MASALAQUE
ActiveSummary
MASALAQUE has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €377k and a net result of €-21k. Equity is growing by ~38.3% per year across the filed fiscal years. Its solvency ranks better than 58% of 36375 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability52▼-34
Solvency79▼-17
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €25k at 30 days acceptable
Liquidity ample (current ratio 1.93 against 4.46 in 2023; short-term debt: 22% and cash: 24.7% of total assets), and 46.2% of the assets are financed with debt.
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Signals
Five 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 · 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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
53.8%
Return on assets
-3%
Age of the figures
21 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 04-08-2025, 4 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
4 d late
2023
50 d late
2022
62 d early
2021
53 d early
2020
31 d late
2019
5 d late
← before the deadline
after the deadline →
Checked, nothing found (1)
History
Go further with this company
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Financials · fiscal year 2024, micro schema
Turnover
€1.05M
EBIT margin
16.1%
Net result
€-21k
2023 · €132k
Working capital
€142k▼ 65.0%
2023 · €407k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€1.05M
Operating result€169k▲ 256%€231k▲ 36.1%€266k▲ 15.6%€159k▼ 40.3%€-20k
Net result€124k▲ 224%€174k▲ 40.5%€193k▲ 10.9%€132k▼ 31.6%€-21k
EBIT margin16.1%
Equity€169k▲ 269%€342k▲ 103%€537k▲ 57.2%€668k▲ 24.4%€377k▼ 43.6%
Total assets€725k▲ 11.6%€845k▲ 16.5%€897k▲ 6.2%€941k▲ 4.8%€700k▼ 25.5%
Debt€551k▼ 7.9%€498k▼ 9.6%€356k▼ 28.6%€268k▼ 24.6%€319k▲ 19.0%
Working capital€122k▲ 128%€252k▲ 107%€335k▲ 32.9%€407k▲ 21.3%€142k▼ 65.0%
Staff (FTE)44.5▲ 12.5%4.3▼ 4.4%
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2024: a loss of €20k after €159k in 2023, the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €700k
Fixed assets
€404k ▼ 2.8%
Current assets
€296k ▼ 43.6%
Equity and liabilities €700k
Equity
€377k ▼ 43.6%
Provisions
€4k ▼ 5.6%
Debt
€319k ▲ 19.0%
Debt's share of the balance-sheet total rises from 28.5% to 45.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€13k▼
2023 · €201k
Cash flow
€13k▼
2023 · €174k
Current ratio
1.93▼
2023 · 4.46
Debt to equity
0.85▲
2023 · 0.40
ROE
-5.5%▼
2023 · 19.8%
ROA
-3.0%▼
2023 · 14.0%
Interest coverage
4.47▼
2023 · 50.35
Debt ≤ 1 year
€154k▲
2023 · €118k
Debt > 1 year
€165k▲
2023 · €151k
Income taxes
€-245▼
2023 · €24k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €1.05M | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | €190k | €223k | €215k | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €59k | €55k | €46k | €42k | €34k | ▼ 19.7% |
| Other operating charges640/8 | - | €941 | €4k | €6k | €6k | ▼ 11.9% |
| Non-recurring operating charges66A | - | - | €2k | - | - | - |
| Gross operating margin9900 | €372k | €477k | €543k | €423k | €19k | ▼ 95.5% |
| Operating profit (loss)9901 | €169k | €231k | €266k | €159k | €-20k | ▼ 113% |
| Financial income75/76B | - | €2k | €2k | €1k | €2k | ▲ 104% |
| Recurring financial income75 | €2k | €2k | €2k | €1k | €2k | ▲ 104% |
| Financial charges65/66B | - | €8k | €6k | €4k | €3k | ▼ 24.5% |
| Recurring financial charges65 | €11k | €8k | €6k | €4k | €3k | ▼ 24.5% |
| Profit (loss) for the period before taxes9903 | €160k | €224k | €262k | €156k | €-21k | ▼ 114% |
| Transfer from deferred taxes780 | - | - | €257 | €257 | €257 | = |
| Income taxes67/77 | €36k | €50k | €69k | €24k | €-245 | ▼ 101% |
| Profit (loss) for the period9904 | €124k | €174k | €193k | €132k | €-21k | ▼ 116% |
| Profit (loss) for the period to be appropriated9905 | €124k | €174k | €193k | €132k | €-21k | ▼ 116% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €725k | €845k | €897k | €941k | €700k | ▼ 25.5% |
| Fixed assets21/28 | €498k | €458k | €418k | €416k | €404k | ▼ 2.8% |
| Intangible fixed assets21 | €1 | €1 | €1 | €1 | - | - |
| Tangible fixed assets22/27 | €498k | €457k | €418k | €416k | €404k | ▼ 2.8% |
| Land and buildings22 | - | €416k | €391k | €366k | €369k | ▲ 0.6% |
| Plant, machinery and equipment23 | - | €22k | €21k | €46k | €34k | ▼ 25.7% |
| Furniture and vehicles24 | - | €20k | €6k | €4k | €2k | ▼ 55.1% |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | - | - |
| Current assets29/58 | €227k | €387k | €480k | €524k | €296k | ▼ 43.6% |
| Stocks and contracts in progress3 | €77k | €190k | €101k | €91k | - | - |
| Stocks30/36 | - | €190k | €101k | €91k | - | - |
| Amounts receivable within one year40/41 | €14k | €71k | €51k | €82k | €120k | ▲ 46.8% |
| Trade receivables40 | - | €61k | €40k | €56k | €65k | ▲ 16.6% |
| Other amounts receivable41 | - | €10k | €11k | €26k | €55k | ▲ 111% |
| Cash at bank and in hand54/58 | €136k | €112k | €318k | €349k | €173k | ▼ 50.4% |
| Deferred charges and accrued income490/1 | - | €14k | €10k | €3k | €2k | ▼ 11.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €725k | €845k | €897k | €941k | €700k | ▼ 25.5% |
| Equity10/15 | €169k | €342k | €537k | €668k | €377k | ▼ 43.6% |
| Contributions10/11 | - | €19k | €19k | €19k | €11k | ▼ 42.3% |
| Reserves13 | €128k | €302k | €499k | €631k | €349k | ▼ 44.7% |
| Non-distributable reserves130/1 | - | €45k | €45k | €45k | €26k | ▼ 42.3% |
| Reserves not available under the articles1311 | - | €45k | €45k | €45k | €26k | ▼ 42.3% |
| Distributable reserves133 | - | €257k | €453k | €585k | €322k | ▼ 44.9% |
| Profit (loss) carried forward14 | €-79k | - | - | - | - | - |
| Investment grants15 | - | €21k | €20k | €19k | €18k | ▼ 5.6% |
| Provisions and deferred taxes16 | €5k | €5k | €5k | €5k | €4k | ▼ 5.6% |
| Deferred taxes168 | - | €5k | €5k | €5k | €4k | ▼ 5.6% |
| Amounts payable17/49 | €551k | €498k | €356k | €268k | €319k | ▲ 19.0% |
| Amounts payable after more than one year17 | €445k | €363k | €206k | €151k | €165k | ▲ 9.8% |
| Financial debts170/4 | - | €361k | €204k | €151k | €165k | ▲ 9.8% |
| Other amounts payable178/9 | - | €2k | €2k | - | - | - |
| Amounts payable within one year42/48 | €106k | €135k | €144k | €118k | €154k | ▲ 30.7% |
| Current portion of amounts payable after more than one year42 | - | €79k | €66k | €53k | €39k | ▼ 27.1% |
| Trade debts44 | €15k | €25k | €29k | €33k | €6k | ▼ 81.3% |
| Suppliers440/4 | - | €25k | €29k | €33k | €6k | ▼ 81.3% |
| Taxes, remuneration and social security45 | - | €31k | €49k | €31k | €21k | ▼ 32.5% |
| Taxes450/3 | - | €23k | €25k | €20k | €20k | ▲ 0.3% |
| Remuneration and social security454/9 | - | €9k | €24k | €11k | €1k | ▼ 89.5% |
| Other amounts payable47/48 | - | - | - | - | €88k | - |
| Accrued charges and deferred income492/3 | - | €26 | €5k | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €124k | €174k | €193k | €132k | €-21k | ▼ 116% |
| + Depreciation and write-downs630 | €59k | €55k | €46k | €42k | €34k | ▼ 19.7% |
| Operating cash flow (approximation) | €183k | €229k | €239k | €174k | €13k | ▼ 92.5% |
| Investment in fixed assets (approximation) | - | €-15k | €-7k | €-41k | €-22k | ▲ 45.8% |
| Change in cash | - | €-24k | €206k | €31k | €-176k | ▼ 660% |
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
2025
04-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 4 days late
2024
31-12
Financial
Weakest financial yearnet €-21k
Net result drops to €-21k, the lowest in the series.
19-09
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 50 days late
2023
30-05
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Highest result since 2018net €193k ▲10.9%
Operating result €266k, net result €193k, both a record.
31-12
Financial
Equity above €500kEq €537k ▲57.2%
5 profitable years in a row build equity to €537k.
08-06
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Equity above €200kEq €342k ▲103%
4 profitable years in a row build equity to €342k.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 31 days late
2020
31-12
Financial
Equity above €150kEq €169k ▲269%
3 profitable years in a row build equity to €169k.
05-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 5 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
Show earlier events
2018
17-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 17 days late
2017
03-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 3 days late
2016
16-06
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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 2002
Ground area
666 m²
Building footprint
164 m²
Volume, LiDAR
954 m³
Parcel 55006C0006/00K000, Wallonia · tallest building 8.0 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
MASALAQUE
since 20022.101.889.931
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 55006C0006/00K000 | Wallonia | 666 m² | 1 · 164 m² | 8.0 m · 2 fl. |
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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ZENCIR
BE 0800.386.788
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Of 15,521 companies in sector 43990 we hold annual accounts for 7,416. 5,048 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 (pre-2019)
Founded31-07-2002
Fiscal year end31-12
Activities, NACEBEL 2025
43990Other specialised construction activities
43240Other construction installation
Scores and ratios are computed by Checked and are not a credit decision.