Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
-
Two loss years in a row NBB
Negative result in 2024 and 2025.
Financials
Financial year 2025
MAASH from Anderlecht, company number BE0774786708, closed financial year 2025 with a result of € -390,562 after tax. For that financial year MAASH recorded a gross margin of € 71,302 and equity of € 14.1 million. Compared with financial year 2024, the result moved from € -268,520 to € -390,562. The company made a loss. The company holds a healthy buffer. A strong own buffer against the debts. The most recent annual accounts were filed with the National Bank of Belgium on June 7, 2026.
€ 14.1 million
▼ 32% vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -390,562
▼ 45 % more loss than in 2024
Profit after tax over the fiscal year.
€ 43,538
▼ 91% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -743,830.
People and assets in 2025
5
▲ 0.9 vs 2024
Average over the fiscal year, from the social balance sheet.
€ 338,121
▲ 12% vs 2024
€ 67,600 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.
€ 12,184
▼ 9% vs 2024
Book value of vehicles, furniture and equipment.
Debts at end 2025
None
No bank loans on the last day of the fiscal year.
€ 33,792
▲ 165% vs 2024
Supplier invoices still open on the last day of the fiscal year.
€ 35,597
▼ 36% vs 2024
Wages, holiday pay and social contributions still to pay. No outstanding taxes.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € 34,530 | € -6,361 | € 140,996 | € 71,302 | ▼ 49% |
| Profit after taxes | € 32,562 | € -117,311 | € -268,520 | € -390,562 | ▼ € 122,043 |
| Equity | € 294,142 | € 176,832 | € 20,723,904 | € 14,115,192 | ▼ 32% |
| Total debts | € 5,828 | € 318,312 | € 68,882 | € 70,121 | ▲ 2% |
| Cash | € 283,137 | € 14,029 | € 458,411 | € 43,538 | ▼ 91% |
| Retained profit | € 32,562 | € -84,748 | € -353,268 | € -743,830 | ▼ € 390,562 |
| Bank debt | € 0 | € 300,000 | € 0 | € 0 | |
| Balance sheet total | € 299,970 | € 495,143 | € 20,792,786 | € 14,185,313 | ▼ 32% |
| Employees (FTE) | - | 3 | 4.1 | 5 | ▲ 0.9 |
Key figures of MAASH, 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 MAASH?
What happened at MAASH in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- Benoît Deckers stepped down as director. NBB
- Maria Gomez Urgoiti stepped down as director. NBB
- PALOMA VAN GANSBERGHE stepped down as director. NBB
- Frédéric Van Gansberghe stepped down as director. NBB
- New annual accounts for financial year 2025: loss of € 390,562. Source: NBB ↗
- Benoît Deckers became a director. NBB
- New establishment in Anderlecht. KBO
- Maria Gomez Urgoiti became a director. NBB
In short
From € 32,562 profit in 2022 to € 390,562 loss in 2025.
Paid € 6,623 in corporate taxes since 2022.
Best year ever: 2022, with € 32,562 profit.
On average € 14,300 of value added per employee in 2025.
Management
The stake of EUROPEAN COMPANY OF STAKE, Serendip comes from that shareholder’s own annual accounts; small companies do not report their shareholders themselves.
MAASHThe shares are held by EUROPEAN COMPANY OF STAKE (55.3%) and Serendip (19.5%). It owns 100% of MAASH FRANCE SAS itself.
Directors
According to the 2025 annual accounts
since 2021 · until 2027
Benoît Deckers
Director
since 2024 · until 2029
since 2021 · until 2027
Frédéric Van Gansberghe
Managing director
Also active at: COMPAGNIE DU BOIS SAUVAGE, ENTREPRISES ET CHEMINS DE FER EN CHINE, PARFINA, EUROPEAN COMPANY OF STAKE, Serendip, NOOSA, Futerro Holding, FUTERRO
since 2021 · until 2027
Shareholders
19.5%
Participations
100%
Establishments
Establishment units
Physical locations of this company
Researchdreef 4
1070 Anderlecht
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 5 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
- 0774.786.708
- VAT number
- BE 0774.786.708
- Registered office
- Researchdreef 4, 1070 Anderlecht
- Names & denominations
- MAASH
- Enterprise type
- Rechtspersoon
- Legal form
- Public limited company
- Legal situation
- Normale toestand
- Start date
- 29 September 2021
- Peppol
- Active · Active since 1 Jan 2001
- Activities · NACE
Overig speur- en ontwikkelingswerk op natuurwetenschappelijk gebied
Vervaardiging van andere voedingsmiddelen, neg
Overig speur- en ontwikkelingswerk op natuurwetenschappelijk gebied
Speur- en ontwikkelingswerk op biotechnologisch gebied
Vervaardiging van voeders voor huisdieren
Groothandel in andere voedingsmiddelen, neg
Vervaardiging van veevoeders