MDA PROJECT
ActiveSummary
MDA PROJECT has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €164,691 and a net result of -€3,562. Equity is growing by ~12.1% per year across the filed fiscal years. Its solvency ranks better than 42% of 28051 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability68▼-20
Solvency65▼-24
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €10,000 at 30 days acceptable
Liquidity ample (current ratio 1.59 against 2.39 in 2024; short-term debt: 36.3% and cash: 13.5% of total assets), but 59.9% of the assets are financed with debt.
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Signals
Four 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
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 · 10 filingsDeviation from the deadline
2025
31 d late
2024
49 d late
2023
70 d late
2022
71 d late
2021
95 d late
2020
107 d late
2019
129 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 79 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 (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
26-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€164,691▼ 2.1%
2024 · €168,253
Total assets
€410,440▲ 55.1%
2024 · €264,577
Net result
-€3,562
2024 · €41,515
Working capital
€87,145▼ 31.1%
2024 · €126,531
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€12,334▼ 12.6%€23,104▲ 87.3%€4,925▼ 78.7%€56,696▲ 1,051%€2,497▼ 95.6%
Net result€8,045▼ 14.6%€20,046▲ 149%€2,458▼ 87.7%€41,515▲ 1,589%-€3,562
Equity€104,234▲ 8.4%€124,280▲ 19.2%€126,738▲ 2.0%€168,253▲ 32.8%€164,691▼ 2.1%
Total assets€269,541▲ 18.9%€251,534▼ 6.7%€241,568▼ 4.0%€264,577▲ 9.5%€410,440▲ 55.1%
Debt€165,307▲ 26.8%€127,254▼ 23.0%€114,830▼ 9.8%€96,324▼ 16.1%€245,749▲ 155%
Working capital€29,793▼ 50.0%€60,882▲ 104%€69,874▲ 14.8%€126,531▲ 81.1%€87,145▼ 31.1%
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 96% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €410,440
Fixed assets
€174,463 ▲ 270%
Current assets
€235,977 ▲ 8.6%
Equity and liabilities €410,440
Equity
€164,691 ▼ 2.1%
Debt
€245,749 ▲ 155%
Debt's share of the balance-sheet total rises from 36.4% to 59.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€28,561▼
2024 · €84,280
Cash flow
€22,502▼
2024 · €69,099
Current ratio
1.59▼
2024 · 2.39
Quick ratio
1.45▼
2024 · 2.39
Debt to equity
1.49▲
2024 · 0.57
ROE
-2.2%▼
2024 · 24.7%
ROA
-0.9%▼
2024 · 15.7%
Interest coverage
6.00▼
2024 · 59.19
Debt ≤ 1 year
€148,832▲
2024 · €90,857
Debt > 1 year
€95,492▲
2024 · €2,000
Income taxes
€1,322▼
2024 · €13,757
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €18,565 | €3,325 | €16,277 | €21,090 | €36,680 | ▲ 73.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €30,720 | €42,646 | €33,619 | €27,584 | €26,064 | ▼ 5.5% |
| Other operating charges640/8 | €1,218 | €1,171 | €979 | €1,699 | €1,503 | ▼ 11.5% |
| Non-recurring operating charges66A | €3,925 | - | €8,575 | - | €686 | - |
| Gross operating margin9900 | €48,197 | €66,921 | €48,098 | €85,979 | €30,750 | ▼ 64.2% |
| Operating profit (loss)9901 | €12,334 | €23,104 | €4,925 | €56,696 | €2,497 | ▼ 95.6% |
| Financial income75/76B | €1 | €1 | €1 | - | €27 | - |
| Recurring financial income75 | €1 | €1 | €1 | - | €27 | - |
| Financial charges65/66B | €4,191 | €2,459 | €1,699 | €1,424 | €4,764 | ▲ 235% |
| Recurring financial charges65 | €4,191 | €2,459 | €1,699 | €1,424 | €4,764 | ▲ 235% |
| Profit (loss) for the period before taxes9903 | €8,144 | €20,646 | €3,227 | €55,272 | -€2,240 | ▼ 104% |
| Income taxes67/77 | €99 | €600 | €769 | €13,757 | €1,322 | ▼ 90.4% |
| Profit (loss) for the period9904 | €8,045 | €20,046 | €2,458 | €41,515 | -€3,562 | ▼ 109% |
| Profit (loss) for the period to be appropriated9905 | €8,045 | €20,046 | €2,458 | €41,515 | -€3,562 | ▼ 109% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €269,541 | €251,534 | €241,568 | €264,577 | €410,440 | ▲ 55.1% |
| Fixed assets21/28 | €130,965 | €95,550 | €68,848 | €47,189 | €174,463 | ▲ 270% |
| Tangible fixed assets22/27 | €130,965 | €95,550 | €68,848 | €47,189 | €174,463 | ▲ 270% |
| Plant, machinery and equipment23 | €11,339 | €11,461 | €11,234 | €8,494 | €7,018 | ▼ 17.4% |
| Furniture and vehicles24 | €103,153 | €71,132 | €48,174 | €32,771 | €103,976 | ▲ 217% |
| Leasing and similar rights25 | €16,473 | €12,957 | €9,440 | €5,924 | €63,469 | ▲ 971% |
| Current assets29/58 | €138,576 | €155,984 | €172,720 | €217,388 | €235,977 | ▲ 8.6% |
| Stocks and contracts in progress3 | - | - | - | - | €20,188 | - |
| Stocks30/36 | - | - | - | - | €20,188 | - |
| Amounts receivable within one year40/41 | €130,230 | €128,818 | €150,461 | €137,425 | €151,284 | ▲ 10.1% |
| Trade receivables40 | €117,402 | €120,448 | €142,744 | €124,289 | €148,977 | ▲ 19.9% |
| Other amounts receivable41 | €12,828 | €8,370 | €7,717 | €13,136 | €2,307 | ▼ 82.4% |
| Cash at bank and in hand54/58 | €1,613 | €20,718 | €6,190 | €64,526 | €55,417 | ▼ 14.1% |
| Deferred charges and accrued income490/1 | €6,733 | €6,448 | €16,069 | €15,437 | €9,088 | ▼ 41.1% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €269,541 | €251,534 | €241,568 | €264,577 | €410,440 | ▲ 55.1% |
| Equity10/15 | €104,234 | €124,280 | €126,738 | €168,253 | €164,691 | ▼ 2.1% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | €6,200 | €6,200 | - | - | - | - |
| Issued capital100 | €24,000 | €24,000 | - | - | - | - |
| Uncalled capital101 | €17,800 | €17,800 | - | - | - | - |
| Reserves13 | €2,500 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Non-distributable reserves130/1 | €2,500 | €2,500 | - | - | - | - |
| Legal reserve130 | €2,500 | €2,500 | - | - | - | - |
| Distributable reserves133 | - | - | €2,500 | €2,500 | €2,500 | = |
| Profit (loss) carried forward14 | €95,534 | €115,580 | €118,038 | €159,553 | €155,991 | ▼ 2.2% |
| Amounts payable17/49 | €165,307 | €127,254 | €114,830 | €96,324 | €245,749 | ▲ 155% |
| Amounts payable after more than one year17 | €55,088 | €32,123 | €11,968 | €2,000 | €95,492 | ▲ 4,675% |
| Financial debts170/4 | €55,088 | €32,123 | €11,968 | €2,000 | €95,492 | ▲ 4,675% |
| Amounts payable within one year42/48 | €108,783 | €95,102 | €102,846 | €90,857 | €148,832 | ▲ 63.8% |
| Current portion of amounts payable after more than one year42 | €26,654 | €22,966 | €20,155 | €9,968 | €26,320 | ▲ 164% |
| Financial debts43 | - | €70 | €95 | - | - | - |
| Credit institutions430/8 | - | €70 | €95 | - | - | - |
| Trade debts44 | €60,369 | €60,911 | €71,761 | €54,965 | €97,802 | ▲ 77.9% |
| Suppliers440/4 | €60,369 | €60,911 | €71,761 | €54,965 | €97,802 | ▲ 77.9% |
| Taxes, remuneration and social security45 | €16,387 | €2,296 | €4,611 | €18,102 | €19,244 | ▲ 6.3% |
| Taxes450/3 | €3,003 | €796 | €927 | €14,046 | €15,528 | ▲ 10.6% |
| Remuneration and social security454/9 | €13,384 | €1,500 | €3,684 | €4,056 | €3,716 | ▼ 8.4% |
| Other amounts payable47/48 | €5,373 | €8,859 | €6,224 | €7,822 | €5,466 | ▼ 30.1% |
| Accrued charges and deferred income492/3 | €1,436 | €29 | €16 | €3,467 | €1,425 | ▼ 58.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,045 | €20,046 | €2,458 | €41,515 | -€3,562 | ▼ 109% |
| + Depreciation and write-downs630 | €30,720 | €42,646 | €33,619 | €27,584 | €26,064 | ▼ 5.5% |
| Operating cash flow (approximation) | €38,765 | €62,692 | €36,077 | €69,099 | €22,502 | ▼ 67.4% |
| Investment in fixed assets (approximation) | - | -€7,231 | -€6,917 | -€5,925 | -€153,338 | ▼ 2,488% |
| Change in cash | - | €19,105 | -€14,528 | €58,336 | -€9,109 | ▼ 116% |
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 -€3,562
Net result drops to -€3,562, the lowest in the series.
18-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 49 days late
2024
31-12
Financial
Highest result since 2018net €41,515 ▲1,589%
Operating result €56,696, net result €41,515, both a record.
31-12
Financial
Equity above €150,000Eq €168,253 ▲32.8%
7 profitable years in a row build equity to €168,253.
09-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 70 days late
2023
10-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 71 days late
2022
03-11
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 95 days late
2021
31-12
Financial
Equity above €100,000Eq €104,234 ▲8.4%
4 profitable years in a row build equity to €104,234.
15-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 107 days late
2020
07-12
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 129 days late
2019
28-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 59 days late
2018
28-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 28 days late
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 28 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Braine-le-Château · 1 establishment unit since 2014
Ground area
1,232 m²
Building footprint
136 m²
Volume, LiDAR
643 m³
Parcel 25015A0191/00Y000, Wallonia · tallest building 6.3 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Rue Landuyt 96, 1440 Braine-le-Château
since 20142.230.713.255
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25015A0191/00Y000 | Wallonia | 1,232 m² | 1 · 136 m² | 6.3 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 15,521 companies in sector 43990 we hold annual accounts for 7,420. 5,997 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
Founded21-05-2014
Fiscal year end31-12
Activities, NACEBEL 2025
43990Other specialised construction activities
Scores and ratios are computed by Checked and are not a credit decision.