DEMARC
ActiveSummary
DEMARC has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€145,604) and a net result of -€16,621. The figures fluctuate too strongly year-on-year for a reliable trend projection. The computed 12-month bankruptcy probability is 1.2% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability56▲+7
Solvency3▼-3
Growth78=
Track record100
Bankruptcy probability, 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.31 against 0.31 in 2024; short-term debt: 22.3% and cash: 3.9% of total assets), and equity is negative.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-22.2%
Return on assets
-2.5%
Age of the figures
9 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€145,604
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 28-08-2026, 28 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
28 d late
2024
31 d late
2023
26 d late
2022
30 d late
2021
31 d late
2020
81 d early
2019
24 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 13 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, abbreviated schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€16,621▲ 7.9%
2024 · -€18,042
Working capital
-€99,909▼ 11.4%
2024 · -€89,668
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€290,124▲ 8,843%-€8,456-€18,869▼ 123%-€13,240▲ 29.8%-€12,536▲ 5.3%
Net result€257,256-€13,772-€24,256▼ 76.1%-€18,042▲ 25.6%-€16,621▲ 7.9%
Equity-€72,912▲ 77.9%-€86,683▼ 18.9%-€110,941▼ 28.0%-€128,983▼ 16.3%-€145,604▼ 12.9%
Total assets€776,537▼ 10.5%€745,427▼ 4.0%€712,125▼ 4.5%€682,192▼ 4.2%€655,073▼ 4.0%
Debt€849,449▼ 29.1%€832,110▼ 2.0%€823,065▼ 1.1%€811,175▼ 1.4%€800,677▼ 1.3%
Working capital-€81,907▲ 25.9%-€80,255▲ 2.0%-€85,085▼ 6.0%-€89,668▼ 5.4%-€99,909▼ 11.4%
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €12,536 in 2025 against €13,240 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €655,073
Fixed assets
€609,213 ▼ 5.1%
Current assets
€45,860 ▲ 13.5%
Key figures and ratios
EBITDA
€20,030▲
2024 · €19,526
Cash flow
€15,946▲
2024 · €14,723
Solvency
-22.2%▼
2024 · -18.9%
Current ratio
0.31▲
2024 · 0.31
Debt to equity
-5.50▲
2024 · -6.29
ROA
-2.5%▲
2024 · -2.6%
Interest coverage
4.90▲
2024 · 4.06
Debt ≤ 1 year
€145,769▲
2024 · €130,081
Debt > 1 year
€654,908▼
2024 · €681,094
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,242 companies that looked in July 2024 the way this one looks now, 1.7% went bankrupt within 24 months and 93% are still going.
- Small
- 20 years or older
- negative equity
- a small loss
1.7%
went bankrupt
3.9%
stopped otherwise
93%
still going
A further 1.9% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,242 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,091 | €32,765 | €32,765 | €32,765 | €32,567 | ▼ 0.6% |
| Other operating charges640/8 | €9,353 | €5,200 | €8,465 | €7,581 | €8,731 | ▲ 15.2% |
| Non-recurring operating charges66A | €4,118 | - | - | - | - | - |
| Gross operating margin9900 | €338,686 | €29,509 | €22,362 | €27,106 | €28,762 | ▲ 6.1% |
| Operating profit (loss)9901 | €290,124 | -€8,456 | -€18,869 | -€13,240 | -€12,536 | ▲ 5.3% |
| Financial income75/76B | €19 | - | €53 | €3 | - | - |
| Recurring financial income75 | €19 | - | €53 | €3 | - | - |
| Financial charges65/66B | €32,887 | €5,316 | €5,441 | €4,805 | €4,085 | ▼ 15.0% |
| Recurring financial charges65 | €32,887 | €5,316 | €5,441 | €4,805 | €4,085 | ▼ 15.0% |
| Profit (loss) for the period before taxes9903 | €257,256 | -€13,772 | -€24,256 | -€18,042 | -€16,621 | ▲ 7.9% |
| Profit (loss) for the period9904 | €257,256 | -€13,772 | -€24,256 | -€18,042 | -€16,621 | ▲ 7.9% |
| Profit (loss) for the period to be appropriated9905 | €257,256 | -€13,772 | -€24,256 | -€18,042 | -€16,621 | ▲ 7.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €776,537 | €745,427 | €712,125 | €682,192 | €655,073 | ▼ 4.0% |
| Fixed assets21/28 | €740,076 | €707,311 | €674,545 | €641,780 | €609,213 | ▼ 5.1% |
| Tangible fixed assets22/27 | €540,076 | €507,311 | €474,545 | €441,780 | €409,213 | ▼ 7.4% |
| Land and buildings22 | €166,683 | €157,976 | €149,269 | €140,563 | €131,856 | ▼ 6.2% |
| Furniture and vehicles24 | €10,457 | €9,901 | €9,345 | €8,789 | €8,233 | ▼ 6.3% |
| Other tangible fixed assets26 | €270,708 | €252,661 | €234,613 | €216,566 | €198,717 | ▼ 8.2% |
| Assets under construction and advance payments27 | €92,228 | €86,773 | €81,317 | €75,862 | €70,407 | ▼ 7.2% |
| Financial fixed assets28 | €200,000 | €200,000 | €200,000 | €200,000 | €200,000 | = |
| Current assets29/58 | €36,461 | €38,116 | €37,580 | €40,412 | €45,860 | ▲ 13.5% |
| Amounts receivable within one year40/41 | €14 | €14 | €14 | €14 | €0 | ▼ 100% |
| Other amounts receivable41 | €14 | €14 | €14 | €14 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €16,518 | €19,067 | €18,531 | €21,363 | €25,700 | ▲ 20.3% |
| Deferred charges and accrued income490/1 | €19,929 | €19,035 | €19,035 | €19,035 | €20,160 | ▲ 5.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €776,537 | €745,427 | €712,125 | €682,192 | €655,073 | ▼ 4.0% |
| Equity10/15 | -€72,912 | -€86,683 | -€110,941 | -€128,983 | -€145,604 | ▼ 12.9% |
| Contributions10/11 | €210,710 | €210,710 | €210,710 | €210,710 | €210,710 | = |
| Capital10 | €210,710 | €210,710 | €210,710 | €210,710 | €210,710 | = |
| Issued capital100 | €210,710 | €210,710 | €210,710 | €210,710 | €210,710 | = |
| Revaluation surpluses12 | €23,178 | €21,914 | €20,649 | €19,385 | €18,121 | ▼ 6.5% |
| Reserves13 | €19,028 | €20,293 | €21,557 | €22,822 | €24,086 | ▲ 5.5% |
| Non-distributable reserves130/1 | €65 | €65 | €65 | €65 | €65 | = |
| Legal reserve130 | €65 | €65 | €65 | €65 | €65 | = |
| Distributable reserves133 | €18,963 | €20,228 | €21,492 | €22,757 | €24,021 | ▲ 5.6% |
| Profit (loss) carried forward14 | -€325,828 | -€339,600 | -€363,857 | -€381,899 | -€398,520 | ▼ 4.4% |
| Amounts payable17/49 | €849,449 | €832,110 | €823,065 | €811,175 | €800,677 | ▼ 1.3% |
| Amounts payable after more than one year17 | €731,081 | €713,664 | €700,401 | €681,094 | €654,908 | ▼ 3.8% |
| Financial debts170/4 | €89,911 | €78,744 | €66,481 | €53,274 | €40,068 | ▼ 24.8% |
| Other amounts payable178/9 | €641,170 | €634,920 | €633,920 | €627,820 | €614,840 | ▼ 2.1% |
| Amounts payable within one year42/48 | €118,368 | €118,371 | €122,665 | €130,081 | €145,769 | ▲ 12.1% |
| Current portion of amounts payable after more than one year42 | €10,878 | €11,672 | €12,263 | €15,526 | €16,303 | ▲ 5.0% |
| Trade debts44 | €20,515 | €22,508 | €9,142 | €16,421 | €36,246 | ▲ 121% |
| Suppliers440/4 | €20,515 | €22,508 | €9,142 | €16,421 | €36,246 | ▲ 121% |
| Other amounts payable47/48 | €86,975 | €84,191 | €101,259 | €98,134 | €93,219 | ▼ 5.0% |
| Accrued charges and deferred income492/3 | - | €75 | €0 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €257,256 | -€13,772 | -€24,256 | -€18,042 | -€16,621 | ▲ 7.9% |
| + Depreciation and write-downs630 | €35,091 | €32,765 | €32,765 | €32,765 | €32,567 | ▼ 0.6% |
| Operating cash flow (approximation) | €292,347 | €18,993 | €8,509 | €14,723 | €15,946 | ▲ 8.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €2,549 | -€536 | €2,833 | €4,337 | ▲ 53.1% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
28-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 28 days late
2025
31-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 31 days late
2024
26-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 26 days late
2023
31-12
Financial
Weakest financial yearnet -€24,256
Net result drops to -€24,256, the lowest in the series; recovery starts the following year.
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · full schema · 31 days late
2021
31-12
Financial
Back to profitnet €257,256
Net result €257,256 after 3 loss-making years.
11-05
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
24-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 24 days late
2019
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 28 days late
2018
14-08
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 14 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Liège · 2 establishment units since 2000
Ground area
1,174 m²
Building footprint
185 m²
Volume, LiDAR
1,918 m³
3 parcels, Wallonia · tallest building 14.1 m, ±4 floors. Linked by address, not a title deed.
7
companies at this address
See who is registered here
2 establishment units
Rue Albert-de-Cuyck 40, 4000 Liège
since 20002.052.480.903
Chaussée de Liège 1, 4460 Grâce-Hollogne
since 20012.052.481.002
3 parcels
Wallonia
3
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62054A0077/00Y000 | Wallonia | 875 m² | 1 · 70 m² | 9.8 m · 3 fl. |
| 62814C0232/00P002 | Wallonia | 163 m² | 1 · 58 m² | 14.0 m · 4 fl. |
| 62814C0232/00Y006 | Wallonia | 136 m² | 1 · 56 m² | 14.1 m · 4 fl. |
Linked by address, not proof of ownership
Good to know
3 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Identification & contact
Identification
Legal formPublic limited company
Founded18-03-1991
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0443692153
Also
9925:BE0443692153
Registered
04-03-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.