MASCA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 19-06-2026 at the NBB all 14 filings
Turnover
≈ €130,000
Estimated: probably between €94,000 and €200,000
Total assets
€451,822▲ 7.9%
2024 · €418,720
Net result
€38,081
2024 · -€20,682
Working capital
€389,117▲ 14.8%
2024 · €339,015
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€52,885
2025
20182025
Net result
€38,081
2025
middle half of the sector
20182025
Equity
€441,761
▲ 9.4%
2025
middle half of the sector
20182025
Total assets
€451,822
▲ 7.9%
2025
middle half of the sector
20182025
Debt
€10,061
▼ 33.1%
2025
20182025
Working capital
€389,117
▲ 14.8%
2025
highest quarter of the sector
20182025
Solvency
97.8%
▲ 1.4pp
2025
highest quarter of the sector
20182025
Current ratio
39.92
▲ 15.53
2025
highest quarter of the sector
20182025
Return on assets (ROA)
8.4%
▲ 13.4pp
2025
middle half of the sector
20182025
Staff (FTE)
0
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€6,550-€1,992▼ 69.6%€109,428▲ 55×€154,777▲ 41.4%€91,751▼ 40.7%€148,127▲ 61.4%-€17,678€52,885
Net result€78--€3,665€84,540within the sector's middle half€110,855above the sector's middle half▲ 31.1%€65,367within the sector's middle half▼ 41.0%€105,471within the sector's middle half▲ 61.4%-€20,682below the sector's middle half€38,081within the sector's middle half
Equity€61,795-€58,130▼ 5.9%€142,670within the sector's middle half▲ 145%€253,524above the sector's middle half▲ 77.7%€318,891within the sector's middle half▲ 25.8%€424,362within the sector's middle half▲ 33.1%€403,680within the sector's middle half▼ 4.9%€441,761within the sector's middle half▲ 9.4%
Total assets€163,353-€147,043▼ 10.0%€245,647below the sector's middle half▲ 67.1%€351,642within the sector's middle half▲ 43.1%€404,881within the sector's middle half▲ 15.1%€479,060within the sector's middle half▲ 18.3%€418,720within the sector's middle half▼ 12.6%€451,822within the sector's middle half▲ 7.9%
Debt€101,558-€88,913▼ 12.5%€102,978▲ 15.8%€98,118▼ 4.7%€85,990▼ 12.4%€54,698▼ 36.4%€15,040▼ 72.5%€10,061▼ 33.1%
Working capital€42,448-€44,797▲ 5.5%€132,302within the sector's middle half▲ 195%€209,111above the sector's middle half▲ 58.1%€237,704within the sector's middle half▲ 13.7%€342,291within the sector's middle half▲ 44.0%€339,015within the sector's middle half▼ 1.0%€389,117above the sector's middle half▲ 14.8%
Solvency37.8%-39.5%▲ 1.7pp58.1%within the sector's middle half▲ 18.5pp72.1%within the sector's middle half▲ 14.0pp78.8%above the sector's middle half▲ 6.7pp88.6%above the sector's middle half▲ 9.8pp96.4%above the sector's middle half▲ 7.8pp97.8%above the sector's middle half▲ 1.4pp
Current ratio1.47-1.55▲ 0.082.44within the sector's middle half▲ 0.893.13within the sector's middle half▲ 0.693.86within the sector's middle half▲ 0.727.26above the sector's middle half▲ 3.4024.39above the sector's middle half▲ 17.1339.92above the sector's middle half▲ 15.53
Return on assets (ROA)0.0%--2.5%▼ 2.5pp34.4%above the sector's middle half▲ 36.9pp31.5%above the sector's middle half▼ 2.9pp16.1%above the sector's middle half▼ 15.4pp22.0%above the sector's middle half▲ 5.9pp-4.9%below the sector's middle half▼ 27.0pp8.4%within the sector's middle half▲ 13.4pp
Staff (FTE)0.2-1▲ 400%1within the sector's middle half=0.3▼ 70.0%0within the sector's middle half0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 €52,885, after a loss of €17,678 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €451,822
Fixed assets
€52,706 ▼ 19.2%
Current assets
€399,116 ▲ 12.9%
Equity and liabilities €451,822
Equity
€441,761 ▲ 9.4%
Debt
€10,061 ▼ 33.1%
Debt's share of the balance-sheet total falls from 3.6% to 2.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€65,389▲
2024 · -€796
Cash flow
€50,585▲
2024 · -€3,800
Debt to equity
0.02▼
2024 · 0.04
ROE
8.6%▲
2024 · -5.1%
Interest coverage
27.35▲
2024 · -0.31
Debt ≤ 1 year
€9,999▼
2024 · €14,494
Income taxes
€13,656▲
2024 · €1,451
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 |
|---|---|
| Average over the year, in full-time equivalents | 0.3 |
| Joined | 0 |
| Left | 1 |
Source: social balance sheet in the 2021 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €39,481 | €59,801 | €19,990 | €41,880 | - |
| Depreciation and write-downs of the year | €10,635 | €17,636 | €21,586 | €16,882 | €12,504 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €10,895 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €18,216 | - | - | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,109 | €7,109 | €7,109 | €10,635 | €17,636 | €21,586 | €16,882 | €12,504 | ▼ 25.9% |
| Other operating charges640/8 | - | - | - | €951 | €5,690 | €10,966 | €897 | €915 | ▲ 2.0% |
| Non-recurring operating charges66A | - | - | - | €1,000 | - | - | €3,201 | €0 | ▼ 100% |
| Gross operating margin9900 | €22,572 | €96,289 | €163,022 | €185,580 | €115,077 | €180,679 | €3,302 | €66,304 | ▲ 20× |
| Operating profit (loss)9901 | €6,550 | €1,992 | €109,428 | €154,777 | €91,751 | €148,127 | -€17,678 | €52,885 | - |
| Financial income75/76B | - | - | - | €9 | €549 | €2,750 | €1,000 | €1,243 | ▲ 24.3% |
| Recurring financial income75 | €2 | - | €58 | €9 | €549 | €2,750 | €1,000 | €1,243 | ▲ 24.3% |
| Financial charges65/66B | - | - | - | €423 | €1,856 | €1,281 | €2,553 | €2,391 | ▼ 6.3% |
| Recurring financial charges65 | €5,995 | €578 | €319 | €423 | €1,856 | €1,281 | €2,553 | €2,391 | ▼ 6.3% |
| Profit (loss) for the period before taxes9903 | €558 | -€2,796 | €109,166 | €154,363 | €90,444 | €149,596 | -€19,231 | €51,737 | - |
| Income taxes67/77 | €479 | €869 | €24,627 | €43,509 | €25,077 | €44,125 | €1,451 | €13,656 | ▲ 841% |
| Profit (loss) for the period9904 | €78 | -€3,665 | €84,540 | €110,855 | €65,367 | €105,471 | -€20,682 | €38,081 | - |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | €31,575 | €0 | ▼ 100% |
| Transfer to tax-exempt reserves689 | - | - | - | - | €42,100 | €42,100 | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | €78 | -€3,665 | €52,965 | €110,855 | €23,267 | €63,371 | €10,893 | €38,081 | ▲ 250% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €163,353 | €147,043 | €245,647 | €351,642 | €404,881 | €479,060 | €418,720 | €451,822 | ▲ 7.9% |
| Fixed assets21/28 | €30,284 | €20,676 | €21,567 | €44,413 | €83,937 | €82,093 | €65,210 | €52,706 | ▼ 19.2% |
| Intangible fixed assets21 | €9,242 | €6,323 | €3,405 | €486 | - | - | - | - | - |
| Tangible fixed assets22/27 | €18,543 | €14,352 | €10,162 | €35,926 | €78,577 | €76,981 | €60,099 | €47,595 | ▼ 20.8% |
| Land and buildings22 | - | - | - | €456 | €45,162 | €50,948 | €44,895 | €38,843 | ▼ 13.5% |
| Plant, machinery and equipment23 | - | - | - | €2,516 | €1,440 | €8,013 | €5,943 | €4,238 | ▼ 28.7% |
| Furniture and vehicles24 | - | - | - | €32,954 | €31,975 | €18,020 | €9,261 | €4,514 | ▼ 51.3% |
| Financial fixed assets28 | €2,500 | - | €8,000 | €8,000 | €5,360 | €5,112 | €5,112 | €5,112 | = |
| Current assets29/58 | €133,069 | €126,368 | €224,080 | €307,230 | €320,944 | €396,968 | €353,509 | €399,116 | ▲ 12.9% |
| Amounts receivable within one year40/41 | €60,888 | €78,796 | €35,041 | €103,956 | €87,873 | €112,800 | €18,150 | €147,868 | ▲ 715% |
| Trade receivables40 | - | - | - | €93,956 | €83,626 | €111,925 | €18,150 | €7,868 | ▼ 56.7% |
| Other amounts receivable41 | - | - | - | €10,000 | €4,248 | €875 | €0 | €140,000 | - |
| Cash at bank and in hand54/58 | €70,076 | €46,822 | €188,150 | €202,408 | €226,583 | €283,356 | €334,404 | €249,573 | ▼ 25.4% |
| Deferred charges and accrued income490/1 | - | - | - | €866 | €6,488 | €811 | €956 | €1,675 | ▲ 75.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €163,353 | €147,043 | €245,647 | €351,642 | €404,881 | €479,060 | €418,720 | €451,822 | ▲ 7.9% |
| Equity10/15 | €61,795 | €58,130 | €142,670 | €253,524 | €318,891 | €424,362 | €403,680 | €441,761 | ▲ 9.4% |
| Contributions10/11 | €50,000 | €50,000 | - | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Reserves13 | €11,795 | €8,130 | €39,705 | €139,665 | €201,765 | €307,236 | €286,553 | €324,635 | ▲ 13.3% |
| Non-distributable reserves130/1 | - | - | - | €5,000 | €5,000 | €5,000 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €5,000 | €5,000 | €5,000 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €31,575 | €73,675 | €115,775 | €84,200 | €84,200 | = |
| Distributable reserves133 | - | - | - | €103,090 | €123,090 | €186,461 | €202,353 | €240,435 | ▲ 18.8% |
| Profit (loss) carried forward14 | - | - | €52,965 | €63,859 | €67,126 | €67,126 | €67,126 | €67,126 | = |
| Amounts payable17/49 | €101,558 | €88,913 | €102,978 | €98,118 | €85,990 | €54,698 | €15,040 | €10,061 | ▼ 33.1% |
| Amounts payable after more than one year17 | €10,929 | €7,343 | €3,700 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €90,620 | €81,570 | €91,778 | €98,118 | €83,240 | €54,677 | €14,494 | €9,999 | ▼ 31.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €3,700 | - | - | - | - | - |
| Trade debts44 | €42,324 | €23,031 | €33,307 | €55,548 | €2,551 | €1,910 | €788 | €4,048 | ▲ 413% |
| Suppliers440/4 | - | - | - | €55,548 | €2,551 | €1,910 | €788 | €4,048 | ▲ 413% |
| Taxes, remuneration and social security45 | - | - | - | €25,448 | €57,196 | €39,387 | €9,525 | €3,393 | ▼ 64.4% |
| Taxes450/3 | - | - | - | €25,448 | €57,196 | €39,387 | €9,525 | €3,393 | ▼ 64.4% |
| Other amounts payable47/48 | - | - | - | €13,422 | €23,493 | €13,380 | €4,181 | €2,558 | ▼ 38.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | €2,750 | €21 | €546 | €62 | ▼ 88.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €78 | -€3,665 | €84,540 | €110,855 | €65,367 | €105,471 | -€20,682 | €38,081 | - |
| + Depreciation and write-downs630 | €7,109 | €7,109 | €7,109 | €10,635 | €17,636 | €21,586 | €16,882 | €12,504 | ▼ 25.9% |
| Operating cash flow (approximation) | €7,187 | €3,444 | €91,648 | €121,490 | €83,003 | €127,057 | -€3,800 | €50,585 | - |
| Investment in fixed assets (approximation) | - | €2,500 | -€8,000 | -€33,481 | -€57,161 | -€19,741 | €0 | €0 | - |
| Change in cash | - | -€23,254 | €141,328 | €14,259 | €24,175 | €56,773 | €51,047 | -€84,830 | - |
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, 17,811 companies had the same profile as MASCA has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of MASCA itself: < 0.1% 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 17,811 companies, not a prediction for MASCA. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 19-06-2026 | 2026-00194908 | |
| 31-12-2024 | abbreviated format | 18-06-2025 | 2025-00148569 | |
| 31-12-2023 | abbreviated format | 15-04-2024 | 2024-00064368 | |
| 31-12-2022 | abbreviated format | 15-06-2023 | 2023-00127394 | |
| 31-12-2021 | micro format | 25-07-2022 | 2022-20218024 | |
| 31-12-2020 | abbreviated format | 26-07-2021 | 2021-40300091 | |
| 31-12-2019 | abbreviated format | 27-07-2020 | 2020-34400235 | |
| 31-12-2018 | abbreviated format | 30-07-2019 | 2019-41200062 | |
| 31-12-2017 | micro format | 15-10-2018 | 2018-69600073 | |
| 31-12-2016 | micro format | 20-04-2017 | 2017-09500437 |