MaDo
Open bankruptcyA bankruptcy procedure is open for MaDo according to publications in the Belgian State Gazette; curator: FEDERICO WUYTS.
Summary
The file additionally contains 1 administrative flag. The 2023 annual accounts show equity of €111,473 and a net result of €813.
Are you a creditor?
Open bankruptcy
Source: Belgian Official Gazette
If this company owes you money, you are not paid automatically: you file your claim yourself, within the deadline the judgment sets.
The procedure
- Court
- Enterprise Court of Antwerp, Antwerp division
- Declared bankrupt
- 25 June 2026
- Supervising judge
- Dominique Ruberecht
- Official Gazette
- 01-07-2026 (pdf) ↗search the document for 2026/129430
Deadlines
- Provisional date payments stopped
- 25 June 2026A later judgment can change the date.art. XX.105 CEL
- Appeal or third-party opposition until
- passed on 16 July 2026Fifteen days after the publication in the Official Gazette.art. XX.108 CEL
- File the claim in RegSol until
- passed on 25 July 2026art. XX.104 and XX.155 CEL
- First verification report
- passed on 21 August 2026Goods that belong to you, such as those delivered under retention of title, are reclaimed before this day.art. XX.104 and XX.194 CEL
- Late claim until
- 25 June 2027Late, you share only in what has not been paid out yet, and the costs are yours.art. XX.165 CEL
Curator
- Federico WuytsPotvlietlaan 4, 2600 Berchem (Antwerpen)f.wuyts@legaloffice.be
What to do now
- Do not deliver on credit any more without an agreement with the curator.
- Gather your documents: invoices, purchase orders, contract, delivery notes and reminders.
- File your proof of claim in RegSol (regsol.be), yourself with eID or itsme, or through your lawyer. State principal, interest and costs separately, and any preferential right you hold.
- Delivered under retention of title? Reclaim your goods before the first report on the verification of claims.
- Ask your accountant about the VAT on the unpaid invoices: in a bankruptcy it can be recovered under conditions.
- Follow the file in RegSol: the verification report (admitted or disputed) and the curator's reports appear there.
The deadlines above come from the publication of the judgment. Check them in RegSol before you file anything; a passed deadline no longer applies.
File a claim in RegSol ↗
Watch
Follow this bankruptcy: you are alerted when it is closed or reversed.
General information, not legal advice. If in doubt, the curator, your lawyer or your accountant can help.Creditor guide for this company
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Signals
Four signals. The signal on the left, the evidence on the right.
+raises risk○neutral
neutral · Filed after the deadline
The financial year that closed on 31-12-2023 was due by 31-07-2024 and was filed on 30-08-2024, 30 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
not confirmed
2024
not filed
2023
30 d late
2022
30 d late
2021
12 d early
2020
31 d late
2019
23 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 11 days after the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% of the sector filed late.
raises risk · Administrative warnings in the KBO publications
1 publication by the FPS Economy about this company, such as a strike-off for address, accounts or UBO, or its withdrawal.
KBO publicationsPublications
Address struck
History
Go further with this company
Who ran this company, and where was it based, on a date before the end?Company as of a date Is the registered address a letterbox address or a business centre?Addresses Are there other customers at risk in your own list?List enrichment How is the Advertising agencies sector doing?Sector figures
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2023, micro schema
Equity
€111,473▲ 0.7%
2022 · €110,659
Total assets
€215,093▲ 21.7%
2022 · €176,755
Net result
€813▼ 71.4%
2022 · €2,846
Working capital
€112,504▲ 346%
2022 · €25,214
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
Line20192020202120222023
Operating result-€4,144€20,262€108,178▲ 434%€6,634▼ 93.9%€2,676▼ 59.7%
Net result-€4,243€15,091within the sector's middle half€76,713above the sector's middle half▲ 408%€2,846within the sector's middle half▼ 96.3%€813within the sector's middle half▼ 71.4%
Equity€9,311▼ 31.3%€24,402within the sector's middle half▲ 162%€101,613within the sector's middle half▲ 316%€110,659within the sector's middle half▲ 8.9%€111,473within the sector's middle half▲ 0.7%
Total assets€12,044▼ 27.3%€69,144within the sector's middle half▲ 474%€169,759within the sector's middle half▲ 146%€176,755within the sector's middle half▲ 4.1%€215,093within the sector's middle half▲ 21.7%
Debt€2,733▼ 9.0%€44,742▲ 1,537%€68,146▲ 52.3%€66,096▼ 3.0%€103,621▲ 56.8%
Working capital€9,311▼ 31.3%€13,336within the sector's middle half▲ 43.2%-€6,167below the sector's middle half€25,214within the sector's middle half€112,504within the sector's middle half▲ 346%
Solvency77.3%▼ 4.6pp35.3%within the sector's middle half▼ 42.0pp59.9%within the sector's middle half▲ 24.6pp62.6%within the sector's middle half▲ 2.7pp51.8%within the sector's middle half▼ 10.8pp
Current ratio4.41▼ 1.111.31within the sector's middle half▼ 3.100.91below the sector's middle half▼ 0.401.38within the sector's middle half▲ 0.473.18within the sector's middle half▲ 1.80
Return on assets (ROA)-35.2%▼ 49.3pp21.8%above the sector's middle half▲ 57.1pp45.2%above the sector's middle half▲ 23.4pp1.6%within the sector's middle half▼ 43.6pp0.4%within the sector's middle half▼ 1.2pp
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 has fallen two years in a row; 2023 is 60% below 2022.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €215,093
Fixed assets
€50,969 ▼ 40.3%
Current assets
€164,124 ▲ 79.7%
Equity and liabilities €215,093
Equity
€111,473 ▲ 0.7%
Debt
€103,621 ▲ 56.8%
Debt's share of the balance-sheet total rises from 37.4% to 48.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€4,548▼
2022 · €7,285
Cash flow
€2,685▼
2022 · €3,498
Debt to equity
0.93▲
2022 · 0.60
ROE
0.7%▼
2022 · 2.6%
Interest coverage
7.15▲
2022 · 5.04
Debt ≤ 1 year
€51,621▼
2022 · €66,096
Debt > 1 year
€52,000
Income taxes
€1,227▼
2022 · €2,347
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €84 | €2,936 | €651 | €1,872 | ▲ 187% |
| Other operating charges640/8 | - | - | €941 | €772 | €1,672 | ▲ 116% |
| Non-recurring operating charges66A | - | - | - | €16,684 | - | - |
| Gross operating margin9900 | -€4,144 | €21,040 | €112,055 | €24,742 | €6,219 | ▼ 74.9% |
| Operating profit (loss)9901 | -€4,144 | €20,262 | €108,178 | €6,634 | €2,676 | ▼ 59.7% |
| Financial income75/76B | - | - | €3 | €6 | - | - |
| Recurring financial income75 | - | €0 | €3 | €6 | - | - |
| Financial charges65/66B | - | - | €504 | €1,446 | €636 | ▼ 56.0% |
| Recurring financial charges65 | €99 | €988 | €504 | €1,446 | €636 | ▼ 56.0% |
| Profit (loss) for the period before taxes9903 | -€4,243 | €19,274 | €107,677 | €5,194 | €2,040 | ▼ 60.7% |
| Income taxes67/77 | - | €4,183 | €30,964 | €2,347 | €1,227 | ▼ 47.7% |
| Profit (loss) for the period9904 | -€4,243 | €15,091 | €76,713 | €2,846 | €813 | ▼ 71.4% |
| Profit (loss) for the period to be appropriated9905 | -€4,243 | €15,091 | €76,713 | €2,846 | €813 | ▼ 71.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €12,044 | €69,144 | €169,759 | €176,755 | €215,093 | ▲ 21.7% |
| Fixed assets21/28 | - | €12,166 | €107,780 | €85,445 | €50,969 | ▼ 40.3% |
| Tangible fixed assets22/27 | - | €9,016 | €24,630 | €2,295 | €47,819 | ▲ 1,984% |
| Furniture and vehicles24 | - | - | €24,630 | €2,295 | €47,819 | ▲ 1,984% |
| Financial fixed assets28 | - | €3,150 | €83,150 | €83,150 | €3,150 | ▼ 96.2% |
| Current assets29/58 | €12,044 | €56,978 | €61,979 | €91,310 | €164,124 | ▲ 79.7% |
| Stocks and contracts in progress3 | - | €1,647 | - | - | - | - |
| Amounts receivable within one year40/41 | €12,000 | €37,320 | €39,397 | €71,181 | €127,566 | ▲ 79.2% |
| Trade receivables40 | - | - | €22,056 | €33,396 | €52,148 | ▲ 56.1% |
| Other amounts receivable41 | - | - | €17,341 | €37,785 | €75,418 | ▲ 99.6% |
| Cash at bank and in hand54/58 | €44 | €11,405 | €22,582 | €20,129 | €36,558 | ▲ 81.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €12,044 | €69,144 | €169,759 | €176,755 | €215,093 | ▲ 21.7% |
| Equity10/15 | €9,311 | €24,402 | €101,613 | €110,659 | €111,473 | ▲ 0.7% |
| Contributions10/11 | €12,400 | - | €12,400 | €18,600 | €18,600 | = |
| Reserves13 | €350 | €350 | €1,860 | €92,059 | €92,873 | ▲ 0.9% |
| Non-distributable reserves130/1 | - | - | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €92,059 | €92,873 | ▲ 0.9% |
| Profit (loss) carried forward14 | -€3,439 | €11,652 | €87,353 | - | - | - |
| Amounts payable17/49 | €2,733 | €44,742 | €68,146 | €66,096 | €103,621 | ▲ 56.8% |
| Amounts payable after more than one year17 | - | - | - | - | €52,000 | - |
| Financial debts170/4 | - | - | - | - | €52,000 | - |
| Amounts payable within one year42/48 | €2,733 | €43,642 | €68,146 | €66,096 | €51,621 | ▼ 21.9% |
| Trade debts44 | €908 | €38,983 | €10,754 | €23,906 | €29,426 | ▲ 23.1% |
| Suppliers440/4 | - | - | €10,754 | €23,906 | €29,426 | ▲ 23.1% |
| Advances received on contracts in progress46 | - | - | €440 | - | - | - |
| Taxes, remuneration and social security45 | - | - | €41,866 | €42,190 | €22,195 | ▼ 47.4% |
| Taxes450/3 | - | - | €41,866 | €42,190 | €22,195 | ▼ 47.4% |
| Other amounts payable47/48 | - | - | €15,087 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,243 | €15,091 | €76,713 | €2,846 | €813 | ▼ 71.4% |
| + Depreciation and write-downs630 | - | €84 | €2,936 | €651 | €1,872 | ▲ 187% |
| Operating cash flow (approximation) | -€4,243 | €15,176 | €79,650 | €3,498 | €2,685 | ▼ 23.2% |
| Investment in fixed assets (approximation) | - | - | -€98,551 | €21,684 | €32,604 | ▲ 50.4% |
| Change in cash | - | €11,362 | €11,176 | -€2,453 | €16,429 | ▲ 770% |
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
2026
01-07
Bankruptcy
Opening
Ondernemingsrechtbank Antwerpen, afdeling Antwerpen · event 25-06-2026
28-04
KBO administration
Address struck
Hospitaalstraat 72 L’adresse du siège Hospitaalstraat 72 2850 Die Sitzadresse Hospitaalstraat 72 2850 Boom
2850 Boom werd doorgehaald met ingang van Boom · event 12-04-2026
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
31-12
Financial
Liquidity doublescurrent ratio 3.18
Current ratio from 1.38 to 3.18; short-term debt falls from €66,096 to €51,621.
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
19-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Highest result since 2018net €76,713 ▲408%
Operating result €108,178, net result €76,713, both a record.
31-12
Financial
Equity above €100,000Eq €101,613 ▲316%
2 profitable years in a row build equity to €101,613.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
31-12
Financial
Back to profitnet €15,091
Net result €15,091 after one loss-making year.
08-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Weakest financial yearnet -€4,243
Net result drops to -€4,243, the lowest in the series.
14-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 14 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 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
7 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, Boom · 1 establishment unit since 2016
Ground area
72 m²
Building footprint
59 m²
Volume, LiDAR
503 m³
Parcel 11005B0389/02L002, Flanders · tallest building 10.1 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
MaDo
since 20162.265.209.227
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11005B0389/02L002 | Flanders | 72 m² | 1 · 59 m² | 10.1 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.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | FEDERICO WUYTS POTVLIETLAAN 4, 2600 BERCHEM
(ANTWERPEN) |
25-06-2026 → present |
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2023 list no shareholders, and no other source names one.
Holdings 1
-
100%
According to the 2023 annual accounts of MaDo and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 9,863 companies in sector 73110 we hold annual accounts for 3,758. 3,020 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
Founded14-11-2016
Fiscal year end31-12
Activities, NACEBEL 2025
73110Advertising agencies
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
9925:BE0665961121
Registered
31-01-2026
The company is no longer active; its Peppol card can remain until its access point withdraws it.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.