Equity
MDEV has made a profit without a break since 2022.
The dashed line is the sector median: 0.1% across 25,932 companies (NACE 62, micro).
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 62, micro). It does better than 47% of them on solvency, 11% on liquidity, 30% on profitability and 49% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 10,904 companies had the same profile as MDEV has now. Each dot stands for 28 companies, two years later.
That fits the bankruptcy probability of MDEV itself: 0.3% within 12 months.
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 10,904 companies, not a prediction for MDEV. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Liquidity is ample, with a current ratio of 2.24 (2.46 in 2024), above the usual 1.5. Short-term debt is 42.1% and cash 0.1% of total assets. 45.6% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 61 days before the deadline. In the sector (NACE 62), the median for financial year 2024 was 9 days before the deadline, and 33% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| MDEV Grimbergen | €84,944 | €10,136 | 54.4% | - |
| ROGGE CONSULT Merelbeke-Melle | €94,864 | €9,685 | 93.2% | - |
| KNITWOOD Antwerp | €79,662 | €9,726 | 63.6% | - |
| BART LEYN Menen | €95,373 | €10,886 | 74.0% | - |
| G-Dev Zoersel | €71,526 | €10,107 | 86.5% | - |
| INVISION CONSULTING Temse | €101,131 | €10,104 | 86.6% | - |
| AKILI Nijlen | €92,280 | €8,535 | 48.1% | - |
These companies have the same main activity as MDEV: computer consultancy and computer facilities management (NACE 62200). They are comparable in size and age: total assets between €71,500 and €101,000, founded between 2007 and 2010.
MDEV files the abbreviated format. That format states no turnover. The gross margin fell from €49,233 in 2009 to €10,136 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €70,000. Estimated: probably between €32,000 and €220,000.
Higher than 57% of 3,405 companies in 2025.
Higher than 57% of 3,266 companies in 2025.
Higher than 35% of 3,314 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: bottom quarter · Working capital: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||||||
20/58 |
84,944 | 75,656 | 87,144 | 58,484 | 37,935 | 36,075 | 44,820 | 40,998 | 42,861 | 37,547 | 57,489 | 57,637 | 70,325 | 72,963 | 50,867 | 49,891 | 57,724 | |
21/28 |
4,666 | 4,295 | 19,350 | 15,792 | 21,468 | 8,212 | 10,085 | 2,937 | 9,595 | 19,845 | 20,264 | 4,117 | 9,223 | 18,162 | 18,064 | 13,602 | 12,973 | |
22/27 |
4,666 | 4,295 | 19,350 | 15,792 | 21,468 | 8,212 | 10,085 | 2,937 | 9,595 | 19,845 | 20,264 | 4,117 | 9,223 | 18,162 | 18,064 | 13,602 | 12,973 | |
23 |
- | - | - | - | - | - | - | - | - | - | - | - | - | 18,162 | 17,597 | 12,669 | 12,973 | |
24 |
4,666 | 4,295 | 19,350 | 15,792 | 21,468 | 8,212 | 10,085 | 2,937 | 9,595 | 19,845 | 20,264 | 4,117 | 9,223 | - | 467 | 933 | - | |
29/58 |
80,278 | 71,361 | 67,794 | 42,692 | 16,467 | 27,863 | 34,735 | 38,061 | 33,266 | 17,702 | 37,225 | 53,520 | 61,102 | 54,801 | 32,803 | 36,289 | 44,751 | |
40/41 |
75,341 | 63,609 | 45,942 | 32,560 | 10,545 | 18,993 | 20,735 | 31,837 | 19,587 | 15,546 | 29,024 | 43,343 | 51,731 | 52,178 | 21,543 | 30,515 | 24,798 | |
40 |
68,297 | 31,055 | 24,922 | 22,541 | 10,545 | 18,884 | 17,482 | 26,012 | 19,587 | 14,986 | 23,044 | 35,641 | 41,175 | 21,840 | 11,523 | 20,753 | 20,877 | |
41 |
7,044 | 32,554 | 21,020 | 10,019 | - | 109 | 3,253 | 5,825 | - | 560 | 5,980 | 7,702 | 10,556 | 30,338 | 10,020 | 9,762 | 3,921 | |
54/58 |
119 | 3,132 | 18,542 | 9,191 | 4,364 | 8,226 | 13,117 | 2,090 | 10,339 | 2,156 | 7,897 | 10,177 | 9,371 | 1,831 | 11,260 | 5,774 | 19,953 | |
490/1 |
4,818 | 4,620 | 3,310 | 941 | 1,558 | 644 | 883 | 4,134 | 3,340 | - | 304 | - | - | 792 | - | - | - | |
| Balance sheet: equity and liabilities | ||||||||||||||||||
10/49 |
84,944 | 75,656 | 87,144 | 58,484 | 37,935 | 36,075 | 44,820 | 40,998 | 42,861 | 37,547 | 57,489 | 57,637 | 70,325 | 72,963 | 50,867 | 49,891 | 57,724 | |
10/15 |
46,204 | 44,405 | 37,812 | 17,091 | 14,354 | 15,543 | 16,878 | 16,878 | 11,303 | 11,229 | 14,529 | 34,186 | 30,421 | 19,329 | 20,810 | 16,931 | 27,840 | |
10/11 |
6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | |
13 |
40,004 | 38,205 | 31,612 | 10,891 | 8,154 | 9,343 | 10,678 | 10,678 | 5,103 | 5,029 | 8,329 | 27,986 | 24,221 | 13,129 | 14,610 | 9,360 | 16,860 | |
130/1 |
- | - | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
1311 |
- | - | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | - | |
133 |
40,004 | 38,205 | 29,752 | 9,031 | 6,294 | 7,483 | 8,818 | 8,818 | 3,243 | 3,169 | 6,469 | 26,126 | 22,361 | 11,269 | 12,750 | 7,500 | 15,000 | |
14 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,371 | 4,780 | |
17/49 |
38,740 | 31,251 | 49,332 | 41,393 | 23,581 | 20,532 | 27,942 | 24,120 | 31,558 | 26,318 | 42,960 | 23,451 | 39,904 | 53,634 | 30,057 | 32,960 | 29,884 | |
42/48 |
35,786 | 29,036 | 47,685 | 40,438 | 22,828 | 18,924 | 26,655 | 23,544 | 30,937 | 25,237 | 42,285 | 23,171 | 37,834 | 52,563 | 23,526 | 31,430 | 28,384 | |
44 |
8,505 | 2,921 | 4,108 | 10,575 | 1,050 | 3,954 | 5,041 | 12,222 | 5,823 | 2,601 | 17,046 | 10,563 | 21,985 | 39,946 | 12,863 | 1,362 | 12,320 | |
440/4 |
8,505 | 2,921 | 4,108 | 10,575 | 1,050 | 3,954 | 5,041 | 12,222 | 5,823 | 2,601 | 17,046 | 10,563 | 21,985 | 39,946 | 12,863 | 1,362 | 12,320 | |
45 |
14,590 | 16,854 | 21,667 | 12,765 | 4,490 | 5,034 | 3,359 | 2,118 | 7,879 | 6,748 | 3,465 | 11,808 | 15,849 | 12,617 | 8,547 | 25,026 | 15,511 | |
450/3 |
14,590 | 16,854 | 21,667 | 12,765 | 4,490 | 5,034 | 3,359 | 2,118 | 7,879 | 6,748 | 3,465 | 11,808 | 15,849 | 12,617 | 8,547 | 22,548 | 15,511 | |
454/9 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2,478 | - | |
47/48 |
12,691 | 9,261 | 21,910 | 17,098 | 17,288 | 9,936 | 18,255 | 9,204 | 17,235 | 15,888 | 21,774 | 800 | - | - | 2,116 | 5,042 | 553 | |
492/3 |
2,954 | 2,215 | 1,647 | 955 | 753 | 1,608 | 1,287 | 576 | 621 | 1,081 | 675 | 280 | 2,070 | 1,071 | 6,531 | 1,530 | 1,500 | |
| Income statement | ||||||||||||||||||
76A |
- | 43 | - | - | - | - | - | 10,237 | - | - | - | - | - | 651 | - | - | - | |
9900 |
10,136 | 19,383 | 37,971 | 25,173 | 10,247 | 8,520 | 17,314 | 16,449 | 17,020 | 14,098 | 23,260 | 18,155 | 33,030 | 19,068 | 19,699 | 13,684 | 49,233 | |
630 |
4,644 | 6,691 | 7,992 | 8,296 | 8,075 | 6,441 | 6,135 | 4,051 | 15,062 | 14,846 | 12,408 | 8,433 | 13,772 | 14,054 | 10,150 | 5,419 | 5,282 | |
640/8 |
2,072 | 1,639 | 1,448 | 1,431 | 1,418 | 1,412 | 1,701 | 1,811 | 849 | 820 | 691 | 877 | 1,762 | 3,538 | 1,306 | 1,781 | 7,294 | |
9901 |
3,420 | 11,053 | 28,531 | 15,446 | 754 | 667 | 9,478 | 10,587 | 1,109 | -1,568 | 10,161 | 8,845 | 17,496 | 1,476 | 8,243 | 6,484 | 36,657 | |
75/76B |
478 | 799 | 139 | 19 | 40 | 71 | 210 | 10 | - | 36 | 2,029 | 502 | 977 | 866 | 470 | 482 | 402 | |
75 |
478 | 799 | 139 | 19 | 40 | 71 | 210 | 10 | - | 36 | 2,029 | 502 | 977 | 866 | 470 | 482 | 402 | |
65/66B |
688 | 858 | 1,059 | 669 | 906 | 719 | 1,150 | 1,349 | 402 | 1,458 | 925 | 1,561 | 1,210 | 1,825 | 1,601 | 2,071 | 2,379 | |
65 |
688 | 858 | 1,059 | 669 | 906 | 719 | 1,150 | 1,349 | 402 | 1,458 | 925 | 1,561 | 1,210 | 1,825 | 1,601 | 2,071 | 2,379 | |
9903 |
3,210 | 10,994 | 27,611 | 14,796 | -112 | 19 | 8,538 | 9,248 | 707 | -2,990 | 11,265 | 7,786 | 17,263 | 1,168 | 7,112 | 4,895 | 34,680 | |
67/77 |
1,411 | 3,377 | 6,890 | 3,859 | 1,077 | 1,354 | 2,788 | 3,673 | 633 | 310 | 4,922 | 3,221 | 6,171 | 2,649 | 3,233 | 3,304 | 13,040 | |
9904 |
1,799 | 7,617 | 20,721 | 10,937 | -1,189 | -1,335 | 5,750 | 5,575 | 74 | -3,300 | 6,343 | 4,565 | 11,092 | -1,481 | 3,879 | 1,591 | 21,640 | |
9905 |
1,799 | 7,617 | 20,721 | 10,937 | -1,189 | -1,335 | 5,750 | 5,575 | 74 | -3,300 | 6,343 | 4,565 | 11,092 | -1,481 | 3,879 | 1,591 | 21,640 | |
| Appropriation of the result | ||||||||||||||||||
9906 |
1,799 | 7,617 | 20,721 | 10,937 | -1,189 | -1,335 | 5,750 | 5,575 | 74 | -3,300 | 6,343 | 4,565 | 11,092 | -1,481 | 5,250 | 6,371 | 21,640 | |
791/2 |
- | - | - | - | 1,189 | 1,335 | - | - | - | 3,300 | 26,000 | - | - | 1,481 | - | 7,500 | - | |
691/2 |
1,799 | 6,593 | 20,721 | 2,737 | - | - | - | 5,575 | 74 | - | 6,343 | 3,765 | 11,092 | - | 5,250 | - | 16,860 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1,860 | |
6921 |
1,799 | 6,593 | 20,721 | 2,737 | - | - | - | 5,575 | 74 | - | 6,343 | 3,765 | 11,092 | - | 5,250 | - | 15,000 | |
694/7 |
- | 1,024 | - | 8,200 | - | - | 5,750 | - | - | - | 26,000 | 800 | - | - | - | 12,500 | - | |
694 |
- | 1,024 | - | 8,200 | - | - | 5,750 | - | - | - | 26,000 | 800 | - | - | - | 12,500 | - | |
| Document | ||||||||||||||||||
The notes to these accounts have 7 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 19-03-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 19-03-2026 | 2026-00056889 | |
| 31-12-2024 | abbreviated format | 28-05-2025 | 2025-00109056 | |
| 31-12-2023 | abbreviated format | 07-06-2024 | 2024-00114478 | |
| 31-12-2022 | abbreviated format | 15-05-2023 | 2023-00087028 | |
| 31-12-2021 | micro format | 17-06-2022 | 2022-20069720 | |
| 31-12-2020 | micro format | 20-07-2021 | 2021-37500059 | |
| 31-12-2019 | micro format | 19-06-2020 | 2020-20200366 | |
| 31-12-2018 | micro format | 18-07-2019 | 2019-34700482 | |
| 31-12-2017 | micro format | 11-06-2018 | 2018-17700574 | |
| 31-12-2016 | micro format | 10-07-2017 | 2017-29500523 | |
| 31-12-2015 | abbreviated format | 29-07-2016 | 2016-38800308 | |
| 31-12-2014 | abbreviated format | 31-07-2015 | 2015-38900372 | |
| 31-12-2013 | abbreviated format | 31-07-2014 | 2014-39900467 | |
| 31-12-2012 | abbreviated format | 01-07-2013 | 2013-26000292 | |
| 31-12-2011 | abbreviated format | 25-07-2012 | 2012-33900121 | |
| 31-12-2010 | abbreviated format | 15-06-2011 | 2011-17500441 | |
| 31-12-2009 | abbreviated format | 20-05-2010 | 2010-12700187 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 8,064 | 17,744 | 36,523 | 23,742 | 8,829 | 7,108 | 15,613 | 14,638 | 16,171 | 13,278 | 22,569 | 17,278 | 31,268 | 15,530 | 18,393 | 11,903 | 41,939 | ||
| 6,443 | 14,308 | 28,713 | 19,233 | 6,886 | 5,106 | 11,885 | 9,626 | 15,136 | 11,546 | 18,751 | 12,998 | 24,864 | 12,573 | 14,029 | 7,010 | 26,922 | ||
| 5,015 | 947 | 11,550 | 2,620 | 21,331 | 4,568 | 13,283 | 1,156 | 4,811 | 14,427 | 28,555 | 3,327 | 13,561 | 16,500 | 14,612 | 6,048 | 16,207 | ||
| -3,013 | -15,410 | 9,351 | 4,827 | -3,862 | -4,891 | 11,027 | -8,249 | 8,183 | -5,741 | -2,280 | 806 | 7,540 | -9,429 | 5,486 | -14,179 | - | ||
| 44,492 | 42,325 | 20,109 | 2,254 | -6,361 | 8,939 | 8,080 | 14,517 | 2,329 | -7,535 | -5,060 | 30,349 | 23,268 | 2,238 | 9,277 | 4,859 | 16,367 | ||
| 54.4% | 58.7% | 43.4% | 29.2% | 37.8% | 43.1% | 37.7% | 41.2% | 26.4% | 29.9% | 25.3% | 59.3% | 43.3% | 26.5% | 40.9% | 33.9% | 48.2% | ||
| 2.24 | 2.46 | 1.42 | 1.06 | 0.72 | 1.47 | 1.30 | 1.62 | 1.08 | 0.70 | 0.88 | 2.31 | 1.62 | 1.04 | 1.39 | 1.15 | 1.58 | ||
| 0.84 | 0.70 | 1.30 | 2.42 | 1.64 | 1.32 | 1.66 | 1.43 | 2.79 | 2.34 | 2.96 | 0.69 | 1.31 | 2.77 | 1.44 | 1.95 | 1.07 | ||
| 3.9% | 17.2% | 54.8% | 64.0% | -8.3% | -8.6% | 34.1% | 33.0% | 0.7% | -29.4% | 43.7% | 13.4% | 36.5% | -7.7% | 18.6% | 9.4% | 77.7% | ||
| 2.1% | 10.1% | 23.8% | 18.7% | -3.1% | -3.7% | 12.8% | 13.6% | 0.2% | -8.8% | 11.0% | 7.9% | 15.8% | -2.0% | 7.6% | 3.2% | 37.5% | ||
| 11.72 | 20.68 | 34.49 | 35.49 | 9.75 | - | - | - | - | - | - | - | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,015 | €947 | €11,550 | €2,620 | €21,331 |
| €4,644 | €6,691 | €7,992 | €8,296 | €8,075 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 69% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Debt's share of the balance-sheet total rises from 41.3% to 45.6%. Equity and debt are higher.
MDEV has no parent and no holdings in its annual accounts. Maton Marc is the only director. MDEV shares no director with another company.
| NGT RACING
registered office since 22-07-2005 · founded in 2004 |
total assets €374,795 (2025) 0864.919.108 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Max Havelaarlaan 17 registered office 1850 Grimbergen 62020 IT consultancy | 19-01-2009 | 2.176.212.519 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 23402E0111/00H010 | 609 m² | 1 · 186 m² | 3.4 m · 1 |
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