MDG
ActiveThe file of MDG contains 2 historical bankruptcy publications, as published in the Belgian State Gazette.
Summary
The computed 12-month bankruptcy probability is 0.7% (low). The 2025 annual accounts show equity of €77k and a net result of €-25k. Equity is shrinking by ~5% per year across the filed fiscal years.
Checked score
Score 2025
37
/ 100
Weak
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability14▼-1
Solvency36▼-3
Growth32=
Track record85
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2.5k at 30 days only on tighter terms
Liquidity short (current ratio 0.16 against 0.16 in 2024; short-term debt: 89.1% and cash: 0.2% of total assets), and 89.1% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Seven 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
10.9%
Return on assets
-3.5%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-25k
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 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
111 d late
2023
190 d late
2022
5 d early
2021
360 d late
2020
on the day
2019
234 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
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€77k▼ 24.3%
2024 · €101k
2018: €160k
2019: €99k
2020: €105k
2021: €117k
2022: €158k
2023: €125k
2024: €101k
2018 → 2025
Total assets
€705k▼ 1.1%
2024 · €713k
2018: €809k
2019: €777k
2020: €765k
2021: €737k
2022: €697k
2023: €712k
2024: €713k
2018 → 2025
Net result
€-25k▼ 5.0%
2024 · €-23k
2018: €982
2019: €-60k
2020: €6k
2021: €12k
2022: €41k
2023: €-33k
2024: €-23k
2018 → 2025
Working capital
€-526k▼ 2.1%
2024 · €-515k
2018: €-300k
2019: €-380k
2020: €-382k
2021: €-495k
2022: €-471k
2023: €-506k
2024: €-515k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€117k-€158k▲ 34.6%€125k▼ 21.1%€101k▼ 18.8%€77k▼ 24.3%
Operating result€37k-€43k▲ 17.8%€-25k€-18k▲ 30.4%€-20k▼ 10.9%
Net result€12k-€41k▲ 239%€-33k€-23k▲ 29.5%€-25k▼ 5.0%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €20k in 2025 against €18k in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €705k
Fixed assets
€602k ▼ 2.3%
Current assets
€103k ▲ 6.1%
Equity and liabilities €705k
Equity
€77k ▼ 24.3%
Debt
€629k ▲ 2.7%
Debt's share of the balance-sheet total rises from 85.8% to 89.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-6k▼
2024 · €-4k
Cash flow
€-11k▼
2024 · €-9k
Current ratio
0.16▲
2024 · 0.16
Debt to equity
8.21▲
2024 · 6.05
ROE
-32.2%▼
2024 · -23.2%
ROA
-3.5%▼
2024 · -3.3%
Interest coverage
-1.12▼
2024 · -0.63
Debt ≤ 1 year
€629k▲
2024 · €612k
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 · 35 lines
Balance sheet
Code20242025
Assets
Total assets20/58€713k€705k▼
Fixed assets21/28€616k€602k▼
Tangible fixed assets22/27€223k€209k▼
Land and buildings22€223k€209k▼
Financial fixed assets28€393k€393k=
Current assets29/58€97k€103k▲
Amounts receivable within one year40/41€97k€102k▲
Trade receivables40€45k€50k▲
Other amounts receivable41€52k€52k=
Cash at bank and in hand54/58-€1k
Equity and liabilities
Total equity and liabilities10/49€713k€705k▼
Equity10/15€101k€77k▼
Contributions10/11€170k€170k=
Profit (loss) carried forward14€-69k€-93k▼
Amounts payable17/49€612k€629k▲
Amounts payable within one year42/48€612k€629k▲
Current portion of amounts payable after more than one year42€6€6=
Financial debts43€10k-
Credit institutions430/8€10k-
Trade debts44€5k€5k=
Suppliers440/4€5k€5k=
Taxes, remuneration and social security45€10k€10k=
Taxes450/3€10k€10k=
Other amounts payable47/48€587k€613k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€14k€14k=
Other operating charges640/8-€1k
Gross operating margin9900€-4k€-5k▼
Operating profit (loss)9901€-18k€-20k▼
Financial charges65/66B€6k€5k▼
Recurring financial charges65€6k€5k▼
Profit (loss) for the period before taxes9903€-23k€-25k▼
Profit (loss) for the period9904€-23k€-25k▼
Profit (loss) for the period to be appropriated9905€-23k€-25k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-69k€-93k▼
Profit (loss) brought forward from the previous period14P€-45k€-69k▼
The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
19-11
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 111 days late
06-02
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 190 days late
2023
07-08
Bankruptcy
Bankruptcy reversal
Ondernemingsrechtbank Gent, afdeling Dendermonde · MDG NV ELZENSTRAAT 24, 9112 SINAAI- WAAS · event 27-07-2023
26-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
26-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 360 days late
23-06
Bankruptcy
Opening
Ondernemingsrechtbank Gent, afdeling Dendermonde · MDG NV ELZENSTRAAT 24, 9112 SINAAI-WAAS · event 19-06-2023
2022
31-12
Financial
Highest result since 2018net €41k ▲239%
Operating result €43k, net result €41k, both a record.
31-12
Financial
Equity above €150kEq €158k ▲34.6%
3 profitable years in a row build equity to €158k.
2021
31-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
22-03
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 234 days late
2020
31-12
Financial
Back to profitnet €6k
Net result €6k after one loss-making year.
Show earlier events
31-12
Financial
Equity above €100kEq €105k ▲6.1%
Equity rises from €99k to €105k.
2019
31-12
Financial
Weakest financial yearnet €-60k ▼6237%
Net result drops to €-60k, the lowest in the series; recovery starts the following year.
30-09
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 61 days late
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 31 days late
04-05
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 277 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
12 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, Sint-Niklaas · 1 establishment unit since 1999
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Elzenstraat 249112 Sint-NiklaasGround area
477 m²
Building footprint
114 m²
Volume, LiDAR
813 m³
Parcel 46019B1270/00X002, Flanders · tallest building 10.7 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Elzenstraat 24, 9112 Sint-Niklaas
since 19992.097.001.725
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 46019B1270/00X002 | Flanders | 477 m² | 1 · 114 m² | 10.7 m · 2 fl. |
Linked by address, not proof of ownership
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.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | FREDERIC LELEUX KAPELLESTRAAT 33, 9220 HAMME
(O.-VL.) |
19-06-2023 → 27-07-2023 |
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded22-11-1999
Fiscal year end31-12
Sources
Crossroads Bank for EnterprisesNational Bank · 25 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.