Masal

Bankruptcy closed

Private limited company (pre-2019)founded 2019Oude Koornmarkt 12, 2000 Antwerpen, BelgiumKBO/BCE: BE 0721.422.751

MasalBankruptcy closed

Report

Financials · financial year 2024, micro format

2024 annual accounts filed 61 days after the deadline Filed on 30 September 2025, deadline 31 July 2025 (7 months after the close on 31 December 2024, Companies Code art. 3:10). Source: NBB, 2025-00524947.

Annual accounts 2024 filed on 30-09-2025 PDF all 6 filings

Equity

€34,523▼ 5.8%

2023 · €36,629

Total assets

€143,422▲ 29.7%

2023 · €110,606

Net result

-€2,106▲ 69.6%

2023 · -€6,925

Working capital

€29,869▲ 16.1%

2023 · €25,732

Multi-year overview

2019 to 2024, 6 financial years

Operating result

-€43,291

▼ 401% 2024

20192024

Net result

-€2,106

▲ 69.6% 2024

middle half of the sector

20192024

Equity

€34,523

▼ 5.8% 2024

middle half of the sector

20192024

Total assets

€143,422

▲ 29.7% 2024

lowest quarter of the sector

20192024

Debt

€108,899

▲ 47.2% 2024

20192024

Working capital

€29,869

▲ 16.1% 2024

middle half of the sector

20192024

Solvency

24.1%

▼ 9.0pp 2024

middle half of the sector

20192024

Current ratio

1.27

▼ 0.10 2024

middle half of the sector

20192024

Return on assets (ROA)

-1.5%

▲ 4.8pp 2024

middle half of the sector

20192024

Every figure per financial year

Every figure with its change against the financial year before

favourable unfavourable

Line201920202021202220232024

Operating result€14,058-€9,340▼ 33.6%€2,588▼ 72.3%€4,303▲ 66.3%-€8,640-€43,291▼ 401%

Net result€11,346-€7,197▼ 36.6%€11,457▲ 59.2%-€2,147-€6,925▼ 223%-€2,106▲ 69.6%

Equity€23,546-€34,243▲ 45.4%€45,700▲ 33.5%€43,554▼ 4.7%€36,629▼ 15.9%€34,523▼ 5.8%

Total assets€51,333-€61,607▲ 20.0%€100,279▲ 62.8%€157,008▲ 56.6%€110,606▼ 29.6%€143,422▲ 29.7%

Debt€27,787-€27,364▼ 1.5%€54,579▲ 99.5%€113,454▲ 108%€73,978▼ 34.8%€108,899▲ 47.2%

Working capital€13,562-€17,012▲ 25.4%€28,889▲ 69.8%€38,249▲ 32.4%€25,732▼ 32.7%€29,869▲ 16.1%

Solvency45.9%-55.6%▲ 9.7pp45.6%▼ 10.0pp27.7%▼ 17.8pp33.1%▲ 5.4pp24.1%▼ 9.0pp

Current ratio1.62-1.62=1.53▼ 0.091.39▼ 0.141.37▼ 0.021.27▼ 0.10

Return on assets (ROA)22.1%-11.7%▼ 10.4pp11.4%▼ 0.3pp-1.4%▼ 12.8pp-6.3%▼ 4.9pp-1.5%▲ 4.8pp

above within below The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 operating result for 2024 is a loss of €43,291, larger than the loss of €8,640 in 2023. It is the lowest result since 2020.

Turnover and EBIT margin are not published. The micro format does not require them.

Balance-sheet composition

2024 in colour, 2023 as the grey bar beneath

Assets €143,422

96.8%

Fixed assets €4,653 ▼ 71.2%

Current assets €138,768 ▲ 47.0%

Equity and liabilities €143,422

24.1%

75.9%

Equity €34,523 ▼ 5.8%

Debt €108,899 ▲ 47.2%

Debt's share of the balance-sheet total rises from 66.9% to 75.9%. Equity is lower and debt is higher.

Key figures and ratios

2024 value · change against 2023

EBITDA

-€41,717▼

2023 · -€3,696

Cash flow

-€533▲

2023 · -€1,981

Quick ratio

1.26▼

2023 · 1.37

Debt to equity

3.15▲

2023 · 2.02

ROE

-6.1%▲

2023 · -18.9%

Interest coverage

-15.33▼

2023 · -1.37

Debt ≤ 1 year

€108,899▲

2023 · €68,696

Staff costs

€3,073▲

2023 · €468

Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Investments

fixed assets acquired

Item	2021	2022	2023	2024
Tangible fixed assets	€4,966	€8,298	-	-
Financial fixed assets	€100	€500	-	€500
Depreciation and write-downs of the year	€5,486	€4,037	€4,944	€1,573

Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)

Subsidies and aid

Flemish government

2022 · 1 entry · €2,000 awarded · €2,000 paid

Schemes

Hinderpremie bij openbare werken

1 entry · €2,000 · €2,000 paid · Fonds voor Innoveren en Ondernemen

Annual accounts

OverviewIncome statement Balance sheet Cash flow

Last 5 years All years

Filed annual accounts As filed with the NBB · 2024 against 2023 · 52 lines

Balance sheet Code20232024

Assets

Total assets20/58€110,606€143,422▲

Fixed assets21/28€16,179€4,653▼

Intangible fixed assets21€29-

Tangible fixed assets22/27€14,595€2,598▼

Plant, machinery and equipment23€10,424-

Furniture and vehicles24€4,171€2,598▼

Financial fixed assets28€1,555€2,055▲

Current assets29/58€94,428€138,768▲

Stocks and contracts in progress3€13€1,341▲

Stocks30/36€13€1,341▲

Amounts receivable within one year40/41€79,045€124,507▲

Trade receivables40€15,132€51,039▲

Other amounts receivable41€63,913€73,469▲

Cash at bank and in hand54/58€15,369€12,232▼

Deferred charges and accrued income490/1-€689

Equity and liabilities

Total equity and liabilities10/49€110,606€143,422▲

Equity10/15€36,629€34,523▼

Contributions10/11€15,700€15,700=

Reserves13€1,860€1,860=

Non-distributable reserves130/1€1,860€1,860=

Reserves not available under the articles1311€1,860€1,860=

Profit (loss) carried forward14€19,069€16,963▼

Amounts payable17/49€73,978€108,899▲

Amounts payable after more than one year17€2,282-

Financial debts170/4€2,282-

Amounts payable within one year42/48€68,696€108,899▲

Current portion of amounts payable after more than one year42€5,205-

Financial debts43€46,880€41,142▼

Credit institutions430/8€6,880€1,142▼

Other loans439€40,000€40,000=

Trade debts44€10,682€25,862▲

Suppliers440/4€10,682€25,862▲

Taxes, remuneration and social security45€4,429€3,148▼

Taxes450/3€4,429€3,148▼

Other amounts payable47/48€1,500€38,747▲

Accrued charges and deferred income492/3€3,000-

Income statement Code20232024

Remuneration, social security and pensions62€468€3,073▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€4,944€1,573▼

Other operating charges640/8€3,856€3,748▼

Gross operating margin9900€628-€34,896▼

Operating profit (loss)9901-€8,640-€43,291▼

Financial income75/76B€5,124€43,905▲

Recurring financial income75€5,124€3,206▼

Non-recurring financial income76B-€40,699

Financial charges65/66B€2,698€2,721▲

Recurring financial charges65€2,698€2,721▲

Profit (loss) for the period before taxes9903-€6,214-€2,106▲

Income taxes67/77€711-

Profit (loss) for the period9904-€6,925-€2,106▲

Profit (loss) for the period to be appropriated9905-€6,925-€2,106▲

Appropriation of the result

Profit (loss) to be appropriated9906€19,069€16,963▼

Profit (loss) brought forward from the previous period14P€25,994€19,069▼

The notes to these accounts have 10 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2024 (PDF), filed on 30-09-2025.

Line	2019	2020	2021	2022	2023	2024	Change
Remuneration, social security and pensions62	-	-	€22,776	€38,944	€468	€3,073	▲ 557%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	€2,714	€3,700	€5,486	€4,037	€4,944	€1,573	▼ 68.2%
Other operating charges640/8	-	-	€9,561	€7,944	€3,856	€3,748	▼ 2.8%
Gross operating margin9900	€26,307	€26,908	€40,410	€55,227	€628	-€34,896	-
Operating profit (loss)9901	€14,058	€9,340	€2,588	€4,303	-€8,640	-€43,291	▼ 401%
Financial income75/76B	-	-	€15,161	-	€5,124	€43,905	▲ 757%
Recurring financial income75	€1,006	€196	€15,161	-	€5,124	€3,206	▼ 37.4%
Non-recurring financial income76B	-	-	-	-	-	€40,699	-
Financial charges65/66B	-	-	€3,333	€4,264	€2,698	€2,721	▲ 0.8%
Recurring financial charges65	€810	€2,339	€3,333	€4,264	€2,698	€2,721	▲ 0.8%
Profit (loss) for the period before taxes9903	€14,254	€7,197	€14,416	€38	-€6,214	-€2,106	▲ 66.1%
Income taxes67/77	€2,908	-	€2,959	€2,185	€711	-	-
Profit (loss) for the period9904	€11,346	€7,197	€11,457	-€2,147	-€6,925	-€2,106	▲ 69.6%
Profit (loss) for the period to be appropriated9905	€11,346	€7,197	€11,457	-€2,147	-€6,925	-€2,106	▲ 69.6%

Line	2019	2020	2021	2022	2023	2024	Change
Assets
Total assets20/58	€51,333	€61,607	€100,279	€157,008	€110,606	€143,422	▲ 29.7%
Fixed assets21/28	€15,886	€17,232	€16,812	€21,573	€16,179	€4,653	▼ 71.2%
Intangible fixed assets21	€829	€629	€429	€229	€29	-	-
Tangible fixed assets22/27	€15,057	€15,198	€14,878	€19,339	€14,595	€2,598	▼ 82.2%
Plant, machinery and equipment23	-	-	€14,878	€13,373	€10,424	-	-
Furniture and vehicles24	-	-	-	€5,966	€4,171	€2,598	▼ 37.7%
Financial fixed assets28	-	€1,405	€1,505	€2,005	€1,555	€2,055	▲ 32.1%
Current assets29/58	€35,448	€44,375	€83,468	€135,435	€94,428	€138,768	▲ 47.0%
Stocks and contracts in progress3	€2,165	€939	€3,417	€3,417	€13	€1,341	▲ 101×
Stocks30/36	-	-	€3,417	€3,417	€13	€1,341	▲ 101×
Amounts receivable within one year40/41	€30,131	€37,383	€56,235	€63,968	€79,045	€124,507	▲ 57.5%
Trade receivables40	-	-	€1,488	€1,488	€15,132	€51,039	▲ 237%
Other amounts receivable41	-	-	€54,747	€62,480	€63,913	€73,469	▲ 15.0%
Cash at bank and in hand54/58	€3,151	€3,453	€12,637	€53,336	€15,369	€12,232	▼ 20.4%
Deferred charges and accrued income490/1	-	-	€11,179	€14,714	-	€689	-
Equity and liabilities
Total equity and liabilities10/49	€51,333	€61,607	€100,279	€157,008	€110,606	€143,422	▲ 29.7%
Equity10/15	€23,546	€34,243	€45,700	€43,554	€36,629	€34,523	▼ 5.8%
Contributions10/11	€12,200	-	€15,700	€15,700	€15,700	€15,700	=
Reserves13	€1,860	€1,860	€1,860	€1,860	€1,860	€1,860	=
Non-distributable reserves130/1	-	-	€1,860	€1,860	€1,860	€1,860	=
Reserves not available under the articles1311	-	-	€1,860	€1,860	€1,860	€1,860	=
Profit (loss) carried forward14	€9,486	€16,683	€28,140	€25,994	€19,069	€16,963	▼ 11.0%
Amounts payable17/49	€27,787	€27,364	€54,579	€113,454	€73,978	€108,899	▲ 47.2%
Amounts payable after more than one year17	€5,901	-	-	€16,268	€2,282	-	-
Financial debts170/4	-	-	-	€16,268	€2,282	-	-
Amounts payable within one year42/48	€21,886	€27,364	€54,579	€97,186	€68,696	€108,899	▲ 58.5%
Current portion of amounts payable after more than one year42	-	-	€8,188	€4,646	€5,205	-	-
Financial debts43	-	-	€7,884	€50,636	€46,880	€41,142	▼ 12.2%
Credit institutions430/8	-	-	€7,884	€636	€6,880	€1,142	▼ 83.4%
Other loans439	-	-	-	€50,000	€40,000	€40,000	=
Trade debts44	€9,194	€12,507	€13,107	€36,619	€10,682	€25,862	▲ 142%
Suppliers440/4	-	-	€13,107	€36,619	€10,682	€25,862	▲ 142%
Taxes, remuneration and social security45	-	-	-	€3,786	€4,429	€3,148	▼ 28.9%
Taxes450/3	-	-	-	€3,786	€4,429	€3,148	▼ 28.9%
Other amounts payable47/48	-	-	€25,400	€1,500	€1,500	€38,747	▲ 26×
Accrued charges and deferred income492/3	-	-	-	-	€3,000	-	-

Line	2019	2020	2021	2022	2023	2024	Change
Profit (loss) for the period9904	€11,346	€7,197	€11,457	-€2,147	-€6,925	-€2,106	▲ 69.6%
+ Depreciation and write-downs630	€2,714	€3,700	€5,486	€4,037	€4,944	€1,573	▼ 68.2%
Operating cash flow (approximation)	€14,060	€10,897	€16,943	€1,890	-€1,981	-€533	▲ 73.1%
Investment in fixed assets (approximation)	-	-€5,046	-€5,066	-€8,798	€450	€9,952	▲ 22×
Change in cash	-	€301	€9,184	€40,699	-€37,966	-€3,138	▲ 91.7%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

Download as CSV

Filings with the National Bank (6)

Financial year	Type	Filed	Reference	Document
31-12-2024	micro format	30-09-2025	2025-00524947	PDF
31-12-2023	micro format	30-08-2024	2024-00418968	PDF
31-12-2022	micro format	14-07-2023	2023-00234972	PDF
31-12-2021	micro format	29-06-2022	2022-20115769	PDF
31-12-2020	micro format	06-05-2021	2021-13500002	PDF
31-12-2019	micro format	29-10-2020	2020-64700072	PDF