MASSIN Frères
ActiveSummary
MASSIN Frères has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €148k and a net result of €28k. Equity is growing by ~16.5% per year across the filed fiscal years. Its solvency ranks better than 86% of 2090 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2024
77
/ 100
Excellent
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability86▲+8
Solvency97▲+5
Growth52=
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11k at 30 days acceptable
Liquidity ample (current ratio 3.75 against 3.1 in 2023; short-term debt: 22.7% and cash: 4.4% of total assets), and 27.6% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
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 →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 29-07-2025, 2 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
not confirmed
2024
2 d early
2023
61 d late
2022
86 d late
2021
80 d late
2020
31 d late
2019
122 d late
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, micro schema
Equity
€148k▼ 1.5%
2023 · €150k
2018: €17k
2019: €48k
2020: €97k
2021: €134k
2022: €133k
2023: €150k
2018 → 2024
Total assets
€204k▼ 8.7%
2023 · €224k
2018: €77k
2019: €143k
2020: €183k
2021: €217k
2022: €243k
2023: €224k
2018 → 2024
Net result
€28k▲ 61.2%
2023 · €17k
2018: €29k
2019: €31k
2020: €49k
2021: €37k
2022: €-672
2023: €17k
2018 → 2024
Working capital
€128k▲ 9.4%
2023 · €117k
2018: €12k
2019: €37k
2020: €44k
2021: €82k
2022: €97k
2023: €117k
2018 → 2024
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Equity€97k-€134k▲ 38.0%€133k▼ 0.5%€150k▲ 12.9%€148k▼ 1.5%
Operating result€74k-€52k▼ 29.4%€-509€19k€34k▲ 81.5%
Net result€49k-€37k▼ 25.3%€-672€17k€28k▲ 61.2%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 81% above 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €204k
Fixed assets
€30k ▼ 41.2%
Current assets
€174k ▲ 1.0%
Equity and liabilities €204k
Equity
€148k ▼ 1.5%
Debt
€56k ▼ 23.3%
Debt's share of the balance-sheet total falls from 32.9% to 27.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
€55k▲
2023 · €43k
Cash flow
€49k▲
2023 · €41k
Current ratio
3.75▲
2023 · 3.10
Quick ratio
3.10▲
2023 · 2.83
Debt to equity
0.38▼
2023 · 0.49
ROE
18.7%▲
2023 · 11.5%
ROA
13.6%▲
2023 · 7.7%
Interest coverage
110.09▲
2023 · 35.73
Debt ≤ 1 year
€46k▼
2023 · €56k
Debt > 1 year
€7k▼
2023 · €14k
Income taxes
€7k▲
2023 · €2k
Staff costs
€39k▼
2023 · €42k
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 · 2024 against 2023 · 51 lines
Balance sheet
Code20232024
Assets
Total assets20/58€224k€204k▼
Fixed assets21/28€51k€30k▼
Tangible fixed assets22/27€51k€30k▼
Plant, machinery and equipment23€13k€8k▼
Furniture and vehicles24€39k€22k▼
Financial fixed assets28€88€88=
Current assets29/58€172k€174k▲
Stocks and contracts in progress3€15k€30k▲
Stocks30/36€15k€30k▲
Amounts receivable within one year40/41€128k€130k▲
Trade receivables40€97k€91k▼
Other amounts receivable41€32k€40k▲
Cash at bank and in hand54/58€25k€9k▼
Deferred charges and accrued income490/1€4k€5k▲
Equity and liabilities
Total equity and liabilities10/49€224k€204k▼
Equity10/15€150k€148k▼
Contributions10/11€6k€6k=
Reserves13€98k€95k▼
Non-distributable reserves130/1€2k-
Reserves not available under the articles1311€2k-
Distributable reserves133€96k€95k▼
Profit (loss) carried forward14€46k€47k▲
Amounts payable17/49€74k€56k▼
Amounts payable after more than one year17€14k€7k▼
Financial debts170/4€14k€7k▼
Amounts payable within one year42/48€56k€46k▼
Current portion of amounts payable after more than one year42€7k€7k▲
Trade debts44€37k€25k▼
Suppliers440/4€37k€25k▼
Taxes, remuneration and social security45€9k€12k▲
Taxes450/3€3k€8k▲
Remuneration and social security454/9€6k€3k▼
Other amounts payable47/48€3k€3k=
Accrued charges and deferred income492/3€4k€3k▼
Income statement
Code20232024
Remuneration, social security and pensions62€42k€39k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€24k€21k▼
Other operating charges640/8€901€2k▲
Gross operating margin9900€85k€97k▲
Operating profit (loss)9901€19k€34k▲
Financial income75/76B€2k€1k▼
Recurring financial income75€2k€1k▼
Financial charges65/66B€1k€502▼
Recurring financial charges65€1k€502▼
Profit (loss) for the period before taxes9903€19k€35k▲
Income taxes67/77€2k€7k▲
Profit (loss) for the period9904€17k€28k▲
Profit (loss) for the period to be appropriated9905€17k€28k▲
Appropriation of the result
Profit (loss) to be appropriated9906€63k€74k▲
Profit (loss) brought forward from the previous period14P€46k€46k▲
Transfer to equity691/2€17k€27k▲
To other reserves6921€17k€27k▲
The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
2025
29-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 61 days late
2023
31-12
Financial
Back to profitnet €17k
Net result €17k after one loss-making year.
31-12
Financial
Equity above €150kEq €150k ▲12.9%
Equity rises from €133k to €150k.
25-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 86 days late
2022
31-12
Financial
Weakest financial yearnet €-672 ▼102%
Net result drops to €-672, the lowest in the series; recovery starts the following year.
19-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 80 days late
2021
31-12
Financial
Equity above €100kEq €134k ▲38%
4 profitable years in a row build equity to €134k.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Highest result since 2018net €49k ▲58.7%
Operating result €74k, net result €49k, both a record.
30-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 122 days late
2019
30-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 91 days late
2018
24-09
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 55 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
6 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, Liège · 1 establishment unit since 2017
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 Chaffette 224032 LiègeGround area
120 m²
Parcel 62023A0311/00V000, Wallonia. Linked by address, not a title deed.
1 establishment unit
MASSIN FRERES
since 20172.261.936.466
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62023A0311/00V000 | Wallonia | 120 m² | - | - |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel 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 siteLiège2.261.936.466
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Of 4,226 companies in sector 10712 we hold annual accounts for 1,870. 1,574 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded08-10-2015
Fiscal year end31-12
Activities, NACEBEL 2025
10712Artisanal bread and fresh pastry making
10720Manufacture of food products
Sources
Crossroads Bank for EnterprisesNational Bank · 8 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.
Contact details
2 entriesWebsite:www.sobelgian.com
E-mail:massinfreres@gmail.com