Maspa
ActiveMaspa has been active since 1968 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €622k and a net result of €-51k. Equity remains stable across the filed fiscal years (±2.1% per year). Its solvency ranks better than 82% of 637 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
57
/ 100
Fair
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability12▼-57
Solvency96▲+5
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35k at 30 days acceptable
Liquidity short (current ratio 0.04 against 0.43 in 2024; short-term debt: 29% and cash: 0.8% of total assets), and 29.1% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises 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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 10
Relative position
BE, all sectors
reference
Sector 10
higher
← 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
70.9%
Return on assets
-5.8%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
20 d late
2023
21 d late
2022
75 d early
2021
59 d early
2020
39 d early
2019
46 d early
← before the deadline
after the deadline →
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
16-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-51k
2024 · €4k
2018: €-1k
2019: €-40k
2020: €-91k
2021: €11k
2022: €-13k
2023: €31k
2024: €4k
2018 → 2025
Working capital
€-244k▼ 25.6%
2024 · €-194k
2018: €-264k
2019: €-161k
2020: €-107k
2021: €52k
2022: €186k
2023: €-330k
2024: €-194k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€649k-€637k▼ 1.9%€668k▲ 4.9%€672k▲ 0.6%€622k▼ 7.5%
Operating result€12k-€-13k€31k€4k▼ 86.1%€-50k
Net result€11k-€-13k€31k€4k▼ 86.2%€-51k
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €50k after €4k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €877k
Fixed assets
€866k=
Current assets
€11k▼ 92.7%
Equity and liabilities €877k
Equity
€622k▼ 7.5%
Debt
€255k▼ 25.5%
The debt ratio falls from 33.7% to 29.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-12k▼
2024 · €48k
Cash flow
€-12k▼
2024 · €48k
Solvency
70.9%▲
2024 · 66.3%
Current ratio
0.04▼
2024 · 0.43
Quick ratio
0.04▼
2024 · 0.43
Debt / equity
0.41▼
2024 · 0.51
ROE
-8.1%▼
2024 · 0.6%
ROA
-5.8%▼
2024 · 0.4%
Interest coverage
-187.47▼
2024 · 800.86
Debt
€255k▼
2024 · €342k
Debt ≤ 1 year
€254k▼
2024 · €342k
Staff costs
€237k▼
2024 · €323k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€1.01M€877k▼
Fixed assets21/28€866k€866k=
Tangible fixed assets22/27€857k€856k▼
Land and buildings22€812k€790k▼
Plant, machinery and equipment23€46k€66k▲
Financial fixed assets28€9k€9k▲
Current assets29/58€148k€11k▼
Amounts receivable within one year40/41€140k€4k▼
Trade receivables40€127k-
Other amounts receivable41€13k€4k▼
Cash at bank and in hand54/58€8k€7k▼
Equity and liabilities
Total equity and liabilities10/49€1.01M€877k▼
Equity10/15€672k€622k▼
Contributions10/11€31k€31k=
Capital10€31k€31k=
Issued capital100€31k€31k=
Reserves13€641k€591k▼
Non-distributable reserves130/1€3k€3k=
Legal reserve130€3k€3k=
Distributable reserves133€638k€587k▼
Amounts payable17/49€342k€255k▼
Amounts payable within one year42/48€342k€254k▼
Trade debts44€39k€39k▲
Suppliers440/4€39k€39k▲
Taxes, remuneration and social security45€69k€15k▼
Taxes450/3€47k-
Remuneration and social security454/9€22k€15k▼
Other amounts payable47/48€235k€200k▼
Accrued charges and deferred income492/3-€654
Income statement
Code20242025
Non-recurring operating income76A€16k-
Remuneration, social security and pensions62€323k€237k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€44k€38k▼
Other operating charges640/8€10k€10k▲
Gross operating margin9900€381k€235k▼
Operating profit (loss)9901€4k€-50k▼
Financial charges65/66B€60€65▲
Recurring financial charges65€60€65▲
Profit (loss) for the period before taxes9903€4k€-51k▼
Profit (loss) for the period9904€4k€-51k▼
Profit (loss) for the period to be appropriated9905€4k€-51k▼
Appropriation of the result
Profit (loss) to be appropriated9906€4k€-51k▼
Transfer from equity791/2-€51k
Transfer to equity691/2€4k-
To other reserves6921€4k-
Social balance
Average headcount (FTE)90876.75.2▼
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
20-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 20 days late
2024
21-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 21 days late
2023
31-12
Financial
Back to profitnet €31k
Net result €31k after one loss-making year.
17-05
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
02-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €11k
Net result €11k after 3 loss-making years.
22-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Weakest financial yearnet €-91k
Net result drops to €-91k, the lowest in the series; recovery starts the following year.
15-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
22-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
07-05
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
22-05
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2024
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
07-05-2024
M.C. INVEST: Resigned as Director
31-05-2018
Baudouin DE VOOGHT: Resigned as Director
Location & real-estate footprint
Registered office, Antwerpen · 2 establishment units since 1968
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Mechanicalaan 10-122610 AntwerpenGround area
2.7 ha
Building footprint
1.8 ha
Volume, LiDAR
158,704 m³
2 parcels, Flanders · tallest building 14.8 m, ±3 floors. Linked by address, not a title deed.
2 establishment units
-
since 19682.037.420.563
Mechanicalaan 10 1, 2610 Antwerpen
since 19892.037.420.662
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11038C0286/00E000 | Flanders | 1.9 ha | 1 · 1.2 ha | 13.0 m · 3 fl. |
| 11463D0176/00Y000 | Flanders | 7,679 m² | 1 · 5,822 m² | 14.8 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteSchelle2.037.420.563
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Of 395 companies in sector 10890 we hold annual accounts for 225. 122 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded03-08-1968
Fiscal year end31-12
Activities, NACEBEL
10820Manufacture of cocoa, chocolate and sugar confectionery
10890Manufacture of food products
15890
Sources
Crossroads Bank for EnterprisesNational Bank · 49 filingsAddress and cadastre registers
Data from official sources, last processed on 16-09-2026. Scores and ratios are computed by Checked and are not a credit decision.