MaSa Management
ActiveMaSa Management has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €796k and a net result of €-18k. Equity is growing by ~7.8% per year across the filed fiscal years. Its solvency ranks better than 87% of 2669 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
70
/ 100
Healthy▼ -24 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0▼-50
Solvency100=
Growth52▼-26
Stability100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €55k at 30 days acceptable
Liquidity ample (current ratio 9.16 against 7.9 in 2024), and 13.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers 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
Sector 62
lower
← fewer bankruptcies
more bankruptcies →
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
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 27-01-2026, 4 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
4 d early
2024
24 d early
2023
28 d early
2022
4 d early
2021
11 d early
2020
4 d early
2019
1 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close13-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€796k▼ 2.3%
2024 · €815k
2019: €537k
2020: €590k
2021: €630k
2022: €672k
2023: €734k
2024: €815k
2019 → 2025
Total assets
€919k▼ 5.7%
2024 · €975k
2019: €610k
2020: €642k
2021: €663k
2022: €699k
2023: €770k
2024: €975k
2019 → 2025
Net result
€-18k
2024 · €81k
2019: €48k
2020: €53k
2021: €39k
2022: €43k
2023: €62k
2024: €81k
2019 → 2025
Working capital
€524k▼ 3.6%
2024 · €544k
2019: €259k
2020: €323k
2021: €373k
2022: €417k
2023: €483k
2024: €544k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€630k-€672k▲ 6.7%€734k▲ 9.2%€815k▲ 11.0%€796k▼ 2.3%
Operating result€49k-€53k▲ 7.9%€80k▲ 50.2%€108k▲ 36.3%€-20k
Net result€39k-€43k▲ 7.9%€62k▲ 45.7%€81k▲ 30.2%€-18k
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 turns negative in 2025: a loss of €20k after €108k in 2024, the lowest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €919k
Fixed assets
€331k▼ 6.1%
Current assets
€589k▼ 5.5%
Equity and liabilities €919k
Equity
€796k▼ 2.3%
Debt
€123k▼ 23.1%
The debt ratio falls from 16.4% to 13.4%: debt falls faster than equity shrinks.
Key figures and ratios
EBITDA
€18k▼
2024 · €135k
Cash flow
€20k▼
2024 · €107k
Solvency
86.6%▲
2024 · 83.6%
Current ratio
9.16▲
2024 · 7.90
Quick ratio
9.16▲
2024 · 7.90
Debt / equity
0.15▼
2024 · 0.20
ROE
-2.3%▼
2024 · 9.9%
ROA
-2.0%▼
2024 · 8.3%
Interest coverage
3.48▼
2024 · 32.61
Debt
€123k▼
2024 · €160k
Debt ≤ 1 year
€64k▼
2024 · €79k
Debt > 1 year
€59k▼
2024 · €81k
Income taxes
€618▼
2024 · €31k
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€975k€919k▼
Fixed assets21/28€352k€331k▼
Tangible fixed assets22/27€352k€331k▼
Land and buildings22€218k€217k▼
Furniture and vehicles24€134k€113k▼
Current assets29/58€623k€589k▼
Amounts receivable after more than one year29€357k€363k▲
Other amounts receivable291€357k€363k▲
Amounts receivable within one year40/41€44k€77k▲
Trade receivables40€32k€29k▼
Other amounts receivable41€13k€48k▲
Current investments50/53€125k€146k▲
Cash at bank and in hand54/58€93k€828▼
Deferred charges and accrued income490/1€3k€3k▲
Equity and liabilities
Total equity and liabilities10/49€975k€919k▼
Equity10/15€815k€796k▼
Contributions10/11€19k€19k=
Reserves13€796k€778k▼
Non-distributable reserves130/1€8k€8k=
Reserves not available under the articles1311€8k€8k=
Tax-exempt reserves132€35k€35k=
Distributable reserves133€754k€735k▼
Amounts payable17/49€160k€123k▼
Amounts payable after more than one year17€81k€59k▼
Financial debts170/4€81k€59k▼
Amounts payable within one year42/48€79k€64k▼
Current portion of amounts payable after more than one year42€21k€47k▲
Trade debts44€5k€6k▲
Suppliers440/4€5k€6k▲
Taxes, remuneration and social security45€52k€11k▼
Taxes450/3€52k€5k▼
Remuneration and social security454/9-€5k
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€26k€39k▲
Other operating charges640/8€2k€2k▼
Gross operating margin9900€137k€20k▼
Operating profit (loss)9901€108k€-20k▼
Financial income75/76B€7k€8k▲
Recurring financial income75€7k€8k▲
Financial charges65/66B€4k€5k▲
Recurring financial charges65€4k€5k▲
Profit (loss) for the period before taxes9903€112k€-18k▼
Income taxes67/77€31k€618▼
Profit (loss) for the period9904€81k€-18k▼
Profit (loss) for the period to be appropriated9905€81k€-18k▼
Appropriation of the result
Profit (loss) to be appropriated9906€81k€-18k▼
Transfer from equity791/2-€18k
Transfer to equity691/2€81k-
To other reserves6921€81k-
The notes to these accounts (7 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
27-01
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
30-06
Financial
Weakest financial yearnet €-18k ▼123%
Net result drops to €-18k, the lowest in the series.
07-01
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
30-06
Financial
Highest result since 2019net €81k ▲30.2%
Operating result €108k, net result €81k, both a record.
03-01
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
27-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
20-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
27-01
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
29-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
30-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
06-02
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 6 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 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, Boortmeerbeek · 1 establishment unit since 2003
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.
Paepestraat 423190 BoortmeerbeekGround area
2,557 m²
Building footprint
150 m²
Volume, LiDAR
1,114 m³
Parcel 24014B0192/00D000, Flanders · tallest building 11.0 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Paepestraat 42, 3190 Boortmeerbeek
since 20032.125.279.797
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24014B0192/00D000 | Flanders | 2,556 m² | 1 · 150 m² | 11.0 m · 2 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.
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Of 16,811 companies in sector 62100 we hold annual accounts for 8,749. 4,587 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded15-07-1994
Fiscal year end30-06
Activities, NACEBEL
62010Computer programming, consultancy and related activities
62100Computer programming
72220
73110Advertising agencies
74401
Sources
Crossroads Bank for EnterprisesNational Bank · 30 filingsAddress and cadastre registers
Data from official sources, last processed on 11-09-2026. Scores and ratios are computed by Checked and are not a credit decision.