MADOFRAL
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 90 days after the deadline Filed on 29 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00594535.
Annual accounts 2025 filed on 29-10-2026 at the NBB all 17 filings
Turnover
≈ €100,000
Estimated: probably between €61,000 and €150,000
Total assets
€47,841▲ 350%
2024 · €10,639
Net result
€8,452
2024 · -€265
Working capital
-€24,128▼ 795%
2024 · -€2,696
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€8,605
2025
20182025
Net result
€8,452
2025
middle half of the sector
20182025
Equity
-€23,752
▲ 1.9%
2025
lowest quarter of the sector
20182025
Total assets
€47,841
▲ 350%
2025
lowest quarter of the sector
20182025
Debt
€71,593
▲ 105%
2025
20182025
Working capital
-€24,128
▼ 795%
2025
middle half of the sector
20182025
Solvency
-49.6%
▲ 177.9pp
2025
lowest quarter of the sector
20182025
Current ratio
0.57
▼ 0.23
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
17.7%
▲ 20.2pp
2025
highest quarter of the sector
20182025
Staff (FTE)
0.6
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€60,405--€3,525-€4,230▼ 20.0%-€894▲ 78.9%-€904▼ 1.1%-€544▲ 39.8%-€98▲ 82.0%€8,605
Net result-€213,507--€3,602▲ 98.3%-€5,252below the sector's middle half▼ 45.8%-€1,008below the sector's middle half▲ 80.8%-€1,009below the sector's middle half=-€648below the sector's middle half▲ 35.7%-€265below the sector's middle half▲ 59.1%€8,452within the sector's middle half
Equity-€12,419--€16,021▼ 29.0%-€21,273below the sector's middle half▼ 32.8%-€22,282below the sector's middle half▼ 4.7%-€23,290below the sector's middle half▼ 4.5%-€23,939below the sector's middle half▼ 2.8%-€24,204below the sector's middle half▼ 1.1%-€23,752below the sector's middle half▲ 1.9%
Total assets€139,793-€36,087▼ 74.2%€158below the sector's middle half▼ 99.6%€12,647below the sector's middle half▲ 80×€10,707below the sector's middle half▼ 15.3%€10,639below the sector's middle half▼ 0.6%€10,639below the sector's middle half=€47,841below the sector's middle half▲ 350%
Debt€152,212-€52,108▼ 65.8%€21,431▼ 58.9%€34,928▲ 63.0%€33,997▼ 2.7%€34,577▲ 1.7%€34,842▲ 0.8%€71,593▲ 105%
Working capital€69,887--€15,310€129within the sector's middle half-€854below the sector's middle half-€1,783below the sector's middle half▼ 109%-€2,431below the sector's middle half▼ 36.4%-€2,696below the sector's middle half▼ 10.9%-€24,128within the sector's middle half▼ 795%
Solvency-8.9%--44.4%▼ 35.5pp-176.2%below the sector's middle half-217.5%below the sector's middle half▼ 41.3pp-225.0%below the sector's middle half▼ 7.5pp-227.5%below the sector's middle half▼ 2.5pp-49.6%below the sector's middle half▲ 177.9pp
Current ratio2.76-0.51▼ 2.250.94below the sector's middle half0.86below the sector's middle half▼ 0.080.81below the sector's middle half▼ 0.040.80below the sector's middle half▼ 0.020.57below the sector's middle half▼ 0.23
Return on assets (ROA)-152.7%--10.0%▲ 142.7pp-8.0%below the sector's middle half-9.4%below the sector's middle half▼ 1.4pp-6.1%below the sector's middle half▲ 3.3pp-2.5%below the sector's middle half▲ 3.6pp17.7%above the sector's middle half▲ 20.2pp
Staff (FTE)0.6within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a profit of €8,605, after a loss of €98 in 2024. It is the highest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
Assets €47,841
Fixed assets
€15,883
Current assets
€31,957
Equity and liabilities
Equity-€23,752
Debt€71,593
Equity is negative. Debt (€71,593) exceeds the balance-sheet total (€47,841).
Key figures and ratios
EBITDA
€12,576
Cash flow
€12,423
Interest coverage
81.87
Debt ≤ 1 year
€56,085▲
2024 · €13,335
Debt > 1 year
€15,507▼
2024 · €21,507
Staff costs
€24,293
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 1 |
| in full-time equivalents | 1 |
| Average over the year, in full-time equivalents | 0.6 |
| On a permanent contract | 1 |
Source: social balance sheet in the 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €19,854 |
| Depreciation and write-downs of the year | - | - | - | - | €3,971 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | - | €24,293 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,043 | €10,043 | - | - | - | - | - | €3,971 | - |
| Other operating charges640/8 | - | - | - | €487 | €819 | €448 | - | €1,583 | - |
| Gross operating margin9900 | €70,849 | €7,237 | -€3,691 | -€408 | -€85 | -€96 | -€98 | €38,453 | - |
| Operating profit (loss)9901 | €60,405 | -€3,525 | -€4,230 | -€894 | -€904 | -€544 | -€98 | €8,605 | - |
| Recurring financial income75 | - | - | €0 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €107 | €104 | €104 | €167 | €154 | ▼ 8.1% |
| Recurring financial charges65 | €795 | €1,564 | €993 | €107 | €104 | €104 | €167 | €154 | ▼ 8.1% |
| Profit (loss) for the period before taxes9903 | -€193,514 | -€5,089 | -€5,223 | -€1,002 | -€1,009 | -€648 | -€265 | €8,452 | - |
| Income taxes67/77 | €19,992 | -€1,487 | €29 | €7 | - | - | - | - | - |
| Profit (loss) for the period9904 | -€213,507 | -€3,602 | -€5,252 | -€1,008 | -€1,009 | -€648 | -€265 | €8,452 | - |
| Profit (loss) for the period to be appropriated9905 | -€213,507 | -€3,602 | -€5,252 | -€1,008 | -€1,009 | -€648 | -€265 | €8,452 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €139,793 | €36,087 | €158 | €12,647 | €10,707 | €10,639 | €10,639 | €47,841 | ▲ 350% |
| Fixed assets21/28 | €30,155 | €20,086 | - | - | - | - | - | €15,883 | - |
| Tangible fixed assets22/27 | €30,130 | €20,086 | - | - | - | - | - | €15,883 | - |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €15,883 | - |
| Financial fixed assets28 | €25 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €109,638 | €16,000 | €158 | €12,647 | €10,707 | €10,639 | €10,639 | €31,957 | ▲ 200% |
| Amounts receivable within one year40/41 | €103,616 | €9,983 | €4 | €12,558 | €10,603 | €10,619 | €10,637 | €18,432 | ▲ 73.3% |
| Trade receivables40 | - | - | - | €1,972 | - | - | - | €7,932 | - |
| Other amounts receivable41 | - | - | - | €10,585 | €10,603 | €10,619 | €10,637 | €10,500 | ▼ 1.3% |
| Cash at bank and in hand54/58 | €2,325 | €2,954 | €57 | €89 | €104 | €20 | €2 | €13,472 | ▲ 7,833× |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €53 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €139,793 | €36,087 | €158 | €12,647 | €10,707 | €10,639 | €10,639 | €47,841 | ▲ 350% |
| Equity10/15 | -€12,419 | -€16,021 | -€21,273 | -€22,282 | -€23,290 | -€23,939 | -€24,204 | -€23,752 | ▲ 1.9% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Issued capital100 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Uncalled capital101 | - | - | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€20,479 | -€24,081 | -€29,333 | -€30,342 | -€31,350 | -€31,999 | -€32,264 | -€31,812 | ▲ 1.4% |
| Amounts payable17/49 | €152,212 | €52,108 | €21,431 | €34,928 | €33,997 | €34,577 | €34,842 | €71,593 | ▲ 105% |
| Amounts payable after more than one year17 | €92,361 | €20,798 | €21,402 | €21,427 | €21,507 | €21,507 | €21,507 | €15,507 | ▼ 27.9% |
| Other amounts payable178/9 | - | - | - | €21,427 | €21,507 | €21,507 | €21,507 | €15,507 | ▼ 27.9% |
| Amounts payable within one year42/48 | €39,752 | €31,310 | €29 | €13,501 | €12,490 | €13,070 | €13,335 | €56,085 | ▲ 321% |
| Trade debts44 | €691 | €3,374 | - | €65 | - | - | - | €2,502 | - |
| Suppliers440/4 | - | - | - | €65 | - | - | - | €2,502 | - |
| Taxes, remuneration and social security45 | - | - | - | €35 | - | - | €50 | €7,190 | ▲ 144× |
| Taxes450/3 | - | - | - | €35 | - | - | €50 | €1,211 | ▲ 24× |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €5,978 | - |
| Other amounts payable47/48 | - | - | - | €13,400 | €12,490 | €13,070 | €13,285 | €46,393 | ▲ 249% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€213,507 | -€3,602 | -€5,252 | -€1,008 | -€1,009 | -€648 | -€265 | €8,452 | - |
| + Depreciation and write-downs630 | €10,043 | €10,043 | - | - | - | - | - | €3,971 | - |
| Operating cash flow (approximation) | -€203,463 | €6,441 | -€5,252 | -€1,008 | -€1,009 | -€648 | -€265 | €12,423 | - |
| Investment in fixed assets (approximation) | - | €25 | - | - | - | - | - | - | - |
| Change in cash | - | €630 | -€2,897 | €32 | €15 | -€84 | -€18 | €13,471 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 3,632 companies had the same profile as MADOFRAL has now. Two years later, 91.9% were still going and 2.9% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
91.9%
was still going
4.8%
stopped otherwise
2.9%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MADOFRAL itself is lower: 0.4% within 12 months. It rests on far more data about MADOFRAL than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 3,632 companies, not a prediction for MADOFRAL. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-10-2026 | 2026-00594535 | |
| 31-12-2024 | micro format | 31-10-2025 | 2025-00560376 | |
| 31-12-2023 | micro format | 31-10-2025 | 2025-00560305 | |
| 31-12-2022 | micro format | 29-07-2023 | 2023-00302396 | |
| 31-12-2021 | micro format | 16-10-2022 | 2022-20465866 | |
| 31-12-2020 | micro format | 31-12-2021 | 2021-82200377 | |
| 31-12-2019 | micro format | 28-09-2020 | 2020-56000519 | |
| 31-12-2018 | micro format | 14-10-2019 | 2019-70200384 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-52900010 | |
| 31-12-2016 | micro format | 29-09-2017 | 2017-64300345 |