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Complete company report
Generated 22-08-2026
Active BE 0701.878.934Private limited company (pre-2019)Open bankruptcy

MS MADAN

· 7 yrs active
Sector: Plaatsen van vloer- en wandtegels (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
Financial profile 5 of 5 axes measured · computed by Checked
Health14Profitability28Solvency69Growth52Stability0
33 / 100

Fragile profile, watch stability in particular.

All 5 axes are computed from data Checked has read.

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 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)
· 1 administrative flag (+3)
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 Flags1 events
Address struck
Health barometer FY 2023 · computed
14 / 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 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% 38.6%
better than 53% of 9179 sector peers
Net result €2k €12k
better than 27% of 9164 sector peers
Equity €33k €30k
better than 53% of 9186 sector peers
Gross operating margin €26k €33k
better than 43% of 9153 sector peers
Total assets €80k €90k
better than 46% of 9180 sector peers
Median and position computed from NBB annual accounts filed by sector peers; own figures from the latest filed accounts.
EBITDA
€23k
- 19-23
Net profit
€2k
-67.4% 19-23
Cash flow
€16k
-12.2% 19-23
Total assets
€80k
-38.5% 19-23
Equity
€33k
+6.0% 19-23
Working capital
€12k
+329.2% 19-23
Staff costs
€800
- 19-23
Income taxes
€4k
+28.3% 19-23
Show 10 other metrics
Debt
€48k
-52.3% 19-23
Debt ≤ 1y
€41k
-52.6% 19-23
Debt > 1y
€7k
-50.1% 19-23
Current ratio
1.29
+24.8% 19-23
Quick ratio
1.29
+24.8% 19-23
Solvency
40.8%
+72.3% 19-23
Debt / equity
1.45
-55.0% 19-23
ROE
5.6%
-69.2% 19-23
ROA
2.3%
-47.0% 19-23
Interest coverage
6.86
- 19-23
Figures by fiscal year
Fiscal year2023
Depositmicro
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 (20 line items)
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
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 & mandates 2 directors
Current directors & mandates
  • Olivier Sébastien Vivian C
    Director
    State Gazette act 25074493 (13-06-2025)
    Current
    01-04-2025 → present
Former directors (1)
  • BOGDAN HADJIEV
    Director
    State Gazette act 25074493 (13-06-2025)
    Former
    - → 01-04-2025
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.
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 Plaatsen van vloer- en wandtegels(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
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 Signals2 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 ↗
Full insolvency chronology

The full chronology lists every recorded event with its date, the competent court and the appointed liquidator or administrator. It answers at which stage the proceedings stand and whether they are still running.

We hold 1 further earlier event in this file, covering 12-09-2025 to 13-11-2025.

Available in Kantoor S. See plans →
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
Belgian State Gazette reading coverage 0 of 3 acts read

We know of 3 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 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",
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      "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,
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    },
    {
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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,
      "mandate_duration": null,
      "rep_rotation_new_rep": null,
      "rep_rotation_old_rep": null,
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    },
    {
      "kind": "substantive_delegation",
      "role": "dagelijks_bestuur",
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        "rrn": null,
        "name": "Olivier S\u00E9bastien Vivian C",
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      },
      "reason": null,
      "subkind": null,
      "via_org": 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,
      "person": {
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        "address": null,
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      },
      "reason": null,
      "subkind": null,
      "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,
        "profession": null,
        "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,
        "birth_date": null,
        "profession": null,
        "birth_place": null
      },
      "reason": null,
      "subkind": null,
      "via_org": null,
      "statutory": null,
      "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,
      "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": "2023-05-15",
    "filing_date": "2023-04-26",
    "act_kind_objet": "Onderwerp akte:"
  },
  "decisions": [
    {
      "body": "bijzondere_algemene_vergadering",
      "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,
    "org_name": null,
    "person_name": null,
    "org_rep_person_name": null,
    "person_role_at_subject": null
  },
  "co_filed_documents": [],
  "corrected_publication_numac": null
}
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
Plaatsen 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