MASTER PROJECT
ActiveSummary
MASTER PROJECT has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€281,252) and a net result of -€63,711. Equity is shrinking by ~11.2% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 1.0% (low).
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Signals
This company filed its last 7 accounts on average 51 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
History
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Financials · fiscal year 2025, abbreviated schema
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Peer companies
Historical observationOf the 1,242 companies that looked in July 2024 the way this one looks now, 1.6% went bankrupt within 24 months and 93% are still going.
- Small
- 20 years or older
- negative equity
- a small loss
A further 1.9% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.0% 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 497,662 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 1,242 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Goods, raw materials, services and sundry goods60/61 | €11,318 | €11,177 | €12,937 | €9,614 | €35,184 | ▲ 266% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €42,858 | €45,311 | €45,126 | €45,490 | €45,274 | ▼ 0.5% |
| Other operating charges640/8 | €7,476 | €7,995 | €8,750 | €8,980 | €9,382 | ▲ 4.5% |
| Gross operating margin9900 | €30,012 | €33,251 | €34,968 | €47,452 | €15,579 | ▼ 67.2% |
| Operating profit (loss)9901 | -€20,321 | -€20,055 | -€18,907 | -€7,017 | -€39,077 | ▼ 457% |
| Financial charges65/66B | €2,298 | €2,140 | €3,236 | €4,078 | €24,153 | ▲ 492% |
| Recurring financial charges65 | €2,298 | €2,140 | €3,236 | €4,078 | €24,153 | ▲ 492% |
| Profit (loss) for the period before taxes9903 | -€22,619 | -€22,195 | -€22,144 | -€11,095 | -€63,231 | ▼ 470% |
| Income taxes67/77 | - | - | €836 | - | €481 | - |
| Profit (loss) for the period9904 | -€22,619 | -€22,195 | -€22,980 | -€11,095 | -€63,711 | ▼ 474% |
| Profit (loss) for the period to be appropriated9905 | -€22,619 | -€22,195 | -€22,980 | -€11,095 | -€63,711 | ▼ 474% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.1m | €1.0m | €981,159 | €962,337 | €873,206 | ▼ 9.3% |
| Fixed assets21/28 | €1.0m | €985,156 | €940,030 | €898,395 | €853,121 | ▼ 5.0% |
| Tangible fixed assets22/27 | €1.0m | €985,156 | €940,030 | €898,395 | €853,121 | ▼ 5.0% |
| Land and buildings22 | €1.0m | €984,133 | €939,427 | €898,213 | €853,121 | ▼ 5.0% |
| Furniture and vehicles24 | €1,442 | €1,022 | €602 | €183 | - | - |
| Assets under construction and advance payments27 | €11,974 | - | - | - | - | - |
| Current assets29/58 | €27,885 | €18,238 | €41,129 | €63,941 | €20,085 | ▼ 68.6% |
| Amounts receivable within one year40/41 | €15,992 | - | €3,559 | - | €3,131 | - |
| Trade receivables40 | €15,992 | - | €3,559 | - | €1,131 | - |
| Other amounts receivable41 | - | - | - | - | €2,000 | - |
| Cash at bank and in hand54/58 | €4,094 | €13,388 | €26,804 | €53,760 | €16,954 | ▼ 68.5% |
| Deferred charges and accrued income490/1 | €7,800 | €4,850 | €10,766 | €10,182 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.1m | €1.0m | €981,159 | €962,337 | €873,206 | ▼ 9.3% |
| Equity10/15 | -€161,271 | -€183,466 | -€206,445 | -€217,540 | -€281,252 | ▼ 29.3% |
| Contributions10/11 | €61,752 | €61,752 | €61,752 | €61,752 | €61,752 | = |
| Capital10 | €61,752 | €61,752 | €61,752 | €61,752 | €61,752 | = |
| Issued capital100 | €61,752 | €61,752 | €61,752 | €61,752 | €61,752 | = |
| Reserves13 | €6,175 | €6,175 | €6,175 | €6,175 | €6,175 | = |
| Non-distributable reserves130/1 | €6,175 | €6,175 | €6,175 | €6,175 | €6,175 | = |
| Legal reserve130 | €6,175 | €6,175 | €6,175 | €6,175 | €6,175 | = |
| Profit (loss) carried forward14 | -€229,198 | -€251,393 | -€274,372 | -€285,468 | -€349,179 | ▼ 22.3% |
| Amounts payable17/49 | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | ▼ 2.2% |
| Amounts payable after more than one year17 | €77,500 | €70,000 | €62,500 | €55,000 | €47,500 | ▼ 13.6% |
| Financial debts170/4 | €77,500 | €70,000 | €62,500 | €55,000 | €47,500 | ▼ 13.6% |
| Amounts payable within one year42/48 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | ▼ 2.0% |
| Current portion of amounts payable after more than one year42 | €7,500 | €7,500 | €7,500 | €7,500 | €7,500 | = |
| Financial debts43 | - | - | - | - | €600,000 | - |
| Credit institutions430/8 | - | - | - | - | €600,000 | - |
| Trade debts44 | €16,738 | €180 | €227 | - | €1,644 | - |
| Suppliers440/4 | €16,738 | €180 | €227 | - | €1,644 | - |
| Other amounts payable47/48 | €1.1m | €1.1m | €1.1m | €1.1m | €493,084 | ▼ 55.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | €4,730 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€22,619 | -€22,195 | -€22,980 | -€11,095 | -€63,711 | ▼ 474% |
| + Depreciation and write-downs630 | €42,858 | €45,311 | €45,126 | €45,490 | €45,274 | ▼ 0.5% |
| Operating cash flow (approximation) | €20,238 | €23,117 | €22,146 | €34,395 | -€18,437 | ▼ 154% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€3,856 | €0 | ▲ 100% |
| Change in cash | - | €9,294 | €13,416 | €26,956 | -€36,806 | ▼ 237% |
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
About the unread acts
We know of 9 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Directors · office · real estate
1 establishment unit
2 parcels
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25764Q0394/00E000 | Wallonia | 3,563 m² | 1 · 192 m² | 9.5 m · 3 fl. |
| 21612C0004/00V031 | Brussels | 69 m² | 1 · 62 m² | 12.4 m · 3 fl. |
Linked by address, not proof of ownership
Identification & contact
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
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Register as of 28 September 2026 · Peppol Directory
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