MASALAQUE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 24 filings
Turnover
€1.1m
EBIT margin
16.1%
Net result
€21,958
2024 · -€20,751
Working capital
€94,050▼ 33.9%
2024 · €142,250
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€26,330
2025
20182025
Net result
€21,958
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€397,826
▲ 5.6%
2025
highest quarter of the sector
20182025
Total assets
€579,256
▼ 17.3%
2025
highest quarter of the sector
20182025
Debt
€177,312
▼ 44.4%
2025
20182025
Working capital
€94,050
▼ 33.9%
2025
highest quarter of the sector
20182025
Solvency
68.7%
▲ 14.9pp
2025
middle half of the sector
20182025
Current ratio
3.55
▲ 1.63
2025
highest quarter of the sector
20182025
Return on assets (ROA)
3.8%
▲ 6.8pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€1.1m
Operating result€0.01m-€0.05m▲ 298%€0.2m▲ 256%€0.2m▲ 36.1%€0.3m▲ 15.6%€0.2m▼ 40.3%-€0.02m€0.03m
Net result€0.007m-€0.04m▲ 461%€0.1mabove the sector's middle half▲ 224%€0.2mabove the sector's middle half▲ 40.5%€0.2mabove the sector's middle half▲ 10.9%€0.1mabove the sector's middle half▼ 31.6%-€0.02mbelow the sector's middle half€0.02mwithin the sector's middle half
EBIT margin16.1%
Equity€0.009m-€0.05m▲ 433%€0.2mwithin the sector's middle half▲ 269%€0.3mwithin the sector's middle half▲ 103%€0.5mwithin the sector's middle half▲ 57.2%€0.7mwithin the sector's middle half▲ 24.4%€0.4mabove the sector's middle half▼ 43.6%€0.4mabove the sector's middle half▲ 5.6%
Total assets€0.7m-€0.6m▼ 3.3%€0.7mwithin the sector's middle half▲ 11.6%€0.8mwithin the sector's middle half▲ 16.5%€0.9mwithin the sector's middle half▲ 6.2%€0.9mwithin the sector's middle half▲ 4.8%€0.7mabove the sector's middle half▼ 25.5%€0.6mabove the sector's middle half▼ 17.3%
Debt€0.7m-€0.6m▼ 9.0%€0.6m▼ 7.9%€0.5m▼ 9.6%€0.4m▼ 28.6%€0.3m▼ 24.6%€0.3m▲ 19.0%€0.2m▼ 44.4%
Working capital€0.04m-€0.05m▲ 34.4%€0.1mwithin the sector's middle half▲ 128%€0.3mwithin the sector's middle half▲ 107%€0.3mwithin the sector's middle half▲ 32.9%€0.4mwithin the sector's middle half▲ 21.3%€0.1mabove the sector's middle half▼ 65.0%€0.09mabove the sector's middle half▼ 33.9%
Solvency1.3%-7.0%▲ 5.8pp23.2%within the sector's middle half▲ 16.2pp40.4%within the sector's middle half▲ 17.2pp59.8%above the sector's middle half▲ 19.4pp71.0%above the sector's middle half▲ 11.2pp53.8%within the sector's middle half▼ 17.2pp68.7%within the sector's middle half▲ 14.9pp
Current ratio1.61-1.87▲ 0.262.15within the sector's middle half▲ 0.282.87above the sector's middle half▲ 0.713.32above the sector's middle half▲ 0.454.46above the sector's middle half▲ 1.131.93within the sector's middle half▼ 2.533.55above the sector's middle half▲ 1.63
Return on assets (ROA)1.0%-5.9%▲ 4.9pp17.1%above the sector's middle half▲ 11.2pp20.6%above the sector's middle half▲ 3.5pp21.5%above the sector's middle half▲ 0.9pp14.0%above the sector's middle half▼ 7.5pp-3.0%below the sector's middle half▼ 17.0pp3.8%within the sector's middle half▲ 6.8pp
Staff (FTE)4within the sector's middle half4.5within the sector's middle half▲ 12.5%4.3within the sector's middle half▼ 4.4%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 2025 is a profit of €26,330, after a loss of €20,342 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €579,256
Fixed assets
€448,357 ▲ 10.9%
Current assets
€130,898 ▼ 55.8%
Equity and liabilities €579,256
Equity
€397,826 ▲ 5.6%
Provisions
€4,118 ▼ 5.9%
Debt
€177,312 ▼ 44.4%
Debt's share of the balance-sheet total falls from 45.6% to 30.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€66,692▲
2024 · €13,486
Cash flow
€62,321▲
2024 · €13,077
Debt to equity
0.45▼
2024 · 0.85
ROE
5.5%▲
2024 · -5.5%
Interest coverage
16.51▲
2024 · 4.47
Debt ≤ 1 year
€36,849▼
2024 · €153,781
Debt > 1 year
€133,045▼
2024 · €165,403
Income taxes
€2,362▲
2024 · -€245
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 5 | 5 | 4 |
| full-time | 4 | 4 | 4 |
| part-time | 1 | 1 | - |
| in full-time equivalents | 4.5 | 4.5 | 4 |
| Average over the year, in full-time equivalents | 4 | 4.5 | 4.3 |
| On a permanent contract | 3 | 4 | 4 |
| Joined | 6 | - | - |
| Left | 4 | - | - |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €15,024 | €10,173 | €40,562 | €34,840 | €84,294 |
| Depreciation and write-downs of the year | €55,053 | €46,421 | €42,128 | €33,828 | €40,362 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | €1.1m | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.2m | €0.2m | €0.2m | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.06m | €0.06m | €0.06m | €0.06m | €0.05m | €0.04m | €0.03m | €0.04m | ▲ 19.3% |
| Other operating charges640/8 | - | - | - | €0.001m | €0.004m | €0.006m | €0.006m | €0.008m | ▲ 43.1% |
| Non-recurring operating charges66A | - | - | - | - | €0.002m | - | - | - | - |
| Gross operating margin9900 | €0.2m | €0.2m | €0.4m | €0.5m | €0.5m | €0.4m | €0.02m | €0.07m | ▲ 293% |
| Operating profit (loss)9901 | €0.01m | €0.05m | €0.2m | €0.2m | €0.3m | €0.2m | -€0.02m | €0.03m | - |
| Financial income75/76B | - | - | - | €0.002m | €0.002m | €0.001m | €0.002m | €0.002m | ▼ 15.8% |
| Recurring financial income75 | €0.006m | €0.001m | €0.002m | €0.002m | €0.002m | €0.001m | €0.002m | €0.002m | ▼ 15.8% |
| Financial charges65/66B | - | - | - | €0.008m | €0.006m | €0.004m | €0.003m | €0.004m | ▲ 33.9% |
| Recurring financial charges65 | €0.01m | €0.01m | €0.01m | €0.008m | €0.006m | €0.004m | €0.003m | €0.004m | ▲ 33.9% |
| Profit (loss) for the period before taxes9903 | €0.007m | €0.04m | €0.2m | €0.2m | €0.3m | €0.2m | -€0.02m | €0.02m | - |
| Transfer from deferred taxes780 | - | - | - | - | €257 | €257 | €257 | €257 | = |
| Income taxes67/77 | €261 | €267 | €0.04m | €0.05m | €0.07m | €0.02m | -€245 | €0.002m | - |
| Profit (loss) for the period9904 | €0.007m | €0.04m | €0.1m | €0.2m | €0.2m | €0.1m | -€0.02m | €0.02m | - |
| Profit (loss) for the period to be appropriated9905 | €0.007m | €0.04m | €0.1m | €0.2m | €0.2m | €0.1m | -€0.02m | €0.02m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €671,882 | €649,415 | €724,924 | €844,771 | €897,385 | €940,732 | €700,457 | €579,256 | ▼ 17.3% |
| Fixed assets21/28 | €567,595 | €534,951 | €497,551 | €457,522 | €417,820 | €416,255 | €404,426 | €448,357 | ▲ 10.9% |
| Intangible fixed assets21 | €1 | €1 | €1 | €1 | €1 | €1 | - | - | - |
| Tangible fixed assets22/27 | €567,544 | €534,900 | €497,500 | €457,471 | €417,769 | €416,204 | €404,426 | €448,357 | ▲ 10.9% |
| Land and buildings22 | - | - | - | €415,824 | €391,056 | €366,288 | €368,586 | €341,563 | ▼ 7.3% |
| Plant, machinery and equipment23 | - | - | - | €21,683 | €20,536 | €45,660 | €33,929 | €30,981 | ▼ 8.7% |
| Furniture and vehicles24 | - | - | - | €19,963 | €6,178 | €4,255 | €1,912 | €75,813 | ▲ 40× |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | €50 | - | - | - |
| Current assets29/58 | €104,288 | €114,464 | €227,373 | €387,249 | €479,565 | €524,477 | €296,031 | €130,898 | ▼ 55.8% |
| Stocks and contracts in progress3 | €48,633 | €57,752 | €76,583 | €189,984 | €100,765 | €90,636 | - | - | - |
| Stocks30/36 | - | - | - | €189,984 | €100,765 | €90,636 | - | - | - |
| Amounts receivable within one year40/41 | €27,384 | €19,575 | €13,883 | €71,080 | €50,665 | €82,036 | €120,451 | €79,238 | ▼ 34.2% |
| Trade receivables40 | - | - | - | €61,251 | €40,025 | €55,888 | €65,177 | €50,283 | ▼ 22.9% |
| Other amounts receivable41 | - | - | - | €9,828 | €10,640 | €26,148 | €55,274 | €28,955 | ▼ 47.6% |
| Cash at bank and in hand54/58 | €25,116 | €35,932 | €135,601 | €112,087 | €317,838 | €349,243 | €173,299 | €48,999 | ▼ 71.7% |
| Deferred charges and accrued income490/1 | - | - | - | €14,099 | €10,297 | €2,564 | €2,281 | €2,661 | ▲ 16.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €671,882 | €649,415 | €724,924 | €844,771 | €897,385 | €940,732 | €700,457 | €579,256 | ▼ 17.3% |
| Equity10/15 | €8,582 | €45,726 | €168,533 | €341,551 | €536,874 | €667,812 | €376,897 | €397,826 | ▲ 5.6% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €10,738 | €10,738 | = |
| Reserves13 | €45,358 | €45,358 | €128,312 | €302,359 | €498,712 | €630,680 | €348,656 | €370,614 | ▲ 6.3% |
| Non-distributable reserves130/1 | - | - | - | €45,358 | €45,358 | €45,358 | €26,185 | €26,185 | = |
| Reserves not available under the articles1311 | - | - | - | €45,358 | €45,358 | €45,358 | €26,185 | €26,185 | = |
| Distributable reserves133 | - | - | - | €257,001 | €453,354 | €585,321 | €322,471 | €344,429 | ▲ 6.8% |
| Profit (loss) carried forward14 | -€79,057 | -€40,883 | - | - | - | - | - | - | - |
| Investment grants15 | - | - | - | €20,592 | €19,562 | €18,533 | €17,503 | €16,474 | ▼ 5.9% |
| Provisions and deferred taxes16 | €5,920 | €5,663 | €5,405 | €5,148 | €4,891 | €4,633 | €4,376 | €4,118 | ▼ 5.9% |
| Deferred taxes168 | - | - | - | €5,148 | €4,891 | €4,633 | €4,376 | €4,118 | ▼ 5.9% |
| Amounts payable17/49 | €657,380 | €598,026 | €550,985 | €498,072 | €355,620 | €268,287 | €319,184 | €177,312 | ▼ 44.4% |
| Amounts payable after more than one year17 | €592,784 | €536,740 | €445,442 | €363,058 | €205,850 | €150,618 | €165,403 | €133,045 | ▼ 19.6% |
| Financial debts170/4 | - | - | - | €361,374 | €203,792 | €150,618 | €165,403 | €133,045 | ▼ 19.6% |
| Other amounts payable178/9 | - | - | - | €1,684 | €2,058 | - | - | - | - |
| Amounts payable within one year42/48 | €64,596 | €61,137 | €105,543 | €134,989 | €144,322 | €117,669 | €153,781 | €36,849 | ▼ 76.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €78,851 | €66,369 | €53,174 | €38,784 | €32,315 | ▼ 16.7% |
| Trade debts44 | €16,533 | €12,024 | €14,769 | €24,702 | €28,541 | €33,388 | €6,231 | €2,588 | ▼ 58.5% |
| Suppliers440/4 | - | - | - | €24,702 | €28,541 | €33,388 | €6,231 | €2,588 | ▼ 58.5% |
| Taxes, remuneration and social security45 | - | - | - | €31,436 | €49,412 | €31,107 | €20,984 | €1,945 | ▼ 90.7% |
| Taxes450/3 | - | - | - | €22,638 | €25,043 | €19,732 | €19,784 | €1,945 | ▼ 90.2% |
| Remuneration and social security454/9 | - | - | - | €8,798 | €24,368 | €11,375 | €1,200 | - | - |
| Other amounts payable47/48 | - | - | - | - | - | - | €87,783 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €26 | €5,449 | - | - | €7,418 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,801 | €38,174 | €123,836 | €174,047 | €192,951 | €131,968 | -€20,751 | €21,958 | - |
| + Depreciation and write-downs630 | €62,827 | €58,914 | €58,749 | €55,053 | €46,421 | €42,128 | €33,828 | €40,362 | ▲ 19.3% |
| Operating cash flow (approximation) | €69,629 | €97,088 | €182,585 | €229,101 | €239,371 | €174,096 | €13,077 | €62,321 | ▲ 377% |
| Investment in fixed assets (approximation) | - | -€26,270 | -€21,350 | -€15,024 | -€6,720 | -€40,562 | -€22,000 | -€84,294 | ▼ 283% |
| Change in cash | - | €10,816 | €99,669 | -€23,514 | €205,751 | €31,404 | -€175,944 | -€124,300 | ▲ 29.4% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 14,766 companies had the same profile as MASALAQUE has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MASALAQUE itself: 0.2% within 12 months.
Test of the method
The method was tested on the 497,446 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 14,766 companies, not a prediction for MASALAQUE. 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.
Latest 10 of 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00213364 | |
| 31-12-2024 | micro format | 04-08-2025 | 2025-00355203 | |
| 31-12-2023 | full format | 19-09-2024 | 2024-00464962 | |
| 31-12-2022 | full format | 30-05-2023 | 2023-00097527 | |
| 31-12-2021 | full format | 08-06-2022 | 2022-20055051 | |
| 31-12-2020 | full format | 31-08-2021 | 2021-65100398 | |
| 31-12-2019 | micro format | 05-08-2020 | 2020-39100535 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57700517 | |
| 31-12-2017 | micro format | 17-08-2018 | 2018-47200123 | |
| 31-12-2016 | full format | 03-08-2017 | 2017-40600451 |