Summary
MADHOVER 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 €138,895 and a net result of -€62,325. Equity is growing by about 4.7% per year across the filed financial years. Its solvency ranks better than 20% of 9,743 sector peers (NACE 64, financial year 2025). The company has been active since 2001 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
Activity
Activities of holding companies
NACE 64210
1 site
Size
≈ €180,000turnover 2025, estimated
- Equity
- €138,895
- Loss
- -€62,325
Turnover estimated from the gross margin
Financial health
Financial institution: outside the modelBankruptcy probability: sector outside the model
Structure
2025 accounts on time1 of 3 deeds summarised
Signalsraises riskWeak solvency vs sectorneutralLatest accounts filed on timeShow the evidence
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.
Bankruptcy probability, 12 months
This is a financial institution (bank, insurer or financial holding). A bank balance sheet works differently from that of an ordinary trading or manufacturing company. We therefore show no bankruptcy probability rather than a misleading figure.
Credit check for your own amount and term
Show the recommended maximum and see how the verdict changes with amount, term and advance.
Signals
Two signals.
raises riskneutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 20% of 9743 sector peers (2025).
NBB · sector comparisonPosition among 9743 sector peers
Solvency
better than 20%
← weakest
strongest →
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 · 10 filingsDeviation from the deadline
2025
on the day
2024
9 days early
2023
1 day early
2022
3 days early
2021
18 days late
2020
1 day early
2019
14 days 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 before the deadline; the sector median (NACE 64) for financial year 2024 is 14 days before the deadline, and 28% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The financial year that closed on 31-03-2026 is due by 31-10-2026. Nothing is late today. The company usually files around 30 October (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsWhere today falls in the filing period
31-03-2026 year end31-10-2026 today31-10-2026 deadline
- Annual accounts filedfinancial year 2025 · micro…
- Weakest financial yearnet -€62,325
- Annual accounts filedfinancial year 2024 · micro…
Financials · financial year 2025, micro format
Equity
€138,895▼ 31.0%
2024 · €201,220
Net result
-€62,325▼ 70.0%
2024 · -€36,664
Total assets
€965,936▼ 8.8%
2024 · €1.1m
Solvency
14.4%▼ 4.6pp
2024 · 19.0%
Trend over the years
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result stays negative: a loss of €44,021 in 2025 against €19,600 in 2024; the loss grows and 2025 has the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result-€0.04m
2025
Net result-€0.06m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€1.0m
2025
Equity€0.1m
2025
Debt€0.8m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital-€0.5m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)-6.5%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency14.4%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio0.06
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.03m-€0.06m▲ 91.5%€0.05m▼ 9.4%€0.05m▲ 4.3%€0.02m▼ 65.9%-€0.02m-€0.04m▼ 125%
Net result€0.02m-€0.04mwithin the sector's middle half▲ 124%€0.03mwithin the sector's middle half▼ 11.5%€0.04mwithin the sector's middle half▲ 7.1%€0.006mwithin the sector's middle half▼ 84.1%-€0.04mbelow the sector's middle half-€0.06mbelow the sector's middle half▼ 70.0%
Equity€0.1m-€0.2mwithin the sector's middle half▲ 29.1%€0.2mwithin the sector's middle half▲ 19.9%€0.2mwithin the sector's middle half▲ 17.8%€0.2mwithin the sector's middle half▲ 2.4%€0.2mwithin the sector's middle half▼ 15.4%€0.1mwithin the sector's middle half▼ 31.0%
Total assets€0.8m-€0.7mwithin the sector's middle half▼ 3.0%€0.7mwithin the sector's middle half▼ 3.3%€0.7mwithin the sector's middle half▲ 0.2%€1.2mabove the sector's middle half▲ 61.5%€1.1mabove the sector's middle half▼ 8.4%€1.0mabove the sector's middle half▼ 8.8%
Debt€0.6m-€0.6m▼ 9.4%€0.5m▼ 9.9%€0.5m▼ 6.5%€0.9m▲ 89.9%€0.9m▼ 6.6%€0.8m▼ 3.6%
Working capital-€0.3m--€0.3mbelow the sector's middle half▲ 10.8%-€0.2mbelow the sector's middle half▲ 5.7%-€0.2mbelow the sector's middle half▼ 1.4%-€0.5mbelow the sector's middle half▼ 99.1%-€0.5mbelow the sector's middle half▼ 1.1%-€0.5mbelow the sector's middle half▼ 5.4%
Solvency16.7%-22.2%below the sector's middle half▲ 5.5pp27.6%within the sector's middle half▲ 5.3pp32.4%within the sector's middle half▲ 4.8pp20.6%below the sector's middle half▼ 11.9pp19.0%below the sector's middle half▼ 1.6pp14.4%below the sector's middle half▼ 4.6pp
Current ratio0.13-0.18below the sector's middle half▲ 0.040.18below the sector's middle half▲ 0.010.15below the sector's middle half▼ 0.040.13below the sector's middle half▼ 0.010.08below the sector's middle half▼ 0.050.06below the sector's middle half▼ 0.03
Return on assets (ROA)2.2%-5.0%within the sector's middle half▲ 2.8pp4.6%within the sector's middle half▼ 0.4pp4.9%within the sector's middle half▲ 0.3pp0.5%below the sector's middle half▼ 4.4pp-3.5%below the sector's middle half▼ 3.9pp-6.5%below the sector's middle half▼ 3.0pp
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin 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 €965,936
Fixed assets
€935,381 ▼ 7.8%
Current assets
€30,555 ▼ 31.3%
Equity and liabilities €965,936
Equity
€138,895 ▼ 31.0%
Debt
€827,041 ▼ 3.6%
Debt's share of the balance-sheet total rises from 81.0% to 85.6%. Equity and debt are lower.
Key figures and ratios
ROE
-44.9%▼
2024 · -18.2%
Debt ≤ 1 year
€548,004▲
2024 · €535,452
Debt > 1 year
€263,372▼
2024 · €308,134
Income taxes
€133▲
2024 · €86
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €34,112 | €33,796 | €34,290 | €36,951 | €60,295 | €109,689 | €84,723 | ▼ 22.8% |
| Other operating charges640/8 | - | - | - | €2,871 | €2,715 | €4,287 | €4,057 | ▼ 5.4% |
| Gross operating margin9900 | €65,964 | €92,197 | €87,546 | €92,364 | €80,910 | €94,375 | €44,758 | ▼ 52.6% |
| Operating profit (loss)9901 | €29,066 | €55,657 | €50,397 | €52,542 | €17,900 | -€19,600 | -€44,021 | ▼ 125% |
| Financial income75/76B | - | - | - | €0 | €7 | €0 | €82 | - |
| Recurring financial income75 | €0 | €16 | - | €0 | €7 | €0 | €82 | - |
| Financial charges65/66B | - | - | - | €8,197 | €10,853 | €16,977 | €18,254 | ▲ 7.5% |
| Recurring financial charges65 | €12,528 | €11,545 | €8,646 | €8,197 | €10,853 | €16,977 | €18,254 | ▲ 7.5% |
| Profit (loss) for the period before taxes9903 | €16,538 | €44,127 | €41,752 | €44,345 | €7,054 | -€36,578 | -€62,193 | ▼ 70.0% |
| Income taxes67/77 | - | €7,070 | €8,967 | €9,226 | €1,461 | €86 | €133 | ▲ 53.6% |
| Profit (loss) for the period9904 | €16,538 | €37,057 | €32,785 | €35,119 | €5,593 | -€36,664 | -€62,325 | ▼ 70.0% |
| Profit (loss) for the period to be appropriated9905 | €16,538 | €37,057 | €32,785 | €35,119 | €5,593 | -€36,664 | -€62,325 | ▼ 70.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.8m | €0.7m | €0.7m | €0.7m | €1.2m | €1.1m | €1.0m | ▼ 8.8% |
| Fixed assets21/28 | €0.7m | €0.7m | €0.7m | €0.7m | €1.1m | €1.0m | €0.9m | ▼ 7.8% |
| Tangible fixed assets22/27 | €0.7m | €0.7m | €0.7m | €0.7m | €1.1m | €1.0m | €0.9m | ▼ 7.8% |
| Land and buildings22 | - | - | - | €0.7m | €1.0m | €0.9m | €0.8m | ▼ 5.3% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0.01m | €0.01m | ▼ 21.6% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.1m | €0.1m | €0.1m | ▼ 23.7% |
| Current assets29/58 | €0.04m | €0.05m | €0.05m | €0.04m | €0.08m | €0.04m | €0.03m | ▼ 31.3% |
| Stocks and contracts in progress3 | - | - | - | - | - | €0.006m | €0.006m | = |
| Stocks30/36 | - | - | - | - | - | €0.006m | €0.006m | = |
| Amounts receivable within one year40/41 | €0.03m | €0.03m | €0.04m | €0.02m | €0.04m | €0.02m | €0.01m | ▼ 15.8% |
| Trade receivables40 | - | - | - | €0.02m | €0.03m | €0.02m | €0.01m | ▼ 11.4% |
| Other amounts receivable41 | - | - | - | €101 | €0.02m | €0.001m | €74 | ▼ 92.5% |
| Cash at bank and in hand54/58 | €0.005m | €0.03m | €0.01m | €0.02m | €0.03m | €0.02m | €0.004m | ▼ 74.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.005m | €0.005m | €0.006m | ▲ 7.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.8m | €0.7m | €0.7m | €0.7m | €1.2m | €1.1m | €1.0m | ▼ 8.8% |
| Equity10/15 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 31.0% |
| Contributions10/11 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.001m | €0.03m | €0.06m | €0.09m | €0.09m | €0.07m | €0.007m | ▼ 89.8% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.007m | €0.007m | €0.007m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.007m | €0.007m | €0.007m | = |
| Distributable reserves133 | - | - | - | €0.09m | €0.09m | €0.06m | €0 | ▼ 100% |
| Profit (loss) carried forward14 | -€0.009m | €0.002m | €0.003m | €0.006m | €0.01m | €0 | -€0.003m | - |
| Amounts payable17/49 | €0.6m | €0.6m | €0.5m | €0.5m | €0.9m | €0.9m | €0.8m | ▼ 3.6% |
| Amounts payable after more than one year17 | €0.3m | €0.3m | €0.2m | €0.2m | €0.4m | €0.3m | €0.3m | ▼ 14.5% |
| Financial debts170/4 | - | - | - | €0.2m | €0.4m | €0.3m | €0.3m | ▼ 14.5% |
| Amounts payable within one year42/48 | €0.3m | €0.3m | €0.3m | €0.3m | €0.6m | €0.5m | €0.5m | ▲ 2.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.07m | €0.07m | €0.04m | ▼ 33.5% |
| Trade debts44 | €0.002m | €0.004m | €0.008m | €0.003m | €0.02m | €0.002m | €0.01m | ▲ 409% |
| Suppliers440/4 | - | - | - | €0.003m | €0.02m | €0.002m | €0.01m | ▲ 409% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.008m | €0.01m | €0.006m | ▼ 49.5% |
| Taxes450/3 | - | - | - | €0.005m | €0.003m | €0.007m | €0.001m | ▼ 85.1% |
| Remuneration and social security454/9 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | ▲ 0.3% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.5m | €0.5m | €0.5m | ▲ 7.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0.004m | €0.008m | €0.01m | €0.02m | ▲ 8.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,538 | €37,057 | €32,785 | €35,119 | €5,593 | -€36,664 | -€62,325 | ▼ 70.0% |
| + Depreciation and write-downs630 | €34,112 | €33,796 | €34,290 | €36,951 | €60,295 | €109,689 | €84,723 | ▼ 22.8% |
| Operating cash flow (approximation) | €50,650 | €70,853 | €67,075 | €72,070 | €65,888 | €73,025 | €22,397 | ▼ 69.3% |
| Investment in fixed assets (approximation) | - | €0 | -€10,312 | -€51,408 | -€466,798 | -€43,211 | -€5,309 | ▲ 87.7% |
| Change in cash | - | €20,866 | -€10,794 | €7,977 | €6,308 | -€13,624 | -€11,482 | ▲ 15.7% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 24 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-03-2025 | micro format | 31-10-2025 | 2025-00558598 |
| 31-03-2024 | micro format | 22-10-2024 | 2024-00511258 |
| 31-03-2023 | micro format | 30-10-2023 | 2023-00496861 |
| 31-03-2022 | micro format | 28-10-2022 | 2022-20475749 |
| 31-03-2021 | micro format | 18-11-2021 | 2021-77600325 |
| 31-03-2020 | micro format | 30-10-2020 | 2020-65700053 |
| 31-03-2019 | micro format | 17-10-2019 | 2019-70700267 |
| 31-03-2018 | micro format | 30-10-2018 | 2018-70700362 |
| 31-03-2017 | micro format | 06-11-2017 | 2017-69300451 |
| 31-03-2016 | abbreviated format | 09-11-2016 | 2016-67700064 |
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Of the 24,455 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 20,128. 13,327 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Directors
no sitting director read yet, last change in 2023
No directors read yet: 1 of 3 Gazette acts processed. See the directors and other office holders in the KBO →
Mandate history
2 people since 2023, 0 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Dhont Koen |
|
| Verthé Anne |
|
Owners and capital
Capital and shareholders
Capital over the years
- 16-08-2023 Capital stated in the deed · €135,036 · 2,178 shares
Group and network
Connections & network
The board mandates are listed below; here you explore them as a network.
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Director
Shareholding
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Board mandates elsewhere
1 board mandateBoard mandates of this companythis company sits on their board1
1 location
History
Acts, filings and financial milestones
Next filing, financial year 2026, expected by
2025
31-10
NBB filing
Annual accounts filed
financial year 2025 · micro format
31-03
Financial
Weakest financial yearnet -€62,325
Net result drops to -€62,325, the lowest in the series.
2024
22-10
NBB filing
Annual accounts filed
financial year 2024 · micro format
2023
30-10
NBB filing
Annual accounts filed
financial year 2023 · micro format
16-08
Gazette deed
Resignations: Dhont Koen (director) and Verthé Anne (director)Reappointments: Dhont Koen (director) and Verthé Anne (director) · Amendment of the articles · Purpose change10 facts ▸
Gazette deed
Resignations: Dhont Koen (director) and Verthé Anne (director)
Reappointments: Dhont Koen (director) and Verthé Anne (director) · Amendment of the articles · Purpose change10 facts ▸
- General meeting, 10-08-2023
- Amendment of the articles
- Purpose change
- Capital, €135,036
- Director resignation, Dhont Koen (director)
- Director resignation, Verthé Anne (director)
- Director reappointment, Dhont Koen (director)
- Director reappointment, Verthé Anne (director)
- Board meeting, “dagelijks bestuurder, heden” (deed in Dutch) (2 times)
- Power of attorney
2022
28-10
NBB filing
Annual accounts filed
financial year 2022 · micro format
31-03
Financial
Equity above €200,000equity €232,291 ▲17.8%
A profit in every financial year since 2019 builds equity to €232,291.
2021
18-11
NBB filing
Annual accounts filed
financial year 2021 · micro format · 18 days late
2020
30-10
NBB filing
Annual accounts filed
financial year 2020 · micro format
31-03
Financial
Highest result from 2019 to 2025net €37,057 ▲124%
Operating result €55,657, net result €37,057, both a record.
31-03
Financial
Equity above €150,000equity €164,388 ▲29.1%
A profit in every financial year since 2019 builds equity to €164,388.
2019
17-10
NBB filing
Annual accounts filed
financial year 2019 · micro format
Show earlier events
2018
30-10
NBB filing
Annual accounts filed
financial year 2018 · micro format
2017
06-11
NBB filing
Annual accounts filed
financial year 2017 · micro format · 6 days late
2016
09-11
NBB filing
Annual accounts filed
financial year 2016 · abbreviated format · 9 days late
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.Of the 24 annual accounts filed, the latest 10 are here; all 24 are under Financials.
1 of 3 deeds read
About the unread acts
Of the 3 Belgian Official Gazette deeds 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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Register details
Identification
Legal formPublic limited company
Founded01-02-2001
Financial year end31-03
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0473989015
Also
9925:BE0473989015
Registered
19-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 31 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits
2 applications in Flanders since 2026 · 1 refused · 1 under review
Bouwen of herbouwen; Functiewijziging; Slopen van niet vrijstaande gebouwen of constructies
Bouwen of herbouwen; Functiewijziging; Slopen van niet vrijstaande gebouwen of constructies
Source: Omgevingsloket Vlaanderen. Flanders only: Brussels and Wallonia do not publish the applicant.
Sites & property
Location & real-estate footprint
Registered office, Oudenaarde · 1 establishment unit since 2001
Ground area
2,611 m²
Building footprint
207 m²
Building volume
1,392 m³
Parcel 45023A0872/00E002, Flanders · tallest building 10.9 m. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
MADHOVER
since 2001unit no. 2.093.072.235
1 parcel
Flanders
1
(100%)
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 45023A0872/00E002 | Flanders | 2,611 m² | 1 · 207 m² | 10.9 m · 2 |
How the parcels are linked
Good to know
The parcel matches the address exactly.
Articles of association
What the company does
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- MADHOVER
- Legal form clauseThe legal form, such as BV, NV or CV, which decides which company-law rules apply.
- One provision in the deed
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- One provision in the deed
Who represents it, and how
- Board ruleHow the board is made up, meets and takes decisions.
- “3, algemene vergadering” (deed in Dutch)“Behoudens andersluidende beslissing algemene vergadering, niet bezoldigd” (deed in Dutch)
Capital, shares and profit
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Overdracht en overgang van aandelen voorkoop volgrecht, Artikel12” (deed in Dutch)
Oversight and winding up
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Algemene vergadering, benoeming vereffenaars” (deed in Dutch)“Bevoegdheden vereffenaars, alle verrichtingen vermeld in de wet” (deed in Dutch)