MASTERMAIL
ActiveSummary
MASTERMAIL has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €431,281 and a net result of -€265,299. Equity is shrinking by ~7.6% per year across the filed fiscal years. Its solvency ranks better than 48% of 1654 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-79
Solvency66▼-23
Growth32=
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €24,000 at 30 days acceptable
Liquidity tight (current ratio 1.1 against 2.36 in 2024; short-term debt: 56.1% and cash: 32% of total assets), and 58.8% of the assets are financed with debt.
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Signals
Two signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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 10-06-2026, 51 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
51 d early
2024
23 d early
2023
43 d early
2022
17 d early
2021
44 d early
2020
30 d early
2019
14 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 28 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% 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.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€431,281▼ 56.7%
2024 · €996,580
Total assets
€1.0m▼ 33.0%
2024 · €1.6m
Net result
-€265,299
2024 · €132,689
Working capital
€60,890▼ 90.7%
2024 · €655,159
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€390,623€32,873▼ 91.6%€66,352▲ 102%€174,149▲ 162%-€262,906
Net result€324,496€25,986▼ 92.0%€45,106▲ 73.6%€132,689▲ 194%-€265,299
Equity€792,799▲ 1.9%€818,786▲ 3.3%€863,891▲ 5.5%€996,580▲ 15.4%€431,281▼ 56.7%
Total assets€1.7m▲ 13.0%€1.6m▼ 2.1%€1.6m▼ 5.9%€1.6m▲ 0.6%€1.0m▼ 33.0%
Debt€891,587▲ 25.1%€829,729▼ 6.9%€687,678▼ 17.1%€565,072▼ 17.8%€615,266▲ 8.9%
Working capital€551,791▼ 13.0%€561,535▲ 1.8%€675,526▲ 20.3%€655,159▼ 3.0%€60,890▼ 90.7%
Staff (FTE)8.4=7.6▼ 9.5%6.6▼ 13.2%6.2▼ 6.1%4.6▼ 25.8%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €262,906 after €174,149 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.0m
Fixed assets
€398,785 ▼ 6.3%
Current assets
€647,763 ▼ 43.0%
Equity and liabilities €1.0m
Equity
€431,281 ▼ 56.7%
Debt
€615,266 ▲ 8.9%
Debt's share of the balance-sheet total rises from 36.2% to 58.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€97,052▼
2024 · €295,687
Cash flow
-€99,445▼
2024 · €254,226
Current ratio
1.10▼
2024 · 2.36
Quick ratio
1.04▼
2024 · 2.29
Debt to equity
1.43▲
2024 · 0.57
ROE
-61.5%▼
2024 · 13.3%
ROA
-25.3%▼
2024 · 8.5%
Interest coverage
-13.90▼
2024 · 44.07
Debt ≤ 1 year
€586,873▲
2024 · €480,836
Debt > 1 year
€28,209▼
2024 · €67,177
Income taxes
€709▼
2024 · €42,591
Staff costs
€422,640▲
2024 · €396,979
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €17,522 | €0 | - | - | - | - |
| Remuneration, social security and pensions62 | €422,149 | €385,011 | €391,058 | €396,979 | €422,640 | ▲ 6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €51,759 | €103,907 | €110,426 | €121,537 | €165,854 | ▲ 36.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €2,350 | -€2,350 | €0 | - | - | - |
| Other operating charges640/8 | €3,478 | €4,178 | €3,716 | €3,473 | €7,076 | ▲ 104% |
| Non-recurring operating charges66A | €0 | - | - | - | €5,971 | - |
| Gross operating margin9900 | €870,360 | €523,618 | €571,551 | €696,138 | €338,637 | ▼ 51.4% |
| Operating profit (loss)9901 | €390,623 | €32,873 | €66,352 | €174,149 | -€262,906 | ▼ 251% |
| Financial income75/76B | €2,396 | €6,404 | €6,209 | €7,840 | €5,299 | ▼ 32.4% |
| Recurring financial income75 | €2,396 | €6,404 | €6,209 | €7,840 | €5,299 | ▼ 32.4% |
| Financial charges65/66B | €7,136 | €9,667 | €8,443 | €6,710 | €6,983 | ▲ 4.1% |
| Recurring financial charges65 | €7,136 | €9,667 | €8,443 | €6,710 | €6,983 | ▲ 4.1% |
| Profit (loss) for the period before taxes9903 | €385,884 | €29,610 | €64,117 | €175,280 | -€264,590 | ▼ 251% |
| Income taxes67/77 | €61,388 | €3,624 | €19,012 | €42,591 | €709 | ▼ 98.3% |
| Profit (loss) for the period9904 | €324,496 | €25,986 | €45,106 | €132,689 | -€265,299 | ▼ 300% |
| Transfer from tax-exempt reserves789 | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €324,496 | €25,986 | €45,106 | €132,689 | -€265,299 | ▼ 300% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.7m | €1.6m | €1.6m | €1.6m | €1.0m | ▼ 33.0% |
| Fixed assets21/28 | €410,475 | €464,231 | €427,977 | €425,657 | €398,785 | ▼ 6.3% |
| Intangible fixed assets21 | €5,918 | €3,874 | €22,189 | €61,773 | €138,824 | ▲ 125% |
| Tangible fixed assets22/27 | €403,697 | €459,496 | €404,928 | €363,024 | €259,101 | ▼ 28.6% |
| Land and buildings22 | €154,236 | €152,571 | €125,890 | €110,589 | €87,359 | ▼ 21.0% |
| Plant, machinery and equipment23 | €6,948 | €10,310 | €38,372 | €61,992 | €53,600 | ▼ 13.5% |
| Furniture and vehicles24 | €54,333 | €44,018 | €50,154 | €62,086 | €51,835 | ▼ 16.5% |
| Leasing and similar rights25 | €188,179 | €252,597 | €190,512 | €128,357 | €66,306 | ▼ 48.3% |
| Financial fixed assets28 | €860 | €860 | €860 | €860 | €860 | = |
| Current assets29/58 | €1.3m | €1.2m | €1.1m | €1.1m | €647,763 | ▼ 43.0% |
| Amounts receivable after more than one year29 | €157,477 | €106,543 | €109,202 | €112,552 | €2,000 | ▼ 98.2% |
| Other amounts receivable291 | €157,477 | €106,543 | €109,202 | €112,552 | €2,000 | ▼ 98.2% |
| Stocks and contracts in progress3 | €59,671 | €80,540 | €67,951 | €36,644 | €35,000 | ▼ 4.5% |
| Stocks30/36 | €59,671 | €80,540 | €67,951 | €36,644 | €35,000 | ▼ 4.5% |
| Amounts receivable within one year40/41 | €845,411 | €402,800 | €633,559 | €452,149 | €259,048 | ▼ 42.7% |
| Trade receivables40 | €651,840 | €325,065 | €565,809 | €327,612 | €205,998 | ▼ 37.1% |
| Other amounts receivable41 | €193,571 | €77,735 | €67,750 | €124,537 | €53,050 | ▼ 57.4% |
| Current investments50/53 | €6,000 | €4,000 | €2,000 | €0 | - | - |
| Cash at bank and in hand54/58 | €175,539 | €583,411 | €296,506 | €474,882 | €335,118 | ▼ 29.4% |
| Deferred charges and accrued income490/1 | €29,814 | €6,990 | €14,374 | €59,769 | €16,597 | ▼ 72.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.7m | €1.6m | €1.6m | €1.6m | €1.0m | ▼ 33.0% |
| Equity10/15 | €792,799 | €818,786 | €863,891 | €996,580 | €431,281 | ▼ 56.7% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €559,703 | €559,703 | €559,703 | €559,703 | €559,703 | = |
| Non-distributable reserves130/1 | €1,860 | €0 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €0 | - | - | - | - |
| Distributable reserves133 | €557,843 | €559,703 | €559,703 | €559,703 | €559,703 | = |
| Profit (loss) carried forward14 | €214,496 | €240,483 | €285,588 | €418,277 | -€147,022 | ▼ 135% |
| Amounts payable17/49 | €891,587 | €829,729 | €687,678 | €565,072 | €615,266 | ▲ 8.9% |
| Amounts payable after more than one year17 | €149,687 | €203,610 | €130,428 | €67,177 | €28,209 | ▼ 58.0% |
| Financial debts170/4 | €149,687 | €203,610 | €130,428 | €67,177 | €28,209 | ▼ 58.0% |
| Amounts payable within one year42/48 | €722,119 | €622,750 | €448,066 | €480,836 | €586,873 | ▲ 22.1% |
| Current portion of amounts payable after more than one year42 | €36,698 | €72,239 | €73,182 | €88,496 | €145,562 | ▲ 64.5% |
| Financial debts43 | - | - | - | - | €65,000 | - |
| Credit institutions430/8 | - | - | - | - | €65,000 | - |
| Trade debts44 | €410,109 | €345,563 | €244,105 | €278,117 | €202,740 | ▼ 27.1% |
| Suppliers440/4 | €410,109 | €345,563 | €244,105 | €278,117 | €202,740 | ▼ 27.1% |
| Taxes, remuneration and social security45 | €57,424 | €41,285 | €77,030 | €66,365 | €39,231 | ▼ 40.9% |
| Taxes450/3 | €12,278 | €3,624 | €31,905 | €14,275 | €10,978 | ▼ 23.1% |
| Remuneration and social security454/9 | €45,146 | €37,661 | €45,125 | €52,091 | €28,253 | ▼ 45.8% |
| Other amounts payable47/48 | €217,888 | €163,662 | €53,750 | €47,857 | €134,340 | ▲ 181% |
| Accrued charges and deferred income492/3 | €19,780 | €3,370 | €109,184 | €17,059 | €185 | ▼ 98.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €324,496 | €25,986 | €45,106 | €132,689 | -€265,299 | ▼ 300% |
| + Depreciation and write-downs630 | €51,759 | €103,907 | €110,426 | €121,537 | €165,854 | ▲ 36.5% |
| Operating cash flow (approximation) | €376,255 | €129,893 | €155,532 | €254,226 | -€99,445 | ▼ 139% |
| Investment in fixed assets (approximation) | - | -€157,663 | -€74,172 | -€119,218 | -€138,982 | ▼ 16.6% |
| Change in cash | - | €407,873 | -€286,905 | €178,375 | -€139,764 | ▼ 178% |
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
10-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet -€265,299
Net result drops to -€265,299, the lowest in the series.
08-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
18-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
14-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
17-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Back to profitnet €324,496
Net result €324,496 after one loss-making year.
01-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
14-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 14 days late
2019
11-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
17-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 17 days late
2017
28-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 acts for this company are 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, Leuven · 1 establishment unit since 2003
Ground area
2,982 m²
Building footprint
656 m²
Volume, LiDAR
4,866 m³
Parcel 24126C0095/00E000, Flanders · tallest building 8.8 m, ±3 floors. Linked by address, not a title deed.
7
companies at this address
See who is registered here
1 establishment unit
Mastermail
since 20032.134.730.171
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24126C0095/00E000 | Flanders | 2,982 m² | 1 · 656 m² | 8.8 m · 3 fl. |
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.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 6 entries · 14,253 EUR awarded · 9,253 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 3 | 1,200 EUR | 6,200 EUR |
| 2024 | 1 | 10,000 EUR | 0 EUR |
| 2023 | 1 | 2,033 EUR | 2,033 EUR |
| 2022 | 1 | 1,020 EUR | 1,020 EUR |
Recognitions · licences · registrations
Food safety, FASFC
1 siteLeuven2.134.730.171
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Of 9,864 companies in sector 73110 we hold annual accounts for 3,752. 2,279 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
Founded22-12-2003
Fiscal year end31-12
Activities, NACEBEL 2025
73110Advertising agencies
73120Media representation
Scores and ratios are computed by Checked and are not a credit decision.