ACTIVE

MASTER TOURS

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Financial year 2025 · closed on 31/03/2025

Net result

1,2 M €

+42.8% YoY

Gross margin

2,6 M €

+61.0% YoY

Equity

1,9 M €

-4.5% YoY

Workforce

20,4 ETP

+10.3% YoY

What does MASTER TOURS do?

MASTER TOURS is a Public limited company incorporated in 1990. Its main activity is: Information service activities. Its registered office is in Antwerpen. It employs on average 20,4 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0442.075.619

Incorporation

20/09/1990

Legal form

Public limited company

Registered office

Hessenstraatje 1H/201
2000 Antwerpen · FlandreSee on map

Contributed capital

417 076,80 €

Latest accounts

31/03/2025

Average workforce

20,4 ETP

Activities (NACE)

63301Information service activities· main 79120Tour operator activities 79120Tour operator activities 79110Travel agency activities 79110Travel agency activities

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2008		2007
Income statement
Gross margin	2,6 M €	+61.0%	1,6 M €	+24.0%	1,3 M €		–		–		1,4 M €	-14.1%	1,6 M €	-14.4%	1,9 M €	+22.3%	1,5 M €	+3.4%	1,5 M €	+24.5%	1,2 M €	+19.7%	994,7 k €		–		–		–		–		–		–
EBITDA	1,2 M €	+157%	483 k €	+25.9%	383,5 k €	+10.0%	348,8 k €	+133%	-1,1 M €	-444%	306,4 k €	-44.6%	553,3 k €	-35.4%	856,3 k €	+84.1%	465,1 k €	-17.2%	561,7 k €	+86.6%	301 k €	+128%	131,8 k €	-60.5%	333,4 k €	+18.5%	281,4 k €	-28.2%	391,9 k €	+310%	95,6 k €	-87.5%	762,9 k €	+17.1%	651,6 k €
Operating result	1,1 M €	+179%	409 k €	+34.2%	304,7 k €	+0.6%	303 k €	+126%	-1,2 M €	-782%	173,4 k €	-65.5%	502,2 k €	-33.6%	756,4 k €	+111%	358,1 k €	-26.0%	484,2 k €	+118%	221,9 k €	+151%	88,4 k €	-69.6%	291,3 k €	+39.0%	209,6 k €	-33.4%	315 k €	+1154%	-29,9 k €	-104%	738,5 k €	+20.6%	612,6 k €
Net result	1,2 M €	+42.8%	817,2 k €	+431%	153,9 k €	-54.8%	340,6 k €	+127%	-1,3 M €	-12213%	10,6 k €	-97.5%	419,9 k €	-6.6%	449,4 k €	+91.7%	234,4 k €	+0.9%	232,3 k €	-28.3%	324,1 k €	+53.3%	211,4 k €	+40.0%	151,1 k €	+142%	62,5 k €	+5310%	1,2 k €	-99.7%	448,2 k €	+115%	208,9 k €	-58.2%	499,9 k €
Balance sheet
Equity	1,9 M €	-4.5%	2 M €	+70.8%	1,2 M €	+15.4%	1 M €	+51.6%	660 k €	-66.0%	1,9 M €	-4.9%	2 M €	+25.9%	1,6 M €	+38.3%	1,2 M €	+25.0%	937,4 k €	+7.7%	870,5 k €	+59.3%	546,4 k €	-9.6%	604,7 k €	+33.3%	453,7 k €	+16.0%	391,2 k €	+39.7%	280 k €	-15.6%	331,8 k €	-46.7%	622,9 k €
Total assets	6 M €	+35.8%	4,4 M €	+9.7%	4 M €	+30.6%	3,1 M €	-6.5%	3,3 M €	-34.4%	5 M €	+4.3%	4,8 M €	+29.3%	3,7 M €	-16.9%	4,5 M €	+17.5%	3,8 M €	+6.7%	3,6 M €	+10.3%	3,2 M €	+9.3%	3 M €	+17.9%	2,5 M €	+6.5%	2,4 M €	-9.6%	2,6 M €	-49.4%	5,2 M €	-5.0%	5,4 M €
Cash	2,6 M €	+121%	1,2 M €	-65.9%	3,5 M €	+38.7%	2,5 M €	-5.8%	2,7 M €	-38.8%	4,3 M €	+8.9%	4 M €	+23.5%	3,2 M €	-12.6%	3,7 M €	+22.2%	3 M €	+16.2%	2,6 M €	+0.6%	2,6 M €	+16.4%	2,2 M €	+21.5%	1,8 M €	+3.6%	1,8 M €	+12.2%	1,6 M €	+2.4%	1,5 M €	+88.1%	814,5 k €
Debts	4 M €	+71.5%	2,3 M €	-15.4%	2,7 M €	+43.4%	1,9 M €	+79.7%	1,1 M €	-61.6%	2,8 M €	+13.5%	2,4 M €	+38.6%	1,8 M €	-40.7%	3 M €	+19.6%	2,5 M €	+6.6%	2,3 M €	+0.9%	2,3 M €	+15.1%	2 M €	+12.8%	1,8 M €	+4.5%	1,7 M €	-14.8%	2 M €	-50.1%	4 M €	+81.8%	2,2 M €
Other
Workforce	20,4 ETP	+10.3%	18,5 ETP	+14.2%	16,2 ETP	-10.0%	18,0 ETP	-13.5%	20,8 ETP	-4.1%	21,7 ETP	+8.0%	20,1 ETP	+1.0%	19,9 ETP	-6.6%	21,3 ETP	+8.7%	19,6 ETP	+10.1%	17,8 ETP	+0.6%	17,7 ETP	-6.3%	18,9 ETP	-1.0%	19,1 ETP	+6.1%	18,0 ETP	-2.2%	18,4 ETP	+3.4%	17,8 ETP	-0.6%	17,9 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/03/2025 · 1 active · 28 ended

Active mandates

b-Trade

Managing director · since 27 août 2019 · 0536.858.178

Represented by Guido GEENS

Active

Ended mandates

b-Trade

Managing director · since 25 septembre 2019 · until 26 août 2025 · 0536.858.178

Represented by Guido GEENS

Ended

b-Trade

Managing director · since 05 septembre 2019 · until 26 août 2025 · 0536.858.178

Represented by Guido GEENS

Ended

b-Trade

Managing director · since 27 août 2019 · until 25 août 2025 · 0536.858.178

Represented by Guido GEENS

Ended

Pt Nominasi Chandra Wisata

Director · since 27 août 2019 · until 29 novembre 2022

Represented by . Yuni Pangastuti Djasman

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Full model	Full model	Abridged model
Start of the financial year	01/04/2024	01/04/2023	01/04/2022	01/04/2021	01/04/2020	01/04/2019
Closing of the financial year	31/03/2025	31/03/2024	31/03/2023	31/03/2022	31/03/2021	31/03/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	15/09/2025	27/09/2024	02/10/2023	09/09/2022	13/09/2021	10/11/2020
General meeting	26/08/2025	27/08/2024	29/08/2023	30/08/2022	31/08/2021	25/08/2020
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

18 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/03/2025	26/08/2025	15/09/2025	Dutch	PDF
Abridged model	31/03/2024	27/08/2024	27/09/2024	Dutch	PDF
Abridged model	31/03/2023	29/08/2023	02/10/2023	Dutch	PDF
Full model	31/03/2022	30/08/2022	09/09/2022	Dutch	PDF
Full model	31/03/2021	31/08/2021	13/09/2021	Dutch	PDF
Abridged model	31/03/2020	25/08/2020	10/11/2020	Dutch	PDF
Abridged model	31/03/2019	27/08/2019	30/09/2019	Dutch	PDF
Abridged model	31/03/2018	28/08/2018	21/09/2018	Dutch	PDF
Abridged model	31/03/2017	29/08/2017	28/09/2017	Dutch	PDF
Abridged model	31/03/2016	30/08/2016	12/09/2016	Dutch	PDF
Abridged model	31/03/2015	25/08/2015	14/09/2015	Dutch	PDF
Abridged model	31/03/2014	01/08/2014	12/08/2014	Dutch	PDF
Full model	31/03/2013	31/10/2013	04/11/2013	Dutch	PDF
Full model	31/03/2012	28/08/2012	12/09/2012	Dutch	PDF
Full model	31/03/2011	30/08/2011	29/09/2011	Dutch	PDF
Full model	31/03/2010	31/08/2010	25/10/2010	Dutch	PDF
Full model	30/06/2008	25/11/2008	02/12/2008	Dutch	PDF
Full model	30/06/2007	27/11/2007	11/12/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 10 M€ and 25 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 31/03/2025 · 1 active · 28 ended

Active mandates

b-Trade

Managing director · since 27 août 2019 · 0536.858.178

Represented by Guido GEENS

Active

Ended mandates

b-Trade

Managing director · since 25 septembre 2019 · until 26 août 2025 · 0536.858.178

Represented by Guido GEENS

Ended

b-Trade

Managing director · since 05 septembre 2019 · until 26 août 2025 · 0536.858.178

Represented by Guido GEENS

Ended

b-Trade

Managing director · since 27 août 2019 · until 25 août 2025 · 0536.858.178

Represented by Guido GEENS

Ended

Pt Nominasi Chandra Wisata

Director · since 27 août 2019 · until 29 novembre 2022

Represented by . Yuni Pangastuti Djasman

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates06/12/2022
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Mandates28/10/2021
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares25/03/2014
KAPITAAL - AANDELEN
PDF
Mandates16/12/2013
ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares13/12/2010
KAPITAAL - AANDELEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, )
PDF
Mandates13/10/2010
ONTSLAGEN - BENOEMINGEN
PDF
Mandates15/07/2009
ONTSLAGEN - BENOEMINGEN - BOEKJAAR
PDF
Registered office18/05/2009
MAATSCHAPPELIJKE ZETEL
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 20251,2 M €↑
2024
Annual accounts 2024817,2 k €↑
2023
Annual accounts 2023153,9 k €↓
2022
Annual accounts 2022340,6 k €↑
2021
Annual accounts 2021-1,3 M €↓
2020
Annual accounts 202010,6 k €↓
2019
Annual accounts 2019419,9 k €↓
2018
Annual accounts 2018449,4 k €↑
2017
Annual accounts 2017234,4 k €↑
2016
Annual accounts 2016232,3 k €↓
2015
Annual accounts 2015324,1 k €↑
2014
Annual accounts 2014211,4 k €↑
2013
Annual accounts 2013151,1 k €↑
2012
Annual accounts 201262,5 k €↑
2011
Annual accounts 20111,2 k €↓
2010
Annual accounts 2010448,2 k €↑
2008
Annual accounts 2008208,9 k €↓
2007
Annual accounts 2007499,9 k €
20/09/1990
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

MASTER TOURS

Overview

What does MASTER TOURS do?

Trend over 18 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