MEDOR
ActiveSummary
MEDOR has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €135,261 and a net result of €23,143. Equity is shrinking by ~7.5% per year across the filed fiscal years. Its solvency ranks better than 39% of 696 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability65▲+11
Solvency56▲+2
Growth56▲+2
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €11,000 at 30 days acceptable
Liquidity ample (current ratio 3.28 against 3.04 in 2024; short-term debt: 28.3% and cash: 48.9% of total assets), but 69.3% of the assets are financed with debt.
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Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 58
Relative position
BE, all sectors
reference
Publishing activities (NACE 58)
about 30% fewer bankruptcies
← 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
30.7%
Return on assets
5.3%
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
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €135,261
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 03-07-2026, 28 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
28 d early
2024
3 d early
2023
3 d early
2022
33 d early
2021
47 d early
2020
60 d late
2019
19 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 5 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 37% of the sector filed late.
Checked, nothing found (2)
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. Usually files around 3 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
01-10-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€436,513▲ 7.1%
2024 · €407,694
EBIT margin
5.3%▲ 4.9pp
2024 · 0.4%
Net result
€23,143▲ 1,279%
2024 · €1,678
Working capital
€284,078▲ 23.6%
2024 · €229,917
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 58, Publishing activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€390,542€407,694▲ 4.4%€436,513▲ 7.1%
Operating result-€97,105▼ 110%-€97,145=-€48,592▲ 50.0%€1,752€23,352▲ 1,233%
Net result-€97,482below the sector's middle half▼ 100%-€97,897below the sector's middle half▼ 0.4%-€48,818below the sector's middle half▲ 50.1%€1,678within the sector's middle half€23,143within the sector's middle half▲ 1,279%
EBIT margin-12.4%0.4%▲ 12.9pp5.3%▲ 4.9pp
Equity€215,347above the sector's middle half▼ 6.2%€120,769within the sector's middle half▼ 43.9%€68,929within the sector's middle half▼ 42.9%€104,521within the sector's middle half▲ 51.6%€135,261within the sector's middle half▲ 29.4%
Total assets€471,592above the sector's middle half▼ 20.1%€372,683above the sector's middle half▼ 21.0%€308,073within the sector's middle half▼ 17.3%€356,757above the sector's middle half▲ 15.8%€440,664above the sector's middle half▲ 23.5%
Debt€256,246▼ 28.9%€251,914▼ 1.7%€239,143▼ 5.1%€252,236▲ 5.5%€298,229▲ 18.2%
Working capital€312,863above the sector's middle half▼ 31.6%€210,356above the sector's middle half▼ 32.8%€188,775above the sector's middle half▼ 10.3%€229,917above the sector's middle half▲ 21.8%€284,078above the sector's middle half▲ 23.6%
Solvency45.7%within the sector's middle half▲ 6.8pp32.4%within the sector's middle half▼ 13.3pp22.4%within the sector's middle half▼ 10.0pp29.3%within the sector's middle half▲ 6.9pp30.7%within the sector's middle half▲ 1.4pp
Current ratio3.62within the sector's middle half▼ 3.832.50within the sector's middle half▼ 1.122.63within the sector's middle half▲ 0.143.04within the sector's middle half▲ 0.403.28within the sector's middle half▲ 0.24
Return on assets (ROA)-20.7%below the sector's middle half▼ 12.4pp-26.3%below the sector's middle half▼ 5.6pp-15.8%below the sector's middle half▲ 10.4pp0.5%within the sector's middle half▲ 16.3pp5.3%within the sector's middle half▲ 4.8pp
Staff (FTE)2.4▼ 7.7%2.5▲ 4.2%2.6▲ 4.0%2.7▲ 3.8%2.5▼ 7.4%
above
within
below
the middle half (P25 to P75) of NACE 58, Publishing activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 1,233% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €440,664
Fixed assets
€32,074 ▲ 129%
Current assets
€408,590 ▲ 19.2%
Equity and liabilities €440,664
Equity
€135,261 ▲ 29.4%
Provisions
€7,174
Debt
€298,229 ▲ 18.2%
Debt's share of the balance-sheet total falls from 70.7% to 67.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€27,606▲
2024 · €2,528
Cash flow
€27,396▲
2024 · €2,453
Quick ratio
3.09▲
2024 · 2.80
Debt to equity
2.20▼
2024 · 2.41
ROE
17.1%▲
2024 · 1.6%
Interest coverage
59.36▲
2024 · 11.33
Debt ≤ 1 year
€124,511▲
2024 · €112,848
Debt > 1 year
€60,000
Income taxes
-€54▼
2024 · €54
Staff costs
€142,561▲
2024 · €137,213
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,696 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 95% are 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%
still going
For this company itself Checked computes a bankruptcy probability of 0.1% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,341 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 34,696 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | €390,542 | €407,694 | €436,513 | ▲ 7.1% |
| Non-recurring operating income76A | - | - | €13,809 | - | €13,470 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | €365,236 | €350,901 | €358,745 | ▲ 2.2% |
| Remuneration, social security and pensions62 | €108,281 | €109,780 | €134,950 | €137,213 | €142,561 | ▲ 3.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,584 | €21,487 | €17,985 | €775 | €4,254 | ▲ 449% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €60 | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | €7,174 | - |
| Other operating charges640/8 | €7,454 | €70 | €392 | €2,954 | €5,937 | ▲ 101% |
| Non-recurring operating charges66A | €6,082 | €39 | €3,944 | - | - | - |
| Gross operating margin9900 | €47,295 | €34,231 | €108,738 | €142,694 | €183,279 | ▲ 28.4% |
| Operating profit (loss)9901 | -€97,105 | -€97,145 | -€48,592 | €1,752 | €23,352 | ▲ 1,233% |
| Financial income75/76B | €61 | €89 | €229 | €203 | €201 | ▼ 0.9% |
| Recurring financial income75 | €61 | €89 | €229 | €203 | €201 | ▼ 0.9% |
| Financial charges65/66B | €438 | €841 | €455 | €223 | €465 | ▲ 108% |
| Recurring financial charges65 | €438 | €841 | €455 | €223 | €465 | ▲ 108% |
| Profit (loss) for the period before taxes9903 | -€97,482 | -€97,897 | -€48,818 | €1,732 | €23,088 | ▲ 1,233% |
| Income taxes67/77 | - | - | - | €54 | -€54 | ▼ 200% |
| Profit (loss) for the period9904 | -€97,482 | -€97,897 | -€48,818 | €1,678 | €23,143 | ▲ 1,279% |
| Profit (loss) for the period to be appropriated9905 | -€97,482 | -€97,897 | -€48,818 | €1,678 | €23,143 | ▲ 1,279% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €471,592 | €372,683 | €308,073 | €356,757 | €440,664 | ▲ 23.5% |
| Fixed assets21/28 | €39,386 | €21,777 | €3,791 | €13,991 | €32,074 | ▲ 129% |
| Intangible fixed assets21 | €38,696 | €17,210 | €3,101 | €2,326 | €29,172 | ▲ 1,154% |
| Tangible fixed assets22/27 | €0 | €3,877 | €0 | €10,975 | €712 | ▼ 93.5% |
| Furniture and vehicles24 | - | - | - | - | €712 | - |
| Assets under construction and advance payments27 | - | €3,877 | €0 | €10,975 | €0 | ▼ 100% |
| Financial fixed assets28 | €690 | €690 | €690 | €690 | €2,190 | ▲ 217% |
| Current assets29/58 | €432,206 | €350,906 | €304,281 | €342,765 | €408,590 | ▲ 19.2% |
| Stocks and contracts in progress3 | €18,989 | €28,127 | €30,323 | €26,882 | €24,380 | ▼ 9.3% |
| Stocks30/36 | €18,989 | €28,127 | €30,323 | €26,882 | €24,380 | ▼ 9.3% |
| Amounts receivable within one year40/41 | €165,267 | €124,223 | €149,811 | €160,699 | €166,781 | ▲ 3.8% |
| Trade receivables40 | €160,755 | €110,763 | €136,321 | €129,866 | €140,373 | ▲ 8.1% |
| Other amounts receivable41 | €4,512 | €13,460 | €13,490 | €30,833 | €26,408 | ▼ 14.4% |
| Cash at bank and in hand54/58 | €246,467 | €197,867 | €122,543 | €155,066 | €215,584 | ▲ 39.0% |
| Deferred charges and accrued income490/1 | €1,484 | €690 | €1,604 | €117 | €1,845 | ▲ 1,473% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €471,592 | €372,683 | €308,073 | €356,757 | €440,664 | ▲ 23.5% |
| Equity10/15 | €215,347 | €120,769 | €68,929 | €104,521 | €135,261 | ▲ 29.4% |
| Contributions10/11 | €414,755 | €418,075 | €414,740 | €447,320 | €454,900 | ▲ 1.7% |
| Reserves13 | €19,374 | €19,374 | €19,374 | €19,374 | €19,374 | = |
| Non-distributable reserves130/1 | €624 | €624 | €624 | - | - | - |
| Reserves not available under the articles1311 | €624 | €624 | €624 | - | - | - |
| Tax-exempt reserves132 | €18,750 | €18,750 | €18,750 | €18,750 | €18,750 | = |
| Distributable reserves133 | - | - | - | €624 | €624 | = |
| Profit (loss) carried forward14 | -€218,782 | -€316,680 | -€365,185 | -€362,173 | -€339,013 | ▲ 6.4% |
| Provisions and deferred taxes16 | - | - | - | - | €7,174 | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | €7,174 | - |
| Other liabilities and charges164/5 | - | - | - | - | €7,174 | - |
| Amounts payable17/49 | €256,246 | €251,914 | €239,143 | €252,236 | €298,229 | ▲ 18.2% |
| Amounts payable after more than one year17 | - | - | - | - | €60,000 | - |
| Financial debts170/4 | - | - | - | - | €60,000 | - |
| Amounts payable within one year42/48 | €119,343 | €140,550 | €115,506 | €112,848 | €124,511 | ▲ 10.3% |
| Trade debts44 | €98,400 | €124,583 | €94,042 | €82,409 | €89,206 | ▲ 8.2% |
| Suppliers440/4 | €98,400 | €124,583 | €94,042 | €82,409 | €89,206 | ▲ 8.2% |
| Taxes, remuneration and social security45 | €20,810 | €15,246 | €21,209 | €30,396 | €35,142 | ▲ 15.6% |
| Taxes450/3 | €7,108 | €3,493 | €4,697 | €3,509 | €4,344 | ▲ 23.8% |
| Remuneration and social security454/9 | €13,702 | €11,753 | €16,512 | €26,887 | €30,798 | ▲ 14.5% |
| Other amounts payable47/48 | €133 | €721 | €255 | €43 | €163 | ▲ 279% |
| Accrued charges and deferred income492/3 | €136,903 | €111,364 | €123,637 | €139,388 | €113,717 | ▼ 18.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€97,482 | -€97,897 | -€48,818 | €1,678 | €23,143 | ▲ 1,279% |
| + Depreciation and write-downs630 | €22,584 | €21,487 | €17,985 | €775 | €4,254 | ▲ 449% |
| Operating cash flow (approximation) | -€74,898 | -€76,411 | -€30,833 | €2,453 | €27,396 | ▲ 1,017% |
| Investment in fixed assets (approximation) | - | -€3,877 | €0 | -€10,975 | -€22,336 | ▼ 104% |
| Change in cash | - | -€48,600 | -€75,323 | €32,523 | €60,517 | ▲ 86.1% |
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
Next filing, fiscal year 2026, expected by
2026
03-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2018net €23,143 ▲1,279%
Operating result €23,352, net result €23,143, both a record.
28-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Back to profitnet €1,678
Net result €1,678 after 6 loss-making years.
31-12
Financial
Equity above €100,000Eq €104,521 ▲51.6%
Equity rises from €68,929 to €104,521.
28-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
28-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
14-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
29-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 60 days late
2020
31-12
Financial
Equity above €200,000Eq €229,548 ▲65.8%
Equity rises from €138,461 to €229,548.
19-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 19 days late
2019
31-12
Financial
Weakest financial yearnet -€108,926
Net result drops to -€108,926, the lowest in the series; recovery starts the following year.
Show earlier events
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 28 days late
2018
27-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 27 days late
2017
08-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 8 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
No directors read yet: 0 of 8 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Liège · 2 establishment units since 2014
Ground area
514 m²
Building footprint
179 m²
Volume, LiDAR
1,393 m³
2 parcels, Brussels, Wallonia · tallest building 19.5 m, ±5 floors. Linked by address, not a title deed.
2 establishment units
MEDOR
since 20142.237.183.947
Medor
since 20182.281.954.494
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62810B0955/00W004 | Wallonia | 413 m² | 1 · 78 m² | - |
| 21809K0625/00F000 | Brussels | 101 m² | 1 · 101 m² | 19.5 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.
Structure & network
Owners and holdings
1 ownerOwners 1
-
0.27%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Subsidies and aid
Wallonia-Brussels Federation
2023 to 2025 · 5 entries · 227,808 EUR in total| Year | Entries | paid |
|---|---|---|
| 2025 | 3 | 88,461 EUR |
| 2024 | 1 | 72,681 EUR |
| 2023 | 1 | 66,666 EUR |
Budget allocations
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Company details
Identification
Legal formCooperative company
Founded04-07-2014
Fiscal year end31-12
Activities, NACEBEL 2025
58110Book publishing
58130Publishing activities
58190Other publishing activities, excluding software publishing
E-invoicing
Reachable via Peppol
Peppol ID
0208:0555681227
Registered
20-11-2020
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 1 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.