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Complete company report
Generated 09-08-2026
Active BE 0701.878.934Private limited company (pre-2019)Open bankruptcy

MS MADAN

· 7 yrs active
Sector: Tiling (43331)
Conclusion Checked

A bankruptcy procedure is open for MS MADAN according to publications in the Belgian State Gazette. The file additionally contains 1 administrative flag. The 2023 annual accounts show equity of €33k and a net result of €2k.

Based on the State Gazette, CBE and 5 annual accounts.
Key figures
Equity €33k
Net result €2k
Better than sector 53%
Active 7 yrs
Snowflake analysis 5 axes · computed by Checked
Health14Profitability28Solvency69Growth52Stability0
33 / 100

Fragile profile, watch stability in particular.

Health 14
Profitability 28
Solvency 69
Growth 52
Stability 0
Bankruptcy probability (12 mo) Checked model v1 · free

Bankruptcy opened

A bankruptcy procedure is already open, a probability score is no longer meaningful. See the insolvency timeline for the state of the procedure.

Risk Assessment rule-based
53 / 100
High risk
Components
· Open bankruptcy (+50)
· 1 administrative flag (+3)
Trust signals 1 signals
Open bankruptcy
Active bankruptcy procedure in the Belgisch Staatsblad. Claims are handled by the appointed curator.
Administrative Flags 1 events
Address struck
Health barometer FY 2023 · computed
14 / 100 Critical
050100

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Computed by Checked from NBB filings and Belgian State Gazette signals. Indicative, not credit advice.
Financial overview5 NBB filings
Annual accounts filed on 10-07-2024 with the NBB · fiscal year 2023 · micro
€-40k€-20k€0€20kOperating result 2019: €17k€17kNet result 2019: €7k€7kOperating result 2020: €24k€24kNet result 2020: €18k€18kOperating result 2021: €8k€8kNet result 2021: €14€14Operating result 2022: €-22k€-22kNet result 2022: €6k€6kOperating result 2023: €9k€9kNet result 2023: €2k€2k20192020202120222023
Operating resultNet result
Sector comparison
Fiscal year 2023 · NACE 43, Specialised construction · compared within the same schema type (micro schema)
Metric This company Sector median Position in the sector
Solvency 40.8% 38.7%
better than 53% of 9099 sector peers
Net result €2k €12k
better than 26% of 9084 sector peers
Equity €33k €30k
better than 53% of 9105 sector peers
Gross operating margin €26k €33k
better than 43% of 9074 sector peers
Total assets €80k €89k
better than 46% of 9100 sector peers
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
EBITDA
€23k
- far above sector median
Net profit
€2k
-67.4% far above sector median
Cash flow
€16k
-12.2% +241% vs sector
Total assets
€80k
-38.5% -79% vs sector
Equity
€33k
+6.0% +39% vs sector
Working capital
€12k
+329.2% -49% vs sector
Staff costs
€800
- -100% vs sector
Income taxes
€4k
+28.3% far above sector median
Debt
€48k
-52.3% -86% vs sector
Debt ≤ 1y
€41k
-52.6% -87% vs sector
Debt > 1y
€7k
-50.1% -60% vs sector
Current ratio
1.29
+24.8% +9% vs sector
Quick ratio
1.29
+24.8% +9% vs sector
Solvency
40.8%
+72.3% far above sector median
Debt / equity
1.45
-55.0% -47% vs sector
ROE
5.6%
-69.2% +189% vs sector
ROA
2.3%
-47.0% +141% vs sector
Interest coverage
6.86
- -27% vs sector
Figures by fiscal year
Fiscal year2023
Revenue-
EBITDA€23k
Net profit€2k
Cash flow€16k
Staff costs-
Income taxes€4k
Dividends-
Total assets€80k
Equity€33k
Debt€48k
of which ≤ 1y€41k
of which > 1y€7k
Working capital€12k
Employees (FTE)-
Ratios (computed)
2023
Current ratio1.29
Quick ratio1.29
Working capital ratio14.6%
Solvency40.8%
Debt / equity1.45
Long-term debt ratio0.21
Interest coverage6.86
Gross margin-
Net margin-
ROA2.3%
ROE5.6%
EBITDA margin-
Days sales outstanding-
Days payable outstanding-
Inventory turnover-
Days inventory (DSI)-
Balance-sheet composition 2023
Full annual accounts
Filed balance sheet and income statement, exactly as deposited with the NBB.
Line item Code2023
Balance sheet, Assets
TOTAL ASSETS 20/58€80k
Fixed assets 21/28€28k
Tangible fixed assets 22/27€28k
Current assets 29/58€53k
Amounts receivable within one year 40/41€52k
Cash & bank 54/58€559
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES 10/49€80k
Equity 10/15€33k
Contributions / capital 10/11€1
Reserves 13€33k
Amounts payable 17/49€48k
Amounts payable after one year 17€7k
Amounts payable within one year 42/48€41k
Income statement
Gross operating margin 9900€26k
Operating result 9901€9k
Financial charges 65€3k
Result before taxes 9903€5k
Income taxes 67/77€4k
Net result for the period 9904€2k
Result to be appropriated 9905€2k
You're seeing the latest fiscal year only. Unlock 4 prior years (figures + ratios) with a paid plan. See plans →
Ratios computed by Checked.
Directors & mandates1 person
Role Name Tenure Source
Curator LIES DEWAEL
ZOUTLEEUWSTRAAT 52, 3404 ATTEN- HOVEN
 13-11-2025 → present Belgian State Gazette
Legal Structure
NACE primary Tiling(43331)
Legal form Private limited company (pre-2019)(015)
Incorporation29-08-2018
StatusActive
Postal code-
First BS signal 19-11-2025
Latest BS signal 19-11-2025
Company structure, linked entities1 linked entities
MS MADANBE 0701.878.934LIES DEWAELReceiver
Mandates
Establishment units 1 location
MS MADAN
Verbindingslaan 79, 3600 GenkPlaatsen van vloer- en wandtegels
since 20182.281.385.164
Physical sites registered in the Crossroads Bank for Enterprises (CBE).
Real-estate footprint Source: CBE × cadastre

Parcels linked to this company through its CBE addresses (seat, establishment units, branches), cross-referenced with the cadastral parcel plan. This shows where the company operates, not a deeds register.

Flanders 2 (100%)
Parcel (capakey) Region Area Buildings Height / fl.
71308A0827/00G137 Flanders 1,790 m² 1 · 1,032 m² 29.6 m · 3 fl.
71034A0403/00A000 Flanders 972 m² 1 · 957 m² 15.0 m · 4 fl.
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates 11 events

A single timeline of everything that happened to this company, publications, insolvency and lifecycle events, administrative changes and filed annual accounts.

2025
19-11-2025
Bankruptcy Opening
Ondernemingsrechtbank Antwerpen, afdeling Hasselt · MS MADAN BV KONINGIN ASTRIDPLEIN 27/4, 3970 LEOPOLDSBURG · event 13-11-2025
12-09-2025
KBO administration Address struck
13-06-2025
State Gazette act Director changes
09-05-2025
State Gazette act Minor change
Officer designation
2024
10-07-2024
NBB filing Annual accounts filed
fiscal year 2023 · micro
2023
23-07-2023
NBB filing Annual accounts filed
fiscal year 2022 · micro
15-05-2023
State Gazette act Director changes
2022
05-07-2022
NBB filing Annual accounts filed
fiscal year 2021 · micro
2021
25-06-2021
NBB filing Annual accounts filed
fiscal year 2020 · micro
2020
06-07-2020
NBB filing Annual accounts filed
fiscal year 2019 · micro
Lifecycle & Insolvency Signals 2 events
19-11-2025
Bankruptcy Opening
Date: 13-11-2025 · Ondernemingsrechtbank Antwerpen, afdeling Hasselt · MS MADAN BV KONINGIN ASTRIDPLEIN 27/4, 3970 LEOPOLDSBURG · Publications in State Gazette ↗
12-09-2025
KBO administration Address struck
 · Publications in State Gazette ↗
Time machine, BS events + macro context 2021, 2026
COVID lockdownEnergiecrisisECB hikes2021202220232024202520262025-09-12 · KBO administration · Address struck2025-11-19 · Bankruptcy · Opening
Macro context
2020-Q2/Q3 COVID lockdown
2022 energy crisis
2023-2024 ECB rate hikes
Legend
Bankruptcy
Interim / reorg
KBO event
Belgisch Staatsblad, acts 3 acts
All acts · 3 updated 1 year ago
2025
13-06-2025 1 director appointed, 1 resigning Director changes
  • Olivier Sébastien Vivian C, Bestuurder
  • BOGDAN HADJIEV, Bestuurder
Technical details 
{
  "events": [
    {
      "kind": "director_out",
      "role": "bestuurder",
      "person": {
        "rrn": null,
        "name": "BOGDAN HADJIEV",
        "address": null,
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      "reason": null,
      "subkind": null,
      "via_org": null,
      "statutory": null,
      "compensated": null,
      "effective_date": "2025-04-01",
      "evidence_quote": "Mr BOGDAN HADJIEV wordt ontslagen als bestuurder, met ingang van 01/04/2025.",
      "decharge_status": null,
      "mandate_duration": null,
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
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    },
    {
      "kind": "director_in",
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      },
      "reason": null,
      "subkind": null,
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      "statutory": null,
      "compensated": null,
      "effective_date": "2025-04-01",
      "evidence_quote": "Mr Olivier S\u00E9bastien Vivian C wordt benoemt als nieuwe bestuurder, en dit met ingang van 01/04/2025.",
      "decharge_status": null,
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      "rep_rotation_new_rep": null,
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    },
    {
      "kind": "substantive_delegation",
      "role": "dagelijks_bestuur",
      "person": {
        "rrn": null,
        "name": "Olivier S\u00E9bastien Vivian C",
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      },
      "reason": null,
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      "effective_date": null,
      "evidence_quote": "Mr Olivier S\u00E9bastien Vivian C wordt belast om alle administratie in orde te brengen.",
      "decharge_status": null,
      "mandate_duration": null,
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
      "effective_date_qualifier": null
    },
    {
      "kind": "decharge_granted",
      "role": null,
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      },
      "reason": null,
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      "via_org": null,
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      "compensated": null,
      "effective_date": null,
      "evidence_quote": "Mijnheer Olivier S\u00E9bastien Vivian C verklaart kennis te hebben genomen van het passiva en de activa Van het bovengenoemde bedrijf en geeft kwijting aan mijnheer BOGDAN HADJIEV en Dit vanaf vaandag.",
      "decharge_status": "granted",
      "mandate_duration": null,
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
      "effective_date_qualifier": null
    },
    {
      "kind": "board_snapshot",
      "role": null,
      "person": null,
      "reason": null,
      "subkind": null,
      "via_org": null,
      "statutory": null,
      "compensated": null,
      "effective_date": null,
      "evidence_quote": "De Algemene Bijzondere Vergadering wordt afgesloten om 10:30 er waren geen enkel opmerkingen meer te melden.",
      "decharge_status": null,
      "mandate_duration": null,
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
      "effective_date_qualifier": null
    }
  ],
  "notary": {
    "name": null,
    "firm_city": null,
    "firm_name": null,
    "office_city": null,
    "is_associated": false
  },
  "act_meta": {
    "language": "nl",
    "pub_date": "2025-06-13",
    "filing_date": null,
    "act_kind_objet": "Onderwerp akte:"
  },
  "decisions": [
    {
      "body": "enig_aandeelhouder_schriftelijk",
      "date": "2025-04-01",
      "unanimous": null
    }
  ],
  "is_correction": false,
  "subject_company": {
    "kbo": "0701.878.934",
    "name_full": "MS MADAN",
    "legal_form": "BV"
  },
  "publication_proxy": {
    "kind": "none",
    "org_kbo": null,
    "org_name": null,
    "person_name": null,
    "org_rep_person_name": null,
    "person_role_at_subject": null
  },
  "co_filed_documents": [],
  "corrected_publication_numac": null
}
09-05-2025 Publication in the Belgian Official Gazette, Minor change Minor change
Summary: Officer designation
Technical details 
{
  "notary": {
    "name": null,
    "firm_city": null,
    "firm_name": null,
    "office_city": "Antwerpen",
    "is_associated": false
  },
  "act_meta": {
    "language": "nl",
    "pub_date": "2025-05-09",
    "filing_date": "2025-04-28",
    "act_kind_objet": "Ontslag / Benoeming / Overdracht zetel"
  },
  "decision": {
    "body": "algemene_vergadering",
    "date": "2025-04-28",
    "unanimous": true
  },
  "agm_change": null,
  "detected_kind": "officer_designation",
  "other_address": {
    "action": "modified",
    "purpose": "statutaire_zetel",
    "address_new": "Weg Naar Zwartberg 103, 3530 Houthalen",
    "address_old": "Pastoor Grausstraat 4 Bo\u00EEte 3 3583 Beringen",
    "effective_date": "2025-02-01",
    "effective_date_is_approximate": false
  },
  "mandate_renewal": {
    "period_end": null,
    "mandate_kind": "bestuurder",
    "period_start": "2025-02-01",
    "remuneration_eur": null,
    "remuneration_kind": null,
    "person_or_entity_kbo": null,
    "person_or_entity_name": "Mr GUMUSTEKIN KADIR"
  },
  "subject_company": {
    "kbo": "0701.878.934",
    "name_full": "MS MADAN",
    "legal_form": "BV"
  },
  "accounts_deposit": null,
  "publication_proxy": {
    "kind": "none",
    "org_kbo": null,
    "org_name": null,
    "person_name": null,
    "org_rep_person_name": null
  },
  "co_filed_documents": [],
  "fiscal_year_change": null,
  "liquidation_closure": null,
  "officer_designation": {
    "role": "bestuurder",
    "organ": "raad_van_bestuur",
    "person_name": "Mr BOGD\u00C4N HADJIEV"
  },
  "special_procuration": null,
  "is_volet_a_only_stub": false,
  "vakbekwaamheid_change": null,
  "should_reroute_to_category": null,
  "single_shareholder_declaration": null
}
2023
15-05-2023 Discharge granted to the board Director changes
Technical details 
{
  "events": [
    {
      "kind": "decharge_granted",
      "role": "bestuurder",
      "person": {
        "rrn": null,
        "name": "Feim Ramadan",
        "address": null,
        "birth_date": null,
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        "birth_place": null
      },
      "reason": null,
      "subkind": null,
      "via_org": null,
      "statutory": null,
      "compensated": null,
      "effective_date": "2023-01-01",
      "evidence_quote": "De vergadering aanvaardt het ontslag van de heer Feim Ramadan als bestuurder, met ingang vanaf 1 januari 2023. Er wordt voor hem een kwijting verleend en een d\u00E9charge verleend voor hem uitgevoerde beleid.",
      "decharge_status": "granted",
      "mandate_duration": null,
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
      "effective_date_qualifier": null
    },
    {
      "kind": "decharge_granted",
      "role": "bestuurder",
      "person": {
        "rrn": null,
        "name": "Kadir G\u00FCm\u00FCstekin",
        "address": null,
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      },
      "reason": null,
      "subkind": null,
      "via_org": null,
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      "compensated": null,
      "effective_date": null,
      "evidence_quote": "Voor eensluidend afschrift,\nKadir G\u00FCm\u00FCstekin, bestuurder",
      "decharge_status": null,
      "mandate_duration": null,
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
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    }
  ],
  "notary": {
    "name": null,
    "firm_city": null,
    "firm_name": null,
    "office_city": null,
    "is_associated": false
  },
  "act_meta": {
    "language": "nl",
    "pub_date": "2023-05-15",
    "filing_date": "2023-04-26",
    "act_kind_objet": "Onderwerp akte:"
  },
  "decisions": [
    {
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      "date": "2022-12-31",
      "unanimous": true
    }
  ],
  "is_correction": false,
  "subject_company": {
    "kbo": "0701.878.934",
    "name_full": "MS MADAN",
    "legal_form": "BVB\u0410"
  },
  "publication_proxy": {
    "kind": "none",
    "org_kbo": null,
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    "person_name": null,
    "org_rep_person_name": null,
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  },
  "co_filed_documents": [],
  "corrected_publication_numac": null
}
Credit advice verdict per customer and amount

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Based on official sources (NBB, CBE, State Gazette). Indicative, not credit advice.
AI due-diligence brief Checked AI

Generate a structured, factual brief from every signal in this dossier: risk, financial health, ownership, mandates and sector comparison.

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Company registry (CBE) Crossroads Bank
Activities
Plaatsen van vloer- en wandtegels43331Plaatsen van vloer- en wandtegels43331
Primary activity highlighted.
Names & trade names
Legal nameNL MS MADAN
Registration history
  1. 12-09-2025 Address struck
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.
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Source: Belgian State Gazette, CBE, NBB · generated via checked.be · indicative