ACTIVE

MASTER REEF

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Financial year 2025 · closed on 31/12/2025

Net result

5,4 k €

-89.5% YoY

Gross margin

17,1 k €

-79.4% YoY

Equity

60,8 k €

+9.7% YoY

What does MASTER REEF do?

MASTER REEF is a Private limited company incorporated in 2010. Its main activity is: Office administrative and support activities. Its registered office is in Donceel.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0831.819.045

Incorporation

13/12/2010

Legal form

Private limited company

Registered office

Rue La Rue 74
4357 Donceel · WallonieSee on map

Contributed capital

2 060,00 €

Latest accounts

31/12/2025

Activities (NACE)

82100Office administrative and support activities· main 82110Combined office administrative service activities 66120Security and commodity contracts brokerage 66129Security and commodity contracts brokerage 68100Buying and selling of own real estate 68110Buying and selling of own real estate+2

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 15 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011
Income statement
Gross margin	17,1 k €	-79.4%	82,8 k €	-30.9%	119,8 k €	+94.0%	61,7 k €	-9.7%	68,3 k €	+2.9%	66,5 k €	-27.8%	92 k €	+36.0%	67,7 k €	-7.9%	73,5 k €	+1.0%	72,8 k €	-26.7%	99,4 k €	-11.4%	112,1 k €	-14.7%	131,5 k €	+15.8%	113,6 k €	+15.0%	98,7 k €
EBITDA	16,7 k €	-79.7%	82,3 k €	-31.0%	119,2 k €	+9248%	1,3 k €	-90.9%	14,1 k €	+35.8%	10,4 k €	-69.6%	34,1 k €	+246%	9,9 k €	-47.1%	18,7 k €	-11.8%	21,1 k €	-25.0%	28,2 k €	-6.6%	30,2 k €	-43.2%	53,1 k €	+19.1%	44,6 k €	-19.2%	55,1 k €
Operating result	16,4 k €	-80.0%	82 k €	-31.1%	119 k €	+33475%	354,4 €	-97.3%	13,2 k €	+39.0%	9,5 k €	-71.4%	33,3 k €	+269%	9 k €	-48.8%	17,6 k €	-12.4%	20,1 k €	-25.9%	27,1 k €	-6.9%	29,1 k €	-44.1%	52 k €	+16.7%	44,6 k €	-17.7%	54,1 k €
Net result	5,4 k €	-89.5%	50,9 k €	-39.7%	84,4 k €	+1778%	-5 k €	-197%	5,2 k €	+14.3%	4,5 k €	-80.5%	23,3 k €	+1226%	1,8 k €	-80.1%	8,8 k €	-30.4%	12,7 k €	-4.1%	13,2 k €	-33.9%	20 k €	-45.2%	36,6 k €	+17.5%	31,1 k €	-11.1%	35 k €
Balance sheet
Equity	60,8 k €	+9.7%	55,5 k €	+424%	10,6 k €	-5.2%	11,2 k €	-31.0%	16,2 k €	+13.2%	14,3 k €	-73.9%	54,8 k €	+73.8%	31,5 k €	+5.9%	29,8 k €	+42.2%	20,9 k €	+154%	8,2 k €	-71.6%	29 k €	+224%	9 k €	-78.9%	42,4 k €	+277%	11,2 k €
Total assets	94 k €	-42.4%	163,2 k €	+43.8%	113,5 k €	+66.5%	68,2 k €	-31.7%	99,8 k €	-10.4%	111,4 k €	+40.6%	79,3 k €	+52.8%	51,9 k €	+26.7%	40,9 k €	+13.5%	36,1 k €	-62.6%	96,4 k €	+52.0%	63,4 k €	-48.4%	122,8 k €	+41.8%	86,6 k €	+42.9%	60,6 k €
Cash	35 k €	-50.3%	70,5 k €	-19.5%	87,6 k €	+79.0%	48,9 k €	-27.6%	67,6 k €	+5.8%	63,9 k €	+28.2%	49,8 k €	+137%	21 k €	+5.8%	19,8 k €	+726%	2,4 k €	-89.5%	22,8 k €	+434%	4,3 k €	-38.7%	7 k €	-90.5%	73,1 k €	+38.5%	52,8 k €
Debts	33,2 k €	-69.2%	107,7 k €	+4.7%	102,9 k €	+80.6%	57 k €	-31.9%	83,6 k €	-13.9%	97,1 k €	+297%	24,5 k €	+20.3%	20,3 k €	+81.9%	11,2 k €	-26.2%	15,2 k €	-82.8%	88,2 k €	+156%	34,4 k €	-69.7%	113,9 k €	+157%	44,3 k €	-10.4%	49,4 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		1,5 ETP	-25.0%	2,0 ETP	0.0%	2,0 ETP	+11.1%	1,8 ETP	+80.0%	1,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€

See the valuation

Governance

Board of directors

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

Active mandates

BRUNO CRASSINIS

Director

Active

Ended mandates

Bruno CRASSINIS

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	14/07/2026	22/08/2025	01/07/2024	27/06/2023	17/06/2022	27/08/2021
General meeting	17/06/2026	18/06/2025	19/06/2024	21/06/2023	15/06/2022	16/06/2021
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

15 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	17/06/2026	14/07/2026	French	PDF
Micro model	31/12/2024	18/06/2025	22/08/2025	French	PDF
Micro model	31/12/2023	19/06/2024	01/07/2024	French	PDF
Micro model	31/12/2022	21/06/2023	27/06/2023	French	PDF
Micro model	31/12/2021	15/06/2022	17/06/2022	French	PDF
Micro model	31/12/2020	16/06/2021	27/08/2021	French	PDF
Micro model	31/12/2019	17/06/2020	07/07/2020	French	PDF
Micro model	31/12/2018	19/06/2019	28/08/2019	French	PDF
Micro model	31/12/2017	20/06/2018	27/06/2018	French	PDF
Micro model	31/12/2016	21/06/2017	26/06/2017	French	PDF
Abridged model	31/12/2015	15/06/2016	23/08/2016	French	PDF
Abridged model	31/12/2014	17/06/2015	06/07/2015	French	PDF
Abridged model	31/12/2013	18/06/2014	01/07/2014	French	PDF
Abridged model	31/12/2012	19/06/2013	21/06/2013	French	PDF
Abridged model	31/12/2011	20/06/2012	20/06/2012	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 k€

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

BRUNO CRASSINIS

Director

Active

Ended mandates

Bruno CRASSINIS

Manager

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates18/03/2024
STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, ) - MODIFICATION FORME JURIDIQUE - DEMISSIONS, NOMINATIONS
PDF
Mandates20/07/2023
DEMISSIONS, NOMINATIONS
PDF
Registered office27/09/2013
SIEGE SOCIAL
PDF
Other22/12/2010
RUBRIQUE CONSTITUTION (NOUVELLE PERSONNE MORALE, OUVERTURE SUCCURSALE, ETC...)
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 20255,4 k €↓
2024
Annual accounts 202450,9 k €↓
2023
Annual accounts 202384,4 k €↑
2022
Annual accounts 2022-5 k €↓
2021
Annual accounts 20215,2 k €↑
2020
Annual accounts 20204,5 k €↓
2019
Annual accounts 201923,3 k €↑
2018
Annual accounts 20181,8 k €↓
2017
Annual accounts 20178,8 k €↓
2016
Annual accounts 201612,7 k €↓
2015
Annual accounts 201513,2 k €↓
2014
Annual accounts 201420 k €↓
2013
Annual accounts 201336,6 k €↑
2012
Annual accounts 201231,1 k €↓
2011
Annual accounts 201135 k €
13/12/2010
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

MASTER REEF

Overview

What does MASTER REEF do?

Trend over 15 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