Group MDS
ActiveSummary
Group MDS has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €338k and a net result of €147k. Equity is growing by ~10.5% per year across the filed fiscal years. Its solvency ranks better than 28% of 2198 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability79▲+6
Solvency44▲+5
Growth78=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €21k at 30 days acceptable
Liquidity short (current ratio 0.97 against 1.06 in 2024; short-term debt: 62.3% and cash: 22% of total assets), and 81.3% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
18.7%
Return on assets
8.1%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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 02-07-2026, 29 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
29 d early
2024
1 d early
2023
14 d early
2022
47 d early
2021
29 d late
2020
18 d early
2019
67 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€338k▲ 8.6%
2024 · €312k
2018: €130klowest in 8 years
2019: €144k▲ +11.5% vs 2018
2020: €214k▲ +48.3% vs 2019
2021: €284k▲ +32.5% vs 2020
2022: €318k▲ +12.0% vs 2021
2023: €331k▲ +4.2% vs 2022
2024: €312k▼ -5.9% vs 2023
2025: €338k▲ +8.6% vs 2024highest in 8 years
2018 → 2025
Total assets
€1.81M▼ 20.1%
2024 · €2.26M
2018: €767k
2019: €691k▼ -9.9% vs 2018lowest in 8 years
2020: €738k▲ +6.7% vs 2019
2021: €1.05M▲ +42.0% vs 2020
2022: €1.61M▲ +53.2% vs 2021
2023: €2.04M▲ +26.7% vs 2022
2024: €2.26M▲ +11.0% vs 2023highest in 8 years
2025: €1.81M▼ -20.1% vs 2024
2018 → 2025
Net result
€147k▲ 95.7%
2024 · €75k
2018: €73k
2019: €15k▼ -79.5% vs 2018
2020: €72k▲ +380% vs 2019
2021: €71k▼ -0.4% vs 2020
2022: €36k▼ -49.9% vs 2021
2023: €13k▼ -62.9% vs 2022lowest in 8 years
2024: €75k▲ +466% vs 2023
2025: €147k▲ +95.7% vs 2024highest in 8 years
2018 → 2025
Working capital
€-37k
2024 · €99k
2018: €172k
2019: €179k▲ +4.1% vs 2018
2020: €218k▲ +21.7% vs 2019highest in 8 years
2021: €158k▼ -27.4% vs 2020
2022: €151k▼ -4.5% vs 2021
2023: €111k▼ -26.3% vs 2022
2024: €99k▼ -10.9% vs 2023
2025: €-37k▼ -138% vs 2024lowest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€284k-€318k▲ 12.0%€331k▲ 4.2%€312k▼ 5.9%€338k▲ 8.6%
2021: €284klowest in 5 years
2022: €318k▲ +12.0% vs 2021
2023: €331k▲ +4.2% vs 2022
2024: €312k▼ -5.9% vs 2023
2025: €338k▲ +8.6% vs 2024highest in 5 years
Operating result€83k-€72k▼ 12.4%€63k▼ 13.2%€169k▲ 169%€199k▲ 18.2%
2021: €83k
2022: €72k▼ -12.4% vs 2021
2023: €63k▼ -13.2% vs 2022lowest in 5 years
2024: €169k▲ +169% vs 2023
2025: €199k▲ +18.2% vs 2024highest in 5 years
Net result€71k-€36k▼ 49.9%€13k▼ 62.9%€75k▲ 466%€147k▲ 95.7%
2021: €71k
2022: €36k▼ -49.9% vs 2021
2023: €13k▼ -62.9% vs 2022lowest in 5 years
2024: €75k▲ +466% vs 2023
2025: €147k▲ +95.7% vs 2024highest in 5 years
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 18% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.81M
Fixed assets
€717k ▲ 14.2%
Current assets
€1.09M ▼ 33.2%
Equity and liabilities €1.81M
Equity
€338k ▲ 8.6%
Debt
€1.47M ▼ 24.7%
Debt's share of the balance-sheet total falls from 86.2% to 81.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€419k▲
2024 · €354k
Cash flow
€367k▲
2024 · €261k
Current ratio
0.97▼
2024 · 1.06
Quick ratio
0.93▼
2024 · 1.00
Debt to equity
4.33▼
2024 · 6.25
ROE
43.3%▲
2024 · 24.0%
ROA
8.1%▲
2024 · 3.3%
Interest coverage
9.22▲
2024 · 5.98
Debt ≤ 1 year
€1.13M▼
2024 · €1.53M
Debt > 1 year
€293k▼
2024 · €416k
Income taxes
€10k▼
2024 · €36k
Staff costs
€275k▼
2024 · €278k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 63 lines
Balance sheet
Code20242025
Assets
Total assets20/58€2.26M€1.81M▼
Fixed assets21/28€628k€717k▲
Intangible fixed assets21€4k€1k▼
Tangible fixed assets22/27€619k€716k▲
Land and buildings22€92k€69k▼
Plant, machinery and equipment23€61k€273k▲
Furniture and vehicles24€187k€121k▼
Leasing and similar rights25€279k€252k▼
Financial fixed assets28€5k€0▼
Current assets29/58€1.63M€1.09M▼
Stocks and contracts in progress3€99k€38k▼
Stocks30/36€5k€5k=
Contracts in progress37€94k€33k▼
Amounts receivable within one year40/41€1.15M€607k▼
Trade receivables40€940k€418k▼
Other amounts receivable41€211k€189k▼
Cash at bank and in hand54/58€379k€398k▲
Deferred charges and accrued income490/1€901€46k▲
Equity and liabilities
Total equity and liabilities10/49€2.26M€1.81M▼
Equity10/15€312k€338k▲
Contributions10/11€20k€20k=
Reserves13€292k€318k▲
Non-distributable reserves130/1€2k€0▼
Reserves not available under the articles1311€0-
Other1319€2k€0▼
Distributable reserves133€290k€318k▲
Profit (loss) carried forward14€0€0=
Amounts payable17/49€1.95M€1.47M▼
Amounts payable after more than one year17€416k€293k▼
Financial debts170/4€416k€293k▼
Amounts payable within one year42/48€1.53M€1.13M▼
Current portion of amounts payable after more than one year42€139k€147k▲
Financial debts43€353k€250k▼
Credit institutions430/8€353k€250k▼
Trade debts44€965k€580k▼
Suppliers440/4€965k€580k▼
Taxes, remuneration and social security45€74k€29k▼
Taxes450/3€21k€3k▼
Remuneration and social security454/9€53k€26k▼
Other amounts payable47/48€629€120k▲
Accrued charges and deferred income492/3€0€48k▲
Income statement
Code20242025
Remuneration, social security and pensions62€278k€275k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€186k€220k▲
Other operating charges640/8€10k€30k▲
Gross operating margin9900€643k€725k▲
Operating profit (loss)9901€169k€199k▲
Financial income75/76B€992€3k▲
Recurring financial income75€992€3k▲
Financial charges65/66B€59k€45k▼
Recurring financial charges65€59k€45k▼
Profit (loss) for the period before taxes9903€110k€157k▲
Income taxes67/77€36k€10k▼
Profit (loss) for the period9904€75k€147k▲
Profit (loss) for the period to be appropriated9905€75k€147k▲
Appropriation of the result
Profit (loss) to be appropriated9906€75k€147k▲
Profit (loss) brought forward from the previous period14P€297€0▼
Transfer from equity791/2€94k€0▼
Transfer to equity691/2€75k€27k▼
To other reserves6921€75k€27k▼
Profit to be distributed694/7€94k€120k▲
Return on contributions (dividend)694€94k€0▼
Directors or managers695-€120k
Social balance
Average headcount (FTE)90874.13.8▼
The notes to these accounts (26 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €797 | - | - | - | - | - |
| Remuneration, social security and pensions62 | €264k | €151k | €236k | €278k | €275k | ▼ 1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €96k | €133k | €175k | €186k | €220k | ▲ 18.5% |
| Other operating charges640/8 | €12k | €1k | €4k | €10k | €30k | ▲ 196% |
| Gross operating margin9900 | €455k | €357k | €477k | €643k | €725k | ▲ 12.7% |
| Operating profit (loss)9901 | €83k | €72k | €63k | €169k | €199k | ▲ 18.2% |
| Financial income75/76B | €9k | €2k | €634 | €992 | €3k | ▲ 202% |
| Recurring financial income75 | €9k | €2k | €634 | €992 | €3k | ▲ 202% |
| Financial charges65/66B | €12k | €23k | €42k | €59k | €45k | ▼ 23.3% |
| Recurring financial charges65 | €12k | €23k | €42k | €59k | €45k | ▼ 23.3% |
| Profit (loss) for the period before taxes9903 | €80k | €52k | €21k | €110k | €157k | ▲ 42.0% |
| Income taxes67/77 | €9k | €16k | €8k | €36k | €10k | ▼ 71.2% |
| Profit (loss) for the period9904 | €71k | €36k | €13k | €75k | €147k | ▲ 95.7% |
| Profit (loss) for the period to be appropriated9905 | €71k | €36k | €13k | €75k | €147k | ▲ 95.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.05M | €1.61M | €2.04M | €2.26M | €1.81M | ▼ 20.1% |
| Fixed assets21/28 | €524k | €581k | €655k | €628k | €717k | ▲ 14.2% |
| Intangible fixed assets21 | - | - | €6k | €4k | €1k | ▼ 62.9% |
| Tangible fixed assets22/27 | €524k | €581k | €640k | €619k | €716k | ▲ 15.6% |
| Land and buildings22 | €161k | €138k | €115k | €92k | €69k | ▼ 25.2% |
| Plant, machinery and equipment23 | €11k | €75k | €80k | €61k | €273k | ▲ 348% |
| Furniture and vehicles24 | €281k | €260k | €229k | €187k | €121k | ▼ 35.2% |
| Leasing and similar rights25 | €71k | €108k | €216k | €279k | €252k | ▼ 9.6% |
| Financial fixed assets28 | €270 | €470 | €9k | €5k | €0 | ▼ 100% |
| Current assets29/58 | €524k | €1.02M | €1.38M | €1.63M | €1.09M | ▼ 33.2% |
| Stocks and contracts in progress3 | €39k | €144k | €353k | €99k | €38k | ▼ 61.8% |
| Stocks30/36 | €6k | €6k | €7k | €5k | €5k | = |
| Contracts in progress37 | €33k | €138k | €346k | €94k | €33k | ▼ 65.1% |
| Amounts receivable within one year40/41 | €406k | €597k | €783k | €1.15M | €607k | ▼ 47.3% |
| Trade receivables40 | €263k | €551k | €699k | €940k | €418k | ▼ 55.6% |
| Other amounts receivable41 | €143k | €46k | €83k | €211k | €189k | ▼ 10.5% |
| Cash at bank and in hand54/58 | €63k | €259k | €200k | €379k | €398k | ▲ 5.0% |
| Deferred charges and accrued income490/1 | €16k | €25k | €44k | €901 | €46k | ▲ 4,983% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.05M | €1.61M | €2.04M | €2.26M | €1.81M | ▼ 20.1% |
| Equity10/15 | €284k | €318k | €331k | €312k | €338k | ▲ 8.6% |
| Contributions10/11 | €20k | €20k | €20k | €20k | €20k | = |
| Reserves13 | €264k | €298k | €311k | €292k | €318k | ▲ 9.2% |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €2k | €0 | ▼ 100% |
| Reserves not available under the articles1311 | €2k | €2k | €2k | €0 | - | - |
| Other1319 | - | - | - | €2k | €0 | ▼ 100% |
| Distributable reserves133 | €262k | €296k | €309k | €290k | €318k | ▲ 9.9% |
| Profit (loss) carried forward14 | - | €58 | €297 | €0 | €0 | - |
| Amounts payable17/49 | €764k | €1.29M | €1.70M | €1.95M | €1.47M | ▼ 24.7% |
| Amounts payable after more than one year17 | €398k | €409k | €426k | €416k | €293k | ▼ 29.4% |
| Financial debts170/4 | €398k | €409k | €426k | €416k | €293k | ▼ 29.4% |
| Amounts payable within one year42/48 | €366k | €874k | €1.27M | €1.53M | €1.13M | ▼ 26.5% |
| Current portion of amounts payable after more than one year42 | €80k | €174k | €334k | €139k | €147k | ▲ 6.0% |
| Financial debts43 | €8k | €6k | €8k | €353k | €250k | ▼ 29.3% |
| Credit institutions430/8 | €8k | €6k | €8k | €353k | €250k | ▼ 29.3% |
| Trade debts44 | €240k | €606k | €859k | €965k | €580k | ▼ 39.9% |
| Suppliers440/4 | €240k | €606k | €859k | €965k | €580k | ▼ 39.9% |
| Taxes, remuneration and social security45 | €36k | €32k | €67k | €74k | €29k | ▼ 60.6% |
| Taxes450/3 | €540 | €4k | €14k | €21k | €3k | ▼ 85.1% |
| Remuneration and social security454/9 | €35k | €27k | €53k | €53k | €26k | ▼ 51.1% |
| Other amounts payable47/48 | €2k | €55k | - | €629 | €120k | ▲ 18,975% |
| Accrued charges and deferred income492/3 | - | €5k | €10k | €0 | €48k | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €71k | €36k | €13k | €75k | €147k | ▲ 95.7% |
| + Depreciation and write-downs630 | €96k | €133k | €175k | €186k | €220k | ▲ 18.5% |
| Operating cash flow (approximation) | €168k | €168k | €188k | €261k | €367k | ▲ 40.7% |
| Investment in fixed assets (approximation) | - | €-190k | €-249k | €-159k | €-309k | ▼ 94.8% |
| Change in cash | - | €196k | €-59k | €179k | €19k | ▼ 89.4% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
02-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2018net €147k ▲95.7%
Operating result €199k, net result €147k, both a record.
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
17-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Weakest financial yearnet €13k ▼62.9%
Net result drops to €13k, the lowest in the series; recovery starts the following year.
14-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 29 days late
2021
13-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Equity above €200kEq €214k ▲48.3%
3 profitable years in a row build equity to €214k.
06-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 67 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 30 days late
2018
11-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 15 acts read
About the unread acts
We know of 15 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
15 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Zele · 2 establishment units since 2011
Ground area
5,022 m²
Building footprint
1,888 m²
Volume, LiDAR
12,135 m³
2 parcels, Flanders · tallest building 11.0 m, ±2 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
2 establishment units
Group MDS BV
since 20112.202.619.481
Group MDS BV
since 20262.386.046.778
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42452C0458/00C000 | Flanders | 3,937 m² | 1 · 1,544 m² | 7.3 m · 2 fl. |
| 42402C0642/00F000 | Flanders | 1,085 m² | 1 · 343 m² | 11.0 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 5,978 EUR awarded · 6,514 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 2,393 EUR | 2,393 EUR |
| 2024 | 1 | 677 EUR | 896 EUR |
| 2023 | 1 | 1,859 EUR | 3,076 EUR |
| 2022 | 1 | 1,049 EUR | 149 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Recognitions · licences · registrations
Recognised contractor
15 categoriesGroup MDS BV#9821
Group MDS BV#9795
Group MDS BV39866
Group MDS BV#9909
Group MDS BV#9600
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Of 29,779 companies in sector 41001 we hold annual accounts for 16,044. 10,611 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded01-09-2011
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
43910Bricklaying and masonry work
01301Crop and animal production, hunting and related service activities
41003General construction of other non-residential buildings
68121Development of residential building projects
68122Development of non-residential building projects
46220Wholesale trade
63920Other information service activities
64210Activities of holding companies
74112Other professional, scientific and technical activities
Contact
E-mail
info@groupmds.be
E-mail
info@mdsbouwwerken.be
Scores and ratios are computed by Checked and are not a credit decision.