M.D.E.H
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 22 filings
Equity
€44,718▼ 50.5%
2024 · €90,307
Total assets
€336,388▲ 14.6%
2024 · €293,620
Net result
-€45,589
2024 · €17,042
Working capital
-€51,665▲ 41.9%
2024 · -€88,861
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€38,942
2025
20182025
Net result
-€45,589
2025
20182025
Equity
€44,718
▼ 50.5%
2025
20182025
Total assets
€336,388
▲ 14.6%
2025
20182025
Debt
€291,670
▲ 43.5%
2025
20182025
Working capital
-€51,665
▲ 41.9%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€39,941-€46,124▲ 15.5%€30,467▼ 33.9%-€85,733€22,465€39,850▲ 77.4%€22,529▼ 43.5%-€38,942
Net result€10,276-€16,910▲ 64.6%-€385-€92,686▼ 23,970%€16,534€36,197▲ 119%€17,042▼ 52.9%-€45,589
Equity€96,695-€113,605▲ 17.5%€113,220▼ 0.3%€20,534▼ 81.9%€37,068▲ 80.5%€73,264▲ 97.6%€90,307▲ 23.3%€44,718▼ 50.5%
Total assets€541,847-€519,915▼ 4.0%€500,848▼ 3.7%€351,116▼ 29.9%€328,883▼ 6.3%€312,563▼ 5.0%€293,620▼ 6.1%€336,388▲ 14.6%
Debt€445,152-€406,310▼ 8.7%€387,628▼ 4.6%€330,582▼ 14.7%€291,815▼ 11.7%€239,299▼ 18.0%€203,313▼ 15.0%€291,670▲ 43.5%
Working capital-€82,316--€101,907▼ 23.8%€50,523-€67,016-€76,297▼ 13.8%-€74,395▲ 2.5%-€88,861▼ 19.4%-€51,665▲ 41.9%
The operating result for 2025 is a loss of €38,942, after a profit of €22,529 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €336,388
Fixed assets
€268,150 ▼ 6.1%
Current assets
€68,238 ▲ 751%
Equity and liabilities €336,388
Equity
€44,718 ▼ 50.5%
Debt
€291,670 ▲ 43.5%
Debt's share of the balance-sheet total rises from 69.2% to 86.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€21,492▼
2024 · €42,697
Cash flow
-€28,138▼
2024 · €37,210
Current ratio
0.57▲
2024 · 0.08
Debt to equity
6.52▲
2024 · 2.25
ROE
-101.9%▼
2024 · 18.9%
ROA
-13.6%▼
2024 · 5.8%
Interest coverage
-3.23▼
2024 · 7.78
Debt ≤ 1 year
€119,903▲
2024 · €96,880
Debt > 1 year
€171,767▲
2024 · €106,433
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €6,339 | - | - |
| Depreciation and write-downs of the year | €23,879 | €23,879 | €22,720 | €20,168 | €17,451 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,085 | €25,036 | €23,879 | €23,879 | €23,879 | €22,720 | €20,168 | €17,451 | ▼ 13.5% |
| Other operating charges640/8 | - | - | - | €23,863 | €25,201 | €26,567 | €17,892 | €15,447 | ▼ 13.7% |
| Non-recurring operating charges66A | - | - | - | €125,000 | €0 | - | - | - | - |
| Gross operating margin9900 | €87,258 | €93,836 | €78,346 | €87,009 | €71,545 | €89,136 | €60,588 | -€6,045 | - |
| Operating profit (loss)9901 | €39,941 | €46,124 | €30,467 | -€85,733 | €22,465 | €39,850 | €22,529 | -€38,942 | - |
| Recurring financial income75 | €0 | - | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €6,953 | €5,931 | €3,653 | €5,487 | €6,646 | ▲ 21.1% |
| Recurring financial charges65 | €23,971 | €20,973 | €29,993 | €6,953 | €5,931 | €3,653 | €5,487 | €6,646 | ▲ 21.1% |
| Profit (loss) for the period before taxes9903 | €15,970 | €25,151 | €474 | -€92,686 | €16,534 | €36,197 | €17,042 | -€45,589 | - |
| Income taxes67/77 | €5,693 | €8,241 | €859 | €0 | - | - | - | - | - |
| Profit (loss) for the period9904 | €10,276 | €16,910 | -€385 | -€92,686 | €16,534 | €36,197 | €17,042 | -€45,589 | - |
| Profit (loss) for the period to be appropriated9905 | €10,276 | €16,910 | -€385 | -€92,686 | €16,534 | €36,197 | €17,042 | -€45,589 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €541,847 | €519,915 | €500,848 | €351,116 | €328,883 | €312,563 | €293,620 | €336,388 | ▲ 14.6% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €413,747 | €393,787 | €369,908 | €346,029 | €322,150 | €305,769 | €285,601 | €268,150 | ▼ 6.1% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €413,747 | €393,787 | €369,908 | €346,029 | €322,150 | €305,769 | €285,601 | €268,150 | ▼ 6.1% |
| Land and buildings22 | - | - | - | €346,029 | €322,150 | €305,769 | €285,601 | €268,150 | ▼ 6.1% |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €128,099 | €126,128 | €130,940 | €5,087 | €6,733 | €6,795 | €8,019 | €68,238 | ▲ 751% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €125,000 | €125,000 | €125,000 | €0 | - | - | - | - | - |
| Other amounts receivable41 | - | - | - | €0 | - | - | - | - | - |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €2,714 | €797 | €4,653 | €4,692 | €6,378 | €6,424 | €5,991 | €18,860 | ▲ 215% |
| Deferred charges and accrued income490/1 | - | - | - | €395 | €356 | €371 | €2,028 | €49,379 | ▲ 24× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €541,847 | €519,915 | €500,848 | €351,116 | €328,883 | €312,563 | €293,620 | €336,388 | ▲ 14.6% |
| Equity10/15 | €96,695 | €113,605 | €113,220 | €20,534 | €37,068 | €73,264 | €90,307 | €44,718 | ▼ 50.5% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | €28,495 | €45,405 | €45,020 | -€47,666 | -€31,132 | €5,064 | €22,107 | -€23,482 | - |
| Amounts payable17/49 | €445,152 | €406,310 | €387,628 | €330,582 | €291,815 | €239,299 | €203,313 | €291,670 | ▲ 43.5% |
| Amounts payable after more than one year17 | €231,236 | €174,775 | €307,211 | €258,479 | €208,785 | €158,109 | €106,433 | €171,767 | ▲ 61.4% |
| Financial debts170/4 | - | - | - | €258,479 | €208,785 | €158,109 | €106,433 | €171,767 | ▲ 61.4% |
| Amounts payable within one year42/48 | €210,416 | €228,035 | €80,417 | €72,103 | €83,030 | €81,190 | €96,880 | €119,903 | ▲ 23.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €48,732 | €49,694 | €50,676 | €51,676 | €12,612 | ▼ 75.6% |
| Trade debts44 | €11,932 | €27,531 | €8,866 | €7,024 | €17,847 | €12,408 | €22,824 | €1,056 | ▼ 95.4% |
| Suppliers440/4 | - | - | - | €7,024 | €17,847 | €12,408 | €22,824 | €1,056 | ▼ 95.4% |
| Taxes, remuneration and social security45 | - | - | - | €859 | €0 | - | - | - | - |
| Taxes450/3 | - | - | - | €859 | €0 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €15,489 | €15,489 | €18,106 | €22,380 | €106,235 | ▲ 375% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,276 | €16,910 | -€385 | -€92,686 | €16,534 | €36,197 | €17,042 | -€45,589 | - |
| + Depreciation and write-downs630 | €25,085 | €25,036 | €23,879 | €23,879 | €23,879 | €22,720 | €20,168 | €17,451 | ▼ 13.5% |
| Operating cash flow (approximation) | €35,361 | €41,946 | €23,494 | -€68,807 | €40,413 | €58,917 | €37,210 | -€28,138 | - |
| Investment in fixed assets (approximation) | - | -€5,076 | €0 | €0 | €0 | -€6,339 | €0 | €0 | - |
| Change in cash | - | -€1,917 | €3,856 | €40 | €1,685 | €46 | -€433 | €12,869 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 1,221 companies had the same profile as M.D.E.H has now. Two years later, 88.6% were still going and 3.8% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
88.6%
was still going
7.4%
stopped otherwise
3.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of M.D.E.H itself: 1.6% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,221 companies, not a prediction for M.D.E.H. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 10-07-2026 | 2026-00277767 | |
| 31-12-2024 | micro format | 24-03-2025 | 2025-00052194 | |
| 31-12-2023 | micro format | 19-07-2024 | 2024-00261447 | |
| 31-12-2022 | micro format | 21-06-2023 | 2023-00141785 | |
| 31-12-2021 | micro format | 20-06-2022 | 2022-20072797 | |
| 31-12-2020 | micro format | 19-07-2021 | 2021-35900404 | |
| 31-12-2019 | micro format | 22-06-2020 | 2020-18100165 | |
| 31-12-2018 | micro format | 26-08-2019 | 2019-49900205 | |
| 31-12-2017 | micro format | 26-07-2018 | 2018-37600230 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-48000457 |