ACTIVE

MASTER SWITCH

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Financial year 2025 · closed on 31/12/2025

Net result

-16,6 k €

+65.7% YoY

Gross margin

6,7 k €

+118.8% YoY

Equity

-311 k €

-5.6% YoY

What does MASTER SWITCH do?

MASTER SWITCH is a Private limited company incorporated in 1987. Its registered office is in Watermael-Boitsfort.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0432.696.412

Incorporation

17/12/1987

Legal form

Private limited company

Registered office

Boulevard du Souverain 24
1170 Watermael-Boitsfort · BruxellesSee on map

Contributed capital

18 592,01 €

Latest accounts

31/12/2025

Joint committees (1)

Signals

Good liquidity

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
Gross margin	6,7 k €	+119%	-35,7 k €	+68.5%	-113,3 k €	+43.1%	-198,9 k €	-400%	66,2 k €	+1320%	4,7 k €	+120%	-23,6 k €	-136%	66,1 k €	-17.3%	80 k €	+23.7%	64,6 k €	+649%	8,6 k €	+210%	2,8 k €	+1727%	152,3 €	-99.2%	18 k €	+187%	-20,8 k €	-140%	52,6 k €	+127%	23,2 k €	+188%	-26,3 k €	-120%	129,5 k €	+348%	28,9 k €
EBITDA	-3,2 k €	+91.2%	-36,1 k €	+71.0%	-124,3 k €	+37.6%	-199,3 k €	-403%	65,9 k €	+1426%	4,3 k €	+118%	-23,9 k €	-136%	65,7 k €	-17.4%	79,6 k €	+24.6%	63,9 k €	+734%	7,7 k €	+227%	2,3 k €	+150%	-4,7 k €	-133%	14,1 k €	+160%	-23,5 k €	-149%	48,3 k €	+8914%	-548,5 €	+99.3%	-83 k €	-217%	70,9 k €	+808%	-10 k €
Operating result	-4,3 k €	+88.5%	-37,2 k €	+70.4%	-125,4 k €	+37.2%	-199,7 k €	-405%	65,6 k €	+1812%	3,4 k €	+114%	-25,2 k €	-139%	64,4 k €	-18.1%	78,7 k €	+27.4%	61,7 k €	+5393%	1,1 k €	+35.2%	831,4 €	+118%	-4,7 k €	-133%	14,1 k €	+160%	-23,5 k €	-149%	48 k €	+5459%	-895,6 €	+99.0%	-85,8 k €	-225%	68,4 k €	+437%	-20,3 k €
Net result	-16,6 k €	+65.7%	-48,4 k €	+63.2%	-131,4 k €	+34.4%	-200,4 k €	-462%	55,4 k €	+375%	11,7 k €	+150%	-23,4 k €	-148%	48,8 k €	+1.6%	48,1 k €	+48.8%	32,3 k €	+335%	-13,8 k €	+4.5%	-14,4 k €	-44.3%	-10 k €	-181%	12,4 k €	+142%	-29,8 k €	-170%	42,2 k €	+1027%	-4,6 k €	+94.8%	-87,6 k €	-295%	44,9 k €	+303%	-22,1 k €
Balance sheet
Equity	-311 k €	-5.6%	-294,4 k €	-19.7%	-246 k €	-115%	-114,5 k €	-233%	85,9 k €	+182%	30,5 k €	+62.0%	18,8 k €	-55.4%	42,2 k €	+735%	-6,6 k €	+87.9%	-54,7 k €	+37.1%	-87 k €	-18.8%	-73,2 k €	-24.5%	-58,8 k €	-20.5%	-48,8 k €	+20.2%	-61,2 k €	-94.8%	-31,4 k €	+57.4%	-73,6 k €	-6.6%	-69,1 k €	-473%	18,5 k €	+170%	-26,3 k €
Total assets	91,3 k €	-11.9%	103,5 k €	-14.8%	121,6 k €	-44.1%	217,7 k €	-48.8%	425,2 k €	+1.5%	419,1 k €	-1.4%	425,2 k €	+228%	129,5 k €	-1.3%	131,2 k €	+237%	38,9 k €	+119%	17,7 k €	-58.8%	43 k €	+113%	20,2 k €	-44.4%	36,3 k €	+518%	5,9 k €	+11.9%	5,3 k €	-38.4%	8,5 k €	-14.6%	10 k €	-86.0%	71,2 k €	+197%	24 k €
Cash	39,2 k €	+1030%	3,5 k €	-66.8%	10,4 k €	-13.2%	12 k €	-94.5%	218,7 k €	+107%	105,5 k €	+601%	15,1 k €	+6283%	235,9 €		–		–		6,7 €	+13340%	0,1 €	0.0%	0,1 €	0.0%	0,1 €	-100.0%	580,5 €	-64.0%	1,6 k €	+7.5%	1,5 k €	+4939%	29,8 €	-99.9%	46,5 k €	+1818%	2,4 k €
Debts	362,3 k €	-9.0%	397,9 k €	+8.3%	367,6 k €	+35.0%	272,2 k €	+2.3%	266,1 k €	-1.5%	270,1 k €	-25.1%	360,5 k €	+313%	87,3 k €	-26.2%	118,2 k €	+26.3%	93,6 k €	-10.6%	104,7 k €	-9.9%	116,2 k €	+47.1%	79 k €	-7.2%	85,1 k €	+27.0%	67 k €	+87.7%	35,7 k €	-55.5%	80,2 k €	+1.4%	79,1 k €	+50.0%	52,7 k €	+4.7%	50,3 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		–		–		–		–		0,1 ETP	0.0%	0,1 ETP	-75.0%	0,4 ETP	-69.2%	1,3 ETP	0.0%	1,3 ETP	+62.5%	0,8 ETP

Governance

Board of directors

Seen on filing of 31/12/2025 · 2 active · 5 ended

Active mandates

A ET S SERTANG

Director · since 09 mars 2023 · 0464.973.755

Represented by Stéphane SERTANG

Active

VV Consulting

Director · since 09 mars 2023 · 0822.149.630

Represented by Vincent VANDENBROECK

Active

Ended mandates

Jacques BRUYNS

Manager · since 06 janvier 1988

Ended

Jacques Bruyns

Director

Ended

Jacques Bruyns

Manager

Ended

Stéphane Sertang

Manager

Ended

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Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Micro 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	31/08/2026	29/08/2025	30/08/2024	09/10/2023	10/06/2022	27/08/2021
General meeting	27/08/2026	29/08/2025	09/08/2024	06/10/2023	01/06/2022	02/06/2021
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	27/08/2026	31/08/2026	French	PDF
Abridged model	31/12/2024	29/08/2025	29/08/2025	French	PDF
Abridged model	31/12/2023	09/08/2024	30/08/2024	French	PDF
Abridged model	31/12/2022	06/10/2023	09/10/2023	French	PDF
Abridged model	31/12/2021	01/06/2022	10/06/2022	French	PDF
Micro model	31/12/2020	02/06/2021	27/08/2021	French	PDF
Micro model	31/12/2019	03/06/2020	31/08/2020	French	PDF
Micro model	31/12/2018	05/06/2019	30/07/2019	French	PDF
Micro model	31/12/2017	06/06/2018	27/08/2018	French	PDF
Abridged model	31/12/2016	07/06/2017	15/06/2017	French	PDF
Abridged model	31/12/2015	01/06/2016	21/12/2016	French	PDF
Abridged model	31/12/2014	03/06/2015	23/09/2015	French	PDF
Abridged model	31/12/2013	15/12/2014	07/01/2015	French	PDF
Abridged model	31/12/2012	05/06/2013	28/08/2013	French	PDF
Abridged model	31/12/2011	06/06/2012	22/08/2012	French	PDF
Abridged model	31/12/2010	01/06/2011	25/08/2011	French	PDF
Abridged model	31/12/2009	02/06/2010	13/09/2010	French	PDF
Abridged model	31/12/2008	03/06/2009	25/08/2009	French	PDF
Abridged model	31/12/2007	04/06/2008	03/07/2008	French	PDF
Abridged model	31/12/2006	06/06/2007	03/09/2007	French	PDF

Estimate

Indicative valuation

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 · 5 ended

Active mandates

A ET S SERTANG

Director · since 09 mars 2023 · 0464.973.755

Represented by Stéphane SERTANG

Active

VV Consulting

Director · since 09 mars 2023 · 0822.149.630

Represented by Vincent VANDENBROECK

Active

Ended mandates

Jacques BRUYNS

Manager · since 06 janvier 1988

Ended

Jacques Bruyns

Director

Ended

Jacques Bruyns

Manager

Ended

Stéphane Sertang

Manager

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Registered office12/05/2025
Changement de siège social
PDF
Registered office08/02/2024
MODIFICATION FORME JURIDIQUE - SIEGE SOCIAL
PDF
Mandates14/04/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates10/03/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates06/03/2019
DEMISSIONS, NOMINATIONS
PDF
Registered office05/08/2015
SIEGE SOCIAL
PDF
Registered office30/01/2012
SIEGE SOCIAL
PDF
Registered office28/06/2004
SIEGE SOCIAL
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 2025-16,6 k €↑
2024
Annual accounts 2024-48,4 k €↑
2023
Annual accounts 2023-131,4 k €↑
2022
Annual accounts 2022-200,4 k €↓
2021
Annual accounts 202155,4 k €↑
2020
Annual accounts 202011,7 k €↑
2019
Annual accounts 2019-23,4 k €↓
2018
Annual accounts 201848,8 k €↑
2017
Annual accounts 201748,1 k €↑
2016
Annual accounts 201632,3 k €↑
2015
Annual accounts 2015-13,8 k €↑
2014
Annual accounts 2014-14,4 k €↓
2013
Annual accounts 2013-10 k €↓
2012
Annual accounts 201212,4 k €↑
2011
Annual accounts 2011-29,8 k €↓
2010
Annual accounts 201042,2 k €↑
2009
Annual accounts 2009-4,6 k €↑
2008
Annual accounts 2008-87,6 k €↓
2007
Annual accounts 200744,9 k €↑
2006
Annual accounts 2006-22,1 k €
17/12/1987
IncorporationPrivate 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

MASTER SWITCH

Overview

What does MASTER SWITCH do?

Trend over 20 financial years

Board of directors

Other companies at this address

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