Macadam
ActiveSummary
Macadam has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €13,203 and a net result of -€2,372. Equity is growing by ~19.3% per year across the filed fiscal years. Its solvency ranks better than 18% of 532 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability67▼-6
Solvency33▼-1
Growth78=
Track record94
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days acceptable
Liquidity ample (current ratio 1.74 against 2.3 in 2024; short-term debt: 54.8% and cash: 48.1% of total assets), but 91.8% of the assets are financed with debt.
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Signals
Seven 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 88
Relative position
BE, all sectors
reference
Social work activities without accommodation (NACE 88)
about 62% 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
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 2025Solvency, return and age of the figures
Solvency
8.2%
Return on assets
-1.5%
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 18% of 532 sector peers (2025).
NBB · sector comparisonPosition among 532 sector peers
Solvency
better than 18%
← 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 10-07-2026, 21 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
21 d early
2024
144 d late
2023
1 d late
2022
66 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 48 days after the deadline; the sector median for financial year 2024 is 24 days before the deadline, and 25% 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 3 September (3 of the last 4 filed years within 55 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€13,203▼ 50.9%
2024 · €26,898
Total assets
€160,427▼ 44.1%
2024 · €286,793
Net result
-€2,372
2024 · €9,095
Working capital
€65,210▼ 56.9%
2024 · €151,442
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 88, Social work activities without accommodation, 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
Line2022202320242025
Operating result-€20,644-€13,667€9,409▼ 31.2%€889▼ 90.6%
Net result-€20,982below the sector's middle half-€13,309within the sector's middle half€9,095within the sector's middle half▼ 31.7%-€2,372within the sector's middle half
Equity€10,974below the sector's middle half-€21,043within the sector's middle half▲ 91.7%€26,898within the sector's middle half▲ 27.8%€13,203below the sector's middle half▼ 50.9%
Total assets€311,670within the sector's middle half-€116,493within the sector's middle half▼ 62.6%€286,793within the sector's middle half▲ 146%€160,427within the sector's middle half▼ 44.1%
Debt€300,696-€95,450▼ 68.3%€259,895▲ 172%€147,224▼ 43.4%
Working capital€209,057above the sector's middle half-€29,215within the sector's middle half▼ 86.0%€151,442above the sector's middle half▲ 418%€65,210within the sector's middle half▼ 56.9%
Solvency3.5%below the sector's middle half-18.1%within the sector's middle half▲ 14.5pp9.4%below the sector's middle half▼ 8.7pp8.2%below the sector's middle half▼ 1.1pp
Current ratio3.87above the sector's middle half-1.46within the sector's middle half▼ 2.412.30within the sector's middle half▲ 0.831.74within the sector's middle half▼ 0.56
Return on assets (ROA)-6.7%below the sector's middle half-11.4%within the sector's middle half▲ 18.2pp3.2%within the sector's middle half▼ 8.3pp-1.5%below the sector's middle half▼ 4.7pp
Staff (FTE)7.3-8.2▲ 12.3%
above
within
below
the middle half (P25 to P75) of NACE 88, Social work activities without accommodation, 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
The operating result has fallen two years in a row; 2025 is 91% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €160,427
Fixed assets
€7,353 ▼ 60.6%
Current assets
€153,074 ▼ 42.9%
Equity and liabilities €160,427
Equity
€13,203 ▼ 50.9%
Debt
€147,224 ▼ 43.4%
Debt's share of the balance-sheet total rises from 90.6% to 91.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€22,062▲
2024 · €14,939
Cash flow
€18,801▲
2024 · €14,625
Debt to equity
11.15▲
2024 · 9.66
ROE
-18.0%▼
2024 · 33.8%
Interest coverage
73.44▲
2024 · 41.89
Debt ≤ 1 year
€87,863▼
2024 · €116,675
Staff costs
€589,834▼
2024 · €599,217
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 849 companies that looked in July 2024 the way this one looks now, 4.6% went bankrupt within 24 months and 92% are still going.
- Micro
- 5 to 10 years old
- solvency under 10%
- a small loss
4.6%
went bankrupt
3.3%
stopped otherwise
92%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.1% 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 497,338 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% | 1.9% |
| 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 849 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 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Non-recurring operating income76A | €3,240 | €8,360 | €6,992 | €26,618 | ▲ 281% |
| Goods, raw materials, services and sundry goods60/61 | - | €136,191 | €111,574 | €125,106 | ▲ 12.1% |
| Remuneration, social security and pensions62 | €429,584 | €477,675 | €599,217 | €589,834 | ▼ 1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,530 | €5,530 | €5,530 | €21,173 | ▲ 283% |
| Other operating charges640/8 | €294 | €278 | €380 | €229 | ▼ 39.8% |
| Gross operating margin9900 | €414,764 | €497,149 | €614,535 | €612,125 | ▼ 0.4% |
| Operating profit (loss)9901 | -€20,644 | €13,667 | €9,409 | €889 | ▼ 90.6% |
| Financial income75/76B | - | - | €0 | €2 | ▲ 22,500% |
| Recurring financial income75 | - | - | €0 | €2 | ▲ 22,500% |
| Financial charges65/66B | €338 | €358 | €314 | €3,264 | ▲ 939% |
| Recurring financial charges65 | €338 | €269 | €357 | €300 | ▼ 15.8% |
| Non-recurring financial charges66B | - | €88 | -€43 | €2,963 | ▲ 7,053% |
| Profit (loss) for the period before taxes9903 | -€20,982 | €13,309 | €9,095 | -€2,372 | ▼ 126% |
| Profit (loss) for the period9904 | -€20,982 | €13,309 | €9,095 | -€2,372 | ▼ 126% |
| Profit (loss) for the period to be appropriated9905 | -€20,982 | €13,309 | €9,095 | -€2,372 | ▼ 126% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €311,670 | €116,493 | €286,793 | €160,427 | ▼ 44.1% |
| Fixed assets21/28 | €29,736 | €24,206 | €18,676 | €7,353 | ▼ 60.6% |
| Intangible fixed assets21 | - | - | - | €7,353 | - |
| Tangible fixed assets22/27 | €29,736 | €24,206 | €18,676 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | €28,557 | €23,322 | €18,087 | - | - |
| Furniture and vehicles24 | €1,179 | €884 | €589 | - | - |
| Current assets29/58 | €281,935 | €92,287 | €268,117 | €153,074 | ▼ 42.9% |
| Amounts receivable within one year40/41 | €35,763 | €84,501 | €73,294 | €75,937 | ▲ 3.6% |
| Other amounts receivable41 | €35,763 | €84,501 | €73,294 | €75,937 | ▲ 3.6% |
| Cash at bank and in hand54/58 | €245,057 | €7,785 | €194,823 | €77,137 | ▼ 60.4% |
| Deferred charges and accrued income490/1 | €1,115 | - | - | - | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €311,670 | €116,493 | €286,793 | €160,427 | ▼ 44.1% |
| Equity10/15 | €10,974 | €21,043 | €26,898 | €13,203 | ▼ 50.9% |
| Profit (loss) carried forward14 | -€14,183 | -€874 | €8,221 | €5,849 | ▼ 28.9% |
| Investment grants15 | €25,157 | €21,917 | €18,677 | €7,353 | ▼ 60.6% |
| Amounts payable17/49 | €300,696 | €95,450 | €259,895 | €147,224 | ▼ 43.4% |
| Amounts payable within one year42/48 | €72,878 | €63,072 | €116,675 | €87,863 | ▼ 24.7% |
| Trade debts44 | €29,466 | €18,182 | €38,848 | €6,669 | ▼ 82.8% |
| Suppliers440/4 | €29,466 | €18,182 | €38,848 | €6,669 | ▼ 82.8% |
| Taxes, remuneration and social security45 | €43,412 | €44,890 | €47,827 | €81,194 | ▲ 69.8% |
| Taxes450/3 | €337 | - | - | - | - |
| Remuneration and social security454/9 | €43,075 | €44,890 | €47,827 | €81,194 | ▲ 69.8% |
| Accrued charges and deferred income492/3 | €227,818 | €32,378 | €143,220 | €59,361 | ▼ 58.6% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€20,982 | €13,309 | €9,095 | -€2,372 | ▼ 126% |
| + Depreciation and write-downs630 | €5,530 | €5,530 | €5,530 | €21,173 | ▲ 283% |
| Operating cash flow (approximation) | -€15,452 | €18,838 | €14,625 | €18,801 | ▲ 28.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€9,850 | - |
| Change in cash | - | -€237,272 | €187,038 | -€117,686 | ▼ 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
10-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
25-06
State Gazette act
Withdrawals: KOSTIC Helena (member) and GUYOT Madeleine (member)Admissions: FéAUX Jérôme, DE KUYSSCHE Nicolas and CONTREL Mehdi · Approval · Registered-office move11 facts ▸
State Gazette act
Withdrawals: KOSTIC Helena (member) and GUYOT Madeleine (member)
Admissions: FéAUX Jérôme, DE KUYSSCHE Nicolas and CONTREL Mehdi · Approval · Registered-office move11 facts ▸
- General meeting, 10-06-2026
- Approval, 2025, comptes et bilans 2025 et rapport de certification
- Member resignation, KOSTIC Helena
- Member admission, FéAUX Jérôme
- Other statement, décharge des administrateurs
- Approval, 2026, budget
- Member resignation, GUYOT Madeleine
- Member admission, DE KUYSSCHE Nicolas
- Member admission, CONTREL Mehdi
- Registered-office move, RUE DE LA COLONNE 54-1080 MOLENBEEK
- Other statement, ordre du jour AG
25-06
State Gazette act
Resignation: Madeleine Guyot (chair)Appointments: Nicolas De Kuyssche (présidence) and Mehdi Contrel (présidence)5 facts ▸
State Gazette act
Resignation: Madeleine Guyot (chair)
Appointments: Nicolas De Kuyssche (présidence) and Mehdi Contrel (présidence)5 facts ▸
- Board meeting, 10-06-2026
- Director resignation, Madeleine Guyot (chair)
- Director appointment, Nicolas De Kuyssche (présidence)
- Director appointment, Mehdi Contrel (présidence)
- Other statement, budget prévisionnel 2026, mandater la Direction pour présenter une stratégie de financement
2025
22-12
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 144 days late
2024
01-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 1 day late
2023
31-12
Financial
Back to profitnet €13,309
Net result €13,309 after one loss-making year.
05-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 66 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
2 of 11 acts read
About the unread acts
Of the 11 Belgian State Gazette acts we know for this company, 2 have been read. The other 9 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 office holders, last change in 2026
Other functions 2
Mehdi Contrel
CurrentPrésidence · since 25-06-2026
Nicolas De Kuyssche
CurrentPrésidence · since 25-06-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
9 of this company's 11 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Sint-Jans-Molenbeek · 1 establishment unit since 2021
Ground area
2,034 m²
Building footprint
993 m²
Volume, LiDAR
13,400 m³
Parcel 21522B0700/00B003, Brussels · tallest building 20.4 m, ±5 floors. Linked by address, not a title deed.
9
companies at this address
See who is registered here
1 establishment unit
Macadam
since 20212.312.008.262
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21522B0700/00B003 | Brussels | 2,034 m² | 1 · 993 m² | 20.4 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.
Mandate history
3 people since 2026, 2 in office
- Board
- Other function
- began earlier
| Name | Functions and periods |
|---|---|
| Mehdi Contrel |
|
| Nicolas De Kuyssche |
|
| GUYOT Madeleine |
|
Structure & network
Connections & network
2 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
Public money · subsidies and aid
Wallonia-Brussels Federation
2023 to 2025 · 7 entries · 162,153 EUR in total| Year | Entries | paid |
|---|---|---|
| 2025 | 3 | 62,923 EUR |
| 2024 | 2 | 50,000 EUR |
| 2023 | 2 | 49,230 EUR |
Budget allocations
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Of 2,200 companies in sector 88999 we hold annual accounts for 806. 241 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formNon-profit association
Founded25-11-2020
Fiscal year end31-12
Activities, NACEBEL 2025
88999Other social work without accommodation
E-invoicing
Not found in the Peppol register
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Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.