MASABEL
ActiveSummary
MASABEL has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €61k and a net result of €11k. Equity is shrinking by ~5.6% per year across the filed fiscal years. Its solvency ranks better than 56% of 27965 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability80▲+80
Solvency77▲+6
Growth32=
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4k at 30 days acceptable
Liquidity ample (current ratio 2.34 against 1.97 in 2024; short-term debt: 40.6% and cash: 2.6% of total assets), and 47.9% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← 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
52.1%
Return on assets
9%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 05-07-2026, 26 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
26 d early
2024
28 d early
2023
30 d early
2022
34 d early
2021
33 d early
2020
32 d early
2019
36 d early
← 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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€11k
2024 · €-39k
2018: €25k
2019: €20k▼ -19.5% vs 2018
2020: €-6k▼ -132% vs 2019
2021: €31k▲ +590% vs 2020
2022: €8k▼ -74.4% vs 2021
2023: €39k▲ +387% vs 2022highest in 8 years
2024: €-39k▼ -199% vs 2023lowest in 8 years
2025: €11k▲ +128% vs 2024
2018 → 2025
Working capital
€64k▲ 78.5%
2024 · €36k
2018: €69k
2019: €82k▲ +19.3% vs 2018highest in 8 years
2020: €80k▼ -3.1% vs 2019
2021: €73k▼ -8.6% vs 2020
2022: €77k▲ +5.2% vs 2021
2023: €79k▲ +2.6% vs 2022
2024: €36k▼ -54.2% vs 2023lowest in 8 years
2025: €64k▲ +78.5% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€78k-€86k▲ 10.3%€89k▲ 3.9%€51k▼ 43.2%€61k▲ 20.9%
2021: €78k
2022: €86k▲ +10.3% vs 2021
2023: €89k▲ +3.9% vs 2022highest in 5 years
2024: €51k▼ -43.2% vs 2023lowest in 5 years
2025: €61k▲ +20.9% vs 2024
Operating result€46k-€12k▼ 73.7%€58k▲ 382%€-37k€17k
2021: €46k
2022: €12k▼ -73.7% vs 2021
2023: €58k▲ +382% vs 2022highest in 5 years
2024: €-37k▼ -165% vs 2023lowest in 5 years
2025: €17k▲ +145% vs 2024
Net result€31k-€8k▼ 74.4%€39k▲ 387%€-39k€11k
2021: €31k
2022: €8k▼ -74.4% vs 2021
2023: €39k▲ +387% vs 2022highest in 5 years
2024: €-39k▼ -199% vs 2023lowest in 5 years
2025: €11k▲ +128% vs 2024
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €17k after a loss of €37k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €118k
Fixed assets
€6k ▼ 85.3%
Current assets
€112k ▲ 53.5%
Equity and liabilities €118k
Equity
€61k ▲ 20.9%
Debt
€57k ▼ 6.6%
Debt's share of the balance-sheet total falls from 54.4% to 47.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€24k▲
2024 · €-20k
Cash flow
€17k▲
2024 · €-21k
Current ratio
2.34▲
2024 · 1.97
Debt to equity
0.92▼
2024 · 1.19
ROE
17.3%▲
2024 · -76.1%
ROA
9.0%▲
2024 · -34.7%
Interest coverage
9.87▲
2024 · -11.03
Debt ≤ 1 year
€48k▲
2024 · €37k
Debt > 1 year
€9k▼
2024 · €23k
Income taxes
€4k▲
2024 · €207
Staff costs
€328▲
2024 · €296
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 · 43 lines
Balance sheet
Code20242025
Assets
Total assets20/58€111k€118k▲
Fixed assets21/28€38k€6k▼
Tangible fixed assets22/27€38k€6k▼
Furniture and vehicles24€38k€6k▼
Financial fixed assets28€470€80▼
Current assets29/58€73k€112k▲
Amounts receivable within one year40/41€52k€107k▲
Trade receivables40€27k€24k▼
Other amounts receivable41€25k€83k▲
Cash at bank and in hand54/58€14k€3k▼
Deferred charges and accrued income490/1€7k€2k▼
Equity and liabilities
Total equity and liabilities10/49€111k€118k▲
Equity10/15€51k€61k▲
Contributions10/11€19k€19k=
Reserves13€2k€2k=
Distributable reserves133€2k€2k=
Profit (loss) carried forward14€30k€41k▲
Amounts payable17/49€60k€57k▼
Amounts payable after more than one year17€23k€9k▼
Financial debts170/4€23k€9k▼
Amounts payable within one year42/48€37k€48k▲
Current portion of amounts payable after more than one year42€20k€15k▼
Financial debts43-€25k
Credit institutions430/8-€25k
Trade debts44€9k€8k▼
Suppliers440/4€9k€8k▼
Taxes, remuneration and social security45€8k€330▼
Taxes450/3€8k€330▼
Income statement
Code20242025
Remuneration, social security and pensions62€296€328▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€18k€7k▼
Other operating charges640/8€734€276▼
Gross operating margin9900€-19k€24k▲
Operating profit (loss)9901€-37k€17k▲
Financial income75/76B€850€196▼
Recurring financial income75€850€196▼
Financial charges65/66B€2k€2k▲
Recurring financial charges65€2k€2k▲
Profit (loss) for the period before taxes9903€-38k€15k▲
Income taxes67/77€207€4k▲
Profit (loss) for the period9904€-39k€11k▲
Profit (loss) for the period to be appropriated9905€-39k€11k▲
Appropriation of the result
Profit (loss) to be appropriated9906€30k€41k▲
Profit (loss) brought forward from the previous period14P€69k€30k▼
The notes to these accounts (9 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €41k | €44k | €43k | €296 | €328 | ▲ 10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15k | €19k | €28k | €18k | €7k | ▼ 60.8% |
| Other operating charges640/8 | €407 | €12k | €1k | €734 | €276 | ▼ 62.4% |
| Gross operating margin9900 | €102k | €87k | €130k | €-19k | €24k | ▲ 229% |
| Operating profit (loss)9901 | €46k | €12k | €58k | €-37k | €17k | ▲ 145% |
| Financial income75/76B | €4 | €285 | €116 | €850 | €196 | ▼ 76.9% |
| Recurring financial income75 | €4 | €285 | €116 | €850 | €196 | ▼ 76.9% |
| Financial charges65/66B | €2k | €2k | €3k | €2k | €2k | ▲ 33.5% |
| Recurring financial charges65 | €2k | €2k | €3k | €2k | €2k | ▲ 33.5% |
| Profit (loss) for the period before taxes9903 | €44k | €11k | €56k | €-38k | €15k | ▲ 138% |
| Income taxes67/77 | €13k | €3k | €16k | €207 | €4k | ▲ 1,898% |
| Profit (loss) for the period9904 | €31k | €8k | €39k | €-39k | €11k | ▲ 128% |
| Profit (loss) for the period to be appropriated9905 | €31k | €8k | €39k | €-39k | €11k | ▲ 128% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €183k | €216k | €218k | €111k | €118k | ▲ 6.0% |
| Fixed assets21/28 | €21k | €83k | €56k | €38k | €6k | ▼ 85.3% |
| Tangible fixed assets22/27 | €21k | €83k | €55k | €38k | €6k | ▼ 85.3% |
| Plant, machinery and equipment23 | €3k | €1k | - | - | - | - |
| Furniture and vehicles24 | €18k | €81k | €55k | €38k | €6k | ▼ 85.3% |
| Financial fixed assets28 | €470 | €470 | €470 | €470 | €80 | ▼ 83.0% |
| Current assets29/58 | €161k | €133k | €163k | €73k | €112k | ▲ 53.5% |
| Amounts receivable within one year40/41 | €118k | €61k | €96k | €52k | €107k | ▲ 107% |
| Trade receivables40 | €92k | €48k | €71k | €27k | €24k | ▼ 10.2% |
| Other amounts receivable41 | €26k | €13k | €25k | €25k | €83k | ▲ 234% |
| Cash at bank and in hand54/58 | €41k | €69k | €62k | €14k | €3k | ▼ 78.4% |
| Deferred charges and accrued income490/1 | €2k | €3k | €5k | €7k | €2k | ▼ 66.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €183k | €216k | €218k | €111k | €118k | ▲ 6.0% |
| Equity10/15 | €78k | €86k | €89k | €51k | €61k | ▲ 20.9% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Capital10 | €19k | - | - | - | - | - |
| Issued capital100 | €19k | - | - | - | - | - |
| Reserves13 | €2k | €2k | €2k | €2k | €2k | = |
| Non-distributable reserves130/1 | €2k | €2k | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | - | - | - | - |
| Distributable reserves133 | - | - | €2k | €2k | €2k | = |
| Profit (loss) carried forward14 | €58k | €66k | €69k | €30k | €41k | ▲ 35.1% |
| Amounts payable17/49 | €105k | €130k | €129k | €60k | €57k | ▼ 6.6% |
| Amounts payable after more than one year17 | €16k | €63k | €43k | €23k | €9k | ▼ 63.2% |
| Financial debts170/4 | €16k | €63k | €43k | €23k | €9k | ▼ 63.2% |
| Amounts payable within one year42/48 | €88k | €56k | €84k | €37k | €48k | ▲ 29.1% |
| Current portion of amounts payable after more than one year42 | €5k | €19k | €20k | €20k | €15k | ▼ 25.9% |
| Financial debts43 | - | - | - | - | €25k | - |
| Credit institutions430/8 | - | - | - | - | €25k | - |
| Trade debts44 | €21k | €31k | €17k | €9k | €8k | ▼ 16.7% |
| Suppliers440/4 | €21k | €31k | €17k | €9k | €8k | ▼ 16.7% |
| Taxes, remuneration and social security45 | €26k | €5k | €22k | €8k | €330 | ▼ 95.8% |
| Taxes450/3 | €26k | €5k | €22k | €8k | €330 | ▼ 95.8% |
| Other amounts payable47/48 | €37k | €999 | €25k | - | - | - |
| Accrued charges and deferred income492/3 | - | €11k | €1k | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31k | €8k | €39k | €-39k | €11k | ▲ 128% |
| + Depreciation and write-downs630 | €15k | €19k | €28k | €18k | €7k | ▼ 60.8% |
| Operating cash flow (approximation) | €46k | €27k | €67k | €-21k | €17k | ▲ 183% |
| Investment in fixed assets (approximation) | - | €-81k | €0 | €0 | €26k | - |
| Change in cash | - | €28k | €-7k | €-48k | €-11k | ▲ 76.3% |
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
Next filing, fiscal year 2026, expected by
2026
05-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Back to profitnet €11k
Net result €11k after one loss-making year.
03-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet €-39k
Net result drops to €-39k, the lowest in the series; recovery starts the following year.
01-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2018net €39k ▲387%
Operating result €58k, net result €39k, both a record.
27-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
28-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Back to profitnet €31k
Net result €31k after one loss-making year.
29-06
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
25-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Equity above €100kEq €101k ▲24.6%
2 profitable years in a row build equity to €101k.
Show earlier events
01-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
11-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
29-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
7 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, Soignies · 1 establishment unit since 2016
Ground area
320 m²
Building footprint
83 m²
Parcel 55402E0422/00M000, Wallonia. Linked by address, not a title deed.
1 establishment unit
MASABEL
since 20162.250.471.957
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 55402E0422/00M000 | Wallonia | 320 m² | 1 · 83 m² | - |
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 15,529 companies in sector 43990 we hold annual accounts for 7,420. 6,181 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
Founded16-11-2015
Fiscal year end31-12
Activities, NACEBEL 2025
43990Other specialised construction activities
Scores and ratios are computed by Checked and are not a credit decision.