MasterGrid (0599.794.055): financials and annual accounts

Annual accounts 2025

micro format, filed on 10-08-2026, 10 days late

Gross margin

€99,789

▼ 62.3%

Operating result

-€43,666

▼ €112,010

Loss

-€53,308

▼ €97,843

Working capital

€34,146

▼ 57.5%

Solvency

13.3%

▼ 4.9 percentage points

Current ratio

1.17

▼ 0.04

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 ≈ €300,000. Estimated: probably between €200,000 and €520,000.

Balance sheet

balance sheet total €233,073 on 31-12-2025

What the company ownsHow it is paid for

Change in equityin euro

Change in cashin euro

Position in the sector

Compare with sector

Solvency13.3%

Higher than 17% of 1,690 companies in 2025.

Current ratio1.17

Higher than 29% of 1,652 companies in 2025.

Return on assets-22.9%

Higher than 5% of 1,657 companies in 2025.

MasterGrid Middle half of the sector 80% of the sector Micro accounts in repair and installation of machinery (NACE 33)

Net result: bottom quarter · Equity: middle half · Balance sheet total: middle half · Working capital: middle half

Staff

Staff cost per FTE€83,404

Staff costs divided by the average number of full-time equivalents.

Joined and left-1

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Balance sheet: assets
Total assets`20/58`	233,073	462,401	443,159	248,489	120,802	100,904	112,566	125,870	106,424	78,216	107,306
Fixed assets`21/28`	2,990	4,490	4,990	6,490	7,990	6,000	7,500	9,000	10,500	13,667	16,834
Intangible fixed assets`21`	-	0	1,500	3,000	4,500	6,000	7,500	9,000	10,500	12,000	13,500
Tangible fixed assets`22/27`	-	-	-	-	-	0	0	0	0	1,667	3,334
Plant, machinery and equipment`23`	-	-	-	-	-	-	0	0	0	1,667	3,334
Financial fixed assets`28`	2,990	4,490	3,490	3,490	3,490	-	-	-	-	-	-
Current assets`29/58`	230,083	457,911	438,169	241,999	112,812	94,904	105,066	116,870	95,924	64,549	90,473
Amounts receivable after more than one year`29`	-	-	-	-	-	-	-	-	-	-	0
Stocks and contracts in progress`3`	0	7,398	17,074	23,046	17,074	2,164	-	-	-	-	-
Stocks`30/36`	0	7,398	17,074	23,046	17,074	2,164	-	-	-	-	-
Amounts receivable within one year`40/41`	154,554	328,970	175,500	159,625	59,371	23,098	56,515	80,426	43,792	54,233	71,286
Trade receivables`40`	129,490	309,059	156,394	154,501	59,371	14,677	56,515	79,417	43,791	51,664	71,286
Other amounts receivable`41`	25,064	19,910	19,105	5,124	0	8,421	0	1,010	1	2,570	-
Cash at bank and in hand`54/58`	71,645	116,242	235,471	56,918	16,217	69,114	48,029	35,947	51,444	10,148	17,625
Deferred charges and accrued income`490/1`	3,884	5,301	10,124	2,409	20,150	528	522	497	688	168	1,562
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	233,073	462,401	443,159	248,489	120,802	100,904	112,566	125,870	106,424	78,216	107,306
Equity`10/15`	31,023	84,330	39,795	18,600	39,004	37,791	36,335	12,384	-15,200	-16,308	16,959
Contributions`10/11`	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600
Issued capital`100`	-	-	-	-	-	-	18,600	18,600	18,600	18,600	18,600
Reserves`13`	12,423	65,730	21,195	0	20,404	19,191	17,735	-	-	-	0
Distributable reserves`133`	12,423	65,730	21,195	0	20,404	19,191	17,735	-	-	-	-
Profit (loss) carried forward`14`	-	-	0	0	-	-	0	-6,216	-33,800	-34,908	-1,641
Amounts payable`17/49`	202,051	378,071	403,363	229,889	81,797	63,113	76,231	113,486	121,624	94,523	90,347
Amounts payable within one year`42/48`	195,938	377,589	359,740	228,961	42,800	44,122	61,547	51,107	102,794	73,516	86,172
Trade debts`44`	22,231	153,916	163,404	61,820	26,221	34,805	50,845	43,818	91,851	21,800	75,371
Suppliers`440/4`	22,231	153,916	163,404	61,820	26,221	34,805	50,845	43,818	91,851	21,800	75,371
Taxes, remuneration and social security`45`	31,394	85,112	78,608	49,413	16,578	9,317	10,702	7,289	10,943	179	6,713
Taxes`450/3`	26,344	70,391	59,712	30,643	8,350	6,160	10,702	7,289	10,943	179	6,713
Remuneration and social security`454/9`	5,050	14,721	18,896	18,771	8,228	3,157	-	-	-	-	-
Other amounts payable`47/48`	142,312	138,561	117,728	117,728	-	-	-	-	0	51,537	4,089
Accrued charges and deferred income`492/3`	6,113	482	43,623	928	38,998	18,991	14,685	62,379	18,830	21,007	4,175
Income statement
Non-recurring operating income`76A`	-	0	1,268	3,227	-	-	-	-	164	3,464	-
Gross operating margin`9900`	99,789	265,017	134,380	228,359	55,852	13,730	35,699	29,485	4,668	-32,792	1,963
Remuneration, social security and pensions`62`	141,788	193,864	86,931	95,191	51,861	9,597	-	-	-	-	-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	0	1,500	1,500	1,500	1,500	1,500	1,500	1,500	3,167	3,167	3,167
Other operating charges`640/8`	400	387	384	585	448	498	548	348	347	348	261
Non-recurring operating charges`66A`	1,268	922	5,368	-	-	-	-	-	0	-	-
Operating profit (loss)`9901`	-43,666	68,344	40,198	131,083	2,043	2,135	33,651	27,637	1,155	-36,306	-1,464
Financial income`75/76B`	28	1	-	-	-	-	3	6	-	6	50
Recurring financial income`75`	28	1	-	-	-	-	3	6	-	6	50
Financial charges`65/66B`	9,516	4,956	8,984	683	153	110	87	59	47	428	227
Recurring financial charges`65`	9,516	4,956	8,984	683	153	110	87	59	47	428	227
Profit (loss) for the period before taxes`9903`	-53,154	63,389	31,214	130,400	1,890	2,026	33,567	27,584	1,108	-33,265	-1,641
Income taxes`67/77`	154	18,854	10,019	33,076	677	570	9,616	-	-	1	-
Profit (loss) for the period`9904`	-53,308	44,535	21,195	97,324	1,213	1,456	23,951	27,584	1,108	-33,266	-1,641
Profit (loss) for the period to be appropriated`9905`	-53,308	44,535	21,195	97,324	1,213	1,456	23,951	27,584	1,108	-33,266	-1,641
Appropriation of the result
Profit (loss) to be appropriated`9906`	-53,308	44,535	21,195	97,324	1,213	1,456	17,735	-6,216	-33,800	-34,908	-1,641
Transfer from equity`791/2`	53,308	-	0	117,728	-	-	-	-	-	-	-
Transfer to equity`691/2`	0	44,535	21,195	97,324	1,213	1,456	17,735	-	-	-	0
To the legal reserve`6920`	-	-	-	97,324	-	-	-	-	-	-	-
To other reserves`6921`	0	44,535	21,195	-	1,213	1,456	17,735	-	-	-	-
Profit to be distributed`694/7`	-	-	0	117,728	-	-	-	-	-	-	-
Return on contributions (dividend)`694`	-	-	0	117,728	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	1.7	1.8	1	1	0.8	0.8	-	-	-	-	-
Hours worked`1013`	2,952	3,232	1,960	1,552	1,632	832	-	-	-	-	-
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

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 10-08-2026.

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Filings

each dot is a set of accounts, on the day it reached the National Bank

2025 annual accounts filed 10 days after the deadline. Filed on 10 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00393978.

Financial year	Type	Filed	Reference	Document
31-12-2025	micro format	10-08-2026	2026-00393978	PDF
31-12-2024	micro format	29-07-2025	2025-00344702	PDF
31-12-2023	micro format	24-06-2024	2024-00161179	PDF
31-12-2022	micro format	19-06-2023	2023-00150734	PDF
30-09-2021	micro format	07-02-2022	2022-05500036	PDF
30-09-2020	micro format	01-03-2021	2021-06700431	PDF
30-09-2019	micro format	28-04-2020	2020-10900463	PDF
30-09-2018	micro format	13-02-2019	2019-05200285	PDF
30-09-2017	micro format	20-03-2018	2018-07500273	PDF
30-09-2016	full format	29-03-2017	2017-08000436	PDF
30-09-2015	full format	24-03-2016	2016-07700288	PDF

Key figures and ratios

per financial year, computed from the annual accounts

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EBITDA	-43,666	69,844	41,698	132,583	3,543	3,635	35,151	29,137	4,322	-33,140	1,702
Cash flow	-53,308	46,035	22,695	98,824	2,713	2,956	25,451	29,084	4,275	-30,100	1,525
Investment in fixed assets (approximation)	0	1,000	0	0	3,490	0	0	0	0	0	20,000
Change in cash	-44,598	-119,229	178,553	40,702	-52,897	21,085	12,082	-15,498	41,297	-7,477	-
Working capital	34,146	80,322	78,428	13,038	70,012	50,782	43,520	65,763	-6,870	-8,967	4,300
Solvency	13.3%	18.2%	9.0%	7.5%	32.3%	37.5%	32.3%	9.8%	-14.3%	-20.8%	15.8%
Current ratio	1.17	1.21	1.22	1.06	2.64	2.15	1.71	2.29	0.93	0.88	1.05
Quick ratio	1.17	1.19	1.17	0.96	2.24	2.10	1.71	2.29	0.93	0.88	1.05
Debt to equity	6.51	4.48	10.14	12.36	2.10	1.67	2.10	9.16	-	-	5.33
ROE	-171.8%	52.8%	53.3%	523.2%	3.1%	3.9%	65.9%	222.7%	-	-	-9.7%
ROA	-22.9%	9.6%	4.8%	39.2%	1.0%	1.4%	21.3%	21.9%	1.0%	-42.5%	-1.5%
Interest coverage	-4.59	14.09	4.64	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.

Social balance sheet

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022
Employees at the balance-sheet date	1	2	1	1
full-time	1	2	1	0
part-time	0	0	0	1
in full-time equivalents	1	2	1	0.8
Average over the year, in full-time equivalents	1.7	1.8	1	0.8
On a permanent contract	1	2	1	1
Joined	0	2	-	-
Left	1	1	-	-

Source: social balance sheet in the 2022 to 2025 annual accounts

Investments

fixed assets acquired

Item	2025	2024	2023	2022
Financial fixed assets	€0	€1,000	-	-
Depreciation and write-downs of the year	€0	€1,500	€1,500	€1,500

Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)

Insights on MasterGrid

The operating result for 2025 is a loss of €43,666, after a profit of €68,344 in 2024. It is the lowest result since 2015.

Debt's share of the balance-sheet total rises from 81.8% to 86.7%. Equity and debt are lower.