MADAREST
ActiveSummary
MADAREST has been active since 1984 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.4m and a net result of €666,538. Equity has been growing by about 12% per year since 2018. Its solvency ranks better than 45% of 790 sector peers (NACE 10, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 07-06-1984 Normal situation
- Activity
- Manufacture of food products NACE 10730
- Joint committees
- 118 Paritair Comité voor de voedingsnijverheid
- 220 Paritair Comité voor de bedienden uit de voedingsnijverheid · annual accounts 2025
- Establishment units
- 2.024.833.725 6150 Anderlues, since 01-07-1984
- 2.395.120.832 6150 Anderlues, since 01-01-2025
- Financial year end
- 31 December
- Peppol
- Reachable since 03-10-2025
Board and ownership
Board
- LUISE SilvioDirector · since 01-10-2012
- LUISE Sabrina Gennara RaffaelaDirector
- LUISE Sara Silvia Marie-ValentineDirector
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.1%
Annual accounts 2025
- Gross margin
- €2.7m
- ▲ 12.4%
- Turnover
- ≈ €4.6m
- estimated
- Profit
- €666,538
- ▲ 9.2%
- Equity
- €1.4m
- ▲ 4.9%
- Total assets
- €4.0m
- ▲ 18.9%
- Employees on 31-12-2025
- 25
- =
- 2025 accounts filed 7 days after the deadline
Filed on 07-08-2026
Score breakdownraises riskSector: Manufacture of food products (NACE 10)lowers riskFounded in 1984Liquidity: current ratio 1.31, cash €1.8mSize: 24.6 FTE, total assets €4.0mShow the evidence
Checked score
Score 2025
96
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 69% of small companies in food products (NACE 10)
Financial strength · tick: 2024
Strong
Solvency
61-5
equity 35.8% of total assets
Liquidity
73-2
short-term debt 53.8% · cash 45.5%
Profitability
90+1
return on assets 16.7%
Bankruptcy probability within 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.2%
01-2025: 0.2%● unchanged vs 12-2024
02-2025: 0.2%● unchanged vs 01-2025
03-2025: 0.2%● unchanged vs 02-2025
04-2025: 0.2%● unchanged vs 03-2025
05-2025: 0.2%● unchanged vs 04-2025
06-2025: 0.2%● unchanged vs 05-2025
07-2025: 0.2%● unchanged vs 06-2025
08-2025: 0.4%▲ +0.2 percentage points vs 07-2025highest value
09-2025: 0.2%▼ -0.2 percentage points vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.2%● unchanged vs 01-2026
03-2026: 0.2%● unchanged vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026
07-2026: 0.2%● unchanged vs 06-2026
08-2026: 0.4%▲ +0.2 percentage points vs 07-2026
09-2026: 0.1%▼ -0.3 percentage points vs 08-2026lowest value
10-2026: 0.1%● unchanged vs 09-2026
11-2026: 0.1%● unchanged vs 10-2026
Credit of up to €130,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.31 (1.42 in 2024), below the usual 1.5. Short-term debt is 53.8% and cash 45.5% of total assets. 64.2% of the assets are financed with debt and provisions.
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 10, small). It does better than 49% of them on solvency, 89% on liquidity, 89% on profitability and 50% on growth.
The bankruptcy probability was computed on 01-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises risk
raises risk · 2025 accounts filed 7 days late
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. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
7 days late
2024
27 days late
2023
30 days late
2022
31 days late
2021
31 days late
2020
24 days late
2019
25 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 25 days after the deadline. In the sector (NACE 10), the median for financial year 2024 was 4 days before the deadline, and 38% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 31 August (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
02-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, full format
2025 annual accounts filed 7 days after the deadline Filed on 7 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00391250.
Annual accounts 2025 filed on 07-08-2026 at the NBB all 37 filings
Turnover
€6.7m▲ 32.4%
2022 · €5.0m
EBIT margin
13.3%▼ 6.0pp
2022 · 19.4%
Net result
€666,538▲ 9.2%
2024 · €610,589
Working capital
€670,945▼ 4.6%
2024 · €703,055
In the rankings
#5 employer in Anderlues#7 company by staff growth in Hainaut, Food products sector#8 company by total assets in Anderlues
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 2% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Turnover€6.7m
2024
Operating result€0.9m
2025
Net result€0.7m
2025
Total assets€4.0m
2025
Equity€1.4m
2025
Debt€2.6m
2025
Working capital€0.7m
2025
EBIT margin13.3%
2024
Return on assets (ROA)16.7%
2025
Solvency35.8%
2025
Current ratio1.31
2025
Staff (FTE)24.6
2025
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Manufacture of food products (NACE 10). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€2.4m-€2.7m▲ 13.2%€3.2m▲ 15.3%€4.1m▲ 28.3%€5.0m▲ 24.0%€6.7m
Operating result€0.5m-€0.6m▲ 13.7%€0.7m▲ 22.1%€0.9m▲ 22.8%€1.0m▲ 12.9%€0.8m▼ 21.2%€0.9m▲ 15.5%€0.9m▲ 2.4%
Net result€0.5m-€0.4m▼ 12.0%€0.5mwithin the sector's middle half▲ 31.5%€0.7mwithin the sector's middle half▲ 24.3%€0.7mabove the sector's middle half▲ 3.6%€0.5mwithin the sector's middle half▼ 23.9%€0.6mwithin the sector's middle half▲ 17.1%€0.7mwithin the sector's middle half▲ 9.2%
EBIT margin20.9%-21.0%▲ 0.1pp22.2%▲ 1.2pp21.3%▼ 1.0pp19.4%▼ 1.9pp13.3%
Equity€0.4m-€0.7m▲ 51.4%€0.9mwithin the sector's middle half▲ 31.7%€1.1mwithin the sector's middle half▲ 26.4%€1.3mwithin the sector's middle half▲ 12.8%€1.2mwithin the sector's middle half▼ 6.2%€1.4mwithin the sector's middle half▲ 15.1%€1.4mwithin the sector's middle half▲ 4.9%
Total assets€1.4m-€1.8m▲ 29.0%€2.0mwithin the sector's middle half▲ 11.9%€2.3mwithin the sector's middle half▲ 17.2%€2.6mwithin the sector's middle half▲ 13.0%€2.8mwithin the sector's middle half▲ 7.9%€3.4mwithin the sector's middle half▲ 19.7%€4.0mwithin the sector's middle half▲ 18.9%
Debt€0.9m-€1.1m▲ 18.2%€1.1m▼ 0.3%€1.2m▲ 9.7%€1.3m▲ 13.3%€1.6m▲ 21.1%€2.0m▲ 22.9%€2.6m▲ 28.4%
Working capital€0.3m-€0.6m▲ 65.5%€0.8mwithin the sector's middle half▲ 39.4%€1.0mwithin the sector's middle half▲ 24.0%€0.9mwithin the sector's middle half▼ 3.1%€0.7mwithin the sector's middle half▼ 23.5%€0.7mwithin the sector's middle half▼ 1.5%€0.7mwithin the sector's middle half▼ 4.6%
Solvency32.6%-38.3%▲ 5.7pp45.0%within the sector's middle half▲ 6.7pp48.6%within the sector's middle half▲ 3.5pp48.5%within the sector's middle half▼ 0.1pp42.1%within the sector's middle half▼ 6.3pp40.5%within the sector's middle half▼ 1.6pp35.8%within the sector's middle half▼ 4.8pp
Current ratio1.63-1.80▲ 0.172.12within the sector's middle half▲ 0.322.15above the sector's middle half▲ 0.031.95within the sector's middle half▼ 0.201.52within the sector's middle half▼ 0.431.42within the sector's middle half▼ 0.101.31within the sector's middle half▼ 0.11
Return on assets (ROA)33.9%-23.1%▼ 10.8pp27.2%above the sector's middle half▲ 4.0pp28.8%above the sector's middle half▲ 1.7pp26.4%above the sector's middle half▼ 2.4pp18.6%above the sector's middle half▼ 7.8pp18.2%above the sector's middle half▼ 0.4pp16.7%above the sector's middle half▼ 1.5pp
Staff (FTE)12.5-14.1▲ 12.8%14.7within the sector's middle half▲ 4.3%16.3within the sector's middle half▲ 10.9%17.8within the sector's middle half▲ 9.2%19.4within the sector's middle half▲ 9.0%23.9within the sector's middle half▲ 23.2%24.6within the sector's middle half▲ 2.9%
above
within
below
The sector band is the middle half of the companies in Manufacture of food products (NACE 10). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.0m
Fixed assets
€1.2m ▲ 18.0%
Current assets
€2.8m ▲ 19.3%
Equity and liabilities €4.0m
Equity
€1.4m ▲ 4.9%
Debt
€2.6m ▲ 28.4%
Debt's share of the balance-sheet total rises from 59.5% to 64.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.1m▲
2024 · €1.1m
Cash flow
€898,987▲
2024 · €793,532
Quick ratio
1.19▼
2024 · 1.25
Debt to equity
1.80▲
2024 · 1.47
ROE
46.8%▲
2024 · 44.9%
Interest coverage
38.38▼
2024 · 48.25
Debt ≤ 1 year
€2.1m▲
2024 · €1.7m
Debt > 1 year
€417,284▲
2024 · €337,874
Income taxes
€221,853▼
2024 · €260,822
Staff costs
€1.5m▲
2024 · €1.2m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 19 | 23 | 23 | 25 | 25 |
| full-time | 6 | 6 | 6 | 5 | 7 |
| part-time | 13 | 17 | 17 | 20 | 18 |
| in full-time equivalents | 16.3 | 19.9 | 20.6 | 21.6 | 22.2 |
| Average over the year, in full-time equivalents | 16.3 | 17.8 | 19.4 | 23.9 | 24.6 |
| On a permanent contract | 16 | 17 | 20 | 19 | 23 |
| Joined | 2 | 7 | 6 | 8 | 8 |
| Left | 2 | 3 | 6 | 6 | 8 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €137,362 | €319,302 | €175,589 | €453,862 | €410,737 |
| Financial fixed assets | - | - | €357 | €3,000 | - |
| Depreciation and write-downs of the year | €132,890 | €130,491 | €137,726 | €182,943 | €232,449 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Comparable companies
These companies have the same main activity as MADAREST: manufacture of food products (NACE 10730). They are comparable in size and age: total assets between €2.9m and €7.2m, founded between 1980 and 2006.
| Company | Founded | Total assets | Equity | Gross margin | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|
| MADAREST Anderlues | 1984 | €4.0m | €1.4m | €2.7m | €0.7m | 24.6 | 2025 |
| PASTIFICIO DELLA MAMMA Herstal | 1980 | €6.5m | €3.4m | €2.4m | -€0.3m | 32.6 | 2025 |
| L'ARTISANE FOOD Courcelles | 1994 | €3.2m | €0.5m | €3.2m | -€0.08m | 43.5 | 2025 |
| GEAL Brugge | 1994 | €5.8m | €3.3m | €1.8m | €0.4m | 12.3 | 2025 |
| ALGI Wavre | 1987 | €7.2m | €2.7m | €1.0m | -€0.9m | 23.7 | 2025 |
| L ARTISAN GOURMET Manage | 2006 | €3.8m | €2.1m | €2.2m | €0.7m | 16.4 | 2025 |
| HD BAKERY GROUP Braine-le-Château | 1998 | €2.9m | €1.8m | €1.4m | €0.2m | 12.4 | 2025 |
They were chosen from the 41 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 20,136 companies had the same profile as MADAREST has now. Two years later, 0.2% had gone bankrupt and 95.0% were still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95.0%
was still going
That fits the bankruptcy probability of MADAREST itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,445 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 20,136 companies, not a prediction for MADAREST. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €2.4m | €2.7m | €3.2m | €4.1m | €5.0m | - | €6.7m | - | - |
| Non-recurring operating income76A | - | - | - | - | €51 | - | €0.001m | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €2.5m | €3.2m | - | €4.3m | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.6m | €0.8m | €1.0m | €1.2m | €1.5m | ▲ 17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 27.1% |
| Other operating charges640/8 | - | - | - | €0.002m | €0.007m | €0.2m | €0.07m | €0.08m | ▲ 12.2% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €44 | - | - |
| Gross operating margin9900 | €1.0m | €1.2m | €1.4m | €1.6m | €1.9m | €2.0m | €2.4m | €2.7m | ▲ 12.4% |
| Operating profit (loss)9901 | €0.5m | €0.6m | €0.7m | €0.9m | €1.0m | €0.8m | €0.9m | €0.9m | ▲ 2.4% |
| Financial income75/76B | - | - | - | - | - | €0.01m | €0.007m | €0.01m | ▲ 43.0% |
| Recurring financial income75 | - | €119 | - | - | - | €0.01m | €0.007m | €0.01m | ▲ 43.0% |
| Financial charges65/66B | - | - | - | €0.01m | €0.04m | €0.02m | €0.02m | €0.03m | ▲ 34.1% |
| Recurring financial charges65 | €0.009m | €0.01m | €0.01m | €0.01m | €0.01m | €0.02m | €0.02m | €0.03m | ▲ 34.1% |
| Non-recurring financial charges66B | - | - | - | - | €0.03m | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €0.6m | €0.6m | €0.7m | €0.9m | €0.9m | €0.8m | €0.9m | €0.9m | ▲ 1.9% |
| Income taxes67/77 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 14.9% |
| Profit (loss) for the period9904 | €0.5m | €0.4m | €0.5m | €0.7m | €0.7m | €0.5m | €0.6m | €0.7m | ▲ 9.2% |
| Profit (loss) for the period to be appropriated9905 | €0.5m | €0.4m | €0.5m | €0.7m | €0.7m | €0.5m | €0.6m | €0.7m | ▲ 9.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.4m | €1.8m | €2.0m | €2.3m | €2.6m | €2.8m | €3.4m | €4.0m | ▲ 18.9% |
| Formation expenses20 | - | - | - | - | - | - | €230 | - | - |
| Fixed assets21/28 | €0.5m | €0.5m | €0.5m | €0.5m | €0.7m | €0.7m | €1.0m | €1.2m | ▲ 18.0% |
| Tangible fixed assets22/27 | €0.5m | €0.5m | €0.5m | €0.5m | €0.7m | €0.7m | €1.0m | €1.2m | ▲ 18.0% |
| Land and buildings22 | - | - | - | €0.3m | €0.4m | €0.4m | €0.5m | €0.6m | ▲ 20.8% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.3m | €0.3m | €0.4m | €0.5m | ▲ 12.9% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.04m | €0.03m | €0.03m | €0.05m | ▲ 76.4% |
| Leasing and similar rights25 | - | - | - | €0.004m | - | - | €0.03m | €0.02m | ▼ 25.0% |
| Financial fixed assets28 | €303 | €303 | €303 | €303 | €303 | €0.001m | €0.004m | €0.004m | = |
| Current assets29/58 | €0.9m | €1.3m | €1.5m | €1.8m | €1.9m | €2.1m | €2.4m | €2.8m | ▲ 19.3% |
| Stocks and contracts in progress3 | €0.06m | €0.05m | €0.07m | €0.1m | €0.1m | €0.2m | €0.3m | €0.3m | ▼ 9.1% |
| Stocks30/36 | - | - | - | €0.1m | €0.1m | €0.2m | €0.3m | €0.3m | ▼ 9.1% |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | €0.4m | €0.5m | €0.7m | ▲ 37.9% |
| Trade receivables40 | - | - | - | €0.3m | €0.4m | €0.4m | €0.5m | €0.7m | ▲ 37.4% |
| Other amounts receivable41 | - | - | - | €0.04m | €0.03m | €0.04m | €0.03m | €0.05m | ▲ 44.0% |
| Cash at bank and in hand54/58 | €0.7m | €1.0m | €1.1m | €1.3m | €1.4m | €1.5m | €1.5m | €1.8m | ▲ 18.3% |
| Deferred charges and accrued income490/1 | - | - | - | €232 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.4m | €1.8m | €2.0m | €2.3m | €2.6m | €2.8m | €3.4m | €4.0m | ▲ 18.9% |
| Equity10/15 | €0.4m | €0.7m | €0.9m | €1.1m | €1.3m | €1.2m | €1.4m | €1.4m | ▲ 4.9% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Capital10 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Issued capital100 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | €0.2m | €0.2m | ▲ 37.7% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Legal reserve130 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €0.007m | €0.007m | €0.007m | €0.2m | €0.2m | ▲ 38.1% |
| Profit (loss) carried forward14 | €0.4m | €0.6m | €0.9m | €1.1m | €1.2m | €1.2m | €1.2m | €1.2m | ▲ 0.6% |
| Amounts payable17/49 | €0.9m | €1.1m | €1.1m | €1.2m | €1.3m | €1.6m | €2.0m | €2.6m | ▲ 28.4% |
| Amounts payable after more than one year17 | €0.4m | €0.4m | €0.4m | €0.3m | €0.4m | €0.3m | €0.3m | €0.4m | ▲ 23.5% |
| Financial debts170/4 | - | - | - | €0.3m | €0.4m | €0.3m | €0.3m | €0.4m | ▲ 23.5% |
| Amounts payable within one year42/48 | €0.5m | €0.7m | €0.7m | €0.8m | €1.0m | €1.4m | €1.7m | €2.1m | ▲ 29.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.06m | - | €0.06m | €0.1m | €0.4m | ▲ 187% |
| Financial debts43 | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 30.3% |
| Credit institutions430/8 | - | - | - | €0.2m | - | - | - | - | - |
| Other loans439 | - | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 30.3% |
| Trade debts44 | €0.2m | €0.3m | €0.2m | €0.2m | €0.4m | €0.4m | €0.7m | €0.8m | ▲ 25.6% |
| Suppliers440/4 | - | - | - | €0.2m | €0.4m | €0.4m | €0.7m | €0.8m | ▲ 25.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.1m | €0.2m | €0.3m | €0.3m | ▲ 20.3% |
| Taxes450/3 | - | - | - | €0.09m | €0.06m | €0.2m | €0.2m | €0.2m | ▼ 1.4% |
| Remuneration and social security454/9 | - | - | - | €0.04m | €0.04m | €0.03m | €0.07m | €0.1m | ▲ 80.9% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.1m | €0.4m | €0.3m | €0.4m | ▲ 39.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €459,927 | €404,723 | €532,195 | €661,679 | €685,463 | €521,500 | €610,589 | €666,538 | ▲ 9.2% |
| + Depreciation and write-downs630 | €115,430 | €134,189 | €125,663 | €132,890 | €130,491 | €137,726 | €182,943 | €232,449 | ▲ 27.1% |
| Operating cash flow (approximation) | €575,357 | €538,912 | €657,858 | €794,569 | €815,954 | €659,226 | €793,532 | €898,987 | ▲ 13.3% |
| Investment in fixed assets (approximation) | - | -€143,457 | -€120,099 | -€137,362 | -€319,302 | -€175,946 | -€456,862 | -€410,737 | ▲ 10.1% |
| Change in cash | - | €310,970 | €106,057 | €262,096 | €76,457 | €61,703 | €53,486 | €279,737 | ▲ 423% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 07-08-2026 | 2026-00391250 | NBB |
| 31-12-2024 | full format | 27-08-2025 | 2025-00441570 | |
| 31-12-2023 | full format | 30-08-2024 | 2024-00443374 | |
| 31-12-2022 | full format | 31-08-2023 | 2023-00413772 | |
| 31-12-2021 | full format | 31-08-2022 | 2022-20425821 | |
| 31-12-2020 | full format | 24-08-2021 | 2021-52400184 | |
| 31-12-2019 | full format | 25-08-2020 | 2020-44200080 | |
| 31-12-2018 | full format | 28-08-2019 | 2019-58500480 | |
| 31-12-2017 | full format | 27-03-2018 | 2018-08000009 | |
| 31-12-2016 | full format | 22-08-2017 | 2017-46000060 |
Board & ownership
Directors
Directors
3 directors, last change in 2023
LUISE Silvio
Current
Director (not named in the articles) · since 01-10-2012 · term without a fixed end · listed in the 2025 annual accounts, filed on 07-08-2026
LUISE Sabrina Gennara Raffaela
Current
Director · appointed in the act of 22-12-2023 · listed in the 2025 annual accounts, filed on 07-08-2026
LUISE Sara Silvia Marie-Valentine
Current
Director · appointed in the act of 22-12-2023 · listed in the 2025 annual accounts, filed on 07-08-2026
Signing authorityThe articles say who may bind the company, for example by signing a contract.
Each director alone
deed of 22-12-2023Owners and capital
Capital transactions
Capital over time
- 22-12-2023 Converted to unavailable equity
Mandate history
3 people, 3 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| LUISE Sabrina Gennara Raffaela |
|
| LUISE Sara Silvia Marie-Valentine |
|
| LUISE Silvio |
|
Articles of association
Capital, shares and profit
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Mêmes formalités si non de plein droit actionnaires, valeur fixée par expert commun accord ou Président du Tribunal de l’Entreprise du siège…”
Audit, dissolution and liquidation
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one.
- No statutory auditor
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Plus étendus articles 2:87 CSA et suivants, confirmation Tribunal Entreprise compétent”
Articles of association, deed of 22-12-2023 (in French)
Network & group
MADAREST shares no director with another company.
Connections & network
3 current directorsThe network starts from the directors of MADAREST. Every other company they run is a node.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
07-08
full format · 7 days late
2025
27-08
full format · 27 days late
2024
30-08
full format · 30 days late
2023
22-12
Gazette deed
Resignations & appointmentsReappointment: LUISE Silvio (director) · Appointments: LUISE Sara Silvia Marie-Valentine (director) and LUISE Sabrina Gennara Raffaela (director) · Incorporation15 points ▸
Gazette deed
Resignations & appointments
Reappointment: LUISE Silvio (director) · Appointments: LUISE Sara Silvia Marie-Valentine (director) and LUISE Sabrina Gennara Raffaela (director) · Incorporation15 points ▸
- Incorporation, 07-06-1984
- General meeting, 05-12-2023
- Other provision, “dispositions impératives, soumission au Code des Sociétés et des Associations” (deed in French)
- Legal-form conversion, “société à responsabilité limitée” (deed in French)
- Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
- Amendment of the articles
- Other provision, 05-12-2023
- Capital
- Capital, €250
- Director reappointment, LUISE Silvio (director (not named in the articles))
- Director appointment, LUISE Sara Silvia Marie-Valentine (director)
- Director appointment, LUISE Sabrina Gennara Raffaela (director)
- The act holds 3 more points.
31-08
full format · 31 days late
2022
31-12
Financial
Highest result from 2018 to 2025net €685,463 ▲3.6%
The operating result of €973,284 and the net result of €685,463 are both a record.
31-08
full format · 31 days late
2021
31-12
Financial
Equity above €1mequity €1.1m ▲26.4%
With a profit in every financial year since 2018, equity grows to €1.1m.
24-08
full format · 24 days late
2020
25-08
full format · 25 days late
2019
31-12
Financial
Equity above €500,000equity €670,323 ▲51.4%
With a profit in every financial year since 2018, equity grows to €670,323.
28-08
full format · 28 days late
2018
27-03
full format · 126 days before the deadline
2017
22-08
full format · 22 days late
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
MADAREST in French
Enterprise number
0425.846.331
Legal form
Private limited company
Status
Active, normale toestand
Founded
07-06-1984
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 22-12-2023 (in French)Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“6150 Anderlues,Rue Joseph Wauters,145, sièges administratifs,d'exploitation,agences et succursales en Belgique ou à l'étranger par simple…”
deed of 22-12-2023 (in French)Registered office and establishments
Registered office
Rue Joseph Wauters 145, 6150 Anderlues, Belgium
Establishment units
Rue Joseph Wauters 145, 6150 Anderlues since 01-07-1984 · unit number 2.024.833.725
Rue Joseph Wauters 143, 6150 Anderlues since 01-01-2025 · unit number 2.395.120.83252100 Warehousing and storage
Activities
NACEBEL 2025VAT activities
10730
Manufacture of food products main activity
Social security (RSZ) activities
10730
Manufacture of food products main activity
Codes under NACEBEL 2008
VAT activities
10730
Manufacture of food products main activity
Social security (RSZ) activities
10730
Manufacture of food products main activity
Joint committees
118 Paritair Comité voor de voedingsnijverheid
220 Paritair Comité voor de bedienden uit de voedingsnijverheid annual accounts 2025
Invoicing and payment
VAT number
BE 0425.846.331
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
“TITRE IV : ASSEMBLEE GENERALE ARTICLE 12 - Assemblées générales L'assemblée générale annuelle se réunit chaque année le dernier vendredi du…”
deed of 22-12-2023 (in French)Recognitions · licences · registrations
Food safety, FASFC
1 siteAnderluesunit number 2.024.833.725
Sites & property
Location
Buildings and parcels at the addresses
Ground area
1,877 m²
Building footprint
773 m²
Building volume
3,741 m³
Tallest building: 11.2 m.
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 56001B0098/00T000 | Wallonia | 1,683 m² | 1 · 648 m² | 5.5 m · 1 |
| 56001B0098/00N000 | Wallonia | 193 m² | 1 · 125 m² | 11.2 m · 3 |