MADUF
ActiveSummary
MADUF has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €577,139 and a net result of €645,130. Equity is growing by ~80.6% per year across the filed fiscal years. Its solvency ranks better than 21% of 270 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability78▲+1
Solvency32▲+2
Growth78=
Track record94
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35,000 at 30 days acceptable
Liquidity tight (current ratio 1.29 against 1.27 in 2024; short-term debt: 15.5% and cash: 6.6% of total assets), and 93.2% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 35
Relative position
BE, all sectors
reference
Electricity, gas, steam and air conditioning supply (NACE 35)
about 42% 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
6.8%
Return on assets
7.6%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 21% of 270 sector peers (2025).
NBB · sector comparisonPosition among 270 sector peers
Solvency
better than 21%
← weakest
strongest →
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 26-05-2026, 66 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
66 d early
2024
42 d early
2023
75 d early
2022
49 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 4 accounts on average 58 days before the deadline; the sector median for financial year 2024 is 22 days before the deadline, and 27% 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 June (4 of the last 4 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 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
€645,130▲ 12.2%
2024 · €574,775
Working capital
€386,369▲ 52.7%
2024 · €253,000
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 35, Electricity, gas, steam and air conditioning supply, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line2022202320242025
Operating result-€246,567-€389,079€652,539▲ 67.7%€756,799▲ 16.0%
Net result-€331,833below the sector's middle half-€289,067within the sector's middle half€574,775within the sector's middle half▲ 98.8%€645,130within the sector's middle half▲ 12.2%
Equity-€281,833below the sector's middle half-€7,234below the sector's middle half€432,009within the sector's middle half▲ 5,872%€577,139within the sector's middle half▲ 33.6%
Total assets€8.0mwithin the sector's middle half-€9.3mwithin the sector's middle half▲ 16.1%€8.7mwithin the sector's middle half▼ 6.6%€8.5mwithin the sector's middle half▼ 1.8%
Debt€8.3m-€9.3m▲ 12.1%€8.2m▼ 11.3%€7.9m▼ 3.9%
Working capital-€455,461within the sector's middle half--€280,324within the sector's middle half▲ 38.5%€253,000within the sector's middle half€386,369within the sector's middle half▲ 52.7%
Solvency-3.5%below the sector's middle half-0.1%below the sector's middle half▲ 3.6pp5.0%below the sector's middle half▲ 4.9pp6.8%below the sector's middle half▲ 1.8pp
Current ratio0.63below the sector's middle half-0.80within the sector's middle half▲ 0.171.27within the sector's middle half▲ 0.471.29within the sector's middle half▲ 0.02
Return on assets (ROA)-4.1%below the sector's middle half-3.1%within the sector's middle half▲ 7.3pp6.6%above the sector's middle half▲ 3.5pp7.6%above the sector's middle half▲ 1.0pp
above
within
below
the middle half (P25 to P75) of NACE 35, Electricity, gas, steam and air conditioning supply, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has risen three years in a row; 2025 is 16% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.5m
Fixed assets
€6.8m ▼ 9.1%
Current assets
€1.7m ▲ 43.6%
Equity and liabilities €8.5m
Equity
€577,139 ▲ 33.6%
Provisions
€30,000 ▲ 80.0%
Debt
€7.9m ▼ 3.9%
Debt's share of the balance-sheet total falls from 94.8% to 92.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.4m▲
2024 · €1.3m
Cash flow
€1.3m▲
2024 · €1.3m
Debt to equity
13.71▼
2024 · 19.05
ROE
111.8%▼
2024 · 133.0%
Interest coverage
12.37▼
2024 · 15.15
Debt ≤ 1 year
€1.3m▲
2024 · €937,518
Debt > 1 year
€6.6m▼
2024 · €7.2m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 166 companies that looked in July 2024 the way this one looks now, 1.2% went bankrupt within 24 months and 97% are still going.
- Medium-sized
- solvency under 10%
- a profit of 5% of the balance sheet or more
- without age
1.2%
went bankrupt
1.8%
stopped otherwise
97%
still going
For this company itself Checked computes a bankruptcy probability of 0.7% 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 497,338 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% | 1.9% |
| 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 166 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 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €179,191 | €291,583 | €691,969 | €692,002 | = |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | €3,333 | €13,333 | €13,333 | = |
| Other operating charges640/8 | €27,756 | €240 | €30,032 | €30,451 | ▲ 1.4% |
| Gross operating margin9900 | -€39,619 | €684,235 | €1.4m | €1.5m | ▲ 7.5% |
| Operating profit (loss)9901 | -€246,567 | €389,079 | €652,539 | €756,799 | ▲ 16.0% |
| Financial income75/76B | - | €2,604 | €10,958 | €5,497 | ▼ 49.8% |
| Recurring financial income75 | - | €2,604 | €10,958 | €5,497 | ▼ 49.8% |
| Financial charges65/66B | €85,266 | €101,846 | €88,721 | €117,165 | ▲ 32.1% |
| Recurring financial charges65 | €85,266 | €101,846 | €88,721 | €117,165 | ▲ 32.1% |
| Profit (loss) for the period before taxes9903 | -€331,833 | €289,837 | €574,775 | €645,130 | ▲ 12.2% |
| Income taxes67/77 | - | €770 | - | - | - |
| Profit (loss) for the period9904 | -€331,833 | €289,067 | €574,775 | €645,130 | ▲ 12.2% |
| Profit (loss) for the period to be appropriated9905 | -€331,833 | €289,067 | €574,775 | €645,130 | ▲ 12.2% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €8.0m | €9.3m | €8.7m | €8.5m | ▼ 1.8% |
| Fixed assets21/28 | €7.2m | €8.2m | €7.5m | €6.8m | ▼ 9.1% |
| Intangible fixed assets21 | €684,809 | €512,009 | €339,209 | €166,409 | ▼ 50.9% |
| Tangible fixed assets22/27 | €6.5m | €7.7m | €7.1m | €6.6m | ▼ 7.1% |
| Plant, machinery and equipment23 | €6.5m | €7.7m | €7.1m | €6.6m | ▼ 7.1% |
| Current assets29/58 | €772,492 | €1.1m | €1.2m | €1.7m | ▲ 43.6% |
| Amounts receivable within one year40/41 | €58,089 | €583,180 | €551,457 | €823,554 | ▲ 49.3% |
| Trade receivables40 | - | €578,899 | €548,169 | €818,851 | ▲ 49.4% |
| Other amounts receivable41 | €58,089 | €4,280 | €3,287 | €4,703 | ▲ 43.1% |
| Current investments50/53 | €313,000 | €314,834 | €322,504 | €326,584 | ▲ 1.3% |
| Cash at bank and in hand54/58 | €401,403 | €212,252 | €306,708 | €558,496 | ▲ 82.1% |
| Deferred charges and accrued income490/1 | - | €1,154 | €9,850 | €803 | ▼ 91.9% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €8.0m | €9.3m | €8.7m | €8.5m | ▼ 1.8% |
| Equity10/15 | -€281,833 | €7,234 | €432,009 | €577,139 | ▲ 33.6% |
| Contributions10/11 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Profit (loss) carried forward14 | -€331,833 | -€42,766 | €382,009 | €527,139 | ▲ 38.0% |
| Provisions and deferred taxes16 | - | €3,333 | €16,667 | €30,000 | ▲ 80.0% |
| Provisions for liabilities and charges160/5 | - | €3,333 | €16,667 | €30,000 | ▲ 80.0% |
| Major repairs and maintenance162 | - | €3,333 | €16,667 | €30,000 | ▲ 80.0% |
| Amounts payable17/49 | €8.3m | €9.3m | €8.2m | €7.9m | ▼ 3.9% |
| Amounts payable after more than one year17 | €7.0m | €7.8m | €7.2m | €6.6m | ▼ 8.6% |
| Financial debts170/4 | €7.0m | €7.8m | €7.2m | €6.6m | ▼ 8.6% |
| Amounts payable within one year42/48 | €1.2m | €1.4m | €937,518 | €1.3m | ▲ 41.1% |
| Current portion of amounts payable after more than one year42 | €479,286 | €618,571 | €680,000 | €618,571 | ▼ 9.0% |
| Trade debts44 | €738,668 | €623,172 | €91,613 | €149,157 | ▲ 62.8% |
| Suppliers440/4 | €738,668 | €623,172 | €91,613 | €149,157 | ▲ 62.8% |
| Taxes, remuneration and social security45 | - | - | €15,904 | €55,340 | ▲ 248% |
| Taxes450/3 | - | - | €15,904 | €55,340 | ▲ 248% |
| Other amounts payable47/48 | €10,000 | €150,000 | €150,000 | €500,000 | ▲ 233% |
| Accrued charges and deferred income492/3 | €41,563 | €80,370 | €102,188 | €16,586 | ▼ 83.8% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€331,833 | €289,067 | €574,775 | €645,130 | ▲ 12.2% |
| + Depreciation and write-downs630 | €179,191 | €291,583 | €691,969 | €692,002 | = |
| Operating cash flow (approximation) | -€152,642 | €580,650 | €1.3m | €1.3m | ▲ 5.6% |
| Investment in fixed assets (approximation) | - | -€1.2m | €0 | -€12,924 | - |
| Change in cash | - | -€189,152 | €94,456 | €251,789 | ▲ 167% |
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
09-07
State Gazette act
Reappointment: Jean-Louis Prignon (company auditor)2 facts ▸
State Gazette act
Reappointment: Jean-Louis Prignon (company auditor)
2 facts ▸
- General meeting, 04-05-2026
- Auditor reappointment, Jean-Louis Prignon (company auditor)
26-05
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Highest result since 2022net €645,130 ▲12.2%
Operating result €756,799, net result €645,130, both a record.
31-12
Financial
Equity above €500,000Eq €577,139 ▲33.6%
3 profitable years in a row build equity to €577,139.
19-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Equity above €200,000Eq €432,009 ▲5,872%
2 profitable years in a row build equity to €432,009.
17-05
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Back to profitnet €289,067
Net result €289,067 after one loss-making year.
12-06
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 5 acts read
About the unread acts
Of the 5 Belgian State Gazette acts we know for this company, 1 has been read. The other 4 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
Statutory auditor 1
Jean-Louis Prignon
CurrentCompany auditor · since 09-07-2026
Derived from published Gazette acts. The CBE keeps the official list of function holders; we do not read it, so the two can differ.
See the function holders in the CBE →
Location & real-estate footprint
Registered office, Tournai · 1 establishment unit since 2021
Ground area
134 m²
Building footprint
140 m²
Volume, LiDAR
1,777 m³
Parcel 57081G0109/00N002, Wallonia · tallest building 14.8 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
MADUF
since 20212.323.740.314
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 57081G0109/00N002 | Wallonia | 134 m² | 1 · 140 m² | 14.8 m · 4 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.
Mandate history
1 person since 2026, 1 in office
- Statutory auditor
| Name | Functions and periods |
|---|---|
| Jean-Louis Prignon |
|
Structure & network
Owners and holdings
2 ownersOwners 2
- Sourceaccounts COSELOG 202550%
- Sourceaccounts VENTIS 202550%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 563 companies in sector 35150 we hold annual accounts for 230. 127 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
Founded05-10-2021
Fiscal year end31-12
Activities, NACEBEL 2025
35150Electricity, gas, steam and air conditioning supply
35110Production of electricity from non-renewable sources
35130Electricity, gas, steam and air conditioning supply
70200Business and other management consultancy
82990Other business support services
Contact
E-mail
info@ventis.eu
E-invoicing
Reachable via Peppol
Peppol ID
0208:0775335351
Registered
28-11-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.