MASAN
ActiveSummary
MASAN has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €47,937 and a net result of €6,075. Equity is growing by ~6.7% per year across the filed fiscal years. Its solvency ranks better than 72% of 18934 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.4% (low).
Checked score
Score 2024
Axes · tick = 2023
Profitability78▲+26
Solvency80▲+8
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
1.4%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3,000 at 30 days acceptable
Liquidity ample (current ratio 1.9 against 2.25 in 2023; short-term debt: 44.7% and cash: 50.8% of total assets), and 44.7% of the assets are financed with debt.
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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 56
Relative position
BE, all sectors
reference
Food and beverage service activities (NACE 56)
about 206% 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
55.3%
Return on assets
7%
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 29-10-2025, 90 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
90 d late
2023
356 d late
2022
71 d late
2021
78 d late
2020
87 d late
2019
452 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 189 days after the deadline; the sector median for financial year 2024 is 6 days after the deadline, and 52% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€47,937▲ 14.5%
2023 · €41,862
Total assets
€86,749▼ 1.7%
2023 · €88,230
Net result
€6,075
2023 · -€2,274
Working capital
€34,845▼ 18.1%
2023 · €42,525
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 56, Food and beverage service activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€8,521▲ 203%€10,186▲ 19.5%€3,997▼ 60.8%€717▼ 82.1%€11,453▲ 1,498%
Net result€2,836within the sector's middle half▼ 9.4%€6,345within the sector's middle half▲ 124%€625within the sector's middle half▼ 90.1%-€2,274within the sector's middle half€6,075within the sector's middle half
Equity€37,166within the sector's middle half▲ 8.3%€43,510within the sector's middle half▲ 17.1%€44,136within the sector's middle half▲ 1.4%€41,862within the sector's middle half▼ 5.2%€47,937within the sector's middle half▲ 14.5%
Total assets€51,108within the sector's middle half▼ 4.7%€76,008within the sector's middle half▲ 48.7%€72,186within the sector's middle half▼ 5.0%€88,230within the sector's middle half▲ 22.2%€86,749within the sector's middle half▼ 1.7%
Debt€10,342▼ 34.2%€28,898▲ 179%€24,451▼ 15.4%€46,369▲ 89.6%€38,812▼ 16.3%
Working capital€27,260within the sector's middle half▲ 21.9%€31,425within the sector's middle half▲ 15.3%€35,831within the sector's middle half▲ 14.0%€42,525above the sector's middle half▲ 18.7%€34,845within the sector's middle half▼ 18.1%
Solvency72.7%above the sector's middle half▲ 8.7pp57.2%within the sector's middle half▼ 15.5pp61.1%above the sector's middle half▲ 3.9pp47.4%within the sector's middle half▼ 13.7pp55.3%within the sector's middle half▲ 7.8pp
Current ratio3.64above the sector's middle half▲ 1.212.09within the sector's middle half▼ 1.552.47above the sector's middle half▲ 0.382.25above the sector's middle half▼ 0.211.90within the sector's middle half▼ 0.36
Return on assets (ROA)5.5%within the sector's middle half▼ 0.3pp8.3%within the sector's middle half▲ 2.8pp0.9%within the sector's middle half▼ 7.5pp-2.6%within the sector's middle half▼ 3.4pp7.0%within the sector's middle half▲ 9.6pp
Staff (FTE)7.4
above
within
below
the middle half (P25 to P75) of NACE 56, Food and beverage service activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 1,498% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €86,749
Fixed assets
€13,092 ▲ 10.8%
Current assets
€73,657 ▼ 3.6%
Equity and liabilities €86,749
Equity
€47,937 ▲ 14.5%
Debt
€38,812 ▼ 16.3%
Debt's share of the balance-sheet total falls from 52.6% to 44.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€13,299▲
2023 · €2,828
Cash flow
€7,921▲
2023 · -€163
Quick ratio
1.14▼
2023 · 2.25
Debt to equity
0.81▼
2023 · 1.11
ROE
12.7%▲
2023 · -5.4%
Interest coverage
8.51▲
2023 · 4.37
Debt ≤ 1 year
€38,812▲
2023 · €33,888
Income taxes
€3,817▲
2023 · €2,344
Staff costs
€80,865▼
2023 · €84,513
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,370 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.5%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 1.4% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 31,370 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €295 | €29,590 | €84,513 | €80,865 | ▼ 4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,075 | €3,269 | €3,781 | €2,111 | €1,846 | ▼ 12.6% |
| Other operating charges640/8 | - | €4,753 | €7,322 | €5,496 | €7,109 | ▲ 29.4% |
| Gross operating margin9900 | €16,179 | €18,503 | €44,690 | €92,837 | €101,273 | ▲ 9.1% |
| Operating profit (loss)9901 | €8,521 | €10,186 | €3,997 | €717 | €11,453 | ▲ 1,498% |
| Financial income75/76B | - | - | €0 | €1 | €1 | ▼ 32.7% |
| Recurring financial income75 | - | - | €0 | €1 | €1 | ▼ 32.7% |
| Financial charges65/66B | - | €422 | €433 | €647 | €1,562 | ▲ 141% |
| Recurring financial charges65 | €515 | €422 | €433 | €647 | €1,562 | ▲ 141% |
| Profit (loss) for the period before taxes9903 | €8,006 | €9,764 | €3,564 | €70 | €9,892 | ▲ 13,959% |
| Income taxes67/77 | €5,170 | €3,419 | €2,939 | €2,344 | €3,817 | ▲ 62.8% |
| Profit (loss) for the period9904 | €2,836 | €6,345 | €625 | -€2,274 | €6,075 | ▲ 367% |
| Profit (loss) for the period to be appropriated9905 | €2,836 | €6,345 | €625 | -€2,274 | €6,075 | ▲ 367% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €51,108 | €76,008 | €72,186 | €88,230 | €86,749 | ▼ 1.7% |
| Fixed assets21/28 | €13,505 | €15,686 | €11,904 | €11,817 | €13,092 | ▲ 10.8% |
| Intangible fixed assets21 | €107 | - | - | - | - | - |
| Tangible fixed assets22/27 | €8,922 | €7,609 | €3,828 | €3,740 | €5,016 | ▲ 34.1% |
| Land and buildings22 | - | €527 | €110 | - | €1,585 | - |
| Plant, machinery and equipment23 | - | €1,881 | €523 | €2,288 | €1,801 | ▼ 21.3% |
| Furniture and vehicles24 | - | €5,202 | €3,194 | €1,452 | €1,630 | ▲ 12.2% |
| Financial fixed assets28 | €4,477 | €8,077 | €8,077 | €8,077 | €8,077 | = |
| Current assets29/58 | €37,602 | €60,323 | €60,282 | €76,413 | €73,657 | ▼ 3.6% |
| Stocks and contracts in progress3 | - | - | - | - | €29,600 | - |
| Stocks30/36 | - | - | - | - | €29,600 | - |
| Amounts receivable within one year40/41 | €21,713 | €8,524 | €23,104 | €31,600 | - | - |
| Trade receivables40 | - | €8,524 | €23,104 | €25,131 | - | - |
| Other amounts receivable41 | - | - | - | €6,469 | - | - |
| Cash at bank and in hand54/58 | €15,889 | €48,703 | €37,178 | €44,813 | €44,057 | ▼ 1.7% |
| Deferred charges and accrued income490/1 | - | €3,095 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €51,108 | €76,008 | €72,186 | €88,230 | €86,749 | ▼ 1.7% |
| Equity10/15 | €37,166 | €43,510 | €44,136 | €41,862 | €47,937 | ▲ 14.5% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Issued capital100 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,891 | €1,891 | €1,891 | €1,891 | €1,891 | = |
| Non-distributable reserves130/1 | - | €1,891 | €1,891 | €1,891 | €1,891 | = |
| Legal reserve130 | - | €1,891 | €1,891 | €1,891 | €1,891 | = |
| Profit (loss) carried forward14 | €16,675 | €23,019 | €23,645 | €21,371 | €27,446 | ▲ 28.4% |
| Provisions and deferred taxes16 | €3,600 | €3,600 | €3,600 | - | - | - |
| Provisions for liabilities and charges160/5 | - | €3,600 | €3,600 | - | - | - |
| Major repairs and maintenance162 | - | €3,600 | €3,600 | - | - | - |
| Amounts payable17/49 | €10,342 | €28,898 | €24,451 | €46,369 | €38,812 | ▼ 16.3% |
| Amounts payable within one year42/48 | €10,342 | €28,898 | €24,451 | €33,888 | €38,812 | ▲ 14.5% |
| Financial debts43 | - | - | €1,271 | - | - | - |
| Other loans439 | - | - | €1,271 | - | - | - |
| Trade debts44 | €7,610 | €8,370 | €472 | €3,564 | €3,783 | ▲ 6.1% |
| Suppliers440/4 | - | €8,370 | €472 | €3,564 | €3,783 | ▲ 6.1% |
| Taxes, remuneration and social security45 | - | €4,541 | €11,376 | €30,324 | €35,029 | ▲ 15.5% |
| Taxes450/3 | - | €4,541 | €11,376 | €24,591 | €33,093 | ▲ 34.6% |
| Remuneration and social security454/9 | - | - | - | €5,733 | €1,936 | ▼ 66.2% |
| Other amounts payable47/48 | - | €15,986 | €11,331 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €12,480 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,836 | €6,345 | €625 | -€2,274 | €6,075 | ▲ 367% |
| + Depreciation and write-downs630 | €4,075 | €3,269 | €3,781 | €2,111 | €1,846 | ▼ 12.6% |
| Operating cash flow (approximation) | €6,912 | €9,613 | €4,406 | -€163 | €7,921 | ▲ 4,971% |
| Investment in fixed assets (approximation) | - | -€5,449 | €0 | -€2,024 | -€3,121 | ▼ 54.2% |
| Change in cash | - | €32,814 | -€11,525 | €7,635 | -€756 | ▼ 110% |
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
29-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 90 days late
22-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 356 days late
2024
31-12
Financial
Back to profitnet €6,075
Net result €6,075 after one loss-making year.
2023
31-12
Financial
Weakest financial yearnet -€2,274
Net result drops to -€2,274, the lowest in the series; recovery starts the following year.
10-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 71 days late
2022
17-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 78 days late
2021
31-12
Financial
Highest result since 2018net €6,345 ▲124%
Net result €6,345, the highest in the series.
26-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 87 days late
26-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 452 days late
26-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 818 days late
2018
20-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 51 days late
2017
28-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
20-09
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 51 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
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, Antwerpen · 1 establishment unit since 2010
Ground area
106 m²
Building footprint
106 m²
Volume, LiDAR
1,250 m³
Parcel 11804D0177/00C000, Flanders · tallest building 15.9 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
CAFE BEVEREN
since 20102.221.758.868
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11804D0177/00C000 | Flanders | 106 m² | 1 · 106 m² | 15.9 m · 4 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Recognitions · licences · registrations
Food safety, FASFC
1 siteAntwerpen2.221.758.868
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Of 14,002 companies in sector 56301 we hold annual accounts for 4,896. 4,068 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
Founded04-12-2001
Fiscal year end31-12
Activities, NACEBEL 2025
56301Cafés and bars
E-invoicing
Reachable via Peppol
Peppol ID
0208:0476229517
Also
9925:BE0476229517
Registered
14-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.