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MADO

Active
Private limited companyfounded 198640 yrs activeFrans Baetenstraat 44, 2100 Antwerpen, BelgiumKBO/BCE: BE 0428.428.016
Summary

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 date
Age against the risk zone
highest failure risk from 2 to 8 years 40 years 0 50 y
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025
Solvency, 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 filings
Deviation 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 months
Position in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
neutral · No strike-offs in the KBO publications
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage

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
€0€250k€500k€750k€1.00MOperating result 2021: €904k€904kNet result 2021: €641k€641kOperating result 2022: €249k€249kNet result 2022: €141k€141kOperating result 2023: €674k€674kNet result 2023: €506k€506kOperating result 2024: €588k€588kNet result 2024: €414k€414kOperating result 2025: €399k€399kNet result 2025: €261k€261k20212022202320242025€0€200k€400k€600kOperating result 2023: €674k€674kNet result 2023: €506k€506kOperating result 2024: €588k€588kNet result 2024: €414k€414kOperating result 2025: €399k€399kNet result 2025: €261k€261k202320242025
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
2025 value · change against 2024
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
Line20212022202320242025Change
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%
Line20212022202320242025Change
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%
Line20212022202320242025Change
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.

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Timeline · acts, filings and financial milestones

Next filing, fiscal year 2026, expected by 31-07-2027
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
seat establishment The establishment unit on the map
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
Frans Baetenstraat 44, 2100 AntwerpenNACE 51450
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
no longer live in the LEI register

Similar companies · same sector, comparable size

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.