Summary
MADECOM is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €181,319 and a net result of €15,673. Equity is growing by ~20.2% per year across the filed fiscal years. Its solvency ranks better than 87% of 8091 sector peers (fiscal year 2025). The company has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 31-10-2025, 0 days ahead of the deadline.
NBB · 9 filingsDeviation from the deadline
2025
on the day
2024
3 d early
2023
1 d early
2022
3 d late
2021
1 d early
2020
16 d late
2019
6 d early
← 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 1 day after the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today. Usually files around 30 October (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
31-03-2026 close28-09-2026 today31-10-2026 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€181,319▲ 9.5%
2024 · €165,646
Net result
€15,673▼ 58.9%
2024 · €38,156
Total assets
€202,516▲ 9.9%
2024 · €184,230
Solvency
89.5%▼ 0.4pp
2024 · 89.9%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, 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€38,415▲ 9.6%€18,469▼ 51.9%€29,793▲ 61.3%€55,270▲ 85.5%€25,305▼ 54.2%
Net result€24,017within the sector's middle half▲ 0.9%€10,410within the sector's middle half▼ 56.7%€19,208within the sector's middle half▲ 84.5%€38,156within the sector's middle half▲ 98.6%€15,673within the sector's middle half▼ 58.9%
Equity€97,872within the sector's middle half▲ 32.5%€108,282within the sector's middle half▲ 10.6%€127,490within the sector's middle half▲ 17.7%€165,646within the sector's middle half▲ 29.9%€181,319within the sector's middle half▲ 9.5%
Total assets€131,468within the sector's middle half▲ 17.3%€119,818below the sector's middle half▼ 8.9%€139,920within the sector's middle half▲ 16.8%€184,230within the sector's middle half▲ 31.7%€202,516within the sector's middle half▲ 9.9%
Debt€33,596▼ 12.0%€11,536▼ 65.7%€12,430▲ 7.8%€18,583▲ 49.5%€21,196▲ 14.1%
Working capital€89,907within the sector's middle half▲ 40.0%€107,548within the sector's middle half▲ 19.6%€127,404within the sector's middle half▲ 18.5%€166,056above the sector's middle half▲ 30.3%€182,053above the sector's middle half▲ 9.6%
Solvency74.4%within the sector's middle half▲ 8.5pp90.4%above the sector's middle half▲ 15.9pp91.1%above the sector's middle half▲ 0.7pp89.9%above the sector's middle half▼ 1.2pp89.5%above the sector's middle half▼ 0.4pp
Current ratio3.99above the sector's middle half▲ 0.5010.45above the sector's middle half▲ 6.4711.56above the sector's middle half▲ 1.1010.14above the sector's middle half▼ 1.429.90above the sector's middle half▼ 0.24
Return on assets (ROA)18.3%within the sector's middle half▼ 3.0pp8.7%within the sector's middle half▼ 9.6pp13.7%within the sector's middle half▲ 5.0pp20.7%within the sector's middle half▲ 7.0pp7.7%within the sector's middle half▼ 13.0pp
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, 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 54% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €202,516
Equity
€181,319 ▲ 9.5%
Debt
€21,196 ▲ 14.1%
Debt's share of the balance-sheet total rises from 10.1% to 10.5%. Equity and debt are higher.
Key figures and ratios
ROE
8.6%▼
2024 · 23.0%
Debt ≤ 1 year
€20,463▲
2024 · €18,173
Income taxes
€8,384▼
2024 · €16,185
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €15,385 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,561 | €10,561 | €446 | €446 | - | - |
| Other operating charges640/8 | - | €756 | €557 | €633 | €513 | ▼ 19.0% |
| Gross operating margin9900 | €49,576 | €29,786 | €30,796 | €56,349 | €25,819 | ▼ 54.2% |
| Operating profit (loss)9901 | €38,415 | €18,469 | €29,793 | €55,270 | €25,305 | ▼ 54.2% |
| Financial income75/76B | - | €0 | - | - | - | - |
| Recurring financial income75 | - | €0 | - | - | - | - |
| Financial charges65/66B | - | €482 | €519 | €928 | €1,248 | ▲ 34.4% |
| Recurring financial charges65 | €391 | €482 | €519 | €928 | €1,248 | ▲ 34.4% |
| Profit (loss) for the period before taxes9903 | €38,025 | €17,987 | €29,274 | €54,341 | €24,058 | ▼ 55.7% |
| Income taxes67/77 | €14,007 | €7,577 | €10,066 | €16,185 | €8,384 | ▼ 48.2% |
| Profit (loss) for the period9904 | €24,017 | €10,410 | €19,208 | €38,156 | €15,673 | ▼ 58.9% |
| Profit (loss) for the period to be appropriated9905 | €24,017 | €10,410 | €19,208 | €38,156 | €15,673 | ▼ 58.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €131,468 | €119,818 | €139,920 | €184,230 | €202,516 | ▲ 9.9% |
| Fixed assets21/28 | €11,453 | €892 | €446 | €0 | €0 | - |
| Tangible fixed assets22/27 | €11,453 | €892 | €446 | €0 | €0 | - |
| Furniture and vehicles24 | - | €892 | €446 | €0 | €0 | - |
| Current assets29/58 | €120,014 | €118,925 | €139,474 | €184,230 | €202,516 | ▲ 9.9% |
| Amounts receivable within one year40/41 | €3,956 | €10,370 | €3,947 | €5,021 | €4,003 | ▼ 20.3% |
| Trade receivables40 | - | €3,947 | €3,947 | €5,021 | €387 | ▼ 92.3% |
| Other amounts receivable41 | - | €6,423 | - | - | €3,616 | - |
| Cash at bank and in hand54/58 | €114,528 | €106,972 | €134,323 | €179,209 | €198,513 | ▲ 10.8% |
| Deferred charges and accrued income490/1 | - | €1,583 | €1,204 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €131,468 | €119,818 | €139,920 | €184,230 | €202,516 | ▲ 9.9% |
| Equity10/15 | €97,872 | €108,282 | €127,490 | €165,646 | €181,319 | ▲ 9.5% |
| Contributions10/11 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €91,672 | €102,082 | €121,290 | €159,446 | €175,119 | ▲ 9.8% |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | €100,222 | €119,430 | €159,446 | €175,119 | ▲ 9.8% |
| Amounts payable17/49 | €33,596 | €11,536 | €12,430 | €18,583 | €21,196 | ▲ 14.1% |
| Amounts payable after more than one year17 | €2,268 | - | - | - | - | - |
| Amounts payable within one year42/48 | €30,107 | €11,378 | €12,070 | €18,173 | €20,463 | ▲ 12.6% |
| Current portion of amounts payable after more than one year42 | - | €2,268 | - | - | - | - |
| Trade debts44 | €359 | €862 | €258 | €2,297 | - | - |
| Suppliers440/4 | - | €862 | €258 | €2,297 | - | - |
| Taxes, remuneration and social security45 | - | €1,859 | €2,791 | €4,333 | €2,417 | ▼ 44.2% |
| Taxes450/3 | - | €1,859 | €2,791 | €4,333 | €2,417 | ▼ 44.2% |
| Other amounts payable47/48 | - | €6,388 | €9,021 | €11,543 | €18,046 | ▲ 56.3% |
| Accrued charges and deferred income492/3 | - | €158 | €360 | €410 | €733 | ▲ 78.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24,017 | €10,410 | €19,208 | €38,156 | €15,673 | ▼ 58.9% |
| + Depreciation and write-downs630 | €10,561 | €10,561 | €446 | €446 | - | - |
| Operating cash flow (approximation) | €34,579 | €20,972 | €19,654 | €38,602 | €15,673 | ▼ 59.4% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€7,556 | €27,350 | €44,886 | €19,304 | ▼ 57.0% |
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
2025
31-10
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2024
28-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
31-03
Financial
Highest result since 2019net €38,156 ▲98.6%
Operating result €55,270, net result €38,156, both a record.
31-03
Financial
Equity above €150,000Eq €165,646 ▲29.9%
6 profitable years in a row build equity to €165,646.
2023
30-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2022
03-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 3 days late
31-03
Financial
Weakest financial yearnet €10,410 ▼56.7%
Net result drops to €10,410, the lowest in the series; recovery starts the following year.
31-03
Financial
Liquidity triplescurrent ratio 10.45
Current ratio from 3.99 to 10.45; short-term debt falls from €30,107 to €11,378.
31-03
Financial
Equity above €100,000Eq €108,282 ▲10.6%
4 profitable years in a row build equity to €108,282.
2021
30-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2020
16-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 16 days late
2019
25-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
26-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
28-10
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Menen · 1 establishment unit since 2015
Ground area
3,330 m²
Building footprint
483 m²
Volume, LiDAR
2,152 m³
2 parcels, Flanders · tallest building 9.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Hanebroekweg 9, 8906 Ieper
since 20152.243.230.017
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34024B0371/00S004 | Flanders | 2,458 m² | 1 · 281 m² | 9.3 m · 2 fl. |
| 33007C0313/00F000 | Flanders | 872 m² | 1 · 202 m² | 6.0 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 24,729 companies in sector 64210 we hold annual accounts for 19,800. 13,518 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
Founded25-06-2015
Fiscal year end31-03
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0632740502
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.