TWO MASTERS LTD
ActiveSummary
For the legal form of TWO MASTERS LTD, Checked does not compute a bankruptcy probability. The 2025 annual accounts show negative equity (-€318,355) and a net result of -€17,738. Equity is shrinking by ~7.1% per year across the filed fiscal years. The company has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability17▲+5
Solvency0=
Growth32=
Track record100
Credit verdict
No credit on open account
Liquidity short (current ratio 0.4 against 0.45 in 2024; short-term debt: 247.7% and cash: 1.1% of total assets), and equity is negative.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
232425
2023 to 2025 · latest year -€318,355
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 28-07-2026, 3 days ahead of the deadline.
NBB · 3 filingsDeviation from the deadline
2025
3 d early
2024
98 d late
2023
135 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 3 accounts on average 77 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were 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. Usually files around 6 November (3 of the last 3 filed years within 101 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 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 check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Your own company? See how customers, suppliers and banks see it and what to improve first.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€17,738▲ 28.5%
2024 · -€24,818
Working capital
-€318,355▼ 5.9%
2024 · -€300,617
Trend over the years
In euros
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line202320242025
Operating result-€5,675--€24,818▼ 337%-€17,691▲ 28.7%
Net result-€5,500--€24,818▼ 351%-€17,738▲ 28.5%
Equity-€275,799--€300,617▼ 9.0%-€318,355▼ 5.9%
Total assets€266,489-€244,364▼ 8.3%€215,571▼ 11.8%
Debt€542,288-€544,981▲ 0.5%€533,926▼ 2.0%
Working capital-€275,799--€300,617▼ 9.0%-€318,355▼ 5.9%
Staff (FTE)0-00
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €17,691 in 2025 against €24,818 in 2024; the loss shrinks.
Key figures and ratios
Solvency
-147.7%▼
2024 · -123.0%
Current ratio
0.40▼
2024 · 0.45
Debt to equity
-1.68▲
2024 · -1.81
ROA
-8.2%▲
2024 · -10.2%
Debt ≤ 1 year
€533,926▼
2024 · €544,981
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Non-recurring operating income76A | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0 | - | - | - |
| Other operating charges640/8 | €0 | - | - | - |
| Non-recurring operating charges66A | - | €22,125 | €19,892 | ▼ 10.1% |
| Gross operating margin9900 | -€5,675 | -€2,693 | €2,201 | ▲ 182% |
| Operating profit (loss)9901 | -€5,675 | -€24,818 | -€17,691 | ▲ 28.7% |
| Financial income75/76B | €795 | €0 | - | - |
| Recurring financial income75 | €795 | €0 | - | - |
| Financial charges65/66B | €1,017 | €0 | €48 | - |
| Recurring financial charges65 | €1,017 | €0 | €48 | - |
| Profit (loss) for the period before taxes9903 | -€5,897 | -€24,818 | -€17,738 | ▲ 28.5% |
| Income taxes67/77 | -€397 | €0 | - | - |
| Profit (loss) for the period9904 | -€5,500 | -€24,818 | -€17,738 | ▲ 28.5% |
| Profit (loss) for the period to be appropriated9905 | -€5,500 | -€24,818 | -€17,738 | ▲ 28.5% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €266,489 | €244,364 | €215,571 | ▼ 11.8% |
| Current assets29/58 | €266,489 | €244,364 | €215,571 | ▼ 11.8% |
| Amounts receivable within one year40/41 | €84,104 | €61,979 | €33,185 | ▼ 46.5% |
| Trade receivables40 | €0 | - | - | - |
| Other amounts receivable41 | €84,104 | €61,979 | €33,185 | ▼ 46.5% |
| Current investments50/53 | €180,000 | €180,000 | €180,000 | = |
| Cash at bank and in hand54/58 | €2,385 | €2,385 | €2,385 | = |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €266,489 | €244,364 | €215,571 | ▼ 11.8% |
| Equity10/15 | -€275,799 | -€300,617 | -€318,355 | ▼ 5.9% |
| Contributions10/11 | €1,540 | €1,540 | €1,540 | = |
| Outside capital11 | - | €1,540 | €1,540 | = |
| Other1109/19 | - | €1,540 | €1,540 | = |
| Profit (loss) carried forward14 | -€277,339 | -€302,157 | -€319,895 | ▼ 5.9% |
| Amounts payable17/49 | €542,288 | €544,981 | €533,926 | ▼ 2.0% |
| Amounts payable within one year42/48 | €542,288 | €544,981 | €533,926 | ▼ 2.0% |
| Trade debts44 | €406,996 | €409,689 | €406,996 | ▼ 0.7% |
| Suppliers440/4 | €406,996 | €409,689 | €406,996 | ▼ 0.7% |
| Taxes, remuneration and social security45 | €0 | - | - | - |
| Taxes450/3 | €0 | - | - | - |
| Other amounts payable47/48 | €135,292 | €135,292 | €126,930 | ▼ 6.2% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,500 | -€24,818 | -€17,738 | ▲ 28.5% |
| + Depreciation and write-downs630 | €0 | - | - | - |
| Operating cash flow (approximation) | -€5,500 | -€24,818 | -€17,738 | ▲ 28.5% |
| Change in cash | - | €0 | €0 | - |
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
28-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
06-11
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 98 days late
2024
31-12
Financial
Weakest financial yearnet -€24,818
Net result drops to -€24,818, the lowest in the series; recovery starts the following year.
13-12
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 135 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
1 act for this company is 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, LONDON · 1 establishment unit since 2008
Cannot be placed on the map
The registered office is abroad (United Kingdom). The address register our map runs on (BOSA BEST) covers Belgian addresses only.
GMAK VERNON YARD 5-7W11 2DX LONDONUnited KingdomGround area
710 m²
Building footprint
660 m²
Volume, LiDAR
11,074 m³
2 parcels, Flanders · tallest building 23.8 m, ±7 floors. Linked by address, not a title deed.
1 establishment unit
Two Masters
since 20082.168.401.544
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44815F3131/00E000 | Flanders | 480 m² | 1 · 431 m² | 21.4 m · 5 fl. |
| 11804D3477/00C003 | Flanders | 229 m² | 1 · 229 m² | 23.8 m · 7 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Identification & contact
Identification
Legal formForeign entity
Founded04-01-2008
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0894651091
Registered
01-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Branches
1 branchBranch