MASAR
0860.750.680 · rovalta.com · 20/09/2026
ACTIVE
MASAR
Financial year 2025 · closed on 31/12/2025
Net result
1,8 k €
-70.9% YoY
Gross margin
52,1 k €
+3.1% YoY
Equity
439,3 k €
+0.4% YoY
Overview
What does MASAR do?
MASAR is a Private limited company incorporated in 2003. Its main activity is: Management consultancy activities. Its registered office is in Zwevegem.
Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0860.750.680
Incorporation
29/09/2003
Legal form
Private limited company
Registered office
Streyestraat(S) 16 box B
8554 Zwevegem · FlandreSee on map
8554 Zwevegem · FlandreSee on map
Contributed capital
168 600,00 €
Latest accounts
31/12/2025
Activities (NACE)
Joint committees (1)
- 218
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA
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Financials
Trend over 17 financial years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||||||||||||||||||||||||
| Gross margin | 52,1 k € | +3.1% | 50,5 k € | +433% | -15,2 k € | -133% | 45,6 k € | -64.8% | 129,7 k € | -11.1% | 145,9 k € | +2.3% | 142,6 k € | +43.5% | 99,4 k € | +61.7% | 61,5 k € | -1.6% | 62,5 k € | +5046% | 1,2 k € | -95.0% | 24,4 k € | +9.3% | 22,3 k € | -52.7% | 47,2 k € | +2.2% | 46,2 k € | -59.3% | 113,6 k € | +124% | 50,8 k € |
| EBITDA | 49,2 k € | +8.7% | 45,3 k € | +336% | -19,1 k € | -146% | 41,3 k € | -67.3% | 126,4 k € | -11.2% | 142,2 k € | +7.6% | 132,2 k € | +50.6% | 87,8 k € | +59.4% | 55,0 k € | -1.6% | 55,9 k € | +1743% | -3,4 k € | -117% | 19,6 k € | +8.7% | 18,0 k € | -54.9% | 40,0 k € | +40.7% | 28,5 k € | -37.0% | 45,2 k € | +436% | 8,4 k € |
| Operating result | 9,3 k € | -53.3% | 20,0 k € | +139% | -50,9 k € | -635% | 9,5 k € | -90.0% | 95,3 k € | -15.3% | 112,4 k € | +7.3% | 104,8 k € | +63.7% | 64,0 k € | +346% | 14,4 k € | -10.0% | 16,0 k € | +162% | -25,6 k € | -108% | -12,3 k € | -51.0% | -8,1 k € | +63.0% | -22,0 k € | -582% | 4,6 k € | -77.8% | 20,5 k € | +464% | -5,6 k € |
| Net result | 1,8 k € | -70.9% | 6,1 k € | +113% | -48,1 k € | -957% | 5,6 k € | -91.3% | 64,3 k € | -16.0% | 76,6 k € | +11.0% | 69,0 k € | +78.7% | 38,6 k € | +4272% | 882,8 € | -64.9% | 2,5 k € | +295% | -1,3 k € | +68.6% | -4,1 k € | -14.0% | -3,6 k € | +83.7% | -22,1 k € | -1209% | 2,0 k € | -90.8% | 21,6 k € | +1131% | -2,1 k € |
| Balance sheet | |||||||||||||||||||||||||||||||||
| Equity | 439,3 k € | +0.4% | 437,5 k € | +1.4% | 431,4 k € | -10.0% | 479,5 k € | +1.2% | 473,9 k € | +15.7% | 409,6 k € | +23.0% | 333,0 k € | +26.1% | 264,1 k € | +17.1% | 225,5 k € | +202% | 74,6 k € | +3.5% | 72,1 k € | +18.2% | 61,0 k € | -6.3% | 65,0 k € | -5.2% | 68,6 k € | -24.3% | 90,7 k € | +2.2% | 88,7 k € | +32.3% | 67,1 k € |
| Total assets | 573,3 k € | -11.7% | 649,5 k € | +21.5% | 534,5 k € | -16.4% | 639,3 k € | +2.2% | 625,6 k € | +15.9% | 539,9 k € | +10.7% | 487,7 k € | +17.3% | 415,6 k € | -15.0% | 488,9 k € | -6.4% | 522,4 k € | +25.6% | 415,9 k € | -29.3% | 588,1 k € | +1.7% | 578,3 k € | +30.7% | 442,5 k € | +142% | 183,2 k € | -10.7% | 205,1 k € | +48.1% | 138,5 k € |
| Cash | 4,4 k € | -91.5% | 52,1 k € | +40593% | 128,1 € | -97.5% | 5,2 k € | +2044% | 242,0 € | -51.6% | 500,5 € | +59.2% | 314,5 € | -74.8% | 1,2 k € | +35.9% | 917,2 € | -63.2% | 2,5 k € | +597% | 357,6 € | -97.7% | 15,7 k € | +18.2% | 13,2 k € | +568% | 2,0 k € | -84.3% | 12,6 k € | +97.4% | 6,4 k € | -44.5% | 11,5 k € |
| Debts | 76,8 k € | -50.3% | 154,6 k € | +238% | 45,7 k € | -55.4% | 102,6 k € | +8.6% | 94,5 k € | +29.3% | 73,1 k € | -25.0% | 97,4 k € | +3.3% | 94,3 k € | -54.3% | 206,3 k € | -47.2% | 390,6 k € | +36.3% | 286,6 k € | -39.0% | 469,9 k € | +3.1% | 456,0 k € | +44.0% | 316,7 k € | +798% | 35,3 k € | -47.3% | 66,9 k € | +151% | 26,6 k € |
| Other | |||||||||||||||||||||||||||||||||
| Workforce | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 1,0 ETP | 0.0% | 1,0 ETP | -44.4% | 1,8 ETP | ||||||||||||||
Estimate
Indicative valuation
As an indication, this company is worth
between 100 k€ and 250 k€
See the valuationGovernance
Board of directors
Seen on filing of 31/12/2025 · 2 active · 6 ended
Active mandates
Carl Messiaen
ActiveKatrien Ottevaere
ActiveEnded mandates
Carl MESSIAEN
EndedCarl MESSIAEN
EndedKatrien OTTEVAERE
EndedKatrien OTTEVAERE
EndedAt this address
Other companies at this address
| Company | CBE no. |
|---|---|
LARMAS● Active | 0631.864.037 |
Financials
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 | 01/06/2026 | 17/07/2025 | 26/06/2024 | 14/07/2023 | 19/07/2022 | 31/08/2021 |
| General meeting | 15/05/2026 | 06/06/2025 | 21/06/2024 | 10/07/2023 | 30/06/2022 | 27/08/2021 |
| 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
Looking for more information about this company?
Try for 7 daysFilings
Annual accounts filings
18 filings with the NBB
| Model | Closing | General meeting | Filed | Language | Document |
|---|---|---|---|---|---|
| Micro model | 31/12/2025 | 15/05/2026 | 01/06/2026 | Dutch | |
| Micro model | 31/12/2024 | 06/06/2025 | 17/07/2025 | Dutch | |
| Micro model | 31/12/2023 | 21/06/2024 | 26/06/2024 | Dutch | |
| Micro model | 31/12/2022 | 10/07/2023 | 14/07/2023 | Dutch | |
| Micro model | 31/12/2021 | 30/06/2022 | 19/07/2022 | Dutch | |
| Micro model | 31/12/2020 | 27/08/2021 | 31/08/2021 | Dutch | |
| Micro model | 31/12/2019 | 11/09/2020 | 12/10/2020 | Dutch | |
| Micro model | 31/12/2018 | 23/08/2019 | 30/08/2019 | Dutch | |
| Micro model | 31/12/2017 | 09/06/2018 | 11/07/2018 | Dutch | |
| Abridged model | 31/12/2016 | 10/06/2017 | 30/08/2017 | Dutch | |
| Abridged model | 31/12/2015 | 25/06/2016 | 31/08/2016 | Dutch | |
| Abridged model | 31/12/2014 | 30/06/2015 | 29/07/2015 | Dutch | |
| Abridged model | 31/12/2013 | 30/06/2014 | 01/08/2014 | Dutch | |
| Abridged model | 31/12/2012 | 29/06/2013 | 16/07/2013 | Dutch | |
| Abridged model | 31/12/2011 | 28/08/2012 | 27/09/2012 | Dutch | |
| Abridged model | 31/12/2010 | 07/11/2011 | 08/11/2011 | Dutch | |
| Abridged model | 31/12/2009 | 30/06/2010 | 26/07/2010 | Dutch | |
| Abridged model | 31/12/2006 | 30/06/2007 | 14/09/2007 | Dutch |
Valuation
Estimate
Indicative valuation
Order of magnitude
As an indication, this company is worth
between 100 k€ and 250 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.
Disclaimer
Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.
Directors & structure
Governance
Board of directors
Seen on filing of 31/12/2025 · 2 active · 6 ended
Active mandates
Carl Messiaen
ActiveKatrien Ottevaere
ActiveEnded mandates
Carl MESSIAEN
EndedCarl MESSIAEN
EndedKatrien OTTEVAERE
EndedKatrien OTTEVAERE
EndedShareholders
Ownership and network
Looking for more information about this company?
Try for 7 daysPublications
Belgian Official Gazette
Belgian Official Gazette publications
Source: Belgian Official Gazette
Similar companies
Competition
Similar companies
A company's peers, by sector and size, are included in the Business plan.
See the Business planTimeline
Timeline
- 2025Annual accounts 20251,8 k €↓
- 2024Annual accounts 20246,1 k €↑
- 2023Annual accounts 2023-48,1 k €↓
- 2022Annual accounts 20225,6 k €↓
- 2021Annual accounts 202164,3 k €↓
- 2020Annual accounts 202076,6 k €↑
- 2019Annual accounts 201969,0 k €↑
- 2018Annual accounts 201838,6 k €↑
- 2017Annual accounts 2017882,8 €↓
- 2016Annual accounts 20162,5 k €↑
- 2015Annual accounts 2015-1,3 k €↑
- 2014Annual accounts 2014-4,1 k €↓
- 2013Annual accounts 2013-3,6 k €↑
- 2012Annual accounts 2012-22,1 k €↓
- 2011Annual accounts 20112,0 k €↓
- 2010Annual accounts 201021,6 k €↑
- 2009Annual accounts 2009-2,1 k €
- 29/09/2003IncorporationPrivate limited company