M@DECO
ActiveSummary
M@DECO has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €170,626 and a net result of €3,583. Equity is shrinking by ~3% per year across the filed fiscal years. Its solvency ranks better than 50% of 28184 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability70▲+1
Solvency72▼-5
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11,000 at 30 days acceptable
Liquidity ample (current ratio 1.52 against 2.43 in 2024; short-term debt: 25.7% and cash: 1.6% of total assets), but 53% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four 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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% 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
47%
Return on assets
1%
Age of the figures
12 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 09-04-2026, 21 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
21 d early
2024
29 d early
2023
4 d early
2022
5 d early
2021
5 d late
2020
2 d early
2019
2 d early
← 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 8 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today30-09-2026 close30-04-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you trust this company with building work?Contractor check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark
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Financials · fiscal year 2025, micro schema
Equity
€170,626▼ 17.8%
2024 · €207,473
Total assets
€362,781▼ 8.7%
2024 · €397,521
Net result
€3,583▲ 855%
2024 · €375
Working capital
€48,341▼ 42.8%
2024 · €84,471
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€9,735▼ 95.3%€12,999▲ 33.5%€4,028▼ 69.0%€3,511▼ 12.8%€8,466▲ 141%
Net result€4,079within the sector's middle half▼ 97.1%€6,802within the sector's middle half▲ 66.8%€846within the sector's middle half▼ 87.6%€375within the sector's middle half▼ 55.7%€3,583within the sector's middle half▲ 855%
Equity€213,060above the sector's middle half▼ 13.5%€219,862above the sector's middle half▲ 3.2%€207,098above the sector's middle half▼ 5.8%€207,473above the sector's middle half▲ 0.2%€170,626above the sector's middle half▼ 17.8%
Total assets€490,970above the sector's middle half▼ 11.0%€461,724above the sector's middle half▼ 6.0%€407,790above the sector's middle half▼ 11.7%€397,521above the sector's middle half▼ 2.5%€362,781above the sector's middle half▼ 8.7%
Debt€277,911▼ 9.0%€241,862▼ 13.0%€200,691▼ 17.0%€190,047▼ 5.3%€192,155▲ 1.1%
Working capital€107,463▼ 18.9%€108,906▲ 1.3%€99,321▼ 8.8%€84,471▼ 15.0%€48,341▼ 42.8%
Solvency43.4%within the sector's middle half▼ 1.3pp47.6%within the sector's middle half▲ 4.2pp50.8%within the sector's middle half▲ 3.2pp52.2%within the sector's middle half▲ 1.4pp47.0%within the sector's middle half▼ 5.2pp
Staff (FTE)
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Why a figure moved sharply
- 2021 Net result -97% on 2020. The previous fiscal year ran 18 months, this one 12.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 141% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €362,781
Fixed assets
€221,316 ▼ 12.9%
Current assets
€141,464 ▼ 1.4%
Equity and liabilities €362,781
Equity
€170,626 ▼ 17.8%
Debt
€192,155 ▲ 1.1%
Debt's share of the balance-sheet total rises from 47.8% to 53.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€43,237▲
2024 · €39,192
Cash flow
€38,353▲
2024 · €36,057
Current ratio
1.52▼
2024 · 2.43
Debt to equity
1.13▲
2024 · 0.92
ROE
2.1%▲
2024 · 0.2%
ROA
1.0%▲
2024 · 0.1%
Interest coverage
13.65▼
2024 · 15.02
Debt ≤ 1 year
€93,124▲
2024 · €59,031
Debt > 1 year
€99,031▼
2024 · €131,017
Income taxes
€1,862▲
2024 · €676
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 10,891 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0.6%
went bankrupt
4.0%
stopped otherwise
95%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.7% 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 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 10,891 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €1,810 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,540 | €30,965 | €35,154 | €35,681 | €34,770 | ▼ 2.6% |
| Other operating charges640/8 | €4,170 | €2,251 | €2,981 | €4,354 | €3,485 | ▼ 20.0% |
| Non-recurring operating charges66A | €3,889 | €1,274 | - | - | - | - |
| Gross operating margin9900 | €53,334 | €47,488 | €42,164 | €43,546 | €46,722 | ▲ 7.3% |
| Operating profit (loss)9901 | €9,735 | €12,999 | €4,028 | €3,511 | €8,466 | ▲ 141% |
| Financial income75/76B | €3 | - | - | €149 | €145 | ▼ 2.7% |
| Recurring financial income75 | €3 | - | - | €149 | €145 | ▼ 2.7% |
| Financial charges65/66B | €3,106 | €2,913 | €2,272 | €2,609 | €3,167 | ▲ 21.4% |
| Recurring financial charges65 | €3,106 | €2,913 | €2,272 | €2,609 | €3,167 | ▲ 21.4% |
| Profit (loss) for the period before taxes9903 | €6,632 | €10,085 | €1,756 | €1,051 | €5,445 | ▲ 418% |
| Income taxes67/77 | €2,552 | €3,283 | €910 | €676 | €1,862 | ▲ 176% |
| Profit (loss) for the period9904 | €4,079 | €6,802 | €846 | €375 | €3,583 | ▲ 855% |
| Profit (loss) for the period to be appropriated9905 | €4,079 | €6,802 | €846 | €375 | €3,583 | ▲ 855% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €490,970 | €461,724 | €407,790 | €397,521 | €362,781 | ▼ 8.7% |
| Fixed assets21/28 | €298,237 | €275,310 | €244,080 | €254,019 | €221,316 | ▼ 12.9% |
| Tangible fixed assets22/27 | €297,107 | €274,180 | €242,950 | €252,889 | €220,186 | ▼ 12.9% |
| Land and buildings22 | €270,184 | €248,809 | €227,406 | €206,002 | €184,599 | ▼ 10.4% |
| Plant, machinery and equipment23 | €1,223 | €3,619 | €2,228 | €1,074 | €484 | ▼ 54.9% |
| Furniture and vehicles24 | €8,599 | €10,117 | €9,439 | €4,917 | €3,332 | ▼ 32.2% |
| Leasing and similar rights25 | €17,101 | €11,634 | €3,878 | €40,895 | €31,771 | ▼ 22.3% |
| Financial fixed assets28 | €1,130 | €1,130 | €1,130 | €1,130 | €1,130 | = |
| Current assets29/58 | €192,733 | €186,415 | €163,709 | €143,502 | €141,464 | ▼ 1.4% |
| Amounts receivable after more than one year29 | €90,000 | €100,000 | €70,000 | €60,000 | €50,000 | ▼ 16.7% |
| Other amounts receivable291 | €90,000 | €100,000 | €70,000 | €60,000 | €50,000 | ▼ 16.7% |
| Amounts receivable within one year40/41 | €49,429 | €37,484 | €52,697 | €45,932 | €61,439 | ▲ 33.8% |
| Trade receivables40 | €44,355 | €37,463 | €37,463 | €37,766 | €35,550 | ▼ 5.9% |
| Other amounts receivable41 | €5,074 | €21 | €15,234 | €8,166 | €25,889 | ▲ 217% |
| Current investments50/53 | €51,000 | €40,000 | €37,000 | €23,018 | €21,005 | ▼ 8.7% |
| Cash at bank and in hand54/58 | €2,304 | €8,931 | €2,163 | €11,632 | €5,686 | ▼ 51.1% |
| Deferred charges and accrued income490/1 | - | - | €1,850 | €2,921 | €3,334 | ▲ 14.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €490,970 | €461,724 | €407,790 | €397,521 | €362,781 | ▼ 8.7% |
| Equity10/15 | €213,060 | €219,862 | €207,098 | €207,473 | €170,626 | ▼ 17.8% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €206,194 | €212,994 | €200,153 | €200,523 | €163,672 | ▼ 18.4% |
| Distributable reserves133 | €206,194 | €212,994 | €200,153 | €200,523 | €163,672 | ▼ 18.4% |
| Profit (loss) carried forward14 | €666 | €668 | €745 | €750 | €753 | ▲ 0.4% |
| Amounts payable17/49 | €277,911 | €241,862 | €200,691 | €190,047 | €192,155 | ▲ 1.1% |
| Amounts payable after more than one year17 | €192,097 | €164,354 | €136,303 | €131,017 | €99,031 | ▼ 24.4% |
| Financial debts170/4 | €192,097 | €164,354 | €136,303 | €131,017 | €99,031 | ▼ 24.4% |
| Amounts payable within one year42/48 | €85,270 | €77,509 | €64,389 | €59,031 | €93,124 | ▲ 57.8% |
| Current portion of amounts payable after more than one year42 | €28,838 | €27,744 | €28,051 | €33,192 | €32,243 | ▼ 2.9% |
| Trade debts44 | €912 | €385 | €4,125 | €3,428 | €1,307 | ▼ 61.9% |
| Suppliers440/4 | €912 | €385 | €4,125 | €3,428 | €1,307 | ▼ 61.9% |
| Taxes, remuneration and social security45 | €18,101 | €7,838 | €6,103 | €9,911 | €6,643 | ▼ 33.0% |
| Taxes450/3 | €18,101 | €7,838 | €6,103 | €9,911 | €6,643 | ▼ 33.0% |
| Other amounts payable47/48 | €37,418 | €41,542 | €26,110 | €12,500 | €52,931 | ▲ 323% |
| Accrued charges and deferred income492/3 | €544 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,079 | €6,802 | €846 | €375 | €3,583 | ▲ 855% |
| + Depreciation and write-downs630 | €35,540 | €30,965 | €35,154 | €35,681 | €34,770 | ▼ 2.6% |
| Operating cash flow (approximation) | €39,620 | €37,767 | €36,001 | €36,057 | €38,353 | ▲ 6.4% |
| Investment in fixed assets (approximation) | - | -€8,037 | -€3,925 | -€45,620 | -€2,068 | ▲ 95.5% |
| Change in cash | - | €6,626 | -€6,768 | €9,469 | -€5,946 | ▼ 163% |
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
09-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
01-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-09
Financial
Weakest financial yearnet €375 ▼55.7%
Net result drops to €375, the lowest in the series; recovery starts the following year.
26-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
25-04
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
05-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 5 days late
2021
28-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-09
Financial
Highest result since 2019net €140,586 ▲32,540%
Operating result €206,220, net result €140,586, both a record.
30-09
Financial
Liquidity doublescurrent ratio 2.57
Current ratio from 1.06 to 2.57; short-term debt falls from €127,110 to €84,429.
30-09
Financial
Equity above €200,000Eq €246,399 ▲133%
2 profitable years in a row build equity to €246,399.
2019
29-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
16-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
26-10
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
13-10
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Gavere · 1 establishment unit since 2007
Ground area
1.6 ha
Building footprint
4,732 m²
Volume, LiDAR
31,625 m³
2 parcels, Flanders · tallest building 8.9 m, ±3 floors. Linked by address, not a title deed.
16
companies at this address
See who is registered here
1 establishment unit
M@deco bvba
since 20072.163.196.307
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44003A0212/00G000 | Flanders | 1.6 ha | 1 · 4,497 m² | 8.9 m · 2 fl. |
| 44003A0212/00M000 | Flanders | 643 m² | 1 · 235 m² | 8.0 m · 3 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.
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Of 7,868 companies in sector 43341 we hold annual accounts for 2,664. 2,131 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
Founded01-06-2007
Fiscal year end30-09
Activities, NACEBEL 2025
43341Painting of buildings
E-invoicing
Reachable via Peppol
Peppol ID
0208:0889794757
Also
9925:BE0889794757
Registered
22-09-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.