MadCom
ActiveSummary
MadCom has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €99,349 and a net result of -€30,980. Equity is growing by ~19.8% per year across the filed fiscal years. Its solvency ranks better than 28% of 3494 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability7▼-51
Solvency48▼-8
Growth52=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5,000 at 30 days acceptable
Liquidity ample (current ratio 3.58 against 4.85 in 2024; short-term debt: 6% and cash: 16.6% of total assets), but 77.5% 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
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 74
Relative position
BE, all sectors
reference
Other professional, scientific and technical activities (NACE 74)
about 48% 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
22.5%
Return on assets
-7%
Age of the figures
9 mo
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 14-07-2026, 17 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
17 d early
2024
13 d early
2023
29 d early
2022
31 d early
2021
25 d early
2020
36 d early
2019
35 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 27 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 38% 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.
Companies Code · seven monthsPosition in the running window
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€58,933
EBIT margin
-32.1%
Net result
-€30,980
2024 · €25,263
Working capital
€67,986▼ 44.3%
2024 · €122,067
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
Line20212022202320242025
Turnover€58,933
Operating result€18,453▼ 7.3%€77,900▲ 322%€26,952▼ 65.4%€52,835▲ 96.0%-€18,930
Net result€11,274▼ 17.1%€53,747▲ 377%€14,012▼ 73.9%€25,263▲ 80.3%-€30,980
EBIT margin-32.1%
Equity€67,133▲ 20.2%€120,881▲ 80.1%€134,892▲ 11.6%€160,156▲ 18.7%€99,349▼ 38.0%
Total assets€75,512▼ 2.8%€144,198▲ 91.0%€517,619▲ 259%€522,776▲ 1.0%€441,240▼ 15.6%
Debt€8,379▼ 61.6%€23,317▲ 178%€382,726▲ 1,541%€362,620▼ 5.3%€341,890▼ 5.7%
Working capital€66,340▲ 22.8%€120,935▲ 82.3%€98,698▼ 18.4%€122,067▲ 23.7%€67,986▼ 44.3%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €18,930 after €52,835 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €441,240
Fixed assets
€346,884 ▼ 6.0%
Current assets
€94,355 ▼ 38.6%
Equity and liabilities €441,240
Equity
€99,349 ▼ 38.0%
Debt
€341,890 ▼ 5.7%
Debt's share of the balance-sheet total rises from 69.4% to 77.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€7,134▼
2024 · €69,760
Cash flow
-€19,184▼
2024 · €42,189
Current ratio
3.58▼
2024 · 4.85
Debt to equity
3.44▲
2024 · 2.26
ROE
-31.2%▼
2024 · 15.8%
ROA
-7.0%▼
2024 · 4.8%
Interest coverage
-0.39▼
2024 · 4.03
Debt ≤ 1 year
€26,370▼
2024 · €31,687
Debt > 1 year
€311,551▼
2024 · €330,933
Income taxes
€195▼
2024 · €11,063
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | €58,933 | - |
| Non-recurring operating income76A | - | - | - | - | €0 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €66,842 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,063 | €113 | €3,496 | €16,925 | €11,796 | ▼ 30.3% |
| Other operating charges640/8 | €789 | €805 | €1,223 | €2,117 | €1,652 | ▼ 22.0% |
| Gross operating margin9900 | €20,305 | €78,818 | €31,672 | €71,878 | -€5,481 | ▼ 108% |
| Operating profit (loss)9901 | €18,453 | €77,900 | €26,952 | €52,835 | -€18,930 | ▼ 136% |
| Financial income75/76B | €199 | €138 | €157 | €807 | €6,224 | ▲ 672% |
| Recurring financial income75 | €199 | €138 | €157 | €807 | €465 | ▼ 42.3% |
| Non-recurring financial income76B | - | - | - | - | €5,759 | - |
| Financial charges65/66B | €1,364 | €1,048 | €5,002 | €17,315 | €18,079 | ▲ 4.4% |
| Recurring financial charges65 | €1,364 | €1,048 | €5,002 | €17,315 | €18,079 | ▲ 4.4% |
| Profit (loss) for the period before taxes9903 | €17,288 | €76,989 | €22,108 | €36,327 | -€30,785 | ▼ 185% |
| Income taxes67/77 | €6,014 | €23,242 | €8,096 | €11,063 | €195 | ▼ 98.2% |
| Profit (loss) for the period9904 | €11,274 | €53,747 | €14,012 | €25,263 | -€30,980 | ▼ 223% |
| Profit (loss) for the period to be appropriated9905 | €11,274 | €53,747 | €14,012 | €25,263 | -€30,980 | ▼ 223% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €75,512 | €144,198 | €517,619 | €522,776 | €441,240 | ▼ 15.6% |
| Fixed assets21/28 | €793 | €680 | €385,640 | €369,022 | €346,884 | ▼ 6.0% |
| Tangible fixed assets22/27 | €793 | €680 | €385,640 | €369,022 | €346,884 | ▼ 6.0% |
| Land and buildings22 | - | - | €367,635 | €356,423 | €345,211 | ▼ 3.1% |
| Plant, machinery and equipment23 | €0 | - | - | - | - | - |
| Furniture and vehicles24 | - | - | €17,439 | €12,146 | €1,334 | ▼ 89.0% |
| Other tangible fixed assets26 | €793 | €680 | €567 | €453 | €340 | ▼ 25.0% |
| Current assets29/58 | €74,719 | €143,518 | €131,978 | €153,754 | €94,355 | ▼ 38.6% |
| Amounts receivable after more than one year29 | - | - | €8,000 | €8,000 | €6,500 | ▼ 18.8% |
| Other amounts receivable291 | - | - | €8,000 | €8,000 | €6,500 | ▼ 18.8% |
| Amounts receivable within one year40/41 | €13,311 | €66,438 | €23,454 | €47,687 | €14,211 | ▼ 70.2% |
| Trade receivables40 | €11,433 | €63,612 | €12,236 | €28,505 | €12,375 | ▼ 56.6% |
| Other amounts receivable41 | €1,878 | €2,826 | €11,218 | €19,182 | €1,836 | ▼ 90.4% |
| Cash at bank and in hand54/58 | €59,977 | €76,381 | €99,665 | €96,712 | €73,104 | ▼ 24.4% |
| Deferred charges and accrued income490/1 | €1,431 | €700 | €859 | €1,355 | €541 | ▼ 60.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €75,512 | €144,198 | €517,619 | €522,776 | €441,240 | ▼ 15.6% |
| Equity10/15 | €67,133 | €120,881 | €134,892 | €160,156 | €99,349 | ▼ 38.0% |
| Contributions10/11 | €12,440 | €12,440 | €12,440 | €12,440 | €12,440 | = |
| Reserves13 | €54,693 | €108,441 | €122,452 | €147,716 | €117,890 | ▼ 20.2% |
| Non-distributable reserves130/1 | €1,855 | €1,855 | €0 | - | - | - |
| Reserves not available under the articles1311 | €1,855 | €1,855 | €0 | - | - | - |
| Distributable reserves133 | €52,838 | €106,586 | €122,452 | €147,716 | €117,890 | ▼ 20.2% |
| Profit (loss) carried forward14 | - | - | - | - | -€30,980 | - |
| Amounts payable17/49 | €8,379 | €23,317 | €382,726 | €362,620 | €341,890 | ▼ 5.7% |
| Amounts payable after more than one year17 | - | - | €349,447 | €330,933 | €311,551 | ▼ 5.9% |
| Financial debts170/4 | - | - | €349,447 | €330,933 | €311,551 | ▼ 5.9% |
| Amounts payable within one year42/48 | €8,379 | €22,583 | €33,280 | €31,687 | €26,370 | ▼ 16.8% |
| Current portion of amounts payable after more than one year42 | - | - | €17,684 | €18,514 | €19,382 | ▲ 4.7% |
| Trade debts44 | €626 | €1,802 | €914 | €3,326 | €1,507 | ▼ 54.7% |
| Suppliers440/4 | €626 | €1,802 | €914 | €3,326 | €1,507 | ▼ 54.7% |
| Taxes, remuneration and social security45 | €7,752 | €20,781 | €14,681 | €9,847 | €5,481 | ▼ 44.3% |
| Taxes450/3 | €7,752 | €20,781 | €14,681 | €9,847 | €5,481 | ▼ 44.3% |
| Accrued charges and deferred income492/3 | - | €734 | €0 | - | €3,970 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,274 | €53,747 | €14,012 | €25,263 | -€30,980 | ▼ 223% |
| + Depreciation and write-downs630 | €1,063 | €113 | €3,496 | €16,925 | €11,796 | ▼ 30.3% |
| Operating cash flow (approximation) | €12,337 | €53,861 | €17,508 | €42,189 | -€19,184 | ▼ 145% |
| Investment in fixed assets (approximation) | - | €0 | -€388,457 | -€307 | €10,341 | ▲ 3,469% |
| Change in cash | - | €16,404 | €23,285 | -€2,954 | -€23,608 | ▼ 699% |
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
14-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet -€30,980
Net result drops to -€30,980, the lowest in the series.
18-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Equity above €150,000Eq €160,156 ▲18.7%
6 profitable years in a row build equity to €160,156.
02-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Highest result since 2019net €53,747 ▲377%
Operating result €77,900, net result €53,747, both a record.
31-12
Financial
Equity above €100,000Eq €120,881 ▲80.1%
4 profitable years in a row build equity to €120,881.
06-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Liquidity triplescurrent ratio 8.92
Current ratio from 3.47 to 8.92; short-term debt falls from €21,826 to €8,379.
25-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
26-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Wavre · 1 establishment unit since 2018
Ground area
1,364 m²
Building footprint
115 m²
Parcel 25772H0074/00F002, Wallonia. Linked by address, not a title deed.
1 establishment unit
MadCom
since 20182.277.915.534
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25772H0074/00F002 | Wallonia | 1,364 m² | 1 · 114 m² | - |
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 14,143 companies in sector 74201 we hold annual accounts for 2,611. 2,183 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
Founded09-07-2018
Fiscal year end31-12
Activities, NACEBEL 2025
74201Photography, excluding press photography
Scores and ratios are computed by Checked and are not a credit decision.