ACTIVE

Masada

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Financial year 2025 · closed on 31/12/2025

Net result

791,1 k €

+478.6% YoY

Revenue

6,7 M €

+294.3% YoY

Equity

3,2 M €

+32.5% YoY

Workforce

2,4 ETP

-14.3% YoY

What does Masada do?

Masada is a Public limited company incorporated in 1984. Its registered office is in Waterloo. It employs on average 2,4 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0427.401.794

Incorporation

09/10/1984

Legal form

Public limited company

Registered office

Allée du Chevreuil 4
1410 Waterloo · WallonieSee on map

Contributed capital

94 197,92 €

Latest accounts

31/12/2025

Average workforce

2,4 ETP

Joint committees (2)

Signals

ProfitableSolid equityPositive cashflowPositive EBITDAHealthy social debts

View the BCE/KBO Public Search record →

Health score

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	6,7 M €	+294%	1,7 M €	+80.3%	944,9 k €	-57.1%	2,2 M €	-59.7%	5,5 M €	+71.6%	3,2 M €	-67.1%	9,7 M €	+58.7%	6,1 M €	+102%	3 M €	+6.9%	2,8 M €	+61.8%	1,7 M €	+23.0%	1,4 M €		–		2,1 M €	+70.4%	1,2 M €	-18.8%	1,5 M €	-1.8%	1,6 M €	-32.4%	2,3 M €	-27.4%	3,2 M €	+3.4%	3,1 M €
EBITDA	1,7 M €	+51.1%	1,1 M €	+24.5%	877 k €	-19.8%	1,1 M €	-4.6%	1,1 M €	+200%	382,7 k €	-73.5%	1,4 M €	+123%	647,4 k €	+143%	266,6 k €	+7.1%	248,9 k €	-58.0%	592,6 k €	-29.7%	843,3 k €	-8.7%	923,1 k €	-19.1%	1,1 M €	+59.3%	716,1 k €	+33.9%	534,9 k €	-11.6%	604,8 k €	-52.0%	1,3 M €	-29.3%	1,8 M €	-15.1%	2,1 M €
Operating result	1,5 M €	+102%	742 k €	+47.7%	502,5 k €	-20.0%	628,5 k €	+1.5%	619,5 k €	+329%	144,3 k €	-84.2%	915,5 k €	+91.8%	477,4 k €	+185%	167,7 k €	-8.3%	182,7 k €	-58.5%	440,5 k €	-25.6%	592,1 k €	-16.1%	705,4 k €	-23.1%	917,2 k €	+311%	223,3 k €	-35.1%	344 k €	-14.6%	402,6 k €	-58.2%	963,7 k €	-28.1%	1,3 M €	+29.8%	1 M €
Net result	791,1 k €	+479%	136,7 k €	+564%	20,6 k €	-92.4%	270,4 k €	-4.8%	283,9 k €	+5821%	4,8 k €	-99.1%	509,3 k €	+126%	224,9 k €	+374%	47,5 k €	+31.5%	36,1 k €	-76.3%	152,3 k €	-30.5%	219,2 k €	-50.2%	440,1 k €	-14.6%	515,3 k €	-81.8%	2,8 M €	+59111%	-4,8 k €	-103%	139,8 k €	-69.7%	460,7 k €	-28.6%	645,3 k €	+41.9%	454,7 k €
Balance sheet
Equity	3,2 M €	+32.5%	2,4 M €	-3.3%	2,5 M €	-1.0%	2,5 M €	+10.2%	2,3 M €	+14.0%	2 M €	+0.2%	2 M €	+33.6%	1,5 M €	+17.5%	1,3 M €	+3.8%	1,2 M €	-1.9%	1,3 M €	+13.7%	1,1 M €	+21.9%	912,8 k €	+93.1%	472,7 k €	+1356%	32,5 k €	-98.8%	2,7 M €	-0.1%	2,7 M €	-1.2%	2,7 M €	+12.8%	2,4 M €	+37.0%	1,7 M €
Total assets	7,4 M €	-48.2%	14,2 M €	+8.8%	13,1 M €	+24.3%	10,5 M €	+24.6%	8,4 M €	-14.4%	9,8 M €	-3.3%	10,2 M €	-24.7%	13,5 M €	+43.7%	9,4 M €	+43.6%	6,5 M €	+38.8%	4,7 M €	-34.9%	7,2 M €	+5.3%	6,9 M €	+12.9%	6,1 M €	+8.9%	5,6 M €	-40.5%	9,4 M €	+10.9%	8,5 M €	+0.3%	8,4 M €	-8.5%	9,2 M €	-35.6%	14,3 M €
Cash	169,5 k €	+208%	55,1 k €	-90.1%	555,5 k €	+35.6%	409,8 k €	+161%	157,1 k €	+34.7%	116,7 k €	-74.3%	453,9 k €	+101%	226 k €	-56.7%	522,5 k €	+6.1%	492,3 k €	-37.7%	789,9 k €	+723%	96 k €	+25.1%	76,7 k €	-46.5%	143,5 k €	-17.4%	173,9 k €	-69.8%	574,9 k €	-32.8%	855,7 k €	+42.6%	600 k €	+290%	154 k €	-71.2%	534,3 k €
Debts	4,1 M €	-64.9%	11,7 M €	+11.6%	10,5 M €	+32.5%	7,9 M €	+35.0%	5,9 M €	-24.5%	7,8 M €	-4.2%	8,1 M €	-32.2%	12 M €	+47.9%	8,1 M €	+52.9%	5,3 M €	+54.0%	3,4 M €	-43.0%	6 M €	+4.7%	5,8 M €	+5.1%	5,5 M €	-0.5%	5,5 M €	-17.1%	6,7 M €	+17.9%	5,6 M €	+0.3%	5,6 M €	-15.8%	6,7 M €	-46.1%	12,4 M €
Other
Workforce	2,4 ETP	-14.3%	2,8 ETP	+55.6%	1,8 ETP	+20.0%	1,5 ETP	0.0%	1,5 ETP	0.0%	1,5 ETP	0.0%	1,5 ETP	0.0%	1,5 ETP	-6.3%	1,6 ETP	0.0%	1,6 ETP	0.0%	1,6 ETP	0.0%	1,6 ETP	-33.3%	2,4 ETP	+9.1%	2,2 ETP	+4.8%	2,1 ETP	-60.4%	5,3 ETP	-3.6%	5,5 ETP	0.0%	5,5 ETP	-1.8%	5,6 ETP	+19.1%	4,7 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 8 ended

Active mandates

PATRICIA HENRY DE FRAHAN

Director · since 11 mai 2021 · until 05 mai 2027

Active

Serge VAN OVERTVELDT

Managing director · since 11 mai 2021 · until 05 mai 2027

Active

Ended mandates

Serge VAN OVERTVELDT

Chairman of the board of directors · since 11 mai 2021 · until 05 mai 2027

Ended

Serge VAN OVERTVELDT

Director · since 11 mai 2021 · until 05 mai 2027

Ended

PATRICIA HENRY DE FRAHAN

Director · since 11 mai 2015 · until 11 mai 2021

Ended

Serge VAN OVERTVELDT

Managing director · since 11 mai 2015 · until 11 mai 2021

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	14/08/2026	11/08/2025	19/07/2024	30/08/2023	19/07/2022	19/07/2021
General meeting	06/05/2026	07/05/2025	01/05/2024	03/05/2023	04/05/2022	05/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	06/05/2026	14/08/2026	French	PDF
Abridged model	31/12/2024	07/05/2025	11/08/2025	French	PDF
Abridged model	31/12/2023	01/05/2024	19/07/2024	French	PDF
Abridged model	31/12/2022	03/05/2023	30/08/2023	French	PDF
Abridged model	31/12/2021	04/05/2022	19/07/2022	French	PDF
Abridged model	31/12/2020	05/05/2021	19/07/2021	French	PDF
Abridged model	31/12/2019	06/05/2020	25/08/2020	French	PDF
Abridged model	31/12/2018	02/05/2019	06/08/2019	French	PDF
Abridged model	31/12/2017	02/05/2018	22/08/2018	French	PDF
Abridged model	31/12/2016	03/05/2017	27/07/2017	French	PDF
Abridged model	31/12/2015	04/05/2016	15/07/2016	French	PDF
Abridged model	31/12/2014	06/05/2015	24/08/2015	French	PDF
Abridged model	31/12/2013	16/04/2014	21/06/2014	French	PDF
Abridged model	31/12/2012	13/08/2013	30/09/2013	French	PDF
Abridged model	31/12/2011	13/08/2012	21/09/2012	French	PDF
Abridged model	31/12/2010	20/05/2011	12/09/2011	French	PDF
Abridged model	31/12/2009	21/05/2010	17/06/2010	French	PDF
Abridged model	31/12/2008	22/05/2009	15/06/2009	French	PDF
Abridged model	31/12/2007	23/05/2008	24/06/2008	French	PDF
Abridged model	31/12/2006	25/05/2007	01/06/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 8 ended

Active mandates

PATRICIA HENRY DE FRAHAN

Director · since 11 mai 2021 · until 05 mai 2027

Active

Serge VAN OVERTVELDT

Managing director · since 11 mai 2021 · until 05 mai 2027

Active

Ended mandates

Serge VAN OVERTVELDT

Chairman of the board of directors · since 11 mai 2021 · until 05 mai 2027

Ended

Serge VAN OVERTVELDT

Director · since 11 mai 2021 · until 05 mai 2027

Ended

PATRICIA HENRY DE FRAHAN

Director · since 11 mai 2015 · until 11 mai 2021

Ended

Serge VAN OVERTVELDT

Managing director · since 11 mai 2015 · until 11 mai 2021

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Other03/01/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates05/08/2021
DEMISSIONS, NOMINATIONS
PDF
Mandates06/07/2015
DEMISSIONS, NOMINATIONS
PDF
Mandates27/10/2014
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates31/01/2012
DEMISSIONS, NOMINATIONS - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Restructuring28/03/2011
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...)
PDF
Restructuring14/12/2010
RUBRIQUE RESTRUCTURATION (FUSION, SCISSION, TRANSFERT PATRIMOINE, ETC...) - DIVERS
PDF
Mandates25/06/2009
DEMISSIONS, NOMINATIONS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025791,1 k €↑
2024
Annual accounts 2024136,7 k €↑
2023
Annual accounts 202320,6 k €↓
2022
Annual accounts 2022270,4 k €↓
2021
Annual accounts 2021283,9 k €↑
2020
Annual accounts 20204,8 k €↓
2019
Annual accounts 2019509,3 k €↑
2018
Annual accounts 2018224,9 k €↑
2017
Annual accounts 201747,5 k €↑
2016
Annual accounts 201636,1 k €↓
2015
Annual accounts 2015152,3 k €↓
2014
Annual accounts 2014219,2 k €↓
2013
Annual accounts 2013440,1 k €↓
2012
Annual accounts 2012515,3 k €↓
2011
Annual accounts 20112,8 M €↑
2010
Annual accounts 2010-4,8 k €↓
2009
Annual accounts 2009139,8 k €↓
2008
Annual accounts 2008460,7 k €↓
2007
Annual accounts 2007645,3 k €↑
2006
Annual accounts 2006454,7 k €
09/10/1984
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

Masada

Overview

What does Masada do?

Trend over 20 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline