MADRIAN
ActiveSummary
MADRIAN has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €61k and a net result of €-227. Equity is growing by ~4.1% per year across the filed fiscal years. Its solvency ranks better than 95% of 27965 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability18▼-30
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €3.5k at 30 days acceptable
Liquidity ample (current ratio 27.2 against 49.76 in 2024; short-term debt: 3.6% and cash: 0.4% of total assets), and 3.6% of the assets are financed with debt.
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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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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 · 10 filingsDeviation from the deadline
2025
31 d late
2024
34 d late
2023
31 d late
2022
18 d late
2021
34 d early
2020
40 d early
2019
60 d late
← 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
€61k▼ 0.4%
2024 · €61k
Total assets
€63k▲ 1.3%
2024 · €62k
Net result
€-227
2024 · €3k
Working capital
€59k▲ 1.0%
2024 · €58k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€5k€17k▲ 253%€-9k€441€-3k
Net result€4k€16k▲ 287%€-7k€3k€-227
Equity€48k▲ 9.6%€65k▲ 33.7%€58k▼ 11.0%€61k▲ 5.5%€61k▼ 0.4%
Total assets€54k▼ 8.8%€68k▲ 26.3%€62k▼ 8.5%€62k▲ 0.2%€63k▲ 1.3%
Debt€5k▼ 64.7%€3k▼ 44.5%€4k▲ 48.5%€1k▼ 71.8%€2k▲ 88.0%
Working capital€46k▲ 11.4%€60k▲ 30.6%€54k▼ 10.0%€58k▲ 8.1%€59k▲ 1.0%
Staff (FTE)
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €3k after €441 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €63k
Fixed assets
€2k ▼ 31.9%
Current assets
€61k ▲ 2.8%
Equity and liabilities €63k
Equity
€61k ▼ 0.4%
Debt
€2k ▲ 88.0%
Debt's share of the balance-sheet total rises from 1.9% to 3.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-2k▼
2024 · €2k
Cash flow
€603▼
2024 · €4k
Current ratio
27.20▼
2024 · 49.76
Debt to equity
0.04▲
2024 · 0.02
ROE
-0.4%▼
2024 · 5.2%
ROA
-0.4%▼
2024 · 5.1%
Interest coverage
-7.91▼
2024 · 2.77
Debt ≤ 1 year
€2k▲
2024 · €1k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €7k | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €463 | €892 | €1k | €1k | €830 | ▼ 34.7% |
| Other operating charges640/8 | €630 | €506 | €2k | €24 | €827 | ▲ 3,346% |
| Non-recurring operating charges66A | - | - | - | - | €3k | - |
| Gross operating margin9900 | €6k | €18k | €-6k | €2k | €1k | ▼ 25.9% |
| Operating profit (loss)9901 | €5k | €17k | €-9k | €441 | €-3k | ▼ 850% |
| Financial income75/76B | €159 | €170 | €3k | €3k | €3k | ▲ 2.0% |
| Recurring financial income75 | €159 | €170 | €3k | €3k | €3k | ▲ 2.0% |
| Financial charges65/66B | €665 | €520 | €586 | €619 | €313 | ▼ 49.4% |
| Recurring financial charges65 | €665 | €520 | €586 | €619 | €313 | ▼ 49.4% |
| Profit (loss) for the period before taxes9903 | €4k | €16k | €-7k | €3k | €-227 | ▼ 107% |
| Income taxes67/77 | €-1 | - | - | - | - | - |
| Profit (loss) for the period9904 | €4k | €16k | €-7k | €3k | €-227 | ▼ 107% |
| Profit (loss) for the period to be appropriated9905 | €4k | €16k | €-7k | €3k | €-227 | ▼ 107% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €54k | €68k | €62k | €62k | €63k | ▲ 1.3% |
| Fixed assets21/28 | €3k | €5k | €4k | €3k | €2k | ▼ 31.9% |
| Tangible fixed assets22/27 | €2k | €5k | €4k | €2k | €1k | ▼ 36.3% |
| Plant, machinery and equipment23 | - | €2k | €1k | €323 | - | - |
| Furniture and vehicles24 | €2k | €3k | €2k | €2k | €1k | ▼ 25.8% |
| Financial fixed assets28 | €317 | €317 | €317 | €317 | €317 | = |
| Current assets29/58 | €51k | €63k | €58k | €59k | €61k | ▲ 2.8% |
| Amounts receivable within one year40/41 | €48k | €63k | €58k | €59k | €61k | ▲ 2.7% |
| Trade receivables40 | €1k | €12k | €5k | €1k | - | - |
| Other amounts receivable41 | €47k | €50k | €53k | €58k | €61k | ▲ 4.8% |
| Cash at bank and in hand54/58 | €3k | - | - | €201 | €243 | ▲ 20.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €54k | €68k | €62k | €62k | €63k | ▲ 1.3% |
| Equity10/15 | €48k | €65k | €58k | €61k | €61k | ▼ 0.4% |
| Contributions10/11 | €19k | €19k | €19k | €20k | €20k | = |
| Reserves13 | €2k | €2k | €2k | - | - | - |
| Non-distributable reserves130/1 | €2k | €2k | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | - | - | - | - |
| Distributable reserves133 | - | - | €2k | - | - | - |
| Profit (loss) carried forward14 | €28k | €44k | €37k | €40k | €40k | ▼ 0.6% |
| Amounts payable17/49 | €5k | €3k | €4k | €1k | €2k | ▲ 88.0% |
| Amounts payable within one year42/48 | €5k | €3k | €4k | €1k | €2k | ▲ 88.0% |
| Financial debts43 | €184 | €752 | €2k | - | - | - |
| Credit institutions430/8 | €184 | €752 | €2k | - | - | - |
| Trade debts44 | €1k | €1k | €2k | €1k | €2k | ▲ 102% |
| Suppliers440/4 | €1k | €1k | €2k | €1k | €2k | ▲ 102% |
| Taxes, remuneration and social security45 | €3k | €580 | €80 | €80 | - | - |
| Taxes450/3 | €3k | €580 | €80 | €80 | - | - |
| Other amounts payable47/48 | €1k | - | - | - | - | - |
| Accrued charges and deferred income492/3 | €57 | €150 | €64 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4k | €16k | €-7k | €3k | €-227 | ▼ 107% |
| + Depreciation and write-downs630 | €463 | €892 | €1k | €1k | €830 | ▼ 34.7% |
| Operating cash flow (approximation) | €5k | €17k | €-6k | €4k | €603 | ▼ 86.4% |
| Investment in fixed assets (approximation) | - | €-3k | €0 | €0 | €0 | ▼ 100% |
| Change in cash | - | - | - | - | €42 | - |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
03-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 34 days late
2024
31-12
Financial
Back to profitnet €3k
Net result €3k after one loss-making year.
31-12
Financial
Liquidity quadruplescurrent ratio 49.76
Current ratio from 13.94 to 49.76; short-term debt falls from €4k to €1k.
31-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 31 days late
2023
18-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 18 days late
2022
31-12
Financial
Highest result since 2018net €16k ▲287%
Operating result €17k, net result €16k, both a record.
31-12
Financial
Liquidity doublescurrent ratio 23.18
Current ratio from 10.03 to 23.18; short-term debt falls from €5k to €3k.
27-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Back to profitnet €4k
Net result €4k after 3 loss-making years.
31-12
Financial
Liquidity triplescurrent ratio 10.03
Current ratio from 3.84 to 10.03; short-term debt falls from €14k to €5k.
21-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Show earlier events
2020
29-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 60 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Court-Saint-Etienne · 1 establishment unit since 2003
Ground area
748 m²
Building footprint
73 m²
Volume, LiDAR
419 m³
Parcel 25023H0066/00E000, Wallonia · tallest building 6.8 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
MADRIAN
since 20032.136.014.630
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25023H0066/00E000 | Wallonia | 748 m² | 1 · 73 m² | 6.8 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.
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Of 4,019 companies in sector 43310 we hold annual accounts for 1,746. 1,527 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
Founded05-12-2003
Fiscal year end31-12
Activities, NACEBEL 2025
43310Plastering work
43331Floor and wall tiling
43332Laying of wooden floor and wall coverings
43341Painting of buildings
96220Beauty care and other beauty treatments
Scores and ratios are computed by Checked and are not a credit decision.