TWO MASTERS LTD
0894.651.091 · rovalta.com · 23/09/2026
ACTIVE
TWO MASTERS LTD
Financial year 2025 · closed on 31/12/2025
Net result
-17,7 k €
+28.5% YoY
Gross margin
2,2 k €
+181.7% YoY
Equity
-318,4 k €
-5.9% YoY
Workforce
0,0 ETP
Overview
What does TWO MASTERS LTD do?
TWO MASTERS LTD is a Foreign company incorporated in 2008. Its registered office is in LONDON.
Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0894.651.091
Incorporation
04/01/2008
Legal form
Foreign company
Registered office
GMAK VERNON YARD 5-7
W11 2DX LONDON · Inconnue
W11 2DX LONDON · Inconnue
Contributed capital
1 540,00 €
Latest accounts
31/12/2025
Average workforce
0,0 ETP
Joint committees (2)
- 218
- 323
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Financials
Trend over 18 financial years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||||||||||||||||||||||||||
| Gross margin | 2,2 k € | +182% | -2,7 k € | +52.5% | -5,7 k € | +94.2% | -97,4 k € | -3126% | 3,2 k € | +114% | -23,5 k € | -227% | 18,5 k € | -78.9% | 87,8 k € | +93.0% | 45,5 k € | -36.5% | 71,6 k € | +2817% | -2,6 k € | +0.3% | -2,6 k € | +85.5% | -18,3 k € | -5.4% | -17,3 k € | -161% | 28,5 k € | +92.2% | 14,8 k € | -69.6% | 48,8 k € | -4.5% | 51,1 k € |
| EBITDA | -17,7 k € | +28.7% | -24,8 k € | -337% | -5,7 k € | +94.7% | -107,6 k € | -35272% | 305,9 € | +101% | -26,3 k € | -971% | -2,5 k € | -108% | 31,9 k € | -23.5% | 41,7 k € | -40.0% | 69,5 k € | +2242% | -3,2 k € | +42.1% | -5,6 k € | +79.3% | -27,1 k € | +25.9% | -36,6 k € | -64.4% | -22,2 k € | -28.3% | -17,3 k € | -236% | 12,8 k € | +2189% | -611,3 € |
| Operating result | -17,7 k € | +28.7% | -24,8 k € | -337% | -5,7 k € | +94.8% | -108,8 k € | -6886329% | 1,6 € | +100% | -30,3 k € | -373% | -6,4 k € | -123% | 28 k € | -26.9% | 38,3 k € | -42.0% | 66 k € | +1871% | -3,7 k € | +40.3% | -6,2 k € | +79.4% | -30,3 k € | +34.8% | -46,5 k € | -45.2% | -32 k € | -19.6% | -26,8 k € | -896% | 3,4 k € | +145% | -7,5 k € |
| Net result | -17,7 k € | +28.5% | -24,8 k € | -351% | -5,5 k € | +95.1% | -111,5 k € | -2885% | -3,7 k € | +88.3% | -31,9 k € | -299% | -8 k € | -136% | 22 k € | +182% | -27 k € | -149% | 55,2 k € | +527% | 8,8 k € | +195% | -9,2 k € | +74.3% | -36 k € | +25.4% | -48,2 k € | -44.2% | -33,4 k € | -5.8% | -31,6 k € | -286% | -8,2 k € | +9.8% | -9,1 k € |
| Balance sheet | |||||||||||||||||||||||||||||||||||
| Equity | -318,4 k € | -5.9% | -300,6 k € | -9.0% | -275,8 k € | -2.0% | -270,3 k € | -70.3% | -158,8 k € | -2.4% | -155 k € | -25.9% | -123,2 k € | -6.9% | -115,2 k € | +16.1% | -137,2 k € | -24.5% | -110,2 k € | +33.4% | -165,5 k € | +5.1% | -174,3 k € | -5.6% | -165 k € | -27.9% | -129,1 k € | -59.7% | -80,8 k € | -70.6% | -47,4 k € | -201% | -15,7 k € | -109% | -7,5 k € |
| Total assets | 215,6 k € | -11.8% | 244,4 k € | -8.3% | 266,5 k € | -1.2% | 269,8 k € | -54.5% | 593,3 k € | +16.5% | 509,2 k € | -3.9% | 529,9 k € | -16.7% | 635,9 k € | -20.6% | 801,2 k € | -24.3% | 1,1 M € | +4822% | 21,5 k € | +72.2% | 12,5 k € | +7.6% | 11,6 k € | -35.6% | 18 k € | -49.0% | 35,3 k € | -33.3% | 52,9 k € | -15.7% | 62,7 k € | +16.3% | 53,9 k € |
| Cash | 2,4 k € | 0.0% | 2,4 k € | 0.0% | 2,4 k € | -62.0% | 6,3 k € | -79.1% | 30,1 k € | +872% | 3,1 k € | -94.6% | 57,1 k € | +57.2% | 36,3 k € | +1523% | 2,2 k € | -73.2% | 8,4 k € | +311% | 2 k € | +2249% | 86,6 € | -96.5% | 2,5 k € | +545% | 388,1 € | +974% | 36,1 € | -88.6% | 318,2 € | -77.1% | 1,4 k € | -84.4% | 8,9 k € |
| Debts | 533,9 k € | -2.0% | 545 k € | +0.5% | 542,3 k € | +0.4% | 540,1 k € | -28.2% | 752,1 k € | +13.2% | 664,2 k € | +1.7% | 653 k € | -13.0% | 751 k € | -20.0% | 938,4 k € | -19.7% | 1,2 M € | +525% | 187 k € | +0.1% | 186,8 k € | +5.7% | 176,6 k € | +20.1% | 147,1 k € | +26.6% | 116,1 k € | +15.8% | 100,3 k € | +28.9% | 77,8 k € | +27.2% | 61,2 k € |
| Other | |||||||||||||||||||||||||||||||||||
| Workforce | 0,0 ETP | 0,0 ETP | 0,0 ETP | – | – | – | – | – | – | – | – | – | – | 0,5 ETP | 0.0% | 0,5 ETP | -37.5% | 0,8 ETP | +14.3% | 0,7 ETP | -65.0% | 2,0 ETP | |||||||||||||
Governance
Board of directors
Seen on filing of 31/12/2025 · 1 active · 3 ended
Active mandates
Reginald VAN HULLE
ActiveEnded mandates
REGINALD VANHULLE
EndedReginald VAN HULLE
EndedReginald VAN HULLE
EndedFinancials
Annual accounts
Full financial information
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Type of account | Abridged model | Abridged model | Abridged model | Abridged model | Abridged model | Abridged 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 | 28/07/2026 | 06/11/2025 | 13/12/2024 | 03/08/2023 | 04/08/2022 | 12/08/2021 |
| General meeting | 29/05/2026 | 30/05/2025 | 31/05/2024 | 26/05/2023 | 27/05/2022 | 28/06/2021 |
| 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
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 |
|---|---|---|---|---|---|
| Abridged model | 31/12/2025 | 29/05/2026 | 28/07/2026 | Dutch | |
| Abridged model | 31/12/2024 | 30/05/2025 | 06/11/2025 | Dutch | |
| Abridged model | 31/12/2023 | 31/05/2024 | 13/12/2024 | Dutch | |
| Abridged model | 31/12/2022 | 26/05/2023 | 03/08/2023 | Dutch | |
| Abridged model | 31/12/2021 | 27/05/2022 | 04/08/2022 | Dutch | |
| Abridged model | 31/12/2020 | 28/06/2021 | 12/08/2021 | Dutch | |
| Abridged model | 31/12/2019 | 29/05/2020 | 12/08/2020 | Dutch | |
| Abridged model | 31/12/2018 | 31/05/2019 | 30/09/2019 | Dutch | |
| Abridged model | 31/12/2017 | 25/05/2018 | 08/08/2018 | Dutch | |
| Micro model | 31/12/2016 | 26/05/2017 | 31/08/2017 | Dutch | |
| Abridged model | 31/12/2015 | 27/05/2016 | 02/08/2016 | Dutch | |
| Abridged model | 31/12/2014 | 29/05/2015 | 01/08/2015 | Dutch | |
| Abridged model | 31/12/2013 | 30/05/2014 | 24/09/2014 | Dutch | |
| Abridged model | 31/12/2012 | 31/05/2013 | 13/08/2013 | Dutch | |
| Abridged model | 31/12/2011 | 25/05/2012 | 09/08/2012 | Dutch | |
| Abridged model | 31/12/2010 | 08/07/2011 | 01/08/2011 | Dutch | |
| Abridged model | 31/12/2009 | 28/05/2010 | 19/07/2010 | Dutch | |
| Abridged model | 31/12/2008 | 29/05/2009 | 31/08/2009 | Dutch |
Valuation
Estimate
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.
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 · 1 active · 3 ended
Active mandates
Reginald VAN HULLE
ActiveEnded mandates
REGINALD VANHULLE
EndedReginald VAN HULLE
EndedReginald VAN HULLE
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 2025-17,7 k €↑
- 2024Annual accounts 2024-24,8 k €↓
- 2023Annual accounts 2023-5,5 k €↑
- 2022Annual accounts 2022-111,5 k €↓
- 2021Annual accounts 2021-3,7 k €↑
- 2020Annual accounts 2020-31,9 k €↓
- 2019Annual accounts 2019-8 k €↓
- 2018Annual accounts 201822 k €↑
- 2017Annual accounts 2017-27 k €↓
- 2016Annual accounts 201655,2 k €↑
- 2015Annual accounts 20158,8 k €↑
- 2014Annual accounts 2014-9,2 k €↑
- 2013Annual accounts 2013-36 k €↑
- 2012Annual accounts 2012-48,2 k €↓
- 2011Annual accounts 2011-33,4 k €↓
- 2010Annual accounts 2010-31,6 k €↓
- 2009Annual accounts 2009-8,2 k €↑
- 2008Annual accounts 2008-9,1 k €
- 04/01/2008IncorporationForeign company