Summary
MAAR is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €1,591 and a net result of €10,405. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 10% of 8074 sector peers (fiscal year 2025). The company has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
Two signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 8074 sector peers (2025).
NBB · sector comparisonPosition among 8074 sector peers
Solvency
better than 10%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 07-07-2026, 24 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
24 d early
2024
56 d early
2023
20 d early
2022
68 d early
2021
3 d early
2020
51 d early
2019
4 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 32 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed 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
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Financials · fiscal year 2025, micro schema
Equity
€1,591
2024 · -€8,815
Net result
€10,405▲ 138%
2024 · €4,377
Total assets
€51,984▲ 12.4%
2024 · €46,254
Solvency
3.1%▲ 22.1pp
2024 · -19.1%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€55,902€2,704€12,624▲ 367%€5,963▼ 52.8%€11,293▲ 89.4%
Net result-€57,212below the sector's middle half€727below the sector's middle half€11,061within the sector's middle half▲ 1,422%€4,377within the sector's middle half▼ 60.4%€10,405within the sector's middle half▲ 138%
Equity-€24,979below the sector's middle half-€24,252below the sector's middle half▲ 2.9%-€13,192below the sector's middle half▲ 45.6%-€8,815below the sector's middle half▲ 33.2%€1,591below the sector's middle half
Total assets€22,835below the sector's middle half▼ 68.6%€43,811below the sector's middle half▲ 91.9%€47,242below the sector's middle half▲ 7.8%€46,254below the sector's middle half▼ 2.1%€51,984below the sector's middle half▲ 12.4%
Debt€47,814▲ 18.4%€68,063▲ 42.3%€60,434▼ 11.2%€55,069▼ 8.9%€50,393▼ 8.5%
Working capital-€6,509-€5,468▲ 16.0%€3,863€8,541▲ 121%-€14,719
Solvency-109.4%below the sector's middle half▼ 153.8pp-55.4%below the sector's middle half▲ 54.0pp-27.9%below the sector's middle half▲ 27.4pp-19.1%below the sector's middle half▲ 8.9pp3.1%below the sector's middle half▲ 22.1pp
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 89% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €51,984
Fixed assets
€16,309 ▲ 567%
Current assets
€35,674 ▼ 18.6%
Equity and liabilities €51,984
Equity
€1,591
Debt
€50,393
Debt finances 96.9% of the balance-sheet total.
Key figures and ratios
ROE
654.2%
ROA
20.0%▲
2024 · 9.5%
Debt ≤ 1 year
€50,393▲
2024 · €35,269
Debt > 1 year
€0▼
2024 · €19,800
Income taxes
€177▼
2024 · €197
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €8,258 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,231 | €1,041 | €510 | €561 | €1,535 | ▲ 173% |
| Other operating charges640/8 | €1,406 | €641 | €3,705 | €865 | €2,885 | ▲ 234% |
| Gross operating margin9900 | -€52,266 | €4,386 | €16,840 | €7,389 | €15,713 | ▲ 113% |
| Operating profit (loss)9901 | -€55,902 | €2,704 | €12,624 | €5,963 | €11,293 | ▲ 89.4% |
| Financial income75/76B | €138 | - | €2 | €8 | €0 | ▼ 100% |
| Recurring financial income75 | €138 | - | €2 | €8 | €0 | ▼ 100% |
| Financial charges65/66B | €888 | €1,759 | €1,361 | €1,397 | €711 | ▼ 49.1% |
| Recurring financial charges65 | €888 | €1,759 | €1,361 | €1,397 | €711 | ▼ 49.1% |
| Profit (loss) for the period before taxes9903 | -€56,652 | €945 | €11,265 | €4,574 | €10,582 | ▲ 131% |
| Income taxes67/77 | €560 | €219 | €205 | €197 | €177 | ▼ 10.3% |
| Profit (loss) for the period9904 | -€57,212 | €727 | €11,061 | €4,377 | €10,405 | ▲ 138% |
| Profit (loss) for the period to be appropriated9905 | -€57,212 | €727 | €11,061 | €4,377 | €10,405 | ▲ 138% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €22,835 | €43,811 | €47,242 | €46,254 | €51,984 | ▲ 12.4% |
| Fixed assets21/28 | €2,083 | €1,042 | €3,006 | €2,444 | €16,309 | ▲ 567% |
| Tangible fixed assets22/27 | €2,083 | €1,042 | €3,006 | €2,444 | €16,309 | ▲ 567% |
| Land and buildings22 | - | - | - | €2,055 | €1,808 | ▼ 12.0% |
| Furniture and vehicles24 | €2,083 | €1,042 | €703 | €389 | €14,501 | ▲ 3,625% |
| Other tangible fixed assets26 | - | - | €2,303 | - | - | - |
| Current assets29/58 | €20,752 | €42,769 | €44,237 | €43,810 | €35,674 | ▼ 18.6% |
| Amounts receivable within one year40/41 | €18,927 | €40,095 | €43,568 | €36,968 | €35,090 | ▼ 5.1% |
| Trade receivables40 | €16,904 | €40,095 | €43,568 | €36,760 | €35,090 | ▼ 4.5% |
| Other amounts receivable41 | €2,023 | - | - | €208 | €0 | ▼ 100% |
| Current investments50/53 | €18 | €18 | - | - | - | - |
| Cash at bank and in hand54/58 | €1,348 | - | €7 | €3,747 | €5 | ▼ 99.9% |
| Deferred charges and accrued income490/1 | €460 | €2,656 | €662 | €3,095 | €580 | ▼ 81.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €22,835 | €43,811 | €47,242 | €46,254 | €51,984 | ▲ 12.4% |
| Equity10/15 | -€24,979 | -€24,252 | -€13,192 | -€8,815 | €1,591 | ▲ 118% |
| Contributions10/11 | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €38,343 | €38,343 | €38,343 | €38,343 | €38,343 | = |
| Non-distributable reserves130/1 | €1,855 | €1,855 | - | - | - | - |
| Reserves not available under the articles1311 | €1,855 | €1,855 | - | - | - | - |
| Distributable reserves133 | €36,488 | €36,488 | €38,343 | €38,343 | €38,343 | = |
| Profit (loss) carried forward14 | -€81,872 | -€81,146 | -€70,085 | -€65,708 | -€55,303 | ▲ 15.8% |
| Amounts payable17/49 | €47,814 | €68,063 | €60,434 | €55,069 | €50,393 | ▼ 8.5% |
| Amounts payable after more than one year17 | €20,552 | €19,800 | €19,800 | €19,800 | €0 | ▼ 100% |
| Financial debts170/4 | €20,552 | €19,800 | €19,800 | €19,800 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €27,262 | €48,237 | €40,374 | €35,269 | €50,393 | ▲ 42.9% |
| Current portion of amounts payable after more than one year42 | €8,955 | €752 | - | - | - | - |
| Financial debts43 | - | €3,486 | €4,875 | €1,123 | €5,006 | ▲ 346% |
| Credit institutions430/8 | - | €3,486 | €4,875 | €1,123 | €5,006 | ▲ 346% |
| Trade debts44 | €3,072 | €9,580 | €11,124 | €3,144 | €121 | ▼ 96.2% |
| Suppliers440/4 | €3,072 | €9,580 | €11,124 | €3,144 | €121 | ▼ 96.2% |
| Taxes, remuneration and social security45 | €15,185 | €6,681 | €7,761 | €6,958 | €5,005 | ▼ 28.1% |
| Taxes450/3 | €15,185 | €6,681 | €7,761 | €6,958 | €5,005 | ▼ 28.1% |
| Other amounts payable47/48 | €49 | €27,738 | €16,613 | €24,044 | €40,261 | ▲ 67.4% |
| Accrued charges and deferred income492/3 | - | €26 | €260 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€57,212 | €727 | €11,061 | €4,377 | €10,405 | ▲ 138% |
| + Depreciation and write-downs630 | €2,231 | €1,041 | €510 | €561 | €1,535 | ▲ 173% |
| Operating cash flow (approximation) | -€54,982 | €1,767 | €11,571 | €4,938 | €11,940 | ▲ 142% |
| Investment in fixed assets (approximation) | - | €0 | -€2,474 | €0 | -€15,399 | - |
| Change in cash | - | - | - | €3,740 | -€3,743 | ▼ 200% |
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
07-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
05-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
11-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
24-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €727
Net result €727 after one loss-making year.
28-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Weakest financial yearnet -€57,212
Net result drops to -€57,212, the lowest in the series; recovery starts the following year.
10-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Highest result since 2018net €11,322 ▲1,066%
Operating result €19,434, net result €11,322, both a record.
27-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
28-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
05-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
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.
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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, Houthalen-Helchteren · 1 establishment unit since 2009
Ground area
2,581 m²
Building footprint
206 m²
Volume, LiDAR
1,134 m³
Parcel 72015B0673/00W000, Flanders · tallest building 14.6 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
Stationsstraat 46, 3530 Houthalen-Helchteren
since 20092.180.936.023
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 72015B0673/00W000 | Flanders | 2,581 m² | 1 · 206 m² | 14.6 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 24,729 companies in sector 64210 we hold annual accounts for 19,773. 1,331 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded04-09-2009
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
70200Business and other management consultancy
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0818336045
Also
9925:BE0818336045
Registered
04-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.