MADEFRU
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 28-04-2026 PDF all 21 filings
Turnover
≈ €2.3m
Estimated: probably between €1.7m and €2.8m
Total assets
€2.9m▲ 34.4%
2024 · €2.1m
Net result
€63,267▲ 3.2%
2024 · €61,309
Working capital
€183,731▼ 7.8%
2024 · €199,320
In the rankings
#3 company by total assets in Herk-de-Stad, Agriculture, forestry and fishing sector#8 oldest company in Herk-de-Stad, Agriculture, forestry and fishing sector
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
€90,155
▼ 18.9%
2025
20182025
Net result
€63,267
▲ 3.2%
2025
middle half of the sector
20182025
Equity
€350,532
▲ 22.0%
2025
middle half of the sector
20182025
Total assets
€2.9m
▲ 34.4%
2025
middle half of the sector
20182025
Debt
€2.5m
▲ 36.4%
2025
20182025
Working capital
€183,731
▼ 7.8%
2025
middle half of the sector
20182025
Solvency
12.2%
▼ 1.2pp
2025
lowest quarter of the sector
20182025
Current ratio
1.08
▼ 0.05
2025
middle half of the sector
20182025
Return on assets (ROA)
2.2%
▼ 0.7pp
2025
middle half of the sector
20182025
Staff (FTE)
18.2
▼ 18.4%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220242025
Operating result€0.08m-€0.01m▼ 87.5%€0.05m▲ 401%€0.03m▼ 37.3%€0.05m▲ 59.1%€0.1m-€0.09m▼ 18.9%
Net result€0.07m-€0.005m▼ 92.5%€0.01mwithin the sector's middle half▲ 175%€0.01mwithin the sector's middle half▼ 2.8%€0.04mwithin the sector's middle half▲ 154%€0.06mwithin the sector's middle half-€0.06mwithin the sector's middle half▲ 3.2%
Equity€0.2m-€0.2m▲ 3.3%€0.2mwithin the sector's middle half▲ 8.9%€0.2mwithin the sector's middle half▲ 7.9%€0.2mwithin the sector's middle half▲ 18.7%€0.3mwithin the sector's middle half-€0.4mwithin the sector's middle half▲ 22.0%
Total assets€1.0m-€1.2m▲ 18.1%€1.3mwithin the sector's middle half▲ 16.0%€1.6mwithin the sector's middle half▲ 21.1%€1.4mwithin the sector's middle half▼ 15.7%€2.1mwithin the sector's middle half-€2.9mwithin the sector's middle half▲ 34.4%
Debt€0.8m-€1.0m▲ 20.9%€1.2m▲ 17.2%€1.4m▲ 23.1%€1.1m▼ 20.3%€1.8m-€2.5m▲ 36.4%
Working capital€0.01m--€0.05m-€0.1mbelow the sector's middle half▼ 131%-€0.06mwithin the sector's middle half▲ 44.5%-€0.02mwithin the sector's middle half▲ 61.4%€0.2mwithin the sector's middle half-€0.2mwithin the sector's middle half▼ 7.8%
Solvency16.0%-14.0%▼ 2.0pp13.2%below the sector's middle half▼ 0.9pp11.7%below the sector's middle half▼ 1.4pp16.5%within the sector's middle half▲ 4.8pp13.5%below the sector's middle half-12.2%below the sector's middle half▼ 1.2pp
Current ratio1.02-0.94▼ 0.080.89within the sector's middle half▼ 0.050.95within the sector's middle half▲ 0.060.98within the sector's middle half▲ 0.021.13within the sector's middle half-1.08within the sector's middle half▼ 0.05
Return on assets (ROA)7.1%-0.5%▼ 6.7pp1.1%within the sector's middle half▲ 0.6pp0.9%within the sector's middle half▼ 0.2pp2.6%within the sector's middle half▲ 1.7pp2.9%within the sector's middle half-2.2%within the sector's middle half▼ 0.7pp
Staff (FTE)14.6-19.7▲ 34.9%16.8above the sector's middle half▼ 14.7%17.1above the sector's middle half▲ 1.8%20.2above the sector's middle half▲ 18.1%22.3above the sector's middle half-18.2above the sector's middle half▼ 18.4%
above
within
below
The sector band is the middle half of the companies in Crop and animal production, hunting and related service activities (NACE 01). 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 19% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €2.9m
Fixed assets
€417,709 ▲ 9.0%
Current assets
€2.5m ▲ 40.0%
Equity and liabilities €2.9m
Equity
€350,532 ▲ 22.0%
Debt
€2.5m ▲ 36.4%
Debt's share of the balance-sheet total rises from 86.5% to 87.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€206,319▼
2024 · €279,849
Cash flow
€179,431▼
2024 · €229,996
Quick ratio
1.07▼
2024 · 1.12
Debt to equity
7.18▲
2024 · 6.43
ROE
18.0%▼
2024 · 21.3%
Interest coverage
34.09▲
2024 · 24.35
Debt ≤ 1 year
€2.3m▲
2024 · €1.6m
Debt > 1 year
€50,000▼
2024 · €79,200
Income taxes
€33,754▼
2024 · €40,002
Staff costs
€722,976▼
2024 · €1.4m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 5 | 41 | 64 |
| full-time | 2 | 2 | 2 | 3 |
| part-time | - | 3 | 39 | 61 |
| in full-time equivalents | 2 | 2.3 | 7.4 | 10.8 |
| Average over the year, in full-time equivalents | 17.1 | 20.2 | 22.3 | 18.2 |
| On a permanent contract | 2 | 5 | 38 | 58 |
| Joined | 112 | 98 | 205 | 97 |
| Left | 116 | 95 | 169 | 74 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €12,677 | €185,299 | €197,817 | €150,820 |
| Depreciation and write-downs of the year | €90,690 | €73,143 | €168,688 | €116,164 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €24,095 awarded · €24,095 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €10,053 | €10,053 |
| 2023 | 1 | €8,713 | €8,713 |
| 2022 | 1 | €5,329 | €5,329 |
Schemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €0.007m | €8 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.5m | €0.6m | €1.4m | €0.7m | ▼ 48.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.09m | €0.09m | €0.09m | €0.07m | €0.2m | €0.1m | ▼ 31.1% |
| Other operating charges640/8 | - | - | - | €0.007m | €0.003m | €0.008m | €0.009m | ▲ 13.5% |
| Non-recurring operating charges66A | - | - | - | €0.07m | €0.07m | - | €2 | - |
| Gross operating margin9900 | €0.6m | €0.7m | €0.7m | €0.7m | €0.8m | €1.7m | €0.9m | ▼ 44.3% |
| Operating profit (loss)9901 | €0.08m | €0.01m | €0.05m | €0.03m | €0.05m | €0.1m | €0.09m | ▼ 18.9% |
| Financial income75/76B | - | - | - | €386 | €422 | €0.002m | €0.01m | ▲ 687% |
| Recurring financial income75 | €274 | €0.001m | €12 | €386 | €422 | €0.002m | €0.01m | ▲ 687% |
| Financial charges65/66B | - | - | - | €0.002m | €0.002m | €0.01m | €0.006m | ▼ 47.3% |
| Recurring financial charges65 | €0.002m | €0.004m | €0.03m | €0.002m | €0.002m | €0.01m | €0.006m | ▼ 47.3% |
| Profit (loss) for the period before taxes9903 | €0.08m | €0.007m | €0.02m | €0.03m | €0.05m | €0.1m | €0.1m | ▼ 4.2% |
| Income taxes67/77 | €0.007m | €0.001m | €0.002m | €0.02m | €0.01m | €0.04m | €0.03m | ▼ 15.6% |
| Profit (loss) for the period9904 | €0.07m | €0.005m | €0.01m | €0.01m | €0.04m | €0.06m | €0.06m | ▲ 3.2% |
| Profit (loss) for the period to be appropriated9905 | €0.07m | €0.005m | €0.01m | €0.01m | €0.04m | €0.06m | €0.06m | ▲ 3.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.0m | €1.2m | €1.3m | €1.6m | €1.4m | €2.1m | €2.9m | ▲ 34.4% |
| Fixed assets21/28 | €0.3m | €0.4m | €0.4m | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 9.0% |
| Tangible fixed assets22/27 | €0.3m | €0.3m | €0.4m | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 9.0% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.3m | €0.3m | €0.3m | ▼ 0.5% |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.07m | €0.04m | €0.07m | ▲ 66.7% |
| Other tangible fixed assets26 | - | - | - | €0.01m | €0.02m | €0.01m | €0.02m | ▲ 88.5% |
| Financial fixed assets28 | €0.03m | €0.03m | - | - | - | - | - | - |
| Current assets29/58 | €0.6m | €0.8m | €1.0m | €1.3m | €1.0m | €1.8m | €2.5m | ▲ 40.0% |
| Stocks and contracts in progress3 | - | €0.009m | €0.1m | €0.2m | €0.02m | €0.01m | €0.03m | ▲ 255% |
| Stocks30/36 | - | - | - | €0.2m | €0.02m | €0.01m | €0.01m | ▼ 1.2% |
| Contracts in progress37 | - | - | - | - | - | - | €0.03m | - |
| Amounts receivable within one year40/41 | €0.6m | €0.8m | €0.8m | €1.1m | €0.7m | €1.3m | €1.8m | ▲ 43.3% |
| Trade receivables40 | - | - | - | €1.0m | €0.6m | €0.5m | €1.4m | ▲ 170% |
| Other amounts receivable41 | - | - | - | €0.1m | €0.1m | €0.8m | €0.4m | ▼ 46.1% |
| Current investments50/53 | - | - | - | - | €0.1m | €55 | €0.3m | ▲ 5,480× |
| Cash at bank and in hand54/58 | €0.07m | €0.01m | €0.03m | €0.01m | €0.1m | €0.2m | €0.06m | ▼ 74.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.004m | €0.005m | €0.2m | €0.2m | ▲ 0.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.0m | €1.2m | €1.3m | €1.6m | €1.4m | €2.1m | €2.9m | ▲ 34.4% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 22.0% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 23.5% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 23.5% |
| Amounts payable17/49 | €0.8m | €1.0m | €1.2m | €1.4m | €1.1m | €1.8m | €2.5m | ▲ 36.4% |
| Amounts payable after more than one year17 | €0.2m | €0.1m | €0.09m | €0.04m | €0.1m | €0.08m | €0.05m | ▼ 36.9% |
| Financial debts170/4 | - | - | - | €0.04m | €0.1m | €0.08m | €0.05m | ▼ 36.9% |
| Amounts payable within one year42/48 | €0.6m | €0.9m | €1.1m | €1.4m | €1.0m | €1.6m | €2.3m | ▲ 46.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0.04m | €0.03m | €0.03m | = |
| Trade debts44 | €0.5m | €0.7m | €1.0m | €1.3m | €0.9m | €1.1m | €1.5m | ▲ 32.9% |
| Suppliers440/4 | - | - | - | €1.3m | €0.9m | €1.1m | €1.5m | ▲ 32.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.07m | €0.4m | €0.5m | ▲ 33.3% |
| Taxes450/3 | - | - | - | €0.02m | €0.03m | €0.08m | €0.1m | ▲ 74.9% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.03m | €0.3m | €0.3m | ▲ 21.6% |
| Other amounts payable47/48 | - | - | - | €0.03m | €0.03m | €0.05m | €0.3m | ▲ 463% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.2m | €0.2m | ▼ 6.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €69,754 | €5,244 | €14,403 | €14,005 | €35,621 | €61,309 | €63,267 | ▲ 3.2% |
| + Depreciation and write-downs630 | €104,005 | €92,436 | €93,838 | €90,690 | €73,143 | €168,688 | €116,164 | ▼ 31.1% |
| Operating cash flow (approximation) | €173,758 | €97,680 | €108,240 | €104,695 | €108,765 | €229,996 | €179,431 | ▼ 22.0% |
| Investment in fixed assets (approximation) | - | -€101,254 | -€120,226 | -€6,679 | -€175,586 | - | -€150,820 | - |
| Change in cash | - | -€56,825 | €17,384 | -€18,619 | €98,314 | - | -€180,610 | - |
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, 4,685 companies had the same profile as MADEFRU has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.9%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of MADEFRU itself: 0.7% 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 4,685 companies, not a prediction for MADEFRU. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 28-04-2026 | 2026-00090160 | |
| 30-09-2024 | abbreviated format | 28-04-2025 | 2025-00077010 | |
| 31-12-2022 | abbreviated format | 18-07-2023 | 2023-00244019 | |
| 31-12-2021 | abbreviated format | 29-08-2022 | 2022-20398638 | |
| 31-12-2020 | abbreviated format | 26-11-2021 | 2021-78500026 | |
| 31-12-2019 | abbreviated format | 03-10-2020 | 2020-59900164 | |
| 31-12-2018 | abbreviated format | 29-08-2019 | 2019-53200465 | |
| 31-12-2017 | abbreviated format | 28-08-2018 | 2018-50600570 | |
| 31-12-2016 | abbreviated format | 28-08-2017 | 2017-48000539 | |
| 31-12-2015 | abbreviated format | 27-08-2016 | 2016-48000187 |