MADOE
ActiveSummary
The computed 12-month bankruptcy probability of MADOE is 3.6% (moderate). The 2024 annual accounts show negative equity (€-5k) and a net result of €4k. Equity is shrinking by ~110.1% per year across the filed fiscal years. Its solvency ranks better than 9% of 36375 sector peers (fiscal year 2024). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability69▲+47
Solvency21▲+6
Growth32=
Track record94
Bankruptcy probability, 12 months
3.6%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity ample (current ratio 1.76 against 0.88 in 2023; short-term debt: 28.8% and cash: 12.3% of total assets), but equity is negative.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
+raises risk
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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 2024Solvency, return and age of the figures
Solvency
-4%
Return on assets
3%
Age of the figures
21 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 9% of 36375 sector peers (2024).
NBB · sector comparisonPosition among 36375 sector peers
Solvency
better than 9%
← weakest
strongest →
raises risk · Filed more than 90 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 12-12-2025, 134 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 3 filingsDeviation from the deadline
2025
not confirmed
2024
134 d late
2023
54 d late
2022
48 d late
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, micro schema
Equity
€-5k▲ 43.1%
2023 · €-9k
2022: €14khighest in 3 years
2023: €-9k▼ -161% vs 2022lowest in 3 years
2024: €-5k▲ +43.1% vs 2023
2022 → 2024
Total assets
€123k▲ 37.4%
2023 · €89k
2022: €100k
2023: €89k▼ -10.9% vs 2022lowest in 3 years
2024: €123k▲ +37.4% vs 2023highest in 3 years
2022 → 2024
Net result
€4k
2023 · €-23k
2022: €12khighest in 3 years
2023: €-23k▼ -288% vs 2022lowest in 3 years
2024: €4k▲ +116% vs 2023
2022 → 2024
Working capital
€27k
2023 · €-4k
2022: €8k
2023: €-4k▼ -142% vs 2022lowest in 3 years
2024: €27k▲ +858% vs 2023highest in 3 years
2022 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line202220232024Trend
Equity€14k-€-9k€-5k▲ 43.1%
2022: €14khighest in 3 years
2023: €-9k▼ -161% vs 2022lowest in 3 years
2024: €-5k▲ +43.1% vs 2023
Operating result€16k-€-2k€11k
2022: €16khighest in 3 years
2023: €-2k▼ -115% vs 2022lowest in 3 years
2024: €11k▲ +554% vs 2023
Net result€12k-€-23k€4k
2022: €12khighest in 3 years
2023: €-23k▼ -288% vs 2022lowest in 3 years
2024: €4k▲ +116% vs 2023
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2024: €11k after a loss of €2k in 2023.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €123k
Fixed assets
€61k ▼ 4.5%
Current assets
€62k ▲ 139%
Key figures and ratios
EBITDA
€42k▲
2023 · €9k
Cash flow
€34k▲
2023 · €-11k
Solvency
-4.0%▲
2023 · -9.6%
Current ratio
1.76▲
2023 · 0.88
Debt to equity
-26.29▼
2023 · -11.47
ROA
3.0%▲
2023 · -25.2%
Interest coverage
5.55▲
2023 · 2.66
Debt
€128k▲
2023 · €98k
Debt ≤ 1 year
€35k▲
2023 · €30k
Debt > 1 year
€92k▲
2023 · €68k
Staff costs
€69k▲
2023 · €43k
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 · 2024 against 2023 · 42 lines
Balance sheet
Code20232024
Assets
Total assets20/58€89k€123k▲
Fixed assets21/28€63k€61k▼
Tangible fixed assets22/27€63k€59k▼
Furniture and vehicles24€63k€59k▼
Financial fixed assets28€180€2k▲
Current assets29/58€26k€62k▲
Amounts receivable within one year40/41€23k€47k▲
Trade receivables40€7k€33k▲
Other amounts receivable41€17k€15k▼
Cash at bank and in hand54/58€3k€15k▲
Equity and liabilities
Total equity and liabilities10/49€89k€123k▲
Equity10/15€-9k€-5k▲
Contributions10/11€2k€2k=
Profit (loss) carried forward14€-11k€-7k▲
Amounts payable17/49€98k€128k▲
Amounts payable after more than one year17€68k€92k▲
Financial debts170/4€68k€92k▲
Other amounts payable178/9€250€250=
Amounts payable within one year42/48€30k€35k▲
Current portion of amounts payable after more than one year42€18k€32k▲
Trade debts44€3k€869▼
Suppliers440/4€3k€869▼
Taxes, remuneration and social security45€9k€3k▼
Taxes450/3€5k€638▼
Remuneration and social security454/9€4k€2k▼
Income statement
Code20232024
Remuneration, social security and pensions62€43k€69k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€12k€31k▲
Other operating charges640/8€819€543▼
Non-recurring operating charges66A€1k-
Gross operating margin9900€54k€111k▲
Operating profit (loss)9901€-2k€11k▲
Financial income75/76B€0-
Recurring financial income75€0-
Financial charges65/66B€20k€8k▼
Recurring financial charges65€3k€8k▲
Non-recurring financial charges66B€16k-
Profit (loss) for the period before taxes9903€-22k€4k▲
Income taxes67/77€190-
Profit (loss) for the period9904€-23k€4k▲
Profit (loss) for the period to be appropriated9905€-23k€4k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-11k€-7k▲
Profit (loss) brought forward from the previous period14P€12k€-11k▼
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|
| Remuneration, social security and pensions62 | €32k | €43k | €69k | ▲ 60.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5k | €12k | €31k | ▲ 164% |
| Other operating charges640/8 | €445 | €819 | €543 | ▼ 33.7% |
| Non-recurring operating charges66A | - | €1k | - | - |
| Gross operating margin9900 | €53k | €54k | €111k | ▲ 106% |
| Operating profit (loss)9901 | €16k | €-2k | €11k | ▲ 554% |
| Financial income75/76B | €0 | €0 | - | - |
| Recurring financial income75 | €0 | €0 | - | - |
| Financial charges65/66B | €702 | €20k | €8k | ▼ 61.8% |
| Recurring financial charges65 | €702 | €3k | €8k | ▲ 119% |
| Non-recurring financial charges66B | - | €16k | - | - |
| Profit (loss) for the period before taxes9903 | €16k | €-22k | €4k | ▲ 117% |
| Income taxes67/77 | €4k | €190 | - | - |
| Profit (loss) for the period9904 | €12k | €-23k | €4k | ▲ 116% |
| Profit (loss) for the period to be appropriated9905 | €12k | €-23k | €4k | ▲ 116% |
| Line | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €100k | €89k | €123k | ▲ 37.4% |
| Fixed assets21/28 | €69k | €63k | €61k | ▼ 4.5% |
| Tangible fixed assets22/27 | €69k | €63k | €59k | ▼ 6.6% |
| Furniture and vehicles24 | €69k | €63k | €59k | ▼ 6.6% |
| Financial fixed assets28 | €180 | €180 | €2k | ▲ 750% |
| Current assets29/58 | €31k | €26k | €62k | ▲ 139% |
| Amounts receivable within one year40/41 | €30k | €23k | €47k | ▲ 101% |
| Trade receivables40 | €18k | €7k | €33k | ▲ 386% |
| Other amounts receivable41 | €12k | €17k | €15k | ▼ 12.6% |
| Cash at bank and in hand54/58 | €1k | €3k | €15k | ▲ 488% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €100k | €89k | €123k | ▲ 37.4% |
| Equity10/15 | €14k | €-9k | €-5k | ▲ 43.1% |
| Contributions10/11 | €2k | €2k | €2k | = |
| Profit (loss) carried forward14 | €12k | €-11k | €-7k | ▲ 34.9% |
| Amounts payable17/49 | €86k | €98k | €128k | ▲ 30.4% |
| Amounts payable after more than one year17 | €33k | €68k | €92k | ▲ 35.0% |
| Financial debts170/4 | €33k | €68k | €92k | ▲ 35.1% |
| Other amounts payable178/9 | - | €250 | €250 | = |
| Amounts payable within one year42/48 | €22k | €30k | €35k | ▲ 19.8% |
| Current portion of amounts payable after more than one year42 | €13k | €18k | €32k | ▲ 80.8% |
| Trade debts44 | €6k | €3k | €869 | ▼ 71.4% |
| Suppliers440/4 | €6k | €3k | €869 | ▼ 71.4% |
| Taxes, remuneration and social security45 | €4k | €9k | €3k | ▼ 70.5% |
| Taxes450/3 | €4k | €5k | €638 | ▼ 86.8% |
| Remuneration and social security454/9 | - | €4k | €2k | ▼ 50.9% |
| Accrued charges and deferred income492/3 | €31k | - | - | - |
| Line | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €12k | €-23k | €4k | ▲ 116% |
| + Depreciation and write-downs630 | €5k | €12k | €31k | ▲ 164% |
| Operating cash flow (approximation) | €17k | €-11k | €34k | ▲ 418% |
| Investment in fixed assets (approximation) | - | €-6k | €-28k | ▼ 397% |
| Change in cash | - | €1k | €13k | ▲ 812% |
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
2025
12-12
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 134 days late
2024
31-12
Financial
Back to profitnet €4k
Net result €4k after one loss-making year.
23-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 54 days late
2023
31-12
Financial
Weakest financial yearnet €-23k
Net result drops to €-23k, the lowest in the series; recovery starts the following year.
17-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 48 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, Braine-le-Comte · 1 establishment unit since 2021
Ground area
519 m²
Building footprint
207 m²
Volume, LiDAR
1,174 m³
2 parcels, Wallonia · tallest building 8.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
MADOE
since 20212.321.543.263
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 55041A0087/00_000 | Wallonia | 282 m² | 1 · 138 m² | 8.1 m · 2 fl. |
| 25105A0349/00R009 | Wallonia | 237 m² | 1 · 68 m² | 8.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 7,044 companies in sector 43221 we hold annual accounts for 3,472. 2,117 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
Founded06-07-2021
Fiscal year end31-12
Activities, NACEBEL 2025
43221Plumbing work
43222Installation of electric heating, air conditioning, cooling and ventilation
Contact
E-mail
vaneesbeek.aurelie@gmail.com
Phone
+32471815130
Scores and ratios are computed by Checked and are not a credit decision.