ACTIVE

MASEL

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Financial year 2025 · Closed on 31/12/2025

Net result1 M €-42,4 %over 1 year

Gross margin-87,8 k €+2,2 %over 1 year

Equity21,6 M €+1,8 %over 1 year

Identity

Source · BCE/KBO

MASEL is a Public limited company incorporated in 1992. Its registered office is in La Hulpe.

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0448.835.331
Incorporation: 03/12/1992
Legal form: Public limited company
Registered office: Rue Clément Delpierre 67
1310 La Hulpe · WallonieSee on map
Contributed capital: 250 000,00 €
Latest accounts: 31/12/2025

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflow

Financials

Source · NBB, 21 filings

Trend over 19 financial years

	2025		2024		2023		2022		2021
Income statement
Gross margin	-87,8 k €	+2.2%	-89,8 k €	-118%	-41,1 k €	-4.2%	-39,5 k €	-22.7%	-32,2 k €
EBITDA	-125,7 k €	+7.0%	-135,1 k €	-67.1%	-80,9 k €	+4.8%	-84,9 k €	-15.7%	-73,4 k €
Operating result	-125,7 k €	+7.0%	-135,1 k €	-67.1%	-80,9 k €	+4.8%	-84,9 k €	-15.7%	-73,4 k €
Net result	1 M €	-42.4%	1,8 M €	+24.3%	1,4 M €	+47.8%	968,9 k €	+2.5%	944,9 k €
Balance sheet
Equity	21,6 M €	+1.8%	21,3 M €	+5.1%	20,2 M €	+4.0%	19,5 M €	+2.3%	19 M €
Total assets	25,6 M €	+2.2%	25,1 M €	+4.3%	24 M €	+3.4%	23,3 M €	+1.9%	22,8 M €
Cash	8,1 k €	-58.9%	19,6 k €	-93.4%	295,1 k €	+255%	83,2 k €	+1348%	5,7 k €
Debts	4 M €	+4.7%	3,8 M €	-0.0%	3,8 M €	+0.0%	3,8 M €	-0.1%	3,8 M €

Valuation

Indicative valuation

As an indication, this company is worth

between 10 M€ and 25 M€

See the valuation

Board of directors

Source · NBB, accounts to 31/12/2025

2 active · 3 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Marie-Claire Annie de SELLIERS de MORANVILLE	Director11/05/2022 → 09/06/2028Chairman of the board of directors11/05/2022 → 2024 accountsended
Pieter Vercruysse	Director10/06/2016 → 09/06/2028

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Jacques de Selliers de Moranville	Director11/05/2022 → 2023 accounts
Marie-Claire de Selliers de Moranville	Chairman of the board of directors11/06/2016 → 2023 accounts

Full financial information

Source · NBB

	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	16/06/2026	24/06/2025	17/06/2024	16/06/2023	09/06/2022	06/08/2021
General meeting	29/05/2026	13/06/2025	10/06/2024	18/05/2023	11/05/2022	17/06/2021
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

Financial ratios

Source · NBB

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Annual accounts filings

Source · NBB, 21 filings

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	29/05/2026	16/06/2026	French	PDF
Abridged model	31/12/2024	13/06/2025	24/06/2025	French	PDF
Abridged model	31/12/2023	10/06/2024	17/06/2024	French	PDF
Abridged model	31/12/2022	18/05/2023	16/06/2023	French	PDF
Abridged model	31/12/2021	11/05/2022	09/06/2022	French	PDF
Abridged modelCorrection	31/12/2020	17/06/2021	06/08/2021	French	PDF
Abridged model	31/12/2020	17/06/2021	28/07/2021	French	PDF
Abridged model	31/12/2019	12/06/2020	23/06/2020	French	PDF
Abridged model	31/12/2018	14/06/2019	15/07/2019	French	PDF
Abridged model	31/12/2017	08/06/2018	10/08/2018	French	PDF
Abridged model	31/12/2016	09/06/2017	17/07/2017	French	PDF
Abridged model	31/12/2015	10/06/2016	20/06/2016	French	PDF
Abridged model	31/12/2014	12/06/2015	22/06/2015	French	PDF
Abridged model	31/12/2013	13/06/2014	03/07/2014	French	PDF
Abridged model	31/12/2012	14/06/2013	27/06/2013	French	PDF
Abridged model	31/12/2011	08/06/2012	09/07/2012	French	PDF
Abridged model	31/12/2010	10/06/2011	06/07/2011	French	PDF
Abridged model	31/12/2009	11/06/2010	18/02/2011	French	PDF
Abridged model	31/12/2008	12/06/2009	23/06/2009	French	PDF
Abridged model	31/12/2007	13/06/2008	23/06/2008	French	PDF
Abridged model	31/12/2006	08/06/2007	19/06/2007	French	PDF

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.

Board of directors

Source · NBB, accounts to 31/12/2025

2 active · 3 ended

Active mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Marie-Claire Annie de SELLIERS de MORANVILLE	Director11/05/2022 → 09/06/2028Chairman of the board of directors11/05/2022 → 2024 accountsended
Pieter Vercruysse	Director10/06/2016 → 09/06/2028

Ended mandates

Director	Mandates in this company	Period	Other mandatescurrentendedstruck offbankruptcies
Jacques de Selliers de Moranville	Director11/05/2022 → 2023 accounts
Marie-Claire de Selliers de Moranville	Chairman of the board of directors11/06/2016 → 2023 accounts

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Registered office05/08/2026
TRANSFERT DU SIEGE SOCIAL
PDF
Mandates16/11/2023
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - DEMISSIONS, NOMINATIONS - ASSEMBLEE GENERALE
PDF
Mandates19/10/2022
DEMISSIONS, NOMINATIONS
PDF
Mandates09/11/2016
DEMISSIONS, NOMINATIONS
PDF
Mandates07/07/2010
DEMISSIONS, NOMINATIONS
PDF
Capital / shares07/04/2006
CAPITAL, ACTIONS - ASSEMBLEE GENERALE - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates14/07/2004
DEMISSIONS, NOMINATIONS
PDF

Similar companies

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

See the Business plan

Timeline

Source · CBE, NBB annual accounts

Year

Identity

Incorporation

Name

Registered office

Annual accounts

Filings19 filings

Mandates

Pieter Vercruysse

Marie-Claire Annie de SELLIERS de MORANVILLE

Jacques de Selliers de Moranville

Marie-Claire de Selliers de Moranville

Piet Vercruysse

1992199319941995199619971998199920002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025202620272028

MASEL

Chaussée de la Hulpe 150, 1170 Watermael-Boitsfort

Director

DirectorChairman of the board of directors

Director

Managing directorChairman of the board of directors

Director

CurrentPlanned, not yet servedEndedAccounts filedToday

Registered offices

Source · NBB annual accounts, CBE

Registered address	Period	Source
Rue Clément Delpierre 67, 1310 La HulpeCurrent		CBE
Chaussée de la Hulpe 150, 1170 Watermael-Boitsfort	accounts 2021 → 2025	Accounts 2025 · 2026-00169818

Company names

Source · NBB annual accounts, CBE

Name	Period	Source
MASELCurrent	accounts 2007 → 2025	Accounts 2025 · 2026-00169818

Events

2025
Annual accounts 20251 M €↓
2024
Annual accounts 20241,8 M €↑
2023
Annual accounts 20231,4 M €↑
2022
Annual accounts 2022968,9 k €↑
2021
Annual accounts 2021944,9 k €↑
2020
Annual accounts 2020864,2 k €↓
2019
Annual accounts 2019999,9 k €↑
2018
Annual accounts 2018924,2 k €↑
2017
Annual accounts 2017862,7 k €↑
2016
Annual accounts 2016821,7 k €↓
2015
Annual accounts 20154,3 M €↑
2014
Annual accounts 2014678,2 k €↓
2013
Annual accounts 2013737,7 k €↑
2012
Annual accounts 2012697,1 k €↑
2011
Annual accounts 2011690,1 k €↑
2010
Annual accounts 2010656,3 k €↑
2009
Annual accounts 2009646,8 k €↑
2008
Annual accounts 2008640,5 k €↑
2007
Annual accounts 2007607 k €
03/12/1992
IncorporationPublic limited company

MASEL

Overview

Identity

Financials

Valuation

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

Timeline

Registered offices

Company names

Events