Equity
€104,998 ▲ 95.9%
Equity rose in 2025 from €53,594 to €104,998.
Masterworkx
Overview
Lifetime
3 annual accounts with figures on one time axispeak €68,916 (2025)
€68,916▲ 35.7%
peak €51,404 (2025)
€51,404▲ 33.4%
peak €104,998 (2025)
€104,998▲ 95.9%
€93,953▲ 151%
Board1 name since 2023
1 directorDE VALCK Aster Anita
Documentsfilings and deeds
15-05-202677 days before the deadline
2025micro format
Gross margin from €50,785 to €68,916Result from €38,519 to €51,404Equity from €53,594 to €104,998Debts from €37,429 to €93,953Cash from €18,354 to €98,331
Key points
from the 2025 annual accountsTurnover
≈ €210,000 estimated
The micro format states no turnover.
Debts
€93,953 ▲ 151%
Debts rose by €56,524 in 2025.
Investments
€1,006 5.8 × depreciation
Green is investment, beige is depreciation.
Filings
3 annual accounts 1 late
The 2023 accounts came 152 days late. The other two were filed on time.
Position in the sector
€51,404
Higher net result than 87% of companies in creative and performing arts. Sector median €6,291 · 2,483 companies.
Checked score
97
Excellent
Financially stronger than 77% of micro companies in creative and performing arts (NACE 90)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 3,433 companies (NACE 90, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.9%highest value
01-2025: 0.4%▼ -0.5 percentage points vs 12-2024
02-2025: 0.4%● unchanged vs 01-2025
03-2025: 0.5%▲ +0.1 percentage points vs 02-2025
04-2025: 0.5%● unchanged vs 03-2025
05-2025: 0.5%● unchanged vs 04-2025
06-2025: 0.5%● unchanged vs 05-2025
07-2025: 0.2%▼ -0.3 percentage points vs 06-2025
08-2025: 0.2%● unchanged vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.2%● unchanged vs 01-2026
03-2026: 0.2%● unchanged vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.1%▼ -0.1 percentage points vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: < 0.1%▼ -0.1 percentage points vs 07-2026lowest value
09-2026: < 0.1%● unchanged vs 08-2026lowest value
10-2026: < 0.1%● unchanged vs 09-2026lowest value
11-2026: < 0.1%● unchanged vs 10-2026lowest value
Financial strengthStrong
Score breakdown
lowers risk
Sector: Arts creation and performing arts activities (NACE 90)
Liquidity: current ratio 2.55, cash €98,331
Size: total assets €198,952
Equity €104,998 (52.8% of total assets)
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 90, micro). It does better than 55% of them on solvency, 70% on liquidity, 91% on profitability and 91% on growth.
The bankruptcy probability was computed on 09-11-2026 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 very low class on 30-06-2025, 0.1% 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, 39,278 companies had the same profile as Masterworkx has now. Each dot stands for 99 companies, two years later.
95.8%
were still trading
2.3%
stopped another way
1.8%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Masterworkx itself is lower: < 0.1% within 12 months. It rests on far more data about Masterworkx than the profile alone.
Test of the method
The method was tested on the 497,447 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 39,278 companies, not a prediction for Masterworkx. 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 €10,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 2.55 (2.43 in 2024), above the usual 1.5. Short-term debt is 39.1% and cash 49.4% of total assets. 47.2% 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
5 signals, none raises the risk
Five signals.
lowers riskneutral
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 15-05-2026, 77 days ahead of the deadline.
NBB · 3 filingsDeviation from the deadline
2025
77 days early
2024
36 days early
2023
152 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 3 accounts on average 13 days after the deadline. In the sector (NACE 90), the median for financial year 2024 was 3 days before the deadline, and 38% 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 25 June (3 of the last 3 accounts filed within 189 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered office moved within Ghent
New registered office: Jan-Baptist Boterdaelestraat 3 bus 0001, 9000 Gent · Previous registered office: Drabstraat 34, 9000 Gent · General meeting of 29-01-2024 · Gazette deed
Incorporation
Founding capital of €1,000, 100 shares · Founder: DE VALCK Aster Anita · Appointment: DE VALCK Aster Anita (director) · published on 25-09-2023 · Gazette deed
First establishment
Jan-Baptist Boterdaelestraat 3, Ghent
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Masterworkx Ghent | €198,952 | €68,916 | 52.8% | - |
| Agent Provo Antwerp | €142,436 | €86,679 | 69.5% | - |
| JVC Ghent | €68,669 | €51,256 | 71.3% | - |
| Wille supports Lievegem | €72,976 | €46,164 | 81.5% | - |
| Libasse Ka Paintings Etterbeek | €299,505 | €175,649 | 65.2% | - |
| Rute98 Antwerp | €163,953 | €52,704 | 71.7% | - |
| @JC10 Kontich | €79,176 | €62,114 | 52.1% | - |
These companies have the same main activity as Masterworkx: visual arts creation (NACE 90120). They are comparable in size and age: total assets between €68,700 and €300,000, founded between 2021 and 2024.
Official details
Source: KBO- Status
- Active since 21-09-2023Normal situation
- Activity
- Visual arts creationNACE 90120and 2 others
- Establishment unit
- 2.352.390.1549000 Ghent, since 21-09-2023
- Financial year end
- 31 December
- Peppol
- Reachable
Annual accounts 2025
- €68,916▲ 35.7%
- €51,404▲ 33.4%
- €104,998▲ 95.9%
- €198,952▲ 119%
- Filing
- Filed on 15-05-2026, 77 days before the end of the filing period
Insights on Masterworkx
Masterworkx files the micro format. That format states no turnover. The gross margin rose from €17,898 in 2023 to €68,916 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
Annual accounts 2025
micro format, filed on 15-05-2026, 77 days before the deadline€68,916
▲ 35.7%
€66,978
▲ 35.9%
€51,404
▲ 33.4%
€120,402
▲ 125%
52.8%
▼ 6.1 percentage points
2.55
▲ 0.12
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 ≈ €210,000. Estimated: probably between €140,000 and €360,000.
Balance sheet
balance sheet total €198,952 on 31-12-2025What the company ownsHow it is paid for
in euro
in euro
Position in the sector
52.8%
Higher than 53% of 2,487 companies in 2025.
2.55
Higher than 59% of 2,350 companies in 2025.
25.8%
Higher than 81% of 2,395 companies in 2025.
Masterworkx
Middle half of the sector
80% of the sector
Micro accounts in creative and performing arts (NACE 90)
Net result: top quarter · Equity: middle half · Balance sheet total: middle half · Working capital: top quarter
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet: assets | ||||
20/58 |
198,952 | 91,024 | 24,548 | |
21/28 |
832 | - | - | |
22/27 |
832 | - | - | |
23 |
832 | - | - | |
29/58 |
198,120 | 91,024 | 24,548 | |
40/41 |
78,697 | 48,469 | 16,639 | |
40 |
65,608 | 41,625 | 8,190 | |
41 |
13,089 | 6,843 | 8,450 | |
50/53 |
0 | 22,402 | - | |
54/58 |
98,331 | 18,354 | 7,568 | |
490/1 |
21,092 | 1,800 | 340 | |
| Balance sheet: equity and liabilities | ||||
10/49 |
198,952 | 91,024 | 24,548 | |
10/15 |
104,998 | 53,594 | 15,075 | |
10/11 |
1,000 | 1,000 | 1,000 | |
14 |
103,998 | 52,594 | 14,075 | |
17/49 |
93,953 | 37,429 | 9,472 | |
17 |
16,236 | - | - | |
170/4 |
16,236 | - | - | |
42/48 |
77,718 | 37,429 | 8,521 | |
42 |
3,764 | - | - | |
44 |
49,416 | 0 | 4,411 | |
440/4 |
49,416 | 0 | 4,411 | |
46 |
0 | 19,387 | - | |
45 |
24,537 | 18,042 | 4,110 | |
450/3 |
24,537 | 18,042 | 4,110 | |
492/3 |
- | 0 | 951 | |
| Income statement | ||||
9900 |
68,916 | 50,785 | 17,898 | |
630 |
173 | - | - | |
640/8 |
1,764 | 1,483 | - | |
9901 |
66,978 | 49,302 | 17,898 | |
75/76B |
578 | 108 | 19 | |
75 |
578 | 108 | 19 | |
65/66B |
2,053 | 797 | 86 | |
65 |
2,053 | 797 | 86 | |
9903 |
65,503 | 48,614 | 17,831 | |
67/77 |
14,099 | 10,094 | 3,756 | |
9904 |
51,404 | 38,519 | 14,075 | |
9905 |
51,404 | 38,519 | 14,075 | |
| Appropriation of the result | ||||
9906 |
103,998 | 52,594 | 14,075 | |
14P |
52,594 | 14,075 | - | |
| Document | ||||
The notes to these accounts have 6 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 15-05-2026.
Filings
each dot is a set of accounts, on the day it reached the National BankKey figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| 67,152 | - | - | ||
| 51,577 | - | - | ||
| 1,006 | - | - | ||
| 79,978 | 10,785 | - | ||
| 120,402 | 53,594 | 16,026 | ||
| 52.8% | 58.9% | 61.4% | ||
| 2.55 | 2.43 | 2.88 | ||
| 0.89 | 0.70 | 0.63 | ||
| 49.0% | 71.9% | 93.4% | ||
| 25.8% | 42.3% | 57.3% | ||
| 32.70 | - | - |
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.
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 |
|---|---|---|---|
| Tangible fixed assets | €1,006 | - | - |
| €173 | - | - |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Insights on Masterworkx
The operating result for 2025 is 36% higher than in 2024 and the highest since 2023. It is the second rise in a row.
Debt's share of the balance-sheet total rises from 41.1% to 47.2%. Equity and debt are higher.
Board & ownership
Board
1 director, since incorporationDirector
appointed by deed of 25-09-2023
term without a fixed end
listed in the 2025 annual accounts, filed on 15-05-2026
- Signing authorityThe articles say who may bind the company, for example by signing a contract.
- Each director alonedeed of 25-09-2023
Mandates through the years
1 name, the dashed line is todayDE VALCK Aster Anita
Director
Director
Board
Mandates as a list
- DE VALCK Aster Anita
- Director, from 21-09-2023 to date
Control
Capital
- Contribution
- €1,000
- Shares
- 100
- Contribution per share
- €10
- Equity per share
- €1,050 in 2025
- Source
- deed of 25-09-2023
Articles of association
deed of 25-09-2023 (in Dutch)- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimited
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- At least 1 director1 director
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Third Thursday of June at 18:00
Shareholders
At incorporation
deed of 25-09-2023 ↗
- DE VALCK Aster Anita 100 shares (100%) · €1,000 in cash
Network & group
No group
Masterworkx has no parent and no holdings in its annual accounts. DE VALCK Aster Anita is the only director. Masterworkx shares no director with another company.
Timeline
Timeline
8 events since 2023Filings
Financial
Establishments
Address
2023202420252026
Deadline for the 2026 accounts: 31-07-2027
2026
Annual accounts 2025 filed PDFmicro format · 77 days before the deadline
2025
Highest result from 2023 to 2025 net €51,404 ▲33.4% The operating result of €66,978 and the net result of €51,404 are both a record.
Equity above €100,000 equity €104,998 ▲95.9% With a profit in every financial year since 2023, equity grows to €104,998.
Annual accounts 2024 filed PDFmicro format · 36 days before the deadline
2024
Annual accounts 2023 filed PDFmicro format · 152 days late
Registered office moved within GhentNew registered office: Jan-Baptist Boterdaelestraat 3 bus 0001, 9000 Gent · Previous registered office: Drabstraat 34, 9000 Gent · General meeting of 29-01-20242 points ▸
- General meeting, 29-01-2024
- Registered-office move, Jan-Baptist Boterdaelestraat 3 bus 0001, 9000 Gent
2023
IncorporationFounding capital of €1,000, 100 shares · Founder: DE VALCK Aster Anita · Appointment: DE VALCK Aster Anita (director) · published on 25-09-20234 points ▸
- Founder, DE VALCK Aster Anita
- Founding capital, €1,000, 100 shares
- DE VALCK Aster Anita holds 100 shares
- Director appointment, DE VALCK Aster Anita
- The deed holds 2 more points.
First establishment Jan-Baptist Boterdaelestraat 3, Ghent
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
On 21 September 2023, Masterworkx was incorporated as a private limited company by one natural person, with a starting capital of €1,000.12 In 2024 the registered office moved to Ghent.3 DE VALCK Aster Anita is director of the company, appointed by deed of 25-09-2023.2 Total assets went from €24,548 in 2023 to €198,952 in 2025.4
Company details
Identity
- Enterprise number
- 1000.124.240
- VAT number
- BE 1000.124.240
- Peppol ID
- 0208:1000124240
- Other Peppol ID
- 9925:BE1000124240
- Legal form
- Private limited company
- Status
- Active, normal situation
- Founded
- 21-09-2023
- Financial year
- ends on 31 December
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Third Thursday of June at 18:00deed of 25-09-2023 (in Dutch)
- Peppol
- Reachable via PeppolFollow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- Masterworkx in Dutch
- Entity type
- Legal entity
- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimiteddeed of 25-09-2023 (in Dutch)
- Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
- “Drabstraat 34F, 9000 Gent”deed of 25-09-2023 (in Dutch)
Activities
NACEBEL 202590120
Visual arts creation main activity
Codes under NACEBEL 2008
90032
Arts creation and performing arts activities main activity
47591
Retail trade
74101
Other professional, scientific and technical activities
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “Project management voor industrie,event en kunst sector; Design,consultancy en engineering voor industrie,event en kunst sector…”deed of 25-09-2023 (in Dutch)
9 activities
- Project management voor industrie,event en kunst sector
- Design,consultancy en engineering voor industrie,event en kunst sector
- Productieatelier voor het maken en restaureren van interieurobjecten en kunstvoorwerpen.
- Het verwerven van participaties in eender welke vorm in alle bestaande of op te richten rechtspersonen en vennootschappen,het stimuleren,de planning,de coördinatie,de ontwikkeling van en de investering in rechtspersonen en ondernemingen waarin zij al of niet een participatie aanhoudt;
- Het toestaan van leningen en kredietopeningen aan rechtspersonen en ondernemingen of particulieren,onder om het even welke vorm;in dit kader kan zij zich ook borg stellen of haar aval verlenen,in de meest ruime zin,alle handels- en financiële operaties verrichten behalve die wettelijk voorbehouden zijn aan depositobanken,houders van deposito's op korte termijn,spaarkassen,hypotheekmaatschappijen en kapitalisatieondernemingen;
- Het verlenen van adviezen van financiële,technische,commerciële of administratieve aard;in de ruimste zin,met uitzondering van adviezen inzake beleggingen en geldplaatsingen;bijstand en diensten verlenen,rechtstreeks of onrechtstreeks op het vlak van administratie en financiën,verkoop,productie en algemeen bestuur;
- Het waarnemen van alle bestuursopdrachten,het uitoefenen van opdrachten en functies,met inbegrip van mandaten van vereffenaar.
- Het aanleggen,het oordeelkundig uitbouwen en beheren van een onroerend vermogen;alle verrichtingen met betrekking tot onroerende goederen en onroerende zakelijke rechten zoals de huurfinanciering van onroerende goederen aan derden,het aankopen,verkopen,ruilen,bouwen,verbouwen,onderhouden,verhuren,huren,verkavelen,prospecteren en uitbaten van onroerende goederen;de aan- en verkoop,huur en verhuur van roerende goederen,alsmede alle handelingen die rechtstreeks of onrechtstreeks met dit voorwerp in verband staan en die van aard zijn de opbrengst van de roerende en onroerende goederen te bevorderen,alsmede zich borg te stellen voor het goede verloop van verbintenissen door derde personen aangegaan die het genot zouden hebben van deze roerende en onroerende goederen;
- Het aanleggen,het oordeelkundig uitbouwen en beheren van een roerend patrimonium,alle verrichtingen met betrekking tot roerende goederen en rechten,van welke aard ook,zoals het verwerven door inschrijving of aankoop en het beheren van aandelen,obligaties,kasbons of andere roerende waarden,van welke vorm ook,van Belgische of buitenlandse,bestaande of nog op te richten rechtspersonen en ondernemingen.
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| Jan-Baptist Boterdaelestraat 3 registered office 9000 Ghent | 21-09-2023 | 2.352.390.154 |
Buildings and parcels at the address
- Ground area
- 375 m²
- Buildings
- 21 m²
- Volume, LiDAR
- 209 m³
- Tallest building
- 11.3 m
Buildings to scale, each on its own parcel
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 44806F0622/00C024 | 375 m² | 1 · 21 m² | 11.3 m · 3 |