ACTIVE

MASTERBULK

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Financial year 2025 · closed on 31/12/2025

Net result

358,5 k €

+235.4% YoY

Revenue

26,3 M €

+11.1% YoY

Equity

3,3 M €

+11.6% YoY

Workforce

193,3 ETP

+7.4% YoY

What does MASTERBULK do?

MASTERBULK is a Public limited company incorporated in 1997. Its main activity is: Freight transport by road. Its registered office is in Gent. It employs on average 193,3 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0460.694.273

Incorporation

21/05/1997

Legal form

Public limited company

Registered office

Waalkens 10
9030 Gent · FlandreSee on map

Contributed capital

61 500,00 €

Latest accounts

31/12/2025

Average workforce

193,3 ETP

Activities (NACE)

49410Freight transport by road· main 49410Freight transport by road 60242Television programming and broadcasting activities

Joint committees (5)

112
140
14003
14204
226

Signals

ProfitablePositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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	26,3 M €	+11.1%	23,7 M €	+10.1%	21,5 M €	-8.0%	23,4 M €	+10.1%	21,3 M €	+4.6%	20,3 M €	-6.2%	21,7 M €	-4.5%	22,7 M €	+9.5%	20,7 M €	+7.4%	19,3 M €	+6.9%	18,1 M €	+0.4%	18 M €	-0.2%	18 M €	+0.3%	18 M €	-1.8%	18,3 M €	+3.7%	17,6 M €	+13.0%	15,6 M €	-12.7%	17,9 M €	+15.8%	15,5 M €	+13.1%	13,7 M €
EBITDA	3 M €	+28.6%	2,3 M €	-15.4%	2,8 M €	+9.1%	2,5 M €	+29.9%	2 M €	-8.9%	2,1 M €	-3.7%	2,2 M €	-20.9%	2,8 M €	-2.8%	2,9 M €	+7.1%	2,7 M €	+2.7%	2,6 M €	+19.3%	2,2 M €	+10.4%	2 M €	-4.0%	2,1 M €	-9.9%	2,3 M €	-7.4%	2,5 M €	+5.7%	2,4 M €	-18.1%	2,9 M €	+3.2%	2,8 M €	+18.9%	2,3 M €
Operating result	796 k €	+896%	79,9 k €	-84.1%	502,6 k €	+25.9%	399,2 k €	+73.5%	230,1 k €	+24.5%	184,8 k €	-19.5%	229,7 k €	-59.7%	570,4 k €	-33.6%	858,5 k €	-3.1%	885,5 k €	+15.5%	766,7 k €	+36.4%	562,1 k €	+59.9%	351,5 k €	-25.6%	472,4 k €	-31.6%	691 k €	-0.9%	697,6 k €	-23.5%	911,6 k €	+90.0%	479,7 k €	-27.4%	660,9 k €	-2.7%	679,6 k €
Net result	358,5 k €	+235%	-264,7 k €	-235%	195,9 k €	-5.4%	207 k €	+183%	73,2 k €	+692%	9,2 k €	-66.5%	27,6 k €	-89.7%	266,6 k €	-39.7%	442,2 k €	-4.0%	460,6 k €	+39.2%	330,8 k €	+64.2%	201,4 k €	+257%	56,4 k €	-21.9%	72,2 k €	-63.5%	197,9 k €	+49.3%	132,6 k €	-52.3%	278,1 k €	+206%	-262,2 k €	-349%	105,2 k €	-56.7%	243,1 k €
Balance sheet
Equity	3,3 M €	+11.6%	3 M €	-8.8%	3,3 M €	+5.5%	3,1 M €	+5.9%	2,9 M €	+5.6%	2,8 M €	-17.7%	3,4 M €	+0.5%	3,3 M €	+11.4%	3 M €	+10.3%	2,7 M €	+20.2%	2,3 M €	+16.6%	1,9 M €	+11.2%	1,7 M €	+2.1%	1,7 M €	+3.4%	1,7 M €	+12.3%	1,5 M €	+8.4%	1,4 M €	+21.1%	1,1 M €	-20.4%	1,4 M €	+22.8%	1,1 M €
Total assets	19,6 M €	+22.1%	16,1 M €	+0.9%	15,9 M €	-4.2%	16,6 M €	+14.6%	14,5 M €	+2.1%	14,2 M €	-11.4%	16,1 M €	-5.9%	17,1 M €	+6.3%	16 M €	+7.7%	14,9 M €	+27.3%	11,7 M €	+25.5%	9,3 M €	+0.3%	9,3 M €	+14.7%	8,1 M €	-4.2%	8,5 M €	-16.7%	10,2 M €	-22.3%	13,1 M €	-7.0%	14,1 M €	-3.6%	14,6 M €	+38.6%	10,5 M €
Cash	1,3 M €	+54.8%	869,8 k €	-42.5%	1,5 M €	-32.1%	2,2 M €	+62.8%	1,4 M €	+12.4%	1,2 M €	-37.5%	1,9 M €	+440%	360,8 k €	-60.2%	907,2 k €	+36.1%	666,6 k €	-7.2%	718,1 k €	+42.5%	503,8 k €	+91.3%	263,3 k €	+163%	100,1 k €	-43.2%	176,3 k €	+3.9%	169,6 k €	+7.9%	157,3 k €	+3128%	4,9 k €	-64.5%	13,7 k €	+732%	1,6 k €
Debts	16,3 M €	+24.4%	13,1 M €	+3.5%	12,6 M €	-6.6%	13,5 M €	+16.6%	11,6 M €	+1.4%	11,4 M €	-9.6%	12,6 M €	-7.6%	13,7 M €	+5.2%	13 M €	+7.0%	12,1 M €	+28.8%	9,4 M €	+27.9%	7,4 M €	-2.0%	7,5 M €	+18.1%	6,4 M €	-6.1%	6,8 M €	-19.0%	8,4 M €	-26.6%	11,4 M €	-11.7%	12,9 M €	-1.9%	13,2 M €	+40.8%	9,4 M €
Other
Workforce	193,3 ETP	+7.4%	179,9 ETP	+3.7%	173,4 ETP	-2.8%	178,4 ETP	+3.9%	171,7 ETP	+0.3%	171,2 ETP	-4.0%	178,3 ETP	+1.2%	176,2 ETP	+7.7%	163,6 ETP	+9.1%	150,0 ETP	+5.2%	142,6 ETP	-3.1%	147,1 ETP	-0.3%	147,6 ETP	-3.3%	152,6 ETP	-0.1%	152,7 ETP	-1.0%	154,3 ETP	+2.9%	150,0 ETP	-4.4%	156,9 ETP	+14.8%	136,7 ETP	+22.1%	112,0 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 · 27 ended

Active mandates

Emiel SLOCK

Director · since 30 juillet 2020 · until 30 juillet 2026

Active

M-SOURCE

Managing director · since 30 juillet 2020 · until 30 juillet 2026 · 0449.898.569

Represented by Filip SLOCK

Active

Ended mandates

Bernard SLOCK

Director · since 30 juillet 2020 · until 30 juillet 2022

Ended

Bernard SLOCK

Director · since 26 novembre 2014 · until 05 juin 2020

Ended

Bernard SLOCK

Director · since 26 novembre 2014 · until 06 juin 2020

Ended

Bernard SLOCK

Director · since 26 novembre 2014 · until 29 juin 2020

Ended

At this address

Other companies at this address

Company	CBE no.
INTERFACE LOGISTICS● Active	0502.353.201
M-FORCE● Active	0797.700.086
M-FORWARD● Active	0741.906.874
M-SOURCE● Active	0449.898.569

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full 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	23/07/2026	22/07/2025	10/07/2024	17/08/2023	17/08/2022	13/07/2021
General meeting	30/06/2026	30/06/2025	30/06/2024	30/06/2023	30/06/2022	30/06/2021
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
Full model	31/12/2025	30/06/2026	23/07/2026	Dutch	PDF
Full model	31/12/2024	30/06/2025	22/07/2025	Dutch	PDF
Full model	31/12/2023	30/06/2024	10/07/2024	Dutch	PDF
Full model	31/12/2022	30/06/2023	17/08/2023	Dutch	PDF
Full model	31/12/2021	30/06/2022	17/08/2022	Dutch	PDF
Full model	31/12/2020	30/06/2021	13/07/2021	Dutch	PDF
Full model	31/12/2019	29/06/2020	14/07/2020	Dutch	PDF
Full model	31/12/2018	25/07/2019	31/07/2019	Dutch	PDF
Full model	31/12/2017	30/08/2018	30/08/2018	Dutch	PDF
Full model	31/12/2016	13/10/2017	23/10/2017	Dutch	PDF
Full model	31/12/2015	15/10/2016	24/10/2016	Dutch	PDF
Full model	31/12/2014	30/09/2015	30/09/2015	Dutch	PDF
Full model	31/12/2013	26/11/2014	03/12/2014	Dutch	PDF
Full model	31/12/2012	23/11/2013	26/11/2013	Dutch	PDF
Full model	31/12/2011	15/09/2012	21/09/2012	Dutch	PDF
Full model	31/12/2010	23/12/2011	04/01/2012	Dutch	PDF
Full model	31/12/2009	23/10/2010	25/10/2010	Dutch	PDF
Full model	31/12/2008	14/08/2009	09/09/2009	Dutch	PDF
Full model	31/12/2007	07/06/2008	08/09/2008	Dutch	PDF
Full model	31/12/2006	02/06/2007	16/07/2007	Dutch	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 · 27 ended

Active mandates

Emiel SLOCK

Director · since 30 juillet 2020 · until 30 juillet 2026

Active

M-SOURCE

Managing director · since 30 juillet 2020 · until 30 juillet 2026 · 0449.898.569

Represented by Filip SLOCK

Active

Ended mandates

Bernard SLOCK

Director · since 30 juillet 2020 · until 30 juillet 2022

Ended

Bernard SLOCK

Director · since 26 novembre 2014 · until 05 juin 2020

Ended

Bernard SLOCK

Director · since 26 novembre 2014 · until 06 juin 2020

Ended

Bernard SLOCK

Director · since 26 novembre 2014 · until 29 juin 2020

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates03/09/2026
Ontslag, benoeming en herbenoeming bestuurders en gedelegeerd
PDF
Mandates11/12/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/08/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates30/09/2020
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring26/08/2020
KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN - STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates16/07/2020
ONTSLAGEN - BENOEMINGEN
PDF
Restructuring23/06/2020
RUBRIEK HERSTRUCTURERING (FUSIE, SPLITSING, OVERDRACHT VERMOGEN, ENZ...)
PDF
Mandates19/10/2018
ONTSLAGEN - BENOEMINGEN
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 2025358,5 k €↑
2024
Annual accounts 2024-264,7 k €↓
2023
Annual accounts 2023195,9 k €↓
2022
Annual accounts 2022207 k €↑
2021
Annual accounts 202173,2 k €↑
2020
Annual accounts 20209,2 k €↓
2019
Annual accounts 201927,6 k €↓
2018
Annual accounts 2018266,6 k €↓
2017
Annual accounts 2017442,2 k €↓
2016
Annual accounts 2016460,6 k €↑
2015
Annual accounts 2015330,8 k €↑
2014
Annual accounts 2014201,4 k €↑
2013
Annual accounts 201356,4 k €↓
2012
Annual accounts 201272,2 k €↓
2011
Annual accounts 2011197,9 k €↑
2010
Annual accounts 2010132,6 k €↓
2009
Annual accounts 2009278,1 k €↑
2008
Annual accounts 2008-262,2 k €↓
2007
Annual accounts 2007105,2 k €↓
2006
Annual accounts 2006243,1 k €
21/05/1997
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

MASTERBULK

Overview

What does MASTERBULK do?

Trend over 20 financial years

Indicative valuation

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