Equity
€1.1m ▲ 25.6%
Groupe MDS has made a profit without a break since 2012.
Groupe MDS
Lifetime
20 annual accounts with figures on one time axis, 29 filings since 1997peak €1.2m (2025)
€1.2m▲ 28.1%
lowest -€47,625 (2011)
€219,596▼ 11.8%
peak €1.1m (2025)
€1.1m▲ 25.6%
€756,496▼ 20.9%
peak 12.8 FTE (2025)
12.8 FTE▲ 19.6%
Board6 names since 2020
5 directorsDE COSTER Nicolas and 4 others
Owners6 names in the annual accounts
20%ADW@WORK and 2 others
Documentsfilings and deeds
22-06-202639 days before the deadline
2025financial year
Gross margin from €901,151 to €1.2mStaff from 10.7 FTE to 12.8 FTEMerger: Groupe MDS takes over Groupe MDS Waterloo 05-03Equity from €854,173 to €1.1mDebts from €956,424 to €756,496Cash from €220,695 to €500,672
Key points
from the 2025 annual accountsTurnover
≈ €2.0m estimated
The accounts state no turnover.
Investments
€1.2m 11.0 × depreciation
Green is investment, beige is depreciation. Machinery stands 79.3% higher than in 2024.
Staff
9 employees on 31-12-2025
In 2025, 3 people joined and 5 left.
Filings
29 annual accounts since 1997
Two of the last ten came late. The 2017 accounts came latest: 28 days after the end of the period.
Restructuring
2025
Merger with Groupe MDS Waterloo. Merger on 05-03-2025.
Checked score
96
Excellent
Financially stronger than 70% of small companies in legal and accounting (NACE 69)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: < 0.1% across 1,479 companies (NACE 69, small).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: < 0.1%
01-2025: < 0.1%● unchanged vs 12-2024
02-2025: < 0.1%● unchanged vs 01-2025
03-2025: < 0.1%● unchanged vs 02-2025
04-2025: < 0.1%● unchanged vs 03-2025
05-2025: < 0.1%● unchanged vs 04-2025
06-2025: < 0.1%● unchanged vs 05-2025
07-2025: < 0.1%● unchanged vs 06-2025
08-2025: < 0.1%● unchanged vs 07-2025
09-2025: < 0.1%● unchanged vs 08-2025
10-2025: < 0.1%● unchanged vs 09-2025
11-2025: < 0.1%● unchanged vs 10-2025
12-2025: < 0.1%● unchanged vs 11-2025
01-2026: < 0.1%● unchanged vs 12-2025
02-2026: < 0.1%● unchanged vs 01-2026
03-2026: < 0.1%● unchanged vs 02-2026
04-2026: 0.1%▲ +0.1 percentage points vs 03-2026
05-2026: 0.1%● unchanged vs 04-2026
06-2026: 0.1%● unchanged vs 05-2026
07-2026: 0.1%● unchanged vs 06-2026
08-2026: 0.1%● unchanged vs 07-2026
09-2026: 0.2%▲ +0.1 percentage points vs 08-2026highest value
10-2026: < 0.1%▼ -0.2 percentage points vs 09-2026lowest value
11-2026: < 0.1%● unchanged vs 10-2026lowest value
Financial strengthStrong
Score breakdown
lowers risk
Liquidity: current ratio 1.54, cash €500,672
Sector: Legal and accounting activities (NACE 69)
Equity €1.1m (58.6% of total assets)
Profit of €219,596 (financial year 2025)
Calculation
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 69, small). It does better than 58% of them on solvency, 81% on liquidity, 61% on profitability and 79% on growth.
The bankruptcy probability was computed on 10-11-2026 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).
Comparable companies, two years later
In July 2024, 20,137 companies had the same profile as Groupe MDS has now. Each dot stands for 51 companies, two years later.
95.0%
were still trading
4.7%
stopped another way
0.2%
went bankrupt
That fits the bankruptcy probability of Groupe MDS itself: < 0.1% within 12 months.
Test of the method
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 20,137 companies, not a prediction for Groupe MDS. 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.
Credit verdict
Credit of up to €100,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.54 (1.13 in 2024), above the usual 1.5. Short-term debt is 31.6% and cash 27.4% of total assets. 41.4% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
5 signals, none raises the risk
Five signals.
lowers riskneutral
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 22-06-2026, 39 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
39 days early
2024
43 days early
2023
33 days early
2022
32 days early
2021
31 days early
2020
53 days early
2019
23 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 36 days before the deadline. In the sector (NACE 69), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 29 June (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
11-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- ADW@WORK 20%score 97equity €302,123 (2025) · 2025 annual accounts of ADW@WORK
- QR CONSULT 20%score 91equity €283,600 (2025) · 2025 annual accounts of QR CONSULT
- N.D.C. NETWORK 13.33%score 93equity €293,142 (2025) · 30-06-2025 annual accounts of N.D.C. NETWORK
Shares in 1 company, GROUPE MDS WATERLOO
Board & ownershipRecent changes
Appointment: PIA Group BeLux SA (director)
PIA Group BeLux SA is a shareholder · General meeting of 09-06-2026 · Gazette deed
Merger: Groupe MDS takes over Groupe MDS Waterloo
The company holds all the shares of Groupe MDS Waterloo · General meeting of 18-02-2025 · Gazette deed
Merger proposal: Groupe MDS takes over Groupe MDS Waterloo
Permanent representative: Stéphane MORIAUX · The company holds all the shares of Groupe MDS Waterloo · Board meeting of 04-12-2024 · Gazette deed
Company renamed from MDS CONSULTING to Groupe MDS
Reappointments: DE COSTER Nicolas, MORIAUX Stéphane (managing director), SCHUURMAN Didier, DE WEVER Alexandre and ROOBAERT Quentin (managing director) · “Les services juridiques en rapport avec les activités du professionnel; La fourniture de conseils, des…” (deed in French) · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| Groupe MDS Jette | €1.8m | €1.2m | 58.6% | 12.8 |
| Fiduciaire Montgomery Watermael-Boitsfort | €2.6m | €1.1m | 18.5% | 12.7 |
| CADILLAC Anderlecht | €1.7m | €1.1m | 62.3% | 17 |
| COMPTA PLAN Mont-Saint-Guibert | €2.2m | €1.4m | 27.0% | 12 |
| BOEKHOUDKANTOOR MARIEN Lier | €1.6m | €1.4m | 65.4% | 11.9 |
| GLOBAL FISCAL SERVICES Geraardsbergen | €1.5m | €1.0m | 42.1% | 11.8 |
| GEERT VANBRABANT BOEKHOUDKANTOOR Alken | €1.6m | €1.4m | 41.6% | 13.5 |
These companies have the same main activity as Groupe MDS: certified accountants and tax accountants (NACE 69201). They are comparable in size and age: total assets between €1.5m and €2.6m, founded between 1990 and 1999.
Official details
Source: KBO- Status
- Active since 24-01-1997Normal situation
- Registered office
- 81 active companies are registered at this address2 started in the 12 months before. Source: KBO register, as of 10 November 2026.
- Activity
- Certified accountants and tax accountantsNACE 69201and 2 others
- Joint committee
- 336Liberal professions · annual accounts 2025
- Establishment units
- 2.080.363.9481090 Jette, since 07-02-1997
- 2.296.639.6031410 Waterloo, since 01-11-2019
- Financial year end
- 31 December
- Peppol
- Reachable since 25-04-2024
Annual accounts 2025
- €1.8m▲ 1.0%
- Employeeson 31-12-2025
- 9=
- Filing
- Filed on 22-06-2026, 39 days before the end of the filing period
Companies linked to Groupe MDS
Shareholders
- MERIC13%
Insights on Groupe MDS
Groupe MDS has existed since 1997. In 2010 the gross margin rose from €69,238 to €178,070.
Solvency rose in 2025 from 47.2% to 58.6% because of the retained profit and lower debts.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about Groupe MDS
- What is the company number of Groupe MDS?
- The company number of Groupe MDS is 0459.839.584. The VAT number is the same number with BE in front: BE 0459.839.584.
- Where is Groupe MDS based?
- The registered office is at Burgemeester Etienne Demunterl. 5, 1090 Jette.Company details
- What does Groupe MDS do?
- According to the KBO register, the main activity is certified accountants and tax accountants (NACE 69201).
- What is the legal form of Groupe MDS?
- Groupe MDS is a public limited company (NV).
- When was Groupe MDS founded?
- Groupe MDS was founded on 24-01-1997.
- Is Groupe MDS still active?
- Yes, Groupe MDS is an active enterprise in the KBO register.
- How many employees does Groupe MDS have?
- Groupe MDS had an average of 12.8 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does Groupe MDS fall under?
- In its 2025 annual accounts, Groupe MDS states joint committee 336 (Liberal professions).
- What is the turnover of Groupe MDS?
- The turnover in financial year 2025 is ≈ €2.0m. This figure is estimated from the gross margin of €1.2m and 1,585 comparable companies of the same size. It probably lies between €1.3m and €3.3m. It is a rough estimate.
- Is Groupe MDS profitable?
- In financial year 2025, Groupe MDS made a profit of €219,596.
- Where can I find the annual accounts of Groupe MDS?
- Groupe MDS filed 29 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of Groupe MDS due?
- Groupe MDS must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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