Summary
Conclusion
the dossier summarised in one paragraphThe computed 12-month bankruptcy probability of MAASH is 2.8% (moderate). The 2024 annual accounts show equity of €20.72M and a net result of €-269k. Equity is growing by ~3472.8% per year across the filed fiscal years. Its solvency ranks better than 95% of 121 sector peers (fiscal year 2024). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Based on the State Gazette, CBE and 3 annual accounts.
Signals
2 signals · with evidenceStrong solvency vs sector
Solvency is in the sector's strongest quartile: better than 95% of 121 peers (2024). A comfortable equity buffer.
View the sector comparison Growing equity
Equity grew over 2022-2024. Profits are largely retained rather than distributed.
View the equity trend Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.
Trust signals
2 signalsMore than 3 years active
Founded in 2021, past the statistically most fragile first 3 years.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No administrative flags
Bankruptcy probability (12 mo)
Checked model v1 · free for everyone2.8%
Moderate
0%0,5%1,5%4%10%≥25%
Young company
+Higher-failure-rate region
+Higher-failure-rate sector
+
Statistical estimate based on public sources, not credit advice nor a finding of fact. How do we compute this?
Financials
TurnoverNot published (abbreviated filing)
EBIT marginNot published (abbreviated filing)
Net result€-269k-128.9%
Working capital€558k
Annual accounts & ratios
Source: NBB · 2024Annual accounts filed on 10-07-2025 with the NBB · fiscal year 2024 · volledig
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~3472.8%/year over 3 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2024 · NACE 10, Food manufacturing · compared within the same schema type (full schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 99.7% | 28.8% | |
| Net result | €-269k | €25k | |
| Equity | €20.72M | €397k | |
| Gross operating margin | €141k | €404k | |
| Staff costs | €302k | €518k |
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
Sector position over time
Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).
P95
Stable position over 2022-2024
· n=106-121
P7
Weakening position over 2022-2024
· n=106-120
P95
Improving position over 2022-2024
· n=106-121
P28
Stable position over 2022-2024
· n=73-83
Describes the position versus peers, not a forecast.
€-162k
-55.7%
far below sector median
€-269k
-128.9%
far below sector median
€-187k
-78.5%
far below sector median
€20.79M
+4099.3%
+160% vs sector
€20.72M
+11619.6%
far above sector median
€558k
-
-74% vs sector
4
+36.7%
-89% vs sector
€302k
+211.3%
-86% vs sector
€7k
-
-99% vs sector
€69k
-78.4%
-99% vs sector
€69k
-78.3%
-99% vs sector
9.10
+2190.9%
far above sector median
9.10
+2190.9%
far above sector median
99.7%
+179.1%
+173% vs sector
0.00
-99.8%
-100% vs sector
-1.3%
+98.0%
far below sector median
-1.3%
+94.5%
far below sector median
-8.65
+92.3%
far below sector median
Figures by fiscal year
| Fiscal year | 2024 |
|---|---|
| Revenue | - |
| EBITDA | €-162k |
| Net profit | €-269k |
| Cash flow | €-187k |
| Staff costs | €302k |
| Income taxes | €7k |
| Dividends | - |
| Total assets | €20.79M |
| Equity | €20.72M |
| Debt | €69k |
| of which ≤ 1y | €69k |
| of which > 1y | - |
| Working capital | €558k |
| Employees (FTE) | 4.1 |
Ratios (computed)
| 2024 | |
|---|---|
| Current ratio | 9.10 |
| Quick ratio | 9.10 |
| Working capital ratio | 2.7% |
| Solvency | 99.7% |
| Debt / equity | 0.00 |
| Long-term debt ratio | - |
| Interest coverage | -8.65 |
| Gross margin | - |
| Net margin | - |
| ROA | -1.3% |
| ROE | -1.3% |
| EBITDA margin | - |
| Days sales outstanding | - |
| Days payable outstanding | - |
| Inventory turnover | - |
| Days inventory (DSI) | - |
Balance-sheet composition 2024
Full annual accounts
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2024 |
|---|---|---|
| Balance sheet, Assets | ||
| TOTAL ASSETS | 20/58 | €20.79M |
| Fixed assets | 21/28 | €20.16M |
| Formation expenses | 20 | €5k |
| Intangible fixed assets | 21 | €660k |
| Tangible fixed assets | 22/27 | €136k |
| Financial fixed assets | 28 | €19.37M |
| Current assets | 29/58 | €627k |
| Amounts receivable within one year | 40/41 | €165k |
| Cash & bank | 54/58 | €458k |
| Balance sheet, Equity & liabilities | ||
| TOTAL EQUITY & LIABILITIES | 10/49 | €20.79M |
| Equity | 10/15 | €20.72M |
| Contributions / capital | 10/11 | €4.23M |
| Reserves | 13 | €2k |
| Accumulated profits (losses) | 14 | €-355k |
| Amounts payable | 17/49 | €69k |
| Amounts payable within one year | 42/48 | €69k |
| Trade debts payable within one year | 44 | €13k |
| Income statement | ||
| Gross operating margin | 9900 | €141k |
| Operating result | 9901 | €-243k |
| Financial charges | 65 | €19k |
| Result before taxes | 9903 | €-262k |
| Income taxes | 67/77 | €7k |
| Net result for the period | 9904 | €-269k |
| Result to be appropriated | 9905 | €-269k |
You're seeing the latest fiscal year only. Unlock 2 prior years (figures + ratios) with a paid plan.
See plans →
Ratios computed by Checked.
Health barometer
FY 2024 · computed55
/ 100
Fair
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Unlock the full score breakdown, per-year score history and the indicative credit limit with Plus.
See plans →Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.
Directors
Directors & mandates
No directors on record
No directors or mandates are on record for this company in the CBE. Not every legal form publishes directors; if they appear in the Belgian State Gazette later, they show up here automatically.
Statutory auditor
1 auditor| Statutory auditor | IRE/IBR number | Tenure |
|---|---|---|
| Be AuditCurrent Company auditor · represented by Ghislain DOCHEN |
- | 31-07-2024 → present |
Appointed statutory auditor from the Belgian State Gazette. The IRE/IBR number refers to the register of the Institute of Registered Auditors.
Insolvency mandates
No insolvency mandates (liquidators, administrators) on record for this company.
Legal Structure
| NACE primary | Vervaardiging van andere voedingsmiddelen, neg(10890) |
| Legal form | Public limited company(014) |
| Incorporation | 29-09-2021 |
| Status | Active |
| Postal code | 1070 |
Structure & network
Locations & real estate
Establishment units
1 locationResearchdreef 4, 1070 Anderlecht
since 20212.323.894.425
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Parcels1
Ground area2,186 m²
Buildings1
Building footprint2,167 m²
Volume (LiDAR)14,859 m³
Tallest building17.9 m · ±2 fl.
Real-estate footprint
Source: CBE × cadastre · address linkingParcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21307F0170/00S002 | Brussels | 2,186 m² | 1 · 2,167 m² | 17.9 m · 2 fl. |
Methodology
via registered seat: 1
1 of 1 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Publications
Lifecycle & Insolvency Signals
No insolvency signals in the Belgian State Gazette
Belgisch Staatsblad · acts
6 acts Capital history · 5
12-06-2026
Capital increase: share_class: Actions préférentielles de classe B, shares_issued: 29737
12-08-2024
v3.2
05-02-2024
v3.2
25-04-2023
v3.2
04-10-2022
v3.2
All acts · 6
updated 1 month ago
2026
12-06-2026 Notarial deed · General meeting · Capital increase · Share distribution
- Filing: 2026-06-10 · MAASH
- Publication: 2026-06-12 · MAASH
- Notarial deed: 2026-05-26 · MAASH
- General meeting: 2026-05-26 · MAASH
- Capital increase: share_class: Actions préférentielles de classe B, shares_issued: 29737 · MAASH
- Share distribution: class_a_shares: 70998, class_b_shares: 30499 · MAASH
- Share transfer: shares: Actions préférentielles de classe B · Objectif Innovation 74 SAS
- Share transfer: shares: Actions préférentielles de classe B · InvestPro AS
- Share transfer: shares: Actions préférentielles de classe B · Bpifrance Amorçage Industriel FPS
- Share transfer: shares: Actions préférentielles de classe B · Tereos Participations SAS
- Share transfer: shares: Actions préférentielles de classe B · Nordzucker Plant Based Ingredients GmbH
- Bank account · MAASH
- Statute amendment: Refonte totale des statuts · MAASH
- Officer resignation: 2026-05-26 · GOMEZ URGOITI Maria
- Officer resignation: 2026-05-26 · VAN GANSBERGHE Paloma
- Officer resignation: 2026-05-26 · DECKERS Benoît
- Officer reappointment: end_date: 2032-06-30, start_date: 2026-05-26, duration_years: 6 · VAN GANSBERGHE Frederic
- Officer appointment: end_date: 2032-06-30, start_date: 2026-05-26, duration_years: 6, permanent_representative: DECKERS Benoît · COMPAGNIE DU BOIS SAUVAGE
- Officer appointment: end_date: 2032-06-30, start_date: 2026-05-26, duration_years: 6 · LIE Aslak
- Act object: STATUTS (TRADUCTION, COORDINATION, AUTRES
Summary:
Notarial deed · General meeting · Capital increase · Share distribution
2024
12-08-2024 Capital increase of €3,000,000 to €4,261,580
05-02-2024 Capital increase of €1,000,000 to €1,261,580
2023
25-04-2023 Transaction in capital or shares
Summary:
v3.2
2022
04-10-2022 Capital increase of €187,780 to €261,580
2021
01-10-2021 Incorporation of a new SNC
Summary:
oprichting
Analysis
Snowflake analysis
financial profile on 5 axes60
/ 100
Strong profile, led by solvency.
All 5 axes are computed from data Checked has read.
Health
55
Profitability
0
Solvency
100
Growth
52
Stability
94
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Credit advice
verdict per customer and amountSimilar
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Company registry (CBE)
Crossroads BankActivities
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Primary activity highlighted.
Names & trade names
| Legal nameFR | MAASH |
Registered office
Researchdreef 4
1070 Anderlecht, Belgium
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.