MA-DE
ActiveSummary
MA-DE has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €14,762 and a net result of €56,262. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 20% of 17239 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency44▼-8
Growth78=
Track record94
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000 at 30 days acceptable
Liquidity tight (current ratio 1.14 against 1.13 in 2024; short-term debt: 81.3% and cash: 60.2% of total assets), and 81.3% 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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 62
Relative position
BE, all sectors
reference
Computer programming, consultancy and related activities (NACE 62)
about 64% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
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
18.7%
Return on assets
71.3%
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 17239 sector peers (2025).
NBB · sector comparisonPosition among 17239 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 29-04-2026, 93 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
93 d early
2024
14 d early
2023
110 d early
2022
3 d early
2021
9 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 46 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 33% 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. Usually files around 17 July (4 of the last 5 filed years within 79 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
€14,762▼ 10.5%
2024 · €16,502
Total assets
€78,929▲ 30.5%
2024 · €60,489
Net result
€56,262▲ 57.9%
2024 · €35,628
Working capital
€8,725▲ 48.9%
2024 · €5,860
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
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 62, Computer programming, consultancy and related activities, 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).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€4,739-€28,081▲ 493%€8,466▼ 69.9%€49,820▲ 488%€71,858▲ 44.2%
Net result€3,502below the sector's middle half-€21,512within the sector's middle half▲ 514%€5,271within the sector's middle half▼ 75.5%€35,628within the sector's middle half▲ 576%€56,262above the sector's middle half▲ 57.9%
Equity€8,502below the sector's middle half-€30,015within the sector's middle half▲ 253%€35,286within the sector's middle half▲ 17.6%€16,502below the sector's middle half▼ 53.2%€14,762below the sector's middle half▼ 10.5%
Total assets€17,384below the sector's middle half-€38,446below the sector's middle half▲ 121%€55,958below the sector's middle half▲ 45.5%€60,489below the sector's middle half▲ 8.1%€78,929within the sector's middle half▲ 30.5%
Debt€8,882-€8,432▼ 5.1%€20,672▲ 145%€43,987▲ 113%€64,167▲ 45.9%
Working capital€8,217below the sector's middle half-€25,323within the sector's middle half▲ 208%€22,640within the sector's middle half▼ 10.6%€5,860below the sector's middle half▼ 74.1%€8,725within the sector's middle half▲ 48.9%
Solvency48.9%within the sector's middle half-78.1%within the sector's middle half▲ 29.2pp63.1%within the sector's middle half▼ 15.0pp27.3%below the sector's middle half▼ 35.8pp18.7%below the sector's middle half▼ 8.6pp
Current ratio1.93within the sector's middle half-4.00within the sector's middle half▲ 2.072.10within the sector's middle half▼ 1.911.13below the sector's middle half▼ 0.961.14below the sector's middle half=
Return on assets (ROA)20.1%within the sector's middle half-56.0%above the sector's middle half▲ 35.8pp9.4%within the sector's middle half▼ 46.5pp58.9%above the sector's middle half▲ 49.5pp71.3%above the sector's middle half▲ 12.4pp
above
within
below
the middle half (P25 to P75) of NACE 62, Computer programming, consultancy and related 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.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 44% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €78,929
Fixed assets
€6,037 ▼ 43.3%
Current assets
€72,892 ▲ 46.2%
Equity and liabilities €78,929
Equity
€14,762 ▼ 10.5%
Debt
€64,167 ▲ 45.9%
Debt's share of the balance-sheet total rises from 72.7% to 81.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€76,463▲
2024 · €61,164
Cash flow
€60,867▲
2024 · €46,972
Debt to equity
4.35▲
2024 · 2.67
ROE
381.1%▲
2024 · 215.9%
Interest coverage
1061.99▲
2024 · 728.23
Debt ≤ 1 year
€64,167▲
2024 · €43,987
Income taxes
€15,531▲
2024 · €14,189
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 7,976 companies that looked in July 2024 the way this one looks now, 3.6% went bankrupt within 24 months and 94% are still going.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
3.6%
went bankrupt
1.8%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.4% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
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 7,976 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15 | €1,333 | €7,652 | €11,344 | €4,605 | ▼ 59.4% |
| Other operating charges640/8 | €348 | €450 | €1,219 | €905 | €979 | ▲ 8.2% |
| Gross operating margin9900 | €5,102 | €29,863 | €17,338 | €62,069 | €77,442 | ▲ 24.8% |
| Operating profit (loss)9901 | €4,739 | €28,081 | €8,466 | €49,820 | €71,858 | ▲ 44.2% |
| Financial income75/76B | - | €5 | €2 | €81 | €7 | ▼ 91.3% |
| Recurring financial income75 | - | €5 | €2 | €81 | €7 | ▼ 91.3% |
| Financial charges65/66B | €74 | €0 | €448 | €84 | €72 | ▼ 14.3% |
| Recurring financial charges65 | €74 | €0 | €448 | €84 | €72 | ▼ 14.3% |
| Profit (loss) for the period before taxes9903 | €4,665 | €28,085 | €8,020 | €49,817 | €71,793 | ▲ 44.1% |
| Income taxes67/77 | €1,163 | €6,573 | €2,749 | €14,189 | €15,531 | ▲ 9.5% |
| Profit (loss) for the period9904 | €3,502 | €21,512 | €5,271 | €35,628 | €56,262 | ▲ 57.9% |
| Profit (loss) for the period to be appropriated9905 | €3,502 | €21,512 | €5,271 | €35,628 | €56,262 | ▲ 57.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €17,384 | €38,446 | €55,958 | €60,489 | €78,929 | ▲ 30.5% |
| Fixed assets21/28 | €340 | €4,692 | €12,646 | €10,642 | €6,037 | ▼ 43.3% |
| Tangible fixed assets22/27 | €340 | €4,692 | €12,646 | €10,492 | €5,887 | ▼ 43.9% |
| Plant, machinery and equipment23 | - | - | - | €7,508 | €5,670 | ▼ 24.5% |
| Furniture and vehicles24 | €340 | €4,049 | €12,164 | €2,663 | €56 | ▼ 97.9% |
| Other tangible fixed assets26 | - | €643 | €482 | €322 | €161 | ▼ 50.0% |
| Financial fixed assets28 | - | - | - | €150 | €150 | = |
| Current assets29/58 | €17,044 | €33,755 | €43,312 | €49,846 | €72,892 | ▲ 46.2% |
| Amounts receivable within one year40/41 | €8,895 | €20,287 | €24,856 | €13,044 | €18,271 | ▲ 40.1% |
| Trade receivables40 | €8,325 | €20,287 | €24,856 | €11,011 | €18,271 | ▲ 65.9% |
| Other amounts receivable41 | €570 | €0 | - | €2,033 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €7,575 | €11,288 | €15,111 | €36,037 | €47,535 | ▲ 31.9% |
| Deferred charges and accrued income490/1 | €574 | €2,180 | €3,345 | €766 | €7,086 | ▲ 825% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €17,384 | €38,446 | €55,958 | €60,489 | €78,929 | ▲ 30.5% |
| Equity10/15 | €8,502 | €30,015 | €35,286 | €16,502 | €14,762 | ▼ 10.5% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Profit (loss) carried forward14 | €3,502 | €25,015 | €30,286 | €11,502 | €9,762 | ▼ 15.1% |
| Amounts payable17/49 | €8,882 | €8,432 | €20,672 | €43,987 | €64,167 | ▲ 45.9% |
| Amounts payable within one year42/48 | €8,827 | €8,432 | €20,672 | €43,987 | €64,167 | ▲ 45.9% |
| Current portion of amounts payable after more than one year42 | - | - | €3,936 | €0 | - | - |
| Financial debts43 | - | - | - | €2,493 | €6 | ▼ 99.7% |
| Credit institutions430/8 | - | - | - | €2,493 | €6 | ▼ 99.7% |
| Trade debts44 | €3,198 | €2,683 | €2,015 | €1,364 | €1,965 | ▲ 44.0% |
| Suppliers440/4 | €3,198 | €2,683 | €2,015 | €1,364 | €1,965 | ▲ 44.0% |
| Taxes, remuneration and social security45 | €5,250 | €4,101 | €6,340 | €10,717 | €11,995 | ▲ 11.9% |
| Taxes450/3 | €5,250 | €4,101 | €6,340 | €10,717 | €11,995 | ▲ 11.9% |
| Other amounts payable47/48 | €379 | €1,647 | €8,382 | €29,412 | €50,201 | ▲ 70.7% |
| Accrued charges and deferred income492/3 | €55 | €0 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,502 | €21,512 | €5,271 | €35,628 | €56,262 | ▲ 57.9% |
| + Depreciation and write-downs630 | €15 | €1,333 | €7,652 | €11,344 | €4,605 | ▼ 59.4% |
| Operating cash flow (approximation) | €3,517 | €22,845 | €12,924 | €46,972 | €60,867 | ▲ 29.6% |
| Investment in fixed assets (approximation) | - | -€5,684 | -€15,607 | -€9,340 | €0 | ▲ 100% |
| Change in cash | - | €3,713 | €3,822 | €20,926 | €11,498 | ▼ 45.1% |
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
29-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2021net €56,262 ▲57.9%
Operating result €71,858, net result €56,262, both a record.
17-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
12-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
28-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Liquidity doublescurrent ratio 4.00
Current ratio from 1.93 to 4.00; short-term debt falls from €8,827 to €8,432.
22-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Mechelen · 1 establishment unit since 2021
Ground area
111 m²
Building footprint
55 m²
Volume, LiDAR
342 m³
Parcel 12409D0037/00L005, Flanders · tallest building 12.2 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
MA-DE
since 20212.322.296.301
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12409D0037/00L005 | Flanders | 111 m² | 1 · 55 m² | 12.2 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.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 269 EUR awarded · 269 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 269 EUR | 269 EUR |
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Of 16,913 companies in sector 62100 we hold annual accounts for 8,786. 5,236 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
Founded01-10-2021
Fiscal year end31-12
Activities, NACEBEL 2025
62100Computer programming
62900Other information technology and computer services
62200Computer consultancy and computer facilities management
63100Computing infrastructure, data processing, hosting and related activities
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0774875887
Also
9925:BE0774875887
Registered
14-03-2025
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.