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Complete company report
Generated 16-08-2026
Active BE 0632.444.750Private limited company (pre-2019)Open bankruptcy

MDR Projects

· 11 yrs active
Sector: Installatie van isolatie (43230)
Conclusion Checked

A bankruptcy procedure is open for MDR Projects according to publications in the Belgian State Gazette. The 2023 annual accounts show equity of €76k and a net result of €48k.

Based on the State Gazette, CBE and 5 annual accounts.
Key figures
Equity €76k
Net result €48k
Better than sector 61%
Active 11 yrs
Financial profile 5 of 5 axes measured · computed by Checked
Health24Profitability100Solvency89Growth78Stability0
58 / 100

Mixed profile: strong on profitability, weaker on stability.

All 5 axes are computed from data Checked has read.

Health 24
Profitability 100
Solvency 89
Growth 78
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
50 / 100
High riskRegister: open bankruptcy
This score counts publications in the Belgian State Gazette only. The KBO register additionally records legal situation 050 for this company; it does not feed the figure above.
Components
· Open bankruptcy (+50)
Trust signals 2 signals
Register: open bankruptcy
The KBO register records legal situation 050 for this company. This is today's state according to the register itself; the register carries no start date.
Open bankruptcy
Active bankruptcy procedure in the Belgisch Staatsblad. Claims are handled by the appointed curator.
Administrative Flags0 events
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.
Health barometer FY 2023 · computed
24 / 100 Critical
050100
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

The full score breakdown, per-year score history and the indicative credit limit are in Kantoor S.

See plans →
Computed by Checked from the NBB filing for FY 2023 and an insolvency signal from the Belgian State Gazette. Indicative, not credit advice.
Financial overview7 NBB filings
Annual accounts filed on 31-07-2024 with the NBB · fiscal year 2023 · micro
€-25k€0€25k€50k€75kOperating result 2018: €-12k€-12kNet result 2018: €-14k€-14kOperating result 2019: €-6k€-6kNet result 2019: €-20k€-20kOperating result 2021: €19k€19kNet result 2021: €18k€18kOperating result 2022: €-903€-903Net result 2022: €-885€-885Operating result 2023: €68k€68kNet result 2023: €48k€48k20182019202120222023
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 47.6% 38.6%
better than 61% of 9176 sector peers
Net result €48k €12k
better than 86% of 9161 sector peers
Equity €76k €30k
better than 79% of 9183 sector peers
Gross operating margin €123k €33k
better than 86% of 9150 sector peers
Staff costs €50k €26k
higher than 66% of 3378 sector peers
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
EBITDA
€72k
- 18-23
Net profit
€48k
- 18-23
Cash flow
€53k
- 18-23
Total assets
€161k
+297.7% 18-23
Equity
€76k
+172.6% 18-23
Working capital
€57k
+104.4% 18-23
Staff costs
€50k
+45.8% 18-23
Income taxes
€21k
+1257.4% 18-23
Show 10 other metrics
Debt
€84k
+580.9% 18-23
Debt ≤ 1y
€70k
+464.0% 18-23
Debt > 1y
€14k
- 18-23
Current ratio
1.82
-44.2% 18-23
Quick ratio
1.82
-44.2% 18-23
Solvency
47.6%
-31.4% 18-23
Debt / equity
1.10
+149.8% 18-23
ROE
63.3%
- 18-23
ROA
30.1%
- 18-23
Interest coverage
46.12
- 18-23
Figures by fiscal year
Fiscal year2023
Depositmicro
Revenue-
EBITDA€72k
Net profit€48k
Cash flow€53k
Staff costs€50k
Income taxes€21k
Dividends-
Total assets€161k
Equity€76k
Debt€84k
of which ≤ 1y€70k
of which > 1y€14k
Working capital€57k
Employees (FTE)-
Ratios (computed)
2023
Current ratio1.82
Quick ratio1.82
Working capital ratio35.7%
Solvency47.6%
Debt / equity1.10
Long-term debt ratio0.19
Interest coverage46.12
Gross margin-
Net margin-
ROA30.1%
ROE63.3%
EBITDA margin-
Days sales outstanding-
Days payable outstanding-
Inventory turnover-
Days inventory (DSI)-
Balance-sheet composition 2023
Full annual accounts (23 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
Line item Code2023
Balance sheet, Assets
TOTAL ASSETS 20/58€161k
Fixed assets 21/28€34k
Tangible fixed assets 22/27€33k
Financial fixed assets 28€300
Current assets 29/58€127k
Amounts receivable within one year 40/41€114k
Cash & bank 54/58€12k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES 10/49€161k
Equity 10/15€76k
Contributions / capital 10/11€20k
Accumulated profits (losses) 14€56k
Amounts payable 17/49€84k
Amounts payable after one year 17€14k
Amounts payable within one year 42/48€70k
Trade debts payable within one year 44€30k
Income statement
Gross operating margin 9900€123k
Operating result 9901€68k
Financial income 75€3k
Financial charges 65€2k
Result before taxes 9903€70k
Income taxes 67/77€21k
Net result for the period 9904€48k
Result to be appropriated 9905€48k
This table shows the latest fiscal year. 4 prior years, with figures and ratios, belong to a paid plan. See plans →
Ratios computed by Checked.
Directors & mandates2 persons
Role Name Tenure Source
Curator MURIELLE DELFORGE
CLOS DU SARTAY 11, 4053 EMBOURG
 30-03-2026 → present Belgian State Gazette
Curator VALERIE THIRION
CLOS DU SARTAY 11, 4053 EMBOURG
 30-03-2026 → present Belgian State Gazette
Legal Structure
NACE primary Installatie van isolatie(43230)
Legal form Private limited company (pre-2019)(015)
Incorporation15-06-2015
StatusActive
Postal code-
First BS signal 03-04-2026
Latest BS signal 03-04-2026
Establishment units 1 location
LUXURY ESTATE DESIGN (LED) CONSULTING
Reparatie en onderhoud van verwarmingsinstallaties
since 20152.246.592.947
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.

Wallonia 1 (50%) Brussels 1 (50%)
Parcel (capakey) Region Area Buildings Height / fl.
62003A0042/00L046 Wallonia 9,507 m² 1 · 4,203 m² 18.6 m · 1 fl.
21364B0183/00H003 Brussels 75 m² 1 · 63 m² 17.8 m · 5 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 10 events

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

2026
03-04-2026
Bankruptcy Opening
Tribunal de l’entreprise de Liège, division Liège · MDR PROJECTS SRL RUE GILLES MAGNEE 172, 4430 ANS · event 30-03-2026
2024
31-07-2024
NBB filing Annual accounts filed
fiscal year 2023 · micro
2023
10-11-2023
State Gazette act Registered-office change
22-08-2023
NBB filing Annual accounts filed
fiscal year 2022 · micro
26-06-2023
State Gazette act Registered-office change
20-05-2023
NBB filing Annual accounts filed
fiscal year 2021 · micro
2020
03-08-2020
NBB filing Annual accounts filed
fiscal year 2019 · micro
2019
23-08-2019
NBB filing Annual accounts filed
fiscal year 2018 · micro
2018
27-07-2018
NBB filing Annual accounts filed
fiscal year 2017 · micro
2017
11-10-2017
NBB filing Annual accounts filed
fiscal year 2016 · verkort
Lifecycle & Insolvency Signals1 events
03-04-2026
Bankruptcy Opening
Date: 30-03-2026 · Tribunal de l’entreprise de Liège, division Liège · MDR PROJECTS SRL RUE GILLES MAGNEE 172, 4430 ANS · Publications in State Gazette ↗
Time machine, BS events + macro context 2021, 2026
COVID lockdownEnergiecrisisECB hikes2021202220232024202520262026-04-03 · Bankruptcy · Opening
Macro context
2020-Q2/Q3 COVID lockdown
2022 energy crisis
2023-2024 ECB rate hikes
Legend
Bankruptcy
Interim / reorg
KBO event
Belgian State Gazette reading coverage 0 of 4 acts read

We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 2 acts
Address history · 2
10-11-2023
Registered-office move
26-06-2023
Registered-office move
All acts · 2 updated 2 years ago
2023
10-11-2023 Registered office moved to Ans Registered-office change
  • Rue Gilles Magnée 172 à 4430 Ans
Technical details 
{
  "events": [
    {
      "kind": "zetel_transfer",
      "seat_type": "siege_social",
      "new_address": {
        "raw": "Rue Gilles Magn\u00E9e 172 \u00E0 4430 Ans",
        "city": "Ans",
        "region": "waals_gewest",
        "street": "Rue Gilles Magn\u00E9e",
        "country": "BE",
        "postcode": "4430",
        "box_number": null,
        "street_number": "172",
        "locality_suffix": null
      },
      "old_address": null,
      "effective_date": null,
      "evidence_quote": "L\u0027assembl\u00E9e approuve le transfert du si\u00E8ge social \u00E0 l\u0027adresse suivante: \u003C Rue Gilles Magn\u00E9e 172 \u00E0 4430 Ans\u003E.",
      "region_changed": false,
      "is_statute_change": true,
      "nationality_change": true,
      "old_address_source": "inferred",
      "statute_clause_text": null,
      "statute_article_number": null,
      "effective_date_qualifier": "not_specified",
      "statutaire_vs_werkelijke": "statutaire",
      "linguistic_region_changed": false,
      "court_jurisdiction_changed": false,
      "effective_date_is_approximate": null
    }
  ],
  "notary": {
    "name": null,
    "firm_city": null,
    "firm_name": null,
    "office_city": null,
    "is_associated": false
  },
  "act_meta": {
    "language": "mixed",
    "pub_date": "2023-11-10",
    "filing_date": null,
    "act_kind_objet": "Transfert du si\u00E8ge sociai"
  },
  "decision": {
    "body": "buitengewone_algemene_vergadering",
    "date": "2023-10-04",
    "unanimous": null
  },
  "subject_company": {
    "kbo": "0632.444.750",
    "name_full": "MDR PROJECTS",
    "legal_form": "SRL"
  },
  "publication_proxy": {
    "kind": "person",
    "org_kbo": null,
    "org_name": null,
    "person_name": "MIGDISI Alex",
    "org_rep_person_name": null,
    "person_role_at_subject": "Administrateur"
  },
  "co_filed_documents": [
    "Bijlagen bij het Belgisch Staatsblad",
    "Annexes du Moniteur belge"
  ]
}
26-06-2023 Registered office moved from Beyne-Heusay to Etterbeek Registered-office change
  • Rue Voie de Messe 21 à 4610 Beyne-Heusay → Avenue de la Chasse 133/135 à 1040 Etterbeek
Technical details 
{
  "events": [
    {
      "kind": "zetel_transfer",
      "seat_type": "siege_social",
      "new_address": {
        "raw": "Avenue de la Chasse 133/135 \u00E0 1040 Etterbeek",
        "city": "Etterbeek",
        "region": "brussels_hoofdstedelijk_gewest",
        "street": "Avenue de la Chasse",
        "country": "BE",
        "postcode": "1040",
        "box_number": null,
        "street_number": "133/135",
        "locality_suffix": null
      },
      "old_address": {
        "raw": "Rue Voie de Messe 21 \u00E0 4610 Beyne-Heusay",
        "city": "Beyne-Heusay",
        "region": "waals_gewest",
        "street": "Rue Voie de Messe",
        "country": "BE",
        "postcode": "4610",
        "box_number": null,
        "street_number": "21",
        "locality_suffix": null
      },
      "effective_date": null,
      "evidence_quote": "L\u0027assembl\u00E9e approuve le transfert du si\u00E8ge social \u00E0 l\u0027adresse suivante : \u003C Avenue de la Chasse 133/135 \u00E0 1040 Etterbeek\u003E.",
      "region_changed": true,
      "is_statute_change": true,
      "nationality_change": false,
      "old_address_source": "header_volledig_adres",
      "statute_clause_text": null,
      "statute_article_number": null,
      "effective_date_qualifier": "not_specified",
      "statutaire_vs_werkelijke": "statutaire",
      "linguistic_region_changed": false,
      "court_jurisdiction_changed": true,
      "effective_date_is_approximate": false
    }
  ],
  "notary": {
    "name": null,
    "firm_city": null,
    "firm_name": null,
    "office_city": null,
    "is_associated": false
  },
  "act_meta": {
    "language": "mixed",
    "pub_date": null,
    "filing_date": "2023-06-15",
    "act_kind_objet": "Objet de l\u0027acte:"
  },
  "decision": {
    "body": "assembl\u00E9e g\u00E9n\u00E9rale extraordinaire",
    "date": "2023-03-03",
    "unanimous": null
  },
  "subject_company": {
    "kbo": "0632.444.750",
    "name_full": "MDR PROJECTS",
    "legal_form": "SRL"
  },
  "publication_proxy": {
    "kind": "person",
    "org_kbo": null,
    "org_name": null,
    "person_name": "MIGDIS! Alex",
    "org_rep_person_name": null,
    "person_role_at_subject": "Administrateur"
  },
  "co_filed_documents": [
    "Copie \u00E0 publier aux annexes au Moniteur belge apr\u00E8s d\u00E9p\u00F4t de l\u0027acte au greffe"
  ]
}
Credit advice verdict per customer and amount

May this customer buy amount X on invoice? Enter the amount and the payment term. This page computes a GREEN, AMBER or RED verdict from them, with a suggested ceiling and concrete conditions.

Based on official sources (NBB, CBE, State Gazette). Indicative, not credit advice.
Company registry (CBE) Crossroads Bank
Activities
Installatie van isolatie43230Isolatiewerkzaamheden43291Overige zakelijke dienstverlening, n.e.g.82990Overige zakelijke dienstverlening, neg82990
Primary activity highlighted.
Names & trade names
Legal nameNL MDR Projects
Official data from the Crossroads Bank for Enterprises (CBE). Available for every registered company.
Similar companies Comparable size · 339 of 4,237 companies in this sector with filed accounts
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GENOTTE CHÂSSIS BE 0795.533.622 · Yvoir
WMW BE 0699.770.272 · Asse
BLEVI BE 0476.669.777 · Scherpenheuvel-Zichem
T.H CONSTRUCT BE 0781.990.838 · Opwijk
Source: Belgian State Gazette, CBE, NBB · generated via checked.be · indicative