Summary
MASRAF is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €68,222 and a net result of -€9,952. Equity is shrinking by ~6.5% per year across the filed fiscal years. Its solvency ranks better than 11% of 493 sector peers (fiscal year 2025). The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 11% of 493 sector peers (2025).
NBB · sector comparisonPosition among 493 sector peers
Solvency
better than 11%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-08-2026, 30 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 · 3 filingsDeviation from the deadline
2025
30 d late
2024
21 d late
2023
31 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 3 accounts on average 27 days after the deadline; the sector median for financial year 2024 is 5 days before the deadline, and 38% of the sector filed late.
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
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What changed in the latest annual accounts?What changed What held for this company on a given day: board, seat, name?Company as of a date
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Financials · fiscal year 2025, full schema
Equity
€68,222▼ 12.7%
2024 · €78,174
Net result
-€9,952▼ 4,541%
2024 · -€214
Total assets
€1.3m▲ 266%
2024 · €356,879
Solvency
5.2%▼ 16.7pp
2024 · 21.9%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 66, Activities auxiliary to financial services and insurance 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
Line202320242025
Operating result-€1,612--€8,362
Net result-€1,612below the sector's middle half--€214below the sector's middle half▲ 86.7%-€9,952below the sector's middle half▼ 4,541%
Equity€78,388below the sector's middle half-€78,174below the sector's middle half▼ 0.3%€68,222below the sector's middle half▼ 12.7%
Total assets€80,000below the sector's middle half-€356,879below the sector's middle half▲ 346%€1.3mwithin the sector's middle half▲ 266%
Debt€1,612-€278,706▲ 17,190%€1.2m▲ 344%
Working capital€78,388--€147,224€54,394
Solvency98.0%above the sector's middle half-21.9%within the sector's middle half▼ 76.1pp5.2%below the sector's middle half▼ 16.7pp
above
within
below
the middle half (P25 to P75) of NACE 66, Activities auxiliary to financial services and insurance activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result is -€8,362 in 2025, compared with -€1,612 in 2023. Comparable figures for the intervening years are unavailable.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€724,672 ▲ 222%
Current assets
€581,512 ▲ 342%
Equity and liabilities €1.3m
Equity
€68,222 ▼ 12.7%
Debt
€1.2m ▲ 344%
Debt's share of the balance-sheet total rises from 78.1% to 94.8%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-14.6%▼
2024 · -0.3%
ROA
-0.8%▼
2024 · -0.1%
Debt ≤ 1 year
€527,117▲
2024 · €278,706
Debt > 1 year
€710,845
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,612 | - | - | - |
| Gross operating margin9900 | - | - | -€8,362 | - |
| Operating profit (loss)9901 | -€1,612 | - | -€8,362 | - |
| Financial income75/76B | - | €106 | €1,386 | ▲ 1,213% |
| Recurring financial income75 | - | €106 | €1,386 | ▲ 1,213% |
| Financial charges65/66B | - | €320 | €2,975 | ▲ 830% |
| Recurring financial charges65 | - | €320 | €2,975 | ▲ 830% |
| Profit (loss) for the period before taxes9903 | -€1,612 | -€214 | -€9,952 | ▼ 4,541% |
| Profit (loss) for the period9904 | -€1,612 | -€214 | -€9,952 | ▼ 4,541% |
| Profit (loss) for the period to be appropriated9905 | -€1,612 | -€214 | -€9,952 | ▼ 4,541% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €80,000 | €356,879 | €1.3m | ▲ 266% |
| Fixed assets21/28 | - | €225,397 | €724,672 | ▲ 222% |
| Intangible fixed assets21 | - | €225,397 | €724,672 | ▲ 222% |
| Current assets29/58 | €80,000 | €131,482 | €581,512 | ▲ 342% |
| Stocks and contracts in progress3 | - | €27,056 | €27,056 | = |
| Stocks30/36 | - | €27,056 | €27,056 | = |
| Amounts receivable within one year40/41 | - | €104,159 | €553,699 | ▲ 432% |
| Trade receivables40 | - | €104,159 | €553,554 | ▲ 431% |
| Other amounts receivable41 | - | - | €145 | - |
| Cash at bank and in hand54/58 | €80,000 | €266 | €756 | ▲ 184% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €80,000 | €356,879 | €1.3m | ▲ 266% |
| Equity10/15 | €78,388 | €78,174 | €68,222 | ▼ 12.7% |
| Contributions10/11 | €80,000 | €80,000 | €80,000 | = |
| Capital10 | €80,000 | €80,000 | €80,000 | = |
| Issued capital100 | €80,000 | €80,000 | €80,000 | = |
| Profit (loss) carried forward14 | -€1,612 | -€1,826 | -€11,778 | ▼ 545% |
| Amounts payable17/49 | €1,612 | €278,706 | €1.2m | ▲ 344% |
| Amounts payable after more than one year17 | - | - | €710,845 | - |
| Other amounts payable178/9 | - | - | €710,845 | - |
| Amounts payable within one year42/48 | €1,612 | €278,706 | €527,117 | ▲ 89.1% |
| Trade debts44 | - | €252,454 | €499,275 | ▲ 97.8% |
| Suppliers440/4 | - | €252,454 | €499,275 | ▲ 97.8% |
| Other amounts payable47/48 | €1,612 | €26,252 | €27,842 | ▲ 6.1% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,612 | -€214 | -€9,952 | ▼ 4,541% |
| + Depreciation and write-downs630 | €1,612 | - | - | - |
| Operating cash flow (approximation) | €0 | -€214 | -€9,952 | ▼ 4,541% |
| Investment in fixed assets (approximation) | - | - | -€499,275 | - |
| Change in cash | - | -€79,734 | €490 | ▲ 101% |
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
30-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 30 days late
2025
31-12
Financial
Weakest financial yearnet -€9,952
Net result drops to -€9,952, the lowest in the series.
31-12
Financial
Liquidity doublescurrent ratio 1.10
Current ratio from 0.47 to 1.10.
21-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 21 days late
2024
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Sint-Jans-Molenbeek · 1 establishment unit since 2022
Ground area
2,883 m²
Building footprint
840 m²
Volume, LiDAR
6,733 m³
2 parcels, Brussels · tallest building 19.8 m, ±3 floors. Linked by address, not a title deed.
291
companies at this address
See who is registered here
1 establishment unit
MASRAF
since 20222.337.096.422
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21522B0623/00L000 | Brussels | 2,442 m² | 1 · 406 m² | 19.8 m · 2 fl. |
| 21016B0072/00E008 | Brussels | 441 m² | 1 · 434 m² | 13.5 m · 3 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.
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Of 1,507 companies in sector 66199 we hold annual accounts for 923. 590 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
Founded08-07-2022
Fiscal year end31-12
Activities, NACEBEL 2025
66199Other activities auxiliary to financial services, excluding insurance and pension funding
47120Other non-specialised retail sale
70200Business and other management consultancy
Contact
E-mail
kais@kconsulting.beUkkel
Phone
0474968270Ukkel
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
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Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.