De Markgrave
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 20 filings
Every figure per financial year
The operating result for 2025 is 31% higher than in 2024. It is a recovery after the fall in 2024.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 77 | 84 | 81 | 77 | 80 |
| full-time | 21 | 23 | 20 | 21 | 24 |
| part-time | 56 | 61 | 61 | 56 | 56 |
| in full-time equivalents | 60.8 | 65.5 | 63.1 | 61.4 | 63.4 |
| Average over the year, in full-time equivalents | 61 | 61.9 | 63.4 | 62.5 | 63.4 |
| On a permanent contract | 65 | 68 | 69 | 73 | 76 |
| Joined | 11 | 25 | 31 | 13 | 16 |
| Left | 15 | 18 | 34 | 17 | 13 |
| Training hours | - | 470 | 963 | 1,521 | 1,012 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €169,031 | €169,031 | €1,563 | €1,803 | - |
| Mortgages, amount registered | €210,500 | €210,500 | €210,500 | €210,500 | €210,500 |
| Carrying value of the mortgaged assets | €278,575 | €278,575 | €278,575 | €278,575 | €278,575 |
| Carrying value of the other pledged assets | €250,000 | €250,000 | €250,000 | €250,000 | €250,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €51,815 | €105,353 | €121,859 | €73,321 | €113,712 |
| Depreciation and write-downs of the year | €228,177 | €203,868 | €219,138 | €215,260 | €215,357 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €13,498 | €14,240 | €10,739 | €11,105 | €12,312 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 55 entries · €8.8m awarded · €8.8m paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 13 | €1.9m | €1.9m |
| 2024 | 12 | €1.4m | €1.5m |
| 2023 | 15 | €1.2m | €1.3m |
| 2022 | 15 | €4.3m | €4.2m |
Show 15 more
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €5.6m | €5.7m | €6.1m | €6.1m | €6.3m | ▲ 2.2% |
| Turnover70 | €1.0m | €1.0m | €1.0m | €1.1m | €0.6m | €0.6m | €0.6m | €0.6m | ▲ 8.7% |
| Membership fees, donations, legacies and grants73 | - | - | - | €4.4m | €4.4m | €4.8m | €5.4m | €5.4m | ▲ 1.1% |
| Other operating income74 | - | - | - | €0.1m | €0.7m | €0.7m | €0.2m | €0.2m | ▲ 24.8% |
| Non-recurring operating income76A | - | - | - | €0.003m | €0.001m | €0.01m | €0.02m | €0.004m | ▼ 77.8% |
| Operating charges60/66A | - | - | - | €5.0m | €5.4m | €5.9m | €5.9m | €6.0m | ▲ 1.1% |
| Goods for resale, raw materials and consumables60 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 13.4% |
| Purchases600/8 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 13.4% |
| Services and other goods61 | - | - | - | €0.5m | €0.5m | €0.6m | €0.7m | €0.6m | ▼ 7.7% |
| Remuneration, social security and pensions62 | - | - | - | €4.0m | €4.4m | €4.7m | €4.8m | €4.9m | ▲ 1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €0.009m | -€0.009m | - | - |
| Other operating charges640/8 | - | - | - | €0.02m | €0.02m | €0.01m | €0.02m | €0.03m | ▲ 33.9% |
| Non-recurring operating charges66A | - | - | - | €0.04m | €0.005m | €71 | €0.008m | €0.009m | ▲ 8.1% |
| Operating profit (loss)9901 | €0.1m | -€0.2m | €0.3m | €0.6m | €0.3m | €0.3m | €0.2m | €0.3m | ▲ 30.8% |
| Financial income75/76B | - | - | - | €0.1m | €0.06m | €0.05m | €0.08m | €0.09m | ▲ 3.2% |
| Recurring financial income75 | €0.07m | €0.02m | €0.02m | €0.1m | €0.06m | €0.05m | €0.08m | €0.09m | ▲ 3.2% |
| Income from current assets751 | - | - | - | €0.02m | €0.02m | €0.04m | €0.08m | €0.09m | ▲ 4.6% |
| Other financial income752/9 | - | - | - | €0.08m | €0.04m | €0.008m | €0.002m | €479 | ▼ 71.2% |
| Financial charges65/66B | - | - | - | -€0.004m | €0.09m | -€0.03m | €0.02m | €0.01m | ▼ 46.1% |
| Recurring financial charges65 | €0.07m | -€0.02m | €0.04m | -€0.004m | €0.09m | -€0.03m | €0.02m | €0.01m | ▼ 46.1% |
| Debt charges650 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | ▼ 3.8% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | -€0.02m | €0.07m | -€0.04m | €0.008m | - | - |
| Other financial charges652/9 | - | - | - | €0.005m | €0.006m | €0.004m | €0.004m | €0.002m | ▼ 62.8% |
| Profit (loss) for the period before taxes9903 | €0.2m | -€0.2m | €0.3m | €0.7m | €0.2m | €0.3m | €0.3m | €0.4m | ▲ 29.2% |
| Profit (loss) for the period9904 | €0.4m | -€0.2m | €0.3m | €0.7m | €0.2m | €0.3m | €0.3m | €0.4m | ▲ 29.2% |
| Profit (loss) for the period to be appropriated9905 | €0.4m | -€0.2m | €0.3m | €0.7m | €0.2m | €0.3m | €0.3m | €0.4m | ▲ 29.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €6.2m | €6.0m | €6.1m | €6.8m | €7.6m | €7.8m | €8.1m | €8.3m | ▲ 3.0% |
| Fixed assets21/28 | €2.4m | €2.3m | €2.2m | €2.0m | €1.9m | €1.8m | €1.6m | €1.5m | ▼ 6.6% |
| Tangible fixed assets22/27 | €2.4m | €2.3m | €2.2m | €2.0m | €1.9m | €1.8m | €1.6m | €1.5m | ▼ 6.7% |
| Land and buildings22 | - | - | - | €1.7m | €1.6m | €1.5m | €1.4m | €1.2m | ▼ 8.5% |
| Plant, machinery and equipment23 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 9.1% |
| Furniture and vehicles24 | - | - | - | €0.09m | €0.07m | €0.06m | €0.04m | €0.08m | ▲ 82.9% |
| Other tangible fixed assets26 | - | - | - | €0.08m | €0.07m | €0.06m | €0.05m | €0.04m | ▼ 21.8% |
| Assets under construction and advance payments27 | - | - | - | - | - | - | €0.002m | - | - |
| Financial fixed assets28 | €0.008m | €0.009m | €0.007m | €0.009m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 3.0% |
| Other financial fixed assets284/8 | - | - | - | €0.009m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 3.0% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.009m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 3.0% |
| Current assets29/58 | €3.9m | €3.6m | €3.9m | €4.8m | €5.7m | €6.0m | €6.4m | €6.8m | ▲ 5.4% |
| Amounts receivable within one year40/41 | €0.6m | €0.5m | €0.8m | €0.8m | €1.3m | €0.7m | €0.4m | €0.4m | ▲ 0.7% |
| Trade receivables40 | - | - | - | €0.2m | €0.3m | €0.2m | €0.1m | €0.2m | ▲ 18.0% |
| Other amounts receivable41 | - | - | - | €0.7m | €1.0m | €0.5m | €0.3m | €0.2m | ▼ 8.3% |
| Current investments50/53 | €2.6m | €2.7m | €2.6m | €2.9m | €2.9m | €4.6m | €5.3m | €4.2m | ▼ 19.7% |
| Cash at bank and in hand54/58 | €0.7m | €0.4m | €0.5m | €1.1m | €1.6m | €0.7m | €0.7m | €2.1m | ▲ 185% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.01m | €0.02m | €0.008m | €0.01m | ▲ 56.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €6.2m | €6.0m | €6.1m | €6.8m | €7.6m | €7.8m | €8.1m | €8.3m | ▲ 3.0% |
| Equity10/15 | €4.7m | €4.6m | €4.8m | €5.4m | €6.1m | €6.4m | €6.6m | €6.9m | ▲ 4.7% |
| Contributions10/11 | - | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Capital10 | - | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Reserves13 | - | - | - | €2.4m | €2.5m | €2.6m | €2.6m | €2.6m | ▲ 0.7% |
| Profit (loss) carried forward14 | €1.6m | €1.4m | €1.4m | €1.6m | €1.7m | €2.0m | €2.2m | €2.6m | ▲ 15.8% |
| Investment grants15 | - | - | - | €0.9m | €0.8m | €0.8m | €0.7m | €0.6m | ▼ 9.5% |
| Provisions and deferred taxes16 | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | €0.3m | €0.3m | ▼ 7.1% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.3m | €0.3m | €0.4m | €0.3m | €0.3m | ▼ 7.1% |
| Major repairs and maintenance162 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 7.1% |
| Other liabilities and charges164/5 | - | - | - | - | - | €0.04m | - | - | - |
| Amounts payable17/49 | €1.4m | €1.2m | €1.0m | €1.1m | €1.3m | €1.1m | €1.2m | €1.1m | ▼ 3.8% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 14.9% |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 15.1% |
| Credit institutions173 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▼ 15.1% |
| Other amounts payable178/9 | - | - | - | €0.001m | €0.002m | €0.002m | €0.002m | €0.002m | ▲ 1.7% |
| Amounts payable within one year42/48 | €1.1m | €1.0m | €0.8m | €0.8m | €1.0m | €0.9m | €1.0m | €1.0m | ▼ 1.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 3.9% |
| Trade debts44 | €0.07m | €0.07m | €0.05m | €0.05m | €0.08m | €0.04m | €0.05m | €0.07m | ▲ 36.3% |
| Suppliers440/4 | - | - | - | €0.05m | €0.08m | €0.04m | €0.05m | €0.07m | ▲ 36.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.7m | €0.8m | €0.7m | €0.8m | €0.8m | ▼ 1.9% |
| Taxes450/3 | - | - | - | €0.05m | €0.06m | €0.05m | €0.05m | €0.05m | ▼ 10.9% |
| Remuneration and social security454/9 | - | - | - | €0.6m | €0.8m | €0.7m | €0.8m | €0.8m | ▼ 1.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0.06m | €0.07m | €0.04m | €0.01m | €0.004m | ▼ 62.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.4m | -€0.2m | €0.3m | €0.7m | €0.2m | €0.3m | €0.3m | €0.4m | ▲ 29.2% |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Operating cash flow (approximation) | €0.6m | €0.07m | €0.6m | €0.9m | €0.4m | €0.5m | €0.5m | €0.6m | ▲ 16.7% |
| Investment in fixed assets (approximation) | - | -€0.2m | -€0.07m | -€0.05m | -€0.1m | -€0.1m | -€0.07m | -€0.1m | ▼ 44.9% |
| Change in cash | - | -€0.3m | €0.1m | €0.6m | €0.5m | -€0.9m | €0.04m | €1.4m | ▲ 34× |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 1,887 companies had the same profile as De Markgrave has now. Two years later, 97.9% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
That fits the bankruptcy probability of De Markgrave itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 1,887 companies, not a prediction for De Markgrave. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-07-2026 | 2026-00302211 | |
| 31-12-2024 | abbreviated format | 22-05-2025 | 2025-00103063 | |
| 31-12-2023 | abbreviated format | 10-06-2024 | 2024-00121677 | |
| 31-12-2022 | abbreviated format | 12-06-2023 | 2023-00123658 | |
| 31-12-2021 | abbreviated format | 02-06-2022 | 2022-20043729 | |
| 31-12-2020 | abbreviated format | 26-07-2021 | 2021-39700347 | |
| 31-12-2019 | abbreviated format | 16-10-2020 | 2020-61900157 | |
| 31-12-2018 | abbreviated format | 10-07-2019 | 2019-31800382 | |
| 31-12-2017 | abbreviated format | 11-06-2018 | 2018-18200302 | |
| 31-12-2016 | abbreviated format | 14-07-2017 | 2017-32700230 |