M.A.D. Enterprise
ActiveThe computed 12-month bankruptcy probability of M.A.D. Enterprise is 1.7% (moderate). The 2025 annual accounts show equity of €17k and a net result of €19k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 20% of 1887 sector peers (fiscal year 2025). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
65
/ 100
Healthy
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability91▼-7
Solvency41▲+20
Growth78▲+20
Track record100
Bankruptcy probability, 12 months
1.7%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €1k at 30 days acceptable
Liquidity ample (current ratio 1.69 against 1.68 in 2024; short-term debt: 33.9% and cash: 16.6% of total assets), but 84.2% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 25
Relative position
BE, all sectors
reference
Sector 25
higher
← 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
15.8%
Return on assets
18%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 1887 sector peers (2025).
NBB · sector comparisonPosition among 1887 sector peers
Solvency
better than 20%
← weakest
strongest →
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 20-07-2026, 11 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
11 d early
2024
31 d early
2023
37 d early
2022
28 d late
2021
24 d early
2020
3 d late
← before the deadline
after the deadline →
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
16-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€17k
2024 · €-2k
2020: €12k
2021: €15k
2022: €-31k
2023: €-14k
2024: €-2k
2020 → 2025
Total assets
€105k▲ 104%
2024 · €52k
2020: €34k
2021: €37k
2022: €51k
2023: €39k
2024: €52k
2020 → 2025
Net result
€19k▲ 55.9%
2024 · €12k
2020: €7k
2021: €3k
2022: €-47k
2023: €17k
2024: €12k
2020 → 2025
Working capital
€24k▲ 52.9%
2024 · €16k
2020: €5k
2021: €6k
2022: €-20k
2023: €1k
2024: €16k
2020 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€15k-€-31k€-14k▲ 54.3%€-2k▲ 84.5%€17k
Operating result€5k-€-45k€22k€13k▼ 41.2%€22k▲ 71.5%
Net result€3k-€-47k€17k€12k▼ 29.0%€19k▲ 55.9%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 72% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €105k
Fixed assets
€45k▲ 270%
Current assets
€60k▲ 52.3%
Equity and liabilities €105k
Equity
€17k
Debt
€88k
Debt finances 84.2% of the balance-sheet total.
Key figures and ratios
EBITDA
€32k▲
2024 · €18k
Cash flow
€29k▲
2024 · €18k
Solvency
15.8%▲
2024 · -4.3%
Current ratio
1.69▲
2024 · 1.68
Quick ratio
1.69▲
2024 · 1.68
Debt / equity
5.31▲
2024 · -24.20
ROE
113.4%
ROA
18.0%▼
2024 · 23.5%
Interest coverage
19.85▼
2024 · 26.00
Debt
€88k▲
2024 · €54k
Debt ≤ 1 year
€36k▲
2024 · €23k
Debt > 1 year
€53k▲
2024 · €30k
Income taxes
€2k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€52k€105k▲
Fixed assets21/28€12k€45k▲
Tangible fixed assets22/27€9k€40k▲
Plant, machinery and equipment23€8k€5k▼
Furniture and vehicles24€911€35k▲
Financial fixed assets28€3k€5k▲
Current assets29/58€39k€60k▲
Amounts receivable within one year40/41€30k€40k▲
Trade receivables40€30k€37k▲
Other amounts receivable41€3€3k▲
Cash at bank and in hand54/58€9k€17k▲
Deferred charges and accrued income490/1-€3k
Equity and liabilities
Total equity and liabilities10/49€52k€105k▲
Equity10/15€-2k€17k▲
Contributions10/11€5k€5k=
Reserves13€10k€12k▲
Distributable reserves133€10k€12k▲
Profit (loss) carried forward14€-18k€0▲
Amounts payable17/49€54k€88k▲
Amounts payable after more than one year17€30k€53k▲
Financial debts170/4€30k€53k▲
Amounts payable within one year42/48€23k€36k▲
Current portion of amounts payable after more than one year42€0€6k▲
Trade debts44€4k€7k▲
Suppliers440/4€4k€7k▲
Taxes, remuneration and social security45€5k€8k▲
Taxes450/3€4k€7k▲
Remuneration and social security454/9€552€1k▲
Other amounts payable47/48€15k€15k▼
Accrued charges and deferred income492/3-€128
Income statement
Code20242025
Non-recurring operating income76A-€1k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€6k€10k▲
Other operating charges640/8€1k€3k▲
Gross operating margin9900€20k€35k▲
Operating profit (loss)9901€13k€22k▲
Financial income75/76B€21€305▲
Recurring financial income75€21€305▲
Financial charges65/66B€707€2k▲
Recurring financial charges65€707€2k▲
Profit (loss) for the period before taxes9903€12k€21k▲
Income taxes67/77-€2k
Profit (loss) for the period9904€12k€19k▲
Profit (loss) for the period to be appropriated9905€12k€19k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-18k€1k▲
Profit (loss) brought forward from the previous period14P€-30k€-18k▲
Transfer to equity691/2-€1k
To other reserves6921-€1k
The notes to these accounts (19 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
20-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2020net €19k ▲55.9%
Operating result €22k, net result €19k, both a record.
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
24-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €17k
Net result €17k after one loss-making year.
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 28 days late
2022
31-12
Financial
Weakest financial yearnet €-47k ▼1497%
Net result drops to €-47k, the lowest in the series; recovery starts the following year.
07-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
03-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 3 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
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, Kortrijk · 1 establishment unit since 2020
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Louis Pasteurlaan(Kor) 38500 KortrijkGround area
1,104 m²
Building footprint
416 m²
Volume, LiDAR
1,413 m³
2 parcels, Flanders · tallest building 6.0 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
M.A.D. Enterprise
since 20202.298.984.330
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 36009B0615/00D002 | Flanders | 877 m² | 1 · 248 m² | 6.0 m · 1 fl. |
| 34354C0391/00L000 | Flanders | 227 m² | 1 · 169 m² | 5.0 m · 1 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
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
2024 · 1 entry · 403 EUR awarded · 403 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 403 EUR | 403 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 3,989 companies in sector 25110 we hold annual accounts for 2,148. 978 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded04-02-2020
Fiscal year end31-12
Activities, NACEBEL
25110Manufacture of metal structures and parts of structures
43990Other specialised construction activities
43995Specialised construction activities
Sources
Crossroads Bank for EnterprisesNational Bank · 6 filingsAddress and cadastre registers
Data from official sources, last processed on 16-09-2026. Scores and ratios are computed by Checked and are not a credit decision.