MASTER BOOT RECORD
ActiveSummary
MASTER BOOT RECORD has been active since 1954 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €210,970 and a net result of -€4,444. Equity is shrinking by about 2.8% per year across the filed financial years. Its solvency ranks better than 95% of 13,660 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
- Equity
- €210,970
- Loss
- -€4,444
- Delvaux Raphaël Emilio RogerDirector
- Piron GenevièveDirector
- Delvaux Stéphane André FrédéricDirector
Why 95lowers riskFounded in 1954Liquidity: current ratio 83.12, cash €37,683Equity €210,970 (99.8% of total assets)Size: total assets €211,448Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 46, micro): better than 90% on solvency, 77% on liquidity, 48% on profitability and 36% on growth.
The bankruptcy probability was computed on 28-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 29 days before the deadline; the sector median (NACE 46) for financial year 2024 is 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
- Appointments: Delvaux Stéphane André Frédéric, Piron…Resignation: Delvaux Stéphane André Frédéric…
- Annual accounts filedfinancial year 2025 · micro…
- Annual accounts filedfinancial year 2024 · micro…
Financials · financial year 2025, micro format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €4,138 in 2025 against €6,572 in 2024; the loss shrinks.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 12,322 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 90.3% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
A further 0.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of < 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 12,322 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €14,000 | €1,550 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €23,597 | €23,617 | €23,294 | €16,780 | €11,441 | €15,361 | €9,113 | €6,848 | ▼ 24.9% |
| Other operating charges640/8 | - | - | - | €853 | €371 | €384 | €382 | €893 | ▲ 134% |
| Gross operating margin9900 | €64,857 | €59,407 | €9,384 | -€303 | €16,184 | -€1,196 | €2,923 | €3,603 | ▲ 23.3% |
| Operating profit (loss)9901 | €39,347 | €34,787 | -€14,756 | -€17,936 | €4,371 | -€16,942 | -€6,572 | -€4,138 | ▲ 37.0% |
| Financial income75/76B | - | - | - | €5 | - | - | - | - | - |
| Recurring financial income75 | - | - | - | €5 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €268 | €318 | €242 | €280 | €306 | ▲ 9.3% |
| Recurring financial charges65 | €234 | €236 | €246 | €268 | €318 | €242 | €280 | €306 | ▲ 9.3% |
| Profit (loss) for the period before taxes9903 | €39,113 | €34,551 | -€15,002 | -€18,199 | €4,053 | -€17,184 | -€6,852 | -€4,444 | ▲ 35.1% |
| Income taxes67/77 | €21,654 | €11,690 | -€10,466 | -€1,405 | €206 | - | - | - | - |
| Profit (loss) for the period9904 | €17,459 | €22,861 | -€4,536 | -€16,794 | €3,847 | -€17,184 | -€6,852 | -€4,444 | ▲ 35.1% |
| Profit (loss) for the period to be appropriated9905 | €17,459 | €22,861 | -€4,536 | -€16,794 | €3,847 | -€17,184 | -€6,852 | -€4,444 | ▲ 35.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €346,903 | €276,539 | €254,840 | €236,499 | €240,788 | €227,351 | €215,946 | €211,448 | ▼ 2.1% |
| Fixed assets21/28 | €272,747 | €250,618 | €227,324 | €210,544 | €199,103 | €187,747 | €178,634 | €171,786 | ▼ 3.8% |
| Tangible fixed assets22/27 | €272,623 | €250,494 | €227,200 | €210,420 | €198,979 | €187,747 | €178,634 | €171,786 | ▼ 3.8% |
| Land and buildings22 | - | - | - | €210,420 | €198,979 | €187,747 | €178,634 | €171,786 | ▼ 3.8% |
| Financial fixed assets28 | €124 | €124 | €124 | €124 | €124 | - | - | - | - |
| Current assets29/58 | €74,156 | €25,921 | €27,516 | €25,955 | €41,685 | €39,604 | €37,312 | €39,661 | ▲ 6.3% |
| Amounts receivable within one year40/41 | €11,521 | €13,218 | €893 | €1,627 | €244 | €6,958 | €2,057 | €1,978 | ▼ 3.8% |
| Trade receivables40 | - | - | - | €400 | - | €6,958 | €1,876 | €1,978 | ▲ 5.5% |
| Other amounts receivable41 | - | - | - | €1,227 | €244 | - | €182 | - | - |
| Cash at bank and in hand54/58 | €62,635 | €12,003 | €26,623 | €24,328 | €41,440 | €32,646 | €35,255 | €37,683 | ▲ 6.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €346,903 | €276,539 | €254,840 | €236,499 | €240,788 | €227,351 | €215,946 | €211,448 | ▼ 2.1% |
| Equity10/15 | €234,073 | €256,934 | €252,398 | €235,604 | €239,450 | €222,266 | €215,414 | €210,970 | ▼ 2.1% |
| Contributions10/11 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Capital10 | - | - | - | €100,000 | €100,000 | - | - | - | - |
| Issued capital100 | - | - | - | €100,000 | €100,000 | - | - | - | - |
| Reserves13 | €37,395 | €57,395 | €57,395 | €57,395 | €57,395 | €57,395 | €57,395 | €57,395 | = |
| Non-distributable reserves130/1 | - | - | - | €10,000 | €10,000 | - | - | - | - |
| Legal reserve130 | - | - | - | €10,000 | €10,000 | - | - | - | - |
| Distributable reserves133 | - | - | - | €47,395 | €47,395 | €57,395 | €57,395 | €57,395 | = |
| Profit (loss) carried forward14 | €96,678 | €99,539 | €95,003 | €78,209 | €82,055 | €64,872 | €58,020 | €53,576 | ▼ 7.7% |
| Amounts payable17/49 | €112,830 | €19,605 | €2,442 | €895 | €1,338 | €5,085 | €532 | €477 | ▼ 10.3% |
| Amounts payable within one year42/48 | €112,830 | €19,605 | €2,442 | €895 | €1,338 | €5,085 | €532 | €477 | ▼ 10.3% |
| Trade debts44 | - | €1,464 | - | - | €450 | €3,915 | - | - | - |
| Suppliers440/4 | - | - | - | - | €450 | €3,915 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €148 | - | €516 | - | €5 | - |
| Taxes450/3 | - | - | - | €148 | - | €516 | - | €5 | - |
| Other amounts payable47/48 | - | - | - | €747 | €888 | €654 | €532 | €472 | ▼ 11.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,459 | €22,861 | -€4,536 | -€16,794 | €3,847 | -€17,184 | -€6,852 | -€4,444 | ▲ 35.1% |
| + Depreciation and write-downs630 | €23,597 | €23,617 | €23,294 | €16,780 | €11,441 | €15,361 | €9,113 | €6,848 | ▼ 24.9% |
| Operating cash flow (approximation) | €41,056 | €46,478 | €18,758 | -€14 | €15,288 | -€1,823 | €2,261 | €2,404 | ▲ 6.3% |
| Investment in fixed assets (approximation) | - | -€1,488 | €0 | €0 | -€1 | -€4,005 | €0 | €0 | - |
| Change in cash | - | -€50,632 | €14,620 | -€2,295 | €17,112 | -€8,794 | €2,609 | €2,428 | ▼ 6.9% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 49 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00213321 |
| 31-12-2024 | micro format | 25-06-2025 | 2025-00174438 |
| 31-12-2023 | micro format | 29-06-2024 | 2024-00182548 |
| 31-12-2022 | micro format | 21-06-2023 | 2023-00143218 |
| 31-12-2021 | micro format | 09-06-2022 | 2022-20053051 |
| 31-12-2020 | micro format | 25-06-2021 | 2021-23900570 |
| 31-12-2019 | micro format | 27-08-2020 | 2020-45500529 |
| 31-12-2018 | micro format | 09-08-2019 | 2019-44700537 |
| 31-12-2017 | micro format | 30-08-2018 | 2018-53100532 |
| 31-12-2016 | micro format | 08-08-2017 | 2017-41500080 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 3
Statutory auditor 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- Statutory auditor
| Name | Functions and periods |
|---|---|
| Delvaux Raphaël Emilio Roger |
|
| Delvaux Stéphane André Frédéric |
|
| Piron Geneviève |
|
| Benjamin Gorlier |
|
Owners and capital
Capital and shareholders
- 27-10-2026 Converted to available equity · €110,000
Group and network
Connections & network
3 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
27-10
Gazette deed
Appointments: Delvaux Stéphane André Frédéric, Piron Geneviève and 2 othersResignation: Delvaux Stéphane André Frédéric (director) · Auditor report · Legal-form conversion14 facts ▸
- General meeting, 27-09-2026
- Director appointment, Delvaux Stéphane André Frédéric (director)
- Director appointment, Piron Geneviève (director)
- Director appointment, Delvaux Raphaël Emilio Roger (director)
- Other provision, “dispense de lecture des rapports, Président” (deed in French)
- Auditor appointment, Benjamin Gorlier
- Other provision, “chaque actionnaire présent ou représenté, prise de connaissance des rapports” (deed in French)
- Auditor report, “Réviseur d'Entreprises,Associé”, EUR (deed in French)
- Legal-form conversion, “société à responsabilité limitée” (deed in French)
- Capital conversion, “disponibles pour distributions futures” (deed in French)
- Amendment of the articles
- Director resignation, Delvaux Stéphane André Frédéric (director)
- +2 further facts in this act
Show earlier events
About the unread acts
Of the 3 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21683D0369/00W009 | Brussels | 232 m² | 1 · 71 m² | 11.4 m · 3 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “Tous conseils, prestations, travaux, études, et assistance en gestion, tant aux entreprises qu'aux personnes physiques; Tous travaux de…” (deed in French)
6 activities (deed in French)
- Tous conseils, prestations, travaux, études, et assistance en gestion, tant aux entreprises qu'aux personnes physiques.
- Tous travaux de consultance en matière bureautique, informatique et/ou télématique sous quelque forme que ce soit, en ce y compris mais non limitativement l'analyse de la situation du client, la définition de ses besoins, l'élaboration de cahiers des charges, le conseil en matière de matériels et/ou logiciels.
- La récolte, la saisie, le traitement de données et/ou d'informations et cela par quelque moyen bureautique, informatique et/ou télématique que ce soit.
- L'achat, la vente, la revente, le stockage et/ou la représentation commerciale en matière de matériels et/ou de logiciels bureautiques, informatiques et/ou télématiques
- La société pourra également s'engager dans tous types d'opérations immobilières. Elle pourra notamment acquérir, détenir, céder, prendre ou donner en location, construire, développer et gérer tous immeubles.
- La société peut aussi s'intéresser par voie de fusion, de souscription ou de toute autre manière à toutes entreprises, associations ou sociétés ayant un objet similaire, analogue ou connexe au sien, ou de nature à en développer la réalisation. Elle peut de même conclure toutes conventions de collaboration, de rationalisation, d'association ou autres, avec de telles sociétés ou entreprises.
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- MASTER BOOT RECORD
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région de Bruxelles-Capitale” (deed in French)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- Each director alone
- Board ruleHow the board is made up, meets and takes decisions.
- “Avec ou sans limitation de durée, un ou plusieurs administrateurs” (deed in French)“Loi et statuts réservés à l'assemblée générale, totalité des pouvoirs avec faculté de déléguer partie” (deed in French)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “4000, répartition des bénéfices et des produits de la liquidation” (deed in French)
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- “TITRE V. ASSEMBLEE GENERALE Article 17. Tenue et convocation Il est tenu chaque année, au siège, une assemblée générale ordinaire le premier…” (deed in French)