M & D
ActiveSummary
M & D has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €265,953 and a net result of €7,045. Equity is growing by ~42.6% per year across the filed fiscal years. Its solvency ranks better than 38% of 4188 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability20▼-69
Solvency51=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11,000 at 30 days only on tighter terms
Liquidity tight (current ratio 1.26 against 1.25 in 2024; short-term debt: 74.1% and cash: 0% of total assets), and 74.1% of the assets are financed with debt.
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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 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
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
25.9%
Return on assets
0.7%
Age of the figures
9 mo
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 06-07-2026, 25 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
25 d early
2024
60 d late
2023
31 d late
2022
31 d late
2021
57 d late
2020
65 d late
2019
88 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 44 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
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
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€7,045▼ 95.5%
2024 · €157,326
Working capital
€197,118▲ 9.6%
2024 · €179,862
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€1,553▼ 95.2%€116,573▲ 7,407%€373,176▲ 220%€159,611▼ 57.2%-€7,430
Net result€5,060▼ 88.6%€99,034▲ 1,857%€317,673▲ 221%€157,326▼ 50.5%€7,045▼ 95.5%
Equity-€155,125▲ 3.2%-€56,091▲ 63.8%€161,582€258,908▲ 60.2%€265,953▲ 2.7%
Total assets€524,588▼ 16.6%€577,324▲ 10.1%€774,627▲ 34.2%€984,834▲ 27.1%€1.0m▲ 4.3%
Debt€679,713▼ 13.8%€633,415▼ 6.8%€613,044▼ 3.2%€725,926▲ 18.4%€761,049▲ 4.8%
Working capital-€226,015▲ 8.7%-€125,107▲ 44.6%€101,696€179,862▲ 76.9%€197,118▲ 9.6%
Staff (FTE)1=1=1=0▼ 100%1
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €7,430 after €159,611 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.0m
Fixed assets
€68,836 ▼ 12.9%
Current assets
€958,167 ▲ 5.8%
Equity and liabilities €1.0m
Equity
€265,953 ▲ 2.7%
Debt
€761,049 ▲ 4.8%
Debt's share of the balance-sheet total rises from 73.7% to 74.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€2,281▼
2024 · €168,513
Cash flow
€16,755▼
2024 · €166,227
Current ratio
1.26▲
2024 · 1.25
Debt to equity
2.86▲
2024 · 2.80
ROE
2.6%▼
2024 · 60.8%
ROA
0.7%▼
2024 · 16.0%
Interest coverage
0.10▼
2024 · 64.26
Debt ≤ 1 year
€761,049▲
2024 · €725,926
Income taxes
€5,652▼
2024 · €34,723
Staff costs
€2,846▼
2024 · €6,640
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €9,917 | €0 | - | - |
| Remuneration, social security and pensions62 | €2,837 | €4,224 | €2,707 | €6,640 | €2,846 | ▼ 57.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,024 | €9,348 | €7,399 | €8,901 | €9,710 | ▲ 9.1% |
| Other operating charges640/8 | €1,412 | €2,120 | €1,221 | €2,030 | €4,911 | ▲ 142% |
| Non-recurring operating charges66A | - | - | €5,000 | €0 | €145,144 | - |
| Gross operating margin9900 | €23,826 | €132,265 | €389,502 | €177,182 | €155,181 | ▼ 12.4% |
| Operating profit (loss)9901 | €1,553 | €116,573 | €373,176 | €159,611 | -€7,430 | ▼ 105% |
| Financial income75/76B | €26,777 | €26,428 | €22,379 | €35,060 | €43,410 | ▲ 23.8% |
| Recurring financial income75 | €26,777 | €26,428 | €22,379 | €35,060 | €43,410 | ▲ 23.8% |
| Financial charges65/66B | €7,410 | €5,844 | €1,192 | €2,622 | €23,284 | ▲ 788% |
| Recurring financial charges65 | €7,410 | €5,844 | €1,192 | €2,622 | €23,284 | ▲ 788% |
| Profit (loss) for the period before taxes9903 | €20,920 | €137,157 | €394,362 | €192,049 | €12,697 | ▼ 93.4% |
| Income taxes67/77 | €15,860 | €38,123 | €76,689 | €34,723 | €5,652 | ▼ 83.7% |
| Profit (loss) for the period9904 | €5,060 | €99,034 | €317,673 | €157,326 | €7,045 | ▼ 95.5% |
| Profit (loss) for the period to be appropriated9905 | €5,060 | €99,034 | €317,673 | €157,326 | €7,045 | ▼ 95.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €524,588 | €577,324 | €774,627 | €984,834 | €1.0m | ▲ 4.3% |
| Fixed assets21/28 | €70,964 | €69,848 | €60,923 | €79,046 | €68,836 | ▼ 12.9% |
| Intangible fixed assets21 | €812 | €546 | €281 | €15 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €41,252 | €40,402 | €31,742 | €49,631 | €39,936 | ▼ 19.5% |
| Plant, machinery and equipment23 | €463 | €1,197 | €2,881 | €3,685 | €2,714 | ▼ 26.4% |
| Furniture and vehicles24 | €5,907 | €9,305 | €3,945 | €3,147 | €1,806 | ▼ 42.6% |
| Other tangible fixed assets26 | €34,883 | €29,899 | €24,916 | €42,798 | €35,416 | ▼ 17.2% |
| Financial fixed assets28 | €28,900 | €28,900 | €28,900 | €29,400 | €28,900 | ▼ 1.7% |
| Current assets29/58 | €453,624 | €507,476 | €713,703 | €905,788 | €958,167 | ▲ 5.8% |
| Stocks and contracts in progress3 | €1,180 | €1,180 | €1,230 | €1,349 | €0 | ▼ 100% |
| Stocks30/36 | €1,180 | €1,180 | €1,230 | €1,349 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €442,742 | €457,716 | €706,700 | €901,116 | €955,766 | ▲ 6.1% |
| Trade receivables40 | €61,616 | €53,466 | €76,542 | €22,008 | €31,920 | ▲ 45.0% |
| Other amounts receivable41 | €381,126 | €404,250 | €630,158 | €879,108 | €923,846 | ▲ 5.1% |
| Cash at bank and in hand54/58 | €3,988 | €44,697 | €2,481 | €952 | €208 | ▼ 78.1% |
| Deferred charges and accrued income490/1 | €5,714 | €3,884 | €3,293 | €2,371 | €2,192 | ▼ 7.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €524,588 | €577,324 | €774,627 | €984,834 | €1.0m | ▲ 4.3% |
| Equity10/15 | -€155,125 | -€56,091 | €161,582 | €258,908 | €265,953 | ▲ 2.7% |
| Contributions10/11 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Capital10 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Issued capital100 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Reserves13 | €6,197 | €6,197 | €6,197 | €6,197 | €203,980 | ▲ 3,191% |
| Non-distributable reserves130/1 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Legal reserve130 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Distributable reserves133 | - | - | - | - | €197,783 | - |
| Profit (loss) carried forward14 | -€223,296 | -€124,261 | €93,412 | €190,738 | €0 | ▼ 100% |
| Amounts payable17/49 | €679,713 | €633,415 | €613,044 | €725,926 | €761,049 | ▲ 4.8% |
| Amounts payable within one year42/48 | €679,639 | €632,583 | €612,007 | €725,926 | €761,049 | ▲ 4.8% |
| Financial debts43 | €45,173 | €0 | €10,815 | €58,178 | €63,043 | ▲ 8.4% |
| Credit institutions430/8 | €45,173 | €0 | €10,815 | €58,178 | €63,043 | ▲ 8.4% |
| Trade debts44 | €590,900 | €561,595 | €454,139 | €76,030 | €194,921 | ▲ 156% |
| Suppliers440/4 | €590,900 | €561,595 | €454,139 | €76,030 | €194,921 | ▲ 156% |
| Taxes, remuneration and social security45 | €14,153 | €48,927 | €34,533 | €4,105 | €9,525 | ▲ 132% |
| Taxes450/3 | €14,131 | €48,927 | €34,533 | €4,073 | €9,525 | ▲ 134% |
| Remuneration and social security454/9 | €23 | €0 | - | €32 | €0 | ▼ 100% |
| Other amounts payable47/48 | €29,413 | €22,061 | €112,521 | €587,613 | €493,560 | ▼ 16.0% |
| Accrued charges and deferred income492/3 | €74 | €832 | €1,037 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,060 | €99,034 | €317,673 | €157,326 | €7,045 | ▼ 95.5% |
| + Depreciation and write-downs630 | €18,024 | €9,348 | €7,399 | €8,901 | €9,710 | ▲ 9.1% |
| Operating cash flow (approximation) | €23,084 | €108,382 | €325,072 | €166,227 | €16,755 | ▼ 89.9% |
| Investment in fixed assets (approximation) | - | -€8,232 | €1,526 | -€27,024 | €500 | ▲ 102% |
| Change in cash | - | €40,709 | -€42,216 | -€1,529 | -€744 | ▲ 51.4% |
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
06-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
29-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 60 days late
2024
31-12
Financial
Equity above €200,000Eq €258,908 ▲60.2%
5 profitable years in a row build equity to €258,908.
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 31 days late
2023
31-12
Financial
Highest result since 2018net €317,673 ▲221%
Operating result €373,176, net result €317,673, both a record.
31-12
Financial
Equity above €150,000Eq €161,582
4 profitable years in a row build equity to €161,582.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
26-09
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 57 days late
2021
04-10
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 65 days late
2020
31-12
Financial
Back to profitnet €44,507
Net result €44,507 after one loss-making year.
27-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 88 days late
2019
31-12
Financial
Weakest financial yearnet -€1,880
Net result drops to -€1,880, the lowest in the series; recovery starts the following year.
Show earlier events
30-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
17-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 17 days late
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 10 acts read
About the unread acts
We know of 10 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
10 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, Kalmthout · 1 establishment unit since 2003
Ground area
2,472 m²
Building footprint
345 m²
Volume, LiDAR
1,678 m³
Parcel 11022F0007/00Y022, Flanders · tallest building 6.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Kapellensteenweg (Heide) 528, 2920 Kalmthout
since 20032.131.992.593
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11022F0007/00Y022 | Flanders | 2,472 m² | 1 · 344 m² | 6.3 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 2,606 companies in sector 47551 we hold annual accounts for 1,718. 1,316 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded19-04-2000
Fiscal year end31-12
Activities, NACEBEL 2025
47551Retail sale of household furniture
47552Retail sale of lighting equipment
46150Agents in the wholesale of furniture, household goods and hardware
Scores and ratios are computed by Checked and are not a credit decision.