MASFOK
ActiveSummary
MASFOK has been active since 1973 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €66k and a net result of €5k. Equity is growing by ~11.2% per year across the filed fiscal years. Its solvency ranks better than 71% of 9234 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability75▼-9
Solvency84▲+9
Growth70=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5k at 30 days acceptable
Liquidity ample (current ratio 2.97 against 3.58 in 2024; short-term debt: 24.3% and cash: 70.4% of total assets), and 41.1% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
58.9%
Return on assets
4.6%
Age of the figures
9 mo
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
55 d early
2023
68 d early
2022
79 d early
2021
61 d early
2020
72 d early
2019
78 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Turnover
€65k▲ 13.0%
2022 · €58k
2022: €58k
2024: €65k
2022 → 2024
EBIT margin
11.1%▲ 3.8pp
2022 · 7.3%
2022: 7.3%
2024: 11.1%
2022 → 2024
Net result
€5k▼ 23.5%
2024 · €7k
2022: €4klowest value
2024: €7khighest value
2025: €5k▼ -23.5% vs 2024
2022 → 2025
Working capital
€54k▼ 2.3%
2024 · €55k
2022: €68khighest value
2024: €55k
2025: €54k▼ -2.3% vs 2024lowest value
2022 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line202220242025Trend
Turnover€58k-€65k▲ 13.0%
2022: €58k
2024: €65k
Equity€46k-€61k▲ 33.4%€66k▲ 8.6%
2022: €46klowest value
2024: €61k
2025: €66k▲ +8.6% vs 2024highest value
Operating result€4k-€7k▲ 71.4%€8k▲ 14.6%
2022: €4klowest value
2024: €7k
2025: €8k▲ +14.6% vs 2024highest value
Net result€4k-€7k▲ 89.7%€5k▼ 23.5%
2022: €4klowest value
2024: €7khighest value
2025: €5k▼ -23.5% vs 2024
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result rises in 2025; 2025 is 15% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €113k
Fixed assets
€31k ▼ 31.2%
Current assets
€81k ▲ 6.2%
Equity and liabilities €113k
Equity
€66k ▲ 8.6%
Debt
€46k ▼ 24.0%
Debt's share of the balance-sheet total falls from 50.0% to 41.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€24k▼
2024 · €24k
Cash flow
€20k▼
2024 · €24k
Current ratio
2.97▼
2024 · 3.58
Debt to equity
0.70▼
2024 · 1.00
ROE
7.9%▼
2024 · 11.2%
ROA
4.6%▼
2024 · 5.6%
Interest coverage
35.22▼
2024 · 44.96
Debt ≤ 1 year
€27k▲
2024 · €21k
Debt > 1 year
€19k▼
2024 · €40k
Income taxes
€4k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 50 lines
Balance sheet
Code20242025
Assets
Total assets20/58€122k€113k▼
Fixed assets21/28€46k€31k▼
Tangible fixed assets22/27€46k€31k▼
Land and buildings22€42k€29k▼
Plant, machinery and equipment23€3k€2k▼
Furniture and vehicles24€53-
Current assets29/58€77k€81k▲
Amounts receivable within one year40/41€2k€2k▲
Trade receivables40€2k€2k▲
Other amounts receivable41€243€15▼
Cash at bank and in hand54/58€75k€79k▲
Equity and liabilities
Total equity and liabilities10/49€122k€113k▼
Equity10/15€61k€66k▲
Contributions10/11€99k€99k=
Capital10€99k€99k=
Issued capital100€99k€99k=
Reserves13€21k€21k=
Non-distributable reserves130/1€21k€21k=
Legal reserve130€21k€21k=
Profit (loss) carried forward14€-59k€-54k▲
Amounts payable17/49€61k€46k▼
Amounts payable after more than one year17€40k€19k▼
Financial debts170/4€39k€19k▼
Advances received on contracts in progress176€730-
Amounts payable within one year42/48€21k€27k▲
Current portion of amounts payable after more than one year42€11k-
Trade debts44€10k€2k▼
Suppliers440/4€10k€2k▼
Advances received on contracts in progress46-€1k
Taxes, remuneration and social security45€36-
Taxes450/3€36-
Other amounts payable47/48-€24k
Income statement
Code20242025
Turnover70€65k-
Non-recurring operating income76A€65k-
Goods, raw materials, services and sundry goods60/61€41k-
Remuneration, social security and pensions62€387-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€17k€15k▼
Other operating charges640/8-€492
Gross operating margin9900€25k€24k▼
Operating profit (loss)9901€7k€8k▲
Financial income75/76B€150€2k▲
Recurring financial income75€150€2k▲
Financial charges65/66B€539€669▲
Recurring financial charges65€539€669▲
Profit (loss) for the period before taxes9903€7k€10k▲
Income taxes67/77-€4k
Profit (loss) for the period9904€7k€5k▼
Profit (loss) for the period to be appropriated9905€7k€5k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-59k€-54k▲
Profit (loss) brought forward from the previous period14P€-66k€-59k▲
The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Turnover70 | €58k | €65k | - | - |
| Non-recurring operating income76A | - | €65k | - | - |
| Goods, raw materials, services and sundry goods60/61 | €34k | €41k | - | - |
| Remuneration, social security and pensions62 | €348 | €387 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19k | €17k | €15k | ▼ 10.2% |
| Other operating charges640/8 | €34k | - | €492 | - |
| Gross operating margin9900 | €58k | €25k | €24k | ▼ 2.3% |
| Operating profit (loss)9901 | €4k | €7k | €8k | ▲ 14.6% |
| Financial income75/76B | - | €150 | €2k | ▲ 1,225% |
| Recurring financial income75 | - | €150 | €2k | ▲ 1,225% |
| Financial charges65/66B | €614 | €539 | €669 | ▲ 24.1% |
| Recurring financial charges65 | €614 | €539 | €669 | ▲ 24.1% |
| Profit (loss) for the period before taxes9903 | €4k | €7k | €10k | ▲ 40.4% |
| Income taxes67/77 | - | - | €4k | - |
| Profit (loss) for the period9904 | €4k | €7k | €5k | ▼ 23.5% |
| Transfer from tax-exempt reserves789 | €0 | - | - | - |
| Transfer to tax-exempt reserves689 | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €4k | €7k | €5k | ▼ 23.5% |
| Line | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €141k | €122k | €113k | ▼ 7.7% |
| Fixed assets21/28 | €59k | €46k | €31k | ▼ 31.2% |
| Tangible fixed assets22/27 | €59k | €46k | €31k | ▼ 31.2% |
| Land and buildings22 | €51k | €42k | €29k | ▼ 31.0% |
| Plant, machinery and equipment23 | €5k | €3k | €2k | ▼ 32.1% |
| Furniture and vehicles24 | €2k | €53 | - | - |
| Leasing and similar rights25 | €0 | - | - | - |
| Other tangible fixed assets26 | €915 | - | - | - |
| Current assets29/58 | €83k | €77k | €81k | ▲ 6.2% |
| Amounts receivable within one year40/41 | - | €2k | €2k | ▲ 6.5% |
| Trade receivables40 | - | €2k | €2k | ▲ 21.2% |
| Other amounts receivable41 | - | €243 | €15 | ▼ 93.8% |
| Cash at bank and in hand54/58 | €83k | €75k | €79k | ▲ 6.2% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €141k | €122k | €113k | ▼ 7.7% |
| Equity10/15 | €46k | €61k | €66k | ▲ 8.6% |
| Contributions10/11 | €99k | €99k | €99k | = |
| Capital10 | €99k | €99k | €99k | = |
| Issued capital100 | €99k | €99k | €99k | = |
| Reserves13 | €21k | €21k | €21k | = |
| Non-distributable reserves130/1 | €21k | €21k | €21k | = |
| Legal reserve130 | €21k | €21k | €21k | = |
| Profit (loss) carried forward14 | €-74k | €-59k | €-54k | ▲ 8.9% |
| Amounts payable17/49 | €95k | €61k | €46k | ▼ 24.0% |
| Amounts payable after more than one year17 | €81k | €40k | €19k | ▼ 52.2% |
| Financial debts170/4 | €80k | €39k | €19k | ▼ 51.3% |
| Advances received on contracts in progress176 | €730 | €730 | - | - |
| Amounts payable within one year42/48 | €15k | €21k | €27k | ▲ 28.2% |
| Current portion of amounts payable after more than one year42 | €11k | €11k | - | - |
| Trade debts44 | €4k | €10k | €2k | ▼ 79.8% |
| Suppliers440/4 | €4k | €10k | €2k | ▼ 79.8% |
| Advances received on contracts in progress46 | - | - | €1k | - |
| Taxes, remuneration and social security45 | €36 | €36 | - | - |
| Taxes450/3 | €36 | €36 | - | - |
| Other amounts payable47/48 | - | - | €24k | - |
| Line | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €4k | €7k | €5k | ▼ 23.5% |
| + Depreciation and write-downs630 | €19k | €17k | €15k | ▼ 10.2% |
| Operating cash flow (approximation) | €23k | €24k | €20k | ▼ 14.0% |
| Investment in fixed assets (approximation) | - | - | €-1k | - |
| Change in cash | - | - | €5k | - |
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
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 31 days late
2025
06-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2022net €7k ▲89.7%
Net result €7k, the highest in the series.
24-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
13-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
20-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
14-05
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
21-05
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
16-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
27-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Zandhoven · 1 establishment unit since 1974
Ground area
1.4 ha
Building footprint
324 m²
Volume, LiDAR
3,849 m³
2 parcels, Flanders · tallest building 16.4 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
Kasteelstraat 1, 2240 Zandhoven
since 19742.009.025.792
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11027A0059/00B000 | Flanders | 7,423 m² | - | - |
| 11027A0061/00L000 | Flanders | 6,791 m² | 1 · 324 m² | 16.4 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels 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.
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Of 9,136 companies in sector 68201 we hold annual accounts for 6,765. 3,712 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded28-12-1973
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
Scores and ratios are computed by Checked and are not a credit decision.