MDR GROUP · Checked.be

Summary

Conclusion

the dossier summarised in one paragraph

MDR GROUP is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2024 annual accounts show equity of €5.39M and a net result of €2.54M. Equity is growing by ~5.6% per year across the filed fiscal years. Its solvency ranks better than 62% of 1409 sector peers (fiscal year 2024). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.

Based on the State Gazette, CBE and 4 annual accounts.

Signals

2 signals · with evidence

Consistently profitable

Positive net result in the two most recent financial years (2023 and 2024).

View the result trend

Growing equity

Equity grew over 2022-2024. Profits are largely retained rather than distributed.

View the equity trend

Signals are derived from the filed annual accounts and the sector comparison. No composite score: each signal is separately verifiable at the source.

Filing behaviour

From the deposit records, complete market-wide

Deadline passed, not yet counted as missing

The deadline for the year that closed on 31-12-2025 passed on 31-07-2026, 15 days ago. Our copy of the deposit register trails the National Bank (measured: median 14 days, p99 45 days), so we only call this filing missing from 45 days past the deadline.

Latest accounts filed on time

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 07-07-2025, 24 days ahead of the deadline. This speaks to administrative punctuality and says nothing about the financial position.

How we compute the deadline

The year end is derived from 4 filed financial years, each closing on 31-12. The statutory deadline is seven months after the close of the financial year (art. 3:10 par. 1 CAC, art. 3:47 par. 7 for ASBL and foundations). Applied to the financial year that closed on 31-12-2024, that is 31-07-2025.

Deadline per financial year

Year closed	Due by	Filed	Variance	Reference
31-12-2025	31-07-2026	nothing on record	not filed	-
31-12-2024	31-07-2025	07-07-2025	24 d early	2025-00239033
31-12-2023	31-07-2024	18-07-2024	13 d early	2024-00259403
31-12-2022	31-07-2023	17-07-2023	14 d early	2023-00240848
31-12-2021	31-07-2022	12-07-2022	19 d early	2022-20175386

Source: the National Bank's deposit records. Those records are complete, including for years whose figures we have not read yet. Filing late covers nearly half the market and is therefore not scored; only not filing, being more than 90 days late and breaking a punctual record carry weight.

Trust signals

2 signals

More than 3 years active

Founded in 2021, past the statistically most fragile first 3 years.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Bankruptcy probability (12 mo)

Checked model v1 · free for everyone

This is a financial institution (bank, insurer or financial holding). Our bankruptcy model is trained on ordinary trading and manufacturing companies; a bank balance sheet falls outside that scope. We therefore show no bankruptcy probability rather than a misleading figure.

Financials

Equity€5.39M+31.5%

Net result€2.54M+6358.8%

Total assets€10.95M+0.6%

Solvency49.2%+11.6pp

CSV export

Annual accounts & ratios

Source: NBB · 2024

Annual accounts filed on 07-07-2025 with the NBB · fiscal year 2024 · verkort

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~5.6%/year over 4 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2024 · NACE 64, Financial services · compared within the same schema type (abbreviated schema)

Metric	This company	Sector median	Position in the sector
Solvency	49.2%	37.3%	better than 62% of 1409 sector peers
Net result	€2.54M	€45k	better than 95% of 1408 sector peers
Equity	€5.39M	€362k	better than 90% of 1409 sector peers
Gross operating margin	€174k	€65k	better than 76% of 1407 sector peers
Total assets	€10.95M	€1.41M	better than 91% of 1409 sector peers

Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.

Sector position over time

Percentile per fiscal year versus peers that filed figures, computed year by year (a year without enough peers is absent).

Solvency P62

Improving position over 2021-2024 · n=465-1409

Net result P95

Improving position over 2021-2024 · n=465-1408

Equity P90

Stable position over 2021-2024 · n=465-1409

Gross operating margin P76

Stable position over 2021-2024 · n=460-1407

Describes the position versus peers, not a forecast.

Net profit

€2.54M

+6358.8% 21-24

Total assets

€10.95M

+0.6% 21-24

Equity

€5.39M

+31.5% 21-24

Income taxes

€14k

+3.9% 21-24

Dividends

€1.25M

- 21-24

Debt

€5.57M

-18.1% 21-24

Debt ≤ 1y

€501k

-59.1% 21-24

Debt > 1y

€5.03M

-9.0% 21-24

Solvency

49.2%

+30.7% 21-24

ROE

47.2%

+4811.0% 21-24

ROA

23.2%

+6320.8% 21-24

Figures by fiscal year

Highlight YoY changes (±10%)

Fiscal year	2024
Deposit	verkort
Revenue	n/a
EBITDA	n/a
Net profit	€2.54M
Cash flow	n/a
Staff costs	-
Income taxes	€14k
Dividends	€1.25M
Total assets	€10.95M
Equity	€5.39M
Debt	€5.57M
of which ≤ 1y	€501k
of which > 1y	€5.03M
Working capital	n/a
Employees (FTE)	-

Ratios (computed)

	2024
Current ratio	n/a
Quick ratio	n/a
Working capital ratio	n/a
Solvency	49.2%
Debt / equity	n/a
Long-term debt ratio	n/a
Interest coverage	n/a
Gross margin	n/a
Net margin	n/a
ROA	23.2%
ROE	47.2%
EBITDA margin	n/a
Days sales outstanding	n/a
Days payable outstanding	n/a
Inventory turnover	n/a
Days inventory (DSI)	n/a

Balance-sheet composition 2024

Assets

Fixed assets €10.75M · 98.2% Current assets €203k · 1.9%

Equity & liabilities

Equity €5.39M · 49.2% Debt €5.57M · 50.8%

Full annual accounts

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2024
Balance sheet, Assets
TOTAL ASSETS	20/58	€10.95M
Fixed assets	21/28	€10.75M
Financial fixed assets	28	€10.75M
Current assets	29/58	€203k
Amounts receivable within one year	40/41	€116k
Cash & bank	54/58	€87k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€10.95M
Equity	10/15	€5.39M
Contributions / capital	10/11	€4.00M
Reserves	13	€1.39M
Accumulated profits (losses)	14	€897
Amounts payable	17/49	€5.57M
Amounts payable after one year	17	€5.03M
Amounts payable within one year	42/48	€501k
Trade debts payable within one year	44	€895
Income statement
Gross operating margin	9900	€174k
Operating result	9901	€170k
Financial income	75	€2.50M
Financial charges	65	€116k
Result before taxes	9903	€2.55M
Income taxes	67/77	€14k
Net result for the period	9904	€2.54M
Result to be appropriated	9905	€2.54M

This table shows the latest fiscal year. 3 prior years, with figures and ratios, belong to a paid plan. See plans →

Ratios computed by Checked.

Health barometer

FY 2024 · computed

Model not applicable to financial institutions

The health score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here.

Directors

Directors & mandates

2 directors

Current directors & mandates

Ellen VAN CAUWENBERGE
Director
State Gazette act 24132894 (12-09-2024)

Current
30-04-2024 → present

Former directors (1)

NV STRATINVESTLegal entity
Director
State Gazette act 24132894 (12-09-2024)

Former
- → 30-04-2024

Full appointment history from the Belgian State Gazette. Permanent representatives are shown for corporate directors.This list is read straight from this company's published acts, not from the officer register.

Insolvency mandates

No insolvency mandates (liquidators, administrators) on record for this company.

Legal Structure

NACE primary	Activiteiten van holdings(64210)
Legal form	Public limited company(014)
Incorporation	27-04-2021
Status	Active
Postal code	9200

Structure & network

Locations & real estate

Registered office

from the Crossroads Bank

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Vriesenrot (STG) 69200 Dendermonde

Establishment units

1 location

MDR GROUP

Vriesenrot (STG) 6, 9200 DendermondeHoldings

since 20212.317.516.080

Physical sites registered in the Crossroads Bank for Enterprises (CBE).

Parcels1

Ground area8,564 m²

Buildings1

Building footprint4,901 m²

Volume (LiDAR)35,375 m³

Tallest building9.1 m · ±2 fl.

Real-estate footprint

Source: CBE × cadastre · address linking

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 1 (100%)