MD CONSTRUCT
ActiveSummary
MD CONSTRUCT has been active since 2013 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €34,774 and a net result of €109. Equity is growing by ~6.1% per year across the filed fiscal years. Its solvency ranks better than 47% of 28184 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69▼-3
Solvency69▲+3
Growth42▼-17
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2,000 at 30 days acceptable
Liquidity ample (current ratio 1.79 against 1.68 in 2024; short-term debt: 55.8% and cash: 12.9% of total assets), but 55.8% 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 · 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 · 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 · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
44.2%
Return on assets
0.1%
Age of the figures
20 mo
neutral · Filed after the deadline
The financial year that closed on 31-01-2025 was due by 31-08-2025 and was filed on 26-09-2025, 26 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
2026
not confirmed
2025
26 d late
2024
25 d late
2023
29 d late
2022
43 d late
2021
55 d late
2020
25 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 34 days after 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 (1)
History
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Financials · fiscal year 2025, micro schema
Turnover
€189,548▲ 1.7%
2022 · €186,462
EBIT margin
0.6%▼ 0.4pp
2022 · 1.0%
Net result
€109▼ 94.4%
2024 · €1,952
Working capital
€34,774▲ 0.3%
2024 · €34,665
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
Turnover€442,186▲ 132%€186,462▼ 57.8%€189,548▲ 1.7%
Operating result€9,349▼ 55.5%€1,804▼ 80.7%€1,147▼ 36.4%€2,565▲ 124%€808▼ 68.5%
Net result€5,466within the sector's middle half▼ 49.2%€910within the sector's middle half▼ 83.4%€775within the sector's middle half▼ 14.8%€1,952within the sector's middle half▲ 152%€109below the sector's middle half▼ 94.4%
EBIT margin2.1%▼ 8.9pp1.0%▼ 1.1pp0.6%▼ 0.4pp
Equity€31,028within the sector's middle half▲ 21.4%€31,938within the sector's middle half▲ 2.9%€32,712within the sector's middle half▲ 2.4%€34,665within the sector's middle half▲ 6.0%€34,774within the sector's middle half▲ 0.3%
Total assets€177,845within the sector's middle half▲ 20.6%€123,241within the sector's middle half▼ 30.7%€87,411within the sector's middle half▼ 29.1%€85,311within the sector's middle half▼ 2.4%€78,741within the sector's middle half▼ 7.7%
Debt€146,817▲ 20.5%€91,304▼ 37.8%€54,699▼ 40.1%€50,647▼ 7.4%€43,967▼ 13.2%
Working capital€24,741▼ 0.6%€27,651▲ 11.8%€30,426▲ 10.0%€34,665▲ 13.9%€34,774▲ 0.3%
Solvency17.4%below the sector's middle half▲ 0.1pp25.9%within the sector's middle half▲ 8.5pp37.4%within the sector's middle half▲ 11.5pp40.6%within the sector's middle half▲ 3.2pp44.2%within the sector's middle half▲ 3.5pp
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 micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 69% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €78,741
Equity
€34,774 ▲ 0.3%
Debt
€43,967 ▼ 13.2%
Debt's share of the balance-sheet total falls from 59.4% to 55.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€808▼
2024 · €4,177
Cash flow
€109▼
2024 · €3,564
Current ratio
1.79▲
2024 · 1.68
Quick ratio
1.38▼
2024 · 1.42
Debt to equity
1.26▼
2024 · 1.46
ROE
0.3%▼
2024 · 5.6%
ROA
0.1%▼
2024 · 2.3%
Interest coverage
8.35▼
2024 · 62.68
Debt ≤ 1 year
€43,967▼
2024 · €50,647
Income taxes
€2,296▲
2024 · €546
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 10,891 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0.6%
went bankrupt
4.0%
stopped otherwise
95%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% 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 497,058 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% | 1.6% |
| 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 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 10,891 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 |
|---|---|---|---|---|---|---|
| Turnover70 | €442,186 | €186,462 | €189,548 | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | €182,444 | €185,538 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €389 | €2,000 | €2,000 | €1,612 | €0 | ▼ 100% |
| Other operating charges640/8 | - | €714 | €900 | €313 | €7,514 | ▲ 2,301% |
| Gross operating margin9900 | €10,532 | €4,518 | €4,047 | €4,490 | €8,322 | ▲ 85.4% |
| Operating profit (loss)9901 | €9,349 | €1,804 | €1,147 | €2,565 | €808 | ▼ 68.5% |
| Financial income75/76B | - | - | - | €0 | €1,694 | ▲ 16,935,200% |
| Recurring financial income75 | €0 | - | - | €0 | €1,694 | ▲ 16,935,200% |
| Financial charges65/66B | - | €617 | €147 | €67 | €97 | ▲ 45.2% |
| Recurring financial charges65 | €2,913 | €617 | €147 | €67 | €97 | ▲ 45.2% |
| Profit (loss) for the period before taxes9903 | €6,436 | €1,186 | €1,000 | €2,498 | €2,405 | ▼ 3.8% |
| Income taxes67/77 | €970 | €277 | €226 | €546 | €2,296 | ▲ 320% |
| Profit (loss) for the period9904 | €5,466 | €910 | €775 | €1,952 | €109 | ▼ 94.4% |
| Profit (loss) for the period to be appropriated9905 | €5,466 | €910 | €775 | €1,952 | €109 | ▼ 94.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €177,845 | €123,241 | €87,411 | €85,311 | €78,741 | ▼ 7.7% |
| Fixed assets21/28 | €6,287 | €4,287 | €2,287 | €0 | - | - |
| Tangible fixed assets22/27 | €5,612 | €3,612 | €1,612 | €0 | - | - |
| Plant, machinery and equipment23 | - | €417 | €84 | €0 | - | - |
| Furniture and vehicles24 | - | €3,195 | €1,528 | €0 | - | - |
| Financial fixed assets28 | €675 | €675 | €675 | €0 | - | - |
| Current assets29/58 | €171,558 | €118,954 | €85,124 | €85,311 | €78,741 | ▼ 7.7% |
| Stocks and contracts in progress3 | - | - | - | €13,393 | €18,103 | ▲ 35.2% |
| Stocks30/36 | - | - | - | €13,393 | €18,103 | ▲ 35.2% |
| Amounts receivable within one year40/41 | €141,810 | €74,523 | €35,841 | €43,345 | €34,994 | ▼ 19.3% |
| Trade receivables40 | - | €63,965 | €32,016 | €39,171 | €29,544 | ▼ 24.6% |
| Other amounts receivable41 | - | €10,558 | €3,825 | €4,174 | €5,450 | ▲ 30.6% |
| Cash at bank and in hand54/58 | €29,748 | €2,135 | €2,876 | €5,329 | €10,160 | ▲ 90.7% |
| Deferred charges and accrued income490/1 | - | €42,297 | €46,408 | €23,244 | €15,485 | ▼ 33.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €177,845 | €123,241 | €87,411 | €85,311 | €78,741 | ▼ 7.7% |
| Equity10/15 | €31,028 | €31,938 | €32,712 | €34,665 | €34,774 | ▲ 0.3% |
| Contributions10/11 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €22,968 | €23,878 | €24,652 | €26,605 | €26,714 | ▲ 0.4% |
| Amounts payable17/49 | €146,817 | €91,304 | €54,699 | €50,647 | €43,967 | ▼ 13.2% |
| Amounts payable within one year42/48 | €146,817 | €91,304 | €54,699 | €50,647 | €43,967 | ▼ 13.2% |
| Trade debts44 | €126,906 | €85,271 | €43,286 | €38,384 | €31,603 | ▼ 17.7% |
| Suppliers440/4 | - | €84,138 | €39,407 | €35,864 | €31,603 | ▼ 11.9% |
| Bills of exchange payable441 | - | €1,132 | €3,880 | €2,520 | - | - |
| Taxes, remuneration and social security45 | - | €1,247 | €1,473 | €2,019 | €2,296 | ▲ 13.7% |
| Taxes450/3 | - | €1,247 | €1,473 | €2,019 | €2,296 | ▲ 13.7% |
| Other amounts payable47/48 | - | €4,786 | €9,940 | €10,244 | €10,069 | ▼ 1.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,466 | €910 | €775 | €1,952 | €109 | ▼ 94.4% |
| + Depreciation and write-downs630 | €389 | €2,000 | €2,000 | €1,612 | €0 | ▼ 100% |
| Operating cash flow (approximation) | €5,855 | €2,910 | €2,775 | €3,564 | €109 | ▼ 96.9% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €675 | - | - |
| Change in cash | - | -€27,613 | €741 | €2,453 | €4,832 | ▲ 97.0% |
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
2025
26-09
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 26 days late
31-01
Financial
Weakest financial yearnet €109 ▼94.4%
Net result drops to €109, the lowest in the series.
2024
25-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 25 days late
2023
29-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 29 days late
2022
13-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 43 days late
2021
25-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 55 days late
2020
25-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 25 days late
31-01
Financial
Highest result since 2019net €10,761 ▲9,242%
Operating result €20,989, net result €10,761, both a record.
2019
31-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
04-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 4 days late
2017
27-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
25-07
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 8 acts read
About the unread acts
We know of 8 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
8 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, Vorst · 1 establishment unit since 2013
Ground area
209 m²
Building footprint
389 m²
Volume, LiDAR
2,355 m³
Parcel 21007A0029/00W009, Brussels · tallest building 12.0 m, ±2 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
1 establishment unit
MD Construct
since 20132.217.974.482
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21007A0029/00W009 | Brussels | 209 m² | 1 · 389 m² | 12.0 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 15,521 companies in sector 43990 we hold annual accounts for 7,423. 5,811 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formCoöperatieve vennootschap met beperkte aansprakelijkheid
Founded08-03-2013
Fiscal year end31-01
Activities, NACEBEL 2025
43990Other specialised construction activities
81210General cleaning of buildings
E-invoicing
Reachable via Peppol
Peppol ID
0208:0521853664
Registered
05-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.