MBDE
ActiveSummary
MBDE has been active since 1982 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €254k and a net result of €-59k. Equity remains stable across the filed fiscal years (±2.2% per year). Its solvency ranks better than 73% of 9234 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability1▼-69
Solvency86▼-6
Growth32▼-46
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €14k at 30 days acceptable
Liquidity ample (current ratio 2.15 against 4.49 in 2024; short-term debt: 16.9% and cash: 2.4% of total assets), and 38.6% of the assets are financed with debt.
Credit check for your own amount and term
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 · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-08-2026, 27 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
27 d late
2024
74 d late
2023
30 d late
2022
59 d late
2021
74 d late
2020
134 d early
2019
49 d early
← 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, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-59k
2024 · €5k
2018: €-14k
2019: €-9k▲ +36.0% vs 2018
2020: €-26k▼ -195% vs 2019
2021: €14k▲ +155% vs 2020
2022: €106k▲ +648% vs 2021highest in 8 years
2023: €10k▼ -90.2% vs 2022
2024: €5k▼ -47.5% vs 2023
2025: €-59k▼ -1177% vs 2024lowest in 8 years
2018 → 2025
Working capital
€80k▼ 42.9%
2024 · €140k
2018: €72klowest in 8 years
2019: €97k▲ +34.0% vs 2018
2020: €85k▼ -11.8% vs 2019
2021: €105k▲ +22.9% vs 2020
2022: €167k▲ +59.3% vs 2021highest in 8 years
2023: €126k▼ -24.2% vs 2022
2024: €140k▲ +10.8% vs 2023
2025: €80k▼ -42.9% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€280k-€356k▲ 27.0%€317k▼ 11.1%€312k▼ 1.4%€254k▼ 18.7%
2021: €280k
2022: €356k▲ +27.0% vs 2021highest in 5 years
2023: €317k▼ -11.1% vs 2022
2024: €312k▼ -1.4% vs 2023
2025: €254k▼ -18.7% vs 2024lowest in 5 years
Operating result€25k-€141k▲ 469%€27k▼ 81.0%€12k▼ 56.5%€-51k
2021: €25k
2022: €141k▲ +469% vs 2021highest in 5 years
2023: €27k▼ -81.0% vs 2022
2024: €12k▼ -56.5% vs 2023
2025: €-51k▼ -540% vs 2024lowest in 5 years
Net result€14k-€106k▲ 648%€10k▼ 90.2%€5k▼ 47.5%€-59k
2021: €14k
2022: €106k▲ +648% vs 2021highest in 5 years
2023: €10k▼ -90.2% vs 2022
2024: €5k▼ -47.5% vs 2023
2025: €-59k▼ -1177% vs 2024lowest in 5 years
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €51k after €12k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €413k
Fixed assets
€263k ▼ 8.5%
Current assets
€150k ▼ 16.8%
Equity and liabilities €413k
Equity
€254k ▼ 18.7%
Debt
€159k ▲ 2.5%
Debt's share of the balance-sheet total rises from 33.3% to 38.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-11k▼
2024 · €52k
Cash flow
€-18k▼
2024 · €46k
Current ratio
2.15▼
2024 · 4.49
Debt to equity
0.63▲
2024 · 0.50
ROE
-23.1%▼
2024 · 1.7%
ROA
-14.2%▼
2024 · 1.2%
Interest coverage
-1.99▼
2024 · 10.50
Debt ≤ 1 year
€70k▲
2024 · €40k
Debt > 1 year
€69k▼
2024 · €115k
Income taxes
€3k▼
2024 · €3k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 51 lines
Balance sheet
Code20242025
Assets
Total assets20/58€468k€413k▼
Fixed assets21/28€287k€263k▼
Tangible fixed assets22/27€287k€263k▼
Land and buildings22€281k€262k▼
Plant, machinery and equipment23€1k€750▼
Furniture and vehicles24€5k€55▼
Current assets29/58€180k€150k▼
Amounts receivable within one year40/41€93k€140k▲
Trade receivables40€74k€140k▲
Other amounts receivable41€20k-
Current investments50/53€50k-
Cash at bank and in hand54/58€36k€10k▼
Deferred charges and accrued income490/1€1k€165▼
Equity and liabilities
Total equity and liabilities10/49€468k€413k▼
Equity10/15€312k€254k▼
Contributions10/11€197k€197k=
Capital10€197k€197k=
Issued capital100€197k€197k=
Revaluation surpluses12€90k€90k=
Reserves13€20k€20k=
Non-distributable reserves130/1€20k€20k=
Legal reserve130€20k€20k=
Profit (loss) carried forward14€6k€-53k▼
Amounts payable17/49€156k€159k▲
Amounts payable after more than one year17€115k€69k▼
Financial debts170/4€115k€69k▼
Amounts payable within one year42/48€40k€70k▲
Current portion of amounts payable after more than one year42€23k€46k▲
Trade debts44€253€9k▲
Suppliers440/4€253€9k▲
Taxes, remuneration and social security45€17k€7k▼
Taxes450/3€16k€6k▼
Remuneration and social security454/9€2k€2k▲
Other amounts payable47/48-€7k
Accrued charges and deferred income492/3€437€21k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€41k€40k▼
Other operating charges640/8€11k€11k▼
Gross operating margin9900€63k€-138▼
Operating profit (loss)9901€12k€-51k▼
Financial income75/76B€2k€1k▼
Recurring financial income75€2k€1k▼
Financial charges65/66B€5k€6k▲
Recurring financial charges65€5k€6k▲
Profit (loss) for the period before taxes9903€9k€-56k▼
Income taxes67/77€3k€3k▼
Profit (loss) for the period9904€5k€-59k▼
Profit (loss) for the period to be appropriated9905€5k€-59k▼
Appropriation of the result
Profit (loss) to be appropriated9906€16k€-53k▼
Profit (loss) brought forward from the previous period14P€10k€6k▼
Profit to be distributed694/7€10k-
Return on contributions (dividend)694€10k-
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €46k | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €38k | €47k | €44k | €41k | €40k | ▼ 0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | €-2k | - | - | - | - | - |
| Other operating charges640/8 | €13k | €65k | €11k | €11k | €11k | ▼ 2.8% |
| Gross operating margin9900 | €121k | €253k | €81k | €63k | €-138 | ▼ 100% |
| Operating profit (loss)9901 | €25k | €141k | €27k | €12k | €-51k | ▼ 540% |
| Financial income75/76B | €4k | €408 | €782 | €2k | €1k | ▼ 41.4% |
| Recurring financial income75 | €4k | €408 | €782 | €2k | €1k | ▼ 41.4% |
| Financial charges65/66B | €13k | €8k | €8k | €5k | €6k | ▲ 11.3% |
| Recurring financial charges65 | €13k | €8k | €8k | €5k | €6k | ▲ 11.3% |
| Profit (loss) for the period before taxes9903 | €16k | €134k | €20k | €9k | €-56k | ▼ 756% |
| Income taxes67/77 | €2k | €28k | €10k | €3k | €3k | ▼ 11.5% |
| Profit (loss) for the period9904 | €14k | €106k | €10k | €5k | €-59k | ▼ 1,177% |
| Profit (loss) for the period to be appropriated9905 | €14k | €106k | €10k | €5k | €-59k | ▼ 1,177% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €795k | €694k | €589k | €468k | €413k | ▼ 11.7% |
| Fixed assets21/28 | €409k | €372k | €328k | €287k | €263k | ▼ 8.5% |
| Tangible fixed assets22/27 | €409k | €372k | €328k | €287k | €263k | ▼ 8.5% |
| Land and buildings22 | €388k | €356k | €315k | €281k | €262k | ▼ 6.6% |
| Plant, machinery and equipment23 | - | - | €3k | €1k | €750 | ▼ 49.3% |
| Furniture and vehicles24 | €21k | €16k | €11k | €5k | €55 | ▼ 98.9% |
| Current assets29/58 | €386k | €322k | €261k | €180k | €150k | ▼ 16.8% |
| Stocks and contracts in progress3 | €237k | - | - | - | - | - |
| Stocks30/36 | €237k | - | - | - | - | - |
| Amounts receivable within one year40/41 | €15k | €62k | €42k | €93k | €140k | ▲ 49.9% |
| Trade receivables40 | €15k | €40k | €40k | €74k | €140k | ▲ 89.9% |
| Other amounts receivable41 | €378 | €22k | €1k | €20k | - | - |
| Current investments50/53 | - | - | - | €50k | - | - |
| Cash at bank and in hand54/58 | €134k | €260k | €220k | €36k | €10k | ▼ 72.5% |
| Deferred charges and accrued income490/1 | - | €29 | - | €1k | €165 | ▼ 84.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €795k | €694k | €589k | €468k | €413k | ▼ 11.7% |
| Equity10/15 | €280k | €356k | €317k | €312k | €254k | ▼ 18.7% |
| Contributions10/11 | €197k | €197k | €197k | €197k | €197k | = |
| Capital10 | €197k | €197k | €197k | €197k | €197k | = |
| Issued capital100 | €197k | €197k | €197k | €197k | €197k | = |
| Revaluation surpluses12 | €90k | €90k | €90k | €90k | €90k | = |
| Reserves13 | €20k | €20k | €20k | €20k | €20k | = |
| Non-distributable reserves130/1 | €20k | €20k | €20k | €20k | €20k | = |
| Legal reserve130 | €20k | €20k | €20k | €20k | €20k | = |
| Profit (loss) carried forward14 | €-26k | €50k | €10k | €6k | €-53k | ▼ 1,012% |
| Amounts payable17/49 | €515k | €338k | €272k | €156k | €159k | ▲ 2.5% |
| Amounts payable after more than one year17 | €225k | €182k | €138k | €115k | €69k | ▼ 40.4% |
| Financial debts170/4 | €225k | €182k | €138k | €115k | €69k | ▼ 40.4% |
| Amounts payable within one year42/48 | €281k | €155k | €135k | €40k | €70k | ▲ 74.3% |
| Current portion of amounts payable after more than one year42 | €42k | €42k | €44k | €23k | €46k | ▲ 104% |
| Trade debts44 | €28k | - | €2k | €253 | €9k | ▲ 3,559% |
| Suppliers440/4 | €28k | - | €2k | €253 | €9k | ▲ 3,559% |
| Advances received on contracts in progress46 | €150k | - | - | - | - | - |
| Taxes, remuneration and social security45 | €5k | €92k | €54k | €17k | €7k | ▼ 58.1% |
| Taxes450/3 | €5k | €92k | €54k | €16k | €6k | ▼ 63.8% |
| Remuneration and social security454/9 | €365 | - | - | €2k | €2k | ▲ 1.0% |
| Other amounts payable47/48 | €56k | €21k | €35k | - | €7k | - |
| Accrued charges and deferred income492/3 | €8k | €221 | €106 | €437 | €21k | ▲ 4,701% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14k | €106k | €10k | €5k | €-59k | ▼ 1,177% |
| + Depreciation and write-downs630 | €38k | €47k | €44k | €41k | €40k | ▼ 0.7% |
| Operating cash flow (approximation) | €53k | €153k | €54k | €46k | €-18k | ▼ 140% |
| Investment in fixed assets (approximation) | - | €-10k | €0 | €0 | €-16k | - |
| Change in cash | - | €125k | €-40k | €-184k | €-26k | ▲ 85.9% |
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
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 27 days late
2025
31-12
Financial
Weakest financial yearnet €-59k
Net result drops to €-59k, the lowest in the series.
13-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 74 days late
2024
31-12
Financial
Liquidity doublescurrent ratio 4.49
Current ratio from 1.94 to 4.49; short-term debt falls from €135k to €40k.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
28-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 59 days late
2022
31-12
Financial
Highest result since 2018net €106k ▲648%
Operating result €141k, net result €106k, both a record.
13-10
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 74 days late
2021
31-12
Financial
Back to profitnet €14k
Net result €14k after 3 loss-making years.
19-03
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
12-06
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
24-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
01-03
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
23-02
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Saint-Léger (Lux.) · 1 establishment unit since 1982
Ground area
1,010 m²
Building footprint
152 m²
Volume, LiDAR
908 m³
Parcel 85034C0358/00H004, Wallonia · tallest building 11.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Rue du Stade 11, 6747 Saint-Léger (Lux.)
since 19822.020.184.653
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 85034C0358/00H004 | Wallonia | 1,010 m² | 1 · 152 m² | 11.3 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 12,020 companies in sector 68203 we hold annual accounts for 5,986. 4,355 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded02-03-1982
Fiscal year end31-12
Activities, NACEBEL 2025
68203Renting and operating of own or leased non-residential real estate, excluding land
68201Renting and operating of own or leased residential real estate, excluding social housing
Scores and ratios are computed by Checked and are not a credit decision.