Equity
€31,023 from €84,330 in 2024
Equity fell by 63% in 1 year.
MasterGrid
Overview
Lifetime
11 annual accounts with figures on one time axisGross marginpeak €265,017 (2024)
€99,789▼ 62.3%
Resultlowest -€53,308 (2025)
-€53,308▼ €97,843
Equitypeak €84,330 (2024)
€31,023▼ 63.2%
Debts
€202,051▼ 46.6%
Staffpeak 0.8 FTE (2020)
-not published
Board6 names since 2021
3 directorsMG Services and 2 others
Documentsfilings and deeds
10-08-202610 days late
2025micro format
Gross margin from €265,017 to €99,789Loss of €53,308Company renamed from Atalys Belgique to MasterGrid 04-07Equity from €84,330 to €31,023Debts from €378,071 to €202,051Cash from €116,242 to €71,645
Key points
from the 2025 annual accountsResult
-€53,308 -€53,308
From profit to loss in 2025, after a profit of €44,535 in 2024.
Debts
€202,051 87% of the balance sheet
Suppliers 11%Taxes and wages 16%Other 73%
Of this, €195,938 falls due within a year.
Staff
1 employees on 31-12-2025
In 2025, 0 people joined and 1 left.
At the same address
232 companies
Position in the sector
-€53,308
Lower net result than 95% of companies in repair and installation of machinery. Sector median €15,535 · 1,690 companies.
2025 accounts filed 10 days after the deadline
Checked score
53
Fair
Financially stronger than 15% of micro companies in repair and installation of machinery (NACE 33)
Probability in this band: 1.5% to 4.2%
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.
Bankruptcy probability within 12 months
1.0% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.7% across 2,396 companies (NACE 33, micro).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.4%
01-2025: 0.4%● unchanged vs 12-2024
02-2025: 0.4%● unchanged vs 01-2025
03-2025: 0.4%● unchanged vs 02-2025
04-2025: 0.4%● unchanged vs 03-2025
05-2025: 0.5%▲ +0.1 percentage points vs 04-2025
06-2025: 0.4%▼ -0.1 percentage points vs 05-2025
07-2025: 0.5%▲ +0.1 percentage points vs 06-2025
08-2025: 0.3%▼ -0.2 percentage points vs 07-2025lowest value
09-2025: 0.3%● unchanged vs 08-2025lowest value
10-2025: 0.3%● unchanged vs 09-2025lowest value
11-2025: 0.3%● unchanged vs 10-2025
12-2025: 0.3%● unchanged vs 11-2025
01-2026: 0.3%● unchanged vs 12-2025
02-2026: 0.3%● unchanged vs 01-2026
03-2026: 0.3%● unchanged vs 02-2026
04-2026: 0.3%● unchanged vs 03-2026
05-2026: 0.3%● unchanged vs 04-2026
06-2026: 0.3%● unchanged vs 05-2026
07-2026: 0.3%● unchanged vs 06-2026
08-2026: 0.6%▲ +0.3 percentage points vs 07-2026
09-2026: 1.0%▲ +0.4 percentage points vs 08-2026highest value
10-2026: 1.0%● unchanged vs 09-2026highest value
11-2026: 1.0%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: a net loss of at least half of total assets or of the equity at the start of the financial year
Loss of €53,308 (financial year 2025)
Sector: Repair, maintenance and installation of machinery and equipment (NACE 33)
Equity €31,023 (13.3% of total assets)
lowers risk
Liquidity: current ratio 1.17, cash €71,645
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 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% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 33, micro). It does better than 18% of them on solvency, 32% on liquidity, 4% on profitability and 7% on growth.
The bankruptcy probability was computed on 05-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 1,294 companies had the same profile as MasterGrid has now. Each dot stands for 4 companies, two years later.
89.6%
were still trading
5.9%
stopped another way
4.1%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MasterGrid itself: 1.0% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,294 companies, not a prediction for MasterGrid. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €1,500 on 30-day terms, only on tighter conditions
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is tight, with a current ratio of 1.17 (1.21 in 2024), below the usual 1.5. Short-term debt is 84.1% and cash 30.7% of total assets. 86.7% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 17% of 1690 sector peers (2025).
NBB · sector comparisonPosition among 1690 sector peers
Solvency
better than 17%
← weakest
strongest →
neutral · A punctual record breaks
This company filed 3 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 10-08-2026, 10 days late. Weigh it accordingly: of the companies that move to filing 1 to 90 days late, 1.41% are now bankrupt, dissolved or in another special legal status, below the 1.66% of all filers. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
10 days late
2024
2 days early
2023
37 days early
2022
42 days early
2021
82 days early
2020
60 days early
2019
2 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 31 days before the deadline. In the sector (NACE 33), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 12 July (4 of the last 4 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
06-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
MS
MG Services
Director, since 13-06-2025
- ATALYS CORPORATE S.A.S. all the sharesdeed of 13-10-2022
Recent changes
Resignation: Benoît De Turckheim (director)
General meeting of 01-04-2026 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0599794055
Company renamed from Atalys Belgique to MasterGrid
Resignation: Atalys Corporate SAS (director) · Permanent representative: VALLON Ludovic · Appointments: MG Services, DE TURCKHEIM Benoit and ZANGARA Loïc · General meeting of 17-06-2025 · Gazette deed
Permanent representatives: Nicolas Vouros and Ludovic Vallon
General meeting of 15-05-2024 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | Total assets | Gross margin | Solvency | Staff |
|---|---|---|---|---|
| MasterGrid Watermael-Boitsfort | €233,073 | €99,789 | 13.3% | - |
| YOUR DREAMING HOUSE Brussels | €186,900 | €137,857 | 29.3% | - |
| JØ ENGINEERING Frameries | €251,873 | €71,752 | 62.5% | - |
| IDEalarme Lasne | €219,830 | €60,694 | 75.9% | - |
| VJA HORECA Fléron | €337,585 | €108,956 | 42.8% | - |
| QUENTIN L ELECTRICIEN Forest | €373,865 | €138,761 | 56.8% | - |
| Michaël Buysse Lochristi | €341,585 | €107,880 | 74.9% | - |
These companies have the same main activity as MasterGrid: repair and maintenance of electrical equipment (NACE 33140). They are comparable in size and age: total assets between €187,000 and €374,000, founded between 2011 and 2017.
Official details
Source: KBO- Status
- Active since 27-02-2015Normal situation
- Registered office
- 233 active companies are registered at this address24 started in the 12 months before. Source: KBO register, as of 5 November 2026.
- Activity
- Repair and maintenance of electrical equipmentNACE 33140and 1 other
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment unit
- 2.241.869.1461170 Watermael-Boitsfort, since 27-02-2015
- Financial year end
- 31 December
- Peppol
- Reachable since 06-11-2025
Annual accounts 2025
- Gross margin
- €99,789▼ 62.3%
- Turnover
- ≈ €300,000estimated
- Loss
- €53,308
- Equity
- €31,023▼ 63.2%
- Total assets
- €233,073▼ 49.6%
- Employeeson 31-12-2025
- 1▼ 50.0%
- Filing
- Filed on 10-08-2026
Insights on MasterGrid
MasterGrid files the micro format. That format states no turnover. The gross margin rose from €1,963 in 2015 to €99,789 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
Annual accounts 2025
micro format, filed on 10-08-2026, 10 days lateGross 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 31-12-2025What the company ownsHow it is paid for
Change in equityin euro
Change in cashin euro
Position in the 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 | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||
Total assets20/58 |
233,073 | 462,401 | 443,159 | 248,489 | 120,802 | 100,904 | 112,566 | 125,870 | 106,424 | 78,216 | 107,306 | |
Fixed assets21/28 |
2,990 | 4,490 | 4,990 | 6,490 | 7,990 | 6,000 | 7,500 | 9,000 | 10,500 | 13,667 | 16,834 | |
Intangible fixed assets21 |
- | 0 | 1,500 | 3,000 | 4,500 | 6,000 | 7,500 | 9,000 | 10,500 | 12,000 | 13,500 | |
Tangible fixed assets22/27 |
- | - | - | - | - | 0 | 0 | 0 | 0 | 1,667 | 3,334 | |
Plant, machinery and equipment23 |
- | - | - | - | - | - | 0 | 0 | 0 | 1,667 | 3,334 | |
Financial fixed assets28 |
2,990 | 4,490 | 3,490 | 3,490 | 3,490 | - | - | - | - | - | - | |
Current assets29/58 |
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 year29 |
- | - | - | - | - | - | - | - | - | - | 0 | |
Stocks and contracts in progress3 |
0 | 7,398 | 17,074 | 23,046 | 17,074 | 2,164 | - | - | - | - | - | |
Stocks30/36 |
0 | 7,398 | 17,074 | 23,046 | 17,074 | 2,164 | - | - | - | - | - | |
Amounts receivable within one year40/41 |
154,554 | 328,970 | 175,500 | 159,625 | 59,371 | 23,098 | 56,515 | 80,426 | 43,792 | 54,233 | 71,286 | |
Trade receivables40 |
129,490 | 309,059 | 156,394 | 154,501 | 59,371 | 14,677 | 56,515 | 79,417 | 43,791 | 51,664 | 71,286 | |
Other amounts receivable41 |
25,064 | 19,910 | 19,105 | 5,124 | 0 | 8,421 | 0 | 1,010 | 1 | 2,570 | - | |
Cash at bank and in hand54/58 |
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 income490/1 |
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 liabilities10/49 |
233,073 | 462,401 | 443,159 | 248,489 | 120,802 | 100,904 | 112,566 | 125,870 | 106,424 | 78,216 | 107,306 | |
Equity10/15 |
31,023 | 84,330 | 39,795 | 18,600 | 39,004 | 37,791 | 36,335 | 12,384 | -15,200 | -16,308 | 16,959 | |
Contributions10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
Issued capital100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
Reserves13 |
12,423 | 65,730 | 21,195 | 0 | 20,404 | 19,191 | 17,735 | - | - | - | 0 | |
Distributable reserves133 |
12,423 | 65,730 | 21,195 | 0 | 20,404 | 19,191 | 17,735 | - | - | - | - | |
Profit (loss) carried forward14 |
- | - | 0 | 0 | - | - | 0 | -6,216 | -33,800 | -34,908 | -1,641 | |
Amounts payable17/49 |
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 year42/48 |
195,938 | 377,589 | 359,740 | 228,961 | 42,800 | 44,122 | 61,547 | 51,107 | 102,794 | 73,516 | 86,172 | |
Trade debts44 |
22,231 | 153,916 | 163,404 | 61,820 | 26,221 | 34,805 | 50,845 | 43,818 | 91,851 | 21,800 | 75,371 | |
Suppliers440/4 |
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 security45 |
31,394 | 85,112 | 78,608 | 49,413 | 16,578 | 9,317 | 10,702 | 7,289 | 10,943 | 179 | 6,713 | |
Taxes450/3 |
26,344 | 70,391 | 59,712 | 30,643 | 8,350 | 6,160 | 10,702 | 7,289 | 10,943 | 179 | 6,713 | |
Remuneration and social security454/9 |
5,050 | 14,721 | 18,896 | 18,771 | 8,228 | 3,157 | - | - | - | - | - | |
Other amounts payable47/48 |
142,312 | 138,561 | 117,728 | 117,728 | - | - | - | - | 0 | 51,537 | 4,089 | |
Accrued charges and deferred income492/3 |
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 income76A |
- | 0 | 1,268 | 3,227 | - | - | - | - | 164 | 3,464 | - | |
Gross operating margin9900 |
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 pensions62 |
141,788 | 193,864 | 86,931 | 95,191 | 51,861 | 9,597 | - | - | - | - | - | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
0 | 1,500 | 1,500 | 1,500 | 1,500 | 1,500 | 1,500 | 1,500 | 3,167 | 3,167 | 3,167 | |
Other operating charges640/8 |
400 | 387 | 384 | 585 | 448 | 498 | 548 | 348 | 347 | 348 | 261 | |
Non-recurring operating charges66A |
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 income75/76B |
28 | 1 | - | - | - | - | 3 | 6 | - | 6 | 50 | |
Recurring financial income75 |
28 | 1 | - | - | - | - | 3 | 6 | - | 6 | 50 | |
Financial charges65/66B |
9,516 | 4,956 | 8,984 | 683 | 153 | 110 | 87 | 59 | 47 | 428 | 227 | |
Recurring financial charges65 |
9,516 | 4,956 | 8,984 | 683 | 153 | 110 | 87 | 59 | 47 | 428 | 227 | |
Profit (loss) for the period before taxes9903 |
-53,154 | 63,389 | 31,214 | 130,400 | 1,890 | 2,026 | 33,567 | 27,584 | 1,108 | -33,265 | -1,641 | |
Income taxes67/77 |
154 | 18,854 | 10,019 | 33,076 | 677 | 570 | 9,616 | - | - | 1 | - | |
Profit (loss) for the period9904 |
-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 appropriated9905 |
-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 appropriated9906 |
-53,308 | 44,535 | 21,195 | 97,324 | 1,213 | 1,456 | 17,735 | -6,216 | -33,800 | -34,908 | -1,641 | |
Transfer from equity791/2 |
53,308 | - | 0 | 117,728 | - | - | - | - | - | - | - | |
Transfer to equity691/2 |
0 | 44,535 | 21,195 | 97,324 | 1,213 | 1,456 | 17,735 | - | - | - | 0 | |
To the legal reserve6920 |
- | - | - | 97,324 | - | - | - | - | - | - | - | |
To other reserves6921 |
0 | 44,535 | 21,195 | - | 1,213 | 1,456 | 17,735 | - | - | - | - | |
Profit to be distributed694/7 |
- | - | 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 worked1013 |
2,952 | 3,232 | 1,960 | 1,552 | 1,632 | 832 | - | - | - | - | - | |
| Document | ||||||||||||
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.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 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 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00344702 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00161179 | |
| 31-12-2022 | micro format | 19-06-2023 | 2023-00150734 | |
| 30-09-2021 | micro format | 07-02-2022 | 2022-05500036 | |
| 30-09-2020 | micro format | 01-03-2021 | 2021-06700431 | |
| 30-09-2019 | micro format | 28-04-2020 | 2020-10900463 | |
| 30-09-2018 | micro format | 13-02-2019 | 2019-05200285 | |
| 30-09-2017 | micro format | 20-03-2018 | 2018-07500273 | |
| 30-09-2016 | full format | 29-03-2017 | 2017-08000436 | |
| 30-09-2015 | full format | 24-03-2016 | 2016-07700288 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 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.
Board & ownership
Board
2 directors, last change in April 2026Director
since 16-05-2025
term without a fixed end
listed in the 2025 annual accounts, filed on 10-08-2026
Mandates through the years
6 names, the dashed line is todayMG Services
Director
Director
ZANGARA Loïc
Director
Director
Benoît De Turckheim
Director
Director
ATALYS CORPORATE S.A.S
Director
Director
Atalys S.A.S
Director
Director
ATALYS
Director (not named in the articles)
Director (not named in the articles)
BoardEarliermandate already running before its first mentionend not dated
Mandates as a list
- MG Services
- Director, since before 31-12-2024
- ZANGARA Loïc
- Director, since before 31-12-2024
- Benoît De Turckheim
- Director, from before 31-12-2024 to 01-04-2026
- ATALYS CORPORATE S.A.S
- Director, appointed by deed of 13-10-2022, until 04-07-2025
- Atalys S.A.S
- Director, from 15-06-2022 to 13-10-2022
- ATALYS
- Director (not named in the articles), appointed by deed of 16-07-2021, no longer listed in the 2025 annual accounts
Control
Shareholder
ATALYS CORPORATE S.A.S.
This company
MasterGrid
Equity €31,023
Loss €53,308 in 2025
Capital
- Contribution
- €18,600
- Shares
- 200
- Contribution per share
- €93
- Equity per share
- €155 in 2025
- Source
- 2025 annual accounts
Articles of association
deed of 04-07-2025 (in French)- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimited
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Pour moitié à charge du cédant et pour moitié à charge du ou des acquéreurs proportionnellement au nombre d’actions acquises, cessions entre…”
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Last Friday of June at 11:00
Shareholders
Stated in the deed
deed of 13-10-2022 ↗
- ATALYS CORPORATE S.A.S. all shares
Network & group
No group
MasterGrid has no parent and no holdings in its annual accounts. MasterGrid shares no director with another company.
At the same address
Terhulpsesteenweg 150, 1170 Watermael-Boitsfort · 232 other companies| NEXTGEN INVESTMENT GROUP
registered office since 27-12-2022 · founded in 2022 |
total assets €260.9m (2025) 0795.435.236 |
| ICONIC GROUP
registered office since 09-03-2009 · founded in 2009 |
total assets €74.6m (2025) 0810.282.669 |
| BELGENEXT
registered office since 13-04-2006 · founded in 2006 |
total assets €60.8m (2025) 0880.718.230 |
| HEXA
registered office since 21-02-2011 · founded in 2011 |
total assets €57.3m (2025) 0833.922.163 |
| Holding Vanlembrouck Développement et Finance”
registered office since 11-04-2016 · founded in 2016 |
total assets €40.5m (2026) 0651.795.062 |
| PORTIMA
registered office since 22-05-1986 · founded in 1986 |
99 FTE (2025) 0428.775.335 |
| CALAS
registered office since 23-12-2024 · founded in 2024 |
total assets €35.0m (2025) 1017.810.013 |
| PERENEVO
registered office since 13-09-2002 · founded in 2002 |
total assets €29.0m (2025) 0478.274.039 |
| MASEL
establishment since 10-03-1993 · founded in 1992 |
total assets €25.6m (2025) 0448.835.331 |
| BOTIMMO
registered office since 23-04-2025 · founded in 2025 |
total assets €15.1m (2025) 1022.604.286 |
Timeline
Timeline
24 events since 2015Board
Filings
Financial
Establishments
Other
201620182020202220242026
Deadline for the 2026 accounts: 31-07-2027
2026
Annual accounts 2025 filed NBBmicro format · 10 days late
Resignation: Benoît De Turckheim (director)General meeting of 01-04-20263 points ▸
- General meeting, 01-04-2026
- Director resignation, Benoît De Turckheim (director (not named in the articles))
- Power of attorney, SA PYXIS & CO
2025
Weakest financial year net -€53,308 The net result drops to -€53,308, the lowest from 2015 to 2025.
Registered in the Peppol Directory Reachable for e-invoices through 0208:0599794055
Annual accounts 2024 filed PDFmicro format · 2 days before the deadline
Company renamed from Atalys Belgique to MasterGridResignation: Atalys Corporate SAS (director) · Permanent representative: VALLON Ludovic · Appointments: MG Services, DE TURCKHEIM Benoit and ZANGARA Loïc · General meeting of 17-06-202510 points ▸
- General meeting, 17-06-2025
- Name change, MasterGrid
- 200 shares
- General meeting, 16-05-2025
- Director resignation, Atalys Corporate SAS
- Permanent representative, VALLON Ludovic, mentioned twice in the deed
- Director appointment, MG Services
- Director appointment, DE TURCKHEIM Benoit
- Director appointment, ZANGARA Loïc
- Power of attorney, Dimitri CLEENEWERCK DE CRAYENCOUR
- The deed holds 4 more points.
2024
Permanent representatives: Nicolas Vouros and Ludovic VallonGeneral meeting of 15-05-20243 points ▸
- General meeting, 15-05-2024
- Permanent representative, Nicolas Vouros
- Permanent representative, Ludovic Vallon
Annual accounts 2023 filed PDFmicro format · 37 days before the deadline
2023
Annual accounts 2022 filed PDFmicro format · 42 days before the deadline
2022
Highest result from 2015 to 2025 net €97,324 ▲7,922% The operating result of €131,083 and the net result of €97,324 are both a record.
1 director appointed, 1 resignationResignation: Atalys S.A.S · Permanent representative: Nicolas Vouros · Appointment: ATALYS CORPORATE S.A.S. · General meeting of 15-06-20226 points ▸
- ATALYS CORPORATE S.A.S. holds all the shares
- General meeting, 15-06-2022
- Director resignation, Atalys S.A.S
- Permanent representative, Nicolas Vouros, mentioned twice in the deed
- Director discharge, Atalys S.A.S
- Director appointment, ATALYS CORPORATE S.A.S.
- The deed holds 1 more point.
Assemblee Generale - Annee ComptableGeneral meeting of 27-09-20221 point ▸
- General meeting, 27-09-2022
- The deed holds 1 more point.
Annual accounts 2021 filed PDFmicro format · 82 days before the deadline
2021
Change of role: ATALYS, from manager to directorPermanent representative: VOUROS Nicolas · Director discharge: ATALYS · General meeting of 13-07-20217 points ▸
- Director resignation, ATALYS (manager)
- Director appointment, ATALYS (director (not named in the articles))
- Permanent representative, VOUROS Nicolas
- Director discharge, ATALYS
- Registered office clause, chaussée de La Hulpe 150, 1170 Watermael-Boitsfort
- General meeting, 13-07-2021
- 200 shares
- The deed holds 4 more points.
Annual accounts 2020 filed PDFmicro format · 60 days before the deadline
2020
Annual accounts 2019 filed PDFmicro format · 2 days before the deadline
2019
Annual accounts 2018 filed PDFmicro format · 76 days before the deadline
2018
Liquidity more than doubled current ratio 2.29 The current ratio rises from 0.93 to 2.29. Short-term debt falls from €102,794 to €51,107.
Annual accounts 2017 filed PDFmicro format · 41 days before the deadline
2017
Back to profit net €1,108 The net result is €1,108, after 2 loss-making years.
Annual accounts 2016 filed PDFfull format · 32 days before the deadline
2016
Annual accounts 2015 filed PDFfull format · 37 days before the deadline
2015
Incorporation PDFpublished on 03-03-2015
First establishment Atalys Belgique, Terhulpsesteenweg 150, Watermael-Boitsfort
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Identity
- Enterprise number
- 0599.794.055
- VAT number
- BE 0599.794.055
- Peppol ID
- 0208:0599794055
- Legal form
- Private limited company
- Status
- Active, normal situation
- Founded
- 27-02-2015
- Financial year
- ends on 31 December
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Last Friday of June at 11:00deed of 04-07-2025 (in French)
- Peppol
- Reachable since 06-11-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- MasterGrid in French
- Former name
- Atalys Belgique until the deed of 04-07-2025
- Entity type
- Legal entity
- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimiteddeed of 04-07-2025 (in French)
- Legal form clauseThe legal form, such as BV, NV or CV, which decides which company-law rules apply.
- “Atalys Belgique”deed of 16-07-2021 (in French)
- Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
- “Région de Bruxelles-Capitale”deed of 04-07-2025 (in French)
Activities
NACEBEL 2025VAT activities
33140
Repair and maintenance of electrical equipment main activity
71121
Engineering and related technical consultancy, excluding land surveyors
Social security (RSZ) activities
33140
Repair and maintenance of electrical equipment main activity
Joint committees annual accounts 2025
JC 200
Auxiliary committee for white-collar workers
Codes under NACEBEL 2008
VAT activities
33140
Repair, maintenance and installation of machinery and equipment main activity
71121
Engineering activities
Social security (RSZ) activities
33140
Repair, maintenance and installation of machinery and equipment main activity
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “Le conseil,la prestation de services et la consultance dans le domaine de la distribution haute tension,basse tension et la conversion…”deed of 04-07-2025 (in French)
6 activities
- Le conseil,la prestation de services et la consultance dans le domaine de la distribution haute tension,basse tension et la conversion d’énergie.
- En particulier la maintenance,l’entretien et les réparations d’équipements électroniques et électrotechniques.
- La société pourra également effectuer la vente,en gros ou au détail,l’importation et l’exportation de produits électrotechniques ainsi que des pièces de rechange.
- La constitution,la gestion,l’exploitation,la mise en valeur d’un patrimoine mobilier et immobilier,et pour ce faire l’aliénation,l’acquisition,la location de tout bien ou droit réel immobilier et en général,de toutes les opérations relatives à la gestion des valeurs immobilières et mobilières constituées ou les biens immobiliers et mobiliers qui peuvent être obtenus en pleine propriété,en emphytéose,en usufruit temporaire,en nue-propriété et toutes les possibilités de droit attachées,où l’activité concernée ne prend pas la forme d’activités commerciales.
- Toutes opérations commerciales,industrielles,financières,mobilières ou immobilières se rapportant directement ou indirectement à son objet
- S’intéresser par toutes voies dans toutes sociétés,associations ou entreprises ayant un objet similaire ou connexe au sien ou susceptible de favoriser le développement de ses activités
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| Atalys Belgique registered office Terhulpsesteenweg 150, 1170 Watermael-Boitsfort | 27-02-2015 | 2.241.869.146 |
Buildings and parcels at the address
- Ground area
- 4,415 m²
- Buildings
- 2,124 m²
- Volume, LiDAR
- 45,158 m³
- Tallest building
- 36.1 m
Buildings to scale, each on its own parcel
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21652E0035/00R005 | 4,415 m² | 1 · 2,124 m² | 36.1 m · 7 |