MASTERBULK (0460.694.273): annual accounts, directors and company register

MASTERBULK

Ghent ·KBO/BCE: BE 0460.694.273

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%

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%

Company	Turnover	EBIT margin	Solvency	Staff
MASTERBULK Ghent	€26.3m	3.0%	16.9%	193.3
TEGEC Ans	€40.7m	6.8%	30.0%	177.6
TAILORMADE TRANSPORT Ghent	€26.7m	3.4%	26.1%	247.6
Kris De Leeneer Lokeren	€23.2m	27.7%	24.3%	124.9
INTERNATIONAAL TRANSPORT GILBERT DE CLERCQ Temse	€56.7m	1.1%	41.8%	156.7
MAINFREIGHT LOGISTIC SERVICES BELGIUM Ostend	€26.0m	-0.3%	66.1%	237.1
TRANSPORT MICHIELS Hulshout	€42.0m	0.6%	33.9%	206.8

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
Total assets`20/58`	19.6m	16.1m	15.9m	16.6m	14.5m	14.2m	16.1m	17.1m	16.0m	14.9m	11.7m	9.3m	9.3m	8.1m	8.5m	10.2m	13.1m	14.1m	14.6m	10.5m
Fixed assets`21/28`	10.3m	9.2m	9.3m	9.1m	7.4m	7.8m	9.0m	10.3m	9.4m	8.3m	7.1m	5.7m	5.8m	5.5m	5.9m	7.3m	9.1m	10.2m	10.5m	7.4m
Intangible fixed assets`21`	469,062	426,669	361,077	267,646	154,628	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Tangible fixed assets`22/27`	9.8m	8.8m	8.9m	8.8m	7.1m	7.8m	8.7m	10.0m	9.1m	8.0m	6.8m	5.7m	5.8m	5.5m	5.8m	7.3m	9.1m	10.1m	10.5m	7.3m
Land and buildings`22`	-	-	-	-	-	-	247,729	345,592	508,411	652,199	774,533	913,581	1.1m	1.3m	1.4m	1.6m	1.8m	2.0m	2.1m	2.2m
Plant, machinery and equipment`23`	317,404	319,497	278,937	95,806	105,415	154,411	235,348	280,132	121,979	74,168	91,954	89,346	120,244	117,448	109,906	96,141	103,127	129,409	63,419	83,888
Furniture and vehicles`24`	3.8m	1.0m	1.2m	971,233	856,523	894,718	641,176	1.3m	571,275	525,072	728,593	1.3m	2.0m	1.8m	614,475	322,296	194,129	300,884	401,277	426,709
Leasing and similar rights`25`	5.4m	7.1m	7.0m	7.6m	6.2m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other tangible fixed assets`26`	353,161	356,824	378,477	112,011	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Financial fixed assets`28`	42,520	43,465	44,680	47,785	51,052	50,995	302,858	303,126	296,943	298,021	295,436	34,576	34,541	38,630	38,421	38,421	38,185	37,912	36,673	35,660
Affiliated companies`280/1`	-	-	-	-	-	-	268,605	268,605	268,605	268,605	268,605	-	-	-	-	-	-	-	-	-
Participating interests`280`	-	-	-	-	-	-	268,605	268,605	268,605	268,605	268,605	-	-	-	-	-	-	-	-	-
Other financial fixed assets`284/8`	42,520	43,465	44,680	47,785	51,052	50,995	34,253	34,520	28,338	29,416	26,831	34,576	34,541	38,630	38,421	38,421	38,185	37,912	36,673	35,660
Amounts receivable and cash guarantees`285/8`	42,520	43,465	44,680	47,785	51,052	50,995	34,253	34,520	28,338	29,416	26,831	34,576	34,541	38,630	38,421	38,421	38,185	37,912	36,673	35,660
Current assets`29/58`	9.3m	6.8m	6.7m	7.6m	7.2m	6.4m	7.1m	6.8m	6.6m	6.6m	4.7m	3.6m	3.5m	2.6m	2.6m	2.8m	4.0m	3.9m	4.1m	3.2m
Amounts receivable within one year`40/41`	5.8m	5.4m	4.8m	5.0m	5.4m	4.8m	4.8m	6.0m	5.5m	5.6m	3.6m	2.8m	2.6m	2.1m	1.8m	2.2m	3.3m	3.5m	3.7m	2.8m
Trade receivables`40`	4.9m	4.4m	3.8m	4.4m	4.5m	3.8m	3.8m	4.9m	4.7m	5.1m	3.0m	2.3m	2.1m	1.4m	1.3m	1.7m	3.0m	3.0m	3.3m	2.5m
Other amounts receivable`41`	907,085	968,957	1.0m	588,329	961,934	1.0m	968,967	1.1m	830,419	516,642	602,181	422,777	583,432	625,958	583,671	518,212	328,362	422,523	462,315	289,568
Cash at bank and in hand`54/58`	1.3m	869,825	1.5m	2.2m	1.4m	1.2m	1.9m	360,771	907,184	666,639	718,076	503,765	263,287	100,060	176,273	169,616	157,253	4,871	13,711	1,648
Deferred charges and accrued income`490/1`	2.1m	591,791	318,424	338,424	373,255	395,031	332,173	420,312	217,777	311,994	349,001	389,222	568,585	455,558	567,897	421,165	546,777	445,663	338,318	332,202
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	19.6m	16.1m	15.9m	16.6m	14.5m	14.2m	16.1m	17.1m	16.0m	14.9m	11.7m	9.3m	9.3m	8.1m	8.5m	10.2m	13.1m	14.1m	14.6m	10.5m
Equity`10/15`	3.3m	3.0m	3.3m	3.1m	2.9m	2.8m	3.4m	3.3m	3.0m	2.7m	2.3m	1.9m	1.7m	1.7m	1.7m	1.5m	1.4m	1.1m	1.4m	1.1m
Contributions`10/11`	61,500	61,500	61,500	61,500	61,500	61,500	61,500	61,500	61,500	223,104	223,104	223,104	223,104	223,104	223,104	223,104	223,104	223,104	223,104	223,104
Capital`10`	61,500	61,500	61,500	61,500	61,500	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issued capital`100`	61,500	61,500	61,500	61,500	61,500	61,500	61,500	61,500	61,500	223,104	223,104	223,104	223,104	223,104	223,104	223,104	223,104	223,104	223,104	223,104
Reserves`13`	3.2m	2.9m	3.1m	2.9m	2.7m	2.6m	3.2m	3.2m	2.9m	2.5m	2.3m	2.2m	2.0m	2.0m	1.9m	1.8m	1.8m	1.8m	1.6m	924,326
Non-distributable reserves`130/1`	20,193	20,193	20,193	20,193	20,193	20,193	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	20,193	20,193	20,193	20,193	20,193	20,193	20,193	20,193	20,193	20,193	18,370	18,370	18,370	18,370	18,370	18,370	18,370	18,370	18,370	18,370
Tax-exempt reserves`132`	2.8m	2.8m	2.7m	2.5m	2.3m	2.2m	2.7m	2.6m	2.6m	2.4m	2.2m	2.2m	2.0m	1.9m	1.9m	1.8m	1.8m	1.7m	1.5m	690,998
Distributable reserves`133`	368,338	39,419	403,249	393,705	406,380	403,198	534,401	541,444	309,859	34,222	-	-	-	-	-	-	-	-	-	214,958
Profit (loss) carried forward`14`	629	-	843	-	904	-	-	224	662	424	-227,862	-506,871	-544,738	-514,666	-504,822	-647,342	-787,003	-992,049	-536,191	-
Investment grants`15`	38,750	52,000	76,000	101,000	136,000	54,000	65,000	75,000	-	383	4,004	12,188	17,675	38,651	54,499	71,687	89,926	130,952	156,831	-
Provisions and deferred taxes`16`	-	-	-	-	-	-	2,431	6,778	10,679	16,755	21,238	-	-	-	-	-	-	-	-	-
Deferred taxes`168`	-	-	-	-	-	-	2,431	6,778	10,679	16,755	21,238	-	-	-	-	-	-	-	-	-
Amounts payable`17/49`	16.3m	13.1m	12.7m	13.5m	11.6m	11.5m	12.7m	13.7m	13.0m	12.2m	9.4m	7.4m	7.6m	6.4m	6.8m	8.7m	11.7m	13.0m	13.2m	9.4m
Amounts payable after more than one year`17`	5.7m	4.6m	4.9m	5.4m	3.5m	3.5m	4.4m	5.3m	4.9m	4.5m	3.9m	2.7m	2.5m	1.5m	1.2m	2.5m	4.5m	6.2m	7.1m	5.0m
Financial debts`170/4`	5.7m	4.6m	4.9m	5.4m	3.5m	3.5m	4.4m	5.3m	4.9m	4.5m	3.9m	2.7m	2.5m	1.5m	1.2m	2.5m	4.5m	6.2m	7.1m	5.0m
Subordinated loans`170`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	25,000	25,000	25,000	25,000	25,000
Leasing and similar obligations`172`	2.1m	3.8m	4.2m	4.4m	2.7m	2.9m	3.6m	5.0m	4.6m	4.2m	3.4m	2.4m	1.9m	821,812	363,696	1.5m	3.3m	4.8m	5.6m	3.4m
Credit institutions`173`	3.5m	710,788	579,723	950,276	737,572	450,989	637,078	127,035	29,265	97,807	266,042	368,697	527,197	685,997	844,497	1.0m	1.2m	1.3m	1.5m	1.6m
Other loans`174`	54,805	70,964	86,804	102,330	117,549	134,104	155,193	175,865	196,127	215,989	235,457	-	-	-	-	-	-	-	-	-
Amounts payable within one year`42/48`	10.6m	8.5m	7.7m	8.1m	8.1m	7.9m	8.2m	8.4m	8.1m	7.6m	5.5m	4.6m	5.1m	4.9m	5.6m	5.9m	6.9m	6.8m	6.1m	4.4m
Current portion of amounts payable after more than one year`42`	2.6m	2.1m	2.0m	2.1m	1.9m	2.0m	2.2m	2.1m	2.2m	1.9m	1.5m	935,893	675,591	528,007	1.3m	2.0m	2.2m	2.5m	2.3m	1.6m
Financial debts`43`	3.5m	3.0m	3.0m	3.0m	3.0m	3.0m	2.9m	3.0m	3.0m	2.9m	1.1m	984,578	1.2m	1.1m	1.1m	928,789	1.8m	1.9m	1.4m	882,736
Credit institutions`430/8`	3.5m	3.0m	3.0m	3.0m	3.0m	3.0m	2.9m	3.0m	3.0m	2.9m	1.1m	984,578	1.2m	1.1m	1.1m	928,789	1.8m	1.9m	1.4m	882,736
Trade debts`44`	2.5m	1.8m	1.4m	1.7m	1.8m	1.6m	1.7m	1.8m	1.5m	1.7m	1.8m	1.5m	1.7m	1.5m	1.5m	1.3m	1.3m	1.0m	1.4m	1.1m
Suppliers`440/4`	2.5m	1.8m	1.4m	1.7m	1.8m	1.6m	1.7m	1.8m	1.5m	1.7m	1.8m	1.5m	1.7m	1.5m	1.5m	1.3m	1.3m	1.0m	1.4m	1.1m
Bills of exchange payable`441`	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10,063	10,874
Taxes, remuneration and social security`45`	2.0m	1.6m	1.4m	1.2m	1.4m	1.4m	1.4m	1.5m	1.3m	1.2m	1.1m	1.3m	1.5m	1.8m	1.7m	1.7m	1.7m	1.3m	977,008	745,791
Taxes`450/3`	154,517	130,347	127,923	140,482	166,769	145,921	118,034	276,369	236,484	145,259	171,115	159,270	212,241	373,703	386,625	291,913	295,302	59,104	61,753	58,761
Remuneration and social security`454/9`	1.8m	1.4m	1.2m	1.1m	1.2m	1.3m	1.3m	1.2m	1.1m	1.0m	920,351	1.1m	1.3m	1.4m	1.3m	1.4m	1.4m	1.3m	915,255	687,030
Other amounts payable`47/48`	-	-	-	-	-	-	-	-	162,188	584	2,573	2,573	2,573	3,499	4,474	3,499	2,699	6,944	6,194	3,621
Accrued charges and deferred income`492/3`	64,614	42,108	51,087	37,719	9,342	30,282	47,473	33,178	42,630	32,025	6,550	25,746	44,036	38,781	37,187	318,769	314,995	24,944	2,825	19,944
Income statement
Operating income`70/76A`	27.9m	24.9m	22.7m	24.5m	22.5m	21.4m	22.9m	23.8m	21.7m	20.3m	18.7m	18.6m	18.7m	18.7m	19.0m	18.0m	16.1m	18.3m	16.6m	14.2m
Turnover`70`	26.3m	23.7m	21.5m	23.4m	21.3m	20.3m	21.7m	22.7m	20.7m	19.3m	18.1m	18.0m	18.0m	18.0m	18.3m	17.6m	15.6m	17.9m	15.5m	13.7m
Other operating income`74`	1.5m	1.0m	1.0m	809,022	1.1m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non-recurring operating income`76A`	38,168	111,569	195,670	226,275	88,721	38,841	-	-	-	-	-	-	-	-	-	-	-	18,614	4,175	-
Operating charges`60/66A`	27.1m	24.8m	22.2m	24.1m	22.3m	21.2m	22.6m	23.3m	20.8m	19.4m	17.9m	18.0m	18.4m	18.2m	18.4m	17.3m	15.2m	17.8m	15.9m	13.5m
Goods for resale, raw materials and consumables`60`	780,577	692,728	359,272	388,183	636,320	567,456	797,643	1.2m	937,767	1.3m	1.2m	889,905	501,886	452,288	429,724	197,543	103,235	168,181	229,944	447,723
Purchases`600/8`	780,577	692,728	359,272	388,183	636,320	567,456	797,643	1.2m	937,767	1.3m	1.2m	889,905	501,886	452,288	429,724	197,543	103,235	168,181	229,944	447,723
Services and other goods`61`	11.9m	11.0m	10.1m	11.5m	9.9m	9.1m	10.0m	10.3m	8.4m	7.8m	7.2m	7.6m	8.4m	8.5m	8.6m	7.7m	6.5m	7.6m	6.9m	6.0m
Remuneration, social security and pensions`62`	12.2m	10.8m	9.5m	9.9m	9.9m	9.5m	9.7m	9.5m	8.9m	7.9m	7.5m	7.6m	7.6m	7.4m	7.4m	7.4m	6.9m	7.4m	6.5m	5.3m
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	2.2m	2.3m	2.3m	2.1m	1.7m	2.0m	2.0m	2.2m	2.0m	1.8m	1.9m	1.6m	1.6m	1.6m	1.6m	1.8m	1.4m	2.4m	2.1m	1.7m
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	8,342	-	-	-	-30,560	30,560	-	-	-	-1,572	-	-	-	-	-	-	-	1,572
Other operating charges`640/8`	69,533	20,465	34,415	164,709	184,179	83,062	151,097	90,494	622,008	523,405	230,292	295,154	285,360	213,604	275,789	214,418	247,127	211,743	225,146	118,586
Non-recurring operating charges`66A`	-	7,589	-	-	-	23,576	-	-	-	-	-	-	2,540	-	-	11,260	13,280	14,296	6,088	4,979
Operating profit (loss)`9901`	796,008	79,921	502,631	399,164	230,082	184,847	229,726	570,352	858,475	885,525	766,727	562,079	351,515	472,444	690,978	697,571	911,557	479,747	660,910	679,558
Financial income`75/76B`	30,882	45,102	41,387	41,257	28,676	18,706	17,783	35,282	4,717	4,308	17,107	8,483	25,178	22,484	26,805	21,524	8,645	27,618	18,930	2,730
Recurring financial income`75`	30,882	45,102	41,387	41,257	28,676	18,706	17,783	35,282	4,717	4,308	17,107	8,483	25,178	22,484	26,805	21,524	8,645	27,618	18,930	2,730
Income from financial fixed assets`750`	-	-	-	2	2	2	2	2	2	20	24	-	-	-	-	122	259	895	157	488
Income from current assets`751`	16,913	19,408	12,604	5,563	7,073	6,008	6,748	7,168	2,057	10	244	300	279	254	3,102	171	-	3	-	-
Other financial income`752/9`	13,969	25,694	28,784	35,691	21,601	12,695	11,033	28,111	2,658	4,279	16,840	8,183	24,900	22,230	23,703	21,231	8,386	26,720	18,774	2,242
Financial charges`65/66B`	351,240	388,253	316,001	179,552	131,790	133,282	149,399	165,603	181,186	221,007	224,331	281,938	295,376	407,008	519,854	575,282	628,793	773,511	572,692	406,740
Recurring financial charges`65`	351,240	388,253	316,001	179,552	131,790	133,282	149,399	165,603	181,186	221,007	224,331	281,938	295,376	407,008	519,854	575,282	628,793	773,511	572,692	406,740
Debt charges`650`	334,729	369,571	298,171	159,741	107,116	119,123	134,308	148,647	163,887	156,028	165,923	188,922	180,325	226,768	302,549	342,063	514,339	686,081	508,757	337,030
Other financial charges`652/9`	16,511	18,682	17,829	19,811	24,674	14,159	15,090	16,955	17,299	64,979	58,408	93,016	115,051	180,240	217,306	233,219	114,454	87,430	63,935	69,710
Profit (loss) for the period before taxes`9903`	475,650	-263,230	228,018	260,868	126,968	70,271	98,111	440,031	682,006	668,826	559,503	288,624	78,777	87,920	197,929	132,553	278,128	-261,827	105,235	270,569
Income taxes`67/77`	117,192	1,444	32,105	53,842	53,741	63,461	74,884	177,371	245,843	212,705	207,455	87,181	22,385	15,670	-	-	-	416	-	27,519
Taxes`670/3`	117,192	1,444	32,105	53,842	56,642	63,461	74,884	177,371	245,843	212,705	207,455	87,181	32,312	15,670	-	-	-	416	-	27,519
Tax adjustments and reversals of tax provisions`77`	-	-	-	-	2,901	-	-	-	-	-	-	-	9,927	-	-	-	-	-	-	-
Profit (loss) for the period`9904`	358,458	-264,673	195,913	207,026	73,227	9,241	27,574	266,561	442,238	460,604	330,810	201,443	56,392	72,250	197,929	132,553	278,128	-262,243	105,235	243,050
Transfer from tax-exempt reserves`789`	-	-	-	-	6,893	7,293	9,893	9,288	7,115	8,707	34,428	13,190	13,190	13,190	13,109	13,109	13,109	10,423	-	-
Transfer to tax-exempt reserves`689`	28,911	100,000	185,526	220,605	76,034	38,841	44,733	44,704	173,477	204,979	86,230	176,767	99,653	95,283	68,518	6,000	86,190	204,037	856,384	284,332
Profit (loss) for the period to be appropriated`9905`	329,547	-364,673	10,387	-13,579	4,086	-22,308	-7,267	231,145	275,876	264,332	279,008	37,867	-30,071	-9,844	142,519	139,661	205,046	-455,858	-751,149	-41,282
Appropriation of the result
Profit (loss) to be appropriated`9906`	329,547	-363,829	10,387	-12,675	4,086	-22,308	-7,043	231,808	276,300	36,470	-227,862	-506,871	-544,738	-514,666	-504,822	-647,342	-787,003	-992,049	-751,149	-41,006
Profit (loss) brought forward from the previous period`14P`	-	843	-	904	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	-	363,829	-	12,675	-	22,308	7,043	-	-	-	-	-	-	-	-	-	-	-	214,958	41,006
From reserves`792`	-	363,829	-	12,675	-	22,308	7,043	-	-	-	-	-	-	-	-	-	-	-	214,958	41,006
Transfer to equity`691/2`	328,919	-	9,543	-	3,182	-	-	231,584	275,637	36,046	-	-	-	-	-	-	-	-	-	-
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	1,823	-	-	-	-	-	-	-	-	-	-
To other reserves`6921`	328,919	-	9,543	-	3,182	-	-	231,584	275,637	34,222	-	-	-	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	193.3	179.9	173.4	178.4	171.7	171.2	178.3	176.2	163.6	150	142.6	147.1	147.6	152.6	152.7	154.3	150	156.9	136.7	112
Men (FTE)`1003`	186.5	174.2	165.6	169.6	163.1	163.4	168.7	167.3	155.7	143.5	137.1	142.5	143.5	148.9	-	-	-	-	-	-
Women (FTE)`1003`	6.8	5.7	7.8	8.8	8.6	7.8	9.6	8.9	7.9	6.5	5.5	4.6	4.1	3.7	-	-	-	-	-	-
Agency workers`1501`	0.1	-	-	-	-	-	-	-	-	0.5	0.1	-	-	-	-	-	-	0.5	-	-
Hours worked`1013`	362,011	335,559	298,821	350,278	365,328	362,928	368,479	376,168	325,849	302,464	279,130	277,127	288,944	290,482	317,376	326,232	316,591	341,484	309,006	259,200
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

Financial year	Type	Filed	Reference	Document
31-12-2025	full format	23-07-2026	2026-00323309	PDF
31-12-2024	full format	22-07-2025	2025-00295187	PDF
31-12-2023	full format	10-07-2024	2024-00232514	PDF
31-12-2022	full format	17-08-2023	2023-00339400	PDF
31-12-2021	full format	17-08-2022	2022-20294977	PDF
31-12-2020	full format	13-07-2021	2021-34700176	PDF
31-12-2019	full format	14-07-2020	2020-30400390	PDF
31-12-2018	full format	31-07-2019	2019-42200048	PDF
31-12-2017	full format	30-08-2018	2018-58300062	PDF
31-12-2016	full format	23-10-2017	2017-67700529	PDF
31-12-2015	full format	24-10-2016	2016-66200185	PDF
31-12-2014	full format	30-09-2015	2015-62400236	PDF
31-12-2013	full format	03-12-2014	2014-68400527	PDF
31-12-2012	full format	26-11-2013	2013-66800432	PDF
31-12-2011	full format	21-09-2012	2012-57100463	PDF
31-12-2010	full format	04-01-2012	2012-00200316	PDF
31-12-2009	full format	25-10-2010	2010-58700128	PDF
31-12-2008	full format	09-09-2009	2009-75400146	PDF
31-12-2007	full format	08-09-2008	2008-72500024	PDF
31-12-2006	full format	16-07-2007	2007-41400380	PDF
31-12-2005	full format	29-06-2006	2006-36403418	PDF
31-12-2004	full format	28-06-2005	2005-35802370	PDF
31-12-2003	full format	23-07-2004	2004-50102933	PDF
31-12-2002	full format	02-07-2003	2003-37705052	PDF
31-12-2001	full format	01-07-2002	2002-32300450	PDF
31-12-2000	full format	01-08-2001	2001-47102514	PDF
31-12-1999	full format	07-07-2000	2000-39002742	PDF
31-12-1998	full format	30-07-1999	1999-37904302	PDF

Year	Entries	Awarded	Paid
2025	3	€28,976	€28,976
2024	3	€21,019	€21,019
2023	2	€29,922	€32,117
2022	2	€25,379	€23,100

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	3.0m	2.3m	2.8m	2.5m	2.0m	2.1m	2.3m	2.8m	2.9m	2.7m	2.6m	2.2m	2.0m	2.1m	2.3m	2.5m	2.4m	2.9m	2.8m	2.3m
Cash flow	2.6m	2.0m	2.5m	2.3m	1.8m	2.0m	2.1m	2.5m	2.5m	2.3m	2.2m	1.8m	1.7m	1.7m	1.8m	1.9m	1.7m	2.1m	2.2m	1.9m
Investment in fixed assets	3.4m	2.4m	2.6m	4.4m	1.9m	1.5m	1.0m	3.2m	3.1m	3.4m	3.3m	1.7m	2.1m	1.3m	290,412	105,175	500,756	2.4m	5.5m	2.7m
Change in cash	476,334	-641,938	-714,536	858,474	150,565	-731,058	1.6m	-546,413	240,545	-51,437	214,311	240,478	163,227	-76,212	6,657	12,363	152,382	-8,840	12,064	-
Working capital	-1.3m	-1.6m	-1.1m	-534,903	-905,360	-1.5m	-1.1m	-1.6m	-1.5m	-1.0m	-817,946	-993,256	-1.6m	-2.2m	-3.0m	-3.0m	-2.9m	-2.8m	-2.0m	-1.2m
EBIT margin	3.0%	0.3%	2.3%	1.7%	1.1%	0.9%	1.1%	2.5%	4.1%	4.6%	4.2%	3.1%	2.0%	2.6%	3.8%	4.0%	5.8%	2.7%	4.3%	5.0%
Solvency	16.9%	18.5%	20.5%	18.6%	20.1%	19.4%	20.9%	19.6%	18.7%	18.3%	19.3%	20.8%	18.7%	21.1%	19.5%	14.5%	10.4%	8.0%	9.7%	10.9%
Current ratio	0.88	0.81	0.86	0.93	0.89	0.81	0.86	0.81	0.81	0.86	0.85	0.79	0.69	0.54	0.46	0.48	0.58	0.58	0.67	0.72
Debt to equity	4.92	4.41	3.88	4.38	3.97	4.14	3.78	4.10	4.34	4.47	4.16	3.81	4.33	3.75	4.12	5.90	8.63	11.55	9.35	8.17
ROE	10.8%	-8.9%	6.0%	6.7%	2.5%	0.3%	0.8%	8.0%	14.7%	16.9%	14.6%	10.4%	3.2%	4.2%	12.0%	9.0%	20.5%	-23.4%	7.5%	21.2%
ROA	1.8%	-1.6%	1.2%	1.2%	0.5%	0.1%	0.2%	1.6%	2.8%	3.1%	2.8%	2.2%	0.6%	0.9%	2.3%	1.3%	2.1%	-1.9%	0.7%	2.3%
Interest coverage	8.99	6.33	9.25	15.87	18.23	17.99	16.80	18.73	17.67	17.33	15.86	11.69	11.08	9.17	7.63	7.29	4.59	4.20	5.49	6.97
Customer credit	68 days	68 days	65 days	69 days	76 days	68 days	65 days	79 days	82 days	96 days	60 days	47 days	42 days	29 days	25 days	36 days	69 days	62 days	77 days	68 days
Supplier credit	73 days	55 days	49 days	52 days	62 days	59 days	58 days	58 days	58 days	68 days	78 days	63 days	70 days	61 days	61 days	59 days	70 days	48 days	71 days	65 days

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	215	187	177	182	178
full-time	211	181	170	175	171
part-time	4	6	7	7	7
in full-time equivalents	212.6	183.6	173.4	178.7	174.7
Average over the year, in full-time equivalents	193.3	179.9	173.4	178.4	171.7
On a permanent contract	215	186	177	182	178
Joined	98	110	58	77	59
Left	70	100	63	73	53
Agency workers, average number	0.1	-	-	-	-
Training hours	442	257	17,825	476	24

Item	2025	2024	2023	2022	2021
Debts secured on the company's own assets	€11.7m	€9.7m	€9.8m	€10.5m	€8.3m
Mortgages, amount registered	€2.5m	-	-	-	-
Pledge on the business	€702,528	€702,528	€702,528	€702,528	€702,528
Mandates to pledge the business	€275,000	€275,000	€275,000	€275,000	€275,000

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€3.2m	€2.2m	€2.4m	€4.2m	€1.7m
Intangible fixed assets	€198,730	€184,243	€175,989	€162,068	€165,511
Depreciation and write-downs of the year	€2.2m	€2.3m	€2.3m	€2.1m	€1.7m

Item	2025	2024	2023	2022	2021
Fee for the audit	€12,596	€11,098	€11,098	€11,417	€9,960
Other work by the auditor	-	€640	-	-	-
Work by persons linked to the auditor	-	-	€640	-	-

G&V Caps Energy establishment since 01-09-2010 · founded in 1997 · group G & V ENERGY GROUP	turnover €559.1m (2025) 0461.054.460
M-SOURCE registered office since 06-05-1993 · founded in 1993	turnover €970,581 (2025) 0449.898.569
M-FORCE registered office since 27-01-2023 · founded in 2023	total assets €1.2m (2026) 0797.700.086
INTERFACE LOGISTICS registered office since 10-01-2013 · founded in 2013	total assets €881,235 (2026) 0502.353.201
M-FORWARD registered office since 23-01-2020	founded in 2020 0741.906.874

29-10-2025	Discontinued	Bouwen of herbouwen; Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden submitted 05-06-2019 · project 2019073351	Gent
13-03-2025	Granted	Nieuwbouw van bijgebouwen en niet overdekte lage constructie submitted 13-08-2024 · project 2024067188	Provincie Oost-Vlaanderen
13-01-2022	Granted	Bouwen of herbouwen; Nieuwbouw van bijgebouwen en niet overdekte lage constructie; Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden submitted 20-09-2021 · project 2021145422	Provincie Oost-Vlaanderen
09-04-2020	Granted	Bouwen of herbouwen; Nieuwbouw van bijgebouwen en niet overdekte lage constructie; Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden submitted 29-01-2020 · project 2020001200	Gent
21-11-2019	Refused	Bouwen of herbouwen; Verbouwen en/of uitbreiden zonder functiewijziging en zonder wijziging van aantal woongelegenheden submitted 11-09-2019 · project 2019113707	Gent

Overview

Lifetime

Key points

Result

Debts

Securities

Staff

Filings

Board

Checked score

Score breakdown

Comparable companies, two years later

Credit verdict

Signals

Board and ownership

Recent changes

Comparable companies

Official details

Annual accounts 2025

Insights on MASTERBULK

Financials

Annual accounts 2025

Money flows

Balance sheet

Change in equityin €m

Change in cashin €m

Position in the sector

Solvency16.9%

Current ratio0.88

Return on assets1.8%

Staff

Men and women4% women

Staff cost per FTE€63,051

Joined and left+28

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2022 to 2025, 10 entries, €105,296 awarded, €105,212 paid

Key figures and ratios

Social balance sheet

Securities and guarantees

Investments

Auditor

Insights on MASTERBULK

Board & ownership

Board

Mandates through the years

Control

Capital

Owners through the years

Shareholders

Owners 2

Network & group

Holdings

Belgium 1 Equity Result

Parent

At the same address

Earlier ties

Holdings through the years

Connections & network

Timeline

Timeline

History

Company details

Identity

Activities

Registered office and establishments

Buildings and parcels at the address

Environmental permits

Location

Parcels

Recognitions

Food safety, FASFC

Notices of general meetings