MADSEN
ActiveSummary
MADSEN has been active since 1979 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €286,396 and a net result of €91,439. Equity is growing by ~48.7% per year across the filed fiscal years. Its solvency ranks better than 71% of 311 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability94▲+2
Solvency88▲+11
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €24,000 at 30 days acceptable
Liquidity ample (current ratio 2.6 against 2.02 in 2024; short-term debt: 28.4% and cash: 23.7% of total assets), and 37.5% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
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
62.5%
Return on assets
20%
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 04-07-2026, 27 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
27 d early
2024
38 d early
2023
34 d early
2022
12 d early
2021
23 d late
2020
31 d late
2019
31 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 4 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 48% of the sector filed late.
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. Usually files around 4 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€91,439▲ 33.3%
2024 · €68,607
Working capital
€208,173▲ 68.4%
2024 · €123,601
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 96, Personal service activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€35,148€49,556▲ 41.0%€74,503▲ 50.3%€94,525▲ 26.9%€130,452▲ 38.0%
Net result€29,904within the sector's middle half€39,637within the sector's middle half▲ 32.5%€53,845within the sector's middle half▲ 35.8%€68,607within the sector's middle half▲ 27.4%€91,439within the sector's middle half▲ 33.3%
Equity€32,867within the sector's middle half▲ 1,009%€72,504within the sector's middle half▲ 121%€126,349within the sector's middle half▲ 74.3%€194,957within the sector's middle half▲ 54.3%€286,396within the sector's middle half▲ 46.9%
Total assets€166,488within the sector's middle half▼ 12.3%€214,184within the sector's middle half▲ 28.6%€246,817within the sector's middle half▲ 15.2%€374,943within the sector's middle half▲ 51.9%€458,031within the sector's middle half▲ 22.2%
Debt€133,621▼ 28.5%€141,681▲ 6.0%€120,468▼ 15.0%€179,987▲ 49.4%€171,635▼ 4.6%
Working capital€23,274within the sector's middle half€63,485within the sector's middle half▲ 173%€106,595within the sector's middle half▲ 67.9%€123,601within the sector's middle half▲ 16.0%€208,173within the sector's middle half▲ 68.4%
Solvency19.7%within the sector's middle half▲ 18.2pp33.9%within the sector's middle half▲ 14.1pp51.2%within the sector's middle half▲ 17.3pp52.0%within the sector's middle half▲ 0.8pp62.5%within the sector's middle half▲ 10.5pp
Current ratio1.26within the sector's middle half▲ 0.421.54within the sector's middle half▲ 0.281.94within the sector's middle half▲ 0.402.02within the sector's middle half▲ 0.072.60within the sector's middle half▲ 0.58
Return on assets (ROA)18.0%above the sector's middle half▲ 38.4pp18.5%above the sector's middle half▲ 0.5pp21.8%above the sector's middle half▲ 3.3pp18.3%above the sector's middle half▼ 3.5pp20.0%above the sector's middle half▲ 1.7pp
Staff (FTE)12.1within the sector's middle half▼ 4.7%11.4within the sector's middle half▼ 5.8%10within the sector's middle half▼ 12.3%9.2within the sector's middle half▼ 8.0%9.3within the sector's middle half▲ 1.1%
above
within
below
the middle half (P25 to P75) of NACE 96, Personal service activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2025 is 38% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €458,031
Fixed assets
€119,914 ▼ 7.7%
Current assets
€338,117 ▲ 38.0%
Equity and liabilities €458,031
Equity
€286,396 ▲ 46.9%
Debt
€171,635 ▼ 4.6%
Debt's share of the balance-sheet total falls from 48.0% to 37.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€168,899▲
2024 · €127,937
Cash flow
€129,886▲
2024 · €102,019
Quick ratio
2.57▲
2024 · 1.97
Debt to equity
0.60▼
2024 · 0.92
ROE
31.9%▼
2024 · 35.2%
Interest coverage
22.83▲
2024 · 12.66
Debt ≤ 1 year
€129,944▲
2024 · €121,468
Debt > 1 year
€41,691▼
2024 · €58,519
Income taxes
€33,636▲
2024 · €16,610
Staff costs
€374,364▲
2024 · €341,271
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 31,371 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 93% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.5%
went bankrupt
5.9%
stopped otherwise
93%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,341 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 31,371 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €221,911 | €314,234 | €344,025 | €341,271 | €374,364 | ▲ 9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €31,573 | €32,131 | €27,490 | €33,412 | €38,447 | ▲ 15.1% |
| Other operating charges640/8 | €13,086 | €16,566 | €17,077 | €19,985 | €15,148 | ▼ 24.2% |
| Non-recurring operating charges66A | €112 | - | - | - | - | - |
| Gross operating margin9900 | €301,830 | €412,486 | €463,094 | €489,194 | €558,411 | ▲ 14.1% |
| Operating profit (loss)9901 | €35,148 | €49,556 | €74,503 | €94,525 | €130,452 | ▲ 38.0% |
| Financial income75/76B | €2,279 | €1,520 | €939 | €800 | €2,022 | ▲ 153% |
| Recurring financial income75 | €2,279 | €1,520 | €939 | €800 | €2,022 | ▲ 153% |
| Financial charges65/66B | €7,394 | €7,536 | €6,426 | €10,107 | €7,399 | ▼ 26.8% |
| Recurring financial charges65 | €7,394 | €7,536 | €6,426 | €10,107 | €7,399 | ▼ 26.8% |
| Profit (loss) for the period before taxes9903 | €30,034 | €43,540 | €69,015 | €85,218 | €125,075 | ▲ 46.8% |
| Income taxes67/77 | €130 | €3,903 | €15,170 | €16,610 | €33,636 | ▲ 102% |
| Profit (loss) for the period9904 | €29,904 | €39,637 | €53,845 | €68,607 | €91,439 | ▲ 33.3% |
| Profit (loss) for the period to be appropriated9905 | €29,904 | €39,637 | €53,845 | €68,607 | €91,439 | ▲ 33.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €166,488 | €214,184 | €246,817 | €374,943 | €458,031 | ▲ 22.2% |
| Fixed assets21/28 | €53,407 | €33,828 | €27,156 | €129,874 | €119,914 | ▼ 7.7% |
| Intangible fixed assets21 | €6,708 | - | - | - | - | - |
| Tangible fixed assets22/27 | €46,422 | €33,551 | €26,879 | €129,597 | €119,637 | ▼ 7.7% |
| Plant, machinery and equipment23 | €40,532 | €21,327 | €18,989 | €118,654 | €105,460 | ▼ 11.1% |
| Furniture and vehicles24 | €3,902 | €2,769 | - | €4,620 | €8,757 | ▲ 89.5% |
| Other tangible fixed assets26 | €1,988 | €9,455 | €7,889 | €6,323 | €5,420 | ▼ 14.3% |
| Financial fixed assets28 | €277 | €277 | €277 | €277 | €277 | = |
| Current assets29/58 | €113,081 | €180,356 | €219,662 | €245,070 | €338,117 | ▲ 38.0% |
| Stocks and contracts in progress3 | €17,138 | €13,523 | €9,123 | €5,773 | €4,671 | ▼ 19.1% |
| Stocks30/36 | €17,138 | €13,523 | €9,123 | €5,773 | €4,671 | ▼ 19.1% |
| Amounts receivable within one year40/41 | €86,124 | €101,433 | €96,889 | €92,022 | €113,977 | ▲ 23.9% |
| Trade receivables40 | €86,124 | €101,433 | €96,889 | €80,907 | €102,862 | ▲ 27.1% |
| Other amounts receivable41 | - | - | - | €11,115 | €11,115 | = |
| Current investments50/53 | - | - | - | - | €104,000 | - |
| Cash at bank and in hand54/58 | €8,313 | €52,640 | €106,754 | €139,406 | €108,570 | ▼ 22.1% |
| Deferred charges and accrued income490/1 | €1,507 | €12,761 | €6,896 | €7,869 | €6,899 | ▼ 12.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €166,488 | €214,184 | €246,817 | €374,943 | €458,031 | ▲ 22.2% |
| Equity10/15 | €32,867 | €72,504 | €126,349 | €194,957 | €286,396 | ▲ 46.9% |
| Contributions10/11 | €153,592 | €153,592 | €153,592 | €153,592 | €153,592 | = |
| Capital10 | €153,592 | €153,592 | €153,592 | €153,592 | €153,592 | = |
| Issued capital100 | €153,592 | €153,592 | €153,592 | €153,592 | €153,592 | = |
| Reserves13 | €4,115 | €4,115 | €4,115 | €41,365 | €132,804 | ▲ 221% |
| Non-distributable reserves130/1 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Legal reserve130 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Tax-exempt reserves132 | €2,256 | €2,256 | €2,256 | €2,256 | €2,256 | = |
| Distributable reserves133 | - | - | - | €37,250 | €128,689 | ▲ 245% |
| Profit (loss) carried forward14 | -€124,840 | -€85,203 | -€31,358 | - | - | - |
| Amounts payable17/49 | €133,621 | €141,681 | €120,468 | €179,987 | €171,635 | ▼ 4.6% |
| Amounts payable after more than one year17 | €43,814 | €24,809 | €6,340 | €58,519 | €41,691 | ▼ 28.8% |
| Financial debts170/4 | €43,814 | €24,809 | €6,340 | €58,519 | €41,691 | ▼ 28.8% |
| Amounts payable within one year42/48 | €89,807 | €116,872 | €113,066 | €121,468 | €129,944 | ▲ 7.0% |
| Current portion of amounts payable after more than one year42 | €29,121 | €42,267 | €24,985 | €30,007 | €16,828 | ▼ 43.9% |
| Trade debts44 | €35,282 | €26,395 | €24,215 | €25,677 | €30,884 | ▲ 20.3% |
| Suppliers440/4 | €35,282 | €26,395 | €24,215 | €25,677 | €30,884 | ▲ 20.3% |
| Taxes, remuneration and social security45 | €16,873 | €45,951 | €57,411 | €54,134 | €61,916 | ▲ 14.4% |
| Taxes450/3 | €10,345 | €12,502 | €15,619 | €12,474 | €16,622 | ▲ 33.3% |
| Remuneration and social security454/9 | €6,528 | €33,449 | €41,792 | €41,660 | €45,294 | ▲ 8.7% |
| Other amounts payable47/48 | €8,531 | €2,259 | €6,455 | €11,650 | €20,316 | ▲ 74.4% |
| Accrued charges and deferred income492/3 | - | - | €1,061 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,904 | €39,637 | €53,845 | €68,607 | €91,439 | ▲ 33.3% |
| + Depreciation and write-downs630 | €31,573 | €32,131 | €27,490 | €33,412 | €38,447 | ▲ 15.1% |
| Operating cash flow (approximation) | €61,478 | €71,768 | €81,335 | €102,019 | €129,886 | ▲ 27.3% |
| Investment in fixed assets (approximation) | - | -€12,553 | -€20,817 | -€136,130 | -€28,487 | ▲ 79.1% |
| Change in cash | - | €44,327 | €54,115 | €32,652 | -€30,836 | ▼ 194% |
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
04-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Highest result since 2018net €91,439 ▲33.3%
Operating result €130,452, net result €91,439, both a record.
31-12
Financial
Equity above €200,000Eq €286,396 ▲46.9%
5 profitable years in a row build equity to €286,396.
23-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Equity above €150,000Eq €194,957 ▲54.3%
4 profitable years in a row build equity to €194,957.
27-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Equity above €100,000Eq €126,349 ▲74.3%
3 profitable years in a row build equity to €126,349.
19-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
23-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 23 days late
2021
31-12
Financial
Back to profitnet €29,904
Net result €29,904 after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 31 days late
2020
31-12
Financial
Weakest financial yearnet -€38,839
Net result drops to -€38,839, the lowest in the series; recovery starts the following year.
Show earlier events
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 31 days late
2019
23-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
27-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 27 days late
2017
11-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 9 acts read
About the unread acts
We know of 9 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
No directors read yet: 0 of 9 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Brugge · 2 establishment units since 1980
Ground area
2,412 m²
Building footprint
1,017 m²
Volume, LiDAR
6,123 m³
2 parcels, Flanders · tallest building 12.6 m, ±3 floors. Linked by address, not a title deed.
2 establishment units
MADSEN
since 19802.018.516.352
MADSEN
since 20012.165.767.597
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31808K0387/00L000 | Flanders | 2,123 m² | 1 · 729 m² | 6.0 m · 2 fl. |
| 31333H0615/00L003 | Flanders | 289 m² | 1 · 289 m² | 12.6 m · 3 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.
Recognitions · licences · registrations
Legal Entity Identifier
98450025L4B96EBYD454
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Company details
Identification
Legal formPublic limited company
Founded26-12-1979
Fiscal year end31-12
Activities, NACEBEL 2025
96101Personal service activities
Contact
E-invoicing
Reachable via Peppol
Peppol ID
0208:0420012077
Also
9925:BE0420012077
Registered
09-09-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.