MASTERBULK
ActiveSummary
MASTERBULK has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.3m and a net result of €358,458. Equity remains stable across the filed fiscal years (±0.2% per year). Its solvency ranks better than 23% of 868 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69▲+5
Solvency42▼-1
Growth52▲+18
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €190,000 at 30 days acceptable
Liquidity short (current ratio 0.88 against 0.81 in 2024; short-term debt: 53.9% and cash: 6.9% of total assets), and 83.1% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 49
Relative position
BE, all sectors
reference
Land transport and transport via pipelines (NACE 49)
about 141% more bankruptcies
← 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
16.9%
Return on assets
1.8%
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 23% of 868 sector peers (2025).
NBB · sector comparisonPosition among 868 sector peers
Solvency
better than 23%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 23-07-2026, 8 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
8 d early
2024
9 d early
2023
21 d early
2022
17 d late
2021
17 d late
2020
18 d early
2019
17 d early
← 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
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file What other support did companies like this one receive, and it did not?Subsidy mirror How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
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Financials · fiscal year 2025, full schema
In the rankings
#4 employer in East Flanders, Land transport sector
Turnover
€26.3m▲ 11.1%
2024 · €23.7m
EBIT margin
3.0%▲ 2.7pp
2024 · 0.3%
Net result
€358,458
2024 · -€264,673
Working capital
-€1.3m▲ 20.3%
2024 · -€1.6m
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€21.3m▲ 4.6%€23.4m▲ 10.1%€21.5m▼ 8.0%€23.7m▲ 10.1%€26.3m▲ 11.1%
Operating result€230,082▲ 24.5%€399,164▲ 73.5%€502,631▲ 25.9%€79,921▼ 84.1%€796,008▲ 896%
Net result€73,227▲ 692%€207,026▲ 183%€195,913▼ 5.4%-€264,673€358,458
EBIT margin1.1%▲ 0.2pp1.7%▲ 0.6pp2.3%▲ 0.6pp0.3%▼ 2.0pp3.0%▲ 2.7pp
Equity€2.9m▲ 5.6%€3.1m▲ 5.9%€3.3m▲ 5.5%€3.0m▼ 8.8%€3.3m▲ 11.6%
Total assets€14.5m▲ 2.1%€16.6m▲ 14.6%€15.9m▼ 4.2%€16.1m▲ 0.9%€19.6m▲ 22.1%
Debt€11.6m▲ 1.2%€13.5m▲ 16.8%€12.7m▼ 6.4%€13.1m▲ 3.5%€16.3m▲ 24.5%
Working capital-€905,360▲ 39.3%-€534,903▲ 40.9%-€1.1m▼ 103%-€1.6m▼ 49.9%-€1.3m▲ 20.3%
Staff (FTE)171.7▲ 0.3%178.4▲ 3.9%173.4▼ 2.8%179.9▲ 3.7%193.3▲ 7.4%
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 896% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €19.6m
Fixed assets
€10.3m ▲ 12.1%
Current assets
€9.3m ▲ 35.7%
Equity and liabilities €19.6m
Equity
€3.3m ▲ 11.6%
Debt
€16.3m ▲ 24.5%
Debt's share of the balance-sheet total rises from 81.5% to 83.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€3.0m▲
2024 · €2.3m
Cash flow
€2.6m▲
2024 · €2.0m
Current ratio
0.88▲
2024 · 0.81
Debt to equity
4.92▲
2024 · 4.41
ROE
10.8%▲
2024 · -8.9%
ROA
1.8%▲
2024 · -1.6%
Interest coverage
8.99▲
2024 · 6.33
Debt ≤ 1 year
€10.6m▲
2024 · €8.5m
Debt > 1 year
€5.7m▲
2024 · €4.6m
Income taxes
€117,192▲
2024 · €1,444
Staff costs
€12.2m▲
2024 · €10.8m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €22.5m | €24.5m | €22.7m | €24.9m | €27.9m | ▲ 12.3% |
| Turnover70 | €21.3m | €23.4m | €21.5m | €23.7m | €26.3m | ▲ 11.1% |
| Other operating income74 | €1.1m | €809,022 | €1.0m | €1.0m | €1.5m | ▲ 47.0% |
| Non-recurring operating income76A | €88,721 | €226,275 | €195,670 | €111,569 | €38,168 | ▼ 65.8% |
| Operating charges60/66A | €22.3m | €24.1m | €22.2m | €24.8m | €27.1m | ▲ 9.4% |
| Goods for resale, raw materials and consumables60 | €636,320 | €388,183 | €359,272 | €692,728 | €780,577 | ▲ 12.7% |
| Purchases600/8 | €636,320 | €388,183 | €359,272 | €692,728 | €780,577 | ▲ 12.7% |
| Services and other goods61 | €9.9m | €11.5m | €10.1m | €11.0m | €11.9m | ▲ 8.2% |
| Remuneration, social security and pensions62 | €9.9m | €9.9m | €9.5m | €10.8m | €12.2m | ▲ 12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.7m | €2.1m | €2.3m | €2.3m | €2.2m | ▼ 2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €8,342 | - | - | - |
| Other operating charges640/8 | €184,179 | €164,709 | €34,415 | €20,465 | €69,533 | ▲ 240% |
| Non-recurring operating charges66A | - | - | - | €7,589 | - | - |
| Operating profit (loss)9901 | €230,082 | €399,164 | €502,631 | €79,921 | €796,008 | ▲ 896% |
| Financial income75/76B | €28,676 | €41,257 | €41,387 | €45,102 | €30,882 | ▼ 31.5% |
| Recurring financial income75 | €28,676 | €41,257 | €41,387 | €45,102 | €30,882 | ▼ 31.5% |
| Income from financial fixed assets750 | €2 | €2 | - | - | - | - |
| Income from current assets751 | €7,073 | €5,563 | €12,604 | €19,408 | €16,913 | ▼ 12.9% |
| Other financial income752/9 | €21,601 | €35,691 | €28,784 | €25,694 | €13,969 | ▼ 45.6% |
| Financial charges65/66B | €131,790 | €179,552 | €316,001 | €388,253 | €351,240 | ▼ 9.5% |
| Recurring financial charges65 | €131,790 | €179,552 | €316,001 | €388,253 | €351,240 | ▼ 9.5% |
| Debt charges650 | €107,116 | €159,741 | €298,171 | €369,571 | €334,729 | ▼ 9.4% |
| Other financial charges652/9 | €24,674 | €19,811 | €17,829 | €18,682 | €16,511 | ▼ 11.6% |
| Profit (loss) for the period before taxes9903 | €126,968 | €260,868 | €228,018 | -€263,230 | €475,650 | ▲ 281% |
| Income taxes67/77 | €53,741 | €53,842 | €32,105 | €1,444 | €117,192 | ▲ 8,018% |
| Taxes670/3 | €56,642 | €53,842 | €32,105 | €1,444 | €117,192 | ▲ 8,018% |
| Tax adjustments and reversals of tax provisions77 | €2,901 | - | - | - | - | - |
| Profit (loss) for the period9904 | €73,227 | €207,026 | €195,913 | -€264,673 | €358,458 | ▲ 235% |
| Transfer from tax-exempt reserves789 | €6,893 | - | - | - | - | - |
| Transfer to tax-exempt reserves689 | €76,034 | €220,605 | €185,526 | €100,000 | €28,911 | ▼ 71.1% |
| Profit (loss) for the period to be appropriated9905 | €4,086 | -€13,579 | €10,387 | -€364,673 | €329,547 | ▲ 190% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €14.5m | €16.6m | €15.9m | €16.1m | €19.6m | ▲ 22.1% |
| Fixed assets21/28 | €7.4m | €9.1m | €9.3m | €9.2m | €10.3m | ▲ 12.1% |
| Intangible fixed assets21 | €154,628 | €267,646 | €361,077 | €426,669 | €469,062 | ▲ 9.9% |
| Tangible fixed assets22/27 | €7.1m | €8.8m | €8.9m | €8.8m | €9.8m | ▲ 12.3% |
| Plant, machinery and equipment23 | €105,415 | €95,806 | €278,937 | €319,497 | €317,404 | ▼ 0.7% |
| Furniture and vehicles24 | €856,523 | €971,233 | €1.2m | €1.0m | €3.8m | ▲ 272% |
| Leasing and similar rights25 | €6.2m | €7.6m | €7.0m | €7.1m | €5.4m | ▼ 23.6% |
| Other tangible fixed assets26 | - | €112,011 | €378,477 | €356,824 | €353,161 | ▼ 1.0% |
| Financial fixed assets28 | €51,052 | €47,785 | €44,680 | €43,465 | €42,520 | ▼ 2.2% |
| Other financial fixed assets284/8 | €51,052 | €47,785 | €44,680 | €43,465 | €42,520 | ▼ 2.2% |
| Amounts receivable and cash guarantees285/8 | €51,052 | €47,785 | €44,680 | €43,465 | €42,520 | ▼ 2.2% |
| Current assets29/58 | €7.2m | €7.6m | €6.7m | €6.8m | €9.3m | ▲ 35.7% |
| Amounts receivable within one year40/41 | €5.4m | €5.0m | €4.8m | €5.4m | €5.8m | ▲ 8.2% |
| Trade receivables40 | €4.5m | €4.4m | €3.8m | €4.4m | €4.9m | ▲ 11.4% |
| Other amounts receivable41 | €961,934 | €588,329 | €1.0m | €968,957 | €907,085 | ▼ 6.4% |
| Cash at bank and in hand54/58 | €1.4m | €2.2m | €1.5m | €869,825 | €1.3m | ▲ 54.8% |
| Deferred charges and accrued income490/1 | €373,255 | €338,424 | €318,424 | €591,791 | €2.1m | ▲ 258% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €14.5m | €16.6m | €15.9m | €16.1m | €19.6m | ▲ 22.1% |
| Equity10/15 | €2.9m | €3.1m | €3.3m | €3.0m | €3.3m | ▲ 11.6% |
| Contributions10/11 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | €61,500 | €61,500 | €61,500 | €61,500 | €61,500 | = |
| Reserves13 | €2.7m | €2.9m | €3.1m | €2.9m | €3.2m | ▲ 12.5% |
| Non-distributable reserves130/1 | €20,193 | €20,193 | €20,193 | €20,193 | €20,193 | = |
| Legal reserve130 | €20,193 | €20,193 | €20,193 | €20,193 | €20,193 | = |
| Tax-exempt reserves132 | €2.3m | €2.5m | €2.7m | €2.8m | €2.8m | ▲ 1.0% |
| Distributable reserves133 | €406,380 | €393,705 | €403,249 | €39,419 | €368,338 | ▲ 834% |
| Profit (loss) carried forward14 | €904 | - | €843 | - | €629 | - |
| Investment grants15 | €136,000 | €101,000 | €76,000 | €52,000 | €38,750 | ▼ 25.5% |
| Amounts payable17/49 | €11.6m | €13.5m | €12.7m | €13.1m | €16.3m | ▲ 24.5% |
| Amounts payable after more than one year17 | €3.5m | €5.4m | €4.9m | €4.6m | €5.7m | ▲ 23.5% |
| Financial debts170/4 | €3.5m | €5.4m | €4.9m | €4.6m | €5.7m | ▲ 23.5% |
| Leasing and similar obligations172 | €2.7m | €4.4m | €4.2m | €3.8m | €2.1m | ▼ 45.0% |
| Credit institutions173 | €737,572 | €950,276 | €579,723 | €710,788 | €3.5m | ▲ 395% |
| Other loans174 | €117,549 | €102,330 | €86,804 | €70,964 | €54,805 | ▼ 22.8% |
| Amounts payable within one year42/48 | €8.1m | €8.1m | €7.7m | €8.5m | €10.6m | ▲ 24.9% |
| Current portion of amounts payable after more than one year42 | €1.9m | €2.1m | €2.0m | €2.1m | €2.6m | ▲ 22.2% |
| Financial debts43 | €3.0m | €3.0m | €3.0m | €3.0m | €3.5m | ▲ 15.1% |
| Credit institutions430/8 | €3.0m | €3.0m | €3.0m | €3.0m | €3.5m | ▲ 15.1% |
| Trade debts44 | €1.8m | €1.7m | €1.4m | €1.8m | €2.5m | ▲ 43.6% |
| Suppliers440/4 | €1.8m | €1.7m | €1.4m | €1.8m | €2.5m | ▲ 43.6% |
| Taxes, remuneration and social security45 | €1.4m | €1.2m | €1.4m | €1.6m | €2.0m | ▲ 26.9% |
| Taxes450/3 | €166,769 | €140,482 | €127,923 | €130,347 | €154,517 | ▲ 18.5% |
| Remuneration and social security454/9 | €1.2m | €1.1m | €1.2m | €1.4m | €1.8m | ▲ 27.7% |
| Accrued charges and deferred income492/3 | €9,342 | €37,719 | €51,087 | €42,108 | €64,614 | ▲ 53.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €73,227 | €207,026 | €195,913 | -€264,673 | €358,458 | ▲ 235% |
| + Depreciation and write-downs630 | €1.7m | €2.1m | €2.3m | €2.3m | €2.2m | ▼ 2.1% |
| Operating cash flow (approximation) | €1.8m | €2.3m | €2.5m | €2.0m | €2.6m | ▲ 28.9% |
| Investment in fixed assets (approximation) | - | -€3.9m | -€2.5m | -€2.2m | -€3.3m | ▼ 49.9% |
| Change in cash | - | €858,474 | -€714,536 | -€641,938 | €476,334 | ▲ 174% |
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
Next filing, fiscal year 2026, expected by
2026
03-09
State Gazette act
Resignations: M-SOURCE NV (director) and M-FORCE BV (director)Permanent representatives: Filip SLOCK and Emiel SLOCK · Appointments: M-FORCE BV (director) and M-SOURCE NV (director) · Reappointment: M-SOURCE NV (managing director)10 facts ▸
State Gazette act
Resignations: M-SOURCE NV (director) and M-FORCE BV (director)
Permanent representatives: Filip SLOCK and Emiel SLOCK · Appointments: M-FORCE BV (director) and M-SOURCE NV (director) · Reappointment: M-SOURCE NV (managing director)10 facts ▸
- General meeting, 30-06-2026
- Director resignation, M-SOURCE NV (director)
- Permanent representative, Filip SLOCK (permanent representative)
- Director resignation, M-FORCE BV (director)
- Director appointment, M-FORCE BV (director)
- Permanent representative, Emiel SLOCK (permanent representative)
- Director appointment, M-SOURCE NV (director)
- Board meeting, 30-06-2026
- Director resignation, M-SOURCE NV (managing director)
- Director reappointment, M-SOURCE NV (managing director)
23-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Back to profitnet €358,458
Net result €358,458 after one loss-making year.
22-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Weakest financial yearnet -€264,673
Net result drops to -€264,673, the lowest in the series; recovery starts the following year.
10-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
17-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 17 days late
2022
17-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 17 days late
2021
13-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
14-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 30 days late
2017
23-10
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 84 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 14 acts read
About the unread acts
Of the 14 Belgian State Gazette acts we know for this company, 1 has been read. The other 13 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
no sitting director, last change in 2026
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
03-09-2026
M-FORCE: Reappointed as Director
03-09-2026
M-SOURCE: Reappointed as Director
03-09-2026
M-SOURCE: Reappointed as Managing director
Not every act has been read: a resignation may be missing here
13 of this company's 14 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Gent · 1 establishment unit since 1997
Ground area
1.9 ha
Building footprint
1,284 m²
Volume, LiDAR
8,872 m³
Parcel 44038A0046/00F000, Flanders · tallest building 9.3 m, ±2 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
Waalkens 10, 9030 Gent
since 19972.082.075.997
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44038A0046/00F000 | Flanders | 1.9 ha | 1 · 1,284 m² | 9.3 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Connections & network
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Public money · subsidies and aid
Flemish government
2022 to 2025 · 10 entries · 105,296 EUR awarded · 105,212 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 3 | 28,976 EUR | 28,976 EUR |
| 2024 | 3 | 21,019 EUR | 21,019 EUR |
| 2023 | 2 | 29,922 EUR | 32,117 EUR |
| 2022 | 2 | 25,379 EUR | 23,100 EUR |
Recognitions · licences · registrations
Food safety, FASFC
1 siteGent2.082.075.997
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Identification & contact
Identification
Legal formPublic limited company
Founded21-05-1997
Fiscal year end31-12
Activities, NACEBEL 2025
49410Freight transport by road
Scores and ratios are computed by Checked and are not a credit decision.
General meetings
2 convocationsGeneral meeting
Agenda
1. Samenstelling bureau. 2. Verslagen. 3. Goedkeuring jaar- rekening per 31/12/2008. 4. Bestemming van het resultaat. 5. Verlenen van kwijtingen. 6. Ontslagen, benoemingen en bezoldigingen. 7. Rond- vraag. Het bestuur vraagt de aandeelhouders zich te gedragen conform de statuten. De stukken bedoeld in art. 553 W. Venn. zijn voor de aandeelhouders beschikbaar op de zetel van de vennootschap. Indien de algemene vergadering besluit een dividend uit te keren, zal dit betaalbaar worden gesteld bij de vestigingen van KBC BANK vanaf 31/08/2009. (AOPC-1-9-06082/24.07)
General meeting
Agenda
1. Samenstelling bureau. 2. Verslagen. 3. Goedkeuring jaar- rekening per 31/12/2009. 4. Bestemming van het resultaat. 5. Verlenen van kwijtingen. 6. Ontslagen, benoemingen en bezoldigingen. 7. Rond- vraag. Het bestuur vraagt de aandeelhouders zich te gedragen conform de statuten. De stukken bedoeld in art. 553 W. Venn. zijn voor de aandeelhouders beschikbaar op de zetel van de vennootschap. Indien de algemene vergadering besluit een dividend uit te keren, zal dit betaalbaar worden gesteld bij de vestigingen van KBC BANK vanaf 08/11/2010. (AOPC11005543/07.10) (36500) THERMODAN, naamloze vennootschap, Leugenberg 208, 2180 EKEREN Ondernemingsnummer 0449.642.906 Algemene vergadering ter zetel op ...