MASTERLOG
ActiveSummary
MASTERLOG has been active since 1955 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €101,917 and a net result of €67,208. Equity remains stable across the filed financial years (±2.2% per year). Its solvency ranks better than 95% of 12,686 sector peers (NACE 47, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
- Equity
- €101,917
- Profit
- €67,208
- Parent
- AXMAN · 99.98%
Why 93raises risk1 change of registered office in 24 monthsSector: Retail trade (NACE 47)lowers riskLiquidity: current ratio 137.62, cash €14,856, halvedEquity €101,917 (99.3% of total assets)Show the evidence
Checked score
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 47, micro): better than 92% on solvency, 74% on liquidity, 96% on profitability and 96% on growth.
The bankruptcy probability was computed on 28-10-2026 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.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 11 days before the deadline; the sector median (NACE 47) for financial year 2024 is on the deadline day, and 47% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Back to profitnet €67,208
- Liquidity more than 104 timescurrent ratio 137.62
Financials · financial year 2025, abbreviated format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result returns to profit in 2025: €66,622 after a loss of €72,648 in 2024, the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 47, Retail trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Peer companies
Historical observationOf the 31,368 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 93.5% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% 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 497,445 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% | 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 31,368 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,482 | - | - | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €423 | €348 | €5,393 | €863 | €434 | ▼ 49.7% |
| Gross operating margin9900 | €453 | €372 | €357 | -€2,526 | €2,139 | €40,784 | -€71,785 | €67,056 | - |
| Operating profit (loss)9901 | -€5,425 | €24 | €10 | -€2,948 | €1,792 | €35,392 | -€72,648 | €66,622 | - |
| Financial income75/76B | - | - | - | €3,979 | €2,421 | €1,193 | €4,484 | €730 | ▼ 83.7% |
| Recurring financial income75 | €1,049 | - | €0 | €3,979 | €2,421 | €1,193 | €4,484 | €730 | ▼ 83.7% |
| Financial charges65/66B | - | - | - | €143 | €150 | €171 | €24 | €144 | ▲ 500% |
| Recurring financial charges65 | €96 | €109 | €120 | €143 | €150 | €171 | €24 | €144 | ▲ 500% |
| Profit (loss) for the period before taxes9903 | -€4,471 | -€84 | -€110 | €889 | €4,062 | €36,413 | -€68,188 | €67,208 | - |
| Profit (loss) for the period9904 | -€4,471 | -€84 | -€110 | €889 | €4,062 | €36,413 | -€68,188 | €67,208 | - |
| Profit (loss) for the period to be appropriated9905 | -€4,471 | -€84 | -€110 | €889 | €4,062 | €36,413 | -€68,188 | €67,208 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €89,460 | €143,152 | €122,329 | €106,602 | €119,002 | €273,424 | €144,884 | €102,663 | ▼ 29.1% |
| Current assets29/58 | €89,460 | €143,152 | €122,329 | €106,602 | €119,002 | €273,424 | €144,884 | €102,663 | ▼ 29.1% |
| Amounts receivable within one year40/41 | €47,543 | €62,721 | €94,187 | €92,002 | €42,784 | €188,622 | €34,492 | €87,807 | ▲ 155% |
| Trade receivables40 | - | - | - | €14,802 | €363 | €37,509 | - | - | - |
| Other amounts receivable41 | - | - | - | €77,200 | €42,421 | €151,113 | €34,492 | €87,807 | ▲ 155% |
| Cash at bank and in hand54/58 | €41,917 | €80,431 | €28,142 | €14,600 | €76,218 | €84,802 | €110,392 | €14,856 | ▼ 86.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €89,460 | €143,152 | €122,329 | €106,602 | €119,002 | €273,424 | €144,884 | €102,663 | ▼ 29.1% |
| Equity10/15 | €61,727 | €61,643 | €61,533 | €62,421 | €66,484 | €102,897 | €34,709 | €101,917 | ▲ 194% |
| Contributions10/11 | €96,000 | €96,000 | - | €106,288 | €106,288 | €106,288 | €106,288 | €106,288 | = |
| Reserves13 | €51,563 | €51,563 | €51,563 | €41,276 | €41,276 | €41,276 | €41,276 | €41,276 | = |
| Distributable reserves133 | - | - | - | €41,276 | €41,276 | €41,276 | €41,276 | €41,276 | = |
| Profit (loss) carried forward14 | -€85,836 | -€85,920 | -€86,030 | -€85,142 | -€81,079 | -€44,666 | -€112,854 | -€45,646 | ▲ 59.6% |
| Amounts payable17/49 | €27,733 | €81,510 | €60,797 | €44,180 | €52,518 | €170,528 | €110,176 | €746 | ▼ 99.3% |
| Amounts payable within one year42/48 | €27,733 | €81,510 | €60,797 | €44,180 | €52,518 | €170,528 | €110,176 | €746 | ▼ 99.3% |
| Trade debts44 | €24,088 | €80,995 | €57,413 | €41,606 | €48,825 | €130,217 | €110,176 | €746 | ▼ 99.3% |
| Suppliers440/4 | - | - | - | €41,606 | €48,825 | €130,217 | €110,176 | €746 | ▼ 99.3% |
| Advances received on contracts in progress46 | - | - | - | - | - | €31,287 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €2,574 | €3,693 | €9,024 | - | - | - |
| Taxes450/3 | - | - | - | €2,574 | €3,693 | €9,024 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,471 | -€84 | -€110 | €889 | €4,062 | €36,413 | -€68,188 | €67,208 | - |
| + Depreciation and write-downs630 | €5,482 | - | - | - | - | - | - | - | - |
| Operating cash flow (approximation) | €1,010 | -€84 | -€110 | €889 | €4,062 | €36,413 | -€68,188 | €67,208 | - |
| Change in cash | - | €38,514 | -€52,289 | -€13,542 | €61,618 | €8,584 | €25,590 | -€95,536 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 49 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 19-07-2026 | 2026-00309327 |
| 31-12-2024 | abbreviated format | 28-08-2025 | 2025-00450190 |
| 31-12-2023 | full format | 31-07-2024 | 2024-00326049 |
| 31-12-2022 | full format | 23-07-2023 | 2023-00260447 |
| 31-12-2021 | full format | 03-06-2022 | 2022-20045923 |
| 31-12-2020 | full format | 13-07-2021 | 2021-34700141 |
| 31-12-2019 | full format | 24-07-2020 | 2020-35300278 |
| 31-12-2018 | full format | 07-06-2019 | 2019-16900353 |
| 31-12-2017 | full format | 09-07-2018 | 2018-32200031 |
| 31-12-2016 | full format | 31-07-2017 | 2017-39200009 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Owners and capital
Owners
1 ownerChain of control
- AXMAN
- MASTERLOG
Highest known parent: AXMAN. The sources do not say who stands above it.
Owners 1
- AXMANparentSourceaccounts AXMAN 202599.98%
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- 09-05-2025 Capital stated in the deed · 4,150 shares
Group and network
Connections & network
The network starts from this company’s shareholders. What else they own or run appears here as nodes.
History
Acts, filings and financial milestones
09-05
Gazette deed
Purpose · Amendment of the articlesRegistered-office move · Purpose change · Capital10 facts ▸
- General meeting, 03-12-2024
- Registered-office move, 2540 Hove, Veldkantvoetweg 98
- Amendment of the articles
- General meeting, “alle aandeelhouders erkennen een afschrift van dit verslag te hebben ontvangen en de inhoud ervan te kennen, ontslaat de voorzitter van voorlezing van het versl…” (deed in Dutch)
- General meeting, “keurt het verslag goed betreffende de voorgestelde wijziging van het voorwerp van de vennootschap” (deed in Dutch)
- Other provision, “verslag van het bestuursorgaan, overhandigd aan de notaris om in het dossier te worden bewaard” (deed in Dutch)
- Purpose change
- General meeting, “volledig nieuwe statuten aan te nemen, met evenwel een wijziging aan te brengen in haar voorwerp, alsook het voorwerp te hebben vertaald” (deed in Dutch)
- Capital
- Other provision, “in overeenstemming met het vorige besluit, coordination mandate” (deed in Dutch)
17-04
Gazette deed
Registered officeRegistered-office move5 facts ▸
- General meeting, “unanimité, assemblée générale extraordinaire” (deed in French)
- Registered-office move, 2540 Hove,Veldkantvoetweg 98 (2 times)
- Other provision, “constat de non-respect de la législation linguistique, nouveau transfert sous condition suspensive” (deed in French)
- Other provision, 03-12-2024
- Other provision, “acte du 2025-03-26 et acte du 2024-12-03, actes formant un tout exécutoires ensemble” (deed in French)
Show earlier events
About the unread acts
Of the 8 Belgian Official Gazette deeds we know for this company, 2 have been read. The other 6 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 11021B0228/00G000 | Flanders | 326 m² | 1 · 136 m² | 10.3 m · 2 |
How the parcels are linked
Articles of association
What the company does
- PurposeThe activities the company may carry out under its articles.
- “Onderwijsactiviteiten en activiteiten in de toeristische sector, o.a. rondleidingen, begeleidingen, etc. en dit in de meest ruime zin; Het…” (deed in Dutch)
7 activities (deed in Dutch)
- Onderwijsactiviteiten en activiteiten in de toeristische sector, o.a. rondleidingen, begeleidingen, etc. en dit in de meest ruime zin.
- Het kopen, verkopen, ruilen, leasen, onderverhuren, toewijzen, ter beschikking stellen, de ontwikkeling of de bouw van magazijnen, huizen, kantoren, flats, winkels, land, terreinen, bossen en landgoederen en, in het algemeen, alle onroerende goederen
- Het beheren van een portefeuille van Belgische of buitenlandse effecten
- Alle diensten en raadgevende activiteiten in het algemeen, alle juridische, IT- en boekhoudkundige diensten, en alle financiële, krediet- en lening transacties, het aangaan van leningen, in het bijzonder door het verstrekken van pand- of hypotheekrechten, garanties of zekerheden voor alle leningen of kredieten, met of zonder pandrecht of andere zakelijke zekerheid
- Optreden als bestuurder, bewindvoerder of vereffenaar van andere vennootschappen
- Een belang verwerven in om het even welk bedrijf, onderneming of vennootschap die hetzelfde, gelijkaardig of verwant voorwerp heeft, of die de ontwikkeling kunnen bevorderen van de vennootschap
- Rechtstreeks of onrechtstreeks deelnemen aan het bestuur, het beheer, de controle en de vereffening van vennootschappen, ondernemingen of verenigingen waarin zij een belang of deelneming heeft; zich borg stellen voor personen, vennootschappen, ondernemingen, bedrijvigheids of verenigingen waarin zij een belang of deelneming heeft, zich voor hen borg stellen, optreden als agent of vertegenwoordiger, fondsen voorschieten, kredieten verlenen en andere rechten verlenen
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- MASTERLOG
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Vlaams Gewest” (deed in Dutch)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- “Indien de vennootschap door meer dan één bestuurder wordt bestuurd, en behoudens inrichting door de algemene vergadering van een collegiaal…”
- Board ruleHow the board is made up, meets and takes decisions.
- “Met of zonder beperking van duur, één of meer bestuurders, natuurlijke personen of rechtspersonen, al dan niet aandeelhouder” (deed in Dutch)“Deze vaste vertegenwoordiger is hoofdelijk met de rechtspersoon aansprakelijk alsof hij/zij zelf het betrokken mandaat in eigen naam en voor…” (deed in Dutch)2 more provisions on this in the deed
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- First Thursday of June at 19:00