MADECO
ActiveSummary
MADECO has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €169,992 and a net result of €27,125. Equity is shrinking by ~12.8% per year across the filed fiscal years. Its solvency ranks better than 95% of 7586 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability88▼-12
Solvency100=
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €15,000 at 30 days acceptable
Liquidity ample (current ratio 17.45 against 4.92 in 2024; short-term debt: 4.8% and cash: 52.8% of total assets), and 4.8% 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
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 →
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
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
95.2%
Return on assets
15.2%
Age of the figures
9 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €169,992
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 27-07-2026, 4 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
4 d early
2024
31 d early
2023
6 d early
2022
5 d early
2021
4 d early
2020
12 d late
2019
24 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 2 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 (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
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€169,992▲ 19.0%
2024 · €142,867
Total assets
€178,539▲ 5.2%
2024 · €169,671
Net result
€27,125▼ 42.1%
2024 · €46,809
Working capital
€140,593▲ 33.8%
2024 · €105,059
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
Line20212022202320242025
Operating result€94,597▲ 144%€32,967▼ 65.2%€40,589▲ 23.1%€51,432▲ 26.7%€40,864▼ 20.5%
Net result€69,755above the sector's middle half▲ 120%€25,558within the sector's middle half▼ 63.4%€35,347above the sector's middle half▲ 38.3%€46,809above the sector's middle half▲ 32.4%€27,125above the sector's middle half▼ 42.1%
Equity€465,154above the sector's middle half▲ 17.6%€60,712within the sector's middle half▼ 86.9%€96,058within the sector's middle half▲ 58.2%€142,867above the sector's middle half▲ 48.7%€169,992above the sector's middle half▲ 19.0%
Total assets€515,562above the sector's middle half▲ 13.8%€158,281within the sector's middle half▼ 69.3%€146,202within the sector's middle half▼ 7.6%€169,671within the sector's middle half▲ 16.1%€178,539within the sector's middle half▲ 5.2%
Debt€50,408▼ 12.3%€97,569▲ 93.6%€50,143▼ 48.6%€26,804▼ 46.5%€8,546▼ 68.1%
Working capital€443,171above the sector's middle half▲ 22.8%€31,816within the sector's middle half▼ 92.8%€76,121within the sector's middle half▲ 139%€105,059above the sector's middle half▲ 38.0%€140,593above the sector's middle half▲ 33.8%
Solvency90.2%above the sector's middle half▲ 2.9pp38.4%within the sector's middle half▼ 51.9pp65.7%above the sector's middle half▲ 27.3pp84.2%above the sector's middle half▲ 18.5pp95.2%above the sector's middle half▲ 11.0pp
Current ratio9.79above the sector's middle half▲ 2.411.33within the sector's middle half▼ 8.472.52within the sector's middle half▲ 1.194.92above the sector's middle half▲ 2.4017.45above the sector's middle half▲ 12.53
Return on assets (ROA)13.5%within the sector's middle half▲ 6.5pp16.1%within the sector's middle half▲ 2.6pp24.2%above the sector's middle half▲ 8.0pp27.6%above the sector's middle half▲ 3.4pp15.2%within the sector's middle half▼ 12.4pp
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.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 21% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €178,539
Fixed assets
€29,399 ▼ 22.2%
Current assets
€149,140 ▲ 13.1%
Equity and liabilities €178,539
Equity
€169,992 ▲ 19.0%
Debt
€8,546 ▼ 68.1%
Debt's share of the balance-sheet total falls from 15.8% to 4.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€54,058▼
2024 · €61,442
Cash flow
€40,319▼
2024 · €56,818
Debt to equity
0.05▼
2024 · 0.19
ROE
16.0%▼
2024 · 32.8%
Interest coverage
225.09▼
2024 · 254.61
Debt ≤ 1 year
€8,546▼
2024 · €26,804
Income taxes
€13,938▲
2024 · €5,000
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,349 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
5.9%
stopped otherwise
93%
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 0.6% 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 31,349 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €18,120 | - | - | €14,127 | €10,250 | ▼ 27.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,039 | €9,397 | €8,958 | €10,010 | €13,194 | ▲ 31.8% |
| Other operating charges640/8 | €1,369 | €1,358 | €2,080 | €1,409 | €2,076 | ▲ 47.3% |
| Gross operating margin9900 | €108,005 | €43,722 | €51,627 | €62,851 | €56,133 | ▼ 10.7% |
| Operating profit (loss)9901 | €94,597 | €32,967 | €40,589 | €51,432 | €40,864 | ▼ 20.5% |
| Financial income75/76B | €98 | €1,758 | €1,209 | €617 | €439 | ▼ 28.9% |
| Recurring financial income75 | €98 | €1,758 | €1,209 | €617 | €439 | ▼ 28.9% |
| Financial charges65/66B | €337 | €233 | €1,376 | €241 | €240 | ▼ 0.5% |
| Recurring financial charges65 | €337 | €233 | €1,376 | €241 | €240 | ▼ 0.5% |
| Profit (loss) for the period before taxes9903 | €94,358 | €34,492 | €40,422 | €51,809 | €41,063 | ▼ 20.7% |
| Income taxes67/77 | €24,603 | €8,933 | €5,075 | €5,000 | €13,938 | ▲ 179% |
| Profit (loss) for the period9904 | €69,755 | €25,558 | €35,347 | €46,809 | €27,125 | ▼ 42.1% |
| Profit (loss) for the period to be appropriated9905 | €69,755 | €25,558 | €35,347 | €46,809 | €27,125 | ▼ 42.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €515,562 | €158,281 | €146,202 | €169,671 | €178,539 | ▲ 5.2% |
| Fixed assets21/28 | €21,983 | €28,896 | €19,938 | €37,808 | €29,399 | ▼ 22.2% |
| Tangible fixed assets22/27 | €21,933 | €28,846 | €19,888 | €37,808 | €29,399 | ▼ 22.2% |
| Plant, machinery and equipment23 | €14,029 | €22,922 | €15,944 | €35,844 | €29,399 | ▼ 18.0% |
| Furniture and vehicles24 | €7,904 | €5,924 | €3,944 | €1,964 | €0 | ▼ 100% |
| Financial fixed assets28 | €50 | €50 | €50 | - | - | - |
| Current assets29/58 | €493,580 | €129,386 | €126,264 | €131,863 | €149,140 | ▲ 13.1% |
| Amounts receivable after more than one year29 | €40,000 | €50,248 | €42,267 | €27,749 | €13,556 | ▼ 51.1% |
| Other amounts receivable291 | €40,000 | €50,248 | €42,267 | €27,749 | €13,556 | ▼ 51.1% |
| Amounts receivable within one year40/41 | €164,117 | €41,856 | €39,092 | €50,868 | €32,328 | ▼ 36.4% |
| Trade receivables40 | €163,669 | €25,269 | €25,276 | €36,395 | €17,688 | ▼ 51.4% |
| Other amounts receivable41 | €447 | €16,587 | €13,817 | €14,473 | €14,640 | ▲ 1.1% |
| Cash at bank and in hand54/58 | €289,463 | €37,281 | €44,904 | €53,247 | €94,294 | ▲ 77.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | €8,962 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €515,562 | €158,281 | €146,202 | €169,671 | €178,539 | ▲ 5.2% |
| Equity10/15 | €465,154 | €60,712 | €96,058 | €142,867 | €169,992 | ▲ 19.0% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €458,954 | €54,512 | €89,858 | €136,667 | €163,792 | ▲ 19.8% |
| Non-distributable reserves130/1 | €1,960 | €1,960 | - | - | - | - |
| Reserves not available under the articles1311 | €1,960 | €1,960 | - | - | - | - |
| Tax-exempt reserves132 | €22,004 | €22,004 | €22,004 | €22,004 | €22,004 | = |
| Distributable reserves133 | €434,989 | €30,548 | €67,854 | €114,663 | €141,788 | ▲ 23.7% |
| Amounts payable17/49 | €50,408 | €97,569 | €50,143 | €26,804 | €8,546 | ▼ 68.1% |
| Amounts payable within one year42/48 | €50,408 | €97,569 | €50,143 | €26,804 | €8,546 | ▼ 68.1% |
| Current portion of amounts payable after more than one year42 | €948 | - | - | - | - | - |
| Trade debts44 | €16,172 | €6,465 | €6,810 | €15,769 | €7,280 | ▼ 53.8% |
| Suppliers440/4 | €16,172 | €6,465 | €6,810 | €15,769 | €7,280 | ▼ 53.8% |
| Taxes, remuneration and social security45 | €26,149 | €21,964 | €7,683 | €10,430 | €1,266 | ▼ 87.9% |
| Taxes450/3 | €26,149 | €21,964 | €7,683 | €10,430 | €1,266 | ▼ 87.9% |
| Other amounts payable47/48 | €7,140 | €69,140 | €35,650 | €605 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €69,755 | €25,558 | €35,347 | €46,809 | €27,125 | ▼ 42.1% |
| + Depreciation and write-downs630 | €12,039 | €9,397 | €8,958 | €10,010 | €13,194 | ▲ 31.8% |
| Operating cash flow (approximation) | €81,794 | €34,955 | €44,304 | €56,818 | €40,319 | ▼ 29.0% |
| Investment in fixed assets (approximation) | - | -€16,310 | €0 | -€27,880 | -€4,785 | ▲ 82.8% |
| Change in cash | - | -€252,182 | €7,623 | €8,342 | €41,047 | ▲ 392% |
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
27-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
26-03
State Gazette act
Permanent representative: De Cock ThomasRegistered-office move3 facts ▸
State Gazette act
Permanent representative: De Cock Thomas
Registered-office move3 facts ▸
- Board meeting, 01/01/2026
- Registered-office move, Heufkensstraat 94 te 9630 Zwalm
- Permanent representative, De Cock Thomas
2025
31-12
Financial
Liquidity quadruplescurrent ratio 17.45
Current ratio from 4.92 to 17.45; short-term debt falls from €26,804 to €8,546.
31-12
Financial
Equity above €150,000Eq €169,992 ▲19%
8 profitable years in a row build equity to €169,992.
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Equity above €100,000Eq €142,867 ▲48.7%
7 profitable years in a row build equity to €142,867.
25-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
26-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
27-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Highest result since 2018net €69,755 ▲120%
Operating result €94,597, net result €69,755, both a record.
12-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 12 days late
2020
24-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 24 days late
Show earlier events
2019
31-12
Financial
Weakest financial yearnet €23,243 ▼32.5%
Net result drops to €23,243, the lowest in the series; recovery starts the following year.
26-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
19-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
13-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 3 acts read
About the unread acts
Of the 3 Belgian State Gazette acts we know for this company, 1 has been read. The other 2 have not 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 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Zwalm · 1 establishment unit since 2001
Ground area
2,226 m²
Building footprint
177 m²
Parcel 45046B0061/00R000, Flanders. Linked by address, not a title deed.
1 establishment unit
MADECO
since 20012.093.275.341
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 45046B0061/00R000 | Flanders | 2,226 m² | 1 · 177 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 29,787 companies in sector 41001 we hold annual accounts for 16,052. 12,416 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
Founded09-05-2001
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
02100Forestry and logging
43110Demolition
43120Site preparation
43331Floor and wall tiling
E-invoicing
Reachable via Peppol
Peppol ID
0208:0474775408
Also
9925:BE0474775408
Registered
18-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.