MAUDE
ActiveSummary
The computed 12-month bankruptcy probability of MAUDE is 2.0% (moderate). The 2025 annual accounts show negative equity (€-377k) and a net result of €-79k. Equity is shrinking by ~5.2% per year across the filed fiscal years. Its solvency ranks better than 9% of 4178 sector peers (fiscal year 2025). The company has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability15▼-39
Solvency12▼-2
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
2.0%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.87 against 0.89 in 2024; short-term debt: 113.1% and cash: 0.8% of total assets), and equity is negative.
Credit check for your own amount and term
Signals
Seven 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 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% 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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-13.1%
Return on assets
-2.8%
Age of the figures
12 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €-377k
neutral · A punctual record breaks
This company filed 5 consecutive financial years on time. The year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 25-05-2026, 25 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
25 d late
2024
on the day
2023
15 d early
2022
10 d early
2021
30 d early
2020
15 d early
2019
26 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today30-09-2026 close30-04-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€-79k
2024 · €3k
2018: €-74k
2019: €-133k▼ -79.4% vs 2018lowest in 8 years
2020: €-55k▲ +59.0% vs 2019
2021: €24k▲ +143% vs 2020
2022: €35k▲ +47.5% vs 2021highest in 8 years
2023: €-22k▼ -162% vs 2022
2024: €3k▲ +113% vs 2023
2025: €-79k▼ -2912% vs 2024
2018 → 2025
Working capital
€-426k▼ 29.1%
2024 · €-330k
2018: €-199khighest in 8 years
2019: €-332k▼ -66.9% vs 2018
2020: €-375k▼ -13.0% vs 2019
2021: €-350k▲ +6.8% vs 2020
2022: €-326k▲ +6.6% vs 2021
2023: €-355k▼ -8.9% vs 2022
2024: €-330k▲ +7.3% vs 2023
2025: €-426k▼ -29.1% vs 2024lowest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€-313k-€-279k▲ 11.1%€-300k▼ 7.8%€-298k▲ 0.9%€-377k▼ 26.7%
2021: €-313k
2022: €-279k▲ +11.1% vs 2021highest in 5 years
2023: €-300k▼ -7.8% vs 2022
2024: €-298k▲ +0.9% vs 2023
2025: €-377k▼ -26.7% vs 2024lowest in 5 years
Operating result€30k-€42k▲ 42.1%€-15k€9k€-73k
2021: €30k
2022: €42k▲ +42.1% vs 2021highest in 5 years
2023: €-15k▼ -135% vs 2022
2024: €9k▲ +162% vs 2023
2025: €-73k▼ -901% vs 2024lowest in 5 years
Net result€24k-€35k▲ 47.5%€-22k€3k€-79k
2021: €24k
2022: €35k▲ +47.5% vs 2021highest in 5 years
2023: €-22k▼ -162% vs 2022
2024: €3k▲ +113% vs 2023
2025: €-79k▼ -2912% vs 2024lowest in 5 years
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €73k after €9k in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.88M
Fixed assets
€49k ▼ 11.8%
Current assets
€2.83M ▲ 8.3%
Key figures and ratios
EBITDA
€-55k▼
2024 · €27k
Cash flow
€-61k▼
2024 · €21k
Solvency
-13.1%▼
2024 · -11.2%
Current ratio
0.87▼
2024 · 0.89
Quick ratio
0.04▲
2024 · 0.02
Debt to equity
-8.63▲
2024 · -9.97
ROA
-2.8%▼
2024 · 0.1%
Interest coverage
-8.91▼
2024 · 4.18
Debt
€3.25M▲
2024 · €2.97M
Debt ≤ 1 year
€3.25M▲
2024 · €2.94M
Staff costs
€610k▲
2024 · €592k
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 · 44 lines
Balance sheet
Code20242025
Assets
Total assets20/58€2.67M€2.88M▲
Fixed assets21/28€55k€49k▼
Tangible fixed assets22/27€55k€48k▼
Plant, machinery and equipment23€26k€19k▼
Other tangible fixed assets26€28k€29k▲
Financial fixed assets28€365€365=
Current assets29/58€2.61M€2.83M▲
Stocks and contracts in progress3€2.55M€2.71M▲
Stocks30/36€2.55M€2.71M▲
Amounts receivable within one year40/41€2k€31k▲
Trade receivables40€0€4k▲
Other amounts receivable41€2k€27k▲
Cash at bank and in hand54/58€25k€24k▼
Deferred charges and accrued income490/1€40k€69k▲
Equity and liabilities
Total equity and liabilities10/49€2.67M€2.88M▲
Equity10/15€-298k€-377k▼
Contributions10/11€20k€20k=
Reserves13€3k€3k=
Non-distributable reserves130/1€3k€3k=
Reserves not available under the articles1311€3k€3k=
Profit (loss) carried forward14€-321k€-400k▼
Amounts payable17/49€2.97M€3.25M▲
Amounts payable within one year42/48€2.94M€3.25M▲
Trade debts44€2.87M€3.06M▲
Suppliers440/4€2.87M€3.06M▲
Taxes, remuneration and social security45€71k€85k▲
Remuneration and social security454/9€71k€85k▲
Other amounts payable47/48-€110k
Accrued charges and deferred income492/3€23k€0▼
Income statement
Code20242025
Remuneration, social security and pensions62€592k€610k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€18k€18k▲
Other operating charges640/8€21k€25k▲
Gross operating margin9900€640k€580k▼
Operating profit (loss)9901€9k€-73k▼
Financial income75/76B€150€29▼
Recurring financial income75€150€29▼
Financial charges65/66B€6k€6k▼
Recurring financial charges65€6k€6k▼
Profit (loss) for the period before taxes9903€3k€-79k▼
Profit (loss) for the period9904€3k€-79k▼
Profit (loss) for the period to be appropriated9905€3k€-79k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-321k€-400k▼
Profit (loss) brought forward from the previous period14P€-324k€-321k▲
Social balance
Average headcount (FTE)9087-15.8
The notes to these accounts (14 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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €559k | €634k | €592k | €610k | ▲ 3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16k | €16k | €15k | €18k | €18k | ▲ 2.6% |
| Other operating charges640/8 | - | €26k | €38k | €21k | €25k | ▲ 18.6% |
| Gross operating margin9900 | €488k | €644k | €672k | €640k | €580k | ▼ 9.3% |
| Operating profit (loss)9901 | €30k | €42k | €-15k | €9k | €-73k | ▼ 901% |
| Financial income75/76B | - | €1k | €124 | €150 | €29 | ▼ 80.5% |
| Recurring financial income75 | €408 | €1k | €124 | €150 | €29 | ▼ 80.5% |
| Financial charges65/66B | - | €9k | €7k | €6k | €6k | ▼ 4.9% |
| Recurring financial charges65 | €7k | €9k | €7k | €6k | €6k | ▼ 4.9% |
| Profit (loss) for the period before taxes9903 | €24k | €35k | €-22k | €3k | €-79k | ▼ 2,912% |
| Profit (loss) for the period9904 | €24k | €35k | €-22k | €3k | €-79k | ▼ 2,912% |
| Profit (loss) for the period to be appropriated9905 | €24k | €35k | €-22k | €3k | €-79k | ▼ 2,912% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.31M | €2.44M | €2.80M | €2.67M | €2.88M | ▲ 7.9% |
| Fixed assets21/28 | €36k | €48k | €55k | €55k | €49k | ▼ 11.8% |
| Tangible fixed assets22/27 | €36k | €48k | €55k | €55k | €48k | ▼ 11.9% |
| Plant, machinery and equipment23 | - | €19k | €26k | €26k | €19k | ▼ 26.5% |
| Other tangible fixed assets26 | - | €29k | €29k | €28k | €29k | ▲ 1.7% |
| Financial fixed assets28 | €365 | €365 | €365 | €365 | €365 | = |
| Current assets29/58 | €2.27M | €2.40M | €2.75M | €2.61M | €2.83M | ▲ 8.3% |
| Stocks and contracts in progress3 | €2.15M | €2.21M | €2.60M | €2.55M | €2.71M | ▲ 6.3% |
| Stocks30/36 | - | €2.21M | €2.60M | €2.55M | €2.71M | ▲ 6.3% |
| Amounts receivable within one year40/41 | €47k | €116k | €31k | €2k | €31k | ▲ 1,233% |
| Trade receivables40 | - | €64k | €9k | €0 | €4k | - |
| Other amounts receivable41 | - | €52k | €22k | €2k | €27k | ▲ 1,055% |
| Cash at bank and in hand54/58 | €74k | €64k | €106k | €25k | €24k | ▼ 5.9% |
| Deferred charges and accrued income490/1 | - | €9k | €8k | €40k | €69k | ▲ 73.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.31M | €2.44M | €2.80M | €2.67M | €2.88M | ▲ 7.9% |
| Equity10/15 | €-313k | €-279k | €-300k | €-298k | €-377k | ▼ 26.7% |
| Contributions10/11 | - | €20k | €20k | €20k | €20k | = |
| Reserves13 | €3k | €3k | €3k | €3k | €3k | = |
| Non-distributable reserves130/1 | - | €3k | €3k | €3k | €3k | = |
| Reserves not available under the articles1311 | - | €3k | €3k | €3k | €3k | = |
| Profit (loss) carried forward14 | €-337k | €-302k | €-324k | €-321k | €-400k | ▼ 24.8% |
| Amounts payable17/49 | €2.62M | €2.72M | €3.10M | €2.97M | €3.25M | ▲ 9.8% |
| Amounts payable within one year42/48 | €2.62M | €2.72M | €3.10M | €2.94M | €3.25M | ▲ 10.6% |
| Trade debts44 | €2.53M | €2.63M | €3.01M | €2.87M | €3.06M | ▲ 6.6% |
| Suppliers440/4 | - | €2.63M | €3.01M | €2.87M | €3.06M | ▲ 6.6% |
| Taxes, remuneration and social security45 | - | €92k | €93k | €71k | €85k | ▲ 18.4% |
| Remuneration and social security454/9 | - | €92k | €93k | €71k | €85k | ▲ 18.4% |
| Other amounts payable47/48 | - | - | - | - | €110k | - |
| Accrued charges and deferred income492/3 | - | - | - | €23k | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €24k | €35k | €-22k | €3k | €-79k | ▼ 2,912% |
| + Depreciation and write-downs630 | €16k | €16k | €15k | €18k | €18k | ▲ 2.6% |
| Operating cash flow (approximation) | €40k | €51k | €-7k | €21k | €-61k | ▼ 394% |
| Investment in fixed assets (approximation) | - | €-28k | €-22k | €-18k | €-12k | ▲ 33.7% |
| Change in cash | - | €-10k | €42k | €-81k | €-1k | ▲ 98.2% |
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
28-08
State Gazette act
Resignation: CULOT Emanuela (director)Director discharge3 facts ▸
State Gazette act
Resignation: CULOT Emanuela (director)
Director discharge3 facts ▸
- General meeting, 05-05-2026
- Director resignation, CULOT Emanuela (director)
- Director discharge, CULOT Emanuela
25-05
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 25 days late
2025
30-04
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-09
Financial
Back to profitnet €3k
Net result €3k after one loss-making year.
15-04
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
20-04
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
30-09
Financial
Highest result since 2018net €35k ▲47.5%
Operating result €42k, net result €35k, both a record.
31-03
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
30-09
Financial
Back to profitnet €24k
Net result €24k after 3 loss-making years.
15-04
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
26-05
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 26 days late
2019
30-09
Financial
Weakest financial yearnet €-133k
Net result drops to €-133k, the lowest in the series; recovery starts the following year.
Show earlier events
27-06
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 58 days late
2018
31-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 31 days late
2017
27-04
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 6 acts read
About the unread acts
Of the 6 Belgian State Gazette acts we know for this company, 1 has been read. The other 5 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
no sitting director, last change in 2026
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.
30-04-2026
Resigned as Director
Not every act has been read: a resignation may be missing here
5 of this company's 6 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Brussel · 2 establishment units since 2008
Ground area
1,337 m²
Building footprint
657 m²
Volume, LiDAR
4,695 m³
2 parcels, Brussels, Wallonia · tallest building 23.6 m, ±8 floors. Linked by address, not a title deed.
263
companies at this address
See who is registered here
2 establishment units
SPRL MAUDE
since 20082.176.237.659
MAUDE
since 20152.245.820.808
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 53043A0400/00V000 | Wallonia | 1,238 m² | 1 · 558 m² | 7.0 m · 1 fl. |
| 21803C0244/00A002 | Brussels | 100 m² | 1 · 99 m² | 23.6 m · 8 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.
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Of 6,502 companies in sector 47716 we hold annual accounts for 2,440. 716 are within a factor 10 of this headcount. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded08-10-2008
Fiscal year end30-09
Activities, NACEBEL 2025
47716Retail sale of clothing and accessories for women, men, children and babies (general range)
46160Agents in the wholesale of textiles, clothing, fur, footwear and leather goods
46190Agents in non-specialised wholesale trade
47721Retail sale of footwear
47722Retail trade
82990Other business support services
Scores and ratios are computed by Checked and are not a credit decision.