MADZ
ActiveSummary
MADZ has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €112,537 and a net result of €106,232. Equity is growing by ~27.2% per year across the filed fiscal years. Its solvency ranks better than 12% of 7930 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability80▲+23
Solvency35▲+9
Growth78=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €7,000 at 30 days acceptable
Liquidity short (current ratio 0.91 against 0.6 in 2024; short-term debt: 16.5% and cash: 1.6% of total assets), and 90.1% 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
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 · 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
9.9%
Return on assets
9.3%
Age of the figures
12 mo
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
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 12% of 7930 sector peers (2025).
NBB · sector comparisonPosition among 7930 sector peers
Solvency
better than 12%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 03-04-2026, 27 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
27 d early
2024
20 d late
2023
13 d late
2022
68 d early
2021
16 d late
2020
5 d late
2019
22 d early
← 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 9 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 14 May (4 of the last 5 filed years within 41 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€112,537▲ 1,685%
2024 · €6,304
Total assets
€1.1m▲ 8.4%
2024 · €1.1m
Net result
€106,232▲ 447%
2024 · €19,412
Working capital
-€17,694▲ 70.9%
2024 · -€60,760
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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
Line20212022202320242025
Operating result€29,842▲ 18.2%€30,429▲ 2.0%€42,695▲ 40.3%€54,342▲ 27.3%€183,060▲ 237%
Net result€10,506within the sector's middle half▲ 125%€12,318within the sector's middle half▲ 17.2%€25,107within the sector's middle half▲ 104%€19,412within the sector's middle half▼ 22.7%€106,232above the sector's middle half▲ 447%
Equity-€50,532below the sector's middle half▲ 17.2%-€38,214below the sector's middle half▲ 24.4%-€13,107below the sector's middle half▲ 65.7%€6,304below the sector's middle half€112,537within the sector's middle half▲ 1,685%
Total assets€451,611within the sector's middle half▼ 5.4%€429,499below the sector's middle half▼ 4.9%€435,031below the sector's middle half▲ 1.3%€1.1mwithin the sector's middle half▲ 142%€1.1mwithin the sector's middle half▲ 8.4%
Debt€502,143▼ 6.7%€467,713▼ 6.9%€448,138▼ 4.2%€1.0m▲ 134%€1.0m▼ 1.7%
Working capital-€56,847below the sector's middle half▲ 5.6%-€56,337below the sector's middle half▲ 0.9%-€44,266below the sector's middle half▲ 21.4%-€60,760below the sector's middle half▼ 37.3%-€17,694below the sector's middle half▲ 70.9%
Solvency-11.2%below the sector's middle half▲ 1.6pp-8.9%below the sector's middle half▲ 2.3pp-3.0%below the sector's middle half▲ 5.9pp0.6%below the sector's middle half▲ 3.6pp9.9%below the sector's middle half▲ 9.3pp
Current ratio0.00below the sector's middle half▼ 0.010.00below the sector's middle half=0.37below the sector's middle half▲ 0.370.60below the sector's middle half▲ 0.220.91below the sector's middle half▲ 0.31
Return on assets (ROA)2.3%within the sector's middle half▲ 1.3pp2.9%within the sector's middle half▲ 0.5pp5.8%within the sector's middle half▲ 2.9pp1.8%within the sector's middle half▼ 3.9pp9.3%within the sector's middle half▲ 7.5pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2025 is 237% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.1m
Fixed assets
€971,121 ▲ 0.8%
Current assets
€171,066 ▲ 90.4%
Equity and liabilities €1.1m
Equity
€112,537 ▲ 1,685%
Debt
€1.0m ▼ 1.7%
Debt's share of the balance-sheet total falls from 99.4% to 90.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€236,631▲
2024 · €149,403
Cash flow
€159,803▲
2024 · €114,472
Debt to equity
9.15
ROE
94.4%▼
2024 · 307.9%
Interest coverage
6.01▲
2024 · 4.28
Debt ≤ 1 year
€188,760▲
2024 · €150,588
Debt > 1 year
€838,543▼
2024 · €896,589
Income taxes
€40,220▲
2024 · €46
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 535 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 96% are still going.
- Small
- 10 to 20 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
0.7%
went bankrupt
3.2%
stopped otherwise
96%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.8% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 535 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,292 | €21,908 | €20,780 | €95,061 | €53,571 | ▼ 43.6% |
| Other operating charges640/8 | €3,367 | €3,976 | €540 | €10,763 | €6,324 | ▼ 41.2% |
| Gross operating margin9900 | €58,502 | €56,312 | €64,015 | €160,165 | €242,955 | ▲ 51.7% |
| Operating profit (loss)9901 | €29,842 | €30,429 | €42,695 | €54,342 | €183,060 | ▲ 237% |
| Financial income75/76B | - | - | - | €0 | €2,736 | ▲ 27,360,800% |
| Recurring financial income75 | - | - | - | €0 | €2,736 | ▲ 27,360,800% |
| Financial charges65/66B | €19,336 | €18,111 | €17,588 | €34,885 | €39,344 | ▲ 12.8% |
| Recurring financial charges65 | €19,336 | €18,111 | €17,588 | €34,885 | €39,344 | ▲ 12.8% |
| Profit (loss) for the period before taxes9903 | €10,506 | €12,318 | €25,107 | €19,457 | €146,452 | ▲ 653% |
| Income taxes67/77 | - | - | - | €46 | €40,220 | ▲ 88,083% |
| Profit (loss) for the period9904 | €10,506 | €12,318 | €25,107 | €19,412 | €106,232 | ▲ 447% |
| Profit (loss) for the period to be appropriated9905 | €10,506 | €12,318 | €25,107 | €19,412 | €106,232 | ▲ 447% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €451,611 | €429,499 | €435,031 | €1.1m | €1.1m | ▲ 8.4% |
| Fixed assets21/28 | €451,403 | €429,495 | €408,715 | €963,654 | €971,121 | ▲ 0.8% |
| Tangible fixed assets22/27 | €451,403 | €429,495 | €408,715 | €963,654 | €971,121 | ▲ 0.8% |
| Land and buildings22 | €451,403 | €429,495 | €408,715 | €963,654 | €971,121 | ▲ 0.8% |
| Current assets29/58 | €208 | €4 | €26,316 | €89,827 | €171,066 | ▲ 90.4% |
| Amounts receivable within one year40/41 | €208 | - | €22,510 | €82,930 | €152,620 | ▲ 84.0% |
| Trade receivables40 | - | - | €22,500 | €60,328 | €83,141 | ▲ 37.8% |
| Other amounts receivable41 | €208 | - | €10 | €22,602 | €69,480 | ▲ 207% |
| Cash at bank and in hand54/58 | - | €4 | €110 | €1,434 | €18,446 | ▲ 1,186% |
| Deferred charges and accrued income490/1 | - | - | €3,696 | €5,463 | €0 | ▼ 100% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €451,611 | €429,499 | €435,031 | €1.1m | €1.1m | ▲ 8.4% |
| Equity10/15 | -€50,532 | -€38,214 | -€13,107 | €6,304 | €112,537 | ▲ 1,685% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Outside capital11 | €10,000 | €10,000 | - | - | - | - |
| Other1109/19 | €10,000 | €10,000 | - | - | - | - |
| Reserves13 | - | - | - | - | €102,537 | - |
| Distributable reserves133 | - | - | - | - | €102,537 | - |
| Profit (loss) carried forward14 | -€60,532 | -€48,214 | -€23,107 | -€3,696 | €0 | ▲ 100% |
| Amounts payable17/49 | €502,143 | €467,713 | €448,138 | €1.0m | €1.0m | ▼ 1.7% |
| Amounts payable after more than one year17 | €445,088 | €411,372 | €377,556 | €896,589 | €838,543 | ▼ 6.5% |
| Financial debts170/4 | €445,088 | €411,372 | €377,556 | €896,589 | €838,543 | ▼ 6.5% |
| Amounts payable within one year42/48 | €57,055 | €56,342 | €70,582 | €150,588 | €188,760 | ▲ 25.3% |
| Current portion of amounts payable after more than one year42 | €32,434 | €33,716 | €34,005 | €63,777 | €77,156 | ▲ 21.0% |
| Trade debts44 | - | €3,372 | €0 | €50,811 | €61,569 | ▲ 21.2% |
| Suppliers440/4 | - | €3,372 | €0 | €50,811 | €61,569 | ▲ 21.2% |
| Taxes, remuneration and social security45 | - | - | - | €7,265 | €50,035 | ▲ 589% |
| Taxes450/3 | - | - | - | €1,265 | €43,988 | ▲ 3,379% |
| Remuneration and social security454/9 | - | - | - | €6,000 | €6,047 | ▲ 0.8% |
| Other amounts payable47/48 | €24,621 | €19,253 | €36,576 | €28,734 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | - | €2,348 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,506 | €12,318 | €25,107 | €19,412 | €106,232 | ▲ 447% |
| + Depreciation and write-downs630 | €25,292 | €21,908 | €20,780 | €95,061 | €53,571 | ▼ 43.6% |
| Operating cash flow (approximation) | €35,798 | €34,226 | €45,887 | €114,472 | €159,803 | ▲ 39.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€650,000 | -€61,038 | ▲ 90.6% |
| Change in cash | - | - | €106 | €1,324 | €17,012 | ▲ 1,185% |
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
03-04
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
30-09
Financial
Highest result since 2018net €106,232 ▲447%
Operating result €183,060, net result €106,232, both a record.
30-09
Financial
Equity above €100,000Eq €112,537 ▲1,685%
6 profitable years in a row build equity to €112,537.
20-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 20 days late
2024
13-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 13 days late
2023
21-02
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
16-05
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 16 days late
2021
05-05
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 5 days late
2020
30-09
Financial
Back to profitnet €4,672
Net result €4,672 after one loss-making year.
08-04
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
30-09
Financial
Weakest financial yearnet -€3,068
Net result drops to -€3,068, the lowest in the series; recovery starts the following year.
03-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 3 days late
2018
05-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 36 days late
2017
31-03
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 5 acts read
About the unread acts
We know of 5 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
5 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, Wevelgem · 1 establishment unit since 2012
Ground area
2,959 m²
Building footprint
2,734 m²
Volume, LiDAR
13,892 m³
Parcel 34029B1367/00A002, Flanders · tallest building 8.1 m, ±2 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
MADZ
since 20122.206.556.196
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34029B1367/00A002 | Flanders | 2,959 m² | 1 · 2,733 m² | 8.1 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 20,026 companies in sector 43320 we hold annual accounts for 9,139. 7,719 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
Founded16-01-2012
Fiscal year end30-09
Activities, NACEBEL 2025
43320Joinery installation
16110Sawmilling and planing of wood
16210Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials
16230Manufacture of other builders' carpentry and joinery
31004Manufacture of dining room, living room, bedroom and bathroom furniture
43332Laying of wooden floor and wall coverings
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
E-invoicing
Reachable via Peppol
Peppol ID
0208:0843328589
Also
9925:BE0843328589
Registered
03-07-2024
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.