MasterGrad
ActiveSummary
The computed 12-month bankruptcy probability of MasterGrad is 2.2% (moderate). The 2025 annual accounts show equity of €10,810 and a net result of €10,503. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 16% of 28281 sector peers (fiscal year 2025). The company has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability62▲+29
Solvency37▲+12
Growth32=
Track record100
Bankruptcy probability, 12 months
2.2%
Moderate
0%0.5%1.5%4%10%≥ 25%
No publishable credit limit; credit only on tighter terms
Liquidity tight (current ratio 1.11 against 0.99 in 2024; short-term debt: 87.1% and cash: 0.1% of total assets), and 87.7% 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 · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
12.3%
Return on assets
11.9%
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 16% of 28281 sector peers (2025).
NBB · sector comparisonPosition among 28281 sector peers
Solvency
better than 16%
← 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 15-07-2026, 16 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
16 d early
2024
62 d early
2023
55 d early
2022
49 d early
2021
48 d early
2020
48 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 30 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
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. Usually files around 12 June (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€10,810▲ 3,424%
2024 · €307
Total assets
€88,176▼ 1.7%
2024 · €89,687
Net result
€10,503▲ 3,055%
2024 · €333
Working capital
€8,163
2024 · -€590
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€3,750-€41,010▼ 994%€10,980€3,611▼ 67.1%€10,721▲ 197%
Net result-€4,692below the sector's middle half-€43,890below the sector's middle half▼ 836%€7,328within the sector's middle half€333within the sector's middle half▼ 95.5%€10,503within the sector's middle half▲ 3,055%
Equity€36,535within the sector's middle half▼ 11.4%-€7,355below the sector's middle half-€26below the sector's middle half▲ 99.6%€307below the sector's middle half€10,810below the sector's middle half▲ 3,424%
Total assets€199,555within the sector's middle half▲ 44.5%€85,775within the sector's middle half▼ 57.0%€90,303within the sector's middle half▲ 5.3%€89,687within the sector's middle half▼ 0.7%€88,176within the sector's middle half▼ 1.7%
Debt€163,019▲ 68.3%€93,129▼ 42.9%€90,329▼ 3.0%€89,381▼ 1.0%€77,367▼ 13.4%
Working capital€26,700within the sector's middle half▼ 50.4%-€1,753below the sector's middle half€4,837within the sector's middle half-€590below the sector's middle half€8,163within the sector's middle half
Solvency18.3%below the sector's middle half▼ 11.5pp-8.6%below the sector's middle half▼ 26.9pp0.0%below the sector's middle half▲ 8.5pp0.3%below the sector's middle half▲ 0.4pp12.3%below the sector's middle half▲ 11.9pp
Current ratio1.16within the sector's middle half▼ 0.590.98below the sector's middle half▼ 0.191.06below the sector's middle half▲ 0.080.99below the sector's middle half▼ 0.061.11within the sector's middle half▲ 0.11
Return on assets (ROA)-2.4%below the sector's middle half▼ 25.0pp-51.2%below the sector's middle half▼ 48.8pp8.1%within the sector's middle half▲ 59.3pp0.4%within the sector's middle half▼ 7.7pp11.9%within the sector's middle half▲ 11.5pp
Staff (FTE)0.30.5▲ 66.7%0.8
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 197% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €88,176
Fixed assets
€3,178 ▲ 113%
Current assets
€84,998 ▼ 3.6%
Equity and liabilities €88,176
Equity
€10,810 ▲ 3,424%
Debt
€77,367 ▼ 13.4%
Debt's share of the balance-sheet total falls from 99.7% to 87.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€12,503▲
2024 · €5,225
Cash flow
€12,285▲
2024 · €1,947
Quick ratio
0.57▼
2024 · 0.58
Debt to equity
7.16
ROE
97.2%
Interest coverage
3.39▲
2024 · 1.62
Debt ≤ 1 year
€76,835▼
2024 · €88,788
Income taxes
€123▼
2024 · €225
Staff costs
€3,488▲
2024 · -€148
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,713 companies that looked in July 2024 the way this one looks now, 1.8% went bankrupt within 24 months and 96% are still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
1.8%
went bankrupt
2.2%
stopped otherwise
96%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 2.2% 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 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 6,713 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.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €3,997 | €8,890 | -€148 | €3,488 | ▲ 2,451% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,200 | €4,419 | €3,972 | €1,614 | €1,782 | ▲ 10.4% |
| Other operating charges640/8 | €1,791 | €2,522 | €1,946 | €1,319 | €2,617 | ▲ 98.5% |
| Non-recurring operating charges66A | - | €205 | €400 | - | - | - |
| Gross operating margin9900 | €2,240 | -€29,868 | €26,187 | €6,395 | €18,608 | ▲ 191% |
| Operating profit (loss)9901 | -€3,750 | -€41,010 | €10,980 | €3,611 | €10,721 | ▲ 197% |
| Financial income75/76B | €0 | €538 | €6 | €169 | €3,593 | ▲ 2,027% |
| Recurring financial income75 | €0 | €538 | €6 | €169 | €3,593 | ▲ 2,027% |
| Financial charges65/66B | €784 | €3,128 | €3,333 | €3,221 | €3,688 | ▲ 14.5% |
| Recurring financial charges65 | €784 | €3,128 | €3,333 | €3,221 | €3,688 | ▲ 14.5% |
| Profit (loss) for the period before taxes9903 | -€4,534 | -€43,599 | €7,653 | €558 | €10,626 | ▲ 1,804% |
| Income taxes67/77 | €157 | €291 | €324 | €225 | €123 | ▼ 45.2% |
| Profit (loss) for the period9904 | -€4,692 | -€43,890 | €7,328 | €333 | €10,503 | ▲ 3,055% |
| Profit (loss) for the period to be appropriated9905 | -€4,692 | -€43,890 | €7,328 | €333 | €10,503 | ▲ 3,055% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €199,555 | €85,775 | €90,303 | €89,687 | €88,176 | ▼ 1.7% |
| Fixed assets21/28 | €9,836 | €6,332 | €2,360 | €1,489 | €3,178 | ▲ 113% |
| Tangible fixed assets22/27 | €9,836 | €6,332 | €2,360 | €1,489 | €3,178 | ▲ 113% |
| Plant, machinery and equipment23 | €4,659 | €3,712 | €2,116 | €1,409 | €570 | ▼ 59.6% |
| Furniture and vehicles24 | €5,177 | €2,620 | €245 | €80 | €2,608 | ▲ 3,145% |
| Current assets29/58 | €189,719 | €79,443 | €87,942 | €88,198 | €84,998 | ▼ 3.6% |
| Stocks and contracts in progress3 | €21,899 | €24,551 | €31,667 | €37,075 | €41,402 | ▲ 11.7% |
| Stocks30/36 | €21,899 | €24,551 | €31,667 | €37,075 | €41,402 | ▲ 11.7% |
| Amounts receivable within one year40/41 | €165,583 | €52,375 | €51,757 | €48,292 | €41,045 | ▼ 15.0% |
| Trade receivables40 | €146,071 | €48,052 | €45,316 | €42,109 | €32,025 | ▼ 23.9% |
| Other amounts receivable41 | €19,512 | €4,323 | €6,440 | €6,183 | €9,020 | ▲ 45.9% |
| Cash at bank and in hand54/58 | €207 | €667 | - | - | €126 | - |
| Deferred charges and accrued income490/1 | €2,030 | €1,851 | €4,518 | €2,831 | €2,424 | ▼ 14.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €199,555 | €85,775 | €90,303 | €89,687 | €88,176 | ▼ 1.7% |
| Equity10/15 | €36,535 | -€7,355 | -€26 | €307 | €10,810 | ▲ 3,424% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Profit (loss) carried forward14 | €26,535 | -€17,355 | -€10,026 | -€9,693 | €810 | ▲ 108% |
| Amounts payable17/49 | €163,019 | €93,129 | €90,329 | €89,381 | €77,367 | ▼ 13.4% |
| Amounts payable after more than one year17 | - | €11,388 | €2,890 | - | - | - |
| Financial debts170/4 | - | €11,388 | €2,890 | - | - | - |
| Amounts payable within one year42/48 | €163,019 | €81,196 | €83,105 | €88,788 | €76,835 | ▼ 13.5% |
| Current portion of amounts payable after more than one year42 | - | €8,248 | €8,905 | €3,120 | - | - |
| Financial debts43 | €25,000 | €25,000 | €25,000 | €25,000 | €25,789 | ▲ 3.2% |
| Credit institutions430/8 | €25,000 | €25,000 | €25,000 | €25,000 | €25,789 | ▲ 3.2% |
| Trade debts44 | €46,982 | €37,371 | €37,364 | €39,114 | €37,518 | ▼ 4.1% |
| Suppliers440/4 | €46,982 | €37,371 | €37,364 | €39,114 | €37,518 | ▼ 4.1% |
| Taxes, remuneration and social security45 | €20,020 | €10,301 | €11,256 | €19,742 | €11,782 | ▼ 40.3% |
| Taxes450/3 | €14,634 | €448 | €615 | €549 | €348 | ▼ 36.6% |
| Remuneration and social security454/9 | €5,386 | €9,853 | €10,641 | €19,192 | €11,434 | ▼ 40.4% |
| Other amounts payable47/48 | €71,018 | €276 | €580 | €1,812 | €1,746 | ▼ 3.7% |
| Accrued charges and deferred income492/3 | - | €546 | €4,334 | €593 | €531 | ▼ 10.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,692 | -€43,890 | €7,328 | €333 | €10,503 | ▲ 3,055% |
| + Depreciation and write-downs630 | €4,200 | €4,419 | €3,972 | €1,614 | €1,782 | ▲ 10.4% |
| Operating cash flow (approximation) | -€491 | -€39,471 | €11,300 | €1,947 | €12,285 | ▲ 531% |
| Investment in fixed assets (approximation) | - | -€915 | €0 | -€743 | -€3,471 | ▼ 367% |
| Change in cash | - | €460 | - | - | - | - |
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
15-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
06-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €7,328
Net result €7,328 after 2 loss-making years.
12-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Weakest financial yearnet -€43,890
Net result drops to -€43,890, the lowest in the series; recovery starts the following year.
13-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
17-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 48 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Ramillies · 1 establishment unit since 2019
Ground area
6,990 m²
Building footprint
277 m²
Parcel 25067A0304/00E000, Wallonia. Linked by address, not a title deed.
1 establishment unit
MASTERGRAD SRL
since 20192.297.802.514
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25067A0304/00E000 | Wallonia | 6,990 m² | 1 · 277 m² | - |
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.
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Of 11,142 companies in sector 43910 we hold annual accounts for 5,493. 3,087 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded14-11-2019
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
43910Bricklaying and masonry work
43120Site preparation
43211General electrical installation work
43221Plumbing work
43230Insulation installation
43310Plastering work
43320Joinery installation
43350Other building finishing work
43990Other specialised construction activities
81210General cleaning of buildings
E-invoicing
Reachable via Peppol
Peppol ID
0208:0737673617
Registered
15-11-2024
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.