NORMAL SITUATION

MASSELUS

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Company — Normal situation.

Financial year 2026 · Closed on 31/03/2026

Net result1,4 M €-0,1 %over 1 year

Revenue686,7 k €-97,8 %over 1 year

Equity6,9 M €+24,6 %over 1 year

Identity

Source · BCE/KBO

MASSELUS is a company registered in Belgium.

Legal situation: Normal situation
BCE/KBO no. / VAT: BE 0464.350.084
Legal form: Public limited company
Contributed capital: 201 000,00 €
Latest accounts: 31/03/2026

Joint committees (3)

119
202
20201

Signals

ProfitableSolid equityPositive cashflowPositive EBITDA

Financials

Source · NBB, 27 filings

Trend over 19 financial years

	2026		2025		2023		2022		2021
Income statement
Revenue	686,7 k €	-97.8%	30,9 M €	+32.5%	23,3 M €	+6.6%	21,9 M €	-7.2%	23,6 M €
EBITDA	1,9 M €	-25.6%	2,5 M €	+69.9%	1,5 M €	+112%	698,9 k €	-52.5%	1,5 M €
Operating result	1,9 M €	+0.9%	1,8 M €	+141%	761,9 k €	+207%	248,3 k €	-76.2%	1 M €
Net result	1,4 M €	-0.1%	1,4 M €	+155%	532,5 k €	+278%	141 k €	-80.7%	732,1 k €
Balance sheet
Equity	6,9 M €	+24.6%	5,5 M €	+32.7%	4,1 M €	+8.7%	3,8 M €	+3.8%	3,7 M €
Total assets	6,9 M €	-27.7%	9,5 M €	-4.4%	9,9 M €	-2.2%	10,2 M €	+30.7%	7,8 M €
Cash	3,7 M €	+43.3%	2,6 M €	+7.4%	2,4 M €	+35.0%	1,8 M €	-10.6%	2 M €
Debts	–		4 M €	-31.0%	5,8 M €	-8.8%	6,3 M €	+54.8%	4,1 M €
Other
Workforce	–		47,5 ETP	+1.7%	46,7 ETP	-1.5%	47,4 ETP	-5.0%	49,9 ETP

Board of directors

Source · NBB, accounts to 31/03/2026

3 active · 38 ended

Active mandates

Annelies De Cloedt

Director · since 01 avril 2025 · until 31 mars 2026

Active

Francis Schoe

Director · since 01 avril 2025 · until 31 mars 2026

Active

Francis Schoe

Managing director · since 01 avril 2025 · until 31 mars 2026

Active

Ended mandates

Annelies De Cloedt

Director · since 01 avril 2025 · until 01 avril 2031

Ended

Francis Schoe

Director · since 01 avril 2025 · until 01 avril 2031

Ended

Francis Schoe

Managing director · since 01 avril 2025 · until 01 avril 2031

Ended

Ann Masselus

Managing director · since 13 décembre 2022 · until 01 avril 2025

Ended

Full financial information

Source · NBB

	2026	2025	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full model
Start of the financial year	01/04/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/03/2026	31/03/2025	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	15 months	12 months	12 months	12 months	12 months
Filing date	28/04/2026	25/03/2026	06/06/2024	19/07/2023	22/07/2022	23/07/2021
General meeting	31/03/2026	19/03/2026	01/06/2024	14/07/2023	16/07/2022	16/07/2021
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, 27 filings

Model	Closing	General meeting	Filed	Language	Document
Full model	31/03/2026	31/03/2026	28/04/2026	Dutch	PDF
Full model	31/03/2025	19/03/2026	25/03/2026	Dutch	PDF
Full model	31/12/2023	01/06/2024	06/06/2024	Dutch	PDF
Full model	31/12/2022	14/07/2023	19/07/2023	Dutch	PDF
Full model	31/12/2021	16/07/2022	22/07/2022	Dutch	PDF
Full model	31/12/2020	16/07/2021	23/07/2021	Dutch	PDF
Full model	31/12/2019	16/07/2020	17/07/2020	Dutch	PDF
Full model	31/12/2018	28/06/2019	03/07/2019	Dutch	PDF
Full model	31/12/2017	26/09/2018	26/09/2018	Dutch	PDF
Full model	31/12/2016	25/08/2017	30/08/2017	Dutch	PDF
Full model	31/12/2015	23/09/2016	26/09/2016	Dutch	PDF
Full model	31/12/2014	30/06/2015	07/07/2015	Dutch	PDF
Full model	31/12/2013	30/06/2014	04/07/2014	Dutch	PDF
Full model	31/12/2012	12/07/2013	19/07/2013	Dutch	PDF
Full model	31/12/2011	11/07/2012	16/07/2012	Dutch	PDF
Full model	31/12/2010	30/06/2011	01/07/2011	Dutch	PDF
Full model	31/12/2009	05/06/2010	30/06/2010	Dutch	PDF
Full model	31/12/2008	06/06/2009	06/07/2009	Dutch	PDF
Full model	31/12/2007	30/06/2008	26/08/2008	Dutch	PDF
Full model	31/12/2006	04/06/2007	20/09/2007	Dutch	PDF
Full model	31/12/2005	03/06/2006	11/08/2006	Dutch	PDF
Full model	31/12/2004	04/06/2005	23/06/2005	Dutch	PDF
Abridged model	31/12/2003	05/06/2004	15/07/2004	Dutch	PDF
Abridged model	31/12/2002	07/06/2003	25/07/2003	Dutch	PDF
Abridged model	31/12/2001	01/06/2002	27/09/2002	Dutch	PDF
Abridged model	31/12/2000	02/06/2001	26/10/2001	Dutch	PDF
Abridged model	31/12/1999	03/06/2000	26/10/2000	Dutch	PDF

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.

Board of directors

Source · NBB, accounts to 31/03/2026

3 active · 38 ended

Active mandates

Annelies De Cloedt

Director · since 01 avril 2025 · until 31 mars 2026

Active

Francis Schoe

Director · since 01 avril 2025 · until 31 mars 2026

Active

Francis Schoe

Managing director · since 01 avril 2025 · until 31 mars 2026

Active

Ended mandates

Annelies De Cloedt

Director · since 01 avril 2025 · until 01 avril 2031

Ended

Francis Schoe

Director · since 01 avril 2025 · until 01 avril 2031

Ended

Francis Schoe

Managing director · since 01 avril 2025 · until 01 avril 2031

Ended

Ann Masselus

Managing director · since 13 décembre 2022 · until 01 avril 2025

Ended

Ownership and network

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Belgian Official Gazette publications

Source · Belgian Official Gazette

Dissolution15/04/2026
RUBRIEK EINDE (STOPZETTING, INTREKKING STOPZETTING, NIETIGHEID, GER. AK., GERECHTELIJKE REORGANISATIE, ENZ...
PDF
Mandates14/05/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates07/05/2025
MAATSCHAPPELIJKE ZETEL - ONTSLAGEN - BENOEMINGEN
PDF
Other02/01/2025
ALGEMENE VERGADERING - BOEKJAAR
PDF
Mandates08/08/2023
ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/12/2022
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - ONTSLAGEN - BENOEMINGEN
PDF
Mandates19/10/2020
ONTSLAGEN - BENOEMINGEN
PDF
Mandates13/02/2019
ONTSLAGEN - BENOEMINGEN
PDF

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

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Timeline

2026
Annual accounts 20261,4 M €↓
2026
Name changeMasselus NV (in discontinuïteit)
2025
Annual accounts 20251,4 M €↑
2023
Annual accounts 2023532,5 k €↑
2022
Annual accounts 2022141 k €↓
2021
Annual accounts 2021732,1 k €↑
2021
Name changeMasselus NV
2020
Annual accounts 2020613,7 k €↑
2019
Annual accounts 2019321,2 k €↑
2018
Annual accounts 2018310 k €↑
2017
Annual accounts 2017221,9 k €↓
2016
Annual accounts 2016304 k €↑
2015
Annual accounts 2015133,3 k €↑
2014
Annual accounts 2014-281,7 k €↓
2013
Annual accounts 2013-234,4 k €↓
2012
Annual accounts 2012309,4 k €↓
2011
Annual accounts 2011345,4 k €↓
2010
Annual accounts 2010382,8 k €↑
2009
Annual accounts 2009219,3 k €↑
2008
Annual accounts 2008-68,1 k €↓
2006
Annual accounts 2006361,3 k €

MASSELUS

Overview

Identity

Financials

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