MADIN
ActiveSummary
MADIN has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €43.4m and a net result of €274,240. Equity is shrinking by ~11.1% per year across the filed fiscal years. Its solvency ranks better than 90% of 9730 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability19▲+1
Solvency100=
Growth72▲+17
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000,000 at 30 days acceptable
Liquidity ample (current ratio 24.62 against 3.64 in 2023; short-term debt: 3.5% and cash: 0.4% of total assets), and 11% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five 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 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer 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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
89%
Return on assets
0.6%
Age of the figures
21 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 21-05-2025, 71 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
71 d early
2023
20 d early
2022
71 d late
2021
246 d late
2020
265 d late
2019
189 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 113 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (1)
History
Go further with this company
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Financials · fiscal year 2024, abbreviated schema
Turnover
€22,800▲ 169%
2018 · €8,470
EBIT margin
-1625.2%▼ 1217.7pp
2018 · -407.4%
Net result
€274,240
2023 · -€292,763
Working capital
€40.7m▲ 167%
2023 · €15.2m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€22,800
Operating result-€370,536▼ 144%-€370,194▲ 0.1%-€1.8m▼ 386%-€1.2m▲ 31.7%-€2.6m▼ 111%
Net result-€18,188within the sector's middle half-€9.5mbelow the sector's middle half▼ 51,967%-€33.9mbelow the sector's middle half▼ 258%-€292,763below the sector's middle half▲ 99.1%€274,240above the sector's middle half
EBIT margin-1625.2%
Equity€85.3mabove the sector's middle half=€75.9mabove the sector's middle half▼ 11.1%€45.9mabove the sector's middle half▼ 39.5%€43.1mabove the sector's middle half▼ 6.1%€43.4mabove the sector's middle half▲ 0.6%
Total assets€97.4mabove the sector's middle half▼ 1.9%€85.4mabove the sector's middle half▼ 12.3%€58.5mabove the sector's middle half▼ 31.6%€53.5mabove the sector's middle half▼ 8.6%€48.8mabove the sector's middle half▼ 8.7%
Debt€12.1m▼ 13.2%€9.5m▼ 20.9%€12.5m▲ 31.3%€10.3m▼ 17.7%€5.4m▼ 48.0%
Working capital€13.8mabove the sector's middle half▲ 13.1%€8.8mabove the sector's middle half▼ 36.6%€1.5mabove the sector's middle half▼ 83.4%€15.2mabove the sector's middle half▲ 946%€40.7mabove the sector's middle half▲ 167%
Solvency87.6%above the sector's middle half▲ 1.6pp88.8%above the sector's middle half▲ 1.2pp78.6%above the sector's middle half▼ 10.3pp80.7%above the sector's middle half▲ 2.1pp89.0%above the sector's middle half▲ 8.3pp
Current ratio4.16above the sector's middle half▲ 0.853.86above the sector's middle half▼ 0.301.21within the sector's middle half▼ 2.663.64above the sector's middle half▲ 2.4424.62above the sector's middle half▲ 20.98
Return on assets (ROA)0.0%within the sector's middle half▼ 0.6pp-11.1%below the sector's middle half▼ 11.1pp-58.0%below the sector's middle half▼ 46.9pp-0.5%within the sector's middle half▲ 57.5pp0.6%within the sector's middle half▲ 1.1pp
Staff (FTE)5.9within the sector's middle half10.4above the sector's middle half▲ 76.3%10.2above the sector's middle half▼ 1.9%0.2below the sector's middle half▼ 98.0%0.2within the sector's middle half=
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €2.6m in 2024 against €1.2m in 2023; the loss grows and 2024 has the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €48.8m
Fixed assets
€6.4m ▼ 80.4%
Current assets
€42.4m ▲ 102%
Equity and liabilities €48.8m
Equity
€43.4m ▲ 0.6%
Debt
€5.4m ▼ 48.0%
Debt's share of the balance-sheet total falls from 19.3% to 11.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€2.5m▼
2023 · -€1.2m
Cash flow
€344,949▲
2023 · -€217,041
Debt to equity
0.12▼
2023 · 0.24
ROE
0.6%▲
2023 · -0.7%
Interest coverage
-19.82▼
2023 · -6.22
Debt ≤ 1 year
€1.7m▼
2023 · €5.8m
Debt > 1 year
€3.6m▼
2023 · €4.6m
Income taxes
€670▼
2023 · €825
Staff costs
€11,589▼
2023 · €28,797
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,040 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
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 17,040 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 |
|---|---|---|---|---|---|---|
| Operating income70/76A | €736,521 | €1.5m | €1.5m | €67,914 | - | - |
| Turnover70 | €22,800 | - | - | - | - | - |
| Other operating income74 | €713,721 | €1.5m | €1.5m | €63,222 | - | - |
| Non-recurring operating income76A | - | - | €537 | €4,691 | - | - |
| Operating charges60/66A | €1.1m | €1.8m | €3.3m | €1.3m | - | - |
| Services and other goods61 | €212,887 | €424,222 | €429,470 | €201,073 | - | - |
| Remuneration, social security and pensions62 | €791,909 | €1.3m | €1.2m | €28,797 | €11,589 | ▼ 59.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €102,262 | €92,036 | €1.4m | €75,722 | €70,709 | ▼ 6.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €372,932 | -€625,714 | ▼ 268% |
| Other operating charges640/8 | - | €4,977 | €284,721 | €317,368 | €3.1m | ▲ 881% |
| Non-recurring operating charges66A | - | - | €809 | €300,000 | - | - |
| Gross operating margin9900 | - | - | - | - | -€16,508 | - |
| Operating profit (loss)9901 | -€370,536 | -€370,194 | -€1.8m | -€1.2m | -€2.6m | ▼ 111% |
| Financial income75/76B | €869,938 | €2.1m | €2.1m | €2.9m | €3.0m | ▲ 4.2% |
| Recurring financial income75 | €869,938 | €1.8m | €1.4m | €2.9m | €1.1m | ▼ 60.3% |
| Income from financial fixed assets750 | €33,074 | €425,722 | €896,079 | €2.3m | - | - |
| Income from current assets751 | €580,603 | €271,104 | €109,071 | €583,416 | - | - |
| Other financial income752/9 | €256,261 | €1.1m | €395,146 | €2,083 | - | - |
| Non-recurring financial income76B | - | €365,418 | €704,000 | - | €1.9m | - |
| Financial charges65/66B | €516,223 | €11.2m | €34.2m | €1.9m | €127,026 | ▼ 93.4% |
| Recurring financial charges65 | €516,223 | €112,702 | €2.3m | €258,819 | €127,026 | ▼ 50.9% |
| Debt charges650 | €145,557 | €79,984 | €139,124 | €185,211 | - | - |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | €0 | -€236 | - | - |
| Other financial charges652/9 | €370,667 | €32,718 | €2.1m | €73,844 | - | - |
| Non-recurring financial charges66B | - | €11.1m | €31.9m | €1.7m | - | - |
| Profit (loss) for the period before taxes9903 | -€16,822 | -€9.4m | -€33.9m | -€291,938 | €274,910 | ▲ 194% |
| Income taxes67/77 | €1,366 | €26,493 | €389 | €825 | €670 | ▼ 18.8% |
| Taxes670/3 | €1,366 | €26,493 | €2,969 | €825 | - | - |
| Tax adjustments and reversals of tax provisions77 | - | - | €2,580 | - | - | - |
| Profit (loss) for the period9904 | -€18,188 | -€9.5m | -€33.9m | -€292,763 | €274,240 | ▲ 194% |
| Profit (loss) for the period to be appropriated9905 | -€18,188 | -€9.5m | -€33.9m | -€292,763 | €274,240 | ▲ 194% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €97.4m | €85.4m | €58.5m | €53.5m | €48.8m | ▼ 8.7% |
| Fixed assets21/28 | €79.2m | €73.6m | €49.9m | €32.5m | €6.4m | ▼ 80.4% |
| Tangible fixed assets22/27 | €920,358 | €828,322 | €750,278 | €674,556 | €603,847 | ▼ 10.5% |
| Plant, machinery and equipment23 | - | - | €4,788 | €3,615 | - | - |
| Other tangible fixed assets26 | €920,358 | €828,322 | €745,490 | €670,941 | €603,847 | ▼ 10.0% |
| Financial fixed assets28 | €78.3m | €72.8m | €49.2m | €31.8m | €5.8m | ▼ 81.9% |
| Affiliated companies280/1 | €75.5m | €70.1m | €47.6m | €30.2m | - | - |
| Participating interests280 | €48.3m | €48.3m | €19.4m | €4.2m | - | - |
| Amounts receivable281 | €27.1m | €21.8m | €28.2m | €26.0m | - | - |
| Companies linked by participating interests282/3 | €2.8m | €2.6m | €1.6m | €1.6m | - | - |
| Participating interests282 | €1.6m | €1.5m | €1.6m | €1.6m | - | - |
| Amounts receivable283 | €1.3m | €1.1m | €48,900 | €42,958 | - | - |
| Other financial fixed assets284/8 | €12,736 | €12,736 | - | - | - | - |
| Shares284 | €12,736 | €12,736 | - | - | - | - |
| Current assets29/58 | €18.2m | €11.8m | €8.5m | €21.0m | €42.4m | ▲ 102% |
| Amounts receivable after more than one year29 | €300,000 | €200,000 | - | - | - | - |
| Other amounts receivable291 | €300,000 | €200,000 | - | - | - | - |
| Amounts receivable within one year40/41 | €2.3m | €2.6m | €872,820 | €506,832 | €28.6m | ▲ 5,546% |
| Trade receivables40 | €579,879 | €1.4m | €232,086 | €219,959 | €59,342 | ▼ 73.0% |
| Other amounts receivable41 | €1.7m | €1.2m | €640,734 | €286,873 | €28.6m | ▲ 9,854% |
| Current investments50/53 | €9.4m | €6.3m | €4.6m | €13.7m | €13.6m | ▼ 0.4% |
| Other investments51/53 | €9.4m | €6.3m | €4.6m | €13.7m | - | - |
| Cash at bank and in hand54/58 | €6.0m | €2.4m | €2.6m | €6.8m | €201,005 | ▼ 97.1% |
| Deferred charges and accrued income490/1 | €288,275 | €288,998 | €466,990 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €97.4m | €85.4m | €58.5m | €53.5m | €48.8m | ▼ 8.7% |
| Equity10/15 | €85.3m | €75.9m | €45.9m | €43.1m | €43.4m | ▲ 0.6% |
| Contributions10/11 | €34.7m | €34.7m | €34.7m | €34.7m | €34.7m | = |
| Capital10 | €34.7m | €34.7m | €34.7m | €34.7m | €34.7m | = |
| Issued capital100 | €34.7m | €34.7m | €34.7m | €34.7m | €34.7m | = |
| Outside capital11 | €9,376 | €9,376 | €9,376 | €9,376 | €9,376 | = |
| Share premium1100/10 | €9,376 | €9,376 | €9,376 | €9,376 | €9,376 | = |
| Revaluation surpluses12 | - | - | €4.0m | €1.5m | €1.5m | = |
| Reserves13 | €3.7m | €3.7m | €3.7m | €3.7m | €3.7m | = |
| Non-distributable reserves130/1 | €3.7m | €3.7m | €3.7m | €3.7m | €3.7m | = |
| Legal reserve130 | €3.7m | €3.7m | €3.7m | €3.7m | €3.7m | = |
| Profit (loss) carried forward14 | €46.9m | €37.5m | €3.6m | €3.3m | €3.5m | ▲ 8.4% |
| Amounts payable17/49 | €12.1m | €9.5m | €12.5m | €10.3m | €5.4m | ▼ 48.0% |
| Amounts payable after more than one year17 | €7.4m | €6.4m | €5.5m | €4.6m | €3.6m | ▼ 20.0% |
| Financial debts170/4 | €7.4m | €6.4m | €5.5m | €4.6m | €3.6m | ▼ 20.0% |
| Credit institutions173 | €7.4m | €6.4m | €5.5m | €4.6m | - | - |
| Amounts payable within one year42/48 | €4.4m | €3.1m | €7.1m | €5.8m | €1.7m | ▼ 70.1% |
| Current portion of amounts payable after more than one year42 | €920,000 | €910,000 | €1.7m | €910,000 | €910,000 | = |
| Financial debts43 | €3.0m | €1.5m | €3.0m | €3.0m | - | - |
| Credit institutions430/8 | €3.0m | €1.5m | €3.0m | €3.0m | - | - |
| Trade debts44 | €46,930 | €190,128 | €247,696 | €157,434 | €1,123 | ▼ 99.3% |
| Suppliers440/4 | €46,930 | €190,128 | €247,696 | €157,434 | €1,123 | ▼ 99.3% |
| Taxes, remuneration and social security45 | €189,667 | €130,009 | €25,069 | €1,215 | - | - |
| Taxes450/3 | €37,668 | €18,031 | €22,832 | - | - | - |
| Remuneration and social security454/9 | €152,000 | €111,978 | €2,237 | €1,215 | - | - |
| Other amounts payable47/48 | €184,784 | €374,784 | €2.1m | €1.7m | €811,522 | ▼ 52.0% |
| Accrued charges and deferred income492/3 | €249,821 | €107,132 | - | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€18,188 | -€9.5m | -€33.9m | -€292,763 | €274,240 | ▲ 194% |
| + Depreciation and write-downs630 | €102,262 | €92,036 | €1.4m | €75,722 | €70,709 | ▼ 6.6% |
| Operating cash flow (approximation) | €84,074 | -€9.4m | -€32.5m | -€217,041 | €344,949 | ▲ 259% |
| Investment in fixed assets (approximation) | - | €5.5m | €22.2m | €17.4m | €26.0m | ▲ 49.7% |
| Change in cash | - | -€3.6m | €215,707 | €4.2m | -€6.6m | ▼ 257% |
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
2025
21-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Back to profitnet €274,240
Net result €274,240 after 4 loss-making years.
31-12
Financial
Liquidity times 7current ratio 24.62
Current ratio from 3.64 to 24.62; short-term debt falls from €5.8m to €1.7m.
11-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Liquidity triplescurrent ratio 3.64
Current ratio from 1.21 to 3.64; short-term debt falls from €7.1m to €5.8m.
10-10
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 71 days late
03-04
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 246 days late
2022
31-12
Financial
Weakest financial yearnet -€33.9m
Net result drops to -€33.9m, the lowest in the series; recovery starts the following year.
22-04
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 265 days late
2021
05-02
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 189 days late
2019
31-12
Financial
Back to profitnet €572,880
Net result €572,880 after one loss-making year.
15-10
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 76 days late
Show earlier events
2018
11-09
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 42 days late
2017
31-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
28-07
NBB filing
Annual accounts filed
fiscal year 2015 · full 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, Lichtervelde · 1 establishment unit since 1994
Ground area
4,553 m²
Building footprint
177 m²
Volume, LiDAR
103 m³
Parcel 36011D0377/00B000, Flanders · tallest building 10.5 m. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
MADIN
since 19942.068.004.960
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 36011D0377/00B000 | Flanders | 4,552 m² | 1 · 177 m² | 10.5 m |
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.
Structure & network
Owners and holdings
6 holdings · 12 subsidiaries in the treeOwners 0
The accounts to 31-12-2024 list no shareholders, and no other source names one.
Holdings 6
-
99.99%
-
99.99%
-
20%
-
10%
-
10%
-
10%
All subsidiaries, including indirect ones 12
Companies in which this company or one of its subsidiaries holds more than half, or which it consolidates according to the LEI register.
HEVEBRA 99.99%10 subsidiaries
- HEVEBRA LLCUS 100%
- LATEXCO ASIA PACIFICSG 100%
- LATEXCO ESPANAES 100%
- IMMOLAT 99.99%
Novaya Belgium 99.97%1 subsidiary
- Talalay Global INCUS 100%
- Aum-Sleep 99.94%
- LATEXCO SPRINGS 99%
- LATEXCO SVERIGE ABSE 75%
- Novaya Solutions 51%
- LUCA INVEST 99.99%
According to the 2024 annual accounts of MADIN and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Legal Entity Identifier
549300ZENU2DL5YFVW68
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Of 9,144 companies in sector 68201 we hold annual accounts for 6,775. 702 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded04-07-1994
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
E-invoicing
Reachable via Peppol
Peppol ID
0208:0453046220
Also
9925:BE0453046220
Registered
09-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.