MD HOLDING
ActiveSummary
The computed 12-month bankruptcy probability of MD HOLDING is 3.6% (moderate). The 2025 annual accounts show equity of €81k and a net result of €13k. Equity is growing by ~22.8% per year across the filed fiscal years. Its solvency ranks better than 67% of 7500 sector peers (fiscal year 2025). The company has been active since 2022 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability81▲+3
Solvency85▲+23
Growth52=
Track record94
Bankruptcy probability, 12 months
3.6%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €4.5k at 30 days acceptable
Liquidity ample (current ratio 1.96 against 1.25 in 2024; short-term debt: 40.1% and cash: 5.6% of total assets), and 40.1% 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
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% 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
59.9%
Return on assets
9.7%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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 · 4 filingsDeviation from the deadline
2025
31 d late
2024
152 d late
2023
41 d late
2022
31 d late
← 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, micro schema
Source amounts without an identifiable currency are assumed to be EUR.
Equity
€81k▲ 19.2%
2024 · €68k
2022: €40klowest in 4 years
2023: €54k▲ +35.9% vs 2022
2024: €68k▲ +26.1% vs 2023
2025: €81k▲ +19.2% vs 2024highest in 4 years
2022 → 2025
Total assets
€136k▼ 26.6%
2024 · €185k
2022: €54klowest in 4 years
2023: €135k▲ +149% vs 2022
2024: €185k▲ +36.8% vs 2023highest in 4 years
2025: €136k▼ -26.6% vs 2024
2022 → 2025
Net result
€13k▼ 6.9%
2024 · €14k
2022: €37khighest in 4 years
2023: €14k▼ -61.2% vs 2022
2024: €14k▼ -1.3% vs 2023
2025: €13k▼ -6.9% vs 2024lowest in 4 years
2022 → 2025
Working capital
€52k▲ 75.5%
2024 · €30k
2022: €40k
2023: €25k▼ -36.2% vs 2022lowest in 4 years
2024: €30k▲ +17.1% vs 2023
2025: €52k▲ +75.5% vs 2024highest in 4 years
2022 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line2022202320242025Trend
Equity€40k-€54k▲ 35.9%€68k▲ 26.1%€81k▲ 19.2%
2022: €40klowest in 4 years
2023: €54k▲ +35.9% vs 2022
2024: €68k▲ +26.1% vs 2023
2025: €81k▲ +19.2% vs 2024highest in 4 years
Operating result€46k-€18k▼ 61.8%€20k▲ 10.8%€18k▼ 5.8%
2022: €46khighest in 4 years
2023: €18k▼ -61.8% vs 2022lowest in 4 years
2024: €20k▲ +10.8% vs 2023
2025: €18k▼ -5.8% vs 2024
Net result€37k-€14k▼ 61.2%€14k▼ 1.3%€13k▼ 6.9%
2022: €37khighest in 4 years
2023: €14k▼ -61.2% vs 2022
2024: €14k▼ -1.3% vs 2023
2025: €13k▼ -6.9% vs 2024lowest in 4 years
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 6% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €136k
Fixed assets
€29k ▼ 24.2%
Current assets
€107k ▼ 27.2%
Equity and liabilities €136k
Equity
€81k ▲ 19.2%
Debt
€54k ▼ 53.3%
Debt's share of the balance-sheet total falls from 63.1% to 40.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€29k▲
2024 · €27k
Cash flow
€24k▲
2024 · €22k
Current ratio
1.96▲
2024 · 1.25
Debt to equity
0.67▼
2024 · 1.71
ROE
16.1%▼
2024 · 20.7%
ROA
9.7%▲
2024 · 7.6%
Interest coverage
99.59▲
2024 · 59.22
Debt ≤ 1 year
€54k▼
2024 · €117k
Income taxes
€5k=
2024 · €5k
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 · 38 lines
Balance sheet
Code20242025
Assets
Total assets20/58€185k€136k▼
Fixed assets21/28€38k€29k▼
Tangible fixed assets22/27€38k€29k▼
Furniture and vehicles24€38k€29k▼
Current assets29/58€146k€107k▼
Amounts receivable within one year40/41€127k€99k▼
Trade receivables40€127k€98k▼
Other amounts receivable41-€614
Cash at bank and in hand54/58€18k€8k▼
Deferred charges and accrued income490/1€1k€241▼
Equity and liabilities
Total equity and liabilities10/49€185k€136k▼
Equity10/15€68k€81k▲
Contributions10/11€3k€3k=
Profit (loss) carried forward14€65k€78k▲
Amounts payable17/49€117k€54k▼
Amounts payable within one year42/48€117k€54k▼
Financial debts43€2k-
Credit institutions430/8€2k-
Trade debts44€91k€35k▼
Suppliers440/4€91k€35k▼
Taxes, remuneration and social security45€17k€11k▼
Taxes450/3€12k€11k▼
Remuneration and social security454/9€6k-
Other amounts payable47/48€6k€8k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€7k€11k▲
Other operating charges640/8€999€604▼
Gross operating margin9900€28k€30k▲
Operating profit (loss)9901€20k€18k▼
Financial income75/76B€0€3▲
Recurring financial income75€0€3▲
Financial charges65/66B€455€294▼
Recurring financial charges65€455€294▼
Profit (loss) for the period before taxes9903€19k€18k▼
Income taxes67/77€5k€5k=
Profit (loss) for the period9904€14k€13k▼
Profit (loss) for the period to be appropriated9905€14k€13k▼
Appropriation of the result
Profit (loss) to be appropriated9906€65k€78k▲
Profit (loss) brought forward from the previous period14P€51k€65k▲
The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €2k | €7k | €11k | ▲ 45.8% |
| Other operating charges640/8 | - | €384 | €999 | €604 | ▼ 39.6% |
| Non-recurring operating charges66A | - | €2k | - | - | - |
| Gross operating margin9900 | €46k | €23k | €28k | €30k | ▲ 6.7% |
| Operating profit (loss)9901 | €46k | €18k | €20k | €18k | ▼ 5.8% |
| Financial income75/76B | €0 | €1k | €0 | €3 | ▲ 6,140% |
| Recurring financial income75 | €0 | €1k | €0 | €3 | ▲ 6,140% |
| Financial charges65/66B | €172 | €350 | €455 | €294 | ▼ 35.5% |
| Recurring financial charges65 | €172 | €350 | €455 | €294 | ▼ 35.5% |
| Profit (loss) for the period before taxes9903 | €46k | €19k | €19k | €18k | ▼ 5.1% |
| Income taxes67/77 | €9k | €4k | €5k | €5k | = |
| Profit (loss) for the period9904 | €37k | €14k | €14k | €13k | ▼ 6.9% |
| Profit (loss) for the period to be appropriated9905 | €37k | €14k | €14k | €13k | ▼ 6.9% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €54k | €135k | €185k | €136k | ▼ 26.6% |
| Fixed assets21/28 | - | €29k | €38k | €29k | ▼ 24.2% |
| Tangible fixed assets22/27 | - | €29k | €38k | €29k | ▼ 24.2% |
| Furniture and vehicles24 | - | €29k | €38k | €29k | ▼ 24.2% |
| Current assets29/58 | €54k | €106k | €146k | €107k | ▼ 27.2% |
| Amounts receivable within one year40/41 | €52k | €104k | €127k | €99k | ▼ 22.5% |
| Trade receivables40 | €44k | €66k | €127k | €98k | ▼ 23.0% |
| Other amounts receivable41 | €8k | €39k | - | €614 | - |
| Cash at bank and in hand54/58 | €3k | €2k | €18k | €8k | ▼ 57.5% |
| Deferred charges and accrued income490/1 | - | €244 | €1k | €241 | ▼ 77.1% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €54k | €135k | €185k | €136k | ▼ 26.6% |
| Equity10/15 | €40k | €54k | €68k | €81k | ▲ 19.2% |
| Contributions10/11 | €3k | €3k | €3k | €3k | = |
| Profit (loss) carried forward14 | €37k | €51k | €65k | €78k | ▲ 20.1% |
| Amounts payable17/49 | €14k | €81k | €117k | €54k | ▼ 53.3% |
| Amounts payable within one year42/48 | €14k | €81k | €117k | €54k | ▼ 53.3% |
| Financial debts43 | - | €2k | €2k | - | - |
| Credit institutions430/8 | - | €2k | €2k | - | - |
| Trade debts44 | €2k | €61k | €91k | €35k | ▼ 61.5% |
| Suppliers440/4 | €2k | €61k | €91k | €35k | ▼ 61.5% |
| Taxes, remuneration and social security45 | €13k | €18k | €17k | €11k | ▼ 34.8% |
| Taxes450/3 | €13k | €18k | €12k | €11k | ▼ 3.3% |
| Remuneration and social security454/9 | - | - | €6k | - | - |
| Other amounts payable47/48 | - | - | €6k | €8k | ▲ 29.6% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €37k | €14k | €14k | €13k | ▼ 6.9% |
| + Depreciation and write-downs630 | - | €2k | €7k | €11k | ▲ 45.8% |
| Operating cash flow (approximation) | €37k | €17k | €22k | €24k | ▲ 11.3% |
| Investment in fixed assets (approximation) | - | - | €-17k | €-2k | ▲ 91.2% |
| Change in cash | - | €-962 | €16k | €-10k | ▼ 164% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
31-12
Financial
Weakest financial yearnet €13k ▼6.9%
Net result drops to €13k, the lowest in the series.
30-12
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 152 days late
2024
10-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 41 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is 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, Elsene · 1 establishment unit since 2022
Ground area
700 m²
Building footprint
700 m²
Volume, LiDAR
16,134 m³
Parcel 21807G0120/00L005, Brussels · tallest building 32.2 m, ±9 floors. Linked by address, not a title deed.
1 establishment unit
Establishment
since 20222.335.962.809
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21807G0120/00L005 | Brussels | 700 m² | 1 · 700 m² | 32.2 m · 9 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 29,779 companies in sector 41001 we hold annual accounts for 16,044. 13,188 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
Founded18-08-2022
Fiscal year end31-12
Activities, NACEBEL 2025
41001General construction of residential buildings
16230Manufacture of other builders' carpentry and joinery
41002Construction of residential and non-residential buildings
41003General construction of other non-residential buildings
42220Construction of utility projects for electricity and telecommunications
43222Installation of electric heating, air conditioning, cooling and ventilation
Contact
E-mail
info@mdholding.be
Scores and ratios are computed by Checked and are not a credit decision.