Checked.be
Active
BE 0827.408.812Private limited company
MDESIGNPROJECTS
Hemelrijk 111 ·9402 Ninove, Belgium· 16 yrs active
Sector: Manufacture of furniture
(31001)
Conclusion
MDESIGNPROJECTS has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €19k and a net result of €-22k. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 20% of 395 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Based on the State Gazette, CBE and 4 annual accounts.
Key figures
| Equity | €19k |
| Net result | €-22k |
| Better than sector | 20% |
| Active | 16 yrs |
Financial profile
37
/ 100
Fragile profile, watch profitability in particular.
All 5 axes are computed from data Checked has read.
Health
2
Profitability
0
Solvency
6
Growth
78
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Established
Founded in 2010, 16 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
2
/ 100
Critical
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
No credit
negative equity or figures too weak
Score history
5
2022
15
2023
31
2024
2
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 0.22 (< 1.0)
-10
Quick ratio
Quick ratio 0.22 (< 0.6)
-5
Leverage
Debt/equity 10.77 (> 3.0)
-10
Profitability
Negatieve ROE -118%
-10
Interest coverage
Interest coverage 0.1× (< 1.5×)
-10
Profit trend
Net profit down YoY
-3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 23-10-2025 with the NBB · fiscal year 2025 · micro schema
Sector comparison
Fiscal year 2025 · NACE 31, Manufacture of furniture · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 8.5% | 44.9% | |
| Net result | €-22k | €5k | |
| Equity | €19k | €52k | |
| Gross operating margin | €5k | €32k | |
| Total assets | €223k | €126k |
€446
-97.0%
22-25
€-22k
-398.6%
22-25
€-4k
-
22-25
€223k
-23.3%
22-25
€19k
-54.1%
22-25
€-128k
-25.4%
22-25
€189
-13.5%
22-25
€204k
-18.2%
22-25
€165k
-13.1%
22-25
€40k
-34.1%
22-25
0.22
-51.4%
22-25
0.22
-51.4%
22-25
8.5%
-40.2%
22-25
10.77
+78.2%
22-25
-117.8%
-985.8%
22-25
-10.0%
-549.8%
22-25
0.10
-98.2%
22-25
Figures by fiscal year and ratios
Change versus the prior fiscal year, coloured by direction (green = favourable).
| Fiscal year | 2025 Δ | 2024 Δ | 2023 Δ | 2022 Δ |
|---|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema | micro schema |
| Revenue | - | - | - | - |
| EBITDA | -97.0% | - | +95.7% | - |
| Net profit | -398.6% | +78.7% | +53.9% | - |
| Cash flow | - | - | +83.1% | - |
| Staff costs | - | - | - | - |
| Income taxes | - | -13.5% | +10.0% | - |
| Dividends | - | - | - | - |
| Total assets | -23.3% | +19.4% | +3.3% | - |
| Equity | -54.1% | - | - | - |
| Debt | -18.2% | -3.2% | +12.6% | - |
| of which ≤ 1y | -13.1% | +17.1% | +46.3% | - |
| of which > 1y | -34.1% | -37.5% | -18.8% | - |
| Working capital | -25.4% | +13.0% | -31.1% | - |
| Employees (FTE) | - | - | - | - |
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Current ratio | 0.22 | 0.46 | 0.28 | 0.19 |
| Quick ratio | 0.22 | 0.46 | 0.28 | 0.19 |
| Working capital ratio | -57.2% | -35.0% | -48.0% | -37.8% |
| Solvency | 8.5% | 14.2% | -5.8% | 2.9% |
| Debt / equity | 10.77 | 6.04 | -18.19 | 33.46 |
| Long-term debt ratio | 2.09 | 1.46 | -6.78 | 17.31 |
| Interest coverage | 0.10 | 5.38 | -0.30 | -8.05 |
| Gross margin | - | - | - | - |
| Net margin | - | - | - | - |
| ROA | -10.0% | -1.5% | -8.6% | -19.3% |
| ROE | -117.8% | -10.8% | 148.3% | -666.2% |
| EBITDA margin | - | - | - | - |
| Days sales outstanding | - | - | - | - |
| Days payable outstanding | - | - | - | - |
| Inventory turnover | - | - | - | - |
| Days inventory (DSI) | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (23 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Balance sheet, Assets | |||||
| TOTAL ASSETS | 20/58 | €223k | €291k | €244k | €236k |
| Fixed assets | 21/28 | €186k | €203k | €199k | €215k |
| Tangible fixed assets | 22/27 | €186k | €203k | €199k | €215k |
| Current assets | 29/58 | €37k | €88k | €45k | €21k |
| Amounts receivable within one year | 40/41 | €36k | €20k | €45k | €21k |
| Cash & bank | 54/58 | €815 | €67k | - | - |
| Balance sheet, Equity & liabilities | |||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €223k | €291k | €244k | €236k |
| Equity | 10/15 | €19k | €41k | €-14k | €7k |
| Contributions / capital | 10/11 | €66k | €66k | €6k | €6k |
| Reserves | 13 | €2k | €2k | €2k | €2k |
| Accumulated profits (losses) | 14 | €-49k | €-27k | €-22k | €-1k |
| Amounts payable | 17/49 | €204k | €250k | €258k | €229k |
| Amounts payable after one year | 17 | €40k | €60k | €96k | €119k |
| Amounts payable within one year | 42/48 | €165k | €190k | €162k | €111k |
| Trade debts payable within one year | 44 | - | €2k | €10k | €5k |
| Income statement | |||||
| Gross operating margin | 9900 | €5k | €17k | €178 | €-25k |
| Operating result | 9901 | €-18k | €-2k | €-17k | €-42k |
| Financial income | 75 | €41 | €124 | €25 | €14 |
| Financial charges | 65 | €5k | €3k | €4k | €3k |
| Result before taxes | 9903 | €-22k | €-4k | €-21k | €-45k |
| Income taxes | 67/77 | - | €189 | €219 | €199 |
| Net result for the period | 9904 | €-22k | €-4k | €-21k | €-46k |
| Result to be appropriated | 9905 | €-22k | €-4k | €-21k | €-46k |
Legal Structure
| NACE primary | Manufacture of furniture(31001) |
| Legal form | Private limited company(610) |
| Incorporation | 01-07-2010 |
| Status | Active |
| Postal code | 9402 |
Establishment units
MDESIGNPRJECTS
since 20102.189.742.138
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41038D0091/00D002 | Flanders | 818 m² | 1 · 170 m² | 7.1 m · 2 fl. |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2025
23-10
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2024
24-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
17-04
State Gazette act
Director changes
Alexander CAUDRON
2023
24-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2022
14-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2021
29-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2020
30-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2019
02-12
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 32 days late
21-02
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 113 days late
2017
30-11
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2016
02-11
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 2 days late
State Gazette actNBB filing
Belgian State Gazette reading coverage
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Belgisch Staatsblad, acts
All acts · 1
updated 2 years ago
2024
17-04-2024 Change in the board of directors
Notary:
Alexander CAUDRON · AalstFirm:
Caudron, Herzeel & Breckpot, geassocieerde notarissen
Technical details
{
"events": [
{
"kind": "substantive_delegation",
"role": "bestuurder",
"person": {
"rrn": null,
"name": "DE VUYST Micha\u00EBl",
"address": "9402 Ninove (Meerbeke), Hemelrijk 115",
"birth_date": null,
"profession": null,
"birth_place": null
},
"reason": null,
"subkind": null,
"via_org": null,
"statutory": "statutair",
"compensated": false,
"effective_date": "2024-04-15",
"evidence_quote": "",
"decharge_status": null,
"mandate_duration": {
"kind": "indefinite",
"value": null
},
"rep_rotation_new_rep": null,
"rep_rotation_old_rep": null,
"effective_date_qualifier": "immediate"
},
{
"kind": "substantive_delegation",
"role": "bestuurder",
"person": {
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"name": "DE VUYST Micha\u00EBl",
"address": "9402 Ninove (Meerbeke), Hemelrijk 115",
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},
"reason": null,
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"statutory": "niet_statutair",
"compensated": false,
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"evidence_quote": "",
"decharge_status": null,
"mandate_duration": {
"kind": "indefinite",
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},
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"effective_date_qualifier": "immediate"
},
{
"kind": "substantive_delegation",
"role": "gedelegeerd_bestuurder",
"person": null,
"reason": null,
"subkind": null,
"via_org": {
"kbo": "0880.493.051",
"name": "A \u0026 B PARTNERS AALST",
"address": "9300 Aalst, Leopoldlaan 100",
"country": "BE",
"legal_form": "CV"
},
"statutory": null,
"compensated": null,
"effective_date": null,
"evidence_quote": "",
"decharge_status": null,
"mandate_duration": null,
"rep_rotation_new_rep": null,
"rep_rotation_old_rep": null,
"effective_date_qualifier": null
},
{
"kind": "substantive_delegation",
"role": "bestuurder",
"person": {
"rrn": null,
"name": "Marc Vandemeulebroeke",
"address": null,
"birth_date": null,
"profession": "bestuurder",
"birth_place": null
},
"reason": null,
"subkind": null,
"via_org": {
"kbo": "0880.493.051",
"name": "A \u0026 B PARTNERS AALST",
"address": "9300 Aalst, Leopoldlaan 100",
"country": "BE",
"legal_form": "CV"
},
"statutory": null,
"compensated": null,
"effective_date": null,
"evidence_quote": "",
"decharge_status": null,
"mandate_duration": null,
"rep_rotation_new_rep": null,
"rep_rotation_old_rep": null,
"effective_date_qualifier": null
}
],
"notary": {
"name": "Alexander CAUDRON",
"firm_city": null,
"firm_name": "Caudron, Herzeel \u0026 Breckpot, geassocieerde notarissen",
"office_city": "Aalst",
"is_associated": true
},
"act_meta": {
"language": "nl",
"pub_date": "2024-04-17",
"filing_date": "2024-04-15",
"act_kind_objet": "Onderwerp akte:"
},
"decisions": [
{
"body": "buitengewone_algemene_vergadering",
"date": "2024-03-20",
"unanimous": null
}
],
"is_correction": false,
"subject_company": {
"kbo": "0827.408.812",
"name_full": "MDESIGNPROJECTS",
"legal_form": "BV"
},
"publication_proxy": {
"kind": "person",
"org_kbo": null,
"org_name": null,
"person_name": null,
"org_rep_person_name": null,
"person_role_at_subject": null
},
"co_filed_documents": [
"uitgifte en co\u00F6rdinatie"
],
"corrected_publication_numac": null
}Credit advice
Company registry (CBE)
Activities
Manufacture of furniture31001Manufacture of machinery and equipment not elsewhere classified28230Agents in the wholesale of furniture, household goods and hardware46150
Names & trade names
| Legal nameNL | MDESIGNPROJECTS |
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