MADI
ActiveSummary
The computed 12-month bankruptcy probability of MADI is 2.1% (moderate). The 2024 annual accounts show equity of €31,134 and a net result of €5,235. Equity is growing by ~23.9% per year across the filed fiscal years. Its solvency ranks better than 73% of 6720 sector peers (fiscal year 2024). The company has been active since 2005 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability82▲+30
Solvency87▼-13
Growth78=
Track record100
Bankruptcy probability, 12 months
2.1%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,500 at 30 days only on tighter terms
Liquidity ample (current ratio 2.43 against 1.04 in 2023; short-term debt: 38.2% and cash: 2.7% of total assets), and 38.2% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 49
Relative position
BE, all sectors
reference
Land transport and transport via pipelines (NACE 49)
about 141% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
61.8%
Return on assets
10.4%
Age of the figures
21 mo
raises risk · Filed more than 90 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 06-09-2026, 402 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
402 d late
2023
55 d late
2022
121 d late
2021
8 d early
2020
87 d late
2019
91 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 125 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 49% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
€31,134▲ 20.2%
2023 · €25,899
Total assets
€50,375▲ 50.0%
2023 · €33,580
Net result
€5,235
2023 · -€4,633
Working capital
€27,430▲ 8,476%
2023 · €320
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result€30,302€6,017▼ 80.1%€1,751▼ 70.9%€15,147▲ 765%
Net result€26,283€4,308▼ 83.6%-€4,633€5,235
Equity-€59=€26,224€30,532▲ 16.4%€25,899▼ 15.2%€31,134▲ 20.2%
Total assets€2,589▲ 63.7%€95,634▲ 3,594%€64,488▼ 32.6%€33,580▼ 47.9%€50,375▲ 50.0%
Debt€2,648▲ 61.4%€69,410▲ 2,521%€33,956▼ 51.1%€7,681▼ 77.4%€19,241▲ 150%
Working capital€190=-€33,526-€403▲ 98.8%€320€27,430▲ 8,476%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2024; 2024 is 765% above 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €50,375
Fixed assets
€3,704 ▼ 85.5%
Current assets
€46,671 ▲ 483%
Equity and liabilities €50,375
Equity
€31,134 ▲ 20.2%
Debt
€19,241 ▲ 150%
Debt's share of the balance-sheet total rises from 22.9% to 38.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€27,419▲
2023 · €19,817
Cash flow
€17,508▲
2023 · €13,433
Current ratio
2.43▲
2023 · 1.04
Debt to equity
0.62▲
2023 · 0.30
ROE
16.8%▲
2023 · -17.9%
ROA
10.4%▲
2023 · -13.8%
Interest coverage
97.85▲
2023 · 10.41
Debt ≤ 1 year
€19,241▲
2023 · €7,681
Income taxes
€10,795▲
2023 · €4,481
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,324 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.4%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 2.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 31,324 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €23,244 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €136,752 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €13,500 | €18,843 | €18,066 | €12,273 | ▼ 32.1% |
| Other operating charges640/8 | - | €3,763 | €9,425 | €7,550 | €1,364 | ▼ 81.9% |
| Non-recurring operating charges66A | - | - | - | €8,991 | €5,470 | ▼ 39.2% |
| Gross operating margin9900 | - | €47,565 | €34,284 | €36,357 | €34,253 | ▼ 5.8% |
| Operating profit (loss)9901 | - | €30,302 | €6,017 | €1,751 | €15,147 | ▲ 765% |
| Financial income75/76B | - | €0 | €0 | - | €1,164 | - |
| Recurring financial income75 | - | €0 | €0 | - | €1,164 | - |
| Non-recurring financial income76B | - | €0 | €0 | - | - | - |
| Financial charges65/66B | - | €264 | €179 | €1,903 | €280 | ▼ 85.3% |
| Recurring financial charges65 | - | €264 | €179 | €1,903 | €280 | ▼ 85.3% |
| Profit (loss) for the period before taxes9903 | - | €30,038 | €5,838 | -€152 | €16,031 | ▲ 10,666% |
| Income taxes67/77 | - | €3,755 | €1,530 | €4,481 | €10,795 | ▲ 141% |
| Profit (loss) for the period9904 | - | €26,283 | €4,308 | -€4,633 | €5,235 | ▲ 213% |
| Profit (loss) for the period to be appropriated9905 | - | €26,283 | €4,308 | -€4,633 | €5,235 | ▲ 213% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2,589 | €95,634 | €64,488 | €33,580 | €50,375 | ▲ 50.0% |
| Fixed assets21/28 | - | €59,750 | €30,934 | €25,579 | €3,704 | ▼ 85.5% |
| Tangible fixed assets22/27 | - | €59,750 | €30,934 | €25,579 | €3,704 | ▼ 85.5% |
| Furniture and vehicles24 | - | €59,750 | €30,934 | €21,317 | €378 | ▼ 98.2% |
| Other tangible fixed assets26 | - | - | - | €4,262 | €3,326 | ▼ 22.0% |
| Current assets29/58 | €2,589 | €35,884 | €33,553 | €8,001 | €46,671 | ▲ 483% |
| Amounts receivable within one year40/41 | €1,640 | €32,153 | €21,034 | €2,987 | €44,936 | ▲ 1,405% |
| Trade receivables40 | - | €29,147 | €8,991 | €2,987 | €5,342 | ▲ 78.9% |
| Other amounts receivable41 | - | €3,005 | €12,043 | - | €39,593 | - |
| Cash at bank and in hand54/58 | €949 | €3,364 | €11,964 | €4,634 | €1,355 | ▼ 70.8% |
| Deferred charges and accrued income490/1 | - | €368 | €556 | €381 | €381 | = |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2,589 | €95,634 | €64,488 | €33,580 | €50,375 | ▲ 50.0% |
| Equity10/15 | -€59 | €26,224 | €30,532 | €25,899 | €31,134 | ▲ 20.2% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€20,519 | €5,764 | €10,072 | €5,439 | €10,674 | ▲ 96.3% |
| Amounts payable17/49 | €2,648 | €69,410 | €33,956 | €7,681 | €19,241 | ▲ 150% |
| Amounts payable within one year42/48 | €2,399 | €69,410 | €33,956 | €7,681 | €19,241 | ▲ 150% |
| Trade debts44 | €1,200 | €36,268 | €22,651 | €1,034 | €1,059 | ▲ 2.4% |
| Suppliers440/4 | - | €36,268 | €22,651 | €1,034 | €1,059 | ▲ 2.4% |
| Advances received on contracts in progress46 | - | - | - | - | €5,000 | - |
| Taxes, remuneration and social security45 | - | €3,755 | €5,306 | €6,189 | €13,182 | ▲ 113% |
| Taxes450/3 | - | €3,755 | €5,306 | €6,189 | €13,182 | ▲ 113% |
| Other amounts payable47/48 | - | €29,388 | €6,000 | €458 | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | - | €26,283 | €4,308 | -€4,633 | €5,235 | ▲ 213% |
| + Depreciation and write-downs630 | - | €13,500 | €18,843 | €18,066 | €12,273 | ▼ 32.1% |
| Operating cash flow (approximation) | - | €39,783 | €23,150 | €13,433 | €17,508 | ▲ 30.3% |
| Investment in fixed assets (approximation) | - | - | €9,973 | -€12,710 | €9,602 | ▲ 176% |
| Change in cash | - | €2,415 | €8,600 | -€7,330 | -€3,279 | ▲ 55.3% |
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
2026
06-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 402 days late
2024
31-12
Financial
Back to profitnet €5,235
Net result €5,235 after one loss-making year.
31-12
Financial
Liquidity doublescurrent ratio 2.43
Current ratio from 1.04 to 2.43.
24-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 55 days late
2023
29-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 121 days late
2022
23-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Highest result since 2019net €26,283
Operating result €30,302, net result €26,283, both a record.
26-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 87 days late
2020
30-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 91 days late
2017
28-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
28-06
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
2015
30-06
NBB filing
Annual accounts filed
fiscal year 2014 · abbreviated schema
2014
02-07
NBB filing
Annual accounts filed
fiscal year 2013 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 10 acts read
About the unread acts
We know of 10 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
10 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, Anderlecht · 1 establishment unit since 2020
Ground area
141 m²
Building footprint
64 m²
Volume, LiDAR
471 m³
Parcel 21306D0208/00B006, Brussels · tallest building 10.4 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
MADI
since 20202.306.571.116
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21306D0208/00B006 | Brussels | 141 m² | 1 · 64 m² | 10.3 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
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 6,684 companies in sector 49330 we hold annual accounts for 2,297. 1,968 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
Founded05-08-2005
Fiscal year end31-12
Activities, NACEBEL 2025
49320Non-scheduled passenger transport by road
49330On-demand passenger transport by chauffeured vehicle
52210Service activities incidental to land transportation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0875447665
Also
9925:BE0875447665
Registered
09-04-2026
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.