Cityforward Madou
ActiveFrom the official registers: KBO 2 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
Cityforward Madou has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €28.5m and a net result of -€4.9m. Its solvency ranks better than 49% of 11,235 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Overview
Official details
KBO- Status
- Active since 20-12-2023 Normal situation
- Legal form
- Private limited company
- Registered office
- Koningsstraat 47, 1000 Brussel
- Activity
- Development of non-residential building projects NACE 68122and 1 other
- Establishment unit
- 2.356.018.647 1000 Brussel, since 20-12-2023
- Financial year end
- 31 December
- Peppol
- Reachable since 16-01-2024
Board and ownership
Board
- Cityforward Schuman HoldCoDirector · since 20-12-2023 · permanent representative Frédéric Van der Planken
- CECEDirector · since 18-04-2024 · permanent representative SCHWAGTEN,Tobias
Shareholders
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.6%
Annual accounts 2025
- Gross margin
- -€9,197
- ▲ 39.3%
- Loss
- €4.9m
- ▲ 45.4%
- Equity
- €28.5m
- ▲ 5.7%
- Total assets
- €95.1m
- ▼ 1.7%
Turnover not published (abbreviated format)2025 accounts filed 31 days before the deadline
Filed on 30-06-2026at the National Bank
Score breakdownraises riskLiquidity: cash €3,590Founded in 2023lowers riskSector: Real estate activities (NACE 68)Size: total assets €95.1mShow the evidence
Checked score
Score 2025
80
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 41% of large companies in real estate (NACE 68)
Financial strength · tick: 2024
Weak
Solvency
55+2
equity 30.0% of total assets
Liquidity
50=
short-term debt 0.0% · cash 0.0%
Profitability
12-2
return on assets -5.2%
Bankruptcy probability within 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
About 6 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
01-2025: 0.7%
02-2025: 0.7%● unchanged vs 01-2025
03-2025: 0.7%● unchanged vs 02-2025
04-2025: 0.8%▲ +0.1 percentage points vs 03-2025
05-2025: 0.8%● unchanged vs 04-2025
06-2025: 0.9%▲ +0.1 percentage points vs 05-2025highest value
07-2025: 0.5%▼ -0.4 percentage points vs 06-2025lowest value
08-2025: 0.5%● unchanged vs 07-2025
09-2025: 0.5%● unchanged vs 08-2025
10-2025: 0.5%● unchanged vs 09-2025
11-2025: 0.5%● unchanged vs 10-2025
12-2025: 0.5%● unchanged vs 11-2025
01-2026: 0.5%● unchanged vs 12-2025
02-2026: 0.5%● unchanged vs 01-2026
03-2026: 0.5%● unchanged vs 02-2026
04-2026: 0.5%● unchanged vs 03-2026
05-2026: 0.5%● unchanged vs 04-2026
06-2026: 0.5%● unchanged vs 05-2026
07-2026: 0.6%▲ +0.1 percentage points vs 06-2026
08-2026: 0.6%● unchanged vs 07-2026
09-2026: 0.6%● unchanged vs 08-2026
10-2026: 0.6%● unchanged vs 09-2026
Credit of up to €2,250,000 on 30-day terms, only on tighter conditions: young company (under 3 years) without a track record
Short-term debt is 0% and cash 0% of total assets. 70% of the assets are financed with debt and provisions.
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, large). It does better than 50% of them on solvency, 43% on liquidity, 4% on profitability and 66% on growth.
The bankruptcy probability was computed on 31-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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Signals
Five signals.
lowers riskraises riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 30-06-2026, 31 days ahead of the deadline.
NBB · 2 filingsDeviation from the deadline
2025
31 days early
2024
37 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 2 accounts on average 34 days before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsWhere today falls in the filing period
01-11-2026 today31-12-2026 year end31-07-2027 deadline
Key points
Documents
Annual accounts at the NBB
- Annual accounts 2025filed on 30-06-2026
- Annual accounts 2024filed on 24-06-2025
Acts in the Belgian Official Gazette
- Miscellaneousact of 03-04-2026
- Resignations & appointmentsact of 24-11-2025
- Miscellaneousact of 03-04-2025
- Capital & shares · Amendment of the articlesact of 18-07-2024
Articles and registers
- Coordinated articles of associationnotaries' database
- Entry in the KBO registerKBO Public Search
- Check the withholding obligationwith enterprise number 1003.707.203
Key facts about Cityforward Madou
- What is the company number of Cityforward Madou?
- The company number of Cityforward Madou is 1003.707.203. The VAT number is the same number with BE in front: BE 1003.707.203.
- Where is Cityforward Madou based?
- The registered office is at Koningsstraat 47, 1000 Brussel.Company details
- What does Cityforward Madou do?
- According to the KBO register, the main activity is development of non-residential building projects (NACE 68122).
- What is the legal form of Cityforward Madou?
- The legal form of Cityforward Madou is Private limited company (BV).
- When was Cityforward Madou founded?
- Cityforward Madou was founded on 20-12-2023.
- Is Cityforward Madou still active?
- Yes, Cityforward Madou is an active enterprise in the KBO register.
- What is the turnover of Cityforward Madou?
- The annual accounts for financial year 2025 state no turnover. The abbreviated format does not require it.Financials
- Is Cityforward Madou profitable?
- In financial year 2025, Cityforward Madou made a loss of €4.9m.
- Where can I find the annual accounts of Cityforward Madou?
- Cityforward Madou filed 2 annual accounts with the National Bank of Belgium, the latest for financial year 2025.Annual accounts at the National Bank
- When are the next annual accounts of Cityforward Madou due?
- Cityforward Madou must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Companies linked to Cityforward Madou
Comparable companies
These companies have the same main activity as Cityforward Madou: development of non-residential building projects (NACE 68122). They are comparable in size and age: total assets between €35m and €82m, founded between 2021 and 2024.
| Company | Total assets | Gross margin |
|---|---|---|
| Cityforward Madou Brussel | €95.1m | -€0.009m |
| North Star City Antwerpen | €81.7m | -€0.05m |
| Green Office Justice Brussel | €34.9m | -€0.004m |
| LIGORA Ieper | €46.3m | -€0.7m |
Next steps
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