MADMAN
ActiveSummary
MADMAN has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €241,564 and a net result of €45,543. Equity is growing by ~30.1% per year across the filed fiscal years. Its solvency ranks better than 55% of 7097 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability83▲+2
Solvency85▲+5
Growth78=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €19,000 at 30 days acceptable
Liquidity ample (current ratio 9.93 against 12.3 in 2024; short-term debt: 7% and cash: 19.2% of total assets), and 40.1% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
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 2025Solvency, return and age of the figures
Solvency
59.9%
Return on assets
11.3%
Age of the figures
12 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 02-03-2026, 59 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
59 d early
2024
67 d early
2023
64 d early
2022
63 d early
2021
61 d early
2020
60 d early
2019
38 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 59 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 26 February (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€241,564▲ 23.2%
2024 · €196,021
Total assets
€403,243▲ 12.8%
2024 · €357,406
Net result
€45,543▲ 30.4%
2024 · €34,928
Working capital
€253,382▲ 21.9%
2024 · €207,912
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations 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
Line20212022202320242025
Operating result€69,021▲ 174%€58,955▼ 14.6%€74,504▲ 26.4%€50,171▼ 32.7%€61,956▲ 23.5%
Net result€46,197above the sector's middle half▲ 150%€38,579within the sector's middle half▼ 16.5%€51,189above the sector's middle half▲ 32.7%€34,928within the sector's middle half▼ 31.8%€45,543above the sector's middle half▲ 30.4%
Equity€101,280within the sector's middle half▲ 83.9%€109,904within the sector's middle half▲ 8.5%€161,092within the sector's middle half▲ 46.6%€196,021above the sector's middle half▲ 21.7%€241,564above the sector's middle half▲ 23.2%
Total assets€305,574within the sector's middle half▲ 19.3%€306,540within the sector's middle half▲ 0.3%€346,287above the sector's middle half▲ 13.0%€357,406above the sector's middle half▲ 3.2%€403,243above the sector's middle half▲ 12.8%
Debt€204,294▲ 1.7%€196,636▼ 3.7%€185,195▼ 5.8%€161,386▼ 12.9%€161,679▲ 0.2%
Working capital€111,894above the sector's middle half▲ 79.9%€122,919above the sector's middle half▲ 9.9%€173,246above the sector's middle half▲ 40.9%€207,912above the sector's middle half▲ 20.0%€253,382above the sector's middle half▲ 21.9%
Solvency33.1%within the sector's middle half▲ 11.6pp35.9%within the sector's middle half▲ 2.7pp46.5%within the sector's middle half▲ 10.7pp54.8%within the sector's middle half▲ 8.3pp59.9%within the sector's middle half▲ 5.1pp
Current ratio4.35above the sector's middle half▲ 0.404.53above the sector's middle half▲ 0.176.29above the sector's middle half▲ 1.7712.30above the sector's middle half▲ 6.009.93above the sector's middle half▼ 2.37
Return on assets (ROA)15.1%within the sector's middle half▲ 7.9pp12.6%within the sector's middle half▼ 2.5pp14.8%within the sector's middle half▲ 2.2pp9.8%within the sector's middle half▼ 5.0pp11.3%within the sector's middle half▲ 1.5pp
above
within
below
the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings.
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 2025; 2025 is 23% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €403,243
Fixed assets
€121,478 ▼ 7.3%
Current assets
€281,765 ▲ 24.5%
Equity and liabilities €403,243
Equity
€241,564 ▲ 23.2%
Debt
€161,679 ▲ 0.2%
Debt's share of the balance-sheet total falls from 45.2% to 40.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€73,723▲
2024 · €61,656
Cash flow
€57,310▲
2024 · €46,414
Debt to equity
0.67▼
2024 · 0.82
ROE
18.9%▲
2024 · 17.8%
Interest coverage
20.07▲
2024 · 10.76
Debt ≤ 1 year
€28,383▲
2024 · €18,407
Debt > 1 year
€133,296▼
2024 · €142,978
Income taxes
€18,937▲
2024 · €14,766
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,679 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.8%
stopped otherwise
95%
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 0.4% 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 497,662 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% | 1.7% |
| 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 75% 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 34,679 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,605 | €14,404 | €10,960 | €11,485 | €11,766 | ▲ 2.4% |
| Other operating charges640/8 | - | €1,911 | €962 | €2,081 | €1,972 | ▼ 5.2% |
| Gross operating margin9900 | €84,795 | €75,270 | €86,426 | €63,737 | €75,694 | ▲ 18.8% |
| Operating profit (loss)9901 | €69,021 | €58,955 | €74,504 | €50,171 | €61,956 | ▲ 23.5% |
| Financial income75/76B | - | €3,058 | €4,199 | €5,253 | €6,197 | ▲ 18.0% |
| Recurring financial income75 | €2,246 | €3,058 | €4,199 | €5,253 | €6,197 | ▲ 18.0% |
| Financial charges65/66B | - | €6,750 | €6,597 | €5,730 | €3,673 | ▼ 35.9% |
| Recurring financial charges65 | €6,385 | €6,750 | €6,597 | €5,730 | €3,673 | ▼ 35.9% |
| Profit (loss) for the period before taxes9903 | €64,882 | €55,263 | €72,105 | €49,694 | €64,480 | ▲ 29.8% |
| Income taxes67/77 | €18,685 | €16,684 | €20,917 | €14,766 | €18,937 | ▲ 28.2% |
| Profit (loss) for the period9904 | €46,197 | €38,579 | €51,189 | €34,928 | €45,543 | ▲ 30.4% |
| Profit (loss) for the period to be appropriated9905 | €46,197 | €38,579 | €51,189 | €34,928 | €45,543 | ▲ 30.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €305,574 | €306,540 | €346,287 | €357,406 | €403,243 | ▲ 12.8% |
| Fixed assets21/28 | €160,299 | €148,768 | €140,320 | €131,088 | €121,478 | ▼ 7.3% |
| Tangible fixed assets22/27 | €160,299 | €148,768 | €140,320 | €131,088 | €121,478 | ▼ 7.3% |
| Land and buildings22 | - | €147,569 | €137,654 | €127,739 | €117,825 | ▼ 7.8% |
| Plant, machinery and equipment23 | - | €944 | €2,606 | €3,348 | €3,653 | ▲ 9.1% |
| Furniture and vehicles24 | - | €256 | €60 | - | - | - |
| Current assets29/58 | €145,275 | €157,772 | €205,968 | €226,319 | €281,765 | ▲ 24.5% |
| Amounts receivable after more than one year29 | - | €95,500 | €108,400 | €108,400 | €108,400 | = |
| Other amounts receivable291 | - | €95,500 | €108,400 | €108,400 | €108,400 | = |
| Amounts receivable within one year40/41 | €16,323 | €3,058 | €22,143 | €91,732 | €96,124 | ▲ 4.8% |
| Trade receivables40 | - | - | €18,004 | €56,639 | €51,555 | ▼ 9.0% |
| Other amounts receivable41 | - | €3,058 | €4,139 | €35,093 | €44,569 | ▲ 27.0% |
| Cash at bank and in hand54/58 | €51,952 | €44,214 | €75,425 | €26,187 | €77,241 | ▲ 195% |
| Deferred charges and accrued income490/1 | - | €15,000 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €305,574 | €306,540 | €346,287 | €357,406 | €403,243 | ▲ 12.8% |
| Equity10/15 | €101,280 | €109,904 | €161,092 | €196,021 | €241,564 | ▲ 23.2% |
| Contributions10/11 | - | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | €95,080 | €107,904 | €159,092 | €194,021 | €239,564 | ▲ 23.5% |
| Distributable reserves133 | - | €107,904 | €159,092 | €194,021 | €239,564 | ▲ 23.5% |
| Amounts payable17/49 | €204,294 | €196,636 | €185,195 | €161,386 | €161,679 | ▲ 0.2% |
| Amounts payable after more than one year17 | €170,914 | €161,784 | €152,473 | €142,978 | €133,296 | ▼ 6.8% |
| Financial debts170/4 | - | €161,784 | €152,473 | €142,978 | €133,296 | ▼ 6.8% |
| Amounts payable within one year42/48 | €33,381 | €34,852 | €32,722 | €18,407 | €28,383 | ▲ 54.2% |
| Current portion of amounts payable after more than one year42 | - | €9,130 | €9,311 | €9,495 | €8,883 | ▼ 6.4% |
| Trade debts44 | €3,099 | €2,197 | €4,255 | €1,450 | €3,793 | ▲ 162% |
| Suppliers440/4 | - | €2,197 | €4,255 | €1,450 | €3,793 | ▲ 162% |
| Taxes, remuneration and social security45 | - | €23,250 | €19,145 | €7,463 | €15,707 | ▲ 110% |
| Taxes450/3 | - | €23,250 | €19,145 | €7,463 | €15,707 | ▲ 110% |
| Other amounts payable47/48 | - | €275 | €11 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €46,197 | €38,579 | €51,189 | €34,928 | €45,543 | ▲ 30.4% |
| + Depreciation and write-downs630 | €13,605 | €14,404 | €10,960 | €11,485 | €11,766 | ▲ 2.4% |
| Operating cash flow (approximation) | €59,803 | €52,983 | €62,149 | €46,414 | €57,310 | ▲ 23.5% |
| Investment in fixed assets (approximation) | - | -€2,873 | -€2,512 | -€2,253 | -€2,157 | ▲ 4.3% |
| Change in cash | - | -€7,738 | €31,211 | -€49,238 | €51,054 | ▲ 204% |
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
02-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
Financial
Equity above €200,000Eq €241,564 ▲23.2%
6 profitable years in a row build equity to €241,564.
22-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
26-02
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-09
Financial
Highest result since 2018net €51,189 ▲32.7%
Operating result €74,504, net result €51,189, both a record.
30-09
Financial
Equity above €150,000Eq €161,092 ▲46.6%
4 profitable years in a row build equity to €161,092.
26-02
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
28-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-09
Financial
Equity above €100,000Eq €101,280 ▲83.9%
2 profitable years in a row build equity to €101,280.
01-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-09
Financial
Back to profitnet €18,476
Net result €18,476 after 2 loss-making years.
23-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2019
30-09
Financial
Weakest financial yearnet -€17,974
Net result drops to -€17,974, the lowest in the series; recovery starts the following year.
22-03
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
26-02
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
06-03
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.
0 of 3 acts read
About the unread acts
We know of 3 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
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, Schoten · 1 establishment unit since 2008
Ground area
2,083 m²
Building footprint
282 m²
Volume, LiDAR
1,723 m³
Parcel 11040D0332/00G002, Flanders · tallest building 12.4 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Madman
since 20082.169.592.268
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11040D0332/00G002 | Flanders | 2,083 m² | 1 · 282 m² | 12.4 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.
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Of 9,863 companies in sector 73110 we hold annual accounts for 3,758. 2,716 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
Founded18-03-2008
Fiscal year end30-09
Activities, NACEBEL 2025
73110Advertising agencies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0896525072
Also
9925:BE0896525072
Registered
29-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.