MAUDE
ActiveFrom the official registers: KBO 17 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
The computed 12-month bankruptcy probability of MAUDE is 2.6% (moderate). The 2025 annual accounts show negative equity (-€376,959) and a net result of -€79,456. Equity has been stable since 2019 (±1.5% per year). Its solvency ranks better than 9% of 5,036 sector peers (NACE 47, financial year 2025). The company has been active since 2008 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, full format
2025 annual accounts filed 25 days after the deadline Filed on 25 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00119741.
Annual accounts 2025
- Financial year ended
- 30-09-2025
- Filed on
- 25-05-2026
- Format
- full format
- Reference
- 2026-00119741
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result for 2025 is a loss of €73,321, after a profit of €9,155 in 2024. It is the lowest result since 2021.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).
Companies with the same profile, two years later
Historical observationIn July 2024, 1,216 companies had the same profile as MAUDE has now. Two years later, 1.1% had gone bankrupt and 95.7% were still going.
- Small
- 10 to 20 years old
- negative equity
- a small loss
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MAUDE itself is higher: 2.6% within 12 months. It rests on far more data about MAUDE than the profile alone.
Test of the method
The method was tested on the 497,445 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,216 companies, not a prediction for MAUDE. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €559,239 | €634,018 | €591,922 | €610,461 | ▲ 3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,534 | €15,432 | €16,319 | €16,451 | €14,826 | €17,931 | €18,392 | ▲ 2.6% |
| Other operating charges640/8 | - | - | - | €26,406 | €38,497 | €20,827 | €24,700 | ▲ 18.6% |
| Gross operating margin9900 | €494,160 | €491,001 | €487,886 | €644,382 | €672,490 | €639,835 | €580,232 | ▼ 9.3% |
| Operating profit (loss)9901 | -€120,334 | -€46,684 | €29,760 | €42,285 | -€14,852 | €9,155 | -€73,321 | - |
| Financial income75/76B | - | - | - | €1,165 | €124 | €150 | €29 | ▼ 80.5% |
| Recurring financial income75 | €106 | €434 | €408 | €1,165 | €124 | €150 | €29 | ▼ 80.5% |
| Financial charges65/66B | - | - | - | €8,568 | €7,006 | €6,480 | €6,165 | ▼ 4.9% |
| Recurring financial charges65 | €13,210 | €8,474 | €6,523 | €8,568 | €7,006 | €6,480 | €6,165 | ▼ 4.9% |
| Profit (loss) for the period before taxes9903 | -€133,438 | -€54,724 | €23,644 | €34,883 | -€21,734 | €2,826 | -€79,456 | - |
| Profit (loss) for the period9904 | -€133,438 | -€54,724 | €23,644 | €34,883 | -€21,734 | €2,826 | -€79,456 | - |
| Profit (loss) for the period to be appropriated9905 | -€133,438 | -€54,724 | €23,644 | €34,883 | -€21,734 | €2,826 | -€79,456 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.6m | €2.4m | €2.3m | €2.4m | €2.8m | €2.7m | €2.9m | ▲ 7.9% |
| Fixed assets21/28 | €0.05m | €0.04m | €0.04m | €0.05m | €0.06m | €0.06m | €0.05m | ▼ 11.8% |
| Tangible fixed assets22/27 | €0.05m | €0.04m | €0.04m | €0.05m | €0.05m | €0.05m | €0.05m | ▼ 11.9% |
| Plant, machinery and equipment23 | - | - | - | €0.02m | €0.03m | €0.03m | €0.02m | ▼ 26.5% |
| Other tangible fixed assets26 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | ▲ 1.7% |
| Financial fixed assets28 | €365 | €365 | €365 | €365 | €365 | €365 | €365 | = |
| Current assets29/58 | €2.6m | €2.4m | €2.3m | €2.4m | €2.7m | €2.6m | €2.8m | ▲ 8.3% |
| Stocks and contracts in progress3 | €2.5m | €2.0m | €2.1m | €2.2m | €2.6m | €2.5m | €2.7m | ▲ 6.3% |
| Stocks30/36 | - | - | - | €2.2m | €2.6m | €2.5m | €2.7m | ▲ 6.3% |
| Amounts receivable within one year40/41 | €0.04m | €0.2m | €0.05m | €0.1m | €0.03m | €0.002m | €0.03m | ▲ 13× |
| Trade receivables40 | - | - | - | €0.06m | €0.009m | €0 | €0.004m | - |
| Other amounts receivable41 | - | - | - | €0.05m | €0.02m | €0.002m | €0.03m | ▲ 12× |
| Cash at bank and in hand54/58 | €0.08m | €0.09m | €0.07m | €0.06m | €0.1m | €0.03m | €0.02m | ▼ 5.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.009m | €0.008m | €0.04m | €0.07m | ▲ 73.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.6m | €2.4m | €2.3m | €2.4m | €2.8m | €2.7m | €2.9m | ▲ 7.9% |
| Equity10/15 | -€0.3m | -€0.3m | -€0.3m | -€0.3m | -€0.3m | -€0.3m | -€0.4m | ▼ 26.7% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Non-distributable reserves130/1 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Reserves not available under the articles1311 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Profit (loss) carried forward14 | -€0.3m | -€0.4m | -€0.3m | -€0.3m | -€0.3m | -€0.3m | -€0.4m | ▼ 24.8% |
| Amounts payable17/49 | €2.9m | €2.7m | €2.6m | €2.7m | €3.1m | €3.0m | €3.3m | ▲ 9.8% |
| Amounts payable within one year42/48 | €2.9m | €2.7m | €2.6m | €2.7m | €3.1m | €2.9m | €3.3m | ▲ 10.6% |
| Trade debts44 | €2.8m | €2.6m | €2.5m | €2.6m | €3.0m | €2.9m | €3.1m | ▲ 6.6% |
| Suppliers440/4 | - | - | - | €2.6m | €3.0m | €2.9m | €3.1m | ▲ 6.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.09m | €0.09m | €0.07m | €0.08m | ▲ 18.4% |
| Remuneration and social security454/9 | - | - | - | €0.09m | €0.09m | €0.07m | €0.08m | ▲ 18.4% |
| Other amounts payable47/48 | - | - | - | - | - | - | €0.1m | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.02m | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€133,438 | -€54,724 | €23,644 | €34,883 | -€21,734 | €2,826 | -€79,456 | - |
| + Depreciation and write-downs630 | €14,534 | €15,432 | €16,319 | €16,451 | €14,826 | €17,931 | €18,392 | ▲ 2.6% |
| Operating cash flow (approximation) | -€118,904 | -€39,291 | €39,964 | €51,334 | -€6,908 | €20,757 | -€61,064 | - |
| Investment in fixed assets (approximation) | - | -€3,766 | -€14,469 | -€28,110 | -€22,035 | -€17,904 | -€11,877 | ▲ 33.7% |
| Change in cash | - | €14,437 | -€16,683 | -€9,564 | €41,684 | -€80,621 | -€1,470 | ▲ 98.2% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | full format | 25-05-2026 | 2026-00119741 | |
| 30-09-2024 | micro format | 30-04-2025 | 2025-00085589 | |
| 30-09-2023 | full format | 15-04-2024 | 2024-00063700 | |
| 30-09-2022 | full format | 20-04-2023 | 2023-00063057 | |
| 30-09-2021 | full format | 31-03-2022 | 2022-09600028 | |
| 30-09-2020 | full format | 15-04-2021 | 2021-10500034 | |
| 30-09-2019 | full format | 26-05-2020 | 2020-13300134 | |
| 30-09-2018 | full format | 27-06-2019 | 2019-23800346 | |
| 30-09-2017 | full format | 31-05-2018 | 2018-15600163 | |
| 30-09-2016 | full format | 27-04-2017 | 2017-10600421 |
Comparable companies
These companies have the same main activity as MAUDE: retail sale of clothing and accessories for women, men, children and babies (general range) (NACE 47716). They are comparable in size and age: total assets between €2.3m and €4.1m, founded between 2004 and 2013.
| Company | Founded | Total assets | Equity | Gross margin | Turnover | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|---|
| MAUDE Brussel | 2008 | €2.9m | -€0.4m | €0.6m | - | -€0.08m | 15.8 | 2025 |
| CWF Belgique Brussel | 2008 | €2.7m | €0.08m | €1.0m | - | €0.1m | 15.4 | 2025 |
| MDT Belgique Waterloo | 2004 | €3.1m | €2.7m | €0.8m | €2.4m | €0.1m | 15.2 | 2026 |
| OLBAPA Ham-sur-Heure-Nalinnes | 2009 | €2.3m | €1.4m | €0.5m | - | €0.02m | 22.4 | 2025 |
| TWINSET BELGIUM Brussel | 2013 | €2.3m | €1.2m | €0.9m | - | €0.04m | 15.6 | 2025 |
| HACKETT RETAIL BELGIUM Brussel | 2007 | €3.0m | €0.7m | €1.3m | €4.9m | -€0.02m | 17.6 | 2025 |
| MEB BELGIUM Brussel | 2006 | €4.1m | €3.7m | €1.0m | - | €0.2m | 12.8 | 2025 |
They were chosen from the 2,579 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.