Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Tight liquidity NBB
Cash and receivables cover 41 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
Mastercard Europe from Waterloo, company number BE0448038446, closed financial year 2025 with a result of € 2 billion after tax. For that financial year Mastercard Europe recorded revenue of € 9.6 billion and equity of € 657.8 million. Compared with financial year 2023, the result moved from € 1.6 billion to € 2 billion. Profitable, and profit is growing. The buffer is growing. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on May 26, 2026.
€ 657.8 million
▲ 130% vs 2023
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ 2 billion
▲ 24% vs 2023
Profit after tax over the fiscal year.
€ 265.2 million
▼ 28% vs 2023
Cash and bank balances on the last day of the fiscal year.
€ 2 billion paid out
98 % of the profit went to the shareholders, mostly to Mastercard Europay UK Ltd (Limited Liability Company) (100 % of the shares). That is where the money ends up.
People and assets in 2025
2,358.7
▲ 458.7 vs 2023
Average over the fiscal year, from the social balance sheet.
€ 462.5 million
▲ 36% vs 2023
€ 196,100 per full-time equivalent. Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 2 million
▲ 1% vs 2023
Book value of vehicles, furniture and equipment.
Debts at end 2025
€ 273.9 million
▼ 4% vs 2023
Loans from banks and other lenders, long and short.
€ 3.9 billion
▲ 48% vs 2023
Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 207 days on average.
€ 149.6 million
▲ 100% vs 2023
Taxes, VAT and social contributions still to pay.
| 2021 | 2022 | 2023 | 2025 | Change 2023 → 2025 | |
|---|---|---|---|---|---|
| Revenue | € 5,330,544,475 | € 6,699,860,281 | € 7,348,894,470 | € 9,632,067,748 | ▲ 31% |
| Profit after taxes | € 1,035,070,965 | € 1,385,819,826 | € 1,599,480,389 | € 1,989,846,368 | ▲ 24% |
| Equity | € 363,786,248 | € 313,336,821 | € 285,817,209 | € 657,752,395 | ▲ 130% |
| Total debts | € 3,273,778,682 | € 3,821,764,279 | € 4,208,309,140 | € 5,302,570,473 | ▲ 26% |
| Cash | € 380,600,777 | € 289,662,070 | € 367,552,751 | € 265,195,496 | ▼ 28% |
| Land & buildings | € 20,075,937 | € 16,985,656 | € 15,534,630 | € 26,302,517 | ▲ 69% |
| Retained profit | € 49,764,872 | € 28,584,698 | € 1,065,086 | € 384,111,711 | ▲ € 383 million |
| Dividend | € 1,012,000,000 | € 1,407,000,000 | € 1,627,000,000 | € 1,956,863,034 | ▲ 20% |
| Bank debt | € 275,674,889 | € 294,902,117 | € 285,963,125 | € 273,939,685 | ▼ 4% |
| Balance sheet total | € 3,774,026,712 | € 4,229,025,350 | € 4,591,468,572 | € 6,076,391,730 | ▲ 32% |
| Employees (FTE) | 1,456.2 | 1,733 | 1,900 | 2,358.7 | ▲ 458.7 |
Key figures of Mastercard Europe, fiscal years 2021 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to Mastercard Europe?
What happened at Mastercard Europe in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Kelly Devine stepped down as director. NBB
- McLaughlin Edward stepped down as director. NBB
- Jorn Lambert stepped down as director. NBB
- Max Lanckriet stepped down as director. NBB
- Vivian Zhou stepped down as director. NBB
- Ilya Riaby stepped down as director. NBB
- Giulio Rindi stepped down as director. NBB
- Ineke Bussemaker stepped down as director. NBB
In short
From € 1 billion profit in 2021 to € 2 billion profit in 2025.
Paid € 2 billion in corporate taxes since 2021.
Best year ever: 2025, with € 2 billion profit.
Paid out € 6 billion in dividends to the owners in total.
Management
The shares are held by Mastercard Europay UK Ltd (Limited Liability Company) (100%). It owns 100% of MasterCard Sweden Services AB, 100% of MASTERCARD FRANCE SAS (Société par Action Simplifiée), 100% of EUROCARD U.S. INC, 100% of MC Maple Acquisition ULC, 100% of Ethoca Nominees Limited and 100% of MasterCard OOO (Russia) itself.
Directors
According to the 2025 annual accounts
McLaughlin Edward
Director
since 2025 · until 2031
Giulio Rindi
Director
since 2021 · until 2027
Ilya Riaby
Director
since 2022 · until 2028
Kelly Devine
Director
since 2025 · until 2031
Max Lanckriet
Director
since 2024 · until 2030
Ineke Bussemaker
Director
since 2021 · until 2027
Catherine Elisabeth Langlais
Director
since 2021 · until 2027
Vivian Zhou
Director
since 2022 · until 2028
Jorn Lambert
Director
since 2025 · until 2031
Shareholders
Mastercard Europay UK Ltd (Limited Liability Company)
100%
Participations
EUROCARD U.S. INC
100%
MC Maple Acquisition ULC
100%
Ethoca Nominees Limited
100%
Mastercard Europe Greece Single Member S.A.
100%
MasterCard Payment Transactions Services SA
100%
Mastercard Magyarország Korlátolt Felelősségű Társaság
100%
Establishments
Establishment units
Physical locations of this company
Chaussée de Tervuren 198A
1410 Waterloo
Chaussée de Tervuren 198
1410 Waterloo
Active since 3 September 1992
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 2 companies are registered at this address.
All companies at this address →What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0448.038.446
- VAT number
- BE 0448.038.446
- Registered office
- Chaussée de Tervuren 198A, 1410 Waterloo
- Names & denominations
- Mastercard Europe
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 1 September 1992
- Peppol
- Active · Active since 20 Nov 2020
- Activities · NACE
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Overige ondersteunende activiteiten in verband met financiële diensten, neg, exclusief verzekeringen en pensioenfondsen
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Overige activiteiten in verband met computers
Computerinfrastructuur, gegevensverwerking, hosting en aanverwante activiteiten
Gegevensverwerking
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