MADEF
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-04-2026 PDF all 15 filings
Turnover
≈ €330,000
Estimated: probably between €240,000 and €600,000
Total assets
€2.3m▲ 8.8%
2024 · €2.1m
Net result
-€11,584
2024 · €46,045
Working capital
-€29,702
2024 · €48,596
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
-€31,272
2025
20182025
Net result
-€11,584
2025
lowest quarter of the sector
20182025
Equity
€263,948
▼ 4.2%
2025
middle half of the sector
20182025
Total assets
€2.3m
▲ 8.8%
2025
highest quarter of the sector
20182025
Debt
€2.0m
▲ 10.7%
2025
20182025
Working capital
-€29,702
2025
middle half of the sector
20182025
Solvency
11.7%
▼ 1.6pp
2025
middle half of the sector
20182025
Current ratio
0.84
▼ 0.60
2025
middle half of the sector
20182025
Return on assets (ROA)
-0.5%
▼ 2.7pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202320242025
Operating result€0.03m-€0.04m▲ 39.8%€0.02m▼ 34.1%€0.02m▼ 7.0%€0.05m-€0.03m▼ 37.4%-€0.03m
Net result€0.02m-€0.02m▲ 18.5%€0.01mwithin the sector's middle half▼ 28.4%€0.01mwithin the sector's middle half▼ 16.4%€0.06mabove the sector's middle half-€0.05mabove the sector's middle half▼ 25.8%-€0.01mbelow the sector's middle half
Equity€0.1m-€0.1m▲ 17.1%€0.2mwithin the sector's middle half▲ 10.5%€0.2mwithin the sector's middle half▲ 7.9%€0.2mwithin the sector's middle half-€0.3mwithin the sector's middle half▲ 20.1%€0.3mwithin the sector's middle half▼ 4.2%
Total assets€0.7m-€0.7m▼ 0.1%€0.7mwithin the sector's middle half▲ 4.9%€0.6mwithin the sector's middle half▼ 6.6%€1.1mwithin the sector's middle half-€2.1mabove the sector's middle half▲ 91.7%€2.3mabove the sector's middle half▲ 8.8%
Debt€0.5m-€0.5m▼ 4.0%€0.5m▲ 3.4%€0.5m▼ 10.9%€0.9m-€1.8m▲ 111%€2.0m▲ 10.7%
Working capital€0.02m-€0.04m▲ 113%-€0.2mbelow the sector's middle half-€0.2mbelow the sector's middle half▲ 2.8%-€0.04mwithin the sector's middle half-€0.05mwithin the sector's middle half-€0.03mwithin the sector's middle half
Solvency18.4%-21.5%▲ 3.2pp22.7%within the sector's middle half▲ 1.1pp26.2%within the sector's middle half▲ 3.5pp21.1%within the sector's middle half-13.2%within the sector's middle half▼ 7.9pp11.7%within the sector's middle half▼ 1.6pp
Current ratio1.06-1.13▲ 0.070.30below the sector's middle half▼ 0.830.26below the sector's middle half▼ 0.040.73within the sector's middle half-1.43within the sector's middle half▲ 0.700.84within the sector's middle half▼ 0.60
Return on assets (ROA)2.7%-3.2%▲ 0.5pp2.2%within the sector's middle half▼ 1.0pp1.9%within the sector's middle half▼ 0.2pp5.7%within the sector's middle half-2.2%within the sector's middle half▼ 3.5pp-0.5%within the sector's middle half▼ 2.7pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 a loss of €31,272, after a profit of €28,909 in 2024. It is the lowest result since 2020.
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 €2.3m
Fixed assets
€2.1m ▲ 10.0%
Current assets
€150,856 ▼ 6.1%
Equity and liabilities €2.3m
Equity
€263,948 ▼ 4.2%
Debt
€2.0m ▲ 10.7%
Debt's share of the balance-sheet total rises from 86.8% to 88.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€164,811▲
2024 · €59,965
Cash flow
€184,499▲
2024 · €77,100
Debt to equity
7.57▲
2024 · 6.55
ROE
-4.4%▼
2024 · 16.7%
Interest coverage
3.99▲
2024 · 1.54
Debt ≤ 1 year
€180,558▲
2024 · €112,094
Debt > 1 year
€1.8m▲
2024 · €1.7m
Income taxes
€3▼
2024 · €4,737
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Mortgages, amount registered | €515,000 | €75,000 | €125,000 | €125,000 |
| Mortgage mandates | - | €2.1m | €2.1m | €2.1m |
| Carrying value of the mortgaged assets | €291,608 | €929,273 | €1.9m | €2.1m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €5,272 | €424,605 | €978,187 | €388,295 |
| Financial fixed assets | - | €35,660 | - | - |
| Depreciation and write-downs of the year | €30,549 | €53,465 | €31,056 | €196,083 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,891 | €26,449 | €30,527 | €30,549 | €53,465 | €31,056 | €196,083 | ▲ 531% |
| Other operating charges640/8 | - | - | - | €7,409 | €31,927 | €49,390 | €15,911 | ▼ 67.8% |
| Gross operating margin9900 | €58,427 | €66,416 | €58,249 | €60,661 | €131,556 | €109,354 | €180,722 | ▲ 65.3% |
| Operating profit (loss)9901 | €26,486 | €37,034 | €24,410 | €22,703 | €46,165 | €28,909 | -€31,272 | - |
| Financial income75/76B | - | - | - | €9 | €55,519 | €60,842 | €61,015 | ▲ 0.3% |
| Recurring financial income75 | - | - | €0 | €9 | €55,519 | €60,842 | €61,015 | ▲ 0.3% |
| Financial charges65/66B | - | - | - | €3,100 | €29,737 | €38,969 | €41,324 | ▲ 6.0% |
| Recurring financial charges65 | €5,020 | €4,646 | €3,862 | €3,100 | €29,737 | €38,969 | €41,324 | ▲ 6.0% |
| Profit (loss) for the period before taxes9903 | €21,467 | €32,388 | €20,548 | €19,612 | €71,947 | €50,782 | -€11,582 | - |
| Income taxes67/77 | €4,124 | €11,832 | €5,834 | €7,312 | €9,893 | €4,737 | €3 | ▼ 99.9% |
| Profit (loss) for the period9904 | €17,343 | €20,556 | €14,714 | €12,300 | €62,054 | €46,045 | -€11,584 | - |
| Profit (loss) for the period to be appropriated9905 | €17,343 | €20,556 | €14,714 | €12,300 | €62,054 | €46,045 | -€11,584 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.7m | €0.7m | €0.7m | €0.6m | €1.1m | €2.1m | €2.3m | ▲ 8.8% |
| Fixed assets21/28 | €0.4m | €0.3m | €0.6m | €0.6m | €1.0m | €1.9m | €2.1m | ▲ 10.0% |
| Tangible fixed assets22/27 | €0.4m | €0.3m | €0.6m | €0.6m | €0.9m | €1.9m | €2.1m | ▲ 10.2% |
| Land and buildings22 | - | - | - | €0.6m | €0.9m | €1.9m | €2.1m | ▲ 10.3% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.01m | €0.007m | €0.006m | ▼ 14.1% |
| Financial fixed assets28 | - | - | - | - | €0.04m | €0.04m | €0.04m | = |
| Current assets29/58 | €0.3m | €0.3m | €0.09m | €0.07m | €0.1m | €0.2m | €0.2m | ▼ 6.1% |
| Amounts receivable within one year40/41 | €28 | - | - | - | €0.02m | €0.03m | €0.02m | ▼ 18.5% |
| Trade receivables40 | - | - | - | - | €0.02m | €0.02m | €0.02m | = |
| Other amounts receivable41 | - | - | - | - | €0.004m | €0.005m | - | - |
| Cash at bank and in hand54/58 | €0.3m | €0.3m | €0.09m | €0.07m | €0.04m | €0.07m | €0.07m | ▼ 7.0% |
| Deferred charges and accrued income490/1 | - | - | - | €475 | €0.06m | €0.06m | €0.06m | ▲ 0.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.7m | €0.7m | €0.7m | €0.6m | €1.1m | €2.1m | €2.3m | ▲ 8.8% |
| Equity10/15 | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 4.2% |
| Contributions10/11 | €0.1m | €0.1m | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.01m | €0.03m | €0.05m | €0.06m | €0.1m | €0.2m | €0.2m | = |
| Non-distributable reserves130/1 | - | - | - | €0.01m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.01m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.05m | €0.1m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | -€0.002m | - |
| Amounts payable17/49 | €0.5m | €0.5m | €0.5m | €0.5m | €0.9m | €1.8m | €2.0m | ▲ 10.7% |
| Amounts payable after more than one year17 | €0.3m | €0.2m | €0.2m | €0.2m | €0.7m | €1.7m | €1.8m | ▲ 7.2% |
| Financial debts170/4 | - | - | - | €0.2m | €0.7m | €1.7m | €1.8m | ▲ 7.2% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.1m | €0.2m | ▲ 61.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.03m | €0.02m | €0.09m | ▲ 393% |
| Trade debts44 | €0.002m | €0.002m | €0.03m | €0.002m | €0.04m | €0.02m | €0.02m | ▲ 3.2% |
| Suppliers440/4 | - | - | - | €0.002m | €0.04m | €0.02m | €0.02m | ▲ 3.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.009m | €0.03m | €0.02m | €0.005m | ▼ 78.4% |
| Taxes450/3 | - | - | - | €0.009m | €0.03m | €0.02m | €0.005m | ▼ 76.2% |
| Remuneration and social security454/9 | - | - | - | - | €119 | €0.002m | - | - |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.06m | €0.05m | €0.06m | ▲ 23.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.009m | €0.02m | €0.02m | €0.02m | ▲ 27.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,343 | €20,556 | €14,714 | €12,300 | €62,054 | €46,045 | -€11,584 | - |
| + Depreciation and write-downs630 | €26,891 | €26,449 | €30,527 | €30,549 | €53,465 | €31,056 | €196,083 | ▲ 531% |
| Operating cash flow (approximation) | €44,234 | €47,005 | €45,241 | €42,849 | €115,518 | €77,100 | €184,499 | ▲ 139% |
| Investment in fixed assets (approximation) | - | €0 | -€278,311 | -€5,272 | - | -€978,187 | -€388,295 | ▲ 60.3% |
| Change in cash | - | €25,908 | -€216,741 | -€19,574 | - | €36,332 | -€4,988 | - |
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, 1,423 companies had the same profile as MADEF has now. Two years later, 96.5% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
96.5%
was still going
2.2%
stopped otherwise
1.0%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MADEF itself: 0.1% 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 1,423 companies, not a prediction for MADEF. 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.
Latest 10 of 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 29-04-2026 | 2026-00093632 | |
| 30-09-2024 | micro format | 23-04-2025 | 2025-00073800 | |
| 30-09-2023 | micro format | 04-03-2024 | 2024-00039432 | |
| 31-12-2021 | micro format | 20-04-2022 | 2022-20004921 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-57100136 | |
| 31-12-2019 | micro format | 30-07-2020 | 2020-37100325 | |
| 31-12-2018 | micro format | 17-07-2019 | 2019-34100345 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-56100449 | |
| 31-12-2016 | micro format | 28-07-2017 | 2017-38200376 | |
| 31-12-2015 | full format | 25-07-2016 | 2016-35200056 |