Equity
-€8,537
Debts exceed assets in financial year 2025.
MASTER-A
Lifetime
9 annual accounts with figures on one time axispeak €66,495 (2024)
-€10,349▼ €76,844
lowest -€20,134 (2018)
-€11,611▼ €37,591
peak €11,039 (2017)
-€8,537▼ €11,611
€120,404▲ 14.3%
Board1 name since 2024
1 directorMASTER Arif
Documentsfilings and deeds
31-07-2026on the last day
2025micro format
Gross margin from €66,495 to -€10,349Loss of €11,611Equity from €3,074 to -€8,537Cash from €2,344 to €6,135
Key points
from the 2025 annual accountsChecked score
46
Fair
Financially stronger than 11% of micro companies in retail trade (NACE 47)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
3.9% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.6% across 40,275 companies (NACE 47, micro).
About 4 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 1.5%
01-2025: 1.5%● unchanged vs 12-2024
02-2025: 1.4%▼ -0.1 percentage points vs 01-2025
03-2025: 1.4%● unchanged vs 02-2025
04-2025: 1.4%● unchanged vs 03-2025
05-2025: 1.3%▼ -0.1 percentage points vs 04-2025
06-2025: 1.3%● unchanged vs 05-2025
07-2025: 1.4%▲ +0.1 percentage points vs 06-2025
08-2025: 1.0%▼ -0.4 percentage points vs 07-2025
09-2025: 1.0%● unchanged vs 08-2025
10-2025: 1.0%● unchanged vs 09-2025
11-2025: 0.8%▼ -0.2 percentage points vs 10-2025
12-2025: 0.8%● unchanged vs 11-2025
01-2026: 0.7%▼ -0.1 percentage points vs 12-2025lowest value
02-2026: 1.6%▲ +0.9 percentage points vs 01-2026
03-2026: 1.6%● unchanged vs 02-2026
04-2026: 1.8%▲ +0.2 percentage points vs 03-2026
05-2026: 2.1%▲ +0.3 percentage points vs 04-2026
06-2026: 2.0%▼ -0.1 percentage points vs 05-2026
07-2026: 2.1%▲ +0.1 percentage points vs 06-2026
08-2026: 3.9%▲ +1.8 percentage points vs 07-2026highest value
09-2026: 3.9%● unchanged vs 08-2026highest value
10-2026: 3.9%● unchanged vs 09-2026highest value
11-2026: 3.9%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
1 change of registered office in 24 months
Loss of €11,611 (financial year 2025)
Negative equity -€8,537
lowers risk
Size: turnover €169,937, total assets €111,867
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 47, micro). It does better than 17% of them on solvency, 8% on liquidity, 18% on profitability and 2% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 6,907 companies had the same profile as MASTER-A has now. Each dot stands for 18 companies, two years later.
85.4%
were still trading
8.1%
stopped another way
5.8%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MASTER-A itself: 3.9% within 12 months.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,907 companies, not a prediction for MASTER-A. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
No credit on open account
Liquidity is insufficient, with a current ratio of 0.93 (1.03 in 2024), below 1. Short-term debt is 107.6% and cash 5.5% of total assets. Equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€8,537
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 · 9 filingsDeviation from the deadline
2025
on the day
2024
4 days early
2023
34 days late
2022
27 days late
2021
31 days late
2020
30 days late
2019
76 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 28 days after the deadline. In the sector (NACE 47), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 27 August (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered office moved from Schaerbeek to Brussels
New registered office: Stefaniastraat 45, 1020 Brussel · Previous registered office: Helmetsesteenweg 334, 1030 Schaarbeek · Permanent representative: Iris Carsau · General meeting of 18-12-2025 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0545725067
Change of role: MASTER Arif, from manager to director
Director discharge: MASTER Arif · General meeting of 28-05-2024 · Gazette deed
First establishment
Stefaniastraat 45, Brussels
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MASTER-A Brussels | €111,867 | -€10,349 | -7.6% | - |
| BITLIS Brussels | €115,474 | -€15,408 | 79.8% | - |
| LES DAVIDS Auderghem | €111,475 | -€22,404 | -162.1% | - |
| CITU Ixelles | €86,957 | -€19,693 | 37.1% | - |
| Sea Food Traders & Consultants Herent | €122,256 | -€3,989 | 95.1% | - |
| LEEL Wichelen | €110,058 | €967 | 41.3% | - |
| Konyali Maasmechelen | €121,087 | -€8,598 | 55.4% | - |
These companies have the same main activity as MASTER-A: non-specialised retail sale with food, beverages or tobacco predominating (NACE 47110). They are comparable in size and age: total assets between €87,000 and €122,000, founded between 2012 and 2015.
Official details
Source: KBO- Status
- Active since 03-02-2014Normal situation
- Activity
- Non-specialised retail sale with food, beverages or tobacco predominatingNACE 47110
- Establishment unit
- 2.259.844.7311020 Brussels, since 14-12-2016
- Financial year end
- 31 December
- Peppol
- Reachable since 05-11-2025
Annual accounts 2025
- €111,867▲ 3.2%
- Filing
- Filed on 31-07-2026, on the last day of the filing period
Insights on MASTER-A
MASTER-A files the micro format. That format states no turnover. The gross margin fell from €30,978 in 2017 to -€10,349 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about MASTER-A
- What is the company number of MASTER-A?
- The company number of MASTER-A is 0545.725.067. The VAT number is the same number with BE in front: BE 0545.725.067.
- Where is MASTER-A based?
- The registered office is at Stefaniastraat 45, 1020 Brussels.Company details
- What does MASTER-A do?
- According to the KBO register, the main activity is non-specialised retail sale with food, beverages or tobacco predominating (NACE 47110).
- What is the legal form of MASTER-A?
- MASTER-A is a private limited company (BV).
- When was MASTER-A founded?
- MASTER-A was founded on 03-02-2014.
- Is MASTER-A still active?
- Yes, MASTER-A is an active enterprise in the KBO register.
- What is the turnover of MASTER-A?
- The turnover of MASTER-A was €169,937 in financial year 2025, according to the filed annual accounts.Financials
- Is MASTER-A profitable?
- In financial year 2025, MASTER-A made a loss of €11,611.
- Where can I find the annual accounts of MASTER-A?
- MASTER-A filed 9 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of MASTER-A due?
- MASTER-A must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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