MAST IMAGE
ActiveSummary
The computed 12-month bankruptcy probability of MAST IMAGE is 10.7% (high). The 2024 annual accounts show equity of €655,624 and a net result of €193,794. Equity is growing by ~16.3% per year across the filed fiscal years. The company has been active since 2009 and the Belgian State Gazette contains no insolvency signals. The CBE does carry 3 administrative register entries (see administrative flags).
Checked score
Score 2024
44
/ 100
Weak
A high bankruptcy probability caps the score. Every signal that weighs is under Signals.
Axes · tick = 2023
Profitability97▲+30
Solvency100▲+1
Growth78▲+26
Track record76
Bankruptcy probability, 12 months
10.7%
High
0%0.5%1.5%4%10%≥ 25%
Credit up to €25,000 at 30 days only on tighter terms
Liquidity ample (current ratio 3.53 against 3.62 in 2023; short-term debt: 23.3% and cash: 1.2% of total assets), and 23.3% of the assets are financed with debt.
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Signals
Nine signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk
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 · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
76.7%
Return on assets
22.7%
Age of the figures
21 mo
raises risk · 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 19-12-2025, 141 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 · 10 filingsDeviation from the deadline
2025
not confirmed
2024
141 d late
2023
327 d late
2022
676 d late
2021
1041 d late
2020
1406 d late
2019
1775 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 6 accounts on average 894 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
raises risk · Administrative warnings in the KBO publications
3 publications by the FPS Economy about this company, such as a strike-off for address, accounts or UBO, or their withdrawal.
KBO publicationsPublications
UBO non-compliance×2Strikeout withdrawn
History
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Financials · fiscal year 2024, micro schema
Equity
€655,624▲ 42.0%
2023 · €461,830
Total assets
€854,277▲ 37.0%
2023 · €623,488
Net result
€193,794
2023 · -€8,389
Working capital
€502,693▲ 18.5%
2023 · €424,211
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€66,373▲ 17.9%€86,456▲ 30.3%€133,451▲ 54.4%€128,684▼ 3.6%€224,802▲ 74.7%
Net result€69,322▲ 17.5%€44,654▼ 35.6%€80,840▲ 81.0%-€8,389€193,794
Equity€344,725▲ 25.2%€389,379▲ 13.0%€470,219▲ 20.8%€461,830▼ 1.8%€655,624▲ 42.0%
Total assets€359,251▲ 23.1%€466,702▲ 29.9%€542,251▲ 16.2%€623,488▲ 15.0%€854,277▲ 37.0%
Debt€14,526▼ 11.1%€77,324▲ 432%€72,032▼ 6.8%€161,657▲ 124%€198,653▲ 22.9%
Working capital€308,075▲ 29.8%€354,140▲ 15.0%€422,275▲ 19.2%€424,211▲ 0.5%€502,693▲ 18.5%
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 75% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €854,277
Fixed assets
€152,931 ▲ 307%
Current assets
€701,346 ▲ 19.7%
Equity and liabilities €854,277
Equity
€655,624 ▲ 42.0%
Debt
€198,653 ▲ 22.9%
Debt's share of the balance-sheet total falls from 25.9% to 23.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€247,408▲
2023 · €139,010
Cash flow
€216,399▲
2023 · €1,936
Current ratio
3.53▼
2023 · 3.62
Debt to equity
0.30▼
2023 · 0.35
ROE
29.6%▲
2023 · -1.8%
ROA
22.7%▲
2023 · -1.3%
Interest coverage
718.00▲
2023 · 208.65
Debt ≤ 1 year
€198,653▲
2023 · €161,657
Income taxes
€57,516▼
2023 · €154,411
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,810 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 97% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
3.1%
stopped otherwise
97%
still going
For this company itself Checked computes a higher bankruptcy probability: 10.7% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 17,810 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,411 | €1,411 | €5,123 | €10,326 | €22,605 | ▲ 119% |
| Other operating charges640/8 | €2,844 | €1,889 | €0 | €1,464 | €549 | ▼ 62.5% |
| Gross operating margin9900 | €70,628 | €89,757 | €138,575 | €140,474 | €247,956 | ▲ 76.5% |
| Operating profit (loss)9901 | €66,373 | €86,456 | €133,451 | €128,684 | €224,802 | ▲ 74.7% |
| Financial income75/76B | €3,447 | €21,697 | €20,752 | €18,004 | €26,853 | ▲ 49.2% |
| Recurring financial income75 | €3,447 | €21,697 | €20,752 | €18,004 | €26,853 | ▲ 49.2% |
| Financial charges65/66B | €499 | €701 | €3,331 | €666 | €345 | ▼ 48.3% |
| Recurring financial charges65 | €499 | €701 | €3,331 | €666 | €345 | ▼ 48.3% |
| Profit (loss) for the period before taxes9903 | €69,322 | €107,452 | €150,872 | €146,022 | €251,310 | ▲ 72.1% |
| Income taxes67/77 | €0 | €62,798 | €70,032 | €154,411 | €57,516 | ▼ 62.8% |
| Profit (loss) for the period9904 | €69,322 | €44,654 | €80,840 | -€8,389 | €193,794 | ▲ 2,410% |
| Profit (loss) for the period to be appropriated9905 | €69,322 | €44,654 | €80,840 | -€8,389 | €193,794 | ▲ 2,410% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €359,251 | €466,702 | €542,251 | €623,488 | €854,277 | ▲ 37.0% |
| Fixed assets21/28 | €36,650 | €35,239 | €47,944 | €37,619 | €152,931 | ▲ 307% |
| Tangible fixed assets22/27 | €36,650 | €35,239 | €47,944 | €37,619 | €152,931 | ▲ 307% |
| Land and buildings22 | €36,650 | €35,239 | €33,828 | €32,417 | €31,006 | ▼ 4.4% |
| Furniture and vehicles24 | - | - | €14,116 | €5,202 | €121,925 | ▲ 2,244% |
| Current assets29/58 | €322,600 | €431,463 | €494,307 | €585,869 | €701,346 | ▲ 19.7% |
| Amounts receivable within one year40/41 | €91,695 | €316,589 | €332,379 | €367,897 | €531,389 | ▲ 44.4% |
| Other amounts receivable41 | €91,695 | €316,589 | €332,379 | €367,897 | €531,389 | ▲ 44.4% |
| Current investments50/53 | €85,201 | €13,716 | €12,550 | €23,590 | €33,695 | ▲ 42.8% |
| Cash at bank and in hand54/58 | €57,147 | €9,217 | €53,847 | €85,607 | €10,113 | ▼ 88.2% |
| Deferred charges and accrued income490/1 | €88,557 | €91,941 | €95,530 | €108,775 | €126,148 | ▲ 16.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €359,251 | €466,702 | €542,251 | €623,488 | €854,277 | ▲ 37.0% |
| Equity10/15 | €344,725 | €389,379 | €470,219 | €461,830 | €655,624 | ▲ 42.0% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €330,465 | €375,119 | €455,959 | €447,570 | €641,364 | ▲ 43.3% |
| Amounts payable17/49 | €14,526 | €77,324 | €72,032 | €161,657 | €198,653 | ▲ 22.9% |
| Amounts payable within one year42/48 | €14,526 | €77,324 | €72,032 | €161,657 | €198,653 | ▲ 22.9% |
| Trade debts44 | €0 | - | - | - | - | - |
| Suppliers440/4 | €0 | - | - | - | - | - |
| Taxes, remuneration and social security45 | €14,526 | €77,324 | €72,032 | €161,657 | €198,653 | ▲ 22.9% |
| Taxes450/3 | €8,526 | €71,324 | €66,032 | €155,657 | €192,653 | ▲ 23.8% |
| Remuneration and social security454/9 | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €69,322 | €44,654 | €80,840 | -€8,389 | €193,794 | ▲ 2,410% |
| + Depreciation and write-downs630 | €1,411 | €1,411 | €5,123 | €10,326 | €22,605 | ▲ 119% |
| Operating cash flow (approximation) | €70,733 | €46,065 | €85,964 | €1,936 | €216,399 | ▲ 11,076% |
| Investment in fixed assets (approximation) | - | €0 | -€17,829 | €0 | -€137,917 | - |
| Change in cash | - | -€47,931 | €44,630 | €31,760 | -€75,494 | ▼ 338% |
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
2026
06-02
KBO administration
UBO non-compliance
event 26-01-2026
30-01
KBO administration
UBO non-compliance
event 22-01-2026
2025
19-12
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 141 days late
03-12
Bankruptcy
Judicial dissolution, liquidator appointed
Tribunal de l’entreprise du Hainaut, division Tournai · event 25-11-2025
18-07
KBO administration
Strikeout withdrawn
23-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 327 days late
10-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 1775 days late
06-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 676 days late
06-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 1041 days late
06-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 1406 days late
2024
31-12
Financial
Back to profitnet €193,794
Net result €193,794 after one loss-making year.
31-12
Financial
Equity above €500,000Eq €655,624 ▲42%
Equity rises from €461,830 to €655,624.
Show earlier events
2023
31-12
Financial
Weakest financial yearnet -€8,389
Net result drops to -€8,389, the lowest in the series; recovery starts the following year.
2020
14-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 167 days late
2019
31-12
Financial
Liquidity triplescurrent ratio 15.52
Current ratio from 5.59 to 15.52; short-term debt falls from €38,438 to €16,341.
2018
20-12
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 142 days late
2017
29-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 60 days late
2016
28-10
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 89 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Tournai · 3 establishment units since 2009
Ground area
2.9 ha
Building footprint
1,720 m²
Volume, LiDAR
20,148 m³
4 parcels, Wallonia · tallest building 19.9 m, ±6 floors. Linked by address, not a title deed.
3 establishment units
Boulevard Lalaing(TOU) 37, 7500 Tournai
since 20092.183.073.090
Avenue Delmée(TOU) 9, 7500 Tournai
since 20092.183.073.288
Boulevard du Roi Albert(TOU) 1, 7500 Tournai
since 20092.183.073.387
4 parcels
Wallonia
4
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 57462D0016/00W000 | Wallonia | 2.6 ha | 1 · 1,064 m² | 15.8 m · 4 fl. |
| 57042A0157/00F002 | Wallonia | 2,627 m² | 1 · 159 m² | 7.9 m · 2 fl. |
| 57081I0461/00G004 | Wallonia | 363 m² | 1 · 418 m² | 19.9 m · 6 fl. |
| 57081I0774/00_000 | Wallonia | 176 m² | 1 · 78 m² | 15.0 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
4 of 4 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Identification & contact
Identification
Legal formPrivate limited company
Founded05-08-2009
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0817597657
Also
9925:BE0817597657
Registered
18-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.