ACTIVE

MDG

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Financial year 2025 · closed on 31/12/2025

Net result

140,6 k €

+465.8% YoY

Gross margin

51,3 k €

-15.4% YoY

Equity

444,3 k €

+46.3% YoY

What does MDG do?

MDG is a Private limited company incorporated in 1999. Its registered office is in Waterloo.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0468.059.840

Incorporation

09/12/1999

Legal form

Private limited company

Registered office

Chaussée de Mont-St-Jean 315
1410 Waterloo · WallonieSee on map

Contributed capital

18 592,01 €

Latest accounts

31/12/2025

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	51,3 k €	-15.4%	60,6 k €	-1.3%	61,4 k €	+41.7%	43,3 k €	+4.8%	41,3 k €	-9.1%	45,5 k €	+19.4%	38,1 k €	+7.8%	35,3 k €	+0.8%	35 k €	+79.2%	19,5 k €	+10.2%	17,7 k €	-32.7%	26,4 k €	+53.7%	17,1 k €	-69.5%	56,2 k €	+47.5%	38,1 k €	-72.6%	138,9 k €	+118%	63,8 k €	+3562%	1,7 k €
EBITDA	50,3 k €	+28.3%	39,2 k €	+72.2%	22,8 k €	-46.9%	42,9 k €	+4.0%	41,2 k €	-9.1%	45,3 k €	+19.5%	38 k €	+8.5%	35 k €	+0.4%	34,8 k €	+79.9%	19,4 k €	+11.1%	17,4 k €	-25.5%	23,4 k €	+41.9%	16,5 k €	-68.7%	52,7 k €	+61.3%	32,7 k €	-76.0%	136,4 k €	+129%	59,7 k €	+2517%	-2,5 k €
Operating result	49,7 k €	+28.7%	38,6 k €	+73.0%	22,3 k €	-47.9%	42,9 k €	+6.8%	40,1 k €	-10.9%	45,1 k €	+19.9%	37,6 k €	+8.6%	34,6 k €	+14.9%	30,1 k €	+106%	14,6 k €	+16.9%	12,5 k €	-31.5%	18,2 k €	+44.6%	12,6 k €	-74.3%	48,9 k €	+87.7%	26,1 k €	-80.2%	131,8 k €	+130%	57,2 k €	+757%	-8,7 k €
Net result	140,6 k €	+466%	24,8 k €	+146%	10,1 k €	+1308%	-837 €	-104%	21,2 k €	-9.9%	23,5 k €	+32.3%	17,8 k €	+14.3%	15,5 k €	+16.7%	13,3 k €	-72.5%	48,4 k €	+1678%	2,7 k €	-73.5%	10,3 k €	+58.7%	6,5 k €	-76.8%	28 k €	+44.0%	19,4 k €	-78.6%	90,8 k €	+123%	40,8 k €	+559%	-8,9 k €
Balance sheet
Equity	444,3 k €	+46.3%	303,7 k €	+8.9%	278,9 k €	+3.8%	268,8 k €	-0.3%	269,6 k €	+41.3%	190,9 k €	+14.0%	167,4 k €	+11.9%	149,6 k €	+11.6%	134 k €	+11.0%	120,7 k €	+67.0%	72,3 k €	+3.9%	69,6 k €	+17.4%	59,3 k €	-67.6%	182,8 k €	+18.1%	154,8 k €	-34.2%	235,4 k €	+20.7%	195 k €	+0.9%	193,2 k €
Total assets	496,6 k €	+39.6%	355,6 k €	+0.4%	354,2 k €	+6.4%	332,9 k €	+1.1%	329,3 k €	+3.6%	317,9 k €	+24.2%	256 k €	+10.5%	231,8 k €	+6.2%	218,3 k €	+0.7%	216,8 k €	+39.1%	155,8 k €	-48.6%	303,4 k €	-8.2%	330,4 k €	+3.6%	318,8 k €	-7.6%	344,9 k €	-0.4%	346,2 k €	-19.0%	427,3 k €	-14.2%	498,1 k €
Cash	68,3 k €	-70.6%	232,3 k €	+0.4%	231,5 k €	+8.5%	213,3 k €	+26.8%	168,1 k €	+46.9%	114,4 k €	+26.1%	90,7 k €	+60.5%	56,5 k €	+63.3%	34,6 k €	+6.1%	32,6 k €	+33.0%	24,5 k €	-81.5%	132,5 k €	+18.1%	112,2 k €	-31.3%	163,3 k €	+801%	18,1 k €	-93.2%	267,1 k €	+54.5%	172,8 k €	+87.4%	92,2 k €
Debts	51,1 k €	-0.5%	51,3 k €	-29.5%	72,8 k €	+13.6%	64,1 k €	+8.4%	59,1 k €	-53.3%	126,5 k €	+42.7%	88,7 k €	+8.4%	81,8 k €	+0.7%	81,2 k €	-14.9%	95,5 k €	+15.1%	82,9 k €	-64.4%	233,1 k €	-13.8%	270,4 k €	+101%	134,6 k €	-29.2%	190,1 k €	+77.6%	107 k €	-38.2%	173,1 k €	-24.3%	228,8 k €
Other
Workforce	–		0,0 ETP		0,0 ETP		0,0 ETP		–		–		–		–		–		–		–		–		–		–		–		–		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 4 ended

Active mandates

Paul DEWEZ

Director · since 01 mars 2000

Active

Ended mandates

Paul DEWEZ

Manager · since 01 mars 2000

Ended

Christian MOUCHENIER

Manager · until 31 août 2010

Ended

Christian MOUCHENIER

Manager

Ended

paul DEWEZ

Manager

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Abridged model	Abridged model	Abridged model	Micro model	Micro model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	02/07/2026	31/07/2025	05/07/2024	31/08/2023	26/08/2022	31/08/2021
General meeting	09/06/2026	30/06/2025	21/06/2024	30/06/2023	17/06/2022	18/06/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Micro model	31/12/2025	09/06/2026	02/07/2026	French	PDF
Abridged model	31/12/2024	30/06/2025	31/07/2025	French	PDF
Abridged model	31/12/2023	21/06/2024	05/07/2024	French	PDF
Abridged model	31/12/2022	30/06/2023	31/08/2023	French	PDF
Micro model	31/12/2021	17/06/2022	26/08/2022	French	PDF
Micro model	31/12/2020	18/06/2021	31/08/2021	French	PDF
Micro model	31/12/2019	19/06/2020	25/09/2020	French	PDF
Micro model	31/12/2018	21/06/2019	26/08/2019	French	PDF
Micro model	31/12/2017	15/06/2018	16/07/2018	French	PDF
Micro model	31/12/2016	16/06/2017	25/08/2017	French	PDF
Abridged model	31/12/2015	17/06/2016	31/08/2016	French	PDF
Abridged model	31/12/2014	19/06/2015	26/08/2015	French	PDF
Abridged model	31/12/2013	20/06/2014	29/08/2014	French	PDF
Abridged model	31/12/2012	21/06/2013	21/08/2013	French	PDF
Abridged model	31/12/2011	15/06/2012	29/08/2012	French	PDF
Abridged model	31/12/2010	17/06/2011	20/07/2011	French	PDF
Abridged model	31/12/2009	18/06/2010	30/08/2010	French	PDF
Abridged model	31/12/2008	19/06/2009	31/08/2009	French	PDF
Abridged model	31/12/2007	20/06/2008	27/08/2008	French	PDF
Abridged model	31/12/2006	15/06/2007	13/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 4 ended

Active mandates

Paul DEWEZ

Director · since 01 mars 2000

Active

Ended mandates

Paul DEWEZ

Manager · since 01 mars 2000

Ended

Christian MOUCHENIER

Manager · until 31 août 2010

Ended

Christian MOUCHENIER

Manager

Ended

paul DEWEZ

Manager

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates25/09/2023
MODIFICATION FORME JURIDIQUE - DEMISSIONS, NOMINATIONS - ASSEMBLEE GENERALE
PDF
Mandates14/09/2010
DEMISSIONS, NOMINATIONS
PDF
Registered office10/06/2008
SIEGE SOCIAL
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 2025140,6 k €↑
2024
Annual accounts 202424,8 k €↑
2023
Annual accounts 202310,1 k €↑
2022
Annual accounts 2022-837 €↓
2021
Annual accounts 202121,2 k €↓
2018
Annual accounts 201823,5 k €↑
2017
Annual accounts 201717,8 k €↑
2016
Annual accounts 201615,5 k €↑
2015
Annual accounts 201513,3 k €↓
2014
Annual accounts 201448,4 k €↑
2013
Annual accounts 20132,7 k €↓
2012
Annual accounts 201210,3 k €↑
2011
Annual accounts 20116,5 k €↓
2010
Annual accounts 201028 k €↑
2009
Annual accounts 200919,4 k €↓
2008
Annual accounts 200890,8 k €↑
2007
Annual accounts 200740,8 k €↑
2006
Annual accounts 2006-8,9 k €
09/12/1999
IncorporationPrivate limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

MDG

Overview

What does MDG do?

Trend over 18 financial years

Indicative valuation

Board of directors

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline