Equity
MASTER TECH paid out €100,000 in dividends. That is 23% of the 2025 profit.
MASTER TECH paid out €100,000 in dividends. That is 23% of the 2025 profit.
The result rose in 2025 from €115,933 to €426,139.
Green is investment, beige is depreciation. Machinery stands 68.5% higher than in 2024.
In 2025, 38 people joined and 32 left.
The 2023 accounts came latest: 42 days after the end of the period.
Higher net result than 95% of companies in civil engineering. Sector median €12,006 · 1,259 companies.
The dashed line is the sector median: 0.8% across 1,866 companies (NACE 42, micro).
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 42, micro). It does better than 42% of them on solvency, 78% on liquidity, 91% on profitability and 91% on growth.
The bankruptcy probability was computed on 10-11-2026 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 very low class on 30-06-2025, 0.1% 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).
In July 2024, 6,782 companies had the same profile as MASTER TECH has now. Each dot stands for 17 companies, two years later.
That fits the bankruptcy probability of MASTER TECH itself: 0.3% within 12 months.
The method was tested on the 497,448 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 6,782 companies, not a prediction for MASTER TECH. 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.
Liquidity is ample, with a current ratio of 1.97 (1.44 in 2024), above the usual 1.5. Short-term debt is 27.9% and cash 29.8% of total assets. However, 62.1% of the assets are financed with debt and provisions.
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.
The company filed its last 5 accounts on average 4 days after the deadline. In the sector (NACE 42), the median for financial year 2024 was 2 days before the deadline, and 41% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| MASTER TECH Lokeren | €1.5m | €1.3m | 37.9% | - |
| DUOFLUX Ans | €1.4m | €1.2m | 59.2% | 16 |
| KERKHOVE PIETER Zedelgem | €1.5m | €1.0m | 23.1% | 3.1 |
| COGEGAZ-FM Oupeye | €1.5m | €0.7m | 33.5% | 2 |
| EZ-Systems Lokeren | €2.4m | €2.9m | 48.3% | 38.4 |
| Infra Connection Hamme (Vl.) | €1.0m | €0.5m | 19.5% | - |
| VCS Belgium Genk | €0.8m | €0.8m | 14.1% | - |
These companies have the same main activity as MASTER TECH: civil engineering (NACE 42211). They are comparable in size and age: total assets between €753,000 and €2.4m, founded between 2018 and 2021.
MASTER TECH files the micro format. That format states no turnover. The gross margin rose from €114,166 in 2021 to €1.3m in 2025.
The balance sheet grew most from 2022 to 2024 through fixed assets.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €2.3m. Estimated: probably between €1.5m and €3.0m.
Higher than 42% of 1,263 companies in 2025.
Higher than 58% of 1,222 companies in 2025.
Higher than 82% of 1,227 companies in 2025.
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter
Staff costs divided by the average number of full-time equivalents.
In 2025, 38 people joined and 32 left.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
1.5m | 958,112 | 848,926 | 720,327 | 140,658 | |
21/28 |
653,829 | 523,831 | 617,061 | 580,542 | 48,969 | |
22/27 |
653,679 | 523,691 | 616,921 | 580,402 | 48,969 | |
22 |
303,006 | 312,570 | 322,134 | 331,698 | - | |
23 |
20,542 | 12,188 | 19,763 | 15,526 | 1,254 | |
24 |
330,132 | 198,934 | 275,023 | 233,177 | 47,715 | |
28 |
150 | 140 | 140 | 140 | - | |
29/58 |
803,122 | 434,281 | 231,865 | 139,785 | 91,689 | |
29 |
55,812 | 104,186 | 101,151 | - | - | |
290 |
0 | 104,186 | 101,151 | - | - | |
291 |
55,812 | - | - | - | - | |
3 |
0 | 65,000 | - | - | - | |
37 |
0 | 65,000 | - | - | - | |
40/41 |
300,182 | 197,986 | 100,833 | 131,622 | 61,094 | |
40 |
58,237 | 108,237 | 62,345 | 63,288 | 7,789 | |
41 |
241,945 | 89,748 | 38,487 | 68,334 | 53,305 | |
54/58 |
433,831 | 57,058 | 22,707 | 32 | 26,827 | |
490/1 |
13,297 | 10,051 | 7,175 | 8,131 | 3,769 | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
1.5m | 958,112 | 848,926 | 720,327 | 140,658 | |
10/15 |
551,713 | 225,574 | 215,523 | 125,093 | 64,671 | |
10/11 |
6,000 | 6,000 | 6,000 | 6,000 | 6,000 | |
13 |
545,713 | 219,574 | 209,523 | 119,093 | 58,671 | |
133 |
545,713 | 219,574 | 209,523 | 119,093 | 58,671 | |
14 |
0 | 0 | 0 | 0 | 0 | |
16 |
34,599 | 34,599 | 34,599 | 14,176 | 5,252 | |
160/5 |
34,599 | 34,599 | 34,599 | 14,176 | 5,252 | |
164/5 |
34,599 | 34,599 | 34,599 | 14,176 | 5,252 | |
17/49 |
870,639 | 697,940 | 598,804 | 581,058 | 70,735 | |
17 |
462,741 | 395,136 | 430,905 | 438,602 | 25,280 | |
170/4 |
462,741 | 395,136 | 430,905 | 438,602 | 25,280 | |
42/48 |
406,743 | 301,890 | 167,899 | 141,365 | 45,455 | |
42 |
133,413 | 85,897 | 63,534 | 53,436 | 9,850 | |
44 |
70,239 | 13,733 | 43,935 | 40,614 | 6,378 | |
440/4 |
70,239 | 13,733 | 43,935 | 40,614 | 6,378 | |
45 |
203,091 | 97,012 | 47,431 | 47,315 | 15,327 | |
450/3 |
154,532 | 63,073 | 23,666 | 26,289 | 15,234 | |
454/9 |
48,559 | 33,939 | 23,765 | 21,027 | 93 | |
47/48 |
0 | 105,247 | 13,000 | 0 | 13,900 | |
492/3 |
1,156 | 914 | 0 | 1,091 | - | |
| Income statement | ||||||
76A |
0 | 2,502 | - | - | - | |
9900 |
1.3m | 452,817 | 422,229 | 251,523 | 114,166 | |
62 |
555,756 | 172,499 | 167,317 | 111,081 | 12,446 | |
630 |
102,848 | 86,002 | 83,557 | 47,656 | 8,723 | |
635/8 |
- | 0 | 20,423 | 8,924 | 5,252 | |
640/8 |
7,032 | 7,946 | 5,813 | 4,356 | 1,636 | |
9901 |
594,752 | 186,370 | 145,119 | 79,507 | 86,110 | |
75/76B |
8,486 | 4,246 | 1,714 | 2,949 | 2,899 | |
75 |
8,486 | 4,246 | 1,714 | 2,949 | 2,899 | |
65/66B |
23,799 | 23,662 | 16,102 | 9,149 | 357 | |
65 |
23,799 | 23,662 | 16,102 | 9,149 | 357 | |
9903 |
579,439 | 166,954 | 130,731 | 73,307 | 88,653 | |
67/77 |
153,300 | 51,021 | 27,302 | 12,885 | 14,982 | |
9904 |
426,139 | 115,933 | 103,430 | 60,422 | 73,671 | |
9905 |
426,139 | 115,933 | 103,430 | 60,422 | 73,671 | |
| Appropriation of the result | ||||||
9906 |
426,139 | 115,933 | 103,430 | 60,422 | 73,671 | |
691/2 |
326,139 | 10,051 | 90,430 | 60,422 | 58,671 | |
6921 |
326,139 | 10,051 | 90,430 | 60,422 | 58,671 | |
694/7 |
100,000 | 105,882 | 13,000 | 0 | 15,000 | |
694 |
100,000 | 105,882 | - | - | - | |
695 |
- | 0 | 13,000 | 0 | 15,000 | |
| Social balance sheet | ||||||
9087 |
13.8 | 5.4 | 4.5 | 2.3 | - | |
Hours worked1013 |
15,052 | 4,677 | 4,560 | 2,240 | - | |
| Document | ||||||
The notes to these accounts have 11 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 31-08-2026.
2025 annual accounts filed 31 days after the deadline. Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00459763.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00459763 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00216624 | |
| 31-12-2023 | micro format | 11-09-2024 | 2024-00460521 | |
| 31-12-2022 | micro format | 14-07-2023 | 2023-00237071 | |
| 31-12-2021 | micro format | 25-07-2022 | 2022-20225703 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| 697,600 | 272,372 | 228,676 | 127,163 | 94,833 | ||
| 528,987 | 201,935 | 186,987 | 108,078 | 82,394 | ||
| 232,845 | 6,800 | 120,076 | 579,229 | 56,589 | ||
| 376,773 | 34,352 | 22,674 | -26,794 | - | ||
| 396,379 | 132,392 | 63,966 | -1,580 | 46,235 | ||
| 37.9% | 23.5% | 25.4% | 17.4% | 46.0% | ||
| 1.97 | 1.44 | 1.38 | 0.99 | 2.02 | ||
| 1.97 | 1.22 | 1.38 | 0.99 | 2.02 | ||
| 1.58 | 3.09 | 2.78 | 4.65 | 1.09 | ||
| 77.2% | 51.4% | 48.0% | 48.3% | 113.9% | ||
| 29.2% | 12.1% | 12.2% | 8.4% | 52.4% | ||
| 29.31 | 11.51 | 14.20 | 13.90 | over 100 |
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.
| Item | 31-12-2025 | 31-12-2024 | 31-12-2023 | 31-12-2022 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 13 | 7 | 5 | 2 |
| full-time | 12 | 7 | 5 | 2 |
| part-time | 1 | 0 | 0 | 0 |
| in full-time equivalents | 12.6 | 7 | 5 | 2 |
| 13.4 | 5.3 | 4.3 | 2.3 | |
| On a permanent contract | 12 | 7 | 5 | 2 |
| Joined | 38 | 9 | 11 | 9 |
| Left | 32 | 7 | 8 | 7 |
| Training hours | 0 | 0 | 0 | - |
Source: social balance sheet in the 2022 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €232,835 | €6,800 | €120,076 | €579,089 | €56,589 |
| Intangible fixed assets | - | - | - | - | €0 |
| Financial fixed assets | €10 | - | - | €140 | €0 |
| €102,848 | €86,002 | €83,557 | €47,656 | €8,723 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 3.2 times that of 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Debt's share of the balance-sheet total falls from 72.8% to 59.8%. Equity and debt are higher.
MASTER TECH has no parent and no holdings in its annual accounts. ALBAYRAK Fatih is the only director.
| Jones & Co via Naili Yunus, at MASTER TECH until 2021 · Director (not named in the articles) · deed of 01-03-2021 founded in 2021 |
total assets €192,021 (2025) |
The network starts from the earlier ties.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
On 7 July 2020, MASTER TECH was incorporated as a private limited company by two natural persons, with a starting capital of €6,000.12 ALBAYRAK Fatih has served as director since 2020.3 Total assets went from €140,658 in 2021 to €1.5m in 2025 and headcount from 2.3 full-time equivalents in 2022 to 13.8 in 2025.4
| Establishment | Since | Unit number |
|---|---|---|
| Lokerhoutstraat 69 registered office 9160 Lokeren | 07-07-2020 | 2.304.788.888 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 46382B0383/00V002 | 269 m² | 1 · 61 m² | 10.5 m · 3 |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0749.922.935
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