SECURITY MASTERS
ActiveSummary
SECURITY MASTERS has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €606,292 and a net result of €344,157. Equity remains stable across the filed fiscal years (±0.5% per year). Its solvency ranks better than 40% of 50 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability73▲+7
Solvency50▲+1
Growth61▲+1
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35,000 at 30 days acceptable
Liquidity tight (current ratio 1.35 against 1.31 in 2024; short-term debt: 68.5% and cash: 16.5% of total assets), and 74.6% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
25.4%
Return on assets
14.4%
Age of the figures
9 mo
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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 80
Relative position
BE, all sectors
reference
Investigation and security activities (NACE 80)
about 5% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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 07-07-2026, 24 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
24 d early
2024
44 d early
2023
20 d early
2023
19 d early
2021
89 d late
2020
9 d early
2019
9 d early
← 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 5 days before the deadline; the sector median for financial year 2024 is 2 days before the deadline, and 42% 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, full schema
In the rankings
#2 employer in the province of Antwerp, Security and investigation sector#9 company by total assets in the province of Antwerp, Security and investigation sector
Turnover
€8.1m▲ 4.0%
2024 · €7.8m
EBIT margin
4.5%▲ 1.2pp
2024 · 3.2%
Net result
€344,157▲ 73.1%
2024 · €198,789
Working capital
€567,524▲ 10.1%
2024 · €515,230
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
Line20212023202320242025
Turnover€15.6m▲ 60.7%€40.1m-€6.1m-€7.8m▲ 28.1%€8.1m▲ 4.0%
Operating result-€3.6m-€90,479-€209,876-€251,038▲ 19.6%€360,697▲ 43.7%
Net result-€3.6m-€209,217-€162,926-€198,789▲ 22.0%€344,157▲ 73.1%
EBIT margin-23.0%▼ 30.3pp-0.2%-3.5%-3.2%▼ 0.2pp4.5%▲ 1.2pp
Equity-€2.6m€411,577-€574,503-€606,292▲ 5.5%€606,292=
Total assets€7.3m▲ 154%€6.5m-€5.3m-€2.5m▼ 53.0%€2.4m▼ 4.2%
Debt€6.4m▲ 249%€6.0m-€4.6m-€1.8m▼ 60.5%€1.8m▼ 4.1%
Working capital€708,917▼ 27.0%€533,978-€582,896-€515,230▼ 11.6%€567,524▲ 10.1%
Staff (FTE)289▲ 83.1%586.3-196.2-116.8▼ 40.5%111.2▼ 4.8%
Result per fiscal year
Operating resultNet result
Multiple fiscal year ends fall in the same calendar year; an annual trend is not displayed.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.4m
Fixed assets
€182,401 ▼ 37.6%
Current assets
€2.2m ▲ 0.2%
Equity and liabilities €2.4m
Equity
€606,292 =
Provisions
€17,250 ▼ 63.5%
Debt
€1.8m ▼ 4.1%
Debt's share of the balance-sheet total rises from 73.7% to 73.8%. Debt is lower.
Key figures and ratios
EBITDA
€486,552▲
2024 · €388,966
Cash flow
€470,012▲
2024 · €336,717
Current ratio
1.35▲
2024 · 1.31
Debt to equity
2.90▼
2024 · 3.03
ROE
56.8%▲
2024 · 32.8%
ROA
14.4%▲
2024 · 8.0%
Interest coverage
37.36▲
2024 · 8.29
Debt ≤ 1 year
€1.6m▼
2024 · €1.7m
Debt > 1 year
€120,724▼
2024 · €146,730
Income taxes
€1,500▼
2024 · €1,530
Staff costs
€6.9m▼
2024 · €7.0m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | €16.9m | €43.8m | €6.6m | €8.6m | €8.7m | ▲ 2.0% |
| Turnover70 | €15.6m | €40.1m | €6.1m | €7.8m | €8.1m | ▲ 4.0% |
| Other operating income74 | €1.3m | €3.6m | €573,681 | €794,665 | €652,796 | ▼ 17.9% |
| Operating charges60/66A | €20.5m | €43.9m | €6.4m | €8.3m | €8.4m | ▲ 0.7% |
| Goods for resale, raw materials and consumables60 | €97,348 | €162,077 | €16,123 | €14,909 | €8,237 | ▼ 44.7% |
| Purchases600/8 | €97,348 | €162,077 | €16,123 | €14,909 | €8,237 | ▼ 44.7% |
| Services and other goods61 | €2.4m | €4.7m | €623,857 | €1.2m | €1.4m | ▲ 15.3% |
| Remuneration, social security and pensions62 | €14.4m | €42.0m | €5.7m | €7.0m | €6.9m | ▼ 1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €92,401 | €238,455 | €85,424 | €137,928 | €125,855 | ▼ 8.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €4,179 | - | - | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | €3.5m | -€3.4m | - | -€26,750 | -€30,000 | ▼ 12.1% |
| Other operating charges640/8 | €18,428 | €102,940 | €26,022 | €42,083 | €29,891 | ▼ 29.0% |
| Operating profit (loss)9901 | -€3.6m | -€90,479 | €209,876 | €251,038 | €360,697 | ▲ 43.7% |
| Financial income75/76B | €889 | €228 | €1,681 | €2,377 | €96 | ▼ 96.0% |
| Recurring financial income75 | €889 | €228 | €1,681 | €2,377 | €96 | ▼ 96.0% |
| Income from current assets751 | - | - | €1,536 | €2,188 | - | - |
| Other financial income752/9 | €889 | €228 | €145 | €189 | €96 | ▼ 49.2% |
| Financial charges65/66B | €16,572 | €119,532 | €46,631 | €53,096 | €15,136 | ▼ 71.5% |
| Recurring financial charges65 | €16,572 | €119,532 | €46,631 | €53,096 | €15,136 | ▼ 71.5% |
| Debt charges650 | €14,745 | €109,145 | €45,219 | €46,894 | €13,023 | ▼ 72.2% |
| Other financial charges652/9 | €1,827 | €10,387 | €1,411 | €6,201 | €2,113 | ▼ 65.9% |
| Profit (loss) for the period before taxes9903 | -€3.6m | -€209,784 | €164,926 | €200,319 | €345,657 | ▲ 72.6% |
| Income taxes67/77 | €5,212 | -€567 | €2,000 | €1,530 | €1,500 | ▼ 2.0% |
| Taxes670/3 | €5,212 | €7,420 | €2,000 | €3,119 | €1,500 | ▼ 51.9% |
| Tax adjustments and reversals of tax provisions77 | - | €7,987 | - | €1,589 | - | - |
| Profit (loss) for the period9904 | -€3.6m | -€209,217 | €162,926 | €198,789 | €344,157 | ▲ 73.1% |
| Profit (loss) for the period to be appropriated9905 | -€3.6m | -€209,217 | €162,926 | €198,789 | €344,157 | ▲ 73.1% |
| Line | 2021 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €7.3m | €6.5m | €5.3m | €2.5m | €2.4m | ▼ 4.2% |
| Fixed assets21/28 | €448,048 | €485,311 | €406,522 | €292,298 | €182,401 | ▼ 37.6% |
| Intangible fixed assets21 | €42,017 | €10,762 | €5,645 | €0 | €0 | - |
| Tangible fixed assets22/27 | €405,646 | €474,164 | €400,797 | €292,218 | €182,321 | ▼ 37.6% |
| Land and buildings22 | €155,826 | €130,123 | €129,355 | €114,117 | €98,878 | ▼ 13.4% |
| Plant, machinery and equipment23 | €14,359 | €5,643 | €2,689 | €3,601 | €5,361 | ▲ 48.9% |
| Furniture and vehicles24 | €46,401 | €5,937 | €92 | €40,423 | €54,529 | ▲ 34.9% |
| Leasing and similar rights25 | €189,060 | €332,462 | €268,662 | €134,077 | €23,552 | ▼ 82.4% |
| Financial fixed assets28 | €385 | €385 | €80 | €80 | €80 | = |
| Other financial fixed assets284/8 | €385 | €385 | €80 | €80 | €80 | = |
| Amounts receivable and cash guarantees285/8 | €385 | €385 | €80 | €80 | €80 | = |
| Current assets29/58 | €6.8m | €6.0m | €4.9m | €2.2m | €2.2m | ▲ 0.2% |
| Amounts receivable within one year40/41 | €6.1m | €5.8m | €4.8m | €1.6m | €1.8m | ▲ 10.8% |
| Trade receivables40 | €5.9m | €4.6m | €2.3m | €1.3m | €1.7m | ▲ 38.0% |
| Other amounts receivable41 | €176,964 | €1.2m | €2.5m | €372,344 | €71,444 | ▼ 80.8% |
| Cash at bank and in hand54/58 | €256,992 | €134,467 | €86,404 | €553,708 | €393,949 | ▼ 28.9% |
| Deferred charges and accrued income490/1 | €433,401 | €34,915 | €24,134 | €17,584 | €6,957 | ▼ 60.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €7.3m | €6.5m | €5.3m | €2.5m | €2.4m | ▼ 4.2% |
| Equity10/15 | -€2.6m | €411,577 | €574,503 | €606,292 | €606,292 | = |
| Contributions10/11 | €12,400 | €3.2m | €3.2m | €3.2m | €3.2m | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | €1,860 | - | €0 | - | - | - |
| Reserves not available under the articles1311 | €1,860 | - | €0 | - | - | - |
| Distributable reserves133 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€2.6m | -€2.8m | -€2.6m | -€2.6m | -€2.6m | = |
| Provisions and deferred taxes16 | €3.5m | €74,000 | €74,000 | €47,250 | €17,250 | ▼ 63.5% |
| Provisions for liabilities and charges160/5 | €3.5m | €74,000 | €74,000 | €47,250 | €17,250 | ▼ 63.5% |
| Environmental obligations163 | - | - | - | - | €0 | - |
| Other liabilities and charges164/5 | €3.5m | €74,000 | €74,000 | €47,250 | €17,250 | ▼ 63.5% |
| Amounts payable17/49 | €6.4m | €6.0m | €4.6m | €1.8m | €1.8m | ▼ 4.1% |
| Amounts payable after more than one year17 | €281,276 | €262,974 | €202,202 | €146,730 | €120,724 | ▼ 17.7% |
| Financial debts170/4 | €281,276 | €262,974 | €202,202 | €146,730 | €120,724 | ▼ 17.7% |
| Leasing and similar obligations172 | €93,655 | €99,851 | €47,225 | €7,855 | €0 | ▼ 100.0% |
| Credit institutions173 | €187,622 | €163,123 | €154,977 | €138,876 | €120,724 | ▼ 13.1% |
| Other loans174 | - | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €6.1m | €5.4m | €4.3m | €1.7m | €1.6m | ▼ 2.8% |
| Current portion of amounts payable after more than one year42 | €91,550 | €168,474 | €139,529 | €66,557 | €25,325 | ▼ 61.9% |
| Financial debts43 | - | €1.4m | €574,130 | €419,304 | €0 | ▼ 100% |
| Credit institutions430/8 | - | €1.4m | €574,130 | €419,304 | - | - |
| Other loans439 | - | - | - | - | €0 | - |
| Trade debts44 | €1.5m | €1.3m | €720,995 | €210,296 | €350,488 | ▲ 66.7% |
| Suppliers440/4 | €1.5m | €1.3m | €720,995 | €210,296 | €350,488 | ▲ 66.7% |
| Taxes, remuneration and social security45 | €2.7m | €2.5m | €2.6m | €757,016 | €885,568 | ▲ 17.0% |
| Taxes450/3 | €639,884 | €408,630 | €741,267 | €124,211 | €140,424 | ▲ 13.1% |
| Remuneration and social security454/9 | €2.0m | €2.1m | €1.8m | €632,805 | €745,144 | ▲ 17.8% |
| Other amounts payable47/48 | €1.8m | €0 | €300,000 | €227,915 | €371,989 | ▲ 63.2% |
| Accrued charges and deferred income492/3 | €11,095 | €270,738 | €138,713 | €7,255 | €5,659 | ▼ 22.0% |
| Line | 2021 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3.6m | -€209,217 | €162,926 | €198,789 | €344,157 | ▲ 73.1% |
| + Depreciation and write-downs630 | €92,401 | €238,455 | €85,424 | €137,928 | €125,855 | ▼ 8.8% |
| Operating cash flow (approximation) | -€3.5m | €29,238 | €248,351 | €336,717 | €470,012 | ▲ 39.6% |
| Investment in fixed assets (approximation) | - | - | - | -€23,703 | -€15,958 | ▲ 32.7% |
| Change in cash | - | - | - | €467,304 | -€159,759 | ▼ 134% |
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
15-09
State Gazette act
Registered officeRegistered-office move2 facts ▸
State Gazette act
Registered office
Registered-office move2 facts ▸
- General meeting, 13-08-2026
- Registered-office move, Oostkaai 9-12A, 2170 Antwerpen
07-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
17-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
11-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
12-01
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Back to profitnet €162,926
Net result €162,926 after 2 loss-making years.
31-12
Financial
Equity above €500,000Eq €574,503 ▲39.6%
Equity rises from €411,577 to €574,503.
30-06
Financial
Equity above €200,000Eq €411,577
Equity rises from -€2.6m to €411,577.
2022
28-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 89 days late
2021
31-12
Financial
Weakest financial yearnet -€3.6m
Net result drops to -€3.6m, the lowest in the series; recovery starts the following year.
22-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Back to profitnet €493,047
Net result €493,047 after one loss-making year.
Show earlier events
31-12
Financial
Equity above €1mEq €1.0m ▲92.9%
Equity rises from €530,739 to €1.0m.
22-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 27 days late
2018
27-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 27 days late
2017
27-07
NBB filing
Annual accounts filed
fiscal year 2016 · full 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, Antwerpen · 2 establishment units since 2007
Ground area
1.5 ha
Building footprint
9,624 m²
Volume, LiDAR
89,253 m³
2 parcels, Flanders, Wallonia · tallest building 14.5 m, ±3 floors. Linked by address, not a title deed.
2 establishment units
Flanders Port Security/Flanders Port Safety
since 20072.166.019.007
SECURITY MASTERS
since 20212.319.187.648
2 parcels
Flanders
1
(50%)
Wallonia
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 52034B1039/00Z004 | Wallonia | 9,994 m² | 1 · 3,265 m² | 11.1 m · 3 fl. |
| 11422C0293/00G006 | Flanders | 5,439 m² | 1 · 6,359 m² | 14.5 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels 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 · 1 entry · 511 EUR awarded · 511 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 511 EUR | 511 EUR |
Schemes
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Of 700 companies in sector 80010 we hold annual accounts for 349. 202 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
Founded16-10-2007
Fiscal year end31-12
Activities, NACEBEL 2025
80010Investigation and private security services
Scores and ratios are computed by Checked and are not a credit decision.