Madness Brew
ActiveSummary
The annual accounts of Madness Brew for fiscal year 2025 show a net loss of 77% of the equity at the start of that year. The 2025 annual accounts show equity of €24,231 and a net result of -€83,086. Equity is growing by ~5.3% per year across the filed fiscal years. Its solvency ranks better than 38% of 110 sector peers (fiscal year 2025). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals. The computed 12-month bankruptcy probability is 1.4% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0▼-69
Solvency37▼-36
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
1.4%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days only on tighter terms
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity tight (current ratio 1.44 against 2.18 in 2024; short-term debt: 56.8% and cash: 13.2% of total assets), and 87.9% 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+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
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 2025Solvency, return and age of the figures
Solvency
12.1%
Return on assets
-41.4%
Age of the figures
9 mo
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 11
Relative position
BE, all sectors
reference
Manufacture of beverages (NACE 11)
about 8% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-08-2026, 26 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 · 6 filingsDeviation from the deadline
2025
26 d late
2024
28 d late
2023
2 d early
2022
22 d late
2021
11 d late
2020
31 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 19 days after the deadline; the sector median for financial year 2024 is 2 days before the deadline, and 43% 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. Usually files around 22 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€83,086
2024 · €651
Working capital
€49,613▼ 44.4%
2024 · €89,290
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 11, Manufacture of beverages, 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€73,686€46,545▼ 36.8%€8,078▼ 82.6%€4,603▼ 43.0%-€80,480
Net result€61,478above the sector's middle half€39,790within the sector's middle half▼ 35.3%€3,453within the sector's middle half▼ 91.3%€651within the sector's middle half▼ 81.2%-€83,086within the sector's middle half
Equity€63,423within the sector's middle half▲ 3,161%€103,212below the sector's middle half▲ 62.7%€106,666below the sector's middle half▲ 3.3%€107,316below the sector's middle half▲ 0.6%€24,231within the sector's middle half▼ 77.4%
Total assets€143,834within the sector's middle half▲ 85.3%€199,919below the sector's middle half▲ 39.0%€242,028below the sector's middle half▲ 21.1%€223,447below the sector's middle half▼ 7.7%€200,871below the sector's middle half▼ 10.1%
Debt€80,411▲ 6.3%€96,706▲ 20.3%€135,362▲ 40.0%€116,131▼ 14.2%€176,641▲ 52.1%
Working capital€58,053within the sector's middle half▲ 544%€59,985within the sector's middle half▲ 3.3%€58,161within the sector's middle half▼ 3.0%€89,290within the sector's middle half▲ 53.5%€49,613within the sector's middle half▼ 44.4%
Solvency44.1%within the sector's middle half▲ 41.6pp51.6%within the sector's middle half▲ 7.5pp44.1%within the sector's middle half▼ 7.6pp48.0%within the sector's middle half▲ 4.0pp12.1%within the sector's middle half▼ 36.0pp
Current ratio2.23within the sector's middle half▲ 0.971.78within the sector's middle half▼ 0.451.77within the sector's middle half▼ 0.012.18within the sector's middle half▲ 0.411.44within the sector's middle half▼ 0.74
Return on assets (ROA)42.7%above the sector's middle half▲ 59.6pp19.9%above the sector's middle half▼ 22.8pp1.4%within the sector's middle half▼ 18.5pp0.3%within the sector's middle half▼ 1.1pp-41.4%below the sector's middle half▼ 41.7pp
Staff (FTE)1.1below the sector's middle half2.2within the sector's middle half▲ 100%
above
within
below
the middle half (P25 to P75) of NACE 11, Manufacture of beverages, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €80,480 after €4,603 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €200,871
Fixed assets
€37,236 ▼ 36.2%
Current assets
€163,635 ▼ 0.9%
Equity and liabilities €200,871
Equity
€24,231 ▼ 77.4%
Debt
€176,641 ▲ 52.1%
Debt's share of the balance-sheet total rises from 52.0% to 87.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€53,434▼
2024 · €31,367
Cash flow
-€56,040▼
2024 · €27,414
Quick ratio
1.15▼
2024 · 1.59
Debt to equity
7.29▲
2024 · 1.08
ROE
-342.9%▼
2024 · 0.6%
Interest coverage
-20.51▼
2024 · 8.96
Debt ≤ 1 year
€114,022▲
2024 · €75,759
Debt > 1 year
€26,246▼
2024 · €40,372
Staff costs
€101,217▲
2024 · €38,631
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,135 companies that looked in July 2024 the way this one looks now, 5.9% went bankrupt within 24 months and 86% are still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
5.9%
went bankrupt
6.5%
stopped otherwise
86%
still going
A further 1.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.4% 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 1,135 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €38,631 | €101,217 | ▲ 162% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,175 | €9,571 | €21,351 | €26,764 | €27,046 | ▲ 1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €1,663 | - | -€1,546 | €2,993 | ▲ 294% |
| Other operating charges640/8 | €18,482 | €31,142 | €47,889 | €33,858 | €50,232 | ▲ 48.4% |
| Operating charges capitalised as restructuring costs649 | - | - | - | €0 | - | - |
| Non-recurring operating charges66A | - | - | €1,388 | - | - | - |
| Gross operating margin9900 | €97,343 | €88,921 | €78,705 | €102,309 | €101,008 | ▼ 1.3% |
| Operating profit (loss)9901 | €73,686 | €46,545 | €8,078 | €4,603 | -€80,480 | ▼ 1,848% |
| Financial income75/76B | €8 | €98 | - | €0 | - | - |
| Recurring financial income75 | €8 | €98 | - | €0 | - | - |
| Financial charges65/66B | €2,032 | €1,917 | €4,624 | €3,502 | €2,605 | ▼ 25.6% |
| Recurring financial charges65 | €2,032 | €1,917 | €4,624 | €3,502 | €2,605 | ▼ 25.6% |
| Profit (loss) for the period before taxes9903 | €71,662 | €44,725 | €3,453 | €1,102 | -€83,086 | ▼ 7,641% |
| Income taxes67/77 | €10,184 | €4,935 | - | €451 | - | - |
| Profit (loss) for the period9904 | €61,478 | €39,790 | €3,453 | €651 | -€83,086 | ▼ 12,870% |
| Profit (loss) for the period to be appropriated9905 | €61,478 | €39,790 | €3,453 | €651 | -€83,086 | ▼ 12,870% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €143,834 | €199,919 | €242,028 | €223,447 | €200,871 | ▼ 10.1% |
| Formation expenses20 | €0 | €0 | €0 | €0 | - | - |
| Fixed assets21/28 | €38,762 | €63,143 | €108,363 | €58,398 | €37,236 | ▼ 36.2% |
| Intangible fixed assets21 | - | - | €2,075 | €1,242 | €409 | ▼ 67.1% |
| Tangible fixed assets22/27 | €38,422 | €62,803 | €105,948 | €56,816 | €36,488 | ▼ 35.8% |
| Plant, machinery and equipment23 | €38,422 | €61,438 | €44,090 | €34,607 | €29,311 | ▼ 15.3% |
| Furniture and vehicles24 | - | €365 | €36,464 | €21,425 | €6,501 | ▼ 69.7% |
| Other tangible fixed assets26 | - | €1,000 | €25,394 | €783 | €675 | ▼ 13.8% |
| Financial fixed assets28 | €340 | €340 | €340 | €340 | €340 | = |
| Current assets29/58 | €105,071 | €136,775 | €133,664 | €165,049 | €163,635 | ▼ 0.9% |
| Stocks and contracts in progress3 | €41,835 | €51,807 | €42,273 | €44,260 | €32,190 | ▼ 27.3% |
| Stocks30/36 | €41,835 | €51,807 | €42,273 | €44,260 | €32,190 | ▼ 27.3% |
| Amounts receivable within one year40/41 | €48,679 | €39,221 | €70,153 | €65,301 | €104,623 | ▲ 60.2% |
| Trade receivables40 | €48,667 | €39,216 | €70,148 | €65,263 | €104,542 | ▲ 60.2% |
| Other amounts receivable41 | €12 | €5 | €5 | €38 | €81 | ▲ 112% |
| Cash at bank and in hand54/58 | €14,360 | €45,538 | €21,011 | €54,694 | €26,493 | ▼ 51.6% |
| Deferred charges and accrued income490/1 | €196 | €209 | €228 | €795 | €329 | ▼ 58.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €143,834 | €199,919 | €242,028 | €223,447 | €200,871 | ▼ 10.1% |
| Equity10/15 | €63,423 | €103,212 | €106,666 | €107,316 | €24,231 | ▼ 77.4% |
| Contributions10/11 | €15,000 | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Profit (loss) carried forward14 | €48,423 | €88,212 | €91,666 | €92,316 | €9,231 | ▼ 90.0% |
| Amounts payable17/49 | €80,411 | €96,706 | €135,362 | €116,131 | €176,641 | ▲ 52.1% |
| Amounts payable after more than one year17 | €33,393 | €19,916 | €59,858 | €40,372 | €26,246 | ▼ 35.0% |
| Financial debts170/4 | €33,393 | €19,916 | €59,858 | €40,372 | €26,246 | ▼ 35.0% |
| Amounts payable within one year42/48 | €47,018 | €76,790 | €75,504 | €75,759 | €114,022 | ▲ 50.5% |
| Current portion of amounts payable after more than one year42 | €13,013 | €13,476 | €26,907 | €19,486 | €14,126 | ▼ 27.5% |
| Trade debts44 | €7,283 | €24,791 | €30,890 | €29,699 | €43,941 | ▲ 48.0% |
| Suppliers440/4 | €7,283 | €24,791 | €30,890 | €29,699 | €43,941 | ▲ 48.0% |
| Taxes, remuneration and social security45 | €26,063 | €35,995 | €16,116 | €24,636 | €55,576 | ▲ 126% |
| Taxes450/3 | €24,863 | €35,995 | €16,116 | €17,701 | €23,145 | ▲ 30.8% |
| Remuneration and social security454/9 | €1,200 | - | - | €6,935 | €32,431 | ▲ 368% |
| Other amounts payable47/48 | €658 | €2,527 | €1,590 | €1,937 | €378 | ▼ 80.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | €36,373 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €61,478 | €39,790 | €3,453 | €651 | -€83,086 | ▼ 12,870% |
| + Depreciation and write-downs630 | €5,175 | €9,571 | €21,351 | €26,764 | €27,046 | ▲ 1.1% |
| Operating cash flow (approximation) | €66,653 | €49,361 | €24,805 | €27,414 | -€56,040 | ▼ 304% |
| Investment in fixed assets (approximation) | - | -€33,952 | -€66,571 | €23,202 | -€5,884 | ▼ 125% |
| Change in cash | - | €31,178 | -€24,528 | €33,683 | -€28,202 | ▼ 184% |
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
26-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 26 days late
31-07
State Gazette act
Resignation: Johan RIGA (director)Appointment: Christophe LEROI (director) · Share transfer · Shareholding8 facts ▸
State Gazette act
Resignation: Johan RIGA (director)
Appointment: Christophe LEROI (director) · Share transfer · Shareholding8 facts ▸
- General meeting, 18-05-2026
- Director resignation, Johan RIGA (director)
- Director appointment, Christophe LEROI (director)
- Director appointment, Christophe LEROI (personne délégué à la gestion journalière)
- Share transfer, Johan RIGA → Christophe LEROI
- Shareholding, 18-05-2026, parts sociales
- Shareholding, 18-05-2026, parts sociales
- Capital
2025
31-12
Financial
Weakest financial yearnet -€83,086
Net result drops to -€83,086, the lowest in the series.
28-08
NBB filing
Annual accounts filed
fiscal year 2024 · full schema · 28 days late
2024
29-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
22-08
NBB filing
Annual accounts filed
fiscal year 2022 · full schema · 22 days late
2022
31-12
Financial
Equity above €100,000Eq €103,212 ▲62.7%
2 profitable years in a row build equity to €103,212.
11-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 11 days late
2021
31-12
Financial
Back to profitnet €61,478
Net result €61,478 after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 3 acts read
About the unread acts
Of the 3 Belgian State Gazette acts 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.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
1 director, 1 in day-to-day management, last change in 2026
Board 1
Christophe LEROI
CurrentDirector · since 18-05-2026
Day-to-day management 1
Christophe LEROI
CurrentPersonne délégué à la gestion journalière · since 18-05-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Not every act has been read: a resignation may be missing here
2 of this company's 3 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Esneux · 1 establishment unit since 2020
Ground area
730 m²
Building footprint
163 m²
Volume, LiDAR
1,050 m³
Parcel 62032E0874/00C000, Wallonia · tallest building 8.4 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
MADNESS BREW
since 20202.307.288.718
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62032E0874/00C000 | Wallonia | 730 m² | 1 · 162 m² | 8.4 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.
Mandate history
2 people since 2026, 1 in office
- Board
- Day-to-day management
- began earlier
| Name | Functions and periods |
|---|---|
| Christophe LEROI |
|
| Johan RIGA |
|
Structure & network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, scroll to zoom.
Capital and shareholders
Shareholders according to the acts
Stated in the act
act of 31-07-2026 ↗
- Christian LEROI 40 shares
- Christophe LEROI 60 shares
Share transfer
act of 31-07-2026 ↗
- Johan RIGA to Christophe LEROI 50 shares
The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.
Capital over the years
- 31-07-2026 Capital stated in the act · 100 shares
Recognitions · licences · registrations
Food safety, FASFC
1 siteEsneux2.307.288.718
Similar companies · same sector, comparable size
BROUWERIJ Bier en Karakter
BE 0849.824.423
Moorslede · Eq €24,094
La Brasserie du Château de Durbuy
BE 0553.910.976
Durbuy · Eq €23,949
HORDEUM
BE 0539.927.536
Leuven · Eq €23,936
JAZZ & BEER DISTRIBUTION
BE 0690.893.683
Sint-Jans-Molenbeek · Eq €23,683
Brasserie Vraie Bière
BE 0804.620.344
Court-Saint-Etienne · Eq €25,004
Of 729 companies in sector 11050 we hold annual accounts for 352. 217 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
Founded27-02-2020
Fiscal year end31-12
Activities, NACEBEL 2025
11050Manufacture of beer
Contact
E-mail
johan.riga@live.frEsneux
Phone
0472 78 67 63Esneux
E-invoicing
Reachable via Peppol
Peppol ID
0208:0744544482
Registered
26-12-2025
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.