MDW PROJECTS
ActiveMDW PROJECTS has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.68M and a net result of €243k. Equity is growing by ~34.9% per year across the filed fiscal years. Its solvency ranks better than 39% of 3163 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
65
/ 100
Healthy
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability51▼-36
Solvency65▼-12
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €230k at 30 days acceptable
Liquidity short (current ratio 0.96 against 1.73 in 2024; short-term debt: 34.3% and cash: 0.8% of total assets), and 60.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Sector 68
lower
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
39.6%
Return on assets
2.6%
Age of the figures
9 mo
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
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
28 d late
2024
32 d late
2023
9 d early
2022
12 d early
2021
17 d early
2020
5 d early
2019
14 d early
← before the deadline
after the deadline →
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
16-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€243k▼ 79.8%
2024 · €1.20M
2018: €75k
2019: €6k
2020: €255k
2021: €688k
2022: €815k
2023: €916k
2024: €1.20M
2018 → 2025
Working capital
€-134k
2024 · €881k
2018: €-328k
2019: €-378k
2020: €-2.64M
2021: €-834k
2022: €-1.39M
2023: €-1.29M
2024: €881k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€1.66M-€2.37M▲ 42.4%€3.24M▲ 36.8%€4.37M▲ 34.8%€3.68M▼ 15.9%
Operating result€1.06M-€1.02M▼ 3.7%€810k▼ 20.4%€1.79M▲ 121%€426k▼ 76.2%
Net result€688k-€815k▲ 18.5%€916k▲ 12.3%€1.20M▲ 31.6%€243k▼ 79.8%
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 76% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.29M
Fixed assets
€6.24M▼ 1.1%
Current assets
€3.05M▲ 46.2%
Equity and liabilities €9.29M
Equity
€3.68M▼ 15.9%
Provisions
€87k▼ 6.5%
Debt
€5.52M▲ 40.5%
The debt ratio rises from 46.8% to 59.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€446k▼
2024 · €1.83M
Cash flow
€264k▼
2024 · €1.25M
Solvency
39.6%▼
2024 · 52.1%
Current ratio
0.96▼
2024 · 1.73
Quick ratio
0.29▲
2024 · 0.27
Debt / equity
1.50▲
2024 · 0.90
ROE
6.6%▼
2024 · 27.6%
ROA
2.6%▼
2024 · 14.4%
Interest coverage
3.47▼
2024 · 12.83
Debt
€5.52M▲
2024 · €3.93M
Debt ≤ 1 year
€3.18M▲
2024 · €1.20M
Debt > 1 year
€2.26M▼
2024 · €2.64M
Income taxes
€80k▼
2024 · €463k
Staff costs
€114k▲
2024 · €58k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€8.39M€9.29M▲
Fixed assets21/28€6.31M€6.24M▼
Tangible fixed assets22/27€815k€743k▼
Land and buildings22€736k€683k▼
Furniture and vehicles24€79k€60k▼
Financial fixed assets28€5.50M€5.50M=
Current assets29/58€2.08M€3.05M▲
Amounts receivable after more than one year29€90k-
Other amounts receivable291€90k-
Stocks and contracts in progress3€1.76M€2.12M▲
Stocks30/36€1.76M€2.12M▲
Amounts receivable within one year40/41€213k€827k▲
Trade receivables40€75k€56k▼
Other amounts receivable41€139k€771k▲
Cash at bank and in hand54/58€7k€76k▲
Deferred charges and accrued income490/1€14k€27k▲
Equity and liabilities
Total equity and liabilities10/49€8.39M€9.29M▲
Equity10/15€4.37M€3.68M▼
Contributions10/11€90k€90k=
Capital10€90k€90k=
Issued capital100€90k€90k=
Reserves13€4.28M€3.59M▼
Non-distributable reserves130/1€9k€9k=
Legal reserve130€9k€9k=
Distributable reserves133€4.27M€3.58M▼
Provisions and deferred taxes16€93k€87k▼
Provisions for liabilities and charges160/5€93k€87k▼
Other liabilities and charges164/5€93k€87k▼
Amounts payable17/49€3.93M€5.52M▲
Amounts payable after more than one year17€2.64M€2.26M▼
Financial debts170/4€1.24M€848k▼
Other amounts payable178/9€1.40M€1.41M▲
Amounts payable within one year42/48€1.20M€3.18M▲
Current portion of amounts payable after more than one year42€419k€390k▼
Financial debts43-€950k
Credit institutions430/8-€950k
Trade debts44€4k€91k▲
Suppliers440/4€4k€91k▲
Taxes, remuneration and social security45€109k€132k▲
Taxes450/3€97k€109k▲
Remuneration and social security454/9€12k€23k▲
Other amounts payable47/48€671k€1.62M▲
Accrued charges and deferred income492/3€86k€80k▼
Income statement
Code20242025
Non-recurring operating income76A€1.78M-
Remuneration, social security and pensions62€58k€114k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€42k€21k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€52k€21k▼
Other operating charges640/8€49k€46k▼
Non-recurring operating charges66A-€66k
Gross operating margin9900€1.99M€693k▼
Operating profit (loss)9901€1.79M€426k▼
Financial income75/76B€21k€26k▲
Recurring financial income75€21k€26k▲
Financial charges65/66B€143k€129k▼
Recurring financial charges65€143k€129k▼
Profit (loss) for the period before taxes9903€1.67M€323k▼
Income taxes67/77€463k€80k▼
Profit (loss) for the period9904€1.20M€243k▼
Profit (loss) for the period to be appropriated9905€1.20M€243k▼
Appropriation of the result
Profit (loss) to be appropriated9906€1.20M€243k▼
Transfer from equity791/2€75k€938k▲
Transfer to equity691/2€1.20M€243k▼
To other reserves6921€1.20M€243k▼
Profit to be distributed694/7€75k€938k▲
Return on contributions (dividend)694€75k€938k▲
Social balance
Average headcount (FTE)90870.81.8▲
The notes to these accounts (10 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
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 28 days late
2025
01-09
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 32 days late
2024
31-12
Financial
Highest result since 2018net €1.20M ▲31.6%
Operating result €1.79M, net result €1.20M, both a record.
31-12
Financial
Liquidity quadruplescurrent ratio 1.73
Current ratio from 0.41 to 1.73; short-term debt falls from €2.19M to €1.20M.
22-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
19-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Equity above €2MEq €2.37M ▲42.4%
5 profitable years in a row build equity to €2.37M.
14-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Equity above €1MEq €1.66M ▲68.8%
4 profitable years in a row build equity to €1.66M.
26-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
17-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Weakest financial yearnet €6k ▼91.7%
Net result drops to €6k, the lowest in the series; recovery starts the following year.
22-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
12-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
04-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
no sitting director, no change since 2019
We have established no sitting directors for this company. We derive directors from published Gazette acts; while there are none, or none read, nothing appears here. That does not mean the company has none: the CBE keeps its own list of function holders, which we do not read.
18-12-2019
Bernard De Witte: Resigned as Director
18-12-2019
Martin De Witte: Resigned as Director
Location & real-estate footprint
Registered office, Destelbergen · 1 establishment unit since 2007
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.
Magerstraat(HEU) 1609070 DestelbergenGround area
1,848 m²
Building footprint
300 m²
Parcel 44028C0571/02D000, Flanders. Linked by address, not a title deed.
1 establishment unit
MDW PROJECTS
since 20072.164.844.911
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44028C0571/02D000 | Flanders | 1,848 m² | 1 · 300 m² | - |
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.
Similar companies · same sector, comparable size
IMMOBILIERE DE BOONDAEL
BE 0438.857.494
Brussel · Eq €3.68M
IMMOWAL
BE 0432.377.302
Gent · Eq €3.68M
INVEST DV
BE 0451.437.010
Oudenaarde · Eq €3.67M
MESTDAGH - HARDEMAN
BE 0436.499.307
Torhout · Eq €3.67M
A.V.J. INVEST
BE 0428.706.841
Sint-Pieters-Woluwe · Eq €3.69M
Of 9,134 companies in sector 68201 we hold annual accounts for 6,762. 3,565 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded30-08-2007
Fiscal year end31-12
Activities, NACEBEL
45211
68201Renting and operating of own or leased residential real estate, excluding social housing
70200Business and other management consultancy
70220Business consulting
41001General construction of residential buildings
68121Development of residential building projects
68122Development of non-residential building projects
45212
46190Agents in non-specialised wholesale trade
68110Buying and selling of own real estate
70111
70112
70120
Sources
Crossroads Bank for EnterprisesNational Bank · 18 filingsAddress and cadastre registers
Data from official sources, last processed on 16-09-2026. Scores and ratios are computed by Checked and are not a credit decision.
Contact details
2 entriesE-mail:martin@mdw-projects.be
Phone:0473/550363