MDG DEVELOPMENT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 3 filings
Every figure per financial year
The operating result for 2025 is 105% higher than in 2024 and the highest since 2023. It is the second rise in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €8,264 | €1,299 | - |
| Financial fixed assets | - | - | €0 |
| Depreciation and write-downs of the year | €689 | €2,756 | €3,014 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €689 | €2,756 | €3,014 | ▲ 9.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €2,970 | - |
| Other operating charges640/8 | - | €250 | €0 | ▼ 100% |
| Gross operating margin9900 | -€140 | €21,471 | €43,857 | ▲ 104% |
| Operating profit (loss)9901 | -€829 | €18,466 | €37,872 | ▲ 105% |
| Financial income75/76B | - | €3 | €0 | ▼ 100% |
| Recurring financial income75 | - | €3 | €0 | ▼ 100% |
| Financial charges65/66B | - | €106 | €199 | ▲ 87.4% |
| Recurring financial charges65 | - | €106 | €199 | ▲ 87.4% |
| Profit (loss) for the period before taxes9903 | -€829 | €18,363 | €37,673 | ▲ 105% |
| Income taxes67/77 | - | €4,580 | €9,686 | ▲ 111% |
| Profit (loss) for the period9904 | -€829 | €13,783 | €27,987 | ▲ 103% |
| Profit (loss) for the period to be appropriated9905 | -€829 | €13,783 | €27,987 | ▲ 103% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €19,844 | €76,209 | €88,389 | ▲ 16.0% |
| Fixed assets21/28 | €7,576 | €6,119 | €3,105 | ▼ 49.3% |
| Tangible fixed assets22/27 | €7,576 | €6,119 | €3,105 | ▼ 49.3% |
| Plant, machinery and equipment23 | €7,576 | €6,119 | €3,105 | ▼ 49.3% |
| Current assets29/58 | €12,268 | €70,090 | €85,284 | ▲ 21.7% |
| Stocks and contracts in progress3 | - | €16,659 | €2,500 | ▼ 85.0% |
| Stocks30/36 | - | €16,659 | €2,500 | ▼ 85.0% |
| Amounts receivable within one year40/41 | €2,486 | €15,220 | €29,563 | ▲ 94.2% |
| Trade receivables40 | - | €8,515 | €26,138 | ▲ 207% |
| Other amounts receivable41 | €2,486 | €6,705 | €3,425 | ▼ 48.9% |
| Cash at bank and in hand54/58 | €9,782 | €37,891 | €51,420 | ▲ 35.7% |
| Deferred charges and accrued income490/1 | - | €320 | €1,802 | ▲ 464% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €19,844 | €76,209 | €88,389 | ▲ 16.0% |
| Equity10/15 | €19,171 | €32,954 | €60,941 | ▲ 84.9% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | = |
| Profit (loss) carried forward14 | -€829 | €12,954 | €40,941 | ▲ 216% |
| Amounts payable17/49 | €673 | €43,256 | €27,449 | ▼ 36.5% |
| Amounts payable within one year42/48 | €673 | €43,256 | €27,449 | ▼ 36.5% |
| Current portion of amounts payable after more than one year42 | - | €8,000 | €0 | ▼ 100% |
| Trade debts44 | €673 | €24,194 | €10,945 | ▼ 54.8% |
| Suppliers440/4 | €673 | €24,194 | €10,945 | ▼ 54.8% |
| Advances received on contracts in progress46 | - | €9,988 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | €61 | €15,118 | ▲ 248× |
| Taxes450/3 | - | €61 | €15,118 | ▲ 248× |
| Other amounts payable47/48 | - | €1,012 | €1,386 | ▲ 36.9% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€829 | €13,783 | €27,987 | ▲ 103% |
| + Depreciation and write-downs630 | €689 | €2,756 | €3,014 | ▲ 9.4% |
| Operating cash flow (approximation) | -€140 | €16,538 | €31,001 | ▲ 87.5% |
| Investment in fixed assets (approximation) | - | -€1,299 | €0 | - |
| Change in cash | - | €28,109 | €13,529 | ▼ 51.9% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 39,278 companies had the same profile as MDG DEVELOPMENT has now. Two years later, 95.9% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of MDG DEVELOPMENT itself: 0.8% within 12 months.
Test of the method
The method was tested on the 497,446 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 39,278 companies, not a prediction for MDG DEVELOPMENT. 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.