Madel Printing
ActiveMadel Printing has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €237k and a net result of €224k. Equity remains stable across the filed fiscal years (±2.1% per year). Its solvency ranks better than 30% of 174 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
74
/ 100
Healthy
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability100▲+1
Solvency54▼-31
Growth58▼-20
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €17k at 30 days acceptable
Liquidity short (current ratio 0.84 against 1.62 in 2024; short-term debt: 70.7% and cash: 33.2% of total assets), and 71% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Six 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 13
Relative position
BE, all sectors
reference
Sector 13
lower
← 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
29%
Return on assets
27.5%
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 · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
28 d late
2024
15 d early
2023
23 d early
2022
19 d early
2021
16 d early
2020
16 d early
2019
21 d early
← before the deadline
after the deadline →
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
20-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€237k▼ 53.7%
2024 · €513k
2018: €297k
2019: €385k
2020: €480k
2021: €395k
2022: €327k
2023: €505k
2024: €513k
2018 → 2025
Total assets
€817k▼ 3.7%
2024 · €849k
2018: €828k
2019: €850k
2020: €859k
2021: €677k
2022: €835k
2023: €721k
2024: €849k
2018 → 2025
Net result
€224k▲ 7.8%
2024 · €208k
2018: €85k
2019: €88k
2020: €106k
2021: €97k
2022: €182k
2023: €178k
2024: €208k
2018 → 2025
Working capital
€-91k
2024 · €209k
2018: €177k
2019: €238k
2020: €322k
2021: €229k
2022: €165k
2023: €349k
2024: €209k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€395k-€327k▼ 17.2%€505k▲ 54.5%€513k▲ 1.6%€237k▼ 53.7%
Operating result€138k-€243k▲ 76.4%€242k▼ 0.4%€272k▲ 12.4%€285k▲ 5.0%
Net result€97k-€182k▲ 88.1%€178k▼ 2.1%€208k▲ 16.9%€224k▲ 7.8%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 5% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €817k
Fixed assets
€330k▲ 8.5%
Current assets
€487k▼ 10.6%
Equity and liabilities €817k
Equity
€237k▼ 53.7%
Debt
€580k▲ 72.7%
The debt ratio rises from 39.6% to 71.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€354k▲
2024 · €340k
Cash flow
€293k▲
2024 · €277k
Solvency
29.0%▼
2024 · 60.4%
Current ratio
0.84▼
2024 · 1.62
Quick ratio
0.83▼
2024 · 1.61
Debt / equity
2.44▲
2024 · 0.65
ROE
94.5%▲
2024 · 40.6%
ROA
27.5%▲
2024 · 24.5%
Interest coverage
356.06▲
2024 · 58.39
Debt
€580k▲
2024 · €336k
Debt ≤ 1 year
€578k▲
2024 · €335k
Income taxes
€68k▼
2024 · €69k
Staff costs
€201k▲
2024 · €183k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€849k€817k▼
Fixed assets21/28€304k€330k▲
Intangible fixed assets21€1k€700▼
Tangible fixed assets22/27€303k€329k▲
Land and buildings22€210k€177k▼
Plant, machinery and equipment23€11k€82k▲
Furniture and vehicles24€82k€70k▼
Current assets29/58€544k€487k▼
Stocks and contracts in progress3€4k€5k▲
Stocks30/36€4k€5k▲
Amounts receivable within one year40/41€171k€203k▲
Trade receivables40€168k€202k▲
Other amounts receivable41€3k€459▼
Current investments50/53€250k€0▼
Cash at bank and in hand54/58€119k€271k▲
Deferred charges and accrued income490/1€605€8k▲
Equity and liabilities
Total equity and liabilities10/49€849k€817k▼
Equity10/15€513k€237k▼
Contributions10/11€19k€19k=
Reserves13€10k€219k▲
Distributable reserves133€10k€219k▲
Profit (loss) carried forward14€484k€0▼
Amounts payable17/49€336k€580k▲
Amounts payable after more than one year17€0-
Financial debts170/4€0-
Amounts payable within one year42/48€335k€578k▲
Current portion of amounts payable after more than one year42€596€0▼
Trade debts44€30k€23k▼
Suppliers440/4€30k€23k▼
Taxes, remuneration and social security45€103k€74k▼
Taxes450/3€69k€50k▼
Remuneration and social security454/9€35k€24k▼
Other amounts payable47/48€201k€481k▲
Accrued charges and deferred income492/3€182€2k▲
Income statement
Code20242025
Remuneration, social security and pensions62€183k€201k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€69k€68k▼
Other operating charges640/8€6k€4k▼
Non-recurring operating charges66A-€3k
Gross operating margin9900€530k€562k▲
Operating profit (loss)9901€272k€285k▲
Financial income75/76B€11k€8k▼
Recurring financial income75€11k€8k▼
Non-recurring financial income76B-€175
Financial charges65/66B€6k€994▼
Recurring financial charges65€6k€994▼
Profit (loss) for the period before taxes9903€277k€292k▲
Income taxes67/77€69k€68k▼
Profit (loss) for the period9904€208k€224k▲
Profit (loss) for the period to be appropriated9905€208k€224k▲
Appropriation of the result
Profit (loss) to be appropriated9906€684k€709k▲
Profit (loss) brought forward from the previous period14P€476k€484k▲
Transfer to equity691/2-€209k
To other reserves6921-€209k
Profit to be distributed694/7€200k€500k▲
Return on contributions (dividend)694€200k€500k▲
Social balance
Average headcount (FTE)90873.94.0▲
The notes to these accounts (17 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 28 days late
2025
31-12
Financial
Highest result since 2018net €224k ▲7.8%
Operating result €285k, net result €224k, both a record.
16-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
08-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Liquidity triplescurrent ratio 4.25
Current ratio from 1.44 to 4.25; short-term debt falls from €372k to €107k.
31-12
Financial
Equity above €500kEq €505k ▲54.5%
6 profitable years in a row build equity to €505k.
12-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
15-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
15-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
10-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
19-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
20-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
24-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
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, Kortrijk · 1 establishment unit since 2014
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Hermelijnstraat(Mar) 428510 KortrijkGround area
1,237 m²
Building footprint
1,094 m²
Volume, LiDAR
5,534 m³
Parcel 34026A0124/00W005, Flanders · tallest building 7.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Hermelijnstraat(Mar) 42, 8510 Kortrijk
since 20142.236.196.923
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34026A0124/00W005 | Flanders | 1,237 m² | 1 · 1,094 m² | 7.5 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
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 756 companies in sector 13300 we hold annual accounts for 160. 113 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded18-06-2014
Fiscal year end31-12
Activities, NACEBEL
13300Finishing of textiles
46421Wholesale trade
Sources
Crossroads Bank for EnterprisesNational Bank · 11 filingsAddress and cadastre registers
Data from official sources, last processed on 19-09-2026. Scores and ratios are computed by Checked and are not a credit decision.