ACTIVE

MASTERS COMMUNICATION

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Financial year 2025 · closed on 31/12/2025

Net result

182 k €

+412.7% YoY

Gross margin

336 k €

+196.7% YoY

Equity

1,8 M €

+11.1% YoY

What does MASTERS COMMUNICATION do?

MASTERS COMMUNICATION is a Private limited company incorporated in 1994. Its main activity is: Advertising agencies. Its registered office is in Waregem.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0454.084.813

Incorporation

16/12/1994

Legal form

Private limited company

Registered office

Wortegemseweg 55
8790 Waregem · FlandreSee on map

Contributed capital

73 750,00 €

Latest accounts

31/12/2025

Activities (NACE)

73110Advertising agencies· main 73110Advertising agencies 74401Other professional, scientific and technical activities

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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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	336 k €	+197%	113,3 k €	-3.7%	117,5 k €	-10.4%	131,2 k €	-16.9%	157,9 k €	-31.7%	231,2 k €	-13.0%	265,8 k €	-4.1%	277,2 k €	+13.7%	243,7 k €	+5.9%	230,1 k €	-8.2%	250,8 k €	-1.7%	255,2 k €	-5.9%	271,3 k €	+6.4%	255 k €	-20.8%	321,9 k €	-9.6%	356,1 k €	-5.7%	377,6 k €	+0.1%	377,2 k €	-0.0%	377,3 k €	-3.2%	389,6 k €
EBITDA	325,9 k €	+245%	94,5 k €	-5.6%	100,1 k €	+8.1%	92,6 k €	-17.3%	111,9 k €	-28.3%	156,1 k €	+39.6%	111,9 k €	-13.6%	129,4 k €	+35.4%	95,6 k €	+21.4%	78,8 k €	-20.1%	98,5 k €	+7.8%	91,4 k €	-18.1%	111,6 k €	+69.5%	65,8 k €	-61.3%	170,3 k €	-12.3%	194,1 k €	-7.8%	210,6 k €	-1.5%	213,8 k €	+26.0%	169,8 k €	-7.8%	184,1 k €
Operating result	285,2 k €	+618%	39,7 k €	-5.2%	41,9 k €	+24.1%	33,8 k €	-16.5%	40,5 k €	-49.7%	80,4 k €	+196%	27,2 k €	-40.6%	45,8 k €	+283%	12 k €	+14.4%	10,5 k €	+1414%	690,5 €	-96.4%	19 k €	+952%	1,8 k €	+72.8%	1 k €	-98.9%	99,6 k €	-26.4%	135,4 k €	+82.2%	74,3 k €	-51.8%	154,1 k €	+44.5%	106,7 k €	-10.8%	119,6 k €
Net result	182 k €	+413%	35,5 k €	-6.9%	38,1 k €	+63.8%	23,3 k €	-22.7%	30,1 k €	-32.8%	44,8 k €	+156%	17,5 k €	-47.0%	33 k €	+109%	15,8 k €	-19.0%	19,5 k €	-1.5%	19,8 k €	-49.2%	39 k €	+13.6%	34,3 k €	+3.0%	33,3 k €	-68.0%	104,1 k €	-22.0%	133,4 k €	+45.3%	91,8 k €	-29.4%	130 k €	+34.4%	96,7 k €	+7.2%	90,2 k €
Balance sheet
Equity	1,8 M €	+11.1%	1,6 M €	+2.2%	1,6 M €	+2.4%	1,6 M €	+1.5%	1,5 M €	+2.0%	1,5 M €	+3.0%	1,5 M €	+1.2%	1,4 M €	+2.3%	1,4 M €	-21.5%	1,8 M €	+1.1%	1,8 M €	+1.1%	1,8 M €	+2.2%	1,7 M €	+2.0%	1,7 M €	+29.4%	1,3 M €	+8.7%	1,2 M €	+10.8%	1,1 M €	+9.3%	986,6 k €	+15.1%	857,1 k €	+12.6%	760,9 k €
Total assets	2 M €	+12.2%	1,8 M €	+6.6%	1,6 M €	+1.9%	1,6 M €	-0.0%	1,6 M €	+0.4%	1,6 M €	+0.4%	1,6 M €	-2.4%	1,6 M €	-17.1%	2 M €	-2.4%	2 M €	-7.0%	2,2 M €	+2.4%	2,1 M €	+17.3%	1,8 M €	-9.7%	2 M €	+35.7%	1,5 M €	+2.9%	1,4 M €	+9.8%	1,3 M €	+0.7%	1,3 M €	+20.5%	1,1 M €	+1.0%	1,1 M €
Cash	256,5 k €	+276%	68,2 k €	-19.2%	84,4 k €	-55.9%	191,3 k €	-55.5%	429,8 k €	+20.2%	357,7 k €	+53.0%	233,7 k €	+47.6%	158,3 k €	-38.1%	255,7 k €	+194%	87 k €	-28.4%	121,5 k €	+33.0%	91,4 k €	-41.5%	156,2 k €	-61.1%	401,4 k €	+168%	149,7 k €	-22.0%	191,9 k €	-4.5%	201 k €	+203%	66,3 k €	-87.1%	514,8 k €	+14.1%	451 k €
Debts	159,1 k €	+26.7%	125,5 k €	+146%	51,1 k €	-11.2%	57,5 k €	-28.8%	80,7 k €	-21.9%	103,4 k €	-26.6%	140,9 k €	-28.4%	196,8 k €	-65.3%	567,8 k €	+146%	230,9 k €	-42.6%	402,2 k €	+8.6%	370,2 k €	+291%	94,8 k €	-70.7%	323,6 k €	+88.4%	171,8 k €	-26.8%	234,6 k €	+4.4%	224,8 k €	-27.4%	309,4 k €	+42.2%	217,5 k €	-28.2%	302,9 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		3,0 ETP	0.0%	3,0 ETP	0.0%	3,0 ETP	-11.8%	3,4 ETP	+13.3%	3,0 ETP	-21.1%	3,8 ETP	-5.0%	4,0 ETP	0.0%	4,0 ETP	-20.0%	5,0 ETP	+4.2%	4,8 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 1 M€ and 2,5 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 1 ended

Active mandates

Frank Bonte

Director

Active

Ended mandates

Frank Bonte

Manager

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro 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	13/07/2026	03/07/2025	12/07/2024	12/06/2023	24/06/2022	07/06/2021
General meeting	06/06/2026	07/06/2025	20/06/2024	03/06/2023	04/06/2022	04/06/2021
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
Micro model	31/12/2025	06/06/2026	13/07/2026	Dutch	PDF
Micro model	31/12/2024	07/06/2025	03/07/2025	Dutch	PDF
Micro model	31/12/2023	20/06/2024	12/07/2024	Dutch	PDF
Micro model	31/12/2022	03/06/2023	12/06/2023	Dutch	PDF
Micro model	31/12/2021	04/06/2022	24/06/2022	Dutch	PDF
Micro model	31/12/2020	04/06/2021	07/06/2021	Dutch	PDF
Micro model	31/12/2019	06/06/2020	02/07/2020	Dutch	PDF
Micro model	31/12/2018	01/06/2019	12/06/2019	Dutch	PDF
Micro model	31/12/2017	24/06/2018	27/06/2018	Dutch	PDF
Micro model	31/12/2016	24/06/2017	20/07/2017	Dutch	PDF
Abridged model	31/12/2015	04/06/2016	11/07/2016	Dutch	PDF
Abridged model	31/12/2014	06/06/2015	23/07/2015	Dutch	PDF
Abridged model	31/12/2013	04/06/2014	04/07/2014	Dutch	PDF
Abridged model	31/12/2012	01/06/2013	02/07/2013	Dutch	PDF
Abridged model	31/12/2011	02/06/2012	22/06/2012	Dutch	PDF
Abridged model	31/12/2010	04/06/2011	28/06/2011	Dutch	PDF
Abridged model	31/12/2009	05/06/2010	21/06/2010	Dutch	PDF
Abridged model	31/12/2008	06/06/2009	17/06/2009	Dutch	PDF
Abridged model	31/12/2007	07/06/2008	24/06/2008	Dutch	PDF
Abridged model	31/12/2006	02/06/2007	22/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 1 M€ and 2,5 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 · 1 active · 1 ended

Active mandates

Frank Bonte

Director

Active

Ended mandates

Frank Bonte

Manager

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates08/01/2024
WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
PDF
Capital / shares26/01/2018
KAPITAAL - AANDELEN
PDF
Capital / shares29/01/2013
KAPITAAL - AANDELEN
PDF
Registered office16/01/2004
DOEL - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ALGEMENE VERGADERING - KAPITAAL - AANDELEN - 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 2025182 k €↑
2024
Annual accounts 202435,5 k €↓
2023
Annual accounts 202338,1 k €↑
2022
Annual accounts 202223,3 k €↓
2021
Annual accounts 202130,1 k €↓
2020
Annual accounts 202044,8 k €↑
2019
Annual accounts 201917,5 k €↓
2018
Annual accounts 201833 k €↑
2017
Annual accounts 201715,8 k €↓
2016
Annual accounts 201619,5 k €↓
2015
Annual accounts 201519,8 k €↓
2014
Annual accounts 201439 k €↑
2013
Annual accounts 201334,3 k €↑
2012
Annual accounts 201233,3 k €↓
2011
Annual accounts 2011104,1 k €↓
2010
Annual accounts 2010133,4 k €↑
2009
Annual accounts 200991,8 k €↓
2008
Annual accounts 2008130 k €↑
2007
Annual accounts 200796,7 k €↑
2006
Annual accounts 200690,2 k €
16/12/1994
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

MASTERS COMMUNICATION

Overview

What does MASTERS COMMUNICATION 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