MADO
ActiveSummary
MADO has been active since 1986 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.37M and a net result of €261k. Equity is growing by ~26.8% per year across the filed fiscal years. Its solvency ranks better than 80% of 8048 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability79▼-9
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €180k at 30 days acceptable
Liquidity ample (current ratio 3.87 against 3.97 in 2024; short-term debt: 22.6% and cash: 4.2% of total assets), and 24.2% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises 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
75.8%
Return on assets
8.3%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more 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 28-08-2026, 28 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
28 d late
2024
5 d late
2023
63 d late
2022
59 d late
2021
61 d late
2020
30 d late
2019
69 d late
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€2.37M▲ 12.4%
2024 · €2.11M
2018: €347klowest in 8 years
2019: €373k▲ +7.4% vs 2018
2020: €502k▲ +34.6% vs 2019
2021: €1.14M▲ +128% vs 2020
2022: €1.28M▲ +12.3% vs 2021
2023: €1.69M▲ +31.6% vs 2022
2024: €2.11M▲ +24.5% vs 2023
2025: €2.37M▲ +12.4% vs 2024highest in 8 years
2018 → 2025
Total assets
€3.12M▲ 14.6%
2024 · €2.73M
2018: €1.91M
2019: €1.88M▼ -1.3% vs 2018
2020: €1.81M▼ -3.8% vs 2019lowest in 8 years
2021: €2.25M▲ +24.3% vs 2020
2022: €2.36M▲ +4.8% vs 2021
2023: €2.80M▲ +18.6% vs 2022
2024: €2.73M▼ -2.5% vs 2023
2025: €3.12M▲ +14.6% vs 2024highest in 8 years
2018 → 2025
Net result
€261k▼ 37.1%
2024 · €414k
2018: €107k
2019: €68k▼ -36.0% vs 2018lowest in 8 years
2020: €229k▲ +235% vs 2019
2021: €641k▲ +180% vs 2020highest in 8 years
2022: €141k▼ -78.0% vs 2021
2023: €506k▲ +259% vs 2022
2024: €414k▼ -18.2% vs 2023
2025: €261k▼ -37.1% vs 2024
2018 → 2025
Working capital
€2.02M▲ 13.0%
2024 · €1.79M
2018: €299klowest in 8 years
2019: €312k▲ +4.5% vs 2018
2020: €432k▲ +38.5% vs 2019
2021: €1.03M▲ +138% vs 2020
2022: €1.09M▲ +5.5% vs 2021
2023: €1.46M▲ +34.1% vs 2022
2024: €1.79M▲ +23.0% vs 2023
2025: €2.02M▲ +13.0% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€1.14M-€1.28M▲ 12.3%€1.69M▲ 31.6%€2.11M▲ 24.5%€2.37M▲ 12.4%
2021: €1.14Mlowest in 5 years
2022: €1.28M▲ +12.3% vs 2021
2023: €1.69M▲ +31.6% vs 2022
2024: €2.11M▲ +24.5% vs 2023
2025: €2.37M▲ +12.4% vs 2024highest in 5 years
Operating result€904k-€249k▼ 72.5%€674k▲ 171%€588k▼ 12.6%€399k▼ 32.3%
2021: €904khighest in 5 years
2022: €249k▼ -72.5% vs 2021lowest in 5 years
2023: €674k▲ +171% vs 2022
2024: €588k▼ -12.6% vs 2023
2025: €399k▼ -32.3% vs 2024
Net result€641k-€141k▼ 78.0%€506k▲ 259%€414k▼ 18.2%€261k▼ 37.1%
2021: €641khighest in 5 years
2022: €141k▼ -78.0% vs 2021lowest in 5 years
2023: €506k▲ +259% vs 2022
2024: €414k▼ -18.2% vs 2023
2025: €261k▼ -37.1% vs 2024
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 32% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.12M
Fixed assets
€396k ▲ 18.3%
Current assets
€2.73M ▲ 14.0%
Equity and liabilities €3.12M
Equity
€2.37M ▲ 12.4%
Debt
€757k ▲ 22.0%
Debt's share of the balance-sheet total rises from 22.8% to 24.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€498k▼
2024 · €685k
Cash flow
€360k▼
2024 · €511k
Current ratio
3.87▼
2024 · 3.97
Quick ratio
2.10▼
2024 · 2.52
Debt to equity
0.32▲
2024 · 0.29
ROE
11.0%▼
2024 · 19.7%
ROA
8.3%▼
2024 · 15.2%
Interest coverage
8.85▼
2024 · 26.45
Debt ≤ 1 year
€705k▲
2024 · €602k
Debt > 1 year
€46k▲
2024 · €12k
Income taxes
€97k▼
2024 · €150k
Staff costs
€809k▼
2024 · €814k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 55 lines
Balance sheet
Code20242025
Assets
Total assets20/58€2.73M€3.12M▲
Fixed assets21/28€334k€396k▲
Intangible fixed assets21€40k€109k▲
Tangible fixed assets22/27€295k€287k▼
Land and buildings22€24k€25k▲
Plant, machinery and equipment23€68k€61k▼
Furniture and vehicles24€203k€201k▼
Current assets29/58€2.39M€2.73M▲
Stocks and contracts in progress3€875k€1.25M▲
Stocks30/36€875k€1.25M▲
Amounts receivable within one year40/41€1.15M€1.32M▲
Trade receivables40€1.13M€1.28M▲
Other amounts receivable41€17k€43k▲
Cash at bank and in hand54/58€339k€130k▼
Deferred charges and accrued income490/1€28k€28k▼
Equity and liabilities
Total equity and liabilities10/49€2.73M€3.12M▲
Equity10/15€2.11M€2.37M▲
Contributions10/11€19k€19k=
Reserves13€2.09M€2.35M▲
Distributable reserves133€2.09M€2.35M▲
Profit (loss) carried forward14€0-
Amounts payable17/49€621k€757k▲
Amounts payable after more than one year17€12k€46k▲
Financial debts170/4€12k€46k▲
Amounts payable within one year42/48€602k€705k▲
Current portion of amounts payable after more than one year42€29k€43k▲
Trade debts44€268k€181k▼
Suppliers440/4€268k€181k▼
Taxes, remuneration and social security45€176k€167k▼
Taxes450/3€93k€84k▼
Remuneration and social security454/9€83k€83k▲
Other amounts payable47/48€129k€314k▲
Accrued charges and deferred income492/3€6k€6k▼
Income statement
Code20242025
Remuneration, social security and pensions62€814k€809k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€97k€99k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€3k€3k▼
Other operating charges640/8€14k€13k▼
Non-recurring operating charges66A€9k€19k▲
Gross operating margin9900€1.53M€1.34M▼
Operating profit (loss)9901€588k€399k▼
Financial income75/76B€1k€15k▲
Recurring financial income75€1k€15k▲
Financial charges65/66B€26k€56k▲
Recurring financial charges65€26k€56k▲
Profit (loss) for the period before taxes9903€564k€358k▼
Income taxes67/77€150k€97k▼
Profit (loss) for the period9904€414k€261k▼
Profit (loss) for the period to be appropriated9905€414k€261k▼
Appropriation of the result
Profit (loss) to be appropriated9906€414k€261k▼
Profit (loss) brought forward from the previous period14P€0-
Transfer to equity691/2€414k€261k▼
To other reserves6921€414k€261k▼
Profit to be distributed694/7€0-
Directors or managers695€0-
Social balance
Average headcount (FTE)908714.512.9▼
The notes to these accounts (24 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €0 | - | - | - | - | - |
| Remuneration, social security and pensions62 | €695k | €768k | €796k | €814k | €809k | ▼ 0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €58k | €60k | €89k | €97k | €99k | ▲ 2.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €-66k | €-25k | €-11k | €3k | €3k | ▼ 6.8% |
| Other operating charges640/8 | €60k | €18k | €14k | €14k | €13k | ▼ 5.4% |
| Non-recurring operating charges66A | €5k | €3k | €0 | €9k | €19k | ▲ 102% |
| Gross operating margin9900 | €1.66M | €1.07M | €1.56M | €1.53M | €1.34M | ▼ 12.0% |
| Operating profit (loss)9901 | €904k | €249k | €674k | €588k | €399k | ▼ 32.3% |
| Financial income75/76B | €6k | €5k | €7k | €1k | €15k | ▲ 917% |
| Recurring financial income75 | €6k | €5k | €7k | €1k | €15k | ▲ 917% |
| Financial charges65/66B | €42k | €49k | €25k | €26k | €56k | ▲ 117% |
| Recurring financial charges65 | €42k | €49k | €25k | €26k | €56k | ▲ 117% |
| Profit (loss) for the period before taxes9903 | €869k | €205k | €655k | €564k | €358k | ▼ 36.6% |
| Income taxes67/77 | €227k | €64k | €149k | €150k | €97k | ▼ 35.2% |
| Profit (loss) for the period9904 | €641k | €141k | €506k | €414k | €261k | ▼ 37.1% |
| Profit (loss) for the period to be appropriated9905 | €641k | €141k | €506k | €414k | €261k | ▼ 37.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.25M | €2.36M | €2.80M | €2.73M | €3.12M | ▲ 14.6% |
| Fixed assets21/28 | €160k | €259k | €285k | €334k | €396k | ▲ 18.3% |
| Intangible fixed assets21 | €4k | €3k | €10k | €40k | €109k | ▲ 173% |
| Tangible fixed assets22/27 | €156k | €256k | €275k | €295k | €287k | ▼ 2.6% |
| Land and buildings22 | €41k | €35k | €32k | €24k | €25k | ▲ 4.1% |
| Plant, machinery and equipment23 | €14k | €31k | €41k | €68k | €61k | ▼ 10.0% |
| Furniture and vehicles24 | €100k | €190k | €202k | €203k | €201k | ▼ 1.0% |
| Financial fixed assets28 | €500 | €0 | - | - | - | - |
| Current assets29/58 | €2.09M | €2.10M | €2.51M | €2.39M | €2.73M | ▲ 14.0% |
| Stocks and contracts in progress3 | €936k | €1.04M | €1.09M | €875k | €1.25M | ▲ 42.5% |
| Stocks30/36 | €936k | €1.04M | €1.09M | €875k | €1.25M | ▲ 42.5% |
| Amounts receivable within one year40/41 | €849k | €958k | €1.23M | €1.15M | €1.32M | ▲ 15.0% |
| Trade receivables40 | €770k | €769k | €1.18M | €1.13M | €1.28M | ▲ 13.0% |
| Other amounts receivable41 | €79k | €189k | €49k | €17k | €43k | ▲ 153% |
| Cash at bank and in hand54/58 | €278k | €90k | €92k | €339k | €130k | ▼ 61.7% |
| Deferred charges and accrued income490/1 | €27k | €16k | €100k | €28k | €28k | ▼ 0.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.25M | €2.36M | €2.80M | €2.73M | €3.12M | ▲ 14.6% |
| Equity10/15 | €1.14M | €1.28M | €1.69M | €2.11M | €2.37M | ▲ 12.4% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Reserves13 | €1.12M | €1.27M | €1.67M | €2.09M | €2.35M | ▲ 12.5% |
| Non-distributable reserves130/1 | €2k | €0 | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €0 | - | - | - | - |
| Distributable reserves133 | €1.12M | €1.27M | €1.67M | €2.09M | €2.35M | ▲ 12.5% |
| Profit (loss) carried forward14 | €440 | €449 | €0 | €0 | - | - |
| Amounts payable17/49 | €1.11M | €1.07M | €1.10M | €621k | €757k | ▲ 22.0% |
| Amounts payable after more than one year17 | €38k | €53k | €41k | €12k | €46k | ▲ 276% |
| Financial debts170/4 | €38k | €53k | €41k | €12k | €46k | ▲ 276% |
| Amounts payable within one year42/48 | €1.06M | €1.01M | €1.06M | €602k | €705k | ▲ 17.1% |
| Current portion of amounts payable after more than one year42 | €56k | €72k | €49k | €29k | €43k | ▲ 47.5% |
| Financial debts43 | €153k | €90k | €0 | - | - | - |
| Credit institutions430/8 | €153k | €90k | €0 | - | - | - |
| Trade debts44 | €309k | €225k | €327k | €268k | €181k | ▼ 32.6% |
| Suppliers440/4 | €309k | €225k | €327k | €268k | €181k | ▼ 32.6% |
| Taxes, remuneration and social security45 | €122k | €148k | €138k | €176k | €167k | ▼ 5.3% |
| Taxes450/3 | €49k | €70k | €53k | €93k | €84k | ▼ 10.5% |
| Remuneration and social security454/9 | €73k | €78k | €85k | €83k | €83k | ▲ 0.5% |
| Other amounts payable47/48 | €422k | €479k | €542k | €129k | €314k | ▲ 144% |
| Accrued charges and deferred income492/3 | €7k | €6k | €8k | €6k | €6k | ▼ 3.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €641k | €141k | €506k | €414k | €261k | ▼ 37.1% |
| + Depreciation and write-downs630 | €58k | €60k | €89k | €97k | €99k | ▲ 2.7% |
| Operating cash flow (approximation) | €699k | €201k | €595k | €511k | €360k | ▼ 29.6% |
| Investment in fixed assets (approximation) | - | €-159k | €-115k | €-146k | €-161k | ▼ 9.9% |
| Change in cash | - | €-187k | €2k | €246k | €-209k | ▼ 185% |
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
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 28 days late
2025
05-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 5 days late
2024
31-12
Financial
Equity above €2MEq €2.11M ▲24.5%
7 profitable years in a row build equity to €2.11M.
02-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 63 days late
2023
28-09
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 59 days late
2022
30-09
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 61 days late
2021
31-12
Financial
Highest result since 2018net €641k ▲180%
Operating result €904k, net result €641k, both a record.
31-12
Financial
Equity above €1MEq €1.14M ▲128%
4 profitable years in a row build equity to €1.14M.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 30 days late
2020
31-12
Financial
Equity above €500kEq €502k ▲34.6%
3 profitable years in a row build equity to €502k.
08-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 69 days late
2019
31-12
Financial
Weakest financial yearnet €68k ▼36%
Net result drops to €68k, the lowest in the series; recovery starts the following year.
Show earlier events
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 30 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 31 days late
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 29 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Antwerpen · 1 establishment unit since 1986
Ground area
1,161 m²
Building footprint
116 m²
Volume, LiDAR
1,070 m³
Parcel 11346B1017/00W019, Flanders · tallest building 10.7 m, ±3 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
MADO
since 19862.028.779.645
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11346B1017/00W019 | Flanders | 1,161 m² | 1 · 116 m² | 10.7 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.
Recognitions · licences · registrations
Legal Entity Identifier
984500FC8C363EB6DD76
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Of 798 companies in sector 46450 we hold annual accounts for 452. 169 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
Founded11-02-1986
Fiscal year end31-12
Activities, NACEBEL 2025
46450Wholesale of perfume and cosmetics
Scores and ratios are computed by Checked and are not a credit decision.