MADE SOLUTION
ActiveSummary
The computed 12-month bankruptcy probability of MADE SOLUTION is 2.3% (moderate). The 2024 annual accounts show equity of €41,245 and a net result of €3,432. Equity is growing by ~14.6% per year across the filed fiscal years. Its solvency ranks better than 77% of 9975 sector peers (fiscal year 2024). The company has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability65▼-18
Solvency94▼-6
Growth52=
Track record100
Bankruptcy probability, 12 months
2.3%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,500 at 30 days acceptable
Liquidity ample (current ratio 3.13 against 4.82 in 2023; short-term debt: 31.5% and cash: 20.7% of total assets), and 31.5% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
+raises risk○neutral
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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 2024Solvency, return and age of the figures
Solvency
68.5%
Return on assets
5.7%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 26-06-2025, 35 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
not confirmed
2024
35 d early
2023
40 d early
2022
25 d late
2021
33 d late
2020
72 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 18 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (1)
History
Go further with this company
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Financials · fiscal year 2024, micro schema
Turnover
€228,304
EBIT margin
2.1%
Net result
€3,432▼ 35.9%
2023 · €5,350
Working capital
€40,378▲ 18.3%
2023 · €34,125
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, 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
Line20202021202220232024
Turnover€228,304
Operating result€19,374-€11,821▼ 39.0%€1,973▼ 83.3%€9,118▲ 362%€4,878▼ 46.5%
Net result€14,979within the sector's middle half-€10,027within the sector's middle half▼ 33.1%€1,457within the sector's middle half▼ 85.5%€5,350within the sector's middle half▲ 267%€3,432within the sector's middle half▼ 35.9%
EBIT margin2.1%
Equity€20,979within the sector's middle half-€31,006below the sector's middle half▲ 47.8%€32,463within the sector's middle half▲ 4.7%€37,813within the sector's middle half▲ 16.5%€41,245within the sector's middle half▲ 9.1%
Total assets€46,228below the sector's middle half-€44,228below the sector's middle half▼ 4.3%€44,583below the sector's middle half▲ 0.8%€46,753below the sector's middle half▲ 4.9%€60,207within the sector's middle half▲ 28.8%
Debt€25,249-€13,222▼ 47.6%€12,120▼ 8.3%€8,939▼ 26.2%€18,962▲ 112%
Working capital€16,306within the sector's middle half-€29,177within the sector's middle half▲ 78.9%€26,952within the sector's middle half▼ 7.6%€34,125within the sector's middle half▲ 26.6%€40,378within the sector's middle half▲ 18.3%
Solvency45.4%within the sector's middle half-70.1%above the sector's middle half▲ 24.7pp72.8%above the sector's middle half▲ 2.7pp80.9%above the sector's middle half▲ 8.1pp68.5%above the sector's middle half▼ 12.4pp
Current ratio2.10within the sector's middle half-11.26above the sector's middle half▲ 9.173.86above the sector's middle half▼ 7.404.82above the sector's middle half▲ 0.953.13above the sector's middle half▼ 1.69
Return on assets (ROA)32.4%above the sector's middle half-22.7%above the sector's middle half▼ 9.7pp3.3%within the sector's middle half▼ 19.4pp11.4%within the sector's middle half▲ 8.2pp5.7%within the sector's middle half▼ 5.7pp
above
within
below
the middle half (P25 to P75) of NACE 41, Construction of residential and non-residential buildings, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result falls in 2024; 2024 is 47% below 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €60,207
Fixed assets
€867 ▼ 76.5%
Current assets
€59,340 ▲ 37.8%
Equity and liabilities €60,207
Equity
€41,245 ▲ 9.1%
Debt
€18,962 ▲ 112%
Debt's share of the balance-sheet total rises from 19.1% to 31.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€12,922▼
2023 · €13,647
Cash flow
€11,475▲
2023 · €9,879
Debt to equity
0.46▲
2023 · 0.24
ROE
8.3%▼
2023 · 14.1%
Interest coverage
162.64▲
2023 · 9.72
Debt ≤ 1 year
€18,962▲
2023 · €8,939
Income taxes
€1,367▼
2023 · €2,364
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 26,970 companies that looked in July 2024 the way this one looks now, 1.5% went bankrupt within 24 months and 95% are still going.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
1.5%
went bankrupt
3.4%
stopped otherwise
95%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 2.3% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 26,970 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 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | €228,304 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €214,084 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,598 | €5,991 | €5,850 | €4,528 | €8,043 | ▲ 77.6% |
| Other operating charges640/8 | - | €1,334 | €629 | €2,808 | €1,299 | ▼ 53.7% |
| Gross operating margin9900 | €28,922 | €19,146 | €8,452 | €16,455 | €14,220 | ▼ 13.6% |
| Operating profit (loss)9901 | €19,374 | €11,821 | €1,973 | €9,118 | €4,878 | ▼ 46.5% |
| Financial income75/76B | - | €0 | - | - | - | - |
| Recurring financial income75 | - | €0 | - | - | - | - |
| Financial charges65/66B | - | - | €113 | €1,404 | €79 | ▼ 94.3% |
| Recurring financial charges65 | €650 | - | €113 | €1,404 | €79 | ▼ 94.3% |
| Profit (loss) for the period before taxes9903 | €18,724 | €11,821 | €1,860 | €7,714 | €4,799 | ▼ 37.8% |
| Income taxes67/77 | €3,745 | €1,794 | €404 | €2,364 | €1,367 | ▼ 42.2% |
| Profit (loss) for the period9904 | €14,979 | €10,027 | €1,457 | €5,350 | €3,432 | ▼ 35.9% |
| Profit (loss) for the period to be appropriated9905 | €14,979 | €10,027 | €1,457 | €5,350 | €3,432 | ▼ 35.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €46,228 | €44,228 | €44,583 | €46,753 | €60,207 | ▲ 28.8% |
| Fixed assets21/28 | €15,053 | €12,209 | €8,216 | €3,688 | €867 | ▼ 76.5% |
| Tangible fixed assets22/27 | €14,933 | €12,089 | €8,096 | €3,568 | €747 | ▼ 79.1% |
| Plant, machinery and equipment23 | - | €824 | €1,974 | €1,361 | €747 | ▼ 45.1% |
| Furniture and vehicles24 | - | €1,472 | €122 | - | - | - |
| Leasing and similar rights25 | - | €9,793 | €6,000 | €2,207 | - | - |
| Financial fixed assets28 | €120 | €120 | €120 | €120 | €120 | = |
| Current assets29/58 | €31,175 | €32,019 | €36,367 | €43,065 | €59,340 | ▲ 37.8% |
| Amounts receivable within one year40/41 | €21,564 | €18,549 | €30,722 | €33,679 | €45,281 | ▲ 34.5% |
| Trade receivables40 | - | €13,995 | €24,725 | €29,243 | €38,706 | ▲ 32.4% |
| Other amounts receivable41 | - | €4,554 | €5,997 | €4,436 | €6,575 | ▲ 48.2% |
| Current investments50/53 | - | €12,775 | €5,645 | - | - | - |
| Cash at bank and in hand54/58 | €9,611 | €695 | - | €8,315 | €12,468 | ▲ 50.0% |
| Deferred charges and accrued income490/1 | - | - | - | €1,071 | €1,591 | ▲ 48.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €46,228 | €44,228 | €44,583 | €46,753 | €60,207 | ▲ 28.8% |
| Equity10/15 | €20,979 | €31,006 | €32,463 | €37,813 | €41,245 | ▲ 9.1% |
| Contributions10/11 | - | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Outside capital11 | - | - | - | €6,000 | - | - |
| Other1109/19 | - | - | - | €6,000 | - | - |
| Profit (loss) carried forward14 | €14,979 | €25,006 | €26,463 | €31,813 | €35,245 | ▲ 10.8% |
| Amounts payable17/49 | €25,249 | €13,222 | €12,120 | €8,939 | €18,962 | ▲ 112% |
| Amounts payable after more than one year17 | €10,379 | €10,379 | €2,705 | - | - | - |
| Financial debts170/4 | - | €10,379 | €2,705 | - | - | - |
| Amounts payable within one year42/48 | €14,869 | €2,843 | €9,415 | €8,939 | €18,962 | ▲ 112% |
| Current portion of amounts payable after more than one year42 | - | €599 | €4,755 | - | - | - |
| Trade debts44 | €7,585 | €2,244 | €4,256 | €3,818 | €15,891 | ▲ 316% |
| Suppliers440/4 | - | €2,244 | €4,256 | €3,818 | €15,891 | ▲ 316% |
| Taxes, remuneration and social security45 | - | - | €404 | €5,122 | €3,072 | ▼ 40.0% |
| Taxes450/3 | - | - | €404 | €242 | €12 | ▼ 95.1% |
| Remuneration and social security454/9 | - | - | - | €4,880 | €3,060 | ▼ 37.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,979 | €10,027 | €1,457 | €5,350 | €3,432 | ▼ 35.9% |
| + Depreciation and write-downs630 | €8,598 | €5,991 | €5,850 | €4,528 | €8,043 | ▲ 77.6% |
| Operating cash flow (approximation) | €23,577 | €16,018 | €7,306 | €9,879 | €11,475 | ▲ 16.2% |
| Investment in fixed assets (approximation) | - | -€3,148 | -€1,857 | €0 | -€5,223 | - |
| Change in cash | - | -€8,916 | - | - | €4,154 | - |
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
2025
26-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
21-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
25-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 25 days late
2022
31-12
Financial
Weakest financial yearnet €1,457 ▼85.5%
Net result drops to €1,457, the lowest in the series; recovery starts the following year.
02-09
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 33 days late
2021
31-12
Financial
Liquidity times 5current ratio 11.26
Current ratio from 2.10 to 11.26; short-term debt falls from €14,869 to €2,843.
20-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
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, Ath · 1 establishment unit since 2019
Ground area
1,222 m²
Building footprint
117 m²
Volume, LiDAR
672 m³
Parcel 51024A0074/00R000, Wallonia · tallest building 7.6 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
MADE SOLUTION
since 20192.317.704.835
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 51024A0074/00R000 | Wallonia | 1,222 m² | 1 · 117 m² | 7.6 m · 2 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.
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Of 29,787 companies in sector 41001 we hold annual accounts for 16,052. 12,892 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
Founded12-06-2019
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
43350Other building finishing work
81210General cleaning of buildings
E-invoicing
Reachable via Peppol
Peppol ID
0208:0727980050
Also
9925:BE0727980050
Registered
07-11-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.