Le Madec
ActiveSummary
The computed 12-month bankruptcy probability of Le Madec is 1.7% (moderate). The 2024 annual accounts show negative equity (-€714,591) and a net result of -€70,251. Equity is shrinking by ~8% per year across the filed fiscal years. Its solvency ranks better than 11% of 15869 sector peers (fiscal year 2024). The company has been active since 1984 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability11▲+1
Solvency0=
Growth58=
Track record100
Bankruptcy probability, 12 months
1.7%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.57 against 0.32 in 2023; short-term debt: 165.6% and cash: 11% of total assets), and equity is negative.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
-65.6%
Return on assets
-6.4%
Age of the figures
21 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Negative equity
The 2024 annual accounts show negative equity and a net loss.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year -€714,591
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 29-09-2025, 60 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
60 d late
2023
77 d late
2022
31 d late
2021
61 d late
2020
89 d late
2019
118 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 73 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
-€714,591▼ 10.9%
2023 · -€644,340
Total assets
€1.1m▲ 161%
2023 · €417,124
Net result
-€70,251▼ 131%
2023 · -€30,441
Working capital
-€778,900▼ 7.2%
2023 · -€726,371
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result-€71,689▲ 59.7%-€16,829▲ 76.5%€17,121-€21,188-€64,842▼ 206%
Net result-€128,071below the sector's middle half▲ 30.8%-€25,936below the sector's middle half▲ 79.7%€7,827within the sector's middle half-€30,441below the sector's middle half-€70,251below the sector's middle half▼ 131%
Equity-€595,790below the sector's middle half▼ 27.4%-€621,726below the sector's middle half▼ 4.4%-€613,899below the sector's middle half▲ 1.3%-€644,340below the sector's middle half▼ 5.0%-€714,591below the sector's middle half▼ 10.9%
Total assets€453,283above the sector's middle half▼ 18.7%€473,732above the sector's middle half▲ 4.5%€516,090above the sector's middle half▲ 8.9%€417,124above the sector's middle half▼ 19.2%€1.1mabove the sector's middle half▲ 161%
Debt€1.0m▲ 2.3%€1.1m▲ 4.4%€1.1m▲ 3.2%€1.1m▼ 6.1%€1.8m▲ 69.9%
Working capital-€606,347below the sector's middle half▼ 17.5%-€631,725below the sector's middle half▼ 4.2%-€624,075below the sector's middle half▲ 1.2%-€726,371below the sector's middle half▼ 16.4%-€778,900below the sector's middle half▼ 7.2%
Solvency-131.4%below the sector's middle half▼ 47.5pp-131.2%below the sector's middle half▲ 0.2pp-119.0%below the sector's middle half▲ 12.3pp-154.5%below the sector's middle half▼ 35.5pp-65.6%below the sector's middle half▲ 88.9pp
Current ratio0.42below the sector's middle half▼ 0.070.42below the sector's middle half=0.45below the sector's middle half▲ 0.020.32below the sector's middle half▼ 0.130.57below the sector's middle half▲ 0.25
Return on assets (ROA)-28.3%below the sector's middle half▲ 5.0pp-5.5%below the sector's middle half▲ 22.8pp1.5%within the sector's middle half▲ 7.0pp-7.3%below the sector's middle half▼ 8.8pp-6.4%below the sector's middle half▲ 0.8pp
Staff (FTE)0.8within the sector's middle half▼ 65.2%3▲ 275%2.4▼ 20.0%2▼ 16.7%2=
above
within
below
the middle half (P25 to P75) of NACE 46, Wholesale trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €64,842 in 2024 against €21,188 in 2023; the loss grows.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.1m
Fixed assets
€64,310 ▼ 21.6%
Current assets
€1.0m ▲ 206%
Key figures and ratios
EBITDA
-€45,952▼
2023 · -€8,682
Cash flow
-€51,360▼
2023 · -€17,935
Quick ratio
0.19▼
2023 · 0.29
Debt to equity
-2.52▼
2023 · -1.65
Interest coverage
-10.23▼
2023 · -0.98
Debt ≤ 1 year
€1.8m▲
2023 · €1.1m
Income taxes
€1,284▲
2023 · €511
Staff costs
€101,470▲
2023 · €93,531
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,795 companies that looked in July 2024 the way this one looks now, 2.1% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- negative equity
- a small loss
2.1%
went bankrupt
6.0%
stopped otherwise
90%
still going
A further 1.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.7% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,795 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €28,651 | €90,822 | €93,531 | €101,470 | ▲ 8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,783 | €1,896 | €1,650 | €12,506 | €18,890 | ▲ 51.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€852 | €0 | ▲ 100% |
| Other operating charges640/8 | - | €2,406 | €13,407 | €11,049 | €4,253 | ▼ 61.5% |
| Gross operating margin9900 | -€524 | €16,124 | €123,001 | €95,046 | €59,771 | ▼ 37.1% |
| Operating profit (loss)9901 | -€71,689 | -€16,829 | €17,121 | -€21,188 | -€64,842 | ▼ 206% |
| Financial income75/76B | - | €1,240 | €442 | €118 | €367 | ▲ 212% |
| Recurring financial income75 | €1,058 | €1,240 | €442 | €118 | €367 | ▲ 212% |
| Financial charges65/66B | - | €9,952 | €9,339 | €8,860 | €4,492 | ▼ 49.3% |
| Recurring financial charges65 | €7,518 | €9,747 | €9,339 | €8,860 | €4,492 | ▼ 49.3% |
| Non-recurring financial charges66B | - | €205 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€128,195 | -€25,541 | €8,224 | -€29,930 | -€68,967 | ▼ 130% |
| Income taxes67/77 | -€124 | €395 | €397 | €511 | €1,284 | ▲ 151% |
| Profit (loss) for the period9904 | -€128,071 | -€25,936 | €7,827 | -€30,441 | -€70,251 | ▼ 131% |
| Profit (loss) for the period to be appropriated9905 | -€128,071 | -€25,936 | €7,827 | -€30,441 | -€70,251 | ▼ 131% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €453,283 | €473,732 | €516,090 | €417,124 | €1.1m | ▲ 161% |
| Fixed assets21/28 | €10,557 | €9,999 | €10,177 | €82,031 | €64,310 | ▼ 21.6% |
| Intangible fixed assets21 | €427 | €214 | €0 | - | - | - |
| Tangible fixed assets22/27 | €7,746 | €7,401 | €7,792 | €79,647 | €61,926 | ▼ 22.2% |
| Land and buildings22 | - | €2,741 | €2,267 | €1,792 | €1,317 | ▼ 26.5% |
| Furniture and vehicles24 | - | €1,092 | €2,553 | €75,477 | €58,825 | ▼ 22.1% |
| Other tangible fixed assets26 | - | €3,568 | €2,973 | €2,379 | €1,784 | ▼ 25.0% |
| Financial fixed assets28 | €2,384 | €2,384 | €2,384 | €2,384 | €2,384 | = |
| Current assets29/58 | €442,726 | €463,733 | €505,913 | €335,093 | €1.0m | ▲ 206% |
| Stocks and contracts in progress3 | €265,493 | €219,886 | €115,738 | €30,488 | €684,921 | ▲ 2,147% |
| Stocks30/36 | - | €219,886 | €115,738 | €30,488 | €684,921 | ▲ 2,147% |
| Amounts receivable within one year40/41 | €149,284 | €193,031 | €261,816 | €175,489 | €216,556 | ▲ 23.4% |
| Trade receivables40 | - | €192,353 | €261,816 | €173,870 | €213,247 | ▲ 22.6% |
| Other amounts receivable41 | - | €678 | €0 | €1,618 | €3,309 | ▲ 104% |
| Cash at bank and in hand54/58 | €27,949 | €50,304 | €128,359 | €129,117 | €120,320 | ▼ 6.8% |
| Deferred charges and accrued income490/1 | - | €512 | €0 | - | €3,194 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €453,283 | €473,732 | €516,090 | €417,124 | €1.1m | ▲ 161% |
| Equity10/15 | -€595,790 | -€621,726 | -€613,899 | -€644,340 | -€714,591 | ▼ 10.9% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,150 | €1,150 | €1,150 | €1,150 | €1,150 | = |
| Non-distributable reserves130/1 | - | €1,150 | €1,150 | €1,150 | €1,150 | = |
| Reserves not available under the articles1311 | - | €1,150 | €1,150 | €1,150 | €1,150 | = |
| Profit (loss) carried forward14 | -€615,540 | -€641,476 | -€633,649 | -€664,090 | -€734,341 | ▼ 10.6% |
| Amounts payable17/49 | €1.0m | €1.1m | €1.1m | €1.1m | €1.8m | ▲ 69.9% |
| Amounts payable within one year42/48 | €1.0m | €1.1m | €1.1m | €1.1m | €1.8m | ▲ 69.9% |
| Trade debts44 | €304,748 | €295,851 | €414,450 | €290,499 | €233,478 | ▼ 19.6% |
| Suppliers440/4 | - | €295,851 | €414,450 | €290,499 | €233,478 | ▼ 19.6% |
| Taxes, remuneration and social security45 | - | €38,992 | €41,139 | €34,984 | €25,645 | ▼ 26.7% |
| Taxes450/3 | - | €31,173 | €24,808 | €15,516 | €5,050 | ▼ 67.5% |
| Remuneration and social security454/9 | - | €7,819 | €16,330 | €19,469 | €20,595 | ▲ 5.8% |
| Other amounts payable47/48 | - | €760,615 | €674,400 | €735,981 | €1.5m | ▲ 110% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€128,071 | -€25,936 | €7,827 | -€30,441 | -€70,251 | ▼ 131% |
| + Depreciation and write-downs630 | €18,783 | €1,896 | €1,650 | €12,506 | €18,890 | ▲ 51.1% |
| Operating cash flow (approximation) | -€109,288 | -€24,040 | €9,477 | -€17,935 | -€51,360 | ▼ 186% |
| Investment in fixed assets (approximation) | - | -€1,338 | -€1,827 | -€84,360 | -€1,170 | ▲ 98.6% |
| Change in cash | - | €22,355 | €78,055 | €758 | -€8,797 | ▼ 1,261% |
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
2025
29-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 60 days late
2024
16-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 77 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-12
Financial
Back to profitnet €7,827
Net result €7,827 after 4 loss-making years.
30-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 61 days late
2021
28-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 89 days late
2020
26-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 118 days late
2019
31-12
Financial
Weakest financial yearnet -€185,073
Net result drops to -€185,073, the lowest in the series; recovery starts the following year.
14-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 75 days late
2018
28-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 59 days late
2017
27-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 58 days late
2016
28-10
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 89 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Sint-Agatha-Berchem · 2 establishment units since 1984
Ground area
1,001 m²
Building footprint
805 m²
Volume, LiDAR
4,093 m³
2 parcels, Brussels · tallest building 12.5 m, ±4 floors. Linked by address, not a title deed.
2 establishment units
Divine Wines
since 19842.216.156.327
Divine Wines
since 20252.378.185.820
2 parcels
Brussels
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21003A0202/00Z002 | Brussels | 913 m² | 1 · 711 m² | 6.0 m · 2 fl. |
| 21614H0014/00D000 | Brussels | 88 m² | 1 · 93 m² | 12.5 m · 4 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.
Recognitions · licences · registrations
Food safety, FASFC
2 sitesSint-Agatha-Berchem2.216.156.327
Ukkel2.378.185.820
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 1,583 companies in sector 46349 we hold annual accounts for 991. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company (pre-2019)
Founded26-06-1984
Fiscal year end31-12
Activities, NACEBEL 2025
46341Wholesale of wines and spirits
46349Wholesale of beverages, general range
E-invoicing
Reachable via Peppol
Peppol ID
0208:0425904234
Registered
01-09-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.