Madore
ActiveSummary
Madore has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €108k and a net result of €15k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 87% of 13417 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability82▼-5
Solvency100▲+6
Growth78=
Track record100
Bankruptcy probability, 12 months
1.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €8k at 30 days acceptable
Liquidity ample (current ratio 3.78 against 2.78 in 2024; short-term debt: 24.7% and cash: 19% of total assets), and 24.7% 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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 56
Relative position
BE, all sectors
reference
Food and beverage service activities (NACE 56)
about 206% more 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
75.3%
Return on assets
10.7%
Age of the figures
9 mo
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €108k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-08-2026, 29 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 · 9 filingsDeviation from the deadline
2025
29 d late
2024
8 d late
2023
20 d early
2022
12 d late
2021
21 d late
2020
28 d late
2019
16 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, micro schema
Equity
€108k▲ 16.6%
2024 · €93k
2018: €22k
2019: €22k▲ +1.0% vs 2018
2020: €-3k▼ -113% vs 2019
2021: €-22k▼ -678% vs 2020lowest in 8 years
2022: €19k▲ +185% vs 2021
2023: €74k▲ +294% vs 2022
2024: €93k▲ +26.3% vs 2023
2025: €108k▲ +16.6% vs 2024highest in 8 years
2018 → 2025
Total assets
€144k▲ 6.7%
2024 · €135k
2018: €149k
2019: €168k▲ +12.6% vs 2018
2020: €153k▼ -8.7% vs 2019
2021: €173k▲ +13.1% vs 2020highest in 8 years
2022: €147k▼ -15.1% vs 2021
2023: €123k▼ -16.4% vs 2022lowest in 8 years
2024: €135k▲ +9.6% vs 2023
2025: €144k▲ +6.7% vs 2024
2018 → 2025
Net result
€15k▼ 20.4%
2024 · €19k
2018: €739
2019: €227▼ -69.3% vs 2018
2020: €-25k▼ -11022% vs 2019lowest in 8 years
2021: €-19k▲ +23.1% vs 2020
2022: €41k▲ +313% vs 2021
2023: €55k▲ +35.5% vs 2022highest in 8 years
2024: €19k▼ -64.8% vs 2023
2025: €15k▼ -20.4% vs 2024
2018 → 2025
Working capital
€99k▲ 32.5%
2024 · €74k
2018: €56k
2019: €41k▼ -26.3% vs 2018
2020: €78k▲ +89.7% vs 2019
2021: €17k▼ -77.9% vs 2020lowest in 8 years
2022: €18k▲ +4.1% vs 2021
2023: €54k▲ +200% vs 2022
2024: €74k▲ +38.7% vs 2023
2025: €99k▲ +32.5% 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€-22k-€19k€74k▲ 294%€93k▲ 26.3%€108k▲ 16.6%
2021: €-22klowest in 5 years
2022: €19k▲ +185% vs 2021
2023: €74k▲ +294% vs 2022
2024: €93k▲ +26.3% vs 2023
2025: €108k▲ +16.6% vs 2024highest in 5 years
Operating result€-10k-€48k€78k▲ 61.1%€32k▼ 59.0%€26k▼ 19.4%
2021: €-10klowest in 5 years
2022: €48k▲ +573% vs 2021
2023: €78k▲ +61.1% vs 2022highest in 5 years
2024: €32k▼ -59.0% vs 2023
2025: €26k▼ -19.4% vs 2024
Net result€-19k-€41k€55k▲ 35.5%€19k▼ 64.8%€15k▼ 20.4%
2021: €-19klowest in 5 years
2022: €41k▲ +313% vs 2021
2023: €55k▲ +35.5% vs 2022highest in 5 years
2024: €19k▼ -64.8% vs 2023
2025: €15k▼ -20.4% vs 2024
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; 2025 is 19% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €144k
Fixed assets
€10k ▼ 47.4%
Current assets
€134k ▲ 15.3%
Equity and liabilities €144k
Equity
€108k ▲ 16.6%
Debt
€35k ▼ 15.3%
Debt's share of the balance-sheet total falls from 31.1% to 24.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€31k▼
2024 · €40k
Cash flow
€21k▼
2024 · €27k
Current ratio
3.78▲
2024 · 2.78
Quick ratio
3.67▲
2024 · 2.68
Debt to equity
0.33▼
2024 · 0.45
ROE
14.2%▼
2024 · 20.8%
ROA
10.7%▼
2024 · 14.3%
Interest coverage
7.73▼
2024 · 10.89
Debt ≤ 1 year
€35k▼
2024 · €42k
Income taxes
€6k▼
2024 · €9k
Staff costs
€62k▼
2024 · €81k
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 · 47 lines
Balance sheet
Code20242025
Assets
Total assets20/58€135k€144k▲
Fixed assets21/28€19k€10k▼
Tangible fixed assets22/27€19k€10k▼
Plant, machinery and equipment23€13k€8k▼
Furniture and vehicles24€6k€2k▼
Other tangible fixed assets26€142-
Current assets29/58€116k€134k▲
Stocks and contracts in progress3€4k€4k▼
Stocks30/36€4k€4k▼
Amounts receivable within one year40/41€88k€103k▲
Trade receivables40-€5k
Other amounts receivable41€88k€98k▲
Cash at bank and in hand54/58€24k€27k▲
Equity and liabilities
Total equity and liabilities10/49€135k€144k▲
Equity10/15€93k€108k▲
Contributions10/11€19k€19k=
Reserves13€3k€3k=
Non-distributable reserves130/1€2k€2k=
Reserves not available under the articles1311€2k€2k=
Tax-exempt reserves132€1k€1k=
Profit (loss) carried forward14€71k€86k▲
Amounts payable17/49€42k€35k▼
Amounts payable within one year42/48€42k€35k▼
Financial debts43€8k€6k▼
Credit institutions430/8€8k€6k▼
Trade debts44€27k€19k▼
Suppliers440/4€27k€19k▼
Taxes, remuneration and social security45€7k€6k▼
Taxes450/3-€2k
Remuneration and social security454/9€7k€4k▼
Other amounts payable47/48-€4k
Income statement
Code20242025
Non-recurring operating income76A-€8k
Remuneration, social security and pensions62€81k€62k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€8k€6k▼
Other operating charges640/8€4k€3k▼
Gross operating margin9900€125k€96k▼
Operating profit (loss)9901€32k€26k▼
Financial income75/76B€8€84▲
Recurring financial income75€8€84▲
Financial charges65/66B€4k€4k▲
Recurring financial charges65€4k€4k▲
Profit (loss) for the period before taxes9903€28k€22k▼
Income taxes67/77€9k€6k▼
Profit (loss) for the period9904€19k€15k▼
Profit (loss) for the period to be appropriated9905€19k€15k▼
Appropriation of the result
Profit (loss) to be appropriated9906€71k€86k▲
Profit (loss) brought forward from the previous period14P€52k€71k▲
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 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €3k | - | €8k | - |
| Remuneration, social security and pensions62 | €54k | €56k | €76k | €81k | €62k | ▼ 23.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14k | €14k | €8k | €8k | €6k | ▼ 29.8% |
| Other operating charges640/8 | €5k | €5k | €4k | €4k | €3k | ▼ 34.9% |
| Non-recurring operating charges66A | - | €1k | - | - | - | - |
| Gross operating margin9900 | €62k | €125k | €166k | €125k | €96k | ▼ 23.2% |
| Operating profit (loss)9901 | €-10k | €48k | €78k | €32k | €26k | ▼ 19.4% |
| Financial income75/76B | €11 | - | €6 | €8 | €84 | ▲ 950% |
| Recurring financial income75 | €11 | - | €6 | €8 | €84 | ▲ 950% |
| Financial charges65/66B | €7k | €5k | €3k | €4k | €4k | ▲ 10.6% |
| Recurring financial charges65 | €7k | €5k | €3k | €4k | €4k | ▲ 10.6% |
| Profit (loss) for the period before taxes9903 | €-18k | €43k | €75k | €28k | €22k | ▼ 23.0% |
| Income taxes67/77 | €1k | €3k | €20k | €9k | €6k | ▼ 28.7% |
| Profit (loss) for the period9904 | €-19k | €41k | €55k | €19k | €15k | ▼ 20.4% |
| Profit (loss) for the period to be appropriated9905 | €-19k | €41k | €55k | €19k | €15k | ▼ 20.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €173k | €147k | €123k | €135k | €144k | ▲ 6.7% |
| Fixed assets21/28 | €22k | €8k | €20k | €19k | €10k | ▼ 47.4% |
| Tangible fixed assets22/27 | €22k | €8k | €20k | €19k | €10k | ▼ 47.4% |
| Plant, machinery and equipment23 | €5k | €4k | €9k | €13k | €8k | ▼ 37.2% |
| Furniture and vehicles24 | €13k | €2k | €10k | €6k | €2k | ▼ 68.1% |
| Other tangible fixed assets26 | €3k | €2k | €746 | €142 | - | - |
| Current assets29/58 | €152k | €140k | €103k | €116k | €134k | ▲ 15.3% |
| Stocks and contracts in progress3 | €7k | €7k | €5k | €4k | €4k | ▼ 3.7% |
| Stocks30/36 | €7k | €7k | €5k | €4k | €4k | ▼ 3.7% |
| Amounts receivable within one year40/41 | €67k | €76k | €66k | €88k | €103k | ▲ 16.1% |
| Trade receivables40 | €5k | €6k | - | - | €5k | - |
| Other amounts receivable41 | €62k | €69k | €66k | €88k | €98k | ▲ 10.6% |
| Cash at bank and in hand54/58 | €77k | €56k | €31k | €24k | €27k | ▲ 15.4% |
| Deferred charges and accrued income490/1 | - | €467 | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €173k | €147k | €123k | €135k | €144k | ▲ 6.7% |
| Equity10/15 | €-22k | €19k | €74k | €93k | €108k | ▲ 16.6% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Reserves13 | €3k | €3k | €3k | €3k | €3k | = |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €2k | €2k | = |
| Reserves not available under the articles1311 | €2k | €2k | €2k | €2k | €2k | = |
| Tax-exempt reserves132 | €1k | €1k | €1k | €1k | €1k | = |
| Profit (loss) carried forward14 | €-44k | €-3k | €52k | €71k | €86k | ▲ 21.6% |
| Amounts payable17/49 | €195k | €128k | €49k | €42k | €35k | ▼ 15.3% |
| Amounts payable after more than one year17 | €60k | €7k | - | - | - | - |
| Financial debts170/4 | €60k | €7k | - | - | - | - |
| Amounts payable within one year42/48 | €134k | €122k | €49k | €42k | €35k | ▼ 15.3% |
| Current portion of amounts payable after more than one year42 | €55k | €53k | €7k | - | - | - |
| Financial debts43 | €9k | €9k | - | €8k | €6k | ▼ 27.8% |
| Credit institutions430/8 | €9k | €9k | - | €8k | €6k | ▼ 27.8% |
| Trade debts44 | €35k | €39k | €24k | €27k | €19k | ▼ 27.8% |
| Suppliers440/4 | €35k | €39k | €24k | €27k | €19k | ▼ 27.8% |
| Taxes, remuneration and social security45 | €26k | €7k | €19k | €7k | €6k | ▼ 7.7% |
| Taxes450/3 | €8k | €2k | €19k | - | €2k | - |
| Remuneration and social security454/9 | €18k | €6k | - | €7k | €4k | ▼ 34.5% |
| Other amounts payable47/48 | €10k | €14k | - | - | €4k | - |
| Accrued charges and deferred income492/3 | €970 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-19k | €41k | €55k | €19k | €15k | ▼ 20.4% |
| + Depreciation and write-downs630 | €14k | €14k | €8k | €8k | €6k | ▼ 29.8% |
| Operating cash flow (approximation) | €-5k | €55k | €63k | €27k | €21k | ▼ 23.2% |
| Investment in fixed assets (approximation) | - | €0 | €-20k | €-7k | €3k | ▲ 149% |
| Change in cash | - | €-21k | €-25k | €-8k | €4k | ▲ 148% |
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
29-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 29 days late
2025
31-12
Financial
Equity above €100kEq €108k ▲16.6%
4 profitable years in a row build equity to €108k.
08-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 8 days late
2024
11-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2018net €55k ▲35.5%
Operating result €78k, net result €55k, both a record.
12-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 12 days late
2022
31-12
Financial
Back to profitnet €41k
Net result €41k after 2 loss-making years.
21-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 21 days late
2021
28-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 28 days late
2020
31-12
Financial
Weakest financial yearnet €-25k
Net result drops to €-25k, the lowest in the series; recovery starts the following year.
15-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 27 days late
2018
28-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 28 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, Hoogstraten · 1 establishment unit since 2016
Ground area
303 m²
Building footprint
224 m²
Volume, LiDAR
1,417 m³
Parcel 13014E0235/00H000, Flanders · tallest building 11.2 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Heilig Bloedlaan 285, 2320 Hoogstraten
since 20162.251.053.066
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13014E0235/00H000 | Flanders | 303 m² | 1 · 224 m² | 11.2 m · 2 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.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 500 EUR awarded · 500 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 500 EUR | 500 EUR |
Schemes
Stagebonus (stopgezet)
Recognitions · licences · registrations
Food safety, FASFC
1 siteHoogstraten2.251.053.066
Dual-learning approval
2 live approvals · 1 endedKeukenmedewerker (vwo)
Keukenmedewerker duaal (so)
Show 1 ended approval
Keukenmedewerker (so)
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Of 20,495 companies in sector 56111 we hold annual accounts for 11,462. 9,480 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 (pre-2019)
Founded03-03-2016
Fiscal year end31-12
Activities, NACEBEL 2025
56111Full-service restaurants
Scores and ratios are computed by Checked and are not a credit decision.