HERTOGE MARCEL
ActiveSummary
HERTOGE MARCEL has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €109k and a net result of €-18k. Equity is growing by ~8.5% per year across the filed fiscal years. Its solvency ranks better than 73% of 27786 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
55
/ 100
Fair
The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability4▼-4
Solvency93▼-6
Growth52=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5k at 30 days acceptable
Liquidity ample (current ratio 2.69 against 3.73 in 2024; short-term debt: 31.5% and cash: 4.5% of total assets), and 31.8% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Sector 43
higher
← fewer bankruptcies
more bankruptcies →
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 · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year €-18k
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-08-2026, 24 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
24 d late
2024
29 d late
2023
19 d late
2022
31 d late
2021
30 d late
2020
30 d late
2019
74 d late
← before the deadline
after the deadline →
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
24-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€109k▼ 14.4%
2024 · €127k
2018: €65k
2019: €79k
2020: €99k
2021: €125k
2022: €141k
2023: €141k
2024: €127k
2018 → 2025
Total assets
€159k▼ 7.1%
2024 · €171k
2018: €91k
2019: €113k
2020: €131k
2021: €168k
2022: €190k
2023: €268k
2024: €171k
2018 → 2025
Net result
€-18k▼ 25.3%
2024 · €-15k
2018: €7k
2019: €14k
2020: €19k
2021: €26k
2022: €16k
2023: €750
2024: €-15k
2018 → 2025
Working capital
€85k▼ 13.0%
2024 · €97k
2018: €48k
2019: €65k
2020: €84k
2021: €95k
2022: €107k
2023: €91k
2024: €97k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€125k-€141k▲ 12.8%€141k▲ 0.5%€127k▼ 10.3%€109k▼ 14.4%
Operating result€23k-€13k▼ 46.0%€-2k€-17k▼ 813%€-18k▼ 8.6%
Net result€26k-€16k▼ 38.8%€750▼ 95.3%€-15k€-18k▼ 25.3%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €18k in 2025 against €17k in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €159k
Fixed assets
€24k ▼ 36.4%
Current assets
€135k ▲ 1.3%
Equity and liabilities €159k
Equity
€109k ▼ 14.4%
Debt
€51k ▲ 13.6%
Debt's share of the balance-sheet total rises from 26.0% to 31.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-4k▼
2024 · €-3k
Cash flow
€-4k▼
2024 · €-791
Current ratio
2.69▼
2024 · 3.73
Quick ratio
2.17▼
2024 · 3.73
Debt to equity
0.47▲
2024 · 0.35
ROE
-16.8%▼
2024 · -11.5%
ROA
-11.5%▼
2024 · -8.5%
Interest coverage
-2.23▼
2024 · -1.80
Debt ≤ 1 year
€50k▲
2024 · €36k
Staff costs
€41k▼
2024 · €43k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 47 lines
Balance sheet
Code20242025
Assets
Total assets20/58€171k€159k▼
Fixed assets21/28€38k€24k▼
Tangible fixed assets22/27€37k€23k▼
Plant, machinery and equipment23€8k€4k▼
Furniture and vehicles24€29k€19k▼
Financial fixed assets28€1k€1k=
Current assets29/58€133k€135k▲
Stocks and contracts in progress3-€26k
Stocks30/36-€26k
Amounts receivable within one year40/41€124k€91k▼
Trade receivables40€84k€71k▼
Other amounts receivable41€40k€19k▼
Cash at bank and in hand54/58€6k€7k▲
Deferred charges and accrued income490/1€3k€11k▲
Equity and liabilities
Total equity and liabilities10/49€171k€159k▼
Equity10/15€127k€109k▼
Contributions10/11€54k€54k=
Reserves13€44k€44k=
Non-distributable reserves130/1€5k€5k=
Reserves not available under the articles1311€5k€5k=
Distributable reserves133€39k€39k=
Profit (loss) carried forward14€29k€11k▼
Amounts payable17/49€44k€51k▲
Amounts payable after more than one year17€9k-
Financial debts170/4€9k-
Amounts payable within one year42/48€36k€50k▲
Current portion of amounts payable after more than one year42€11k€9k▼
Trade debts44€15k€34k▲
Suppliers440/4€15k€34k▲
Taxes, remuneration and social security45€10k€8k▼
Taxes450/3€8k€4k▼
Remuneration and social security454/9€2k€4k▲
Accrued charges and deferred income492/3€270€474▲
Income statement
Code20242025
Remuneration, social security and pensions62€43k€41k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€14k€14k▲
Other operating charges640/8€2k€834▼
Gross operating margin9900€42k€38k▼
Operating profit (loss)9901€-17k€-18k▼
Financial income75/76B€3k€1k▼
Recurring financial income75€3k€1k▼
Financial charges65/66B€2k€2k▲
Recurring financial charges65€2k€2k▲
Profit (loss) for the period before taxes9903€-15k€-18k▼
Profit (loss) for the period9904€-15k€-18k▼
Profit (loss) for the period to be appropriated9905€-15k€-18k▼
Appropriation of the result
Profit (loss) to be appropriated9906€29k€11k▼
Profit (loss) brought forward from the previous period14P€43k€29k▼
The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
24-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 24 days late
2025
31-12
Financial
Weakest financial yearnet €-18k
Net result drops to €-18k, the lowest in the series.
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 29 days late
2024
31-12
Financial
Liquidity doublescurrent ratio 3.73
Current ratio from 1.72 to 3.73; short-term debt falls from €127k to €36k.
19-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 19 days late
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
30-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 30 days late
2021
31-12
Financial
Highest result since 2018net €26k ▲34.9%
Operating result €23k, net result €26k, both a record.
31-12
Financial
Equity above €100kEq €125k ▲26.3%
4 profitable years in a row build equity to €125k.
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
13-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 74 days late
2019
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
22-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 22 days late
2017
22-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 22 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
4 acts for this company are 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, Haaltert · 1 establishment unit since 2001
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Lebeke(DE) 379450 HaaltertGround area
912 m²
Building footprint
116 m²
Volume, LiDAR
667 m³
Parcel 41010C1410/00L000, Flanders · tallest building 8.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Lebeke(DE) 37, 9450 Haaltert
since 20012.116.130.026
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41010C1410/00L000 | Flanders | 912 m² | 1 · 116 m² | 8.8 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Recognised contractor
9 categoriesHERTOGE MARCEL BV36586
Similar companies · same sector, comparable size
IMERICONSTRUCTION
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ADL DELFERIER
BE 0848.024.676
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BIZCONSTRUCT
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LD CONSULT
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Of 15,529 companies in sector 43990 we hold annual accounts for 7,423. 6,221 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded11-12-2000
Fiscal year end31-12
Activities, NACEBEL 2025
23610Manufacture of other non-metallic mineral products
43221Plumbing work
43990Other specialised construction activities
41001General construction of residential buildings
42212Civil engineering
42219Civil engineering
43110Demolition
43331Floor and wall tiling
43341Painting of buildings
Sources
Crossroads Bank for EnterprisesNational Bank · 25 filingsAddress and cadastre registers
Scores and ratios are computed by Checked and are not a credit decision.