MASSA SHAM

Active

Private limited company (pre-2019)founded 20188 yrs activeRue de Pont(TOU) 17, 7500 Tournai, BelgiumKBO/BCE: BE 0687.659.328

MASSA SHAM has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €151k and a net result of €30k. Equity is growing by ~25.9% per year across the filed fiscal years. Its solvency ranks better than 42% of 26048 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.4% (low).

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Checked score

Score 2024

51 / 100

Fair

The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2023

Profitability74▲+2

Solvency48▲+4

Growth35=

Track record100

Bankruptcy probability, 12 months

1.4% Low

0%0.5%1.5%4%10%≥ 25%

Credit up to €7k at 30 days only on tighter terms

Liquidity tight (current ratio 1.22 against 1.18 in 2023; short-term debt: 77.2% and cash: 4.2% of total assets), and 77.2% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Six signals. The signal on the left, the evidence on the right.

+raises risk○neutral

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 47

Relative position

BE, all sectors

reference

Sector 47

higher

← fewer bankruptcies more bankruptcies →

Multiple establishment units

Several establishment units mean more fixed costs, and such companies fail more often than a company with one establishment.

KBO · establishment units

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Limited track record

This company has not been active as long as an established one and statistically fails somewhat more often.

KBO · incorporation date

Age against the risk zone

Filed more than 90 days late

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 01-01-2026, 154 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.

NBB · 6 filings

Deviation from the deadline

2025

not confirmed

2024

154 d late

2023

100 d late

2022

92 d late

2021

78 d late

2019

92 d late

2018

30 d late

← before the deadline after the deadline →

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2024, micro schema

Turnover

€396k▼ 12.6%

2021 · €453k

2021: €453k

2021 → 2022

EBIT margin

6.8%▼ 2.2pp

2021 · 9.1%

2021: 9.1%

2021 → 2022

Net result

€30k▲ 102%

2023 · €15k

2021: €39k 2022: €24k 2023: €15k

2021 → 2024

Working capital

€111k▲ 21.6%

2023 · €92k

2019: €7k 2021: €75k 2022: €97k 2023: €92k

2019 → 2024

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20192021202220232024Trend

Turnover€453k€396k▼ 12.6%

Equity€12k-€81k▲ 582%€106k▲ 29.8%€121k▲ 14.1%€151k▲ 24.9%

Operating result€41k€27k▼ 34.0%€25k▼ 7.7%€30k▲ 21.4%

Net result€39k€24k▼ 38.0%€15k▼ 38.5%€30k▲ 102%

Turnover and EBIT margin not published: the micro schema does not require them.

Result per fiscal year

Operating resultNet result

The operating result recovers in 2024; 2024 is 21% above 2023.

Balance-sheet composition

2024 in colour, 2023 as the grey bar beneath

Assets €660k

94.0%

Fixed assets €39k▲ 35.4%

Current assets €620k▲ 2.1%

Equity and liabilities €660k

22.8%

77.2%

Equity €151k▲ 24.9%

Debt €509k▼ 1.4%

The debt ratio falls from 81.1% to 77.2%. Equity is higher and debt is lower.

Key figures and ratios

2024 value · change against 2023

EBITDA

€42k▲

2023 · €29k

Cash flow

€42k▲

2023 · €19k

Solvency

22.8%▲

2023 · 18.9%

Current ratio

1.22▲

2023 · 1.18

Quick ratio

0.44▲

2023 · 0.37

Debt / equity

3.38▼

2023 · 4.28

ROE

20.0%▲

2023 · 12.4%

ROA

4.6%▲

2023 · 2.3%

Interest coverage

160.07▼

2023 · 190.50

Debt

€509k▼

2023 · €516k

Debt ≤ 1 year

€509k▼

2023 · €516k

Income taxes

€-4▼

2023 · €10k

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 · 2024 against 2023

Balance sheet Code20232024

Assets

Total assets20/58€637k€660k▲

Fixed assets21/28€29k€39k▲

Tangible fixed assets22/27€23k€33k▲

Furniture and vehicles24€23k€33k▲

Financial fixed assets28€6k€6k=

Current assets29/58€608k€620k▲

Stocks and contracts in progress3€415k€399k▼

Stocks30/36€415k€399k▼

Amounts receivable within one year40/41€167k€194k▲

Trade receivables40€151k€192k▲

Other amounts receivable41€16k€2k▼

Cash at bank and in hand54/58€26k€28k▲

Deferred charges and accrued income490/1€69€69=

Equity and liabilities

Total equity and liabilities10/49€637k€660k▲

Equity10/15€121k€151k▲

Contributions10/11€6k€6k=

Reserves13€2k€2k=

Non-distributable reserves130/1€2k€2k=

Reserves not available under the articles1311€2k€2k=

Profit (loss) carried forward14€112k€143k▲

Amounts payable17/49€516k€509k▼

Amounts payable within one year42/48€516k€509k▼

Trade debts44€371k€380k▲

Suppliers440/4€371k€380k▲

Taxes, remuneration and social security45€113k€96k▼

Remuneration and social security454/9€113k€96k▼

Other amounts payable47/48€33k€33k=

Income statement Code20232024

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€4k€12k▲

Other operating charges640/8€1k€2k▲

Non-recurring operating charges66A-€1k

Gross operating margin9900€30k€46k▲

Operating profit (loss)9901€25k€30k▲

Financial charges65/66B€151€265▲

Recurring financial charges65€151€265▲

Profit (loss) for the period before taxes9903€25k€30k▲

Income taxes67/77€10k€-4▼

Profit (loss) for the period9904€15k€30k▲

Profit (loss) for the period to be appropriated9905€15k€30k▲

Appropriation of the result

Profit (loss) to be appropriated9906€112k€143k▲

Profit (loss) brought forward from the previous period14P€98k€112k▲

The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 9Financial 3Filings 6

2026

01-01

NBB filing Annual accounts filed

fiscal year 2024 · micro schema · 154 days late

2024

31-12

Financial Equity above €150kEq €151k ▲24.9%

4 profitable years in a row build equity to €151k.

08-11

NBB filing Annual accounts filed

fiscal year 2023 · micro schema · 100 days late

2023

31-12

Financial Weakest financial yearnet €15k ▼38.5%

Net result drops to €15k, the lowest in the series; recovery starts the following year.

31-10

NBB filing Annual accounts filed

fiscal year 2022 · micro schema · 92 days late

2022

31-12

Financial Equity above €100kEq €106k ▲29.8%

2 profitable years in a row build equity to €106k.

17-10

NBB filing Annual accounts filed

fiscal year 2021 · micro schema · 78 days late

2020

31-10

NBB filing Annual accounts filed

fiscal year 2019 · micro schema · 92 days late

2019

30-08

NBB filing Annual accounts filed

fiscal year 2018 · micro schema · 30 days late

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 2022

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.

01-10-2022 ALKHALAF AHMAD: Resigned as Director

01-11-2018 AL SOULIMAN ANAS: Resigned as Manager

Location & real-estate footprint

Registered office, Tournai · 2 establishment units since 2019

establishment All 2 establishment units on the map

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.

Rue de Pont(TOU) 177500 Tournai

Ground area

753 m²

Building footprint

284 m²