MADEA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-07-2026 at the NBB all 6 filings
Turnover
≈ €140,000
Estimated: probably between €110,000 and €190,000
Total assets
€77,972▲ 2.5%
2024 · €76,092
Net result
€18,162▼ 23.1%
2024 · €23,609
Working capital
€55,090▲ 10.3%
2024 · €49,964
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€25,215
▼ 18.4%
2025
20202025
Net result
€18,162
▼ 23.1%
2025
middle half of the sector
20202025
Equity
€63,402
▲ 6.5%
2025
middle half of the sector
20202025
Total assets
€77,972
▲ 2.5%
2025
middle half of the sector
20202025
Debt
€14,570
▼ 12.0%
2025
20202025
Working capital
€55,090
▲ 10.3%
2025
highest quarter of the sector
20202025
Solvency
81.3%
▲ 3.1pp
2025
highest quarter of the sector
20202025
Current ratio
4.78
▲ 0.77
2025
highest quarter of the sector
20202025
Return on assets (ROA)
23.3%
▼ 7.7pp
2025
highest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€82,438--€29,165€34,028€25,759▼ 24.3%€30,904▲ 20.0%€25,215▼ 18.4%
Net result€60,099above the sector's middle half--€29,258below the sector's middle half€30,153above the sector's middle half€16,923within the sector's middle half▼ 43.9%€23,609above the sector's middle half▲ 39.5%€18,162within the sector's middle half▼ 23.1%
Equity€65,099above the sector's middle half-€35,841within the sector's middle half▼ 44.9%€65,994within the sector's middle half▲ 84.1%€58,917within the sector's middle half▼ 10.7%€59,526within the sector's middle half▲ 1.0%€63,402within the sector's middle half▲ 6.5%
Total assets€140,456within the sector's middle half-€60,044within the sector's middle half▼ 57.3%€89,713within the sector's middle half▲ 49.4%€80,380within the sector's middle half▼ 10.4%€76,092within the sector's middle half▼ 5.3%€77,972within the sector's middle half▲ 2.5%
Debt€75,357-€24,203▼ 67.9%€23,718▼ 2.0%€21,463▼ 9.5%€16,566▼ 22.8%€14,570▼ 12.0%
Working capital€65,099above the sector's middle half-€35,841within the sector's middle half▼ 44.9%€53,933above the sector's middle half▲ 50.5%€48,105above the sector's middle half▼ 10.8%€49,964above the sector's middle half▲ 3.9%€55,090above the sector's middle half▲ 10.3%
Solvency46.3%within the sector's middle half-59.7%within the sector's middle half▲ 13.3pp73.6%above the sector's middle half▲ 13.9pp73.3%above the sector's middle half▼ 0.3pp78.2%above the sector's middle half▲ 4.9pp81.3%above the sector's middle half▲ 3.1pp
Current ratio1.86within the sector's middle half-2.48above the sector's middle half▲ 0.623.27above the sector's middle half▲ 0.793.24above the sector's middle half▼ 0.034.02above the sector's middle half▲ 0.774.78above the sector's middle half▲ 0.77
Return on assets (ROA)42.8%above the sector's middle half--48.7%below the sector's middle half▼ 91.5pp33.6%above the sector's middle half▲ 82.3pp21.1%above the sector's middle half▼ 12.6pp31.0%above the sector's middle half▲ 10.0pp23.3%above the sector's middle half▼ 7.7pp
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 operating result for 2025 is 18% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €77,972
Fixed assets
€8,312 ▼ 13.1%
Current assets
€69,660 ▲ 4.7%
Equity and liabilities €77,972
Equity
€63,402 ▲ 6.5%
Debt
€14,570 ▼ 12.0%
Debt's share of the balance-sheet total falls from 21.8% to 18.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€26,465▼
2024 · €32,154
Cash flow
€19,412▼
2024 · €24,859
Debt to equity
0.23▼
2024 · 0.28
ROE
28.6%▼
2024 · 39.7%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€14,570▼
2024 · €16,566
Income taxes
€6,951▼
2024 · €7,159
Staff costs
€420▼
2024 · €4,725
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | - | - | - | €6,302 | €3,333 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Intangible fixed assets | - | €12,500 | - | - | - |
| Depreciation and write-downs of the year | - | €438 | €1,250 | €1,250 | €1,250 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €4,725 | €420 | ▼ 91.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €438 | €1,250 | €1,250 | €1,250 | = |
| Other operating charges640/8 | - | €348 | €365 | €7,416 | €2,190 | €1,317 | ▼ 39.9% |
| Gross operating margin9900 | €86,627 | -€28,818 | €34,831 | €34,425 | €39,070 | €28,201 | ▼ 27.8% |
| Operating profit (loss)9901 | €82,438 | -€29,165 | €34,028 | €25,759 | €30,904 | €25,215 | ▼ 18.4% |
| Financial income75/76B | - | - | - | - | - | €7 | - |
| Recurring financial income75 | €1 | - | - | - | - | €7 | - |
| Financial charges65/66B | - | €93 | €3,874 | €130 | €137 | €109 | ▼ 20.2% |
| Recurring financial charges65 | €36 | €93 | €3,874 | €130 | €137 | €109 | ▼ 20.2% |
| Profit (loss) for the period before taxes9903 | €82,403 | -€29,258 | €30,153 | €25,629 | €30,768 | €25,113 | ▼ 18.4% |
| Income taxes67/77 | €22,304 | - | - | €8,706 | €7,159 | €6,951 | ▼ 2.9% |
| Profit (loss) for the period9904 | €60,099 | -€29,258 | €30,153 | €16,923 | €23,609 | €18,162 | ▼ 23.1% |
| Profit (loss) for the period to be appropriated9905 | €60,099 | -€29,258 | €30,153 | €16,923 | €23,609 | €18,162 | ▼ 23.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €140,456 | €60,044 | €89,713 | €80,380 | €76,092 | €77,972 | ▲ 2.5% |
| Fixed assets21/28 | - | - | €12,062 | €10,812 | €9,562 | €8,312 | ▼ 13.1% |
| Intangible fixed assets21 | - | - | €12,062 | €10,812 | €9,562 | €8,312 | ▼ 13.1% |
| Current assets29/58 | €140,456 | €60,044 | €77,651 | €69,568 | €66,530 | €69,660 | ▲ 4.7% |
| Amounts receivable within one year40/41 | €54,203 | €2,396 | €60,971 | €54,862 | €30,947 | €27,118 | ▼ 12.4% |
| Trade receivables40 | - | - | €14,187 | - | €28,994 | €22 | ▼ 99.9% |
| Other amounts receivable41 | - | €2,396 | €46,785 | €54,862 | €1,952 | €27,096 | ▲ 14× |
| Cash at bank and in hand54/58 | €86,253 | €57,648 | €16,680 | €14,706 | €35,583 | €41,264 | ▲ 16.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €1,278 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €140,456 | €60,044 | €89,713 | €80,380 | €76,092 | €77,972 | ▲ 2.5% |
| Equity10/15 | €65,099 | €35,841 | €65,994 | €58,917 | €59,526 | €63,402 | ▲ 6.5% |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Contributions outside capital11 | - | €5,000 | - | - | - | - | - |
| Other1109/19 | - | €5,000 | - | - | - | - | - |
| Profit (loss) carried forward14 | €60,099 | €30,841 | €60,994 | €53,917 | €54,526 | €58,402 | ▲ 7.1% |
| Amounts payable17/49 | €75,357 | €24,203 | €23,718 | €21,463 | €16,566 | €14,570 | ▼ 12.0% |
| Amounts payable within one year42/48 | €75,357 | €24,203 | €23,718 | €21,463 | €16,566 | €14,570 | ▼ 12.0% |
| Trade debts44 | €53,053 | €1,899 | €16,818 | €980 | €105 | - | - |
| Suppliers440/4 | - | €1,899 | €16,818 | €980 | €105 | - | - |
| Taxes, remuneration and social security45 | - | €22,304 | €6,901 | €20,483 | €16,461 | €14,570 | ▼ 11.5% |
| Taxes450/3 | - | €22,304 | €6,901 | €20,483 | €16,461 | €14,570 | ▼ 11.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €60,099 | -€29,258 | €30,153 | €16,923 | €23,609 | €18,162 | ▼ 23.1% |
| + Depreciation and write-downs630 | - | - | €438 | €1,250 | €1,250 | €1,250 | = |
| Operating cash flow (approximation) | €60,099 | -€29,258 | €30,592 | €18,173 | €24,859 | €19,412 | ▼ 21.9% |
| Investment in fixed assets (approximation) | - | - | - | -€0 | €0 | €0 | ▼ 100% |
| Change in cash | - | -€28,605 | -€40,968 | -€1,974 | €20,877 | €5,681 | ▼ 72.8% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 26,972 companies had the same profile as MADEA has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MADEA itself: 0.3% within 12 months.
Test of the method
The method was tested on the 497,446 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 26,972 companies, not a prediction for MADEA. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-07-2026 | 2026-00323724 | |
| 31-12-2024 | micro format | 08-07-2025 | 2025-00249598 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00439590 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00145160 | |
| 31-12-2021 | micro format | 21-06-2022 | 2022-20091069 | |
| 31-12-2020 | micro format | 28-10-2021 | 2021-74500380 |