Losses
-€32,860 in two years
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
HERTOGE MARCEL
Lifetime
20 annual accounts with figures on one time axis, 25 filings since 2001peak €65,886 (2019)
€38,127▼ 9.6%
lowest -€24,948 (2012)
-€18,275▼ €3,691
peak €141,423 (2023)
€108,563▼ 14.4%
€50,545▲ 13.6%
peak 1 FTE (2016)
-not published
Board2 names since 2021
1 directorCIUCA IONUT FLORIN
Documentsfilings and deeds
24-08-202624 days late
2025micro format
Loss of €18,275Equity from €126,839 to €108,563
Key points
from the 2025 annual accountsFilings
25 annual accounts since 2001
Nine of the last ten came late. The 2019 accounts came latest: 74 days after the end of the period.
Position in the sector
-€18,275
Lower net result than 92% of companies in specialised construction. Sector median €10,189 · 35,107 companies.
Checked score
67
Healthy
Financially stronger than 34% of micro companies in specialised construction (NACE 43)
Probability in this band: 0.55% to 1.5%
Bankruptcy probability within 12 months
0.8% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.7% across 47,701 companies (NACE 43, micro).
About 8 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.9%
01-2025: 0.9%● unchanged vs 12-2024
02-2025: 0.9%● unchanged vs 01-2025
03-2025: 0.9%● unchanged vs 02-2025
04-2025: 0.9%● unchanged vs 03-2025
05-2025: 0.9%● unchanged vs 04-2025
06-2025: 0.8%▼ -0.1 percentage points vs 05-2025
07-2025: 1.0%▲ +0.2 percentage points vs 06-2025
08-2025: 1.3%▲ +0.3 percentage points vs 07-2025
09-2025: 1.5%▲ +0.2 percentage points vs 08-2025
10-2025: 1.2%▼ -0.3 percentage points vs 09-2025
11-2025: 1.2%● unchanged vs 10-2025
12-2025: 1.2%● unchanged vs 11-2025
01-2026: 1.2%● unchanged vs 12-2025
02-2026: 1.2%● unchanged vs 01-2026
03-2026: 1.2%● unchanged vs 02-2026
04-2026: 1.2%● unchanged vs 03-2026
05-2026: 1.2%● unchanged vs 04-2026
06-2026: 1.2%● unchanged vs 05-2026
07-2026: 1.2%● unchanged vs 06-2026
08-2026: 1.6%▲ +0.4 percentage points vs 07-2026highest value
09-2026: 0.8%▼ -0.8 percentage points vs 08-2026lowest value
10-2026: 0.8%● unchanged vs 09-2026lowest value
11-2026: 0.8%● unchanged vs 10-2026lowest value
Financial strengthAverage
Score breakdown
raises risk
Loss of €18,275, the second in a row (financial year 2025)
Sector: Specialised construction activities (NACE 43)
lowers risk
Founded in 2000
Equity €108,563 (68.2% of total assets)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 43, micro). It does better than 74% of them on solvency, 32% on liquidity, 10% on profitability and 21% on growth.
The bankruptcy probability was computed on 07-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 5,831 companies had the same profile as HERTOGE MARCEL has now. Each dot stands for 15 companies, two years later.
84.6%
were still trading
13.4%
stopped another way
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HERTOGE MARCEL itself: 0.8% within 12 months.
Test of the method
The method was tested on the 497,447 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 5,831 companies, not a prediction for HERTOGE MARCEL. 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.
Credit verdict
Credit of up to €7,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 2.69 (3.73 in 2024), above the usual 1.5. Short-term debt is 31.5% and cash 4.5% of total assets. 31.8% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises risk
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 -€18,275
raises risk · 2025 accounts filed 24 days late
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. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
NBB · 10 filingsDeviation from the deadline
2025
24 days late
2024
29 days late
2023
19 days late
2022
31 days late
2021
30 days late
2020
30 days late
2019
74 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 34 days after the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 29 August (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
08-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0473476893
Environmental permit granted
Gevel-, dak-, instandhoudings- en renovatiewerken binnen een gebouw, zonder volume- of oppervlaktewijziging · Lierde
Change of role: Ciuca lonut Florin, from manager to director
Director discharge: Ciuca lonut Florin (manager (not named in the articles)) · General meeting of 21-12-2023 · Gazette deed
First establishment
Lebeke 37, Haaltert
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| HERTOGE MARCEL Haaltert | €159,108 | €38,127 | 68.2% | - |
| DR-CONSTRUCT Brussels | €150,849 | €41,794 | 75.0% | - |
| MOBIPOMPE Tournai | €157,110 | €29,983 | 74.5% | - |
| A&L BOUWTECHNIEKEN Alken | €163,985 | €45,462 | 70.1% | - |
| VAN DOORNE Damme | €175,002 | €49,203 | 90.2% | - |
| JOPA CONSTRUCT Zaventem | €131,580 | €35,876 | 97.8% | - |
| MAERSCHALCK PASCAL Dessel | €137,790 | €35,396 | 59.5% | - |
These companies have the same main activity as HERTOGE MARCEL: other specialised construction activities (NACE 43990). They are comparable in size and age: total assets between €132,000 and €175,000, founded between 1997 and 2004.
Official details
Source: KBO- Status
- Active since 11-12-2000Normal situation
- Activity
- Other specialised construction activitiesNACE 43990and 8 others
- Establishment unit
- 2.116.130.0269450 Haaltert, since 24-01-2001
- Financial year end
- 31 December
- Peppol
- Reachable since 16-12-2025
Annual accounts 2025
- ≈ €330,000estimated
- €159,108▼ 7.1%
- Employeeson 31-12-2025
- 1=
- Filing
- Filed on 24-08-2026
Insights on HERTOGE MARCEL
HERTOGE MARCEL files the micro format. That format states no turnover. The gross margin rose from €14,571 in 2006 to €38,127 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about HERTOGE MARCEL
- What is the company number of HERTOGE MARCEL?
- The company number of HERTOGE MARCEL is 0473.476.893. The VAT number is the same number with BE in front: BE 0473.476.893.
- Where is HERTOGE MARCEL based?
- The registered office is at Lebeke 37, 9450 Haaltert.Company details
- What does HERTOGE MARCEL do?
- According to the KBO register, the main activity is other specialised construction activities (NACE 43990).
- What is the legal form of HERTOGE MARCEL?
- HERTOGE MARCEL is a private limited company (BV).
- When was HERTOGE MARCEL founded?
- HERTOGE MARCEL was founded on 11-12-2000.
- Is HERTOGE MARCEL still active?
- Yes, HERTOGE MARCEL is an active enterprise in the KBO register.
- How many employees does HERTOGE MARCEL have?
- HERTOGE MARCEL had an average of 1 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of HERTOGE MARCEL?
- The turnover in financial year 2025 is ≈ €330,000. This figure is estimated from the gross margin of €38,127 and 93 comparable companies (NACE 43990). It probably lies between €220,000 and €580,000.
- Is HERTOGE MARCEL profitable?
- In financial year 2025, HERTOGE MARCEL made a loss of €18,275.
- Where can I find the annual accounts of HERTOGE MARCEL?
- HERTOGE MARCEL filed 25 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of HERTOGE MARCEL due?
- HERTOGE MARCEL must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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