MA-DO
ActiveSummary
The computed 12-month bankruptcy probability of MA-DO is 2.3% (moderate). The 2024 annual accounts show equity of €55k and a net result of €6k. Equity is growing by ~11.4% per year across the filed fiscal years. Its solvency ranks better than 71% of 6720 sector peers (fiscal year 2024). The company has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2022
Profitability62▼-26
Solvency84▼-2
Growth78=
Track record100
Bankruptcy probability, 12 months
2.3%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €3.5k at 30 days acceptable
Liquidity ample (current ratio 2.24 against 3.16 in 2022; short-term debt: 36.8% of total assets), and 40.5% of the assets are financed with debt.
Credit check for your own amount and term
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 49
Relative position
BE, all sectors
reference
Land transport and transport via pipelines (NACE 49)
about 141% 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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
59.5%
Return on assets
6%
Age of the figures
21 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 12-09-2025, 43 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
43 d late
2022
31 d late
2021
31 d early
2020
25 d early
2019
49 d late
2018
28 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, micro schema
Equity
€55k▼ 20.6%
2022 · €69k
2018: €36k
2019: €35k▼ -3.9% vs 2018
2020: €24k▼ -30.0% vs 2019lowest value
2021: €51k▲ +110% vs 2020
2022: €69k▲ +34.9% vs 2021highest value
2024: €55k
2018 → 2024
Total assets
€93k▼ 19.2%
2022 · €114k
2018: €61k
2019: €76k▲ +25.5% vs 2018
2020: €40k▼ -47.6% vs 2019lowest value
2021: €69k▲ +72.0% vs 2020
2022: €114k▲ +66.3% vs 2021highest value
2024: €93k
2018 → 2024
Net result
€6k▼ 69.2%
2022 · €18k
2018: €-3k
2019: €-1k▲ +51.1% vs 2018
2020: €-10k▼ -643% vs 2019lowest value
2021: €27k▲ +357% vs 2020highest value
2022: €18k▼ -33.3% vs 2021
2024: €6k
2018 → 2024
Working capital
€42k▼ 30.4%
2022 · €61k
2018: €31k
2019: €37k▲ +18.7% vs 2018
2020: €27k▼ -26.5% vs 2019lowest value
2021: €51k▲ +90.4% vs 2020
2022: €61k▲ +18.4% vs 2021highest value
2024: €42k
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20192020202120222024Trend
Equity€35k-€24k▼ 30.0%€51k▲ 110%€69k▲ 34.9%€55k▼ 20.6%
2019: €35k
2020: €24k▼ -30.0% vs 2019lowest value
2021: €51k▲ +110% vs 2020
2022: €69k▲ +34.9% vs 2021highest value
2024: €55k
Operating result€801-€-10k€28k€24k▼ 13.6%€12k▼ 51.0%
2019: €801
2020: €-10k▼ -1381% vs 2019lowest value
2021: €28k▲ +373% vs 2020highest value
2022: €24k▼ -13.6% vs 2021
2024: €12k
Net result€-1k-€-10k▼ 643%€27k€18k▼ 33.3%€6k▼ 69.2%
2019: €-1k
2020: €-10k▼ -643% vs 2019lowest value
2021: €27k▲ +357% vs 2020highest value
2022: €18k▼ -33.3% vs 2021
2024: €6k
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result is €12k in 2024, compared with €24k in 2022. Comparable figures for the intervening years are unavailable.
Balance-sheet composition
2024 in colour, 2022 as the grey bar beneath
Assets €93k
Fixed assets
€16k ▼ 36.7%
Current assets
€76k ▼ 14.1%
Equity and liabilities €93k
Equity
€55k ▼ 20.6%
Debt
€37k ▼ 17.0%
Debt's share of the balance-sheet total rises from 39.5% to 40.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€27k▲
2022 · €25k
Cash flow
€20k▲
2022 · €19k
Current ratio
2.24▼
2022 · 3.16
Debt to equity
0.68▲
2022 · 0.65
ROE
10.0%▼
2022 · 25.9%
ROA
6.0%▼
2022 · 15.7%
Interest coverage
4.32▼
2022 · 27.45
Debt ≤ 1 year
€34k▲
2022 · €28k
Debt > 1 year
€3k▼
2022 · €17k
Income taxes
€128▼
2022 · €5k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2022 · 45 lines
Balance sheet
Code20222024
Assets
Total assets20/58€114k€93k▼
Fixed assets21/28€26k€16k▼
Tangible fixed assets22/27€25k€16k▼
Plant, machinery and equipment23€913€1k▲
Furniture and vehicles24€24k€15k▼
Financial fixed assets28€212€212=
Current assets29/58€89k€76k▼
Amounts receivable within one year40/41€84k€75k▼
Trade receivables40€34k€16k▼
Other amounts receivable41€49k€60k▲
Cash at bank and in hand54/58€5k-
Deferred charges and accrued income490/1-€885
Equity and liabilities
Total equity and liabilities10/49€114k€93k▼
Equity10/15€69k€55k▼
Contributions10/11€15k€15k=
Reserves13€2k€2k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Profit (loss) carried forward14€52k€38k▼
Amounts payable17/49€45k€37k▼
Amounts payable after more than one year17€17k€3k▼
Financial debts170/4€17k€3k▼
Amounts payable within one year42/48€28k€34k▲
Current portion of amounts payable after more than one year42€8k€14k▲
Financial debts43-€7k
Credit institutions430/8-€7k
Trade debts44€7k€4k▼
Suppliers440/4€7k€4k▼
Advances received on contracts in progress46€5k€5k=
Taxes, remuneration and social security45€7k€5k▼
Taxes450/3€7k€5k▼
Income statement
Code20222024
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€694€15k▲
Other operating charges640/8€17k€11k▼
Gross operating margin9900€42k€38k▼
Operating profit (loss)9901€24k€12k▼
Financial income75/76B€0-
Recurring financial income75€0-
Financial charges65/66B€907€6k▲
Recurring financial charges65€907€6k▲
Profit (loss) for the period before taxes9903€23k€6k▼
Income taxes67/77€5k€128▼
Profit (loss) for the period9904€18k€6k▼
Profit (loss) for the period to be appropriated9905€18k€6k▼
Appropriation of the result
Profit (loss) to be appropriated9906€52k€38k▼
Profit (loss) brought forward from the previous period14P€34k€33k▼
The notes to these accounts (7 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2019 | 2020 | 2021 | 2022 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3k | €3k | - | €694 | €15k | - |
| Other operating charges640/8 | - | - | €12k | €17k | €11k | - |
| Gross operating margin9900 | €14k | €-4k | €40k | €42k | €38k | - |
| Operating profit (loss)9901 | €801 | €-10k | €28k | €24k | €12k | - |
| Financial income75/76B | - | - | €0 | €0 | - | - |
| Recurring financial income75 | €0 | €0 | €0 | €0 | - | - |
| Financial charges65/66B | - | - | €1k | €907 | €6k | - |
| Recurring financial charges65 | €2k | €2k | €1k | €907 | €6k | - |
| Profit (loss) for the period before taxes9903 | €-1k | €-12k | €27k | €23k | €6k | - |
| Income taxes67/77 | €64 | €-2k | €117 | €5k | €128 | - |
| Profit (loss) for the period9904 | €-1k | €-10k | €27k | €18k | €6k | - |
| Profit (loss) for the period to be appropriated9905 | €-1k | €-10k | €27k | €18k | €6k | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €76k | €40k | €69k | €114k | €93k | - |
| Fixed assets21/28 | €3k | €212 | €212 | €26k | €16k | - |
| Tangible fixed assets22/27 | €3k | - | - | €25k | €16k | - |
| Plant, machinery and equipment23 | - | - | - | €913 | €1k | - |
| Furniture and vehicles24 | - | - | - | €24k | €15k | - |
| Financial fixed assets28 | €212 | €212 | €212 | €212 | €212 | - |
| Current assets29/58 | €73k | €40k | €69k | €89k | €76k | - |
| Amounts receivable within one year40/41 | €72k | €39k | €60k | €84k | €75k | - |
| Trade receivables40 | - | - | €35k | €34k | €16k | - |
| Other amounts receivable41 | - | - | €25k | €49k | €60k | - |
| Cash at bank and in hand54/58 | - | €82 | €8k | €5k | - | - |
| Deferred charges and accrued income490/1 | - | - | €810 | - | €885 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €76k | €40k | €69k | €114k | €93k | - |
| Equity10/15 | €35k | €24k | €51k | €69k | €55k | - |
| Contributions10/11 | €15k | - | €15k | €15k | €15k | - |
| Reserves13 | €2k | €2k | €2k | €2k | €2k | - |
| Non-distributable reserves130/1 | - | - | €2k | €2k | €2k | - |
| Reserves not available under the articles1311 | - | - | €2k | €2k | €2k | - |
| Profit (loss) carried forward14 | €18k | €8k | €34k | €52k | €38k | - |
| Amounts payable17/49 | €41k | €16k | €17k | €45k | €37k | - |
| Amounts payable after more than one year17 | €5k | €3k | €213 | €17k | €3k | - |
| Financial debts170/4 | - | - | €213 | €17k | €3k | - |
| Amounts payable within one year42/48 | €36k | €13k | €17k | €28k | €34k | - |
| Current portion of amounts payable after more than one year42 | - | - | €3k | €8k | €14k | - |
| Financial debts43 | - | - | - | - | €7k | - |
| Credit institutions430/8 | - | - | - | - | €7k | - |
| Trade debts44 | €17k | €2k | €3k | €7k | €4k | - |
| Suppliers440/4 | - | - | €3k | €7k | €4k | - |
| Advances received on contracts in progress46 | - | - | €5k | €5k | €5k | - |
| Taxes, remuneration and social security45 | - | - | €7k | €7k | €5k | - |
| Taxes450/3 | - | - | €7k | €7k | €5k | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-1k | €-10k | €27k | €18k | €6k | - |
| + Depreciation and write-downs630 | €3k | €3k | - | €694 | €15k | - |
| Operating cash flow (approximation) | €2k | €-7k | €27k | €19k | €20k | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €-26k | - | - |
| Change in cash | - | - | €8k | €-2k | - | - |
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
2025
12-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 43 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €27k
Net result €27k after 3 loss-making years.
06-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Weakest financial yearnet €-10k
Net result drops to €-10k, the lowest in the series; recovery starts the following year.
18-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 49 days late
2019
03-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
19-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 50 days late
2016
30-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 30 days late
2015
28-08
NBB filing
Annual accounts filed
fiscal year 2014 · full schema · 28 days late
2013
26-12
NBB filing
Annual accounts filed
fiscal year 2012 · full schema · 148 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
7 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, Schaarbeek · 1 establishment unit since 2010
Ground area
175 m²
Building footprint
100 m²
Volume, LiDAR
1,211 m³
Parcel 21910E0066/03L010, Brussels · tallest building 17.5 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
Van Schoorstraat 68, 1030 Schaarbeek
since 20102.187.951.301
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21910E0066/03L010 | Brussels | 175 m² | 1 · 100 m² | 17.5 m · 5 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 12,590 companies in sector 49410 we hold annual accounts for 8,199. 6,044 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 (pre-2019)
Founded26-03-2010
Fiscal year end31-12
Activities, NACEBEL 2025
49410Freight transport by road
Scores and ratios are computed by Checked and are not a credit decision.