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 53 % of short-term debt in 2025; threshold 65 %.
Financials
Financial year 2025
MASTER - KEY from Oudergem, company number BE0454711848, closed financial year 2025 with a result of € -46,752 after tax. For that financial year MASTER - KEY recorded a gross margin of € -2,023 and equity of € 56,693. Compared with financial year 2024, the result moved from € 39,010 to € -46,752. The company made a loss. The company holds a healthy buffer. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on August 31, 2026.
€ 56,693
▼ 45% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -46,752
▼ still € 39,010 profit in 2024
Profit after tax over the fiscal year.
€ 105,556
▼ 38% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € 38,101.
People and assets in 2025
≈ 1
No payroll staff. One director, so that person most likely runs the business.
€ 40,460
▲ 14% vs 2024
Payroll staff only. What the director pays themselves is already netted into the gross margin and is not shown separately in the accounts.
€ 4,523
Book value of vehicles, furniture and equipment.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 4,359
▲ 64% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 5,358
▼ 78% vs 2024
Corporate tax and VAT still to pay. No wage debt: nothing outstanding to staff or social security.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 53,580 | € 75,449 | € 83,666 | € -2,023 | ▼ € 85,689 |
| Profit after taxes | € 17,162 | € 35,132 | € 39,010 | € -46,752 | ▼ € 85,762 |
| Equity | € 29,303 | € 64,435 | € 103,445 | € 56,693 | ▼ 45% |
| Total debts | € 272,583 | € 272,980 | € 269,727 | € 265,028 | ▼ 2% |
| Cash | € 134,942 | € 156,125 | € 170,169 | € 105,556 | ▼ 38% |
| Retained profit | € 10,711 | € 45,843 | € 84,853 | € 38,101 | ▼ 55% |
| Balance sheet total | € 301,887 | € 337,415 | € 373,172 | € 321,721 | ▼ 14% |
Key figures of MASTER - KEY, fiscal years 2022 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 MASTER - KEY?
What happened at MASTER - KEY in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 46,752 (▼ € 85,762 vs 2024). filed late Source: NBB ↗
- Juan ARCAS became a director. NBB
- New establishment in Oudergem. KBO
- Start of the company according to the CBE. KBO
In short
From € 17,162 profit in 2022 to € 46,752 loss in 2025.
Paid € 9,765 in corporate taxes since 2022.
Best year ever: 2024, with € 39,010 profit.
Management
Behind MASTER - KEY is Juan ARCAS.
Directors
According to the 2025 annual accounts
Juan ARCAS
Director
since 2013
Establishments
Establishment units
Physical locations of this company
Zangvogelslaan 34
1160 Oudergem
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0454.711.848
- VAT number
- BE 0454.711.848
- Registered office
- Zangvogelslaan 34, 1160 Oudergem
- Names & denominations
- MASTER - KEY
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 16 March 1995
- Peppol
- Active · Active since 29 Oct 2024
- Activities · NACE
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