MASTER TOURS (0442.075.619): financials and annual accounts

MASTER TOURS

Antwerp ·KBO/BCE: BE 0442.075.619

Line	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2008	2007
Balance sheet: assets
Total assets`20/58`	6.6m	6.0m	4.4m	4.0m	3.1m	3.3m	5.0m	4.8m	3.7m	4.5m	3.8m	3.6m	3.2m	3.0m	2.5m	2.4m	2.6m	5.2m	5.4m
Fixed assets`21/28`	442,480	386,822	308,307	287,696	292,656	322,368	276,681	290,553	218,157	254,283	133,195	160,872	71,220	51,000	88,635	160,406	211,076	37,700	49,683
Intangible fixed assets`21`	30,058	46,723	14,754	19,112	21,197	15,452	7,472	3,822	-	-	-	167	333	96	2,005	5,426	4,926	4,192	4,087
Tangible fixed assets`22/27`	322,400	250,098	203,576	178,612	229,357	264,814	229,237	246,777	213,189	249,315	128,226	155,741	65,937	50,904	84,741	153,091	200,856	23,308	35,537
Land and buildings`22`	-	15,179	30,358	45,537	60,716	75,895	91,075	106,254	121,433	136,612	-	-	-	-	-	-	-	-	-
Plant, machinery and equipment`23`	36,339	37,701	19,830	25,721	19,130	15,398	24,209	17,571	13,206	28,071	21,279	21,738	10,006	11,879	15,228	27,058	28,182	14,054	13,557
Furniture and vehicles`24`	124,846	158,599	115,258	53,826	77,357	120,499	53,643	75,850	26,588	58,045	73,567	126,146	55,105	34,188	54,261	77,016	101,006	5,864	17,843
Other tangible fixed assets`26`	156,100	23,045	38,129	53,528	72,154	53,022	27,464	14,255	19,115	25,264	33,381	7,857	826	4,837	15,251	49,017	71,668	3,390	4,137
Assets under construction and advance payments`27`	5,115	15,574	-	-	-	-	32,847	32,847	32,847	1,323	-	-	-	-	-	-	-	-	-
Financial fixed assets`28`	90,022	90,001	89,978	89,972	42,102	42,102	39,972	39,954	4,969	4,969	4,969	4,964	4,950	-	1,889	1,889	5,295	10,201	10,059
Affiliated companies`280/1`	-	-	-	-	34,985	34,985	-	-	-	-	-	-	-	-	179	179	-	-	-
Participating interests`280`	-	-	-	-	34,985	34,985	-	-	-	-	-	-	-	-	179	179	-	-	-
Other financial fixed assets`284/8`	-	-	-	-	7,117	7,117	-	-	-	-	-	-	-	-	1,710	1,710	5,295	10,201	10,059
Amounts receivable and cash guarantees`285/8`	-	-	-	-	7,117	7,117	-	-	-	-	-	-	-	-	1,710	1,710	5,295	10,201	10,059
Current assets`29/58`	6.1m	5.6m	4.1m	3.7m	2.8m	3.0m	4.7m	4.5m	3.5m	4.2m	3.7m	3.4m	3.2m	2.9m	2.4m	2.2m	2.4m	5.1m	5.4m
Stocks and contracts in progress`3`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.7m	-
Contracts in progress`37`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.7m	-
Amounts receivable within one year`40/41`	302,564	28,510	53,983	235,398	264,094	144,946	235,105	370,036	98,196	352,420	425,843	573,071	405,372	516,338	420,073	264,851	752,927	852,139	1.4m
Trade receivables`40`	252,190	7,664	6,020	190,517	175,350	39,125	170,059	242,067	55,922	264,154	373,712	438,884	392,356	508,872	420,073	253,301	502,529	752,284	719,276
Other amounts receivable`41`	50,375	20,846	47,963	44,881	88,743	105,821	65,046	127,969	42,275	88,266	52,131	134,188	13,016	7,466	-	11,550	250,398	99,856	652,291
Current investments`50/53`	1.3m	2.9m	2.8m	-	-	138,752	140,873	140,854	140,836	140,817	204,857	204,857	144,464	143,744	142,723	142,000	57,778	933,005	1.4m
Other investments`51/53`	-	-	-	-	-	138,752	-	-	-	-	-	-	-	143,744	142,723	142,000	57,778	933,005	1.4m
Cash at bank and in hand`54/58`	4.4m	2.6m	1.2m	3.5m	2.5m	2.7m	4.3m	4.0m	3.2m	3.7m	3.0m	2.6m	2.6m	2.2m	1.8m	1.8m	1.6m	1.5m	814,466
Deferred charges and accrued income`490/1`	47,014	58,097	23,000	16,509	11,285	22,772	12,069	11,811	26,994	26,327	17,599	25,814	26,364	27,357	32,040	27,235	14,150	65,367	1.8m
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	6.6m	6.0m	4.4m	4.0m	3.1m	3.3m	5.0m	4.8m	3.7m	4.5m	3.8m	3.6m	3.2m	3.0m	2.5m	2.4m	2.6m	5.2m	5.4m
Equity`10/15`	2.8m	1.9m	2.0m	1.2m	1.0m	660,011	1.9m	2.0m	1.6m	1.2m	937,436	870,546	546,436	604,745	453,690	391,189	280,034	331,808	622,891
Contributions`10/11`	417,077	417,077	417,077	417,077	417,077	417,077	417,077	417,077	417,077	417,077	417,077	417,077	417,077	172,000	172,000	172,000	62,000	62,000	62,000
Capital`10`	417,077	417,077	417,077	417,077	417,077	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issued capital`100`	417,077	417,077	417,077	417,077	417,077	417,077	417,077	417,077	417,077	417,077	417,077	417,077	417,077	172,000	172,000	172,000	62,000	62,000	62,000
Reserves`13`	2.3m	1.5m	1.6m	1.3m	1.5m	1.5m	1.5m	1.5m	1.2m	754,773	520,359	186,485	27,775	229,034	221,217	218,091	218,034	6,200	6,200
Non-distributable reserves`130/1`	41,708	41,708	41,708	41,708	41,708	41,708	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	41,708	41,708	41,708	41,708	41,708	41,708	41,708	41,708	41,708	41,708	41,708	36,485	27,775	17,200	9,383	6,258	6,200	6,200	6,200
Tax-exempt reserves`132`	-	-	-	-	77,416	124,000	124,000	124,000	231,727	48,967	150,000	150,000	-	-	-	-	-	-	-
Distributable reserves`133`	2.3m	1.4m	1.5m	1.2m	1.4m	1.4m	1.4m	1.4m	930,739	664,098	328,651	-	-	211,834	211,834	211,834	211,834	-	-
Profit (loss) carried forward`14`	-	-	-	-535,921	-940,563	-1.3m	-	100,000	-	-	-	266,985	101,584	203,711	60,474	1,097	-	263,608	554,691
Provisions and deferred taxes`16`	81,868	81,868	81,868	81,868	81,868	81,868	81,868	100,020	120,000	121,773	121,773	113,773	125,000	100,000	50,000	23,400	50,875	9,414	-
Provisions for liabilities and charges`160/5`	81,868	81,868	81,868	81,868	81,868	81,868	81,868	100,020	120,000	121,773	121,773	113,773	125,000	100,000	50,000	23,400	50,875	9,414	-
Other liabilities and charges`164/5`	81,868	81,868	81,868	81,868	81,868	81,868	81,868	100,020	120,000	121,773	-	-	-	100,000	50,000	23,400	50,875	9,414	-
Amounts payable`17/49`	3.7m	4.0m	2.3m	2.8m	2.0m	2.5m	3.0m	2.7m	2.0m	3.2m	2.7m	2.6m	2.6m	2.3m	2.0m	1.9m	2.3m	4.8m	4.8m
Amounts payable after more than one year`17`	-	34,885	68,748	101,827	130,026	13,066	46,316	87,004	85,143	125,832	30,726	50,449	-	-	12,119	26,177	39,724	-	-
Financial debts`170/4`	-	-	-	-	-	13,066	46,316	87,004	85,143	125,832	30,726	50,449	-	-	12,119	26,177	39,724	-	-
Credit institutions`173`	-	-	-	-	-	13,066	-	-	-	-	-	-	-	-	12,119	26,177	39,724	-	-
Other amounts payable`178/9`	-	34,885	68,748	101,827	130,026	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amounts payable within one year`42/48`	3.7m	3.9m	2.2m	2.6m	1.8m	1.0m	2.7m	2.4m	1.7m	2.8m	2.5m	2.3m	2.3m	2.0m	1.8m	1.7m	2.0m	4.0m	2.2m
Current portion of amounts payable after more than one year`42`	34,885	33,863	32,882	31,465	13,066	33,250	40,687	40,606	40,689	49,342	19,724	19,724	-	12,119	14,058	13,547	13,055	-	-
Financial debts`43`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	22	-	-
Credit institutions`430/8`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	22	-	-
Trade debts`44`	1.1m	894,439	388,807	337,030	201,726	270,150	749,649	592,685	239,525	545,804	433,495	596,062	322,169	238,492	304,120	101,738	45,271	110,500	139,003
Suppliers`440/4`	1.1m	894,439	388,807	337,030	201,726	270,150	749,649	592,685	239,525	545,804	433,495	596,062	322,169	238,492	304,120	101,738	45,271	110,500	139,003
Advances received on contracts in progress`46`	2.0m	1.4m	1.6m	2.1m	1.4m	591,619	1.6m	1.5m	1.1m	1.9m	1.7m	1.5m	1.6m	1.6m	1.3m	1.5m	1.8m	3.3m	1.4m
Taxes, remuneration and social security`45`	646,393	350,919	247,969	143,339	121,369	134,428	208,966	192,032	235,420	343,507	311,365	8,448	175,141	182,465	100,173	80,951	143,527	83,575	122,676
Taxes`450/3`	214,567	46,665	27,924	-	2,274	275	17,705	-	50,635	203,744	174,521	8,448	72,739	86,271	16,803	1,090	62,558	22,921	40,182
Remuneration and social security`454/9`	431,826	304,254	220,045	143,339	119,095	134,153	191,261	192,032	184,786	139,763	136,845	-	102,401	96,194	83,370	79,861	80,970	60,654	82,495
Other amounts payable`47/48`	-	1.3m	-	9,513	-	20,300	123,916	12,495	56,363	16,363	-	142,747	242,494	-	-	-	67	501,664	522,142
Accrued charges and deferred income`492/3`	31,835	29,902	23,061	31,658	74,722	1.5m	207,031	210,517	203,619	199,777	257,773	249,243	250,237	246,610	226,668	238,448	276,755	808,985	2.6m
Income statement
Operating income`70/76A`	-	-	-	-	2.7m	441,528	-	-	-	-	-	-	-	12.7m	12.5m	13.0m	23.3m	15.2m	19.8m
Turnover`70`	-	-	-	-	1.6m	30,028	-	-	-	-	-	-	-	12.4m	12.2m	12.7m	23.3m	15.2m	19.8m
Other operating income`74`	-	-	-	-	1.1m	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-recurring operating income`76A`	-	35,250	912	-	-	19,231	-	-	-	740	-	18,190	-	-	-	650	6,538	236	6,227
Gross operating margin`9900`	2.7m	2.6m	1.6m	1.3m	-	-	1.4m	1.6m	1.9m	1.5m	1.5m	1.2m	994,712	-	-	-	-	-	-
Operating charges`60/66A`	-	-	-	-	2.4m	1.6m	-	-	-	-	-	-	-	12.4m	12.3m	12.7m	23.3m	14.5m	19.2m
Goods for resale, raw materials and consumables`60`	-	-	-	-	1.1m	43,608	-	-	-	-	-	-	-	9.3m	9.3m	9.7m	17.7m	11.3m	14.9m
Purchases`600/8`	-	-	-	-	1.1m	43,608	-	-	-	-	-	-	-	9.3m	9.3m	9.7m	17.7m	11.3m	14.9m
Services and other goods`61`	-	-	-	-	610,636	701,733	-	-	-	-	-	-	-	2.0m	2.1m	2.2m	4.2m	2.5m	3.2m
Remuneration, social security and pensions`62`	1.5m	1.4m	1.1m	914,467	661,048	740,916	1.1m	1.0m	1.0m	1.1m	902,015	887,301	833,135	908,687	800,397	724,884	1.2m	568,344	1.1m
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	114,872	99,987	73,995	78,845	94,412	81,325	64,530	64,444	71,818	88,657	75,356	79,118	36,807	42,093	71,771	76,899	125,463	24,427	39,041
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-	-	-48,655	48,655	68,459	-13,349	28,169	18,348	2,132	-	6,527	-	-	-	-	-	-
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	-	-	-	-	-	-	-	-	-1,151	-	8,000	-11,227	25,000	50,000	26,600	-27,475	41,461	9,414	-5,029
Other operating charges`640/8`	4,006	4,556	5,485	6,428	8,022	7,860	7,078	12,781	4,120	7,885	11,400	13,761	4,804	2,136	2,587	3,532	9,674	27,426	17,226
Non-recurring operating charges`66A`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,246	-	343
Operating profit (loss)`9901`	999,814	1.1m	408,994	304,688	303,010	-1.2m	173,435	502,185	756,351	358,063	484,196	221,897	88,439	291,349	209,620	314,970	-29,872	738,503	612,568
Financial income`75/76B`	439,079	327,886	661,167	153,087	220,877	157,031	211,018	227,840	377,095	281,005	290,711	328,932	342,202	161,944	243,476	443,379	1.3m	427,262	470,276
Recurring financial income`75`	439,079	327,886	661,167	153,087	220,877	157,031	211,018	227,840	377,095	280,265	290,711	328,932	342,202	161,944	243,476	443,379	1.3m	427,262	470,276
Income from financial fixed assets`750`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	18	-	11,760
Income from current assets`751`	-	-	-	-	3	10	-	-	-	-	-	-	-	2,977	11,360	5,037	67,228	71,197	58,019
Other financial income`752/9`	-	-	-	-	220,873	157,020	-	-	-	-	-	-	-	158,967	232,116	438,342	1.2m	356,065	400,497
Non-recurring financial income`76B`	-	-	-	-	-	-	-	-	-	740	-	-	-	-	-	-	-	-	-
Financial charges`65/66B`	147,522	151,272	223,396	301,882	181,018	253,125	356,172	74,553	391,977	200,878	356,099	146,152	102,290	215,386	347,722	753,826	590,520	857,633	343,432
Recurring financial charges`65`	147,522	151,272	223,396	301,882	181,018	253,125	356,172	74,553	391,977	200,878	356,099	146,152	102,290	215,386	347,722	753,826	590,520	857,633	343,432
Debt charges`650`	-	-	-	-	1,401	912	-	-	-	-	-	-	-	-	-	3,533	4,559	1,405	3,045
Other financial charges`652/9`	-	-	-	-	179,616	252,213	-	-	-	-	-	-	-	215,386	347,722	750,293	585,961	856,228	340,387
Profit (loss) for the period before taxes`9903`	1.3m	1.3m	846,765	155,893	342,870	-1.3m	28,281	655,472	741,468	438,190	418,809	422,867	328,352	237,907	105,374	5,172	683,140	308,368	745,296
Income taxes`67/77`	423,828	150,600	29,608	2,001	2,275	2,494	17,705	235,554	292,068	203,776	186,519	98,756	116,936	86,853	42,873	4,017	234,914	99,451	245,358
Taxes`670/3`	-	-	-	-	2,275	2,494	-	-	-	-	-	-	-	86,853	42,873	5,009	234,914	99,451	246,452
Tax adjustments and reversals of tax provisions`77`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	992	-	-	1,095
Profit (loss) for the period`9904`	867,544	1.2m	817,157	153,892	340,594	-1.3m	10,576	419,918	449,400	234,414	232,290	324,111	211,416	151,054	62,502	1,155	448,226	208,917	499,938
Transfer from tax-exempt reserves`789`	-	-	-	77,416	46,584	-	-	-	-	23,250	-	-	-	-	-	-	-	-	-
Transfer to tax-exempt reserves`689`	-	-	-	-	-	-	-	-	124,000	-	-	150,000	-	-	-	-	-	-	-
Profit (loss) for the period to be appropriated`9905`	867,544	1.2m	817,157	231,308	387,178	-1.3m	10,576	419,918	325,400	257,664	232,290	174,111	211,416	151,054	62,502	1,155	448,226	208,917	499,938
Appropriation of the result
Profit (loss) to be appropriated`9906`	867,544	1.2m	281,236	-709,254	-893,979	-1.3m	110,576	419,918	325,400	257,664	499,275	275,695	415,127	211,528	63,599	1,155	711,834	763,608	1.1m
Profit (loss) brought forward from the previous period`14P`	-	-	-535,921	-940,563	-1.3m	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	-	1.3m	-	173,333	-	-	-	-	-	-	-	-	211,834	-	-	-	-	-	-
Transfer to equity`691/2`	867,544	1.2m	281,236	-	46,584	-	-	319,918	325,400	257,664	333,874	8,710	10,575	7,817	3,125	58	211,834	-	-
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	5,223	8,710	10,575	7,817	3,125	58	-	-	-
To other reserves`6921`	867,544	1.2m	281,236	-	46,584	-	-	319,918	325,400	257,664	328,651	-	-	-	-	-	211,834	-	-
Profit to be distributed`694/7`	-	1.3m	-	-	-	-	110,576	-	-	-	165,401	-	514,801	-	-	-	500,000	500,000	521,459
Return on contributions (dividend)`694`	-	1.3m	-	-	-	-	110,576	-	-	-	165,401	-	514,801	-	-	-	500,000	500,000	521,459
Social balance sheet
Average staff (FTE)`9087`	21.3	20.4	18.5	16.2	18	20.8	21.7	20.1	19.9	21.3	19.6	17.8	17.7	18.9	19.1	18	18.4	17.8	17.9
Men (FTE)`1003`	-	-	-	-	4.2	4.3	-	-	-	-	-	-	-	7.4	-	-	-	-	-
Women (FTE)`1003`	-	-	-	-	13.8	16.5	-	-	-	-	-	-	-	11.5	-	-	-	-	-
Agency workers`1501`	-	-	-	-	-	-	-	-	-	-	-	-	-	0.4	0.3	1	-	-	-
Hours worked`1013`	32,631	30,127	27,188	24,343	19,742	23,266	33,987	32,013	31,953	34,755	31,476	29,700	31,847	32,437	31,874	30,682	56,048	31,739	56,034
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Financial year	Type	Filed	Reference	Document
31-03-2026	full format	21-10-2026	2026-00568637	PDF
31-03-2025	abbreviated format	15-09-2025	2025-00493874	PDF
31-03-2024	abbreviated format	27-09-2024	2024-00474666	PDF
31-03-2023	abbreviated format	02-10-2023	2023-00467287	PDF
31-03-2022	full format	09-09-2022	2022-20429251	PDF
31-03-2021	full format	13-09-2021	2021-67000354	PDF
31-03-2020	abbreviated format	10-11-2020	2020-69600364	PDF
31-03-2019	abbreviated format	30-09-2019	2019-67000124	PDF
31-03-2018	abbreviated format	21-09-2018	2018-63800306	PDF
31-03-2017	abbreviated format	28-09-2017	2017-63600018	PDF
31-03-2016	abbreviated format	12-09-2016	2016-59800225	PDF
31-03-2015	abbreviated format	14-09-2015	2015-58500453	PDF
31-03-2014	abbreviated format	12-08-2014	2014-41400079	PDF
31-03-2013	full format	04-11-2013	2013-65300581	PDF
31-03-2012	full format	12-09-2012	2012-56100307	PDF
31-03-2011	full format	29-09-2011	2011-55900190	PDF
31-03-2010	full format	25-10-2010	2010-58700093	PDF
30-06-2008	full format	02-12-2008	2008-83800016	PDF
30-06-2007	full format	11-12-2007	2007-82800176	PDF
31-10-2005	abbreviated format	10-03-2006	2006-06802588	PDF
31-10-2004	abbreviated format	18-02-2005	2005-05402947	PDF
31-10-2003	abbreviated format	20-02-2004	2004-05102252	PDF
31-10-2002	abbreviated format	17-01-2003	2003-01300097	PDF
31-10-2001	abbreviated format	24-12-2001	2001-77100215	PDF
31-12-2000	abbreviated format	24-12-2001	2001-77100216	PDF
31-12-1999	abbreviated format	15-06-2000	2000-21500001	PDF
31-12-1998	abbreviated format	16-06-1999	1999-18700804	PDF
31-12-1997	abbreviated format	05-06-1998	1998-14000392	PDF
31-12-1996	abbreviated format	30-06-1997	1997-22902650	PDF
31-12-1995	abbreviated format	11-06-1996	1996-14401372	PDF
31-12-1994	abbreviated format	15-06-1995	1995-24300948	PDF
31-12-1993	abbreviated format	02-06-1994	1994-11200609	PDF
31-12-1992	abbreviated format	30-08-1993	1993-33503348	PDF
31-12-1991	abbreviated format	27-07-1992	1992-24700419	PDF

Year	Entries	Awarded	Paid
2025	2	€0.03m	€0.001m
2024	1	€0.005m	€0.005m
2023	1	€157	€157
2022	3	€1.1m	€1.1m

Line	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2008	2007
EBITDA	1.1m	1.2m	482,988	383,532	397,422	-1.1m	237,964	566,630	828,169	446,720	559,552	301,014	125,246	333,442	281,391	391,868	95,591	762,929	651,609
Cash flow	982,416	1.3m	891,152	232,736	435,006	-1.2m	75,106	484,362	521,218	323,071	307,646	403,228	248,222	193,147	134,272	78,054	573,689	233,344	538,979
Investment in fixed assets (approximation)	170,531	190,445	110,132	76,014	64,700	157,728	50,658	136,840	35,692	209,745	47,679	168,769	57,027	6,347	0	29,814	312,602	12,302	21,671
Change in cash	1.8m	1.4m	-2.3m	967,722	-153,868	-1.7m	355,359	757,601	-466,436	670,868	420,442	14,945	364,549	392,862	64,187	191,697	-	717,368	-
Working capital	2.4m	1.6m	1.8m	1.1m	994,565	1.9m	2.0m	2.1m	1.8m	1.4m	1.2m	1.1m	850,453	900,355	653,842	518,807	436,311	1.1m	3.2m
EBIT margin	-	-	-	-	19.0%	-	-	-	-	-	-	-	-	2.4%	1.7%	2.5%	-0.1%	4.9%	3.1%
Solvency	42.0%	31.6%	44.9%	28.8%	32.6%	20.1%	38.8%	42.6%	43.7%	26.3%	24.7%	24.4%	16.9%	20.5%	18.1%	16.6%	10.8%	6.4%	11.5%
Current ratio	1.66	1.42	1.82	1.41	1.56	2.82	1.73	1.91	2.08	1.48	1.50	1.49	1.37	1.45	1.37	1.31	1.22	1.28	2.44
Quick ratio	1.66	1.42	1.82	1.41	1.56	2.82	1.73	1.91	2.08	1.48	1.50	1.49	1.37	1.45	1.37	1.31	1.22	0.85	2.44
Debt to equity	1.35	2.13	1.19	2.40	1.98	3.85	1.53	1.30	1.21	2.70	2.92	2.96	4.68	3.72	4.42	4.96	8.12	14.49	7.70
ROE	31.5%	62.0%	41.4%	13.3%	34.0%	-194.1%	0.5%	20.6%	27.7%	20.0%	24.8%	37.2%	38.7%	25.0%	13.8%	0.3%	160.1%	63.0%	80.3%
ROA	13.2%	19.6%	18.6%	3.8%	11.1%	-39.0%	0.2%	8.8%	12.1%	5.3%	6.1%	9.1%	6.5%	5.1%	2.5%	0.0%	17.2%	4.1%	9.2%
Interest coverage	7.56	8.20	2.16	1.27	over 100	-1207.60	-	-	-	-	-	-	-	-	-	over 100	20.97	over 100	over 100
Customer credit	-	-	-	-	40 days	476 days	-	-	-	-	-	-	-	15 days	13 days	7 days	8 days	18 days	13 days
Supplier credit	-	-	-	-	43 days	132 days	-	-	-	-	-	-	-	8 days	10 days	3 days	1 day	3 days	3 days

Item	31-03-2026	31-03-2025	31-03-2024	31-03-2023	31-03-2022
Employees at the balance-sheet date	23	23	23	18	19
full-time	17	16	14	11	11
part-time	6	7	9	7	8
in full-time equivalents	21.3	21.3	19.7	15.8	16
Average over the year, in full-time equivalents	20.7	20.4	18.5	16.2	18
On a permanent contract	23	23	22	18	19
Joined	3	3	9	-	0
Left	3	3	4	-	3
Training hours	-	3,360	303	152	-

MASTER TOURS

Annual accounts 2026

Money flows

Balance sheet

Change in equityin €m

Change in cashin €m

Position in the sector

Solvency42.0%

Current ratio1.66

Return on assets13.2%

Staff

Men and women

Staff cost per FTE€72,696

Joined and left+0

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2022 to 2025, 7 entries, €1.1m awarded, €1.1m paid

Key figures and ratios

Revenue breakdown

By activity 2012

Social balance sheet

Investments

Insights on MASTER TOURS

Next steps

Item	31-03-2026	31-03-2025	31-03-2024	31-03-2023	31-03-2022
Tangible fixed assets	€170,510	€148,812	€101,288	€16,514	€48,700
Intangible fixed assets	-	€41,610	€8,838	€9,500	€16,000
Financial fixed assets	€21	€23	€6	€50,000	-
Depreciation and write-downs of the year	€114,872	€99,987	€73,995	€78,845	€94,412