MD CONSULT
ActiveSummary
MD CONSULT has been active since 1996 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€41,970) and a net result of €2,677. Equity is growing by ~4.9% per year across the filed fiscal years. Its solvency ranks better than 9% of 7097 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability43▲+14
Solvency0=
Growth78▲+26
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.75 against 0.75 in 2024; short-term debt: 132.9% and cash: 2.6% of total assets), and equity is negative.
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Signals
Four 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
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
-32.9%
Return on assets
2.1%
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 9% of 7097 sector peers (2025).
NBB · sector comparisonPosition among 7097 sector peers
Solvency
better than 9%
← 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 01-07-2026, 30 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
30 d early
2024
21 d late
2023
169 d late
2022
30 d late
2021
26 d late
2020
30 d late
2019
31 d late
← 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 40 days after the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% 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.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€41,970▼ 3.6%
2024 · -€40,505
Total assets
€127,461▲ 7.4%
2024 · €118,697
Net result
€2,677
2024 · -€4,140
Working capital
-€41,970▼ 3.6%
2024 · -€40,505
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations 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€3,875▲ 40.5%€7,778▲ 101%-€8,244-€4,140▲ 49.8%€12,135
Net result€3,221within the sector's middle half▲ 16.5%€7,700within the sector's middle half▲ 139%-€3,812below the sector's middle half-€4,140below the sector's middle half▼ 8.6%€2,677within the sector's middle half
Equity-€40,253below the sector's middle half▲ 7.4%-€32,553below the sector's middle half▲ 19.1%-€36,365below the sector's middle half▼ 11.7%-€40,505below the sector's middle half▼ 11.4%-€41,970below the sector's middle half▼ 3.6%
Total assets€126,962within the sector's middle half▲ 6.3%€135,260within the sector's middle half▲ 6.5%€120,564within the sector's middle half▼ 10.9%€118,697within the sector's middle half▼ 1.5%€127,461within the sector's middle half▲ 7.4%
Debt€167,216▲ 2.6%€167,813▲ 0.4%€156,929▼ 6.5%€159,202▲ 1.4%€169,432▲ 6.4%
Working capital-€40,253below the sector's middle half▲ 7.4%-€32,553below the sector's middle half▲ 19.1%-€36,365below the sector's middle half▼ 11.7%-€40,505below the sector's middle half▼ 11.4%-€41,970below the sector's middle half▼ 3.6%
Solvency-31.7%below the sector's middle half▲ 4.7pp-24.1%below the sector's middle half▲ 7.6pp-30.2%below the sector's middle half▼ 6.1pp-34.1%below the sector's middle half▼ 4.0pp-32.9%below the sector's middle half▲ 1.2pp
Current ratio0.76below the sector's middle half▲ 0.030.81below the sector's middle half▲ 0.050.77below the sector's middle half▼ 0.040.75below the sector's middle half▼ 0.020.75below the sector's middle half▲ 0.01
Return on assets (ROA)2.5%within the sector's middle half▲ 0.2pp5.7%within the sector's middle half▲ 3.2pp-3.2%below the sector's middle half▼ 8.9pp-3.5%below the sector's middle half▼ 0.3pp2.1%within the sector's middle half▲ 5.6pp
above
within
below
the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations 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 returns to profit in 2025: €12,135 after a loss of €4,140 in 2024, the highest result in the available series.
Key figures and ratios
Quick ratio
0.71▲
2024 · 0.70
Debt to equity
-4.04▼
2024 · -3.93
Debt ≤ 1 year
€169,432▲
2024 · €159,202
Income taxes
€14
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,448 companies that looked in July 2024 the way this one looks now, 2.1% went bankrupt within 24 months and 92% are still going.
- Micro
- 20 years or older
- negative equity
- a profit under 5% of the balance sheet
2.1%
went bankrupt
4.8%
stopped otherwise
92%
still going
A further 1.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% 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 1,448 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 |
|---|---|---|---|---|---|---|
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €13,832 | - | - | - | - |
| Other operating charges640/8 | €157 | €233 | €288 | - | - | - |
| Gross operating margin9900 | €4,032 | €21,843 | -€7,956 | -€4,140 | €12,135 | ▲ 393% |
| Operating profit (loss)9901 | €3,875 | €7,778 | -€8,244 | -€4,140 | €12,135 | ▲ 393% |
| Financial income75/76B | - | €0 | €4,529 | - | €28 | - |
| Recurring financial income75 | - | €0 | €4,529 | - | €28 | - |
| Financial charges65/66B | €654 | €89 | €96 | - | €9,472 | - |
| Recurring financial charges65 | €654 | €89 | €96 | - | €9,472 | - |
| Profit (loss) for the period before taxes9903 | €3,221 | €7,689 | -€3,812 | -€4,140 | €2,691 | ▲ 165% |
| Income taxes67/77 | - | -€12 | - | - | €14 | - |
| Profit (loss) for the period9904 | €3,221 | €7,700 | -€3,812 | -€4,140 | €2,677 | ▲ 165% |
| Profit (loss) for the period to be appropriated9905 | €3,221 | €7,700 | -€3,812 | -€4,140 | €2,677 | ▲ 165% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €126,962 | €135,260 | €120,564 | €118,697 | €127,461 | ▲ 7.4% |
| Current assets29/58 | €126,962 | €135,260 | €120,564 | €118,697 | €127,461 | ▲ 7.4% |
| Stocks and contracts in progress3 | €8,162 | €6,553 | €7,174 | €7,174 | €6,515 | ▼ 9.2% |
| Stocks30/36 | €8,162 | €6,553 | €7,174 | €7,174 | €6,515 | ▼ 9.2% |
| Amounts receivable within one year40/41 | €98,779 | €115,134 | €110,564 | €108,620 | €117,646 | ▲ 8.3% |
| Trade receivables40 | €92,665 | €110,449 | €105,014 | €104,478 | €117,646 | ▲ 12.6% |
| Other amounts receivable41 | €6,114 | €4,685 | €5,549 | €4,142 | - | - |
| Current investments50/53 | - | €13,573 | - | - | - | - |
| Cash at bank and in hand54/58 | €20,021 | - | €2,826 | €2,902 | €3,300 | ▲ 13.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €126,962 | €135,260 | €120,564 | €118,697 | €127,461 | ▲ 7.4% |
| Equity10/15 | -€40,253 | -€32,553 | -€36,365 | -€40,505 | -€41,970 | ▼ 3.6% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €14,450 | ▼ 22.3% |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | -€60,705 | -€53,004 | -€56,816 | -€60,956 | -€58,279 | ▲ 4.4% |
| Amounts payable17/49 | €167,216 | €167,813 | €156,929 | €159,202 | €169,432 | ▲ 6.4% |
| Amounts payable within one year42/48 | €167,216 | €167,813 | €156,929 | €159,202 | €169,432 | ▲ 6.4% |
| Trade debts44 | €5,483 | €28,860 | €27,281 | €30,127 | €25,672 | ▼ 14.8% |
| Suppliers440/4 | €5,483 | €28,860 | €27,281 | €30,127 | €25,672 | ▼ 14.8% |
| Advances received on contracts in progress46 | €5,000 | €5,000 | - | - | - | - |
| Taxes, remuneration and social security45 | - | €3,109 | - | - | €2,813 | - |
| Taxes450/3 | - | €3,109 | - | - | €2,813 | - |
| Other amounts payable47/48 | €156,733 | €130,845 | €129,648 | €129,074 | €140,948 | ▲ 9.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,221 | €7,700 | -€3,812 | -€4,140 | €2,677 | ▲ 165% |
| Operating cash flow (approximation) | €3,221 | €7,700 | -€3,812 | -€4,140 | €2,677 | ▲ 165% |
| Change in cash | - | - | - | €76 | €398 | ▲ 425% |
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
01-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Back to profitnet €2,677
Net result €2,677 after 2 loss-making years.
21-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 21 days late
16-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 169 days late
2024
31-12
Financial
Weakest financial yearnet -€4,140
Net result drops to -€4,140, the lowest in the series; recovery starts the following year.
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
31-12
Financial
Highest result since 2018net €7,700 ▲139%
Net result €7,700, the highest in the series.
26-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 26 days late
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 31 days late
2019
31-12
Financial
Back to profitnet €6,604
Net result €6,604 after one loss-making year.
08-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 69 days late
2018
27-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 58 days late
2017
27-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 58 days late
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, Heusden-Zolder · 1 establishment unit since 1996
Ground area
742 m²
Building footprint
128 m²
Volume, LiDAR
804 m³
Parcel 71065F0799/00W000, Flanders · tallest building 8.5 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
D.N.R.
since 19962.078.098.405
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71065F0799/00W000 | Flanders | 742 m² | 1 · 128 m² | 8.5 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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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 2,711 companies in sector 73200 we hold annual accounts for 1,787. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded06-09-1996
Fiscal year end31-12
Trade name NL
D.N.R.
Activities, NACEBEL 2025
73200Market research and public opinion polling
E-invoicing
Reachable via Peppol
Peppol ID
0208:0458674891
Also
9925:BE0458674891
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.