MaDe
ActiveFrom the official registers: KBO 10 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
MaDe has been active since 2015 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.6m and a net result of €532,483. Equity is growing by about 14% per year across the filed financial years. The computed 12-month bankruptcy probability is below 0.1% (very low).
Financials · financial year 2025, micro format
Latest annual accounts filed
Annual accounts 2025
- Financial year ended
- 31-12-2025
- Filed on
- 29-06-2026
- Format
- micro format
- Reference
- 2026-00209662
Equity
€5.6m▲ 10.5%
2024 · €5.1m
Total assets
€7.8m▲ 4.2%
2024 · €7.5m
Net result
€532,483▲ 187%
2024 · €185,328
Working capital
€2.5m▲ 62.9%
2024 · €1.5m
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result stays negative: a loss of €6,763 in 2025 against €6,294 in 2024; the loss grows and 2025 has the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result-€0.007m
2025
Net result€0.5m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€7.8m
2025
Equity€5.6m
2025
Debt€2.2m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€2.5m
2025
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.008m--€0.01m▼ 52.9%€0.02m-€0.006m-€0.006m▼ 6.4%-€0.006m▲ 8.6%-€0.006m▼ 6.6%-€0.007m▼ 7.5%
Net result€0.02m-€0.03m▲ 45.7%-€0.05m€0.06m-€0.01m€0.05m€0.2m▲ 311%€0.5m▲ 187%
Equity€1.8m-€2.2m▲ 23.8%€2.9m▲ 29.7%€3.9m▲ 34.8%€4.0m▲ 2.5%€4.8m▲ 20.0%€5.1m▲ 6.4%€5.6m▲ 10.5%
Total assets€3.1m-€4.1m▲ 32.1%€4.7m▲ 14.4%€6.7m▲ 42.9%€6.7m▲ 0.6%€7.4m▲ 10.5%€7.5m▲ 1.2%€7.8m▲ 4.2%
Debt€1.3m-€1.9m▲ 43.8%€1.8m▼ 3.9%€2.8m▲ 55.9%€2.7m▼ 2.0%€2.6m▼ 3.3%€2.4m▼ 8.2%€2.2m▼ 9.0%
Working capital€1.5m-€1.2m▼ 21.6%€1.2m▼ 0.2%€1.7m▲ 43.9%€1.4m▼ 20.5%€1.4m▲ 4.5%€1.5m▲ 5.9%€2.5m▲ 62.9%
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €7.8m
Fixed assets
€4.6m ▼ 5.8%
Current assets
€3.3m ▲ 22.5%
Equity and liabilities €7.8m
Equity
€5.6m ▲ 10.5%
Debt
€2.2m ▼ 9.0%
Debt's share of the balance-sheet total falls from 32.3% to 28.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€6,599▼
2024 · -€6,102
Cash flow
€532,647▲
2024 · €185,520
Current ratio
4.29▲
2024 · 2.36
Debt to equity
0.39▼
2024 · 0.48
ROE
9.5%▲
2024 · 3.7%
ROA
6.8%▲
2024 · 2.5%
Interest coverage
-0.06▲
2024 · -0.18
Debt ≤ 1 year
€758,448▼
2024 · €1.1m
Debt > 1 year
€1.3m▲
2024 · €1.2m
Income taxes
€57,825▼
2024 · €59,524
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €565 | €818 | €818 | €281 | €192 | €164 | ▼ 14.5% |
| Other operating charges640/8 | - | - | - | €1,243 | €1,247 | €1,356 | €1,372 | €1,308 | ▼ 4.6% |
| Gross operating margin9900 | -€7,162 | -€11,715 | €20,059 | -€4,014 | -€4,400 | -€4,270 | -€4,731 | -€5,291 | ▼ 11.8% |
| Operating profit (loss)9901 | -€8,448 | -€12,915 | €18,035 | -€6,074 | -€6,465 | -€5,907 | -€6,294 | -€6,763 | ▼ 7.5% |
| Financial income75/76B | - | - | - | €151,489 | €121,418 | €133,821 | €285,051 | €700,431 | ▲ 146% |
| Recurring financial income75 | €111,341 | €151,924 | €82,982 | €92,292 | €121,418 | €133,821 | €285,051 | €700,431 | ▲ 146% |
| Non-recurring financial income76B | - | - | - | €59,197 | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €77,417 | €125,971 | €66,281 | €33,904 | €103,359 | ▲ 205% |
| Recurring financial charges65 | €70,204 | €93,108 | €84,404 | €77,417 | €125,971 | €66,281 | €33,904 | €103,359 | ▲ 205% |
| Non-recurring financial charges66B | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €32,690 | €45,900 | -€42,584 | €67,998 | -€11,017 | €61,633 | €244,852 | €590,308 | ▲ 141% |
| Income taxes67/77 | €11,643 | €15,238 | €4,116 | €3,966 | €1,235 | €16,588 | €59,524 | €57,825 | ▼ 2.9% |
| Profit (loss) for the period9904 | €21,047 | €30,662 | -€46,700 | €64,032 | -€12,253 | €45,045 | €185,328 | €532,483 | ▲ 187% |
| Profit (loss) for the period to be appropriated9905 | €21,047 | €30,662 | -€46,700 | €64,032 | -€12,253 | €45,045 | €185,328 | €532,483 | ▲ 187% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.1m | €4.1m | €4.7m | €6.7m | €6.7m | €7.4m | €7.5m | €7.8m | ▲ 4.2% |
| Fixed assets21/28 | €1.3m | €2.3m | €2.7m | €3.9m | €4.2m | €4.8m | €4.8m | €4.6m | ▼ 5.8% |
| Tangible fixed assets22/27 | - | - | €0.002m | €0.001m | €0.001m | €356 | €164 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €89 | €0 | - | - | - |
| Furniture and vehicles24 | - | - | - | €0.001m | €0.001m | €356 | €164 | €0 | ▼ 100% |
| Financial fixed assets28 | €1.3m | €2.3m | €2.7m | €3.9m | €4.2m | €4.8m | €4.8m | €4.6m | ▼ 5.8% |
| Current assets29/58 | €1.8m | €1.7m | €1.9m | €2.7m | €2.5m | €2.6m | €2.7m | €3.3m | ▲ 22.5% |
| Amounts receivable after more than one year29 | - | - | - | €2.3m | €2.1m | €2.0m | €2.0m | €2.1m | ▲ 4.7% |
| Other amounts receivable291 | - | - | - | €2.3m | €2.1m | €2.0m | €2.0m | €2.1m | ▲ 4.7% |
| Amounts receivable within one year40/41 | - | €0.004m | €0.02m | €0.02m | €0.005m | €0.005m | €0 | - | - |
| Other amounts receivable41 | - | - | - | €0.02m | €0.005m | €0.005m | €0 | - | - |
| Cash at bank and in hand54/58 | €0.03m | €0.02m | €0.01m | €0.01m | €0.01m | €0.1m | €0.2m | €0.6m | ▲ 190% |
| Deferred charges and accrued income490/1 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.6m | ▲ 28.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.1m | €4.1m | €4.7m | €6.7m | €6.7m | €7.4m | €7.5m | €7.8m | ▲ 4.2% |
| Equity10/15 | €1.8m | €2.2m | €2.9m | €3.9m | €4.0m | €4.8m | €5.1m | €5.6m | ▲ 10.5% |
| Contributions10/11 | €1.7m | €2.1m | - | €3.7m | €3.8m | €4.6m | €4.8m | €4.8m | = |
| Reserves13 | €0.08m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.3m | €0.8m | ▲ 190% |
| Distributable reserves133 | - | - | - | €0.1m | €0.1m | €0.2m | €0.3m | €0.8m | ▲ 190% |
| Profit (loss) carried forward14 | €0.01m | €0.01m | -€0.03m | €0 | -€0.01m | €0 | €0 | €0 | - |
| Amounts payable17/49 | €1.3m | €1.9m | €1.8m | €2.8m | €2.7m | €2.6m | €2.4m | €2.2m | ▼ 9.0% |
| Amounts payable after more than one year17 | €0.9m | €1.1m | €0.9m | €1.6m | €1.4m | €1.4m | €1.2m | €1.3m | ▲ 3.7% |
| Financial debts170/4 | - | - | - | €1.6m | €1.4m | €1.4m | €1.2m | €1.3m | ▲ 3.7% |
| Amounts payable within one year42/48 | €0.2m | €0.5m | €0.7m | €1.0m | €1.1m | €1.1m | €1.1m | €0.8m | ▼ 32.5% |
| Trade debts44 | €0.002m | €0.005m | €0 | €0.004m | €0.001m | €0.004m | €200 | €26 | ▼ 87.3% |
| Suppliers440/4 | - | - | - | €0.004m | €0.001m | €0.004m | €200 | €26 | ▼ 87.3% |
| Taxes, remuneration and social security45 | - | - | - | - | €0.03m | €0.01m | €0.001m | €0.01m | ▲ 11× |
| Taxes450/3 | - | - | - | - | €0.03m | €0.01m | €0.001m | €0.01m | ▲ 11× |
| Other amounts payable47/48 | - | - | - | €1.0m | €1.1m | €1.1m | €1.1m | €0.7m | ▼ 33.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.3m | €0.2m | €0.1m | €0.08m | €0.2m | ▲ 124% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.02m | €0.03m | -€0.05m | €0.06m | -€0.01m | €0.05m | €0.2m | €0.5m | ▲ 187% |
| + Depreciation and write-downs630 | - | - | €0.001m | €0.001m | €0.001m | €281 | €192 | €164 | ▼ 14.5% |
| Operating cash flow (approximation) | €0.02m | €0.03m | -€0.05m | €0.06m | -€0.01m | €0.05m | €0.2m | €0.5m | ▲ 187% |
| Investment in fixed assets (approximation) | - | -€1.0m | -€0.4m | -€1.2m | -€0.2m | -€0.6m | -€0.02m | €0.3m | - |
| Change in cash | - | -€0.002m | -€0.01m | -€0.001m | -€0.001m | €0.1m | €0.06m | €0.4m | ▲ 519% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00209662 | NBB |
| 31-12-2024 | micro format | 16-07-2025 | 2025-00275353 | |
| 31-12-2023 | micro format | 26-07-2024 | 2024-00286401 | |
| 31-12-2022 | micro format | 16-08-2023 | 2023-00329853 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20426429 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-44500543 | |
| 31-12-2019 | micro format | 02-10-2020 | 2020-59000065 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-62700596 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-60800015 | |
| 31-12-2016 | abbreviated format | 30-08-2017 | 2017-50500553 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.