 and a net result of €2,880. Equity has been growing by about 5.6% per year since 2018. Its solvency ranks better than 84% of 9,380 sector peers (NACE 41, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
Overview
Official details
KBO- Status
- Active since 06-10-2010 Normal situation
- Activity
- General construction of residential buildings NACE 41001and 1 other
- Establishment unit
- 2.192.662.333 6141 Fontaine-l'Evêque, since 06-10-2010
- Financial year end
- 31 December
- Peppol
- Reachable since 15-10-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.2%
- Gross margin
- €11,970
- ▲ 44.8%
- Turnover
- ≈ €140,000
- estimated
- Profit
- €2,880
- ▲ 758%
- Equity
- €54,772
- ▲ 5.5%
- Total assets
- €72,447
- ▲ 6.2%
- Staff
- ≈ 0.1 FTE
- estimated
Score breakdownraises riskSector: Construction of residential and non-residential buildings (NACE 41)Size: total assets €72,447lowers riskLiquidity: current ratio 3.91, cash €23,081Founded in 2010Show the evidence
Checked score
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 41, micro). It does better than 92% of them on solvency, 84% on liquidity, 49% on profitability and 47% on growth.
The bankruptcy probability was computed on 31-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 2 days after the deadline. In the sector (NACE 41), the median for financial year 2024 was on the deadline day, and 46% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 15 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 112% higher than in 2024. It is a recovery after the fall in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Comparable companies
These companies have the same main activity as MASA CONSTRUCT: general construction of residential buildings (NACE 41001). They are comparable in size and age: total assets between €59,100 and €84,100, founded between 2009 and 2013.
| Company | Founded | Total assets | Equity | Gross margin | Net result | Financial year |
|---|---|---|---|---|---|---|
| MASA CONSTRUCT Fontaine-l'Evêque | 2010 | €72,447 | €54,772 | €11,970 | €2,880 | 2025 |
| ANGIVAL Les Bons Villers | 2009 | €72,545 | €44,654 | €13,923 | €3,973 | 2025 |
| SAM NUYTTENS Mouscron | 2013 | €73,556 | €52,889 | €10,797 | €7,178 | 2025 |
| MSI Construct Mouscron | 2012 | €59,064 | €5,772 | €12,068 | €6,179 | 2024 |
| BAGNO HOME CONSTRUCT Walcourt | 2010 | €81,185 | €46,046 | €13,418 | €3,353 | 2025 |
| Steen en Water Ieper | 2010 | €84,109 | €40,706 | €11,339 | €4,618 | 2025 |
| De Rauw Kris Lebbeke | 2012 | €70,339 | €60,757 | €11,506 | €2,545 | 2025 |
They were chosen from the 15,546 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 10,904 companies had the same profile as MASA CONSTRUCT has now. Two years later, 0.7% had gone bankrupt and 95.2% were still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
That fits the bankruptcy probability of MASA CONSTRUCT itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,445 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 10,904 companies, not a prediction for MASA CONSTRUCT. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €3 | - | €26 | €701 | ▲ 27× |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €195,329 | €225,365 | €233,872 | €186,609 | €159,678 | ▼ 14.4% |
| Remuneration, social security and pensions62 | - | - | - | €26,900 | €35,913 | €4,132 | €2,298 | €2,189 | ▼ 4.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,157 | €11,603 | €10,307 | €11,050 | €10,356 | €1,996 | €2,048 | €1,933 | ▼ 5.6% |
| Other operating charges640/8 | - | - | - | €1,744 | €6,674 | €2,110 | €999 | €1,517 | ▲ 51.9% |
| Non-recurring operating charges66A | - | - | - | - | €188 | €12 | €184 | €514 | ▲ 179% |
| Gross operating margin9900 | €29,203 | €40,938 | €37,625 | €43,235 | €70,471 | €20,199 | €8,268 | €11,970 | ▲ 44.8% |
| Operating profit (loss)9901 | €3,890 | €907 | -€1,503 | €3,541 | €17,340 | €11,950 | €2,739 | €5,818 | ▲ 112% |
| Financial income75/76B | - | - | - | - | €7 | €30 | €1 | €0 | ▼ 100% |
| Recurring financial income75 | - | €0 | - | - | €7 | €30 | €1 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €827 | €2,923 | €1,567 | €1,504 | €669 | ▼ 55.6% |
| Recurring financial charges65 | €601 | €617 | €653 | €752 | €996 | €567 | €592 | €669 | ▲ 12.9% |
| Non-recurring financial charges66B | - | - | - | €75 | €1,927 | €1,000 | €912 | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | €3,289 | €101 | -€2,372 | €2,714 | €14,424 | €10,413 | €1,235 | €5,149 | ▲ 317% |
| Income taxes67/77 | €1,840 | -€0 | - | €1,196 | €6,144 | €5,539 | €899 | €2,270 | ▲ 152% |
| Profit (loss) for the period9904 | €1,450 | €101 | -€2,372 | €1,518 | €8,280 | €4,874 | €336 | €2,880 | ▲ 758% |
| Profit (loss) for the period to be appropriated9905 | €1,450 | €101 | -€2,372 | €1,518 | €8,280 | €4,874 | €336 | €2,880 | ▲ 758% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €106,829 | €87,482 | €71,934 | €79,995 | €102,030 | €82,842 | €68,237 | €72,447 | ▲ 6.2% |
| Fixed assets21/28 | €40,369 | €30,170 | €24,400 | €14,579 | €5,493 | €4,899 | €4,036 | €3,363 | ▼ 16.7% |
| Tangible fixed assets22/27 | €39,956 | €29,757 | €23,987 | €14,166 | €5,080 | €4,486 | €3,986 | €3,313 | ▼ 16.9% |
| Plant, machinery and equipment23 | - | - | - | €3,281 | €2,864 | €3,007 | €3,132 | €2,859 | ▼ 8.7% |
| Furniture and vehicles24 | - | - | - | €963 | €1,082 | €572 | €174 | €0 | ▼ 100.0% |
| Leasing and similar rights25 | - | - | - | €8,562 | - | - | - | - | - |
| Other tangible fixed assets26 | - | - | - | €1,360 | €1,133 | €907 | €680 | €453 | ▼ 33.3% |
| Financial fixed assets28 | €413 | €413 | €413 | €413 | €413 | €413 | €50 | €50 | = |
| Current assets29/58 | €66,460 | €57,312 | €47,534 | €65,416 | €96,537 | €77,942 | €64,201 | €69,085 | ▲ 7.6% |
| Amounts receivable within one year40/41 | €56,547 | €54,395 | €36,959 | €54,553 | €73,870 | €58,430 | €41,694 | €45,586 | ▲ 9.3% |
| Trade receivables40 | - | - | - | €54,553 | €68,650 | €53,635 | €37,049 | €40,294 | ▲ 8.8% |
| Other amounts receivable41 | - | - | - | - | €5,221 | €4,794 | €4,645 | €5,291 | ▲ 13.9% |
| Cash at bank and in hand54/58 | €8,737 | €2,918 | €9,429 | €10,489 | €21,935 | €19,368 | €22,061 | €23,081 | ▲ 4.6% |
| Deferred charges and accrued income490/1 | - | - | - | €375 | €731 | €145 | €446 | €418 | ▼ 6.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €106,829 | €87,482 | €71,934 | €79,995 | €102,030 | €82,842 | €68,237 | €72,447 | ▲ 6.2% |
| Equity10/15 | €39,157 | €39,258 | €36,885 | €38,403 | €46,683 | €51,557 | €51,892 | €54,772 | ▲ 5.5% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €32,957 | €33,058 | €33,058 | €33,058 | €40,330 | €45,357 | €45,692 | €48,572 | ▲ 6.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €31,198 | €38,470 | €45,357 | €45,692 | €48,572 | ▲ 6.3% |
| Profit (loss) carried forward14 | - | - | -€2,372 | -€854 | €153 | - | - | - | - |
| Amounts payable17/49 | €67,672 | €48,225 | €35,048 | €41,592 | €55,347 | €31,285 | €16,345 | €17,675 | ▲ 8.1% |
| Amounts payable after more than one year17 | €31,521 | €23,868 | €16,112 | €8,251 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €8,251 | - | - | - | - | - |
| Amounts payable within one year42/48 | €36,151 | €22,706 | €18,901 | €33,291 | €55,347 | €31,285 | €16,345 | €17,675 | ▲ 8.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,861 | €8,251 | - | - | - | - |
| Trade debts44 | €15,645 | €3,663 | €5,819 | €14,405 | €31,187 | €13,848 | €3,793 | €5,236 | ▲ 38.1% |
| Suppliers440/4 | - | - | - | €14,405 | €31,187 | €13,848 | €3,793 | €5,236 | ▲ 38.1% |
| Taxes, remuneration and social security45 | - | - | - | €5,342 | €10,237 | €11,392 | €5,988 | €4,164 | ▼ 30.5% |
| Taxes450/3 | - | - | - | €4,280 | €8,059 | €10,678 | €5,274 | €3,450 | ▼ 34.6% |
| Remuneration and social security454/9 | - | - | - | €1,062 | €2,177 | €714 | €714 | €714 | = |
| Other amounts payable47/48 | - | - | - | €5,683 | €5,672 | €6,045 | €6,565 | €8,275 | ▲ 26.1% |
| Accrued charges and deferred income492/3 | - | - | - | €50 | €0 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,450 | €101 | -€2,372 | €1,518 | €8,280 | €4,874 | €336 | €2,880 | ▲ 758% |
| + Depreciation and write-downs630 | €11,157 | €11,603 | €10,307 | €11,050 | €10,356 | €1,996 | €2,048 | €1,933 | ▼ 5.6% |
| Operating cash flow (approximation) | €12,606 | €11,703 | €7,935 | €12,568 | €18,636 | €6,869 | €2,384 | €4,812 | ▲ 102% |
| Investment in fixed assets (approximation) | - | -€1,403 | -€4,537 | -€1,228 | -€1,270 | -€1,402 | -€1,185 | -€1,259 | ▼ 6.3% |
| Change in cash | - | -€5,819 | €6,511 | €1,060 | €11,447 | -€2,567 | €2,692 | €1,020 | ▼ 62.1% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-07-2026 | 2026-00307948 | NBB |
| 31-12-2024 | micro format | 23-07-2025 | 2025-00302185 | |
| 31-12-2023 | micro format | 20-07-2024 | 2024-00266258 | |
| 31-12-2022 | micro format | 19-07-2023 | 2023-00252707 | |
| 31-12-2021 | micro format | 02-08-2022 | 2022-20261182 | |
| 31-12-2020 | micro format | 29-08-2021 | 2021-57100292 | |
| 31-12-2019 | micro format | 27-08-2020 | 2020-45000540 | |
| 31-12-2018 | micro format | 02-08-2019 | 2019-43700017 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-53200387 | |
| 31-12-2016 | full format | 31-08-2017 | 2017-52400012 |
Board & ownership
Directors
Owners and capital
Capital transactions
- 28-09-2023 Converted to unavailable equity · €8,060
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| GUSCIGLIO Salvatore |
|
Articles of association
Board and representation
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Un ou plusieurs administrateurs, personnes physiques ou morales actionnaires ou non”“Rémunération des administrateurs, frais généraux hors frais représentation voyages déplacements”
Capital, shares and profit
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Moitié cédant moitié acquéreurs au prorata si plusieurs, nullité”
Audit, dissolution and liquidation
- Dissolution ruleThe articles set when and by whom the company can be dissolved.
- “Assemblée peut désigner liquidateurs et déterminer pouvoirs et émoluments, en tout temps par assemblée délibérant formes modifications…”
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Si actions non libérées rétablissement par appels complémentaires ou distributions préalables aux libérées proportion supérieure, actif net…”
Articles of association, deed of 28-09-2023 (in French)
Network & group
MASA CONSTRUCT shares no director with another company.
Connections & network
1 current directorThe network starts from the directors of MASA CONSTRUCT. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
28-09
Gazette deed
Resignation: GUSCIGLIO Salvatore (manager)Appointment: GUSCIGLIO Salvatore (director) · Amendment of the articles · Legal form clause10 points ▸
- General meeting, 25-09-2023
- Amendment of the articles, mentioned 2 times in the deed
- Legal form clause, “conservera la forme légale, première résolution” (deed in French)
- Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
- Reserve release, “formes et majorités de la modification des statuts, supprimer le compte de capitaux propres statutairement indisponible” (deed in French)
- Other provision, “objet social inchangé” (deed in French)
- Capital, mentioned 2 times in the deed
- Director resignation, GUSCIGLIO Salvatore (manager)
- Director appointment, GUSCIGLIO Salvatore (director (not named in the articles))
- Registered office clause, “6141 Fontaine-l’Evêque (Forchies-la-Marche), rue Oscar Carlier”, 51 (deed in French)
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 202547 activities
- L'entreprise générale de construction,transformation,réparation et aménagement,rénovation,embellissement et travaux de parachèvement de tous immeubles généralement quelconques habitation,hangar,entrepôt,appartements
- L'entreprise de travaux de béton
- Promotion immobilière en tout genre(quartiers ou immeubles résidentiels,centres commerciaux et industriels,hôtels,zones d'activités et marchés,ports de plaisance,station de sports d'hivers,bureaux,zone urbaine)
- Électricité générale
- Achat et vente de matériaux en gros demi gros et détail
- L'élaboration de projets comportant des activités ayant trait au génie civil ou de bâtiment,au génie hydraulique et à la technique du trafic
- Les activités d'ingénierie et de conseils techniques,sauf activité des géomètres
- La conduite des opérations de gros entretien de bâtiments
- Surveillance de travaux de construction(gros oeuvre,installation,finition,...)
- Coordination sur le chantier
- Installations de piscines privées
- Location avec opérateur de matériel de construction
- Construction de chambres froides,chambres fortes,...
- Montage et démontage d'échafaudage et de plates-formes de travail
- Exécution pour les tiers de travaux de levage
- Montage d'éléments de structures métalliques non fabriqués par l'unité qui exécute les travaux
- Mise en place des éléments d'évacuation des eaux de pluies
- Construction de cheminées et de fours industriels
- Travaux de ferraillage et pose de coffrage
- Mise en place de fondations,y compris le battage de pieux
- Poses de chape
- Travaux de restauration de bâtiments
- Maçonnerie
- Les travaux de rejointoiement
- Couvertures de constructions et travaux hydrofuges,tel que couvertures en tuiles,en chaume,en ardoises naturelles et artificielles,en tôles d'acier et en asbeste ciments,les métaux non ferreux excepté
- Les travaux d'étanchéité et de revêtement de constructions par asphaltage et bitumage,entre autre les couvertures de toitures à base d'asphaltes ou à base de produits hydrocarbonés,éventuellement en combinaison avec des métaux
- Les travaux d'assèchement de constructions autre que par le bitume et l'asphalte
- L'isolation thermique et acoustique
- Revêtements de murs et de sols comprenant les travaux de carrelage et de mosaïque et tous autres revêtements de murs et de sols,le bois excepté
- Travaux de plafonnage comprenant les travaux de cimentage et de tous autres enduits,le crépissage,la pose de chapes et les travaux de stuc et staff
- Travaux de pierres de taille et de marbrerie comprenant entre autre le placement de monuments funéraires,la restauration,le nettoyage et le lavage de bâtiments,façades et monuments,la pose de marbrerie du bâtiment et de pierres de taille,l'installation de cheminées ornementales ou autres ornementations en marbre ou en pierre
- La charpenterie,menuiserie et menuiserie métallique comprenant la charpenterie et la menuiserie du bâtiment,le placement de serrurerie et de quincaillerie du bâtiment,le placement de portes et de plinthes en matière plastique,le placement de volets en bois et en matière plastique,la pose de parquets et de tous revêtements en bois,des murs et du sol,la pose de cloisons et de faux plafonds en bois,le placement de ferronnerie,de volets et de menuiserie métallique,ainsi que le placement de grilles,de portes rétractiles et roulantes et de stores extérieurs
- Le recouvrement de murs et plafonds par application d'éléments métalliques
- Travaux de vitreries comprenant entre autre la pose de vitres,de glaces,de miroiterie,de vitraux et de toutes autres matières translucides ou transparentes
- La construction de parois et couvertures de murs et de sols en matière synthétiques et notamment les matières plastiques
- Les constructions métalliques et ouvrages d'art métalliques comprenant également les travaux de montage et de démontage,constructions tubulaires ou autres similaires
- Tuyauteries industrielles et canalisations comprenant l'installation de ventilation et d'aération de chauffage à air chaud,de conditionnement d'air et de calorifugeage des tuyauteries et canalisations
- Chauffage central,installations sanitaires,plomberie zinguerie comprenant l'installation de chauffage central à eau chaude,à vapeur ou à gaz et des appareils auxiliaires,l'installation sanitaire,plomberie zinguerie,l'installation d'adoucisseurs d'eau
- Les toitures en métaux non ferreux et le placement de lucarnes en zinc,ainsi que les travaux de réparation et d'entretien
- Le placement,l'entretien et la réparation de tous brûleurs
- Installation électrotechniques comprenant la signalisation routière,ferroviaire,fluviale,maritime ou aéronautique électrique ainsi que le placement de paratonnerres
- Les installations spéciales comprenant le travaux de placement d'installations spéciales,telles que installations de fabriques ou d'ateliers,de stations de pompage,d'aménagement d'installations frigorifiques
- Entrepreneur de travaux de démolition
- Pose de papiers peints et de revêtements de murs et sols en d'autres matériaux
- Pose de parquets,cloison,et autres revêtements en bois ou autre matière
- Installation et montage de serres,vérandas
- Montage de portes blindées,portes coupe-feux,portes de garages,volets,persiennes,grillages,...
Invoicing and payment
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0830.001.383
Financial year and general meeting
Accounts at the NBBSites & property
1 establishment unit
Buildings and parcels at the address
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 52023B0312/00E000 | Wallonia | 1,590 m² | 1 · 204 m² | - |