MA-DO
ActiveSummary
The computed 12-month bankruptcy probability of MA-DO is 2.3% (moderate). The 2024 annual accounts show equity of €55,051 and a net result of €5,531. 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 €3,500 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.
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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 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)
History
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Financials · fiscal year 2024, micro schema
Equity
€55,051▼ 20.6%
2022 · €69,296
Total assets
€92,523▼ 19.2%
2022 · €114,469
Net result
€5,531▼ 69.2%
2022 · €17,946
Working capital
€42,293▼ 30.4%
2022 · €60,779
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
Line20192020202120222024
Operating result€801-€10,255€28,029€24,211▼ 13.6%€11,871-
Net result-€1,409▲ 51.1%-€10,473▼ 643%€26,902€17,946▼ 33.3%€5,531-
Equity€34,920▼ 3.9%€24,447▼ 30.0%€51,350▲ 110%€69,296▲ 34.9%€55,051-
Total assets€76,357▲ 25.5%€40,026▼ 47.6%€68,847▲ 72.0%€114,469▲ 66.3%€92,523-
Debt€41,437▲ 69.0%€15,579▼ 62.4%€17,498▲ 12.3%€45,173▲ 158%€37,473-
Working capital€36,687▲ 18.7%€26,966▼ 26.5%€51,351▲ 90.4%€60,779▲ 18.4%€42,293-
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result is €11,871 in 2024, compared with €24,211 in 2022. Comparable figures for the intervening years are unavailable.
Balance-sheet composition
2024 in colour, 2022 as the grey bar beneath
Assets €92,523
Fixed assets
€16,190 ▼ 36.7%
Current assets
€76,333 ▼ 14.1%
Equity and liabilities €92,523
Equity
€55,051 ▼ 20.6%
Debt
€37,473 ▼ 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
€26,811▲
2022 · €24,905
Cash flow
€20,471▲
2022 · €18,640
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
€34,040▲
2022 · €28,097
Debt > 1 year
€3,433▼
2022 · €17,076
Income taxes
€128▼
2022 · €5,357
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2024 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,200 | €3,200 | - | €694 | €14,940 | - |
| Other operating charges640/8 | - | - | €11,999 | €16,736 | €10,922 | - |
| Gross operating margin9900 | €14,394 | -€4,365 | €40,028 | €41,641 | €37,734 | - |
| Operating profit (loss)9901 | €801 | -€10,255 | €28,029 | €24,211 | €11,871 | - |
| Financial income75/76B | - | - | €0 | €0 | - | - |
| Recurring financial income75 | €0 | €0 | €0 | €0 | - | - |
| Financial charges65/66B | - | - | €1,010 | €907 | €6,213 | - |
| Recurring financial charges65 | €2,146 | €2,173 | €1,010 | €907 | €6,213 | - |
| Profit (loss) for the period before taxes9903 | -€1,345 | -€12,428 | €27,019 | €23,304 | €5,659 | - |
| Income taxes67/77 | €64 | -€1,955 | €117 | €5,357 | €128 | - |
| Profit (loss) for the period9904 | -€1,409 | -€10,473 | €26,902 | €17,946 | €5,531 | - |
| Profit (loss) for the period to be appropriated9905 | -€1,409 | -€10,473 | €26,902 | €17,946 | €5,531 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €76,357 | €40,026 | €68,847 | €114,469 | €92,523 | - |
| Fixed assets21/28 | €3,412 | €212 | €212 | €25,593 | €16,190 | - |
| Tangible fixed assets22/27 | €3,200 | - | - | €25,381 | €15,979 | - |
| Plant, machinery and equipment23 | - | - | - | €913 | €1,045 | - |
| Furniture and vehicles24 | - | - | - | €24,468 | €14,933 | - |
| Financial fixed assets28 | €212 | €212 | €212 | €212 | €212 | - |
| Current assets29/58 | €72,945 | €39,814 | €68,636 | €88,876 | €76,333 | - |
| Amounts receivable within one year40/41 | €71,565 | €39,094 | €60,174 | €83,623 | €75,448 | - |
| Trade receivables40 | - | - | €34,781 | €34,370 | €15,636 | - |
| Other amounts receivable41 | - | - | €25,393 | €49,253 | €59,812 | - |
| Cash at bank and in hand54/58 | - | €82 | €7,651 | €5,254 | - | - |
| Deferred charges and accrued income490/1 | - | - | €810 | - | €885 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €76,357 | €40,026 | €68,847 | €114,469 | €92,523 | - |
| Equity10/15 | €34,920 | €24,447 | €51,350 | €69,296 | €55,051 | - |
| Contributions10/11 | €15,000 | - | €15,000 | €15,000 | €15,000 | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | - |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | - |
| Profit (loss) carried forward14 | €18,060 | €7,587 | €34,490 | €52,436 | €38,191 | - |
| Amounts payable17/49 | €41,437 | €15,579 | €17,498 | €45,173 | €37,473 | - |
| Amounts payable after more than one year17 | €5,178 | €2,731 | €213 | €17,076 | €3,433 | - |
| Financial debts170/4 | - | - | €213 | €17,076 | €3,433 | - |
| Amounts payable within one year42/48 | €36,258 | €12,848 | €17,285 | €28,097 | €34,040 | - |
| Current portion of amounts payable after more than one year42 | - | - | €2,518 | €8,087 | €13,666 | - |
| Financial debts43 | - | - | - | - | €6,563 | - |
| Credit institutions430/8 | - | - | - | - | €6,563 | - |
| Trade debts44 | €16,633 | €1,574 | €2,835 | €7,475 | €4,005 | - |
| Suppliers440/4 | - | - | €2,835 | €7,475 | €4,005 | - |
| Advances received on contracts in progress46 | - | - | €5,075 | €5,075 | €5,075 | - |
| Taxes, remuneration and social security45 | - | - | €6,858 | €7,461 | €4,731 | - |
| Taxes450/3 | - | - | €6,858 | €7,461 | €4,731 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,409 | -€10,473 | €26,902 | €17,946 | €5,531 | - |
| + Depreciation and write-downs630 | €3,200 | €3,200 | - | €694 | €14,940 | - |
| Operating cash flow (approximation) | €1,791 | -€7,273 | €26,902 | €18,640 | €20,471 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€26,075 | - | - |
| Change in cash | - | - | €7,569 | -€2,398 | - | - |
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 €26,902
Net result €26,902 after 3 loss-making years.
06-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Weakest financial yearnet -€10,473
Net result drops to -€10,473, 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 12,585 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.