Mastermind
ActiveSummary
Mastermind has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €625k and a net result of €285k. Equity is growing by ~30.6% per year across the filed fiscal years. Its solvency ranks better than 38% of 9234 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability80▼-10
Solvency44▼-12
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35k at 30 days acceptable
Liquidity ample (current ratio 1.51 against 1.94 in 2024; short-term debt: 65.9% and cash: 10.2% of total assets), but 80.5% of the assets are financed with debt.
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Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer 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
19.5%
Return on assets
8.9%
Age of the figures
9 mo
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 01-07-2026, 30 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
30 d early
2024
30 d early
2023
on the day
2022
14 d early
2021
25 d late
2020
9 d late
2019
116 d late
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Accepting this client? The AML file with identity, beneficial owners and sanctions lists.AML client file How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed Is this a good employer? Staff, turnover and training against the sector.Employer check
Financials · fiscal year 2025, abbreviated schema
Equity
€625k▼ 18.8%
2024 · €769k
Total assets
€3.21M▲ 30.2%
2024 · €2.47M
Net result
€285k▼ 30.7%
2024 · €411k
Working capital
€1.08M▼ 9.7%
2024 · €1.19M
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€79k€13k▼ 83.9%€239k▲ 1,773%€584k▲ 145%€438k▼ 24.9%
Net result€61k€8k▼ 86.9%€175k▲ 2,074%€411k▲ 135%€285k▼ 30.7%
Equity€176k▲ 53.4%€184k▲ 4.6%€359k▲ 94.8%€769k▲ 115%€625k▼ 18.8%
Total assets€537k▼ 10.7%€266k▼ 50.4%€1.19M▲ 349%€2.47M▲ 107%€3.21M▲ 30.2%
Debt€361k▼ 25.8%€82k▼ 77.3%€835k▲ 918%€1.70M▲ 103%€2.59M▲ 52.3%
Working capital€164k▼ 1.9%€251k▲ 53.0%€689k▲ 175%€1.19M▲ 73.2%€1.08M▼ 9.7%
Staff (FTE)10.9▼ 10.0%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 25% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.21M
Fixed assets
€18k ▲ 504%
Current assets
€3.19M ▲ 29.6%
Equity and liabilities €3.21M
Equity
€625k ▼ 18.8%
Debt
€2.59M ▲ 52.3%
Debt's share of the balance-sheet total rises from 68.8% to 80.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€439k▼
2024 · €584k
Cash flow
€286k▼
2024 · €411k
Current ratio
1.51▼
2024 · 1.94
Quick ratio
1.13▼
2024 · 1.24
Debt to equity
4.14▲
2024 · 2.21
ROE
45.5%▼
2024 · 53.4%
ROA
8.9%▼
2024 · 16.6%
Interest coverage
7.44▼
2024 · 14.65
Debt ≤ 1 year
€2.12M▲
2024 · €1.27M
Debt > 1 year
€151k▼
2024 · €267k
Income taxes
€95k▼
2024 · €137k
Staff costs
€56k▲
2024 · €4k
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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €4k | €56k | ▲ 1,304% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6k | €6k | €6k | €0 | €1k | - |
| Other operating charges640/8 | €1k | €2k | €5k | €8k | €16k | ▲ 87.4% |
| Gross operating margin9900 | €86k | €21k | €250k | €596k | €511k | ▼ 14.3% |
| Operating profit (loss)9901 | €79k | €13k | €239k | €584k | €438k | ▼ 24.9% |
| Financial income75/76B | €0 | €2k | €4k | €4k | €319 | ▼ 91.2% |
| Recurring financial income75 | €0 | €2k | €4k | €4k | €319 | ▼ 91.2% |
| Financial charges65/66B | €4k | €4k | €9k | €40k | €59k | ▲ 48.1% |
| Recurring financial charges65 | €4k | €4k | €9k | €40k | €59k | ▲ 48.1% |
| Profit (loss) for the period before taxes9903 | €75k | €11k | €233k | €548k | €380k | ▼ 30.7% |
| Income taxes67/77 | €14k | €3k | €58k | €137k | €95k | ▼ 30.6% |
| Profit (loss) for the period9904 | €61k | €8k | €175k | €411k | €285k | ▼ 30.7% |
| Profit (loss) for the period to be appropriated9905 | €61k | €8k | €175k | €411k | €285k | ▼ 30.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €537k | €266k | €1.19M | €2.47M | €3.21M | ▲ 30.2% |
| Fixed assets21/28 | €12k | €6k | €0 | €3k | €18k | ▲ 504% |
| Intangible fixed assets21 | - | - | - | - | €5k | - |
| Tangible fixed assets22/27 | €12k | €6k | €0 | - | €10k | - |
| Furniture and vehicles24 | €12k | €6k | €0 | - | - | - |
| Other tangible fixed assets26 | - | - | - | - | €10k | - |
| Financial fixed assets28 | - | - | - | €3k | €3k | = |
| Current assets29/58 | €525k | €260k | €1.19M | €2.46M | €3.19M | ▲ 29.6% |
| Amounts receivable after more than one year29 | - | €248k | €127k | €161k | €0 | ▼ 100% |
| Other amounts receivable291 | - | €248k | €127k | €161k | €0 | ▼ 100% |
| Stocks and contracts in progress3 | €304k | €0 | €730k | €891k | €800k | ▼ 10.3% |
| Stocks30/36 | €304k | €0 | €730k | €891k | €800k | ▼ 10.3% |
| Amounts receivable within one year40/41 | €189k | €11k | €49k | €52k | €357k | ▲ 583% |
| Trade receivables40 | - | €3k | €39k | €44k | €227k | ▲ 420% |
| Other amounts receivable41 | €189k | €8k | €10k | €9k | €130k | ▲ 1,424% |
| Cash at bank and in hand54/58 | €31k | €788 | €287k | €38k | €329k | ▲ 769% |
| Deferred charges and accrued income490/1 | €418 | €0 | €928 | €1.32M | €1.71M | ▲ 29.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €537k | €266k | €1.19M | €2.47M | €3.21M | ▲ 30.2% |
| Equity10/15 | €176k | €184k | €359k | €769k | €625k | ▼ 18.8% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Reserves13 | €157k | €165k | €340k | €751k | €606k | ▼ 19.2% |
| Non-distributable reserves130/1 | €2k | €2k | €0 | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | €0 | - | - | - |
| Distributable reserves133 | €156k | €164k | €340k | €751k | €606k | ▼ 19.2% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | - |
| Amounts payable17/49 | €361k | €82k | €835k | €1.70M | €2.59M | ▲ 52.3% |
| Amounts payable after more than one year17 | €0 | €73k | €330k | €267k | €151k | ▼ 43.3% |
| Financial debts170/4 | €0 | €73k | €330k | €267k | €151k | ▼ 43.3% |
| Amounts payable within one year42/48 | €361k | €9k | €505k | €1.27M | €2.12M | ▲ 66.4% |
| Current portion of amounts payable after more than one year42 | €188k | €0 | - | - | - | - |
| Financial debts43 | €8k | €0 | €464k | €1.11M | €1.38M | ▲ 25.0% |
| Credit institutions430/8 | €8k | €0 | €464k | €1.11M | €1.38M | ▲ 25.0% |
| Other loans439 | €0 | - | - | - | - | - |
| Trade debts44 | €3k | €6k | €24k | €135k | €249k | ▲ 85.0% |
| Suppliers440/4 | €3k | €6k | €24k | €135k | €249k | ▲ 85.0% |
| Taxes, remuneration and social security45 | - | €3k | €17k | €29k | €24k | ▼ 17.2% |
| Taxes450/3 | - | €3k | €17k | €29k | €23k | ▼ 22.6% |
| Remuneration and social security454/9 | - | - | - | - | €2k | - |
| Other amounts payable47/48 | €162k | €0 | - | - | €458k | - |
| Accrued charges and deferred income492/3 | - | - | - | €161k | €320k | ▲ 99.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €61k | €8k | €175k | €411k | €285k | ▼ 30.7% |
| + Depreciation and write-downs630 | €6k | €6k | €6k | €0 | €1k | - |
| Operating cash flow (approximation) | €67k | €14k | €181k | €411k | €286k | ▼ 30.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €-3k | €-16k | ▼ 443% |
| Change in cash | - | €-30k | €286k | €-249k | €291k | ▲ 217% |
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
01-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
31-03
State Gazette act
Registered officeRegistered-office move · Power of attorney2 facts ▸
State Gazette act
Registered office
Registered-office move · Power of attorney2 facts ▸
- Registered-office move, Kasteelkaai 8 - 8500 Kortrijk
- Power of attorney, Xerius Contact VZW
2025
01-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Highest result since 2018net €411k ▲135%
Operating result €584k, net result €411k, both a record.
31-12
Financial
Equity above €500kEq €769k ▲115%
4 profitable years in a row build equity to €769k.
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Equity above €200kEq €359k ▲94.8%
3 profitable years in a row build equity to €359k.
17-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Liquidity times 20current ratio 28.55
Current ratio from 1.45 to 28.55; short-term debt falls from €361k to €9k.
25-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 25 days late
2021
31-12
Financial
Back to profitnet €61k
Net result €61k after one loss-making year.
31-12
Financial
Equity above €150kEq €176k ▲53.4%
Equity rises from €115k to €176k.
Show earlier events
09-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 9 days late
2020
31-12
Financial
Weakest financial yearnet €-20k
Net result drops to €-20k, the lowest in the series; recovery starts the following year.
24-11
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 116 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 30 days late
2018
26-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 9 acts read
About the unread acts
Of the 9 Belgian State Gazette acts we know for this company, 1 has been read. The other 8 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
9 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Kortrijk · 1 establishment unit since 2016
Ground area
243 m²
Building footprint
205 m²
Volume, LiDAR
2,389 m³
Parcel 34022G0187/00D003, Flanders · tallest building 24.3 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
Mastermind
since 20162.259.901.743
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34022G0187/00D003 | Flanders | 243 m² | 1 · 205 m² | 24.3 m · 4 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.
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Of 9,698 companies in sector 68121 we hold annual accounts for 7,385. 4,489 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
Founded02-11-2016
Fiscal year end31-12
Activities, NACEBEL 2025
68121Development of residential building projects
41001General construction of residential buildings
41002Construction of residential and non-residential buildings
68122Development of non-residential building projects
68110Buying and selling of own real estate
68201Renting and operating of own or leased residential real estate, excluding social housing
Scores and ratios are computed by Checked and are not a credit decision.