MASTER - KEY
ActiveSummary
MASTER - KEY has been active since 1995 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €57k and a net result of €-47k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 22% of 31694 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
51
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability1▼-81
Solvency43▼-10
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2.5k at 30 days acceptable
Liquidity tight (current ratio 1.16 against 1.34 in 2024; short-term debt: 82.4% and cash: 32.8% of total assets), and 82.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Sector 70
lower
← fewer bankruptcies
more bankruptcies →
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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
17.6%
Return on assets
-14.5%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 22% of 31694 sector peers (2025).
NBB · sector comparisonPosition among 31694 sector peers
Solvency
better than 22%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
29 d late
2023
27 d late
2022
31 d late
2021
30 d late
2020
90 d late
2019
91 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€57k▼ 45.2%
2024 · €103k
2018: €25k
2019: €38k
2020: €-14k
2021: €12k
2022: €29k
2023: €64k
2024: €103k
2018 → 2025
Total assets
€322k▼ 13.8%
2024 · €373k
2018: €211k
2019: €239k
2020: €223k
2021: €271k
2022: €302k
2023: €337k
2024: €373k
2018 → 2025
Net result
€-47k
2024 · €39k
2018: €749
2019: €13k
2020: €-52k
2021: €26k
2022: €17k
2023: €35k
2024: €39k
2018 → 2025
Working capital
€42k▼ 54.1%
2024 · €93k
2018: €-4k
2019: €19k
2020: €-31k
2021: €3k
2022: €21k
2023: €51k
2024: €93k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€12k-€29k▲ 141%€64k▲ 120%€103k▲ 60.5%€57k▼ 45.2%
Operating result€29k-€19k▼ 33.3%€39k▲ 101%€44k▲ 13.6%€-45k
Net result€26k-€17k▼ 34.4%€35k▲ 105%€39k▲ 11.0%€-47k
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €45k after €44k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €322k
Fixed assets
€14k ▲ 30.5%
Current assets
€307k ▼ 15.1%
Equity and liabilities €322k
Equity
€57k ▼ 45.2%
Debt
€265k ▼ 1.7%
Debt's share of the balance-sheet total rises from 72.3% to 82.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-44k▼
2024 · €47k
Cash flow
€-45k▼
2024 · €41k
Current ratio
1.16▼
2024 · 1.34
Debt to equity
4.67▲
2024 · 2.61
ROE
-82.5%▼
2024 · 37.7%
ROA
-14.5%▼
2024 · 10.5%
Interest coverage
-28.51▼
2024 · 32.88
Debt ≤ 1 year
€265k▼
2024 · €270k
Income taxes
€174▼
2024 · €4k
Staff costs
€40k▲
2024 · €36k
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 · 2025 against 2024 · 43 lines
Balance sheet
Code20242025
Assets
Total assets20/58€373k€322k▼
Fixed assets21/28€11k€14k▲
Tangible fixed assets22/27€5k€8k▲
Furniture and vehicles24-€5k
Other tangible fixed assets26€5k€4k▼
Financial fixed assets28€6k€6k=
Current assets29/58€362k€307k▼
Amounts receivable within one year40/41€41k€35k▼
Trade receivables40€41k€33k▼
Other amounts receivable41€185€2k▲
Current investments50/53€150k€150k=
Cash at bank and in hand54/58€170k€106k▼
Deferred charges and accrued income490/1€650€17k▲
Equity and liabilities
Total equity and liabilities10/49€373k€322k▼
Equity10/15€103k€57k▼
Contributions10/11€19k€19k=
Reserves13€131k€131k=
Non-distributable reserves130/1€2k-
Reserves not available under the articles1311€2k-
Distributable reserves133€129k€131k▲
Profit (loss) carried forward14€-46k€-93k▼
Amounts payable17/49€270k€265k▼
Amounts payable within one year42/48€270k€265k▼
Trade debts44€3k€4k▲
Suppliers440/4€3k€4k▲
Taxes, remuneration and social security45€24k€5k▼
Taxes450/3€24k€5k▼
Other amounts payable47/48€243k€255k▲
Income statement
Code20242025
Remuneration, social security and pensions62€36k€40k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2k€1k▼
Other operating charges640/8€1k€1k▼
Gross operating margin9900€84k€-2k▼
Operating profit (loss)9901€44k€-45k▼
Financial charges65/66B€1k€2k▲
Recurring financial charges65€1k€2k▲
Profit (loss) for the period before taxes9903€43k€-47k▼
Income taxes67/77€4k€174▼
Profit (loss) for the period9904€39k€-47k▼
Profit (loss) for the period to be appropriated9905€39k€-47k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-7k€-93k▼
Profit (loss) brought forward from the previous period14P€-46k€-46k=
Transfer to equity691/2€39k-
To other reserves6921€39k-
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 29 days late
2024
31-12
Financial
Highest result since 2018net €39k ▲11%
Operating result €44k, net result €39k, both a record.
31-12
Financial
Equity above €100kEq €103k ▲60.5%
4 profitable years in a row build equity to €103k.
27-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 27 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 30 days late
2021
31-12
Financial
Back to profitnet €26k
Net result €26k after one loss-making year.
29-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 90 days late
2020
31-12
Financial
Weakest financial yearnet €-52k ▼495%
Net result drops to €-52k, the lowest in the series; recovery starts the following year.
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 91 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
28-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 59 days late
2017
27-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 58 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
2 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, Oudergem · 1 establishment unit since 1995
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.
Zangvogelslaan 341160 OudergemGround area
133 m²
Building footprint
84 m²
Volume, LiDAR
582 m³
Parcel 21002A0144/00B015, Brussels · tallest building 10.1 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Zangvogelslaan 34, 1160 Oudergem
since 19952.070.981.771
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21002A0144/00B015 | Brussels | 133 m² | 1 · 84 m² | 10.1 m · 2 fl. |
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.
Similar companies · same sector, comparable size
COMMUNICATE
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VDR CONSULT
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ENKODIA
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Of 82,562 companies in sector 70200 we hold annual accounts for 52,574. 38,700 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
Founded16-03-1995
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
Sources
Crossroads Bank for EnterprisesNational Bank · 31 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.