MADON
ActiveSummary
MADON has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €535k and a net result of €49k. Equity is growing by ~6.7% per year across the filed fiscal years. Its solvency ranks better than 85% of 221 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability78▼-8
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40k at 30 days acceptable
Liquidity short (current ratio 0.25 against 0.35 in 2024; short-term debt: 19.8% and cash: 4.5% of total assets), and 20.1% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Three signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 32
Relative position
BE, all sectors
reference
Other manufacturing (NACE 32)
about 28% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
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
79.9%
Return on assets
7.3%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-05-2026, 63 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
63 d early
2024
72 d early
2023
54 d early
2022
68 d early
2021
87 d early
2020
23 d early
2019
18 d early
← 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
€535k▼ 7.5%
2024 · €578k
2018: €268klowest in 8 years
2019: €425k▲ +58.7% vs 2018
2020: €470k▲ +10.5% vs 2019
2021: €548k▲ +16.8% vs 2020
2022: €552k▲ +0.6% vs 2021
2023: €586k▲ +6.2% vs 2022highest in 8 years
2024: €578k▼ -1.4% vs 2023
2025: €535k▼ -7.5% vs 2024
2018 → 2025
Total assets
€669k▲ 0.3%
2024 · €667k
2018: €717k
2019: €798k▲ +11.3% vs 2018highest in 8 years
2020: €698k▼ -12.6% vs 2019
2021: €704k▲ +0.9% vs 2020
2022: €684k▼ -2.8% vs 2021
2023: €660k▼ -3.6% vs 2022lowest in 8 years
2024: €667k▲ +1.1% vs 2023
2025: €669k▲ +0.3% vs 2024
2018 → 2025
Net result
€49k▼ 46.6%
2024 · €92k
2018: €127k
2019: €227k▲ +79.4% vs 2018highest in 8 years
2020: €45k▼ -80.4% vs 2019
2021: €129k▲ +189% vs 2020
2022: €43k▼ -66.4% vs 2021lowest in 8 years
2023: €100k▲ +131% vs 2022
2024: €92k▼ -8.1% vs 2023
2025: €49k▼ -46.6% vs 2024
2018 → 2025
Working capital
€-99k▼ 84.2%
2024 · €-54k
2018: €-83k
2019: €-8k▲ +90.8% vs 2018highest in 8 years
2020: €-27k▼ -260% vs 2019
2021: €-34k▼ -24.2% vs 2020
2022: €-86k▼ -152% vs 2021
2023: €-48k▲ +43.7% vs 2022
2024: €-54k▼ -11.1% vs 2023
2025: €-99k▼ -84.2% vs 2024lowest 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€548k-€552k▲ 0.6%€586k▲ 6.2%€578k▼ 1.4%€535k▼ 7.5%
2021: €548k
2022: €552k▲ +0.6% vs 2021
2023: €586k▲ +6.2% vs 2022highest in 5 years
2024: €578k▼ -1.4% vs 2023
2025: €535k▼ -7.5% vs 2024lowest in 5 years
Operating result€103k-€63k▼ 38.8%€45k▼ 28.4%€22k▼ 52.0%€31k▲ 40.6%
2021: €103khighest in 5 years
2022: €63k▼ -38.8% vs 2021
2023: €45k▼ -28.4% vs 2022
2024: €22k▼ -52.0% vs 2023lowest in 5 years
2025: €31k▲ +40.6% vs 2024
Net result€129k-€43k▼ 66.4%€100k▲ 131%€92k▼ 8.1%€49k▼ 46.6%
2021: €129khighest in 5 years
2022: €43k▼ -66.4% vs 2021lowest in 5 years
2023: €100k▲ +131% vs 2022
2024: €92k▼ -8.1% vs 2023
2025: €49k▼ -46.6% 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 recovers in 2025; 2025 is 41% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €669k
Fixed assets
€636k ▼ 0.4%
Current assets
€33k ▲ 14.6%
Equity and liabilities €669k
Equity
€535k ▼ 7.5%
Debt
€134k ▲ 50.1%
Debt's share of the balance-sheet total rises from 13.4% to 20.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€33k▲
2024 · €29k
Cash flow
€51k▼
2024 · €99k
Current ratio
0.25▼
2024 · 0.35
Debt to equity
0.25▲
2024 · 0.15
ROE
9.2%▼
2024 · 15.9%
ROA
7.3%▼
2024 · 13.7%
Interest coverage
106.37▲
2024 · 80.54
Debt ≤ 1 year
€132k▲
2024 · €83k
Debt > 1 year
€2k▼
2024 · €7k
Income taxes
€11k▼
2024 · €15k
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 · 46 lines
Balance sheet
Code20242025
Assets
Total assets20/58€667k€669k▲
Fixed assets21/28€638k€636k▼
Tangible fixed assets22/27€2k€0▼
Furniture and vehicles24€2k€0▼
Financial fixed assets28€636k€636k=
Current assets29/58€29k€33k▲
Amounts receivable within one year40/41€3k€0▼
Other amounts receivable41€3k€0▼
Current investments50/53€75€75▲
Cash at bank and in hand54/58€25k€30k▲
Deferred charges and accrued income490/1€877€3k▲
Equity and liabilities
Total equity and liabilities10/49€667k€669k▲
Equity10/15€578k€535k▼
Contributions10/11€65k€65k=
Reserves13€241k€290k▲
Distributable reserves133€241k€290k▲
Profit (loss) carried forward14€272k€180k▼
Amounts payable17/49€89k€134k▲
Amounts payable after more than one year17€7k€2k▼
Financial debts170/4€7k€2k▼
Amounts payable within one year42/48€83k€132k▲
Current portion of amounts payable after more than one year42€5k€5k▲
Trade debts44€395€540▲
Suppliers440/4€395€540▲
Taxes, remuneration and social security45€11k€13k▲
Taxes450/3€11k€8k▼
Remuneration and social security454/9€0€5k▲
Other amounts payable47/48€67k€113k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€8k€2k▼
Other operating charges640/8€863€733▼
Gross operating margin9900€30k€34k▲
Operating profit (loss)9901€22k€31k▲
Financial income75/76B€85k€30k▼
Recurring financial income75€85k€30k▼
Financial charges65/66B€365€311▼
Recurring financial charges65€365€311▼
Profit (loss) for the period before taxes9903€106k€60k▼
Income taxes67/77€15k€11k▼
Profit (loss) for the period9904€92k€49k▼
Profit (loss) for the period to be appropriated9905€92k€49k▼
Appropriation of the result
Profit (loss) to be appropriated9906€463k€321k▼
Profit (loss) brought forward from the previous period14P€372k€272k▼
Transfer to equity691/2€92k€49k▼
To other reserves6921€92k€49k▼
Profit to be distributed694/7€100k€92k▼
Return on contributions (dividend)694€100k€92k▼
The notes to these accounts (10 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €5k | €8k | €8k | €2k | ▼ 67.9% |
| Other operating charges640/8 | €988 | €2k | €838 | €863 | €733 | ▼ 15.1% |
| Gross operating margin9900 | €104k | €70k | €54k | €30k | €34k | ▲ 11.6% |
| Operating profit (loss)9901 | €103k | €63k | €45k | €22k | €31k | ▲ 40.6% |
| Financial income75/76B | €50k | €0 | €75k | €85k | €30k | ▼ 64.7% |
| Recurring financial income75 | €50k | €0 | €75k | €85k | €30k | ▼ 64.7% |
| Financial charges65/66B | €5k | €3k | €1k | €365 | €311 | ▼ 14.9% |
| Recurring financial charges65 | €5k | €3k | €1k | €365 | €311 | ▼ 14.9% |
| Profit (loss) for the period before taxes9903 | €149k | €60k | €119k | €106k | €60k | ▼ 43.3% |
| Income taxes67/77 | €20k | €17k | €20k | €15k | €11k | ▼ 22.9% |
| Profit (loss) for the period9904 | €129k | €43k | €100k | €92k | €49k | ▼ 46.6% |
| Profit (loss) for the period to be appropriated9905 | €129k | €43k | €100k | €92k | €49k | ▼ 46.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €704k | €684k | €660k | €667k | €669k | ▲ 0.3% |
| Fixed assets21/28 | €636k | €653k | €646k | €638k | €636k | ▼ 0.4% |
| Tangible fixed assets22/27 | - | €18k | €10k | €2k | €0 | ▼ 100% |
| Furniture and vehicles24 | - | €18k | €10k | €2k | €0 | ▼ 100% |
| Financial fixed assets28 | €636k | €636k | €636k | €636k | €636k | = |
| Current assets29/58 | €68k | €31k | €14k | €29k | €33k | ▲ 14.6% |
| Amounts receivable within one year40/41 | €23k | €2k | €0 | €3k | €0 | ▼ 100% |
| Trade receivables40 | €23k | €0 | - | - | - | - |
| Other amounts receivable41 | €13 | €2k | €0 | €3k | €0 | ▼ 100% |
| Current investments50/53 | €11k | €11k | €74 | €75 | €75 | ▲ 0.6% |
| Cash at bank and in hand54/58 | €34k | €18k | €14k | €25k | €30k | ▲ 17.0% |
| Deferred charges and accrued income490/1 | - | - | €229 | €877 | €3k | ▲ 276% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €704k | €684k | €660k | €667k | €669k | ▲ 0.3% |
| Equity10/15 | €548k | €552k | €586k | €578k | €535k | ▼ 7.5% |
| Contributions10/11 | €65k | €65k | €65k | €65k | €65k | = |
| Reserves13 | €7k | €50k | €149k | €241k | €290k | ▲ 20.3% |
| Non-distributable reserves130/1 | €7k | €0 | - | - | - | - |
| Other1319 | €7k | €0 | - | - | - | - |
| Distributable reserves133 | - | €50k | €149k | €241k | €290k | ▲ 20.3% |
| Profit (loss) carried forward14 | €477k | €437k | €372k | €272k | €180k | ▼ 33.9% |
| Amounts payable17/49 | €156k | €133k | €74k | €89k | €134k | ▲ 50.1% |
| Amounts payable after more than one year17 | €53k | €16k | €11k | €7k | €2k | ▼ 70.3% |
| Financial debts170/4 | €53k | €16k | €11k | €7k | €2k | ▼ 70.3% |
| Amounts payable within one year42/48 | €102k | €117k | €62k | €83k | €132k | ▲ 59.9% |
| Current portion of amounts payable after more than one year42 | €85k | €58k | €5k | €5k | €5k | ▲ 1.9% |
| Trade debts44 | €37 | €7k | €3k | €395 | €540 | ▲ 36.8% |
| Suppliers440/4 | €37 | €7k | €3k | €395 | €540 | ▲ 36.8% |
| Taxes, remuneration and social security45 | €12k | €7k | €13k | €11k | €13k | ▲ 22.5% |
| Taxes450/3 | €12k | €7k | €12k | €11k | €8k | ▼ 23.5% |
| Remuneration and social security454/9 | - | - | €1k | €0 | €5k | - |
| Other amounts payable47/48 | €5k | €46k | €42k | €67k | €113k | ▲ 70.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €129k | €43k | €100k | €92k | €49k | ▼ 46.6% |
| + Depreciation and write-downs630 | - | €5k | €8k | €8k | €2k | ▼ 67.9% |
| Operating cash flow (approximation) | €129k | €48k | €107k | €99k | €51k | ▼ 48.3% |
| Investment in fixed assets (approximation) | - | €-23k | €0 | €0 | €90 | - |
| Change in cash | - | €-16k | €-4k | €12k | €4k | ▼ 63.1% |
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
29-05
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
20-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
07-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
24-05
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Weakest financial yearnet €43k ▼66.4%
Net result drops to €43k, the lowest in the series; recovery starts the following year.
05-05
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Equity above €500kEq €548k ▲16.8%
4 profitable years in a row build equity to €548k.
08-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
13-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Highest result since 2018net €227k ▲79.4%
Net result €227k, the highest in the series.
26-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
19-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 50 days late
2017
22-12
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 144 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Gent · 1 establishment unit since 2016
Ground area
436 m²
Building footprint
187 m²
Volume, LiDAR
1,517 m³
Parcel 44432C0785/00H000, Flanders · tallest building 13.7 m, ±3 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
MADON
since 20162.251.896.966
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44432C0785/00H000 | Flanders | 436 m² | 1 · 187 m² | 13.7 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.
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Of 1,249 companies in sector 32500 we hold annual accounts for 695. 493 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
Founded19-02-2016
Fiscal year end31-12
Activities, NACEBEL 2025
32500Manufacture of medical and dental instruments and supplies
Contact
Phone
09/2284250
Scores and ratios are computed by Checked and are not a credit decision.