Equity
-€8,537
Debts exceed assets in financial year 2025.
MASTER-A
Overview
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.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
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
- €169,937
- €11,611
- -€8,537
- €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.
Financials
Annual accounts 2025
micro format, filed on 31-07-2026, on the day of the deadline€169,937
-€10,640
▼ €36,619
-
-
-7.6%
▼ 10.5 percentage points
0.93
▼ 0.10
Money flows
of every €100 of turnover, €6.83 was lost in 2025Balance sheet
balance sheet total €111,867 on 31-12-2025What the company ownsHow it is paid for
in euro
in euro
Position in the sector
-7.6%
Higher than 19% of 22,924 companies in 2025.
0.93
Higher than 28% of 22,052 companies in 2025.
-10.4%
Higher than 17% of 22,202 companies in 2025.
MASTER-A
Middle half of the sector
80% of the sector
Micro accounts in retail trade (NACE 47)
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: middle half
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||
20/58 |
111,867 | 108,448 | 105,844 | 103,093 | 81,443 | 79,867 | 59,395 | 39,590 | 33,771 | |
29/58 |
111,867 | 108,448 | 105,844 | 103,093 | 81,443 | 79,867 | 59,395 | 39,590 | 33,771 | |
3 |
69,000 | 69,000 | 75,000 | 75,000 | 75,000 | 75,000 | 55,867 | 36,350 | 30,000 | |
30/36 |
69,000 | 69,000 | 75,000 | 75,000 | 75,000 | 75,000 | 55,867 | 36,350 | 30,000 | |
40/41 |
36,732 | 37,103 | 25,355 | 27,346 | 4,190 | 3,656 | 1,638 | 1,630 | 1,203 | |
40 |
32,879 | 32,879 | 20,000 | 22,500 | - | - | - | - | - | |
41 |
3,854 | 4,225 | 5,355 | 4,846 | 4,190 | 3,656 | 1,638 | 1,630 | 1,203 | |
54/58 |
6,135 | 2,344 | 5,489 | 748 | 2,253 | 1,211 | 1,890 | 1,610 | 2,568 | |
| Balance sheet: equity and liabilities | ||||||||||
10/49 |
111,867 | 108,448 | 105,844 | 103,093 | 81,443 | 79,867 | 59,395 | 39,590 | 33,771 | |
10/15 |
-8,537 | 3,074 | -22,905 | -26,708 | -27,033 | -16,078 | -7,847 | -9,095 | 11,039 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
10 |
- | 18,600 | 18,600 | 18,600 | 18,600 | - | - | - | - | |
100 |
- | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
14 |
-27,137 | -15,526 | -41,505 | -45,308 | -45,633 | -34,678 | -26,447 | -27,695 | -7,561 | |
17/49 |
120,404 | 105,373 | 128,749 | 129,802 | 108,476 | 95,945 | 67,242 | 48,685 | 22,732 | |
42/48 |
120,404 | 105,373 | 128,749 | 129,802 | 108,476 | 95,945 | 67,242 | 48,685 | 22,732 | |
44 |
18,444 | 904 | 373 | 1,326 | 488 | 3,457 | 9,237 | 48,603 | 22,732 | |
440/4 |
18,444 | 904 | 373 | 1,326 | 488 | 3,457 | 9,237 | 48,603 | 22,732 | |
45 |
- | 2,600 | 2,577 | 2,577 | 7,077 | 2,577 | 1,927 | - | - | |
454/9 |
- | 2,600 | 2,577 | 2,577 | 7,077 | 2,577 | 1,927 | - | - | |
47/48 |
101,960 | 101,870 | 125,799 | 125,899 | 100,911 | 89,911 | 56,078 | 82 | - | |
| Income statement | ||||||||||
70 |
169,937 | - | - | 44,825 | - | - | - | - | - | |
9900 |
-10,349 | 66,495 | 48,973 | 45,149 | 17,322 | 29,704 | 40,872 | 21,575 | 30,978 | |
60/61 |
180,286 | - | - | - | - | - | - | - | - | |
640/8 |
291 | 40,516 | 45,170 | 44,825 | 28,277 | 37,935 | 39,623 | 41,709 | 38,540 | |
9901 |
-10,640 | 25,979 | 3,803 | 325 | -10,955 | -8,231 | 1,248 | -20,134 | -7,561 | |
65/66B |
971 | - | - | - | - | - | - | - | - | |
65 |
971 | - | - | - | - | - | - | - | - | |
9903 |
-11,611 | 25,979 | 3,803 | 325 | -10,955 | -8,231 | 1,248 | -20,134 | -7,561 | |
9904 |
-11,611 | 25,979 | 3,803 | 325 | -10,955 | -8,231 | 1,248 | -20,134 | -7,561 | |
9905 |
-11,611 | 25,979 | 3,803 | 325 | -10,955 | -8,231 | 1,248 | -20,134 | -7,561 | |
| Appropriation of the result | ||||||||||
9906 |
-27,137 | -15,526 | -41,505 | -45,308 | -45,633 | -34,678 | -26,447 | -27,695 | -7,561 | |
14P |
-15,526 | -41,505 | -45,308 | -45,633 | -34,678 | - | - | - | - | |
| Document | ||||||||||
The notes to these accounts have 1 item. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 31-07-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00383694 | |
| 31-12-2024 | micro format | 27-07-2025 | 2025-00343707 | |
| 31-12-2023 | micro format | 03-09-2024 | 2024-00449008 | |
| 31-12-2022 | micro format | 27-08-2023 | 2023-00371950 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20407735 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-56000018 | |
| 31-12-2019 | micro format | 15-10-2020 | 2020-61500301 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57100015 | |
| 31-12-2017 | micro format | 03-08-2018 | 2018-43700056 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| 3,791 | -3,145 | 4,742 | -1,506 | 1,042 | -679 | 280 | -958 | - | ||
| -8,537 | 3,074 | -22,905 | -26,708 | -27,033 | -16,078 | -7,847 | -9,095 | 11,039 | ||
| -6.3% | - | - | 0.7% | - | - | - | - | - | ||
| -7.6% | 2.8% | -21.6% | -25.9% | -33.2% | -20.1% | -13.2% | -23.0% | 32.7% | ||
| 0.93 | 1.03 | 0.82 | 0.79 | 0.75 | 0.83 | 0.88 | 0.81 | 1.49 | ||
| 0.36 | 0.37 | 0.24 | 0.22 | 0.06 | 0.05 | 0.05 | 0.07 | 0.17 | ||
| - | 34.27 | - | - | - | - | - | - | 2.06 | ||
| - | 845.0% | - | - | - | - | - | - | -68.5% | ||
| -10.4% | 24.0% | 3.6% | 0.3% | -13.5% | -10.3% | 2.1% | -50.9% | -22.4% | ||
| 71 days | - | - | 183 days | - | - | - | - | - | ||
| 37 days | - | - | - | - | - | - | - | - |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Insights on MASTER-A
The operating result for 2025 is a loss of €10,640, after a profit of €25,979 in 2024. It is the lowest result since 2021.
Equity is negative. Debt (€120,404) exceeds the balance-sheet total (€111,867).
Board & ownership
Board
1 director, last change in 2024Director (not named in the articles)
appointed by deed of 12-06-2024
term without a fixed end
earlier manager, until 12-06-2024
- Signing authorityThe articles say who may bind the company, for example by signing a contract.
- “Artikel 13.- Bevoegdheden van het bestuursorgaan Als er slechts één bestuurder is, is het geheel van de bevoegdheden van de bestuurders aan…”deed of 12-06-2024
Mandates through the years
1 name, the dashed line is todayMASTER Arif
Director (not named in the articles)
Director (not named in the articles)
BoardEarliermandate already running before its first mention
Mandates as a list
- MASTER Arif
- Director (not named in the articles), appointed by deed of 12-06-2024, still in office
- Manager, until 12-06-2024
Control
Capital
- Contribution
- €18,600
- Source
- 2025 annual accounts
Articles of association
deed of 12-06-2024 (in Dutch)- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimited
- Share issue ruleThe articles set how and by whom new shares are issued.
- “Ten minste vijftien dagen vanaf openstelling, eerst aan bestaande aandeelhouders naar evenredigheid bezit”
Network & group
No group
MASTER-A has no parent and no holdings in its annual accounts. MASTER Arif is the only director. MASTER-A shares no director with another company.
At the same address
Stefaniastraat 45, 1020 Brussels · 2 other companies| SL SKY BUSINESS
establishment since 04-10-2018 · founded in 2018 |
turnover €520,095 (2021) 0707.806.426 |
| LE CASABLANCA
registered office since 07-01-2002 |
founded in 2002 0479.590.170 |
Timeline
Timeline
18 events since 2014Board
Filings
Financial
Establishments
Address
2014201620182020202220242026
Deadline for the 2026 accounts: 31-07-2027
2026
Annual accounts 2025 filed NBBmicro format · on the deadline day
Registered office moved from Schaerbeek to BrusselsNew registered office: Stefaniastraat 45, 1020 Brussel · Previous registered office: Helmetsesteenweg 334, 1030 Schaarbeek · Permanent representative: Iris Carsau · General meeting of 18-12-20253 points ▸
- General meeting, 18-12-2025
- Registered-office move, Stefaniastraat 45, 1020 Brussel
- Permanent representative, Iris Carsau
2025
Registered in the Peppol Directory Reachable for e-invoices through 0208:0545725067
Annual accounts 2024 filed PDFmicro format · 4 days before the deadline
2024
Highest result from 2017 to 2025 net €25,979 ▲583% The operating result of €25,979 and the net result of €25,979 are both a record.
Annual accounts 2023 filed PDFmicro format · 34 days late
Change of role: MASTER Arif, from manager to directorDirector discharge: MASTER Arif · General meeting of 28-05-20246 points ▸
- General meeting, 28-05-2024
- 186 shares
- Director resignation, MASTER Arif (manager)
- Director appointment, MASTER Arif (director (not named in the articles))
- Director discharge, MASTER Arif
- Registered office clause, Helmetsesteenweg 334, 1030 Schaarbeek
- The deed holds 5 more points.
2023
Annual accounts 2022 filed PDFmicro format · 27 days late
2022
Back to profit net €325 The net result is €325, after 2 loss-making years.
Annual accounts 2021 filed PDFmicro format · 31 days late
2021
Annual accounts 2020 filed PDFmicro format · 30 days late
2020
Annual accounts 2019 filed PDFmicro format · 76 days late
2019
Back to profit net €1,248 The net result is €1,248, after 2 loss-making years.
Annual accounts 2018 filed PDFmicro format · 30 days late
2018
Weakest financial year net -€20,134 The net result drops to -€20,134, the lowest from 2017 to 2025. It recovers the following year.
Annual accounts 2017 filed PDFmicro format · 3 days late
2016
First establishment Stefaniastraat 45, Brussels
2014
Incorporation PDFpublished on 05-02-2014
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Identity
- Enterprise number
- 0545.725.067
- VAT number
- BE 0545.725.067
- Peppol ID
- 0208:0545725067
- Other Peppol ID
- 9925:BE0545725067
- Legal form
- Private limited company
- Status
- Active, normal situation
- Founded
- 03-02-2014
- Financial year
- ends on 31 December
- Peppol
- Reachable since 05-11-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- MASTER-A in Dutch
- Entity type
- Legal entity
- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimiteddeed of 12-06-2024 (in Dutch)
- Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
- “Brussels Hoofdstedelijk Gewest”deed of 12-06-2024 (in Dutch)
Activities
NACEBEL 202547110
Non-specialised retail sale with food, beverages or tobacco predominating main activity
Codes under NACEBEL 2008
47112
Retail trade main activity
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “Klein- en groothandel-onder andere in textiel; In- en uitvoer; Tussenpersoon in de handel; Alle horeca,onder andere uitbaten…”deed of 12-06-2024 (in Dutch)
4 activities
- Klein- en groothandel-onder andere in textiel
- In- en uitvoer
- Tussenpersoon in de handel
- Alle horeca,onder andere uitbaten cafespelen,organisatie van evenementen
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| Stefaniastraat 45 registered office 1020 Brussels | 14-12-2016 | 2.259.844.731 |
1 former office
- Helmetsesteenweg 334, 1030 Schaarbeek until 18-12-2025 · deed of 07-01-2026
Buildings and parcels at the address
- Ground area
- 113 m²
- Buildings
- 102 m²
- Volume, LiDAR
- 862 m³
- Tallest building
- 17.0 m
Buildings to scale, each on its own parcel
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21815D0182/00F003 | 113 m² | 1 · 101 m² | 17.0 m · 3 |