MASEL
ActiveSummary
MASEL has been active since 1992 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €21.6m and a net result of €1.0m. Equity is growing by about 2.7% per year across the filed financial years. The computed 12-month bankruptcy probability is 0.5% (very low).
Financials · financial year 2025, full format
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€1.0m▼ 42.4%
2024 · €1.8m
Working capital
€3.9m▼ 2.3%
2024 · €4.0m
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €125,701 in 2025 against €135,139 in 2024; the loss shrinks.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result-€0.1m
2025
Net result€1.0m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€25.6m
2025
Equity€21.6m
2025
Debt€4.0m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€3.9m
2025
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.03m--€0.03m▼ 0.1%-€0.1m▼ 384%-€0.07m▲ 41.8%-€0.08m▼ 15.7%-€0.08m▲ 4.8%-€0.1m▼ 67.1%-€0.1m▲ 7.0%
Net result€0.9m-€1.0m▲ 8.2%€0.9m▼ 13.6%€0.9m▲ 9.3%€1.0m▲ 2.5%€1.4m▲ 47.8%€1.8m▲ 24.3%€1.0m▼ 42.4%
Equity€17.9m-€18.6m▲ 3.6%€18.8m▲ 1.2%€19.0m▲ 1.3%€19.5m▲ 2.3%€20.2m▲ 4.0%€21.3m▲ 5.1%€21.6m▲ 1.8%
Total assets€22.2m-€22.7m▲ 2.3%€22.8m▲ 0.5%€22.8m▼ 0.1%€23.3m▲ 1.9%€24.0m▲ 3.4%€25.1m▲ 4.3%€25.6m▲ 2.2%
Debt€4.3m-€4.2m▼ 3.3%€4.1m▼ 2.5%€3.8m▼ 6.6%€3.8m▼ 0.1%€3.8m=€3.8m=€4.0m▲ 4.7%
Working capital€3.8m-€3.9m▲ 3.4%€4.0m▲ 2.9%€4.3m▲ 6.1%€4.4m▲ 2.2%€4.3m▼ 1.1%€4.0m▼ 7.6%€3.9m▼ 2.3%
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €25.6m
Fixed assets
€21.5m ▲ 2.2%
Current assets
€4.1m ▲ 2.2%
Equity and liabilities €25.6m
Equity
€21.6m ▲ 1.8%
Debt
€4.0m ▲ 4.7%
Debt's share of the balance-sheet total rises from 15.2% to 15.5%. Equity and debt are higher.
Key figures and ratios
Current ratio
22.59
Debt to equity
0.18▲
2024 · 0.18
ROE
4.7%▼
2024 · 8.4%
ROA
4.0%▼
2024 · 7.1%
Debt ≤ 1 year
€180,708▲
2024 · €756
Debt > 1 year
€3.8m=
2024 · €3.8m
Income taxes
€102,200▼
2024 · €177,500
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Other operating charges640/8 | - | - | - | €0.04m | €0.05m | €0.04m | €0.05m | €0.04m | ▼ 16.4% |
| Gross operating margin9900 | -€0.03m | -€0.03m | -€0.1m | -€0.03m | -€0.04m | -€0.04m | -€0.09m | -€0.09m | ▲ 2.2% |
| Operating profit (loss)9901 | -€0.03m | -€0.03m | -€0.1m | -€0.07m | -€0.08m | -€0.08m | -€0.1m | -€0.1m | ▲ 7.0% |
| Financial income75/76B | - | - | - | €1.1m | €1.2m | €1.7m | €2.1m | €1.3m | ▼ 40.2% |
| Recurring financial income75 | €1.0m | €1.1m | €1.1m | €1.1m | €1.2m | €1.2m | €1.2m | €1.3m | ▲ 7.0% |
| Non-recurring financial income76B | - | - | - | - | - | €0.4m | €0.9m | - | - |
| Financial charges65/66B | - | - | - | €391 | €0.003m | €0.005m | €0.006m | €0.002m | ▼ 64.9% |
| Recurring financial charges65 | €0.002m | €0.002m | €0.001m | €391 | €0.003m | €0.005m | €0.006m | €0.002m | ▼ 64.9% |
| Profit (loss) for the period before taxes9903 | €1.0m | €1.1m | €1.0m | €1.0m | €1.1m | €1.6m | €2.0m | €1.1m | ▼ 42.4% |
| Income taxes67/77 | €0.08m | €0.06m | €0.09m | €0.09m | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 42.4% |
| Profit (loss) for the period9904 | €0.9m | €1.0m | €0.9m | €0.9m | €1.0m | €1.4m | €1.8m | €1.0m | ▼ 42.4% |
| Profit (loss) for the period to be appropriated9905 | €0.9m | €1.0m | €0.9m | €0.9m | €1.0m | €1.4m | €1.8m | €1.0m | ▼ 42.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €22.2m | €22.7m | €22.8m | €22.8m | €23.3m | €24.0m | €25.1m | €25.6m | ▲ 2.2% |
| Fixed assets21/28 | €17.9m | €18.4m | €18.5m | €18.5m | €18.9m | €19.7m | €21.1m | €21.5m | ▲ 2.2% |
| Financial fixed assets28 | €17.9m | €18.4m | €18.5m | €18.5m | €18.9m | €19.7m | €21.1m | €21.5m | ▲ 2.2% |
| Current assets29/58 | €4.3m | €4.3m | €4.3m | €4.3m | €4.4m | €4.3m | €4.0m | €4.1m | ▲ 2.2% |
| Amounts receivable after more than one year29 | - | - | - | €3.8m | €3.8m | €3.8m | €3.8m | €3.8m | = |
| Other amounts receivable291 | - | - | - | €3.8m | €3.8m | €3.8m | €3.8m | €3.8m | = |
| Amounts receivable within one year40/41 | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | €0.2m | €0.2m | €0.3m | ▲ 57.5% |
| Other amounts receivable41 | - | - | - | €0.5m | €0.5m | €0.2m | €0.2m | €0.3m | ▲ 57.5% |
| Cash at bank and in hand54/58 | €0.08m | €0.005m | €0.007m | €0.006m | €0.08m | €0.3m | €0.02m | €0.008m | ▼ 58.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €22.2m | €22.7m | €22.8m | €22.8m | €23.3m | €24.0m | €25.1m | €25.6m | ▲ 2.2% |
| Equity10/15 | €17.9m | €18.6m | €18.8m | €19.0m | €19.5m | €20.2m | €21.3m | €21.6m | ▲ 1.8% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €17.7m | €18.3m | €18.5m | €18.8m | €19.2m | €20.0m | €21.0m | €21.4m | ▲ 1.8% |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Distributable reserves133 | - | - | - | €18.7m | €19.2m | €20.0m | €21.0m | €21.4m | ▲ 1.8% |
| Amounts payable17/49 | €4.3m | €4.2m | €4.1m | €3.8m | €3.8m | €3.8m | €3.8m | €4.0m | ▲ 4.7% |
| Amounts payable after more than one year17 | €3.8m | €3.8m | €3.8m | €3.8m | €3.8m | €3.8m | €3.8m | €3.8m | = |
| Other amounts payable178/9 | - | - | - | €3.8m | €3.8m | €3.8m | €3.8m | €3.8m | = |
| Amounts payable within one year42/48 | €0.5m | €0.4m | €0.3m | €0.006m | €0.001m | €0.001m | €0.001m | €0.2m | ▲ 239× |
| Trade debts44 | €70 | - | - | €0.001m | €0.001m | €0.001m | €0.001m | - | - |
| Suppliers440/4 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | - | - |
| Other amounts payable47/48 | - | - | - | €0.005m | - | - | - | €0.2m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.9m | €1.0m | €0.9m | €0.9m | €1.0m | €1.4m | €1.8m | €1.0m | ▼ 42.4% |
| Operating cash flow (approximation) | €0.9m | €1.0m | €0.9m | €0.9m | €1.0m | €1.4m | €1.8m | €1.0m | ▼ 42.4% |
| Investment in fixed assets (approximation) | - | -€0.5m | -€0.1m | €0 | -€0.3m | -€0.8m | -€1.4m | -€0.5m | ▲ 65.7% |
| Change in cash | - | -€0.08m | €0.002m | -€0.001m | €0.08m | €0.2m | -€0.3m | -€0.01m | ▲ 95.8% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 33 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 16-06-2026 | 2026-00169818 |
| 31-12-2024 | full format | 24-06-2025 | 2025-00183978 |
| 31-12-2023 | full format | 17-06-2024 | 2024-00136026 |
| 31-12-2022 | full format | 16-06-2023 | 2023-00140333 |
| 31-12-2021 | full format | 09-06-2022 | 2022-20062959 |
| 31-12-2020 | full format | 28-07-2021 | 2021-42100315 |
| 31-12-2019 | full format | 23-06-2020 | 2020-19500408 |
| 31-12-2018 | full format | 15-07-2019 | 2019-35200418 |
| 31-12-2017 | full format | 10-08-2018 | 2018-44800500 |
| 31-12-2016 | full format | 17-07-2017 | 2017-32300312 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.