MDR Projects
Open bankruptcySummary
A bankruptcy procedure is open for MDR Projects according to publications in the Belgian State Gazette. The 2023 annual accounts show equity of €76,420 and a net result of €48,391.
Are you a creditor?
Open bankruptcy
Source: Belgian Official Gazette
If this company owes you money, you are not paid automatically: you file your claim yourself, within the deadline the judgment sets.
The procedure
- Court
- Enterprise Court of Liège, Liège division
- Declared bankrupt
- 30 March 2026
- Supervising judge
- Jean-Marc Ange
- Official Gazette
- 03-04-2026 (pdf) ↗search the document for 2026/114694
Curators
- Murielle DelforgeClos Du Sartay 11, 4053 Embourgm.delforge@avocat.be
- Valerie ThirionClos Du Sartay 11, 4053 Embourgv.thirion@lex-care.be
What to do now
- Do not deliver on credit any more without an agreement with the curator.
- Gather your documents: invoices, purchase orders, contract, delivery notes and reminders.
- File your proof of claim in RegSol (regsol.be), yourself with eID or itsme, or through your lawyer. State principal, interest and costs separately, and any preferential right you hold.
- Delivered under retention of title? Reclaim your goods before the first report on the verification of claims.
- Ask your accountant about the VAT on the unpaid invoices: in a bankruptcy it can be recovered under conditions.
- Follow the file in RegSol: the verification report (admitted or disputed) and the curator's reports appear there.
Deadlines: the judgment sets the last day to file your claim, by law at most thirty days after the judgment, and the day of the first verification report. Both dates are in the publication in the Official Gazette and in RegSol; Checked does not read them yet. A late claim is sometimes still possible, but not without consequences.
File a claim in RegSol ↗
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Follow this bankruptcy: you are alerted when it is closed or reversed.
General information, not legal advice. If in doubt, the curator, your lawyer or your accountant can help. Full guide for creditors
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Signals
Three signals. The signal on the left, the evidence on the right.
+raises risk○neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2023 was due by 31-07-2024 and was filed on 31-07-2024, 0 days ahead of the deadline.
NBB · 7 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
on the day
2022
22 d late
2021
293 d late
2019
3 d late
2018
23 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 68 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 (1)
History
Go further with this company
Who ran this company, and where was it based, on a date before the end?Company as of a date Is the registered address a letterbox address or a business centre?Address check Are there other customers at risk in your own list?Debtor check How is the Insulation installation sector doing?Sector figures
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2023, micro schema
Equity
€76,420▲ 173%
2022 · €28,029
Total assets
€160,639▲ 298%
2022 · €40,397
Net result
€48,391
2022 · -€885
Working capital
€57,293▲ 104%
2022 · €28,029
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
Line20182019202120222023
Operating result-€11,637--€5,778▲ 50.4%€19,322--€903€68,239
Net result-€11,933--€5,778▲ 51.6%€17,506--€885€48,391
Equity€5,778-€28,914-€28,029▼ 3.1%€76,420▲ 173%
Total assets€505,176-€44,830-€40,397▼ 9.9%€160,639▲ 298%
Debt€499,399-€15,917-€12,368▼ 22.3%€84,219▲ 581%
Working capital-€494,222-€28,914-€28,029▼ 3.1%€57,293▲ 104%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2023: €68,239 after a loss of €903 in 2022, the highest result in the available series.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €160,639
Fixed assets
€33,584
Current assets
€127,055
Equity and liabilities €160,639
Equity
€76,420 ▲ 173%
Debt
€84,219 ▲ 581%
Debt's share of the balance-sheet total rises from 30.6% to 52.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€72,455
Cash flow
€52,607
Current ratio
1.82▼
2022 · 3.27
Debt to equity
1.10▲
2022 · 0.44
ROE
63.3%▲
2022 · -3.2%
ROA
30.1%▲
2022 · -2.2%
Interest coverage
46.12
Debt ≤ 1 year
€69,762▲
2022 · €12,368
Debt > 1 year
€14,457
Income taxes
€21,151▲
2022 · €1,558
Staff costs
€50,417▲
2022 · €34,582
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €16,443 | €34,582 | €50,417 | ▲ 45.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €4,216 | - |
| Other operating charges640/8 | - | - | €2,424 | €8,951 | €620 | ▼ 93.1% |
| Gross operating margin9900 | -€5,374 | -€5,722 | €38,188 | €42,629 | €123,491 | ▲ 190% |
| Operating profit (loss)9901 | -€11,637 | -€5,778 | €19,322 | -€903 | €68,239 | ▲ 7,655% |
| Financial income75/76B | - | - | €1,975 | €1,637 | €2,874 | ▲ 75.6% |
| Recurring financial income75 | - | - | €1,975 | €1,637 | €2,874 | ▲ 75.6% |
| Financial charges65/66B | - | - | €373 | €61 | €1,571 | ▲ 2,496% |
| Recurring financial charges65 | €296 | - | €373 | €61 | €1,571 | ▲ 2,496% |
| Profit (loss) for the period before taxes9903 | -€11,933 | -€5,778 | €20,924 | €673 | €69,542 | ▲ 10,228% |
| Income taxes67/77 | - | - | €3,417 | €1,558 | €21,151 | ▲ 1,257% |
| Profit (loss) for the period9904 | -€11,933 | -€5,778 | €17,506 | -€885 | €48,391 | ▲ 5,569% |
| Profit (loss) for the period to be appropriated9905 | -€11,933 | -€5,778 | €17,506 | -€885 | €48,391 | ▲ 5,569% |
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €505,176 | - | €44,830 | €40,397 | €160,639 | ▲ 298% |
| Fixed assets21/28 | €500,000 | - | - | - | €33,584 | - |
| Tangible fixed assets22/27 | - | - | - | - | €33,284 | - |
| Leasing and similar rights25 | - | - | - | - | €33,284 | - |
| Financial fixed assets28 | €500,000 | - | - | - | €300 | - |
| Current assets29/58 | €5,176 | - | €44,830 | €40,397 | €127,055 | ▲ 215% |
| Amounts receivable within one year40/41 | €208 | - | €44,111 | €38,349 | €114,478 | ▲ 199% |
| Trade receivables40 | - | - | - | €34,735 | €9,345 | ▼ 73.1% |
| Other amounts receivable41 | - | - | €44,111 | €3,614 | €105,133 | ▲ 2,809% |
| Cash at bank and in hand54/58 | €4,969 | - | €198 | €1,900 | €12,005 | ▲ 532% |
| Deferred charges and accrued income490/1 | - | - | €522 | €149 | €571 | ▲ 284% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €505,176 | - | €44,830 | €40,397 | €160,639 | ▲ 298% |
| Equity10/15 | €5,778 | - | €28,914 | €28,029 | €76,420 | ▲ 173% |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Outside capital11 | - | - | €20,000 | €20,000 | €20,000 | = |
| Other1109/19 | - | - | €20,000 | €20,000 | €20,000 | = |
| Profit (loss) carried forward14 | -€14,222 | -€20,000 | €8,914 | €8,029 | €56,420 | ▲ 603% |
| Amounts payable17/49 | €499,399 | - | €15,917 | €12,368 | €84,219 | ▲ 581% |
| Amounts payable after more than one year17 | - | - | - | - | €14,457 | - |
| Financial debts170/4 | - | - | - | - | €14,457 | - |
| Amounts payable within one year42/48 | €499,399 | - | €15,917 | €12,368 | €69,762 | ▲ 464% |
| Current portion of amounts payable after more than one year42 | - | - | €5,127 | - | €10,207 | - |
| Trade debts44 | €181 | - | €7,372 | €3,305 | €30,181 | ▲ 813% |
| Suppliers440/4 | - | - | €7,372 | €3,305 | €30,181 | ▲ 813% |
| Taxes, remuneration and social security45 | - | - | €3,417 | €9,064 | €29,374 | ▲ 224% |
| Taxes450/3 | - | - | €3,417 | €9,064 | €27,883 | ▲ 208% |
| Remuneration and social security454/9 | - | - | - | - | €1,491 | - |
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€11,933 | -€5,778 | €17,506 | -€885 | €48,391 | ▲ 5,569% |
| + Depreciation and write-downs630 | - | - | - | - | €4,216 | - |
| Operating cash flow (approximation) | -€11,933 | -€5,778 | €17,506 | -€885 | €52,607 | ▲ 6,045% |
| Change in cash | - | - | - | €1,702 | €10,106 | ▲ 494% |
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
2026
03-04
Bankruptcy
Opening
Tribunal de l’entreprise de Liège, division Liège · event 30-03-2026
2024
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €48,391
Net result €48,391 after one loss-making year.
22-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 22 days late
20-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 293 days late
2021
31-12
Financial
Back to profitnet €17,506
Net result €17,506 after 2 loss-making years.
2020
03-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 3 days late
2019
23-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 23 days late
2018
27-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
11-10
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 72 days late
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
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Directors · office · real estate
Directors
4 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, Ans · 1 establishment unit since 2015
Ground area
9,582 m²
Building footprint
4,266 m²
Volume, LiDAR
20,359 m³
2 parcels, Brussels, Wallonia · tallest building 18.6 m, ±5 floors. Linked by address, not a title deed.
24
companies at this address
See who is registered here
1 establishment unit
LUXURY ESTATE DESIGN (LED) CONSULTING
since 20152.246.592.947
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62003A0042/00L046 | Wallonia | 9,507 m² | 1 · 4,203 m² | 18.6 m · 1 fl. |
| 21364B0183/00H003 | Brussels | 75 m² | 1 · 63 m² | 17.8 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Insolvency mandates
2 mandates| Role | Name | Tenure |
|---|---|---|
| Curator | MURIELLE DELFORGE CLOS DU SARTAY 11,
4053 EMBOURG |
30-03-2026 → present |
| Curator | VALERIE THIRION CLOS
DU SARTAY 11, 4053 EMBOURG |
30-03-2026 → present |
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Of 4,269 companies in sector 43230 we hold annual accounts for 1,239. 1,039 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 (pre-2019)
Founded15-06-2015
Fiscal year end31-12
Activities, NACEBEL 2025
43230Insulation installation
82990Other business support services
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.