Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
The 2025 accounts came latest: 28 days after the end of the period.
Lower solvency than 93% of companies in specialised construction. Sector median 46.7% · 35,156 companies.
The dashed line is the sector median: 0.7% across 47,696 companies (NACE 43, micro).
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
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 43, micro). It does better than 6% of them on solvency, 43% on liquidity, 4% on profitability and 3% on growth.
The bankruptcy probability was computed on 10-11-2026 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 moderate class on 30-06-2025, 2.4% 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).
In July 2024, 6,008 companies had the same profile as Masterpools has now. Each dot stands for 16 companies, two years later.
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Masterpools itself: 2.3% within 12 months.
The method was tested on the 497,448 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 6,008 companies, not a prediction for Masterpools. 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.
The balance sheet total is too small for a liquidity verdict. Equity is negative.
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.
The company filed its last 5 accounts on average 9 days after the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| Masterpools Torhout | €3,200 | -€5,230 | -16.7% | - |
| CCT2020 Genk | €4,501 | -€39,723 | 48.8% | - |
| Creations M.B Pepingen | €4,923 | -€2,687 | -256.0% | - |
| ECO COMPANY Zaventem | €4,615 | -€1,570 | -66.6% | - |
| DHB Trading Overijse | €4,283 | -€1,089 | 57.5% | - |
| Uni Kons Ghent | €5,442 | -€28,626 | 80.1% | - |
| BE COSY Beersel | €2,909 | -€3,153 | 11.2% | - |
These companies have the same main activity as Masterpools: other specialised construction activities (NACE 43990). They are comparable in size and age: total assets between €2,910 and €5,440, founded between 2017 and 2022.
Masterpools files the micro format. That format states no turnover. The gross margin fell from -€911 in 2021 to -€5,230 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them.
Higher than 37% of 35,957 companies in 2024.
Higher than 42% of 35,355 companies in 2024.
Higher than 29% of 35,539 companies in 2024.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||
20/58 |
3,200 | 14,634 | 61,665 | 62,223 | 11,553 | |
29/58 |
3,200 | 14,634 | 61,665 | 62,223 | 11,553 | |
3 |
0 | 499 | 846 | 5,341 | - | |
30/36 |
0 | 499 | 846 | 5,341 | - | |
40/41 |
924 | 864 | 6,292 | 10,448 | 10,904 | |
40 |
657 | 657 | 5,960 | 9,680 | - | |
41 |
267 | 207 | 332 | 768 | 10,904 | |
54/58 |
1,447 | 13,271 | 54,527 | 45,654 | 648 | |
490/1 |
829 | - | 0 | 780 | - | |
| Balance sheet: equity and liabilities | ||||||
10/49 |
3,200 | 14,634 | 61,665 | 62,223 | 11,553 | |
10/15 |
-536 | 5,147 | 5,005 | 6,093 | 1,677 | |
10/11 |
3,000 | 3,000 | 3,000 | 3,000 | 3,000 | |
14 |
-3,536 | 2,147 | 2,005 | 3,093 | -1,323 | |
17/49 |
3,736 | 9,487 | 56,661 | 56,130 | 9,875 | |
42/48 |
3,736 | 9,487 | 56,661 | 17,965 | 9,875 | |
44 |
2,636 | 7,666 | 50,755 | 11,859 | 9,233 | |
440/4 |
2,636 | 7,666 | 50,755 | 11,859 | 9,233 | |
45 |
119 | 1,204 | 5,673 | 6,106 | - | |
450/3 |
119 | 1,204 | 5,673 | 6,106 | - | |
47/48 |
981 | 617 | 232 | 0 | 643 | |
492/3 |
- | - | 0 | 38,164 | - | |
| Income statement | ||||||
9900 |
-5,230 | 1,669 | 56 | 5,770 | -911 | |
640/8 |
362 | 1,467 | 1,088 | 271 | 212 | |
9901 |
-5,592 | 202 | -1,032 | 5,499 | -1,123 | |
75/76B |
0 | 1 | 54 | 31 | 4 | |
75 |
0 | 1 | 54 | 31 | 4 | |
65/66B |
91 | 61 | 110 | 67 | 204 | |
65 |
91 | 61 | 110 | 67 | 204 | |
9903 |
-5,683 | 142 | -1,088 | 5,463 | -1,323 | |
67/77 |
- | - | 0 | 1,047 | - | |
9904 |
-5,683 | 142 | -1,088 | 4,416 | -1,323 | |
9905 |
-5,683 | 142 | -1,088 | 4,416 | -1,323 | |
| Appropriation of the result | ||||||
9906 |
-3,536 | 2,147 | 2,005 | 3,093 | -1,323 | |
14P |
2,147 | 2,005 | 3,093 | -1,323 | - | |
| Document | ||||||
The notes to these accounts have 1 item. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 28-08-2026.
2025 annual accounts filed 28 days after the deadline. Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00439900.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-08-2026 | 2026-00439900 | |
| 31-12-2024 | micro format | 25-08-2025 | 2025-00397417 | |
| 31-12-2023 | micro format | 20-07-2024 | 2024-00266347 | |
| 31-12-2022 | micro format | 12-07-2023 | 2023-00227692 | |
| 31-12-2021 | micro format | 24-08-2022 | 2022-20310265 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| -11,824 | -41,256 | 8,874 | 45,006 | - | ||
| -536 | 5,147 | 5,005 | 44,257 | 1,677 | ||
| - | 35.2% | 8.1% | 9.8% | 14.5% | ||
| - | 1.54 | 1.09 | 3.46 | 1.17 | ||
| - | 1.49 | 1.07 | 3.17 | 1.17 | ||
| - | 1.84 | 11.32 | 9.21 | 5.89 | ||
| - | 2.8% | -21.7% | 72.5% | -78.8% | ||
| - | 1.0% | -1.8% | 7.1% | -11.4% |
The ratios are withheld because a balance sheet total of €3,200 is too small for a meaningful ratio.
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.
The operating result for 2025 is a loss of €5,592, after a profit of €202 in 2024. It is the lowest result since 2021.
Equity is negative. Debt (€3,736) exceeds the balance-sheet total (€3,200).
Masterpools has no parent and no holdings in its annual accounts. JESPERS Christof Anna Kamiel is the only director.
| JeS Projects
registered office since 28-12-2021 · founded in 2021 |
total assets €622,028 (2025) 0779.464.482 |
| Vanderstraeten Johan via VANDERSTRAETEN Johan Jozef Helga, at Masterpools until 2025 · Director (not named in the articles) · deed of 04-09-2019 founded in 2019 |
total assets €43,333 (2025) |
The network starts from the earlier ties.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
Masterpools was incorporated on 1 October 2020 as a private limited company by two natural persons, with a starting capital of €3,000.12 The registered office was moved to Torhout in 2025.3 JESPERS Christof Anna Kamiel is director of the company, appointed by deed of 05-10-2020.2 Total assets fell from €11,553 in 2021 to €3,200 in 2025.4
| Establishment | Since | Unit number |
|---|---|---|
| Kortestraat 34 2930 Brasschaat | 01-10-2020 | 2.307.744.915 |
| Windmolenstraat 23 registered office 8820 Torhout | 01-10-2020 | 2.307.745.014 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 31523H0942/00L000 | 1,404 m² | 1 · 188 m² | 6.2 m · 2 |
| 11323F0211/00T005 | 1,074 m² | 1 · 131 m² | 17.0 m · 3 |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0755.559.229
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