MADLEN
ActiveSummary
MADLEN has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€17,006) and a net result of -€14,631. Equity is growing by ~18.7% per year across the filed fiscal years. Its solvency ranks better than 9% of 4695 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency0=
Growth32▼-20
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.33; short-term debt: 305.8% and cash: 1.4% of total assets), and equity is negative.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 2025Solvency, return and age of the figures
Solvency
-205.8%
Return on assets
-177.1%
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
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€17,006
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 18-09-2026, 49 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
49 d late
2024
41 d early
2023
49 d late
2022
32 d late
2021
41 d early
2020
17 d early
2019
43 d 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 2 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 48% of the sector filed late.
Checked, nothing found (2)
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€14,631▼ 127%
2024 · -€6,434
Working capital
-€17,056▼ 603%
2024 · -€2,426
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
Line20212022202320242025
Operating result€2,989▼ 46.5%€2,063▼ 31.0%€6,184▲ 200%-€6,214-€12,699▼ 104%
Net result€2,908▼ 40.7%€1,269▼ 56.4%€6,016▲ 374%-€6,434-€14,631▼ 127%
Equity-€3,227▲ 47.4%-€1,958▲ 39.3%€4,058-€2,376-€17,006▼ 616%
Total assets€2,474▲ 514%€1,893▼ 23.5%€10,195▲ 439%€2,040▼ 80.0%€8,263▲ 305%
Debt€5,701▼ 12.8%€3,851▼ 32.4%€6,137▲ 59.4%€4,415▼ 28.1%€25,270▲ 472%
Working capital-€3,277▲ 47.0%-€2,008▲ 38.7%€4,008-€2,426-€17,056▼ 603%
Staff (FTE)11=
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €12,699 in 2025 against €6,214 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8,263
Fixed assets
€50 =
Current assets
€8,213 ▲ 313%
Key figures and ratios
Solvency
-205.8%
Current ratio
0.33
Debt to equity
-1.49
ROA
-177.1%
Debt ≤ 1 year
€25,270▲
2024 · €4,415
Staff costs
€22,689▲
2024 · €21,162
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,640 companies that looked in July 2024 the way this one looks now, 4.1% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
4.1%
went bankrupt
9.9%
stopped otherwise
84%
still going
A further 2.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.0% 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 497,058 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 6,640 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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €18 | - |
| Remuneration, social security and pensions62 | €1,797 | €14,302 | €19,315 | €21,162 | €22,689 | ▲ 7.2% |
| Other operating charges640/8 | - | - | - | - | €718 | - |
| Non-recurring operating charges66A | €826 | - | - | €0 | - | - |
| Gross operating margin9900 | €5,612 | €16,365 | €25,499 | €14,948 | €10,708 | ▼ 28.4% |
| Operating profit (loss)9901 | €2,989 | €2,063 | €6,184 | -€6,214 | -€12,699 | ▼ 104% |
| Financial charges65/66B | €81 | €794 | €169 | €220 | €1,931 | ▲ 777% |
| Recurring financial charges65 | €81 | €794 | €169 | €220 | €1,931 | ▲ 777% |
| Profit (loss) for the period before taxes9903 | €2,908 | €1,269 | €6,016 | -€6,434 | -€14,631 | ▼ 127% |
| Profit (loss) for the period9904 | €2,908 | €1,269 | €6,016 | -€6,434 | -€14,631 | ▼ 127% |
| Profit (loss) for the period to be appropriated9905 | €2,908 | €1,269 | €6,016 | -€6,434 | -€14,631 | ▼ 127% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2,474 | €1,893 | €10,195 | €2,040 | €8,263 | ▲ 305% |
| Fixed assets21/28 | €50 | €50 | €50 | €50 | €50 | = |
| Financial fixed assets28 | €50 | €50 | €50 | €50 | €50 | = |
| Current assets29/58 | €2,424 | €1,843 | €10,145 | €1,990 | €8,213 | ▲ 313% |
| Amounts receivable within one year40/41 | €1,228 | - | €4,252 | €1,658 | €8,097 | ▲ 388% |
| Trade receivables40 | €1,228 | - | €914 | €1,658 | €8,097 | ▲ 388% |
| Other amounts receivable41 | - | - | €3,338 | - | - | - |
| Cash at bank and in hand54/58 | €1,196 | €1,843 | €5,893 | €332 | €117 | ▼ 64.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2,474 | €1,893 | €10,195 | €2,040 | €8,263 | ▲ 305% |
| Equity10/15 | -€3,227 | -€1,958 | €4,058 | -€2,376 | -€17,006 | ▼ 616% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€21,827 | -€20,558 | -€14,542 | -€20,976 | -€35,606 | ▼ 69.8% |
| Amounts payable17/49 | €5,701 | €3,851 | €6,137 | €4,415 | €25,270 | ▲ 472% |
| Amounts payable within one year42/48 | €5,701 | €3,851 | €6,137 | €4,415 | €25,270 | ▲ 472% |
| Trade debts44 | €1,113 | €814 | €1,873 | €1,057 | €6,999 | ▲ 562% |
| Suppliers440/4 | €1,113 | €814 | €1,873 | €1,057 | €6,999 | ▲ 562% |
| Taxes, remuneration and social security45 | €352 | €2,774 | €4,264 | €3,358 | €3,793 | ▲ 13.0% |
| Taxes450/3 | €259 | €1,626 | €2,214 | €1,727 | €1,710 | ▼ 1.0% |
| Remuneration and social security454/9 | €94 | €1,149 | €2,050 | €1,631 | €2,083 | ▲ 27.7% |
| Other amounts payable47/48 | €4,235 | €262 | - | - | €14,478 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,908 | €1,269 | €6,016 | -€6,434 | -€14,631 | ▼ 127% |
| Operating cash flow (approximation) | €2,908 | €1,269 | €6,016 | -€6,434 | -€14,631 | ▼ 127% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €647 | €4,050 | -€5,561 | -€215 | ▲ 96.1% |
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
Next filing, fiscal year 2026, expected by
2026
18-09
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 49 days late
2025
31-12
Financial
Weakest financial yearnet -€14,631
Net result drops to -€14,631, the lowest in the series.
20-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
18-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 49 days late
2023
31-12
Financial
Highest result since 2018net €6,016 ▲374%
Operating result €6,184, net result €6,016, both a record.
31-12
Financial
Liquidity triplescurrent ratio 1.65
Current ratio from 0.48 to 1.65.
01-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 32 days late
2022
20-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
14-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
31-12
Financial
Back to profitnet €4,902
Net result €4,902 after 2 loss-making years.
18-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
25-09
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 56 days late
2018
03-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
19-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 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
8 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, Tervuren · 1 establishment unit since 2004
Ground area
133 m²
Building footprint
115 m²
Volume, LiDAR
764 m³
Parcel 24302D0316/00T000, Flanders · tallest building 10.7 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Heidi. ER
since 20042.143.206.981
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24302D0316/00T000 | Flanders | 133 m² | 1 · 115 m² | 10.7 m · 2 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.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 2,000 EUR awarded · 2,000 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 2,000 EUR | 2,000 EUR |
Schemes
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Of 24,865 companies in sector 96220 we hold annual accounts for 1,441. 833 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
Founded02-11-2004
Fiscal year end31-12
Activities, NACEBEL 2025
96210Hairdressing and barber services
96220Beauty care and other beauty treatments
Contact
Phone
02/7678436Tervuren
E-invoicing
Reachable via Peppol
Peppol ID
0208:0869780687
Registered
08-12-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.