MDW PROJECTS
ActiveFrom the official registers: KBO 18 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
MDW PROJECTS has been active since 2007 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.7m and a net result of €243,142. Equity has been growing by about 35% per year since 2018. Its solvency ranks better than 38% of 3,861 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Financials · financial year 2025, full format
2025 annual accounts filed 28 days after the deadline Filed on 28 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00443381.
Annual accounts 2025
- Financial year ended
- 31-12-2025
- Filed on
- 28-08-2026
- Format
- full format
- Reference
- 2026-00443381
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 76% lower than in 2024 and the lowest since 2021.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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).
- 2025 Net result -80% on 2024. The accounts now follow the full format, last year the abbreviated format.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €1.8m | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | - | €0.06m | €0.1m | ▲ 96.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.09m | €0.04m | €0.02m | ▼ 50.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.002m | -€0.009m | €0.02m | €0.05m | €0.02m | ▼ 58.8% |
| Other operating charges640/8 | - | - | - | €0.02m | €0.02m | €0.03m | €0.05m | €0.05m | ▼ 6.8% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €0.07m | - |
| Gross operating margin9900 | €0.2m | €0.1m | €0.3m | €1.1m | €1.1m | €1.0m | €2.0m | €0.7m | ▼ 65.2% |
| Operating profit (loss)9901 | €0.1m | €0.05m | €0.2m | €1.1m | €1.0m | €0.8m | €1.8m | €0.4m | ▼ 76.2% |
| Financial income75/76B | - | - | - | €0.002m | €0.2m | €0.5m | €0.02m | €0.03m | ▲ 25.6% |
| Recurring financial income75 | - | €411 | €0.1m | €0.002m | €0.2m | €0.5m | €0.02m | €0.03m | ▲ 25.6% |
| Financial charges65/66B | - | - | - | €0.06m | €0.07m | €0.08m | €0.1m | €0.1m | ▼ 9.9% |
| Recurring financial charges65 | €0.04m | €0.05m | €0.05m | €0.06m | €0.07m | €0.08m | €0.1m | €0.1m | ▼ 9.9% |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.008m | €0.3m | €1.0m | €1.1m | €1.2m | €1.7m | €0.3m | ▼ 80.6% |
| Income taxes67/77 | €0.03m | €0.002m | €0.07m | €0.3m | €0.3m | €0.3m | €0.5m | €0.08m | ▼ 82.8% |
| Profit (loss) for the period9904 | €0.08m | €0.006m | €0.3m | €0.7m | €0.8m | €0.9m | €1.2m | €0.2m | ▼ 79.8% |
| Profit (loss) for the period to be appropriated9905 | €0.08m | €0.006m | €0.3m | €0.7m | €0.8m | €0.9m | €1.2m | €0.2m | ▼ 79.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.0m | €2.4m | €7.4m | €7.4m | €7.3m | €8.6m | €8.4m | €9.3m | ▲ 10.6% |
| Fixed assets21/28 | €2.0m | €1.9m | €6.9m | €6.8m | €7.0m | €7.7m | €6.3m | €6.2m | ▼ 1.1% |
| Tangible fixed assets22/27 | €1.3m | €1.3m | €1.2m | €1.2m | €1.3m | €2.2m | €0.8m | €0.7m | ▼ 8.8% |
| Land and buildings22 | - | - | - | €1.2m | €1.3m | €2.2m | €0.7m | €0.7m | ▼ 7.2% |
| Furniture and vehicles24 | - | - | - | €72 | €0.003m | €0.002m | €0.08m | €0.06m | ▼ 23.4% |
| Financial fixed assets28 | €0.7m | €0.7m | €5.7m | €5.7m | €5.7m | €5.5m | €5.5m | €5.5m | = |
| Current assets29/58 | €0.06m | €0.5m | €0.5m | €0.6m | €0.3m | €0.9m | €2.1m | €3.0m | ▲ 46.2% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €0.09m | - | - |
| Other amounts receivable291 | - | - | - | - | - | - | €0.09m | - | - |
| Stocks and contracts in progress3 | - | €0.4m | €0.4m | €0.5m | €0.2m | €0.5m | €1.8m | €2.1m | ▲ 20.3% |
| Stocks30/36 | - | - | - | €0.5m | €0.2m | €0.5m | €1.8m | €2.1m | ▲ 20.3% |
| Amounts receivable within one year40/41 | €0.03m | €0.04m | €0.04m | €0.04m | €0.05m | €0.4m | €0.2m | €0.8m | ▲ 288% |
| Trade receivables40 | - | - | - | €0.04m | €0.05m | €0.1m | €0.07m | €0.06m | ▼ 25.0% |
| Other amounts receivable41 | - | - | - | - | €2 | €0.3m | €0.1m | €0.8m | ▲ 457% |
| Cash at bank and in hand54/58 | €0.007m | €0.01m | €0.005m | €0.07m | €0.007m | €0.02m | €0.007m | €0.08m | ▲ 11× |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.005m | €0.01m | €0.01m | €0.03m | ▲ 93.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.0m | €2.4m | €7.4m | €7.4m | €7.3m | €8.6m | €8.4m | €9.3m | ▲ 10.6% |
| Equity10/15 | €0.7m | €0.7m | €1.0m | €1.7m | €2.4m | €3.2m | €4.4m | €3.7m | ▼ 15.9% |
| Contributions10/11 | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Capital10 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Issued capital100 | - | - | - | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | = |
| Reserves13 | €0.6m | €0.6m | €0.9m | €1.5m | €2.2m | €3.2m | €4.3m | €3.6m | ▼ 16.2% |
| Non-distributable reserves130/1 | - | - | - | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | = |
| Legal reserve130 | - | - | - | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | = |
| Distributable reserves133 | - | - | - | €1.5m | €2.2m | €3.1m | €4.3m | €3.6m | ▼ 16.3% |
| Profit (loss) carried forward14 | €0.03m | €0.03m | €0.04m | €0.04m | €0.04m | - | - | - | - |
| Provisions and deferred taxes16 | €0.007m | - | - | - | - | €0.1m | €0.09m | €0.09m | ▼ 6.5% |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | €0.1m | €0.09m | €0.09m | ▼ 6.5% |
| Other liabilities and charges164/5 | - | - | - | - | - | €0.1m | €0.09m | €0.09m | ▼ 6.5% |
| Amounts payable17/49 | €1.3m | €1.7m | €6.4m | €5.8m | €4.9m | €5.2m | €3.9m | €5.5m | ▲ 40.5% |
| Amounts payable after more than one year17 | €0.9m | €0.8m | €3.2m | €4.3m | €3.2m | €3.0m | €2.6m | €2.3m | ▼ 14.4% |
| Financial debts170/4 | - | - | - | €1.7m | €1.4m | €1.6m | €1.2m | €0.8m | ▼ 31.5% |
| Other amounts payable178/9 | - | - | - | €2.6m | €1.8m | €1.4m | €1.4m | €1.4m | ▲ 0.8% |
| Amounts payable within one year42/48 | €0.4m | €0.9m | €3.1m | €1.4m | €1.7m | €2.2m | €1.2m | €3.2m | ▲ 164% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.4m | €0.3m | €0.4m | €0.4m | €0.4m | ▼ 6.9% |
| Financial debts43 | - | - | - | €0.1m | €0.2m | €0.3m | - | €1.0m | - |
| Credit institutions430/8 | - | - | - | €0.1m | €0.2m | €0.3m | - | €1.0m | - |
| Trade debts44 | €0.03m | €0.02m | €0.01m | €0.02m | €0.1m | €0.005m | €0.004m | €0.09m | ▲ 20× |
| Suppliers440/4 | - | - | - | €0.02m | €0.1m | €0.005m | €0.004m | €0.09m | ▲ 20× |
| Taxes, remuneration and social security45 | - | - | - | €0.08m | €0.08m | €0.03m | €0.1m | €0.1m | ▲ 20.5% |
| Taxes450/3 | - | - | - | €0.07m | €0.08m | €0.03m | €0.1m | €0.1m | ▲ 12.3% |
| Remuneration and social security454/9 | - | - | - | €0.003m | - | - | €0.01m | €0.02m | ▲ 86.6% |
| Other amounts payable47/48 | - | - | - | €0.9m | €1.0m | €1.5m | €0.7m | €1.6m | ▲ 141% |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.04m | €0.05m | €0.09m | €0.08m | ▼ 6.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.08m | €0.006m | €0.3m | €0.7m | €0.8m | €0.9m | €1.2m | €0.2m | ▼ 79.8% |
| + Depreciation and write-downs630 | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | €0.09m | €0.04m | €0.02m | ▼ 50.4% |
| Operating cash flow (approximation) | €0.1m | €0.05m | €0.3m | €0.7m | €0.9m | €1.0m | €1.2m | €0.3m | ▼ 78.8% |
| Investment in fixed assets (approximation) | - | -€0.01m | -€5.0m | €0 | -€0.2m | -€0.8m | €1.3m | €0.05m | ▼ 96.1% |
| Change in cash | - | €0.005m | -€0.007m | €0.06m | -€0.06m | €0.01m | -€0.02m | €0.07m | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 28-08-2026 | 2026-00443381 | NBB |
| 31-12-2024 | abbreviated format | 01-09-2025 | 2025-00462950 | |
| 31-12-2023 | abbreviated format | 22-07-2024 | 2024-00270823 | |
| 31-12-2022 | abbreviated format | 19-07-2023 | 2023-00250381 | |
| 31-12-2021 | abbreviated format | 14-07-2022 | 2022-20209263 | |
| 31-12-2020 | abbreviated format | 26-07-2021 | 2021-40400155 | |
| 31-12-2019 | abbreviated format | 17-07-2020 | 2020-31700341 | |
| 31-12-2018 | abbreviated format | 22-07-2019 | 2019-35700153 | |
| 31-12-2017 | abbreviated format | 12-07-2018 | 2018-31900571 | |
| 31-12-2016 | abbreviated format | 04-07-2017 | 2017-27100418 |
Comparable companies
These companies have the same main activity as MDW PROJECTS: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €8m and €9.3m, founded between 2002 and 2010.
| Company | Founded | Total assets | Equity | Gross margin | Turnover | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|---|
| MDW PROJECTS Destelbergen | 2007 | €9.3m | €3.7m | €0.7m | - | €0.2m | 1.8 | 2025 |
| ROOSELAER Lochristi | 2007 | €8.0m | €1.4m | €0.7m | - | €0.1m | 2 | 2025 |
| LOLITHO Izegem | 2008 | €9.3m | €7.4m | €0.7m | - | €0.3m | 1.8 | 2025 |
| PMBM Verlaine | 2008 | €8.8m | €2.0m | €0.8m | €0 | -€0.03m | 2 | 2025 |
| THE ROTATING COMPANY Deinze | 2010 | €9.0m | €5.6m | €0.9m | - | €1.0m | 1.5 | 2025 |
| KEA Kluisbergen | 2006 | €8.6m | €6.0m | €0.9m | - | €0.3m | 2.8 | 2025 |
| FLECSA HOLDING Sint-Gillis-Waas | 2002 | €8.8m | €8.0m | €0.7m | - | €1.8m | 1 | 2025 |
They were chosen from the 54,697 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.