What does MASTERBULK do?

MASTERBULK is a broadcaster in Gent. Public Limited, started on 21 May 1997, 1 establishment.

What is the address of MASTERBULK?

The registered office of MASTERBULK is located at Waalkens 10, 9030 Gent.

Is MASTERBULK still active?

Yes. According to the CBE (29 October 2026) MASTERBULK is active, legal situation “Normale toestand”, started on 21 May 1997.

Is MASTERBULK registered on Peppol?

Yes, MASTERBULK is registered on the Peppol network with ID 0208:0460694273.

What is the enterprise number of MASTERBULK?

The enterprise number of MASTERBULK is BE0460694273.

When was MASTERBULK founded?

MASTERBULK was founded on 21 May 1997.

Who are the directors of MASTERBULK?

According to the 2025 annual accounts, the directors of MASTERBULK are: Emiel SLOCK, M-SOURCE NV.

Is MASTERBULK a reliable company?

Databakkes does not pass judgement; this is what the sources say: Active according to the CBE since 21 May 1997; 5 annual accounts filed, latest fiscal year 2025; 2 directors known from the annual account.

How much profit did MASTERBULK make in 2025?

MASTERBULK posted a profit after taxes of € 358,458 in financial year 2025.

What is the revenue of MASTERBULK?

In its most recent annual accounts (2025), MASTERBULK reported revenue of € 26,346,498.

How much does an employee at MASTERBULK earn?

The average wage cost per full-time employee at MASTERBULK was € 63,100 in 2025: staff costs of € 12.2 million for 193.3 FTE, according to the annual account at the National Bank. That is the employer's cost, not net pay.

How many employees does MASTERBULK have?

According to the 2025 annual accounts, MASTERBULK has 193.3 full-time equivalents (FTE).

MASTERBULK (Public Limited) - Gent - BE0460694273

Dossier MASTERBULK, printed on 29 October 2026 from databakkes.be/en/0460694273/masterbulk. Sources: CBE, National Bank of Belgium, Belgian Official Gazette.

Financials

Financial year 2025

MASTERBULK from Gent, company number BE0460694273, closed financial year 2025 with a result of € 358,458 after tax. For that financial year MASTERBULK recorded revenue of € 26.3 million and equity of € 3.3 million. Compared with financial year 2024, the result moved from € -264,673 to € 358,458. Profitable, and profit is growing. The buffer is growing. Debts are under control. The most recent annual accounts were filed with the National Bank of Belgium on July 23, 2026.

What it is worth Growing

€ 3.3 million

▲ 12% vs 2024

Assets minus debts, by the books. What is left if everything were sold and paid today.

Profit Growing

€ 358,458

▲ still € 264,673 loss in 2024

Profit after tax over the fiscal year.

Cash in the bank

€ 1.3 million

▲ 55% vs 2024

Cash and bank balances on the last day of the fiscal year.

Where the profit goes Growing

Stays in the company

No dividend for 2025. Retained profit grew to € 3.2 million.

People and assets in 2025

Full-time equivalents

193.3

▲ 13.4 vs 2024

Average over the fiscal year, from the social balance sheet.

Wage cost Staff costs are payroll only. Director pay sits with services and miscellaneous goods: € 11.9 million in 2025, together with rent, insurance, accountants and other services. The accounts do not split that further.

€ 12.2 million

▲ 13% vs 2024

€ 63,100 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.

Vehicles and equipment

€ 9.2 million

▲ 13% vs 2024

Of which on lease € 5.4 million.

Debts at end 2025

Bank debt ≈ 3 years to go The accounts give the long-term loan and the part due within the year. The remainder divided by that part is the number of years at an equal pace; a new loan or early repayment changes it.

€ 11.7 million

▲ 21% vs 2024

€ 2.6 million is repaid this year. At this pace the long-term loan is gone in ≈ 3 years.

Owed to suppliers

€ 2.5 million

▲ 44% vs 2024

Supplier invoices still open on the last day of the fiscal year. Pays suppliers within 73 days on average.

Taxes and wages

€ 2 million

▲ 27% vs 2024

Taxes, VAT and social contributions still to pay.

Key figures per fiscal year Download key figures (CSV)
	2022	2023	2024	2025	Change 2024 → 2025
Revenue	€ 23,418,649 Revenue 2022: € 23,418,649 First fiscal year in the series	€ 21,539,444 Revenue 2023: € 21,539,444 ▼ 8% vs 2022 (€ 23,418,649) Unfavourable step	€ 23,707,138 Revenue 2024: € 23,707,138 ▲ 10% vs 2023 (€ 21,539,444) Favourable step	€ 26,346,498 Revenue 2025: € 26,346,498 ▲ 11% vs 2024 (€ 23,707,138) Favourable step	▲ 11%
Profit after taxes	€ 207,026 Profit after taxes 2022: € 207,026 First fiscal year in the series	€ 195,913 Profit after taxes 2023: € 195,913 ▼ 5% vs 2022 (€ 207,026) Unfavourable step	€ -264,673 Profit after taxes 2024: € -264,673 ▼ € 460,586 vs 2023 (€ 195,913) Unfavourable step	€ 358,458 Profit after taxes 2025: € 358,458 ▲ € 623,132 vs 2024 (€ -264,673) Favourable step	▲ € 623,132
Equity	€ 3,091,431 Equity 2022: € 3,091,431 First fiscal year in the series	€ 3,262,343 Equity 2023: € 3,262,343 ▲ 6% vs 2022 (€ 3,091,431) Favourable step	€ 2,973,670 Equity 2024: € 2,973,670 ▼ 9% vs 2023 (€ 3,262,343) Unfavourable step	€ 3,318,879 Equity 2025: € 3,318,879 ▲ 12% vs 2024 (€ 2,973,670) Favourable step	▲ 12%
Total debts	€ 13,541,457 Total debts 2022: € 13,541,457 First fiscal year in the series	€ 12,669,109 Total debts 2023: € 12,669,109 ▼ 6% vs 2022 (€ 13,541,457) Favourable step	€ 13,106,419 Total debts 2024: € 13,106,419 ▲ 3% vs 2023 (€ 12,669,109) Unfavourable step	€ 16,320,749 Total debts 2025: € 16,320,749 ▲ 25% vs 2024 (€ 13,106,419) Unfavourable step	▲ 25%
Cash	€ 2,226,299 Cash 2022: € 2,226,299 First fiscal year in the series	€ 1,511,763 Cash 2023: € 1,511,763 ▼ 32% vs 2022 (€ 2,226,299) Unfavourable step	€ 869,825 Cash 2024: € 869,825 ▼ 42% vs 2023 (€ 1,511,763) Unfavourable step	€ 1,346,159 Cash 2025: € 1,346,159 ▲ 55% vs 2024 (€ 869,825) Favourable step	▲ 55%
Retained profit	€ 2,928,931 Retained profit 2022: € 2,928,931 First fiscal year in the series	€ 3,124,843 Retained profit 2023: € 3,124,843 ▲ 7% vs 2022 (€ 2,928,931) Favourable step	€ 2,860,170 Retained profit 2024: € 2,860,170 ▼ 8% vs 2023 (€ 3,124,843) Unfavourable step	€ 3,218,629 Retained profit 2025: € 3,218,629 ▲ 13% vs 2024 (€ 2,860,170) Favourable step	▲ 13%
Bank debt	€ 10,568,309 Bank debt 2022: € 10,568,309 First fiscal year in the series	€ 9,835,712 Bank debt 2023: € 9,835,712 ▼ 7% vs 2022 (€ 10,568,309) Favourable step	€ 9,743,590 Bank debt 2024: € 9,743,590 ▼ 1% vs 2023 (€ 9,835,712) Favourable step	€ 11,749,129 Bank debt 2025: € 11,749,129 ▲ 21% vs 2024 (€ 9,743,590) Unfavourable step	▲ 21%
Balance sheet total	€ 16,632,888 Balance sheet total 2022: € 16,632,888 First fiscal year in the series	€ 15,931,453 Balance sheet total 2023: € 15,931,453 ▼ 4% vs 2022 (€ 16,632,888) Unchanged	€ 16,080,089 Balance sheet total 2024: € 16,080,089 ▲ 1% vs 2023 (€ 15,931,453) Unchanged	€ 19,639,627 Balance sheet total 2025: € 19,639,627 ▲ 22% vs 2024 (€ 16,080,089) Unchanged	▲ 22%
Employees (FTE)	178.4 Employees (FTE) 2022: 178.4 First fiscal year in the series	173.4 Employees (FTE) 2023: 173.4 ▼ 5 vs 2022 (178.4) Unchanged	179.9 Employees (FTE) 2024: 179.9 ▲ 6.5 vs 2023 (173.4) Unchanged	193.3 Employees (FTE) 2025: 193.3 ▲ 13.4 vs 2024 (179.9) Unchanged	▲ 13.4

Key figures of MASTERBULK, 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 MASTERBULK?

What happened at MASTERBULK in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:

2026 Emiel SLOCK stepped down as director. NBB
2026 M-SOURCE NV stepped down as director. NBB
Jul 23, 2026 New annual accounts for financial year 2025: profit of € 358,458. Source: NBB ↗
2020 Emiel SLOCK became a director. NBB
2020 M-SOURCE NV became a director. NBB
Jun 2, 1997 New establishment in Gent. KBO
May 21, 1997 Start of the company according to the CBE. KBO

In short

From € 207,026 profit in 2022 to € 358,458 profit in 2025.

Paid € 204,582 in corporate taxes since 2022.

Best year ever: 2025, with € 358,458 profit.

Pays suppliers within 73 days on average.

Original PDFs at the National Bank ↗

Management

M-SOURCE 55.3%

M-FORCE 10%

The stake of M-SOURCE, M-FORCE comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.

MASTERBULK

The shares are held by M-SOURCE (55.3%) and M-FORCE (10%).

Directors

According to the 2025 annual accounts

Emiel SLOCK

Director

Also active at: M-SOURCE, INTERFACE LOGISTICS, M-FORCE, SIEN INVESTMENT COMPANY, STIJN DE CORTE TRANS

since 2020 · until 2026

M-SOURCE NV

Managing director · represented by Filip SLOCK

Also active at: INTERFACE LOGISTICS, INTERFACE TERMINAL GENT, I-MOTION Shipping, SIEN INVESTMENT COMPANY, STIJN DE CORTE TRANS

since 2020 · until 2026

Shareholders

M-SOURCE

55.3%

M-FORCE

10%

Participations

No participations in other companies reported.

Establishments

Establishment units

Physical locations of this company

Registered office

Waalkens 10

9030 Gent

Who else lives here?

A building full of entrepreneurs or one very busy letterbox? Another 4 companies are registered at this address.

All companies at this address →

M-SOURCE same network

€ 970,581 revenue · 2025

INTERFACE LOGISTICS same network

€ 276,087 gross margin · 2026

M-FORWARD

M-FORCE same network

€ 88,801 gross margin · 2025

What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.

Details

Company number: 0460.694.273
VAT number: BE 0460.694.273
Registered office: Waalkens 10, 9030 Gent
Names & denominations: MASTERBULK
Enterprise type: Rechtspersoon
Legal form: Public limited company
Legal situation: Normale toestand
Start date: 21 May 1997
Peppol: Active · Active since 21 Oct 2026
Activities · NACE: Goederenvervoer over de weg

View on CBE Public ↗ Annual accounts (NBB) ↗