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MDS-CONSTRUCT

Active
Private limited companyfounded 2012active for 14 yearsNevelestraat 60, 9880 Aalter, BelgiumKBO/BCE: BE 0844.628.389

Financials · financial year 2026, full format

Annual accounts 2026 filed on 04-09-2026 at the NBB all 14 filings

Turnover
≈ €910,000
Estimated: probably between €550,000 and €1.6m
EBIT margin
Not included in this filing
Net result
€165,726▼ 1.9%
2025 · €168,989
Working capital
€324,083▲ 24.9%
2025 · €259,538
Trend over the years

2022 to 2026, 5 financial years 2019 to 2026, 8 financial years

The operating result for 2026 is 8% higher than in 2025 and the highest since 2022. It is the fourth rise in a row.

Operating result€0.3m 2026 Net result€0.2m 2026

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30. The dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20192020202120222023202420252026
Operating result€0.07m-€0.04m▼ 48.1%€0.03m▼ 3.4%€0.04m▲ 20.5%€0.08m▲ 83.5%€0.1m▲ 84.4%€0.3m▲ 90.4%€0.3m▲ 7.8%
Net result€0.06m-€0.02m▼ 68.3%€0.02mwithin the sector's middle half▲ 18.6%€0.04mabove the sector's middle half▲ 71.8%€0.05mwithin the sector's middle half▲ 26.8%€0.09mwithin the sector's middle half▲ 76.7%€0.2mabove the sector's middle half▲ 93.9%€0.2m▼ 1.9%
Equity€0.1m-€0.1m▲ 18.2%€0.1mwithin the sector's middle half▲ 18.3%€0.2mabove the sector's middle half▲ 26.5%€0.2mbelow the sector's middle half▲ 26.6%€0.3mwithin the sector's middle half▲ 37.1%€0.5mwithin the sector's middle half▲ 52.5%€0.6m▲ 19.9%
Total assets€0.2m-€0.2m▼ 10.1%€0.2mwithin the sector's middle half▲ 13.2%€0.3mwithin the sector's middle half▲ 57.3%€0.7mbelow the sector's middle half▲ 119%€0.7mbelow the sector's middle half▼ 4.8%€1.7mwithin the sector's middle half▲ 149%€1.6m▼ 1.8%
Debt€0.1m-€0.06m▼ 40.9%€0.06m▲ 2.2%€0.1m▲ 135%€0.5m▲ 244%€0.3m▼ 25.8%€1.2m▲ 239%€1.1m▼ 10.7%
Working capital€0.06m-€0.1m▲ 51.6%€0.1mabove the sector's middle half▲ 16.1%€0.1mabove the sector's middle half▲ 16.5%€0.2mwithin the sector's middle half▲ 35.4%€0.2mwithin the sector's middle half▲ 37.8%€0.3mwithin the sector's middle half▲ 4.9%€0.3m▲ 24.9%
Solvency52.2%-68.6%▲ 16.4pp71.7%above the sector's middle half▲ 3.0pp57.6%within the sector's middle half▼ 14.0pp33.4%within the sector's middle half▼ 24.3pp48.0%within the sector's middle half▲ 14.7pp29.4%within the sector's middle half▼ 18.6pp35.9%▲ 6.5pp
Current ratio1.67-2.77▲ 1.093.60above the sector's middle half▲ 0.842.05within the sector's middle half▼ 1.551.38within the sector's middle half▼ 0.671.71within the sector's middle half▲ 0.331.75within the sector's middle half▲ 0.043.36▲ 1.61
Return on assets (ROA)30.0%-10.6%▼ 19.4pp11.1%within the sector's middle half▲ 0.5pp12.1%within the sector's middle half▲ 1.0pp7.0%within the sector's middle half▼ 5.1pp13.0%above the sector's middle half▲ 6.0pp10.1%within the sector's middle half▼ 2.9pp10.1%=
Staff (FTE)0.30.5▲ 66.7%1▲ 100%0.5below the sector's middle half▼ 50.0%0.5below the sector's middle half=0.5below the sector's middle half=0.5=
above within below The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €1.6m
Fixed assets €1.2m ▲ 10.8%
Current assets €461,464 ▼ 23.8%
Equity and liabilities €1.6m
Equity €588,536 ▲ 19.9%
Debt €1.1m ▼ 10.7%
Debt's share of the balance-sheet total falls from 70.6% to 64.1%. Equity is higher and debt is lower.
Key figures and ratios
2026 value · change against 2025
EBITDA
€355,704▲
2025 · €296,702
Cash flow
€236,302▲
2025 · €201,080
Quick ratio
3.29▲
2025 · 1.17
Debt to equity
1.79▼
2025 · 2.40
ROE
28.2%▼
2025 · 34.4%
Interest coverage
9.89▼
2025 · 14.68
Debt ≤ 1 year
€137,381▼
2025 · €346,146
Debt > 1 year
€915,210▲
2025 · €833,262
Income taxes
€83,831▲
2025 · €75,574
Staff costs
€25,283▼
2025 · €50,154
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Comparable companies

These companies have the same main activity as MDS-CONSTRUCT: manufacture of metal structures and parts of structures (NACE 25110). They are comparable in size and age: total assets between €1m and €2.8m, founded between 2006 and 2017.

CompanyFoundedTotal assetsEquityGross marginNet resultFTEFinancial year
MDS-CONSTRUCT Aalter2012€1.6m€0.6m€0.4m€0.2m0.52026
VANDEWALLE METAALCONSTRUCTIE Ingelmunster2013€1.4m€1.1m€0.4m€0.2m12025
D & B METAALCONSTRUCTIE Roeselare2009€2.4m€0.5m€0.4m€0.08m12025
GLT-Lastechniek Wingene2011€1.0m€0.7m€0.4m€0.2m12025
RS Construction Liège2017€1.6m€0.4m€0.5m€0.3m0.72025
VDK-Technix Zele2014€2.8m€1.1m€0.5m€0.3m1.42025
HOFMAN MONTAGE Hamme (Vl.)2006€1.4m€0.4m€0.3m€0.05m1.62025

They were chosen from the 2,093 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity

Companies with the same profile, two years later

Historical observation

In July 2024, 34,693 companies had the same profile as MDS-CONSTRUCT has now. Two years later, 0.7% had gone bankrupt and 95.3% were still going.

  • Micro
  • 10 to 20 years old
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more
0.7% went bankrupt
3.9% stopped otherwise
95.3% was still going

That fits the bankruptcy probability of MDS-CONSTRUCT itself: 0.2% within 12 months.

Test of the method

The method was tested on the 497,445 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 34,693 companies, not a prediction for MDS-CONSTRUCT. 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.

Annual accounts
Filed annual accounts As filed with the NBB · 2026 against 2025 · 59 lines

Source: Annual accounts 2026 at the NBB, filed on 04-09-2026.

Balance sheet Code20252026
Assets
Total assets20/58€1.7m€1.6m▼
Fixed assets21/28€1.1m€1.2m▲
Tangible fixed assets22/27€1.1m€1.2m▲
Land and buildings22€0.9m€1.1m▲
Plant, machinery and equipment23€0.009m€0.01m▲
Furniture and vehicles24€0.1m€0.09m▼
Financial fixed assets28€430€430=
Current assets29/58€0.6m€0.5m▼
Stocks and contracts in progress3€0.2m€0.01m▼
Stocks30/36€0.2m€0.01m▼
Amounts receivable within one year40/41€0.3m€0.3m▲
Trade receivables40€0.2m€0.3m▲
Other amounts receivable41€0.06m€0.02m▼
Cash at bank and in hand54/58€0.1m€0.1m▼
Deferred charges and accrued income490/1€0.002m€0.002m▲
Equity and liabilities
Total equity and liabilities10/49€1.7m€1.6m▼
Equity10/15€0.5m€0.6m▲
Contributions10/11€0.006m€0.02m▲
Capital10€0.006m€0.02m▲
Issued capital100€0.02m€0.02m=
Uncalled capital101€0.01m-
Reserves13€0.5m€0.6m▲
Non-distributable reserves130/1€0.001m€0.001m=
Legal reserve130€0.001m€0.001m=
Distributable reserves133€0.5m€0.6m▲
Amounts payable17/49€1.2m€1.1m▼
Amounts payable after more than one year17€0.8m€0.9m▲
Financial debts170/4€0.8m€0.9m▲
Amounts payable within one year42/48€0.3m€0.1m▼
Current portion of amounts payable after more than one year42€0.09m€0.05m▼
Financial debts43€0.1m-
Credit institutions430/8€0.1m-
Trade debts44€0.1m€0.06m▼
Suppliers440/4€0.1m€0.06m▼
Taxes, remuneration and social security45€0.02m€0.03m▲
Taxes450/3€0.02m€0.02m▲
Remuneration and social security454/9€0.007m€0.007m▲
Other amounts payable47/48-€360
Accrued charges and deferred income492/3€450€450=
Income statement Code20252026
Remuneration, social security and pensions62€0.05m€0.03m▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.03m€0.07m▲
Other operating charges640/8€0.1m€0.005m▼
Gross operating margin9900€0.5m€0.4m▼
Operating profit (loss)9901€0.3m€0.3m▲
Financial income75/76B€164€379▲
Recurring financial income75€164€379▲
Financial charges65/66B€0.02m€0.04m▲
Recurring financial charges65€0.02m€0.04m▲
Profit (loss) for the period before taxes9903€0.2m€0.2m▲
Income taxes67/77€0.08m€0.08m▲
Profit (loss) for the period9904€0.2m€0.2m▼
Profit (loss) for the period to be appropriated9905€0.2m€0.2m▼
Appropriation of the result
Profit (loss) to be appropriated9906€0.2m€0.2m▼
Transfer from equity791/2-€0.08m
Transfer to equity691/2€0.2m€0.2m▼
To other reserves6921€0.2m€0.2m▼
Profit to be distributed694/7-€0.08m
Return on contributions (dividend)694-€0.08m
Social balance sheet
Average headcount (FTE)90870.50.5=

The notes to these accounts have 12 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Line20192020202120222023202420252026Change
Remuneration, social security and pensions62---€23,684€17,523€85,887€50,154€25,283▼ 49.6%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€14,339€14,206€21,399€15,362€18,984€18,999€32,091€70,576▲ 120%
Other operating charges640/8---€120€1,593€5,363€110,634€4,980▼ 95.5%
Gross operating margin9900€83,047€92,040€66,674€80,236€113,479€249,218€457,490€385,967▼ 15.6%
Operating profit (loss)9901€67,979€35,291€34,076€41,069€75,379€138,969€264,611€285,128▲ 7.8%
Financial income75/76B---€17,279€402€277€164€379▲ 131%
Recurring financial income75€15€509€3€17,279€402€277€164€379▲ 131%
Financial charges65/66B---€1,243€5,951€13,394€20,212€35,950▲ 77.9%
Recurring financial charges65€625€678€981€1,243€5,951€13,394€20,212€35,950▲ 77.9%
Profit (loss) for the period before taxes9903€67,369€35,121€33,098€57,105€69,830€125,852€244,563€249,557▲ 2.0%
Income taxes67/77€7,096€16,031€10,452€18,199€20,515€38,701€75,574€83,831▲ 10.9%
Profit (loss) for the period9904€60,272€19,090€22,646€38,906€49,315€87,151€168,989€165,726▼ 1.9%
Profit (loss) for the period to be appropriated9905€60,272€19,090€22,646€38,906€49,315€87,151€168,989€165,726▼ 1.9%
Line20192020202120222023202420252026Change
Assets
Total assets20/58€0.2m€0.2m€0.2m€0.3m€0.7m€0.7m€1.7m€1.6m▼ 1.8%
Fixed assets21/28€0.04m€0.03m€0.05m€0.06m€0.06m€0.08m€1.1m€1.2m▲ 10.8%
Tangible fixed assets22/27€0.04m€0.03m€0.05m€0.06m€0.06m€0.07m€1.1m€1.2m▲ 10.8%
Land and buildings22---€0.01m€0.02m€0.04m€0.9m€1.1m▲ 14.8%
Plant, machinery and equipment23---€0.004m€0.009m€0.009m€0.009m€0.01m▲ 12.9%
Furniture and vehicles24---€0.05m€0.03m€0.03m€0.1m€0.09m▼ 22.7%
Financial fixed assets28€230€430€430€430€430€430€430€430=
Current assets29/58€0.2m€0.2m€0.2m€0.3m€0.6m€0.6m€0.6m€0.5m▼ 23.8%
Stocks and contracts in progress3-€0.001m€0.004m€0.003m€0.2m€0.2m€0.2m€0.01m▼ 95.0%
Stocks30/36---€0.003m€0.2m€0.2m€0.2m€0.01m▼ 95.0%
Amounts receivable within one year40/41€0.2m€0.08m€0.1m€0.2m€0.4m€0.3m€0.3m€0.3m▲ 34.3%
Trade receivables40---€0.2m€0.4m€0.2m€0.2m€0.3m▲ 62.0%
Other amounts receivable41---€0.02m€0.008m€0.07m€0.06m€0.02m▼ 64.6%
Cash at bank and in hand54/58€0.008m€0.06m€0.009m€0.08m€0.06m€0.1m€0.1m€0.1m▼ 28.0%
Deferred charges and accrued income490/1---€345€378€394€0.002m€0.002m▲ 37.6%
Equity and liabilities
Total equity and liabilities10/49€0.2m€0.2m€0.2m€0.3m€0.7m€0.7m€1.7m€1.6m▼ 1.8%
Equity10/15€0.1m€0.1m€0.1m€0.2m€0.2m€0.3m€0.5m€0.6m▲ 19.9%
Contributions10/11€0.006m€0.006m-€0.006m€0.006m€0.006m€0.006m€0.02m▲ 200%
Capital10----€0.006m€0.006m€0.006m€0.02m▲ 200%
Issued capital100----€0.02m€0.02m€0.02m€0.02m=
Uncalled capital101----€0.01m€0.01m€0.01m--
Reserves13€0.03m€0.05m€0.1m€0.2m€0.2m€0.3m€0.5m€0.6m▲ 17.5%
Non-distributable reserves130/1---€0.001m€0.001m€0.001m€0.001m€0.001m=
Legal reserve130----€0.001m€0.001m€0.001m€0.001m=
Reserves not available under the articles1311---€0.001m-----
Distributable reserves133---€0.2m€0.2m€0.3m€0.5m€0.6m▲ 17.6%
Profit (loss) carried forward14€0.07m€0.07m-------
Amounts payable17/49€0.1m€0.06m€0.06m€0.1m€0.5m€0.3m€1.2m€1.1m▼ 10.7%
Amounts payable after more than one year17--€0.01m€0.002m-€0.001m€0.8m€0.9m▲ 9.8%
Financial debts170/4---€0.002m-€0.001m€0.8m€0.9m▲ 9.8%
Amounts payable within one year42/48€0.1m€0.06m€0.04m€0.1m€0.5m€0.3m€0.3m€0.1m▼ 60.3%
Current portion of amounts payable after more than one year42---€0.07m€0.01m€0.03m€0.09m€0.05m▼ 41.5%
Financial debts43----€0.2m€0.1m€0.1m--
Credit institutions430/8----€0.2m€0.1m€0.1m--
Trade debts44€0.08m€0.04m€0.02m€0.04m€0.2m€0.2m€0.1m€0.06m▼ 39.6%
Suppliers440/4---€0.04m€0.2m€0.2m€0.1m€0.06m▼ 39.6%
Taxes, remuneration and social security45---€0.009m€0.01m€0.02m€0.02m€0.03m▲ 7.4%
Taxes450/3---€0.002m€0.01m€0.02m€0.02m€0.02m▲ 9.2%
Remuneration and social security454/9---€0.007m€0.004m€0.005m€0.007m€0.007m▲ 2.7%
Other amounts payable47/48----€0.03m--€360-
Accrued charges and deferred income492/3---€0.009m--€450€450=
Line20192020202120222023202420252026Change
Profit (loss) for the period9904€0.06m€0.02m€0.02m€0.04m€0.05m€0.09m€0.2m€0.2m▼ 1.9%
+ Depreciation and write-downs630€0.01m€0.01m€0.02m€0.02m€0.02m€0.02m€0.03m€0.07m▲ 120%
Operating cash flow (approximation)€0.07m€0.03m€0.04m€0.05m€0.07m€0.1m€0.2m€0.2m▲ 17.5%
Investment in fixed assets (approximation)--€0.001m-€0.04m-€0.03m-€0.01m-€0.04m-€1.0m-€0.2m▲ 81.9%
Change in cash-€0.05m-€0.05m€0.07m-€0.03m€0.05m€0.04m-€0.04m-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Latest 10 of 14 filings with the National Bank
Financial year Type Filed Reference Document
31-03-2026 full format 04-09-2026 2026-00504650 NBB
31-03-2025 abbreviated format 09-09-2025 2025-00487026 PDF
31-03-2024 abbreviated format 13-09-2024 2024-00461807 PDF
31-03-2023 abbreviated format 27-09-2023 2023-00456629 PDF
31-03-2022 micro format 26-10-2022 2022-20472764 PDF
31-03-2021 micro format 28-09-2021 2021-70800152 PDF
31-03-2020 micro format 23-10-2020 2020-62800192 PDF
31-03-2019 micro format 28-10-2019 2019-71700468 PDF
31-03-2018 micro format 28-09-2018 2018-66700547 PDF
31-03-2017 micro format 24-10-2017 2017-67700073 PDF

Show all 14 filings

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