MADY
ActiveSummary
MADY has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.29M and a net result of €213k. Equity is growing by ~7.9% per year across the filed fiscal years. Its solvency ranks better than 27% of 7838 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability74▼-3
Solvency51▼-1
Growth78=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €85k at 30 days acceptable
Liquidity tight (current ratio 1.21 against 1.25 in 2024; short-term debt: 48.6% and cash: 19.5% of total assets), and 74.3% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 · 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
25.7%
Return on assets
4.2%
Age of the figures
9 mo
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 30-06-2026, 31 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
31 d early
2024
29 d early
2023
34 d early
2022
32 d early
2021
28 d early
2020
30 d early
2019
26 d early
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€1.29M▲ 4.6%
2024 · €1.23M
2018: €674klowest in 8 years
2019: €817k▲ +21.2% vs 2018
2020: €975k▲ +19.2% vs 2019
2021: €1.09M▲ +11.6% vs 2020
2022: €1.32M▲ +21.2% vs 2021highest in 8 years
2023: €1.09M▼ -17.3% vs 2022
2024: €1.23M▲ +13.1% vs 2023
2025: €1.29M▲ +4.6% vs 2024
2018 → 2025
Total assets
€5.02M▲ 11.7%
2024 · €4.49M
2018: €2.68M
2019: €2.20M▼ -18.0% vs 2018lowest in 8 years
2020: €3.08M▲ +40.3% vs 2019
2021: €2.91M▼ -5.7% vs 2020
2022: €4.50M▲ +55.0% vs 2021
2023: €5.08M▲ +12.8% vs 2022highest in 8 years
2024: €4.49M▼ -11.5% vs 2023
2025: €5.02M▲ +11.7% vs 2024
2018 → 2025
Net result
€213k▼ 25.5%
2024 · €286k
2018: €165k
2019: €143k▼ -13.1% vs 2018
2020: €157k▲ +9.7% vs 2019
2021: €113k▼ -28.2% vs 2020lowest in 8 years
2022: €349k▲ +210% vs 2021highest in 8 years
2023: €209k▼ -40.1% vs 2022
2024: €286k▲ +36.8% vs 2023
2025: €213k▼ -25.5% vs 2024
2018 → 2025
Working capital
€504k▲ 6.6%
2024 · €473k
2018: €148klowest in 8 years
2019: €794k▲ +435% vs 2018
2020: €898k▲ +13.1% vs 2019highest in 8 years
2021: €743k▼ -17.3% vs 2020
2022: €893k▲ +20.3% vs 2021
2023: €368k▼ -58.8% vs 2022
2024: €473k▲ +28.6% vs 2023
2025: €504k▲ +6.6% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€1.09M-€1.32M▲ 21.2%€1.09M▼ 17.3%€1.23M▲ 13.1%€1.29M▲ 4.6%
2021: €1.09Mlowest in 5 years
2022: €1.32M▲ +21.2% vs 2021highest in 5 years
2023: €1.09M▼ -17.3% vs 2022
2024: €1.23M▲ +13.1% vs 2023
2025: €1.29M▲ +4.6% vs 2024
Operating result€107k-€338k▲ 217%€291k▼ 14.1%€431k▲ 48.3%€532k▲ 23.4%
2021: €107klowest in 5 years
2022: €338k▲ +217% vs 2021
2023: €291k▼ -14.1% vs 2022
2024: €431k▲ +48.3% vs 2023
2025: €532k▲ +23.4% vs 2024highest in 5 years
Net result€113k-€349k▲ 210%€209k▼ 40.1%€286k▲ 36.8%€213k▼ 25.5%
2021: €113klowest in 5 years
2022: €349k▲ +210% vs 2021highest in 5 years
2023: €209k▼ -40.1% vs 2022
2024: €286k▲ +36.8% vs 2023
2025: €213k▼ -25.5% vs 2024
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 23% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.02M
Fixed assets
€2.08M ▼ 1.0%
Current assets
€2.94M ▲ 22.8%
Equity and liabilities €5.02M
Equity
€1.29M ▲ 4.6%
Debt
€3.73M ▲ 14.4%
Debt's share of the balance-sheet total rises from 72.6% to 74.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€804k▲
2024 · €647k
Cash flow
€486k▼
2024 · €503k
Current ratio
1.21▼
2024 · 1.25
Quick ratio
1.15▼
2024 · 1.17
Debt to equity
2.89▲
2024 · 2.64
ROE
16.5%▼
2024 · 23.2%
ROA
4.2%▼
2024 · 6.4%
Interest coverage
7.97▲
2024 · 7.15
Debt ≤ 1 year
€2.44M▲
2024 · €1.92M
Debt > 1 year
€1.29M▼
2024 · €1.34M
Income taxes
€292k▲
2024 · €132k
Staff costs
€685k▼
2024 · €717k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 58 lines
Balance sheet
Code20242025
Assets
Total assets20/58€4.49M€5.02M▲
Fixed assets21/28€2.10M€2.08M▼
Tangible fixed assets22/27€2.09M€2.07M▼
Land and buildings22€86k€80k▼
Plant, machinery and equipment23€68k€58k▼
Furniture and vehicles24€261k€334k▲
Leasing and similar rights25€1.67M€1.60M▼
Financial fixed assets28€10k€10k=
Current assets29/58€2.40M€2.94M▲
Stocks and contracts in progress3€138k€144k▲
Stocks30/36€26k€27k▲
Contracts in progress37€112k€117k▲
Amounts receivable within one year40/41€1.65M€1.78M▲
Trade receivables40€1.54M€1.66M▲
Other amounts receivable41€109k€121k▲
Cash at bank and in hand54/58€577k€981k▲
Deferred charges and accrued income490/1€28k€42k▲
Equity and liabilities
Total equity and liabilities10/49€4.49M€5.02M▲
Equity10/15€1.23M€1.29M▲
Contributions10/11€19k€19k=
Reserves13€1.21M€1.27M▲
Distributable reserves133€1.21M€1.27M▲
Amounts payable17/49€3.26M€3.73M▲
Amounts payable after more than one year17€1.34M€1.29M▼
Financial debts170/4€1.34M€1.29M▼
Amounts payable within one year42/48€1.92M€2.44M▲
Current portion of amounts payable after more than one year42€170k€248k▲
Financial debts43€659k€694k▲
Credit institutions430/8€659k€694k▲
Trade debts44€703k€1.16M▲
Suppliers440/4€703k€1.16M▲
Taxes, remuneration and social security45€96k€52k▼
Taxes450/3€39k€17k▼
Remuneration and social security454/9€57k€35k▼
Other amounts payable47/48€296k€281k▼
Income statement
Code20242025
Non-recurring operating income76A€798€1k▲
Remuneration, social security and pensions62€717k€685k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€217k€273k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€47k€6k▼
Other operating charges640/8€11k€12k▲
Non-recurring operating charges66A€21k€6k▼
Gross operating margin9900€1.44M€1.51M▲
Operating profit (loss)9901€431k€532k▲
Financial income75/76B€78k€75k▼
Recurring financial income75€78k€75k▼
Financial charges65/66B€91k€101k▲
Recurring financial charges65€91k€101k▲
Profit (loss) for the period before taxes9903€418k€505k▲
Income taxes67/77€132k€292k▲
Profit (loss) for the period9904€286k€213k▼
Profit (loss) for the period to be appropriated9905€286k€213k▼
Appropriation of the result
Profit (loss) to be appropriated9906€286k€213k▼
Transfer from equity791/2€143k€157k▲
Transfer to equity691/2€286k€213k▼
To other reserves6921€286k€213k▼
Profit to be distributed694/7€143k€157k▲
Return on contributions (dividend)694€143k€157k▲
Social balance
Average headcount (FTE)908711.610.4▼
The notes to these accounts (17 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €575 | €11k | - | €798 | €1k | ▲ 25.3% |
| Remuneration, social security and pensions62 | €1.04M | €931k | €774k | €717k | €685k | ▼ 4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €108k | €173k | €222k | €217k | €273k | ▲ 26.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €369 | - | €47k | €6k | ▼ 86.5% |
| Other operating charges640/8 | €14k | €4k | €6k | €11k | €12k | ▲ 11.9% |
| Non-recurring operating charges66A | €7k | €6k | €3k | €21k | €6k | ▼ 73.2% |
| Gross operating margin9900 | €1.28M | €1.45M | €1.30M | €1.44M | €1.51M | ▲ 4.9% |
| Operating profit (loss)9901 | €107k | €338k | €291k | €431k | €532k | ▲ 23.4% |
| Financial income75/76B | €84k | €102k | €89k | €78k | €75k | ▼ 3.8% |
| Recurring financial income75 | €84k | €102k | €89k | €78k | €75k | ▼ 3.8% |
| Financial charges65/66B | €39k | €51k | €78k | €91k | €101k | ▲ 11.4% |
| Recurring financial charges65 | €39k | €51k | €78k | €91k | €101k | ▲ 11.4% |
| Profit (loss) for the period before taxes9903 | €151k | €390k | €302k | €418k | €505k | ▲ 21.0% |
| Income taxes67/77 | €39k | €40k | €93k | €132k | €292k | ▲ 122% |
| Profit (loss) for the period9904 | €113k | €349k | €209k | €286k | €213k | ▼ 25.5% |
| Transfer from tax-exempt reserves789 | €16k | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €128k | €349k | €209k | €286k | €213k | ▼ 25.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.91M | €4.50M | €5.08M | €4.49M | €5.02M | ▲ 11.7% |
| Fixed assets21/28 | €573k | €1.96M | €2.09M | €2.10M | €2.08M | ▼ 1.0% |
| Tangible fixed assets22/27 | €561k | €1.95M | €2.08M | €2.09M | €2.07M | ▼ 1.0% |
| Land and buildings22 | €105k | €99k | €92k | €86k | €80k | ▼ 7.2% |
| Plant, machinery and equipment23 | €19k | €13k | €69k | €68k | €58k | ▼ 15.5% |
| Furniture and vehicles24 | €187k | €193k | €171k | €261k | €334k | ▲ 28.0% |
| Leasing and similar rights25 | €207k | €1.61M | €1.71M | €1.67M | €1.60M | ▼ 4.6% |
| Other tangible fixed assets26 | €42k | €38k | €33k | - | - | - |
| Financial fixed assets28 | €12k | €10k | €10k | €10k | €10k | = |
| Current assets29/58 | €2.33M | €2.54M | €2.99M | €2.40M | €2.94M | ▲ 22.8% |
| Stocks and contracts in progress3 | €307k | €206k | €193k | €138k | €144k | ▲ 4.1% |
| Stocks30/36 | €125k | €125k | €117k | €26k | €27k | ▲ 4.1% |
| Contracts in progress37 | €182k | €81k | €76k | €112k | €117k | ▲ 4.2% |
| Amounts receivable within one year40/41 | €1.50M | €1.77M | €2.22M | €1.65M | €1.78M | ▲ 7.4% |
| Trade receivables40 | €1.35M | €1.63M | €1.91M | €1.54M | €1.66M | ▲ 7.2% |
| Other amounts receivable41 | €148k | €138k | €310k | €109k | €121k | ▲ 10.8% |
| Cash at bank and in hand54/58 | €491k | €534k | €551k | €577k | €981k | ▲ 70.1% |
| Deferred charges and accrued income490/1 | €36k | €36k | €34k | €28k | €42k | ▲ 48.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.91M | €4.50M | €5.08M | €4.49M | €5.02M | ▲ 11.7% |
| Equity10/15 | €1.09M | €1.32M | €1.09M | €1.23M | €1.29M | ▲ 4.6% |
| Contributions10/11 | €19k | €19k | €19k | €19k | €19k | = |
| Reserves13 | €1.07M | €1.30M | €1.07M | €1.21M | €1.27M | ▲ 4.6% |
| Non-distributable reserves130/1 | €20k | - | - | - | - | - |
| Reserves not available under the articles1311 | €20k | - | - | - | - | - |
| Distributable reserves133 | €1.05M | €1.30M | €1.07M | €1.21M | €1.27M | ▲ 4.6% |
| Amounts payable17/49 | €1.82M | €3.19M | €3.99M | €3.26M | €3.73M | ▲ 14.4% |
| Amounts payable after more than one year17 | €228k | €1.54M | €1.36M | €1.34M | €1.29M | ▼ 3.4% |
| Financial debts170/4 | €228k | €1.54M | €1.36M | €1.34M | €1.29M | ▼ 3.4% |
| Amounts payable within one year42/48 | €1.59M | €1.65M | €2.63M | €1.92M | €2.44M | ▲ 26.8% |
| Current portion of amounts payable after more than one year42 | €149k | €188k | €187k | €170k | €248k | ▲ 45.7% |
| Financial debts43 | €683k | €738k | €646k | €659k | €694k | ▲ 5.4% |
| Credit institutions430/8 | €683k | €738k | €646k | €659k | €694k | ▲ 5.4% |
| Trade debts44 | €443k | €578k | €1.31M | €703k | €1.16M | ▲ 65.4% |
| Suppliers440/4 | €443k | €578k | €1.31M | €703k | €1.16M | ▲ 65.4% |
| Taxes, remuneration and social security45 | €58k | €33k | €64k | €96k | €52k | ▼ 45.3% |
| Taxes450/3 | - | €6k | €25k | €39k | €17k | ▼ 55.9% |
| Remuneration and social security454/9 | €58k | €27k | €39k | €57k | €35k | ▼ 38.1% |
| Other amounts payable47/48 | €258k | €113k | €415k | €296k | €281k | ▼ 5.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €113k | €349k | €209k | €286k | €213k | ▼ 25.5% |
| + Depreciation and write-downs630 | €108k | €173k | €222k | €217k | €273k | ▲ 26.0% |
| Operating cash flow (approximation) | €221k | €522k | €432k | €503k | €486k | ▼ 3.3% |
| Investment in fixed assets (approximation) | - | €-1.56M | €-347k | €-229k | €-252k | ▼ 10.3% |
| Change in cash | - | €43k | €17k | €26k | €404k | ▲ 1,470% |
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
30-06
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
02-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
27-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Highest result since 2018net €349k ▲210%
Net result €349k, the highest in the series.
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
28-12
Financial
Weakest financial yearnet €113k ▼28.2%
Net result drops to €113k, the lowest in the series; recovery starts the following year.
28-12
Financial
Equity above €1MEq €1.09M ▲11.6%
4 profitable years in a row build equity to €1.09M.
28-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
02-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
06-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 28 days late
2016
29-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 29 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Deinze · 1 establishment unit since 2002
Ground area
1,293 m²
Building footprint
426 m²
Volume, LiDAR
2,208 m³
2 parcels, Flanders · tallest building 10.2 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Kouterlosstraat 61, 9800 Deinze
since 20022.131.490.272
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44075A0294/00R000indicative | Flanders | 859 m² | 1 · 194 m² | 7.0 m · 2 fl. |
| 44054A0518/00P009 | Flanders | 434 m² | 1 · 232 m² | 10.2 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2024 · 1 entry · 435 EUR awarded · 435 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2024 | 1 | 435 EUR | 435 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
Recognitions · licences · registrations
Recognised contractor
3 categoriesMADY BV45204
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Of 8,566 companies in sector 43410 we hold annual accounts for 4,363. 1,739 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded07-01-2002
Fiscal year end31-12
Activities, NACEBEL 2025
43410Roofing work
43211General electrical installation work
Scores and ratios are computed by Checked and are not a credit decision.