madeblas
ActiveSummary
madeblas has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.4m and a net result of €30,758. Equity is growing by ~18.7% per year across the filed fiscal years. Its solvency ranks better than 95% of 31942 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability22▼-37
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €95,000 at 30 days acceptable
Liquidity ample (current ratio 19.51 against 12.35 in 2024; short-term debt: 3% and cash: 13.6% of total assets), and 3% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
97%
Return on assets
2.2%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
55 d late
2023
2 d early
2022
31 d late
2021
26 d late
2020
1 d early
2019
87 d late
← 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 28 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% 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. Usually files around 26 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€1.4m▲ 2.3%
2024 · €1.3m
Total assets
€1.4m▲ 0.9%
2024 · €1.4m
Net result
€30,758▼ 62.7%
2024 · €82,360
Working capital
€778,518▲ 18.3%
2024 · €658,019
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, 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
Line20212022202320242025
Operating result€66,696▼ 27.8%€82,949▲ 24.4%€389,711▲ 370%€95,601▼ 75.5%-€5,039
Net result€45,018within the sector's middle half▼ 68.2%€79,055above the sector's middle half▲ 75.6%€467,394above the sector's middle half▲ 491%€82,360above the sector's middle half▼ 82.4%€30,758within the sector's middle half▼ 62.7%
Equity€719,157within the sector's middle half▲ 6.7%€798,212above the sector's middle half▲ 11.0%€1.3mabove the sector's middle half▲ 58.6%€1.3mabove the sector's middle half▲ 6.5%€1.4mabove the sector's middle half▲ 2.3%
Total assets€1.0mwithin the sector's middle half▲ 35.0%€1.1mabove the sector's middle half▲ 6.0%€1.5mabove the sector's middle half▲ 36.9%€1.4mabove the sector's middle half▼ 4.2%€1.4mabove the sector's middle half▲ 0.9%
Debt€294,030▲ 286%€275,891▼ 6.2%€205,234▼ 25.6%€60,580▼ 70.5%€42,052▼ 30.6%
Working capital-€95,550below the sector's middle half-€116,003below the sector's middle half▼ 21.4%€536,960above the sector's middle half€658,019above the sector's middle half▲ 22.5%€778,518above the sector's middle half▲ 18.3%
Solvency71.0%within the sector's middle half▼ 18.9pp74.3%within the sector's middle half▲ 3.3pp86.0%above the sector's middle half▲ 11.7pp95.7%above the sector's middle half▲ 9.7pp97.0%above the sector's middle half▲ 1.3pp
Current ratio0.68within the sector's middle half▼ 1.610.58below the sector's middle half▼ 0.103.79within the sector's middle half▲ 3.2112.35above the sector's middle half▲ 8.5619.51above the sector's middle half▲ 7.16
Return on assets (ROA)4.4%within the sector's middle half▼ 14.4pp7.4%within the sector's middle half▲ 2.9pp31.8%above the sector's middle half▲ 24.4pp5.8%within the sector's middle half▼ 25.9pp2.2%within the sector's middle half▼ 3.7pp
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €5,039 after €95,601 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.4m
Fixed assets
€600,207 ▼ 13.3%
Current assets
€820,570 ▲ 14.6%
Equity and liabilities €1.4m
Equity
€1.4m ▲ 2.3%
Debt
€42,052 ▼ 30.6%
Debt's share of the balance-sheet total falls from 4.3% to 3.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€63▼
2024 · €99,856
Cash flow
€35,860▼
2024 · €86,614
Debt to equity
0.03▼
2024 · 0.04
ROE
2.2%▼
2024 · 6.1%
Interest coverage
0.01▼
2024 · 3.95
Debt ≤ 1 year
€42,052▼
2024 · €57,952
Income taxes
€13,853▼
2024 · €42,574
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 14,733 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.2%
went bankrupt
3.5%
stopped otherwise
96%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
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 14,733 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €147 | €0 | €18,780 | €4,255 | €5,102 | ▲ 19.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €31,806 | - |
| Other operating charges640/8 | €9,275 | €1,565 | €1,160 | €2,354 | €143 | ▼ 93.9% |
| Non-recurring operating charges66A | - | - | - | - | €18,666 | - |
| Gross operating margin9900 | €76,118 | €84,514 | €409,651 | €102,210 | €50,678 | ▼ 50.4% |
| Operating profit (loss)9901 | €66,696 | €82,949 | €389,711 | €95,601 | -€5,039 | ▼ 105% |
| Financial income75/76B | €1,182 | €36,610 | €146,687 | €54,588 | €59,699 | ▲ 9.4% |
| Recurring financial income75 | €1,182 | €36,610 | €146,687 | €54,588 | €41,033 | ▼ 24.8% |
| Non-recurring financial income76B | - | - | - | - | €18,666 | - |
| Financial charges65/66B | €1,542 | €1,119 | €7,639 | €25,255 | €10,049 | ▼ 60.2% |
| Recurring financial charges65 | €1,542 | €1,119 | €7,639 | €25,255 | €10,049 | ▼ 60.2% |
| Profit (loss) for the period before taxes9903 | €66,335 | €118,440 | €528,759 | €124,934 | €44,611 | ▼ 64.3% |
| Income taxes67/77 | €21,317 | €39,384 | €61,364 | €42,574 | €13,853 | ▼ 67.5% |
| Profit (loss) for the period9904 | €45,018 | €79,055 | €467,394 | €82,360 | €30,758 | ▼ 62.7% |
| Profit (loss) for the period to be appropriated9905 | €45,018 | €79,055 | €467,394 | €82,360 | €30,758 | ▼ 62.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.0m | €1.1m | €1.5m | €1.4m | €1.4m | ▲ 0.9% |
| Fixed assets21/28 | €814,707 | €914,215 | €741,650 | €692,576 | €600,207 | ▼ 13.3% |
| Tangible fixed assets22/27 | - | - | €7,483 | €34,183 | €31,909 | ▼ 6.7% |
| Furniture and vehicles24 | - | - | €2,433 | €3,182 | €4,650 | ▲ 46.1% |
| Other tangible fixed assets26 | - | - | €5,050 | €31,001 | €27,259 | ▼ 12.1% |
| Financial fixed assets28 | €814,707 | €914,215 | €734,167 | €658,393 | €568,298 | ▼ 13.7% |
| Current assets29/58 | €198,481 | €159,888 | €729,191 | €715,971 | €820,570 | ▲ 14.6% |
| Amounts receivable within one year40/41 | €28,892 | €26,215 | €356,621 | €62,616 | €47,570 | ▼ 24.0% |
| Trade receivables40 | €24,915 | €21,886 | €6,621 | €12,616 | €25,047 | ▲ 98.5% |
| Other amounts receivable41 | €3,976 | €4,329 | €350,000 | €50,000 | €22,523 | ▼ 55.0% |
| Current investments50/53 | €72,505 | €72,505 | €322,505 | €332,143 | €576,848 | ▲ 73.7% |
| Cash at bank and in hand54/58 | €97,084 | €61,168 | €50,065 | €321,173 | €193,525 | ▼ 39.7% |
| Deferred charges and accrued income490/1 | - | - | - | €38 | €2,627 | ▲ 6,787% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.0m | €1.1m | €1.5m | €1.4m | €1.4m | ▲ 0.9% |
| Equity10/15 | €719,157 | €798,212 | €1.3m | €1.3m | €1.4m | ▲ 2.3% |
| Contributions10/11 | €200,000 | €200,000 | €200,000 | €200,000 | €200,000 | = |
| Reserves13 | €404,947 | €484,002 | €951,396 | €1.0m | €1.1m | ▲ 3.0% |
| Non-distributable reserves130/1 | €20,000 | €20,000 | €20,000 | - | - | - |
| Reserves not available under the articles1311 | €20,000 | €20,000 | €20,000 | - | - | - |
| Distributable reserves133 | €384,947 | €464,002 | €931,396 | €1.0m | €1.1m | ▲ 3.0% |
| Profit (loss) carried forward14 | €114,210 | €114,210 | €114,210 | €114,210 | €114,210 | = |
| Amounts payable17/49 | €294,030 | €275,891 | €205,234 | €60,580 | €42,052 | ▼ 30.6% |
| Amounts payable after more than one year17 | - | - | €13,003 | €2,628 | - | - |
| Financial debts170/4 | - | - | €13,003 | €2,628 | - | - |
| Amounts payable within one year42/48 | €294,030 | €275,891 | €192,232 | €57,952 | €42,052 | ▼ 27.4% |
| Current portion of amounts payable after more than one year42 | €60,449 | €21,485 | €11,056 | €10,375 | €2,628 | ▼ 74.7% |
| Financial debts43 | - | €27,580 | €25,000 | €25,000 | €10,000 | ▼ 60.0% |
| Credit institutions430/8 | - | €1,828 | €0 | - | - | - |
| Other loans439 | - | €25,752 | €25,000 | €25,000 | €10,000 | ▼ 60.0% |
| Trade debts44 | €673 | €741 | €427 | €1,293 | €2,409 | ▲ 86.3% |
| Suppliers440/4 | €673 | €741 | €427 | €1,293 | €2,409 | ▲ 86.3% |
| Taxes, remuneration and social security45 | €28,908 | €17,551 | €52,183 | €8,007 | €10,984 | ▲ 37.2% |
| Taxes450/3 | €28,908 | €17,551 | €52,183 | €8,007 | €10,984 | ▲ 37.2% |
| Other amounts payable47/48 | €204,000 | €208,534 | €103,565 | €13,278 | €16,031 | ▲ 20.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €45,018 | €79,055 | €467,394 | €82,360 | €30,758 | ▼ 62.7% |
| + Depreciation and write-downs630 | €147 | €0 | €18,780 | €4,255 | €5,102 | ▲ 19.9% |
| Operating cash flow (approximation) | €45,166 | €79,055 | €486,175 | €86,614 | €35,860 | ▼ 58.6% |
| Investment in fixed assets (approximation) | - | -€99,508 | €153,785 | €44,819 | €87,267 | ▲ 94.7% |
| Change in cash | - | -€35,916 | -€11,103 | €271,108 | -€127,647 | ▼ 147% |
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
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
24-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 55 days late
2024
31-12
Financial
Liquidity triplescurrent ratio 12.35
Current ratio from 3.79 to 12.35; short-term debt falls from €192,232 to €57,952.
29-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2018net €467,394 ▲491%
Operating result €389,711, net result €467,394, both a record.
31-12
Financial
Liquidity times 7current ratio 3.79
Current ratio from 0.58 to 3.79; short-term debt falls from €275,891 to €192,232.
31-12
Financial
Equity above €1mEq €1.3m ▲58.6%
6 profitable years in a row build equity to €1.3m.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
26-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 26 days late
2021
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
26-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 87 days late
2019
31-12
Financial
Liquidity triplescurrent ratio 3.88
Current ratio from 1.53 to 3.88; short-term debt falls from €111,880 to €28,781.
Show earlier events
31-12
Financial
Equity above €500,000Eq €532,566 ▲36.9%
2 profitable years in a row build equity to €532,566.
31-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 31 days late
2018
01-10
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 62 days late
2017
30-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 61 days late
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, Merchtem · 1 establishment unit since 2005
Ground area
2,236 m²
Building footprint
360 m²
Volume, LiDAR
1,038 m³
Parcel 23602H0703/00A000, Flanders · tallest building 10.8 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
madeblas
since 20052.148.348.674
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23602H0703/00A000 | Flanders | 2,236 m² | 2 · 359 m² | 10.8 m · 1 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.
Structure & network
Owners and holdings
5 holdingsOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 5
- CositinsubsidiarySourceown accounts 2025100%
-
33.33%
-
33.33%
-
12.86%
-
11.33%
According to the 2025 annual accounts of madeblas and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 to 2023 · 2 entries · 152 EUR awarded · 301 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 0 EUR | 301 EUR |
| 2022 | 1 | 152 EUR | 0 EUR |
Recognitions · licences · registrations
Legal Entity Identifier
9676006I7EAEWXCA3K17
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Of 82,642 companies in sector 70200 we hold annual accounts for 52,629. 24,322 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
Founded26-04-2005
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
64210Activities of holding companies
68310Real estate agency activities
81100Combined facilities support activities
Contact
E-mail
info@madeblas.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0873493116
Also
9925:BE0873493116
Registered
03-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.