MADAREST
ActiveMADAREST has been active since 1984 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.43M and a net result of €667k. Equity is growing by ~12.1% per year across the filed fiscal years. Its solvency ranks better than 45% of 637 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
77
/ 100
Excellent
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability90▲+1
Solvency61▼-5
Growth83=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €100k at 30 days acceptable
Liquidity tight (current ratio 1.31 against 1.42 in 2024; short-term debt: 53.8% and cash: 45.5% of total assets), and 64.2% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 10
Relative position
BE, all sectors
reference
Sector 10
higher
← fewer bankruptcies
more bankruptcies →
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
35.8%
Return on assets
16.7%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 07-08-2026, 7 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
7 d late
2024
27 d late
2023
30 d late
2022
31 d late
2021
31 d late
2020
24 d late
2019
25 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
16-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€6.65M▲ 32.4%
2022 · €5.03M
2018: €2.42M
2019: €2.74M
2020: €3.16M
2021: €4.05M
2022: €5.03M
2018 → 2024
EBIT margin
13.3%▼ 6.0pp
2022 · 19.4%
2018: 20.9%
2019: 21.0%
2020: 22.2%
2021: 21.3%
2022: 19.4%
2018 → 2024
Net result
€667k▲ 9.2%
2024 · €611k
2018: €460k
2019: €405k
2020: €532k
2021: €662k
2022: €685k
2023: €522k
2024: €611k
2018 → 2025
Working capital
€671k▼ 4.6%
2024 · €703k
2018: €337k
2019: €558k
2020: €777k
2021: €964k
2022: €934k
2023: €714k
2024: €703k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€4.05M-€5.03M▲ 24.0%€6.65M
Equity€1.12M-€1.26M▲ 12.8%€1.18M▼ 6.2%€1.36M▲ 15.1%€1.43M▲ 4.9%
Operating result€862k-€973k▲ 12.9%€767k▼ 21.2%€886k▲ 15.5%€908k▲ 2.4%
Net result€662k-€685k▲ 3.6%€522k▼ 23.9%€611k▲ 17.1%€667k▲ 9.2%
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 2% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.98M
Fixed assets
€1.17M▲ 18.0%
Current assets
€2.81M▲ 19.3%
Equity and liabilities €3.98M
Equity
€1.43M▲ 4.9%
Debt
€2.56M▲ 28.4%
The debt ratio rises from 59.5% to 64.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.14M▲
2024 · €1.07M
Cash flow
€899k▲
2024 · €794k
Solvency
35.8%▼
2024 · 40.5%
Current ratio
1.31▼
2024 · 1.42
Quick ratio
1.19▼
2024 · 1.25
Debt / equity
1.80▲
2024 · 1.47
ROE
46.8%▲
2024 · 44.9%
ROA
16.7%▼
2024 · 18.2%
Interest coverage
38.38▼
2024 · 48.25
Debt
€2.56M▲
2024 · €1.99M
Debt ≤ 1 year
€2.14M▲
2024 · €1.65M
Debt > 1 year
€417k▲
2024 · €338k
Income taxes
€222k▼
2024 · €261k
Staff costs
€1.46M▲
2024 · €1.24M
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€3.35M€3.98M▲
Formation expenses20€230-
Fixed assets21/28€993k€1.17M▲
Tangible fixed assets22/27€989k€1.17M▲
Land and buildings22€529k€639k▲
Plant, machinery and equipment23€401k€453k▲
Furniture and vehicles24€31k€55k▲
Leasing and similar rights25€29k€22k▼
Financial fixed assets28€4k€4k=
Current assets29/58€2.36M€2.81M▲
Stocks and contracts in progress3€293k€267k▼
Stocks30/36€293k€267k▼
Amounts receivable within one year40/41€532k€734k▲
Trade receivables40€498k€684k▲
Other amounts receivable41€34k€49k▲
Cash at bank and in hand54/58€1.53M€1.81M▲
Equity and liabilities
Total equity and liabilities10/49€3.35M€3.98M▲
Equity10/15€1.36M€1.43M▲
Contributions10/11€19k€19k=
Capital10€19k€19k=
Issued capital100€19k€19k=
Reserves13€159k€219k▲
Non-distributable reserves130/1€2k€2k=
Legal reserve130€2k€2k=
Distributable reserves133€157k€217k▲
Profit (loss) carried forward14€1.18M€1.19M▲
Amounts payable17/49€1.99M€2.56M▲
Amounts payable after more than one year17€338k€417k▲
Financial debts170/4€338k€417k▲
Amounts payable within one year42/48€1.65M€2.14M▲
Current portion of amounts payable after more than one year42€128k€367k▲
Financial debts43€306k€213k▼
Other loans439€306k€213k▼
Trade debts44€659k€828k▲
Suppliers440/4€659k€828k▲
Taxes, remuneration and social security45€260k€312k▲
Taxes450/3€191k€189k▼
Remuneration and social security454/9€68k€124k▲
Other amounts payable47/48€301k€420k▲
Income statement
Code20242025
Turnover70€6.65M-
Non-recurring operating income76A€662-
Goods, raw materials, services and sundry goods60/61€4.31M-
Remuneration, social security and pensions62€1.24M€1.46M▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€183k€232k▲
Other operating charges640/8€73k€82k▲
Non-recurring operating charges66A€44-
Gross operating margin9900€2.38M€2.68M▲
Operating profit (loss)9901€886k€908k▲
Financial income75/76B€7k€10k▲
Recurring financial income75€7k€10k▲
Financial charges65/66B€22k€30k▲
Recurring financial charges65€22k€30k▲
Profit (loss) for the period before taxes9903€871k€888k▲
Income taxes67/77€261k€222k▼
Profit (loss) for the period9904€611k€667k▲
Profit (loss) for the period to be appropriated9905€611k€667k▲
Appropriation of the result
Profit (loss) to be appropriated9906€1.76M€1.85M▲
Profit (loss) brought forward from the previous period14P€1.15M€1.18M▲
Transfer to equity691/2€150k€60k▼
To other reserves6921€150k€60k▼
Profit to be distributed694/7€430k€600k▲
Return on contributions (dividend)694€430k€600k▲
Social balance
Average headcount (FTE)908723.924.6▲
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
07-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 7 days late
2025
27-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 27 days late
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · full schema · 30 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 31 days late
2022
31-12
Financial
Highest result since 2018net €685k ▲3.6%
Operating result €973k, net result €685k, both a record.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 31 days late
2021
31-12
Financial
Equity above €1MEq €1.12M ▲26.4%
4 profitable years in a row build equity to €1.12M.
24-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 24 days late
2020
25-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 25 days late
2019
31-12
Financial
Weakest financial yearnet €405k ▼12%
Net result drops to €405k, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €500kEq €670k ▲51.4%
2 profitable years in a row build equity to €670k.
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 28 days late
2018
27-03
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
22-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 22 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
6 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, Anderlues · 1 establishment unit since 1984
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue Joseph Wauters 1456150 AnderluesGround area
194 m²
Building footprint
125 m²
Volume, LiDAR
995 m³
Parcel 56001B0098/00N000, Wallonia · tallest building 11.2 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Rue Joseph Wauters 145, 6150 Anderlues
since 19842.024.833.725
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 56001B0098/00N000 | Wallonia | 193 m² | 1 · 125 m² | 11.2 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Food safety, FASFC
1 siteAnderlues2.024.833.725
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Of 63 companies in sector 10730 we hold annual accounts for 39. 15 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded07-06-1984
Fiscal year end31-12
Activities, NACEBEL
10730Manufacture of food products
Sources
Crossroads Bank for EnterprisesNational Bank · 37 filingsAddress and cadastre registers
Data from official sources, last processed on 16-09-2026. Scores and ratios are computed by Checked and are not a credit decision.