MALMAR GROUP
ActiveSummary
MALMAR GROUP has been active since 2018 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.5m and a net result of €2.1m. Equity has been growing by about 4.8% per year since 2019. Its solvency ranks better than 74% of 830 sector peers (NACE 25, financial year 2025). The computed 12-month bankruptcy probability is 1.2% (low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 14-12-2018 Normal situation
- Activity
- Machining of metals NACE 25530and 2 others
- Joint committee
- 200 Aanvullend Paritair Comité voor de bedienden · annual accounts 2022
- Establishment unit
- 2.288.597.412 9042 Gent, since 07-01-2019
- Financial year end
- 31 December
- Peppol
- Reachable
Board and ownership
Board
- BOULIEDirector · since 18-12-2025 · permanent representative DE BUYSSCHER Albéric
- SABIDOR INVESTDirector · since 18-12-2025 · permanent representative DE BUYSSCHER Dorsan
Shareholders
- BOULIE50%30-04-2026 annual accounts of BOULIE
- Holdings
- Shares in 5 companies including MALMAR and Malmar Bulgaria
Financial position
- Bankruptcy probabilitywithin 12 months
- 1.2%
Annual accounts 2025
- Turnover
- €28.9m
- ▼ 8.1%
- Profit
- €2.1m
- ▲ 138×
- Equity
- €3.5m
- ▲ 97.0%
- Total assets
- €5.3m
- ▼ 26.1%
- 2025 accounts filed 31 days after the deadline
Score breakdownraises riskLiquidity: current ratio 1.99, cash €5,622Last filed accounts filed 31 days late; 3 of the last 3 accounts lateSector: Manufacture of fabricated metal products, except machinery and equipment (NACE 25)lowers riskSize: turnover €28.9m, total assets €5.3mShow the evidence
Checked score
Score 2025
65
/ 100
Healthy
Probability in this band: 0.55% to 1.5%
Financially stronger than 48% of small companies in fabricated metal products (NACE 25)
Financial strength · tick: 2024
Strong
Solvency
91+41
equity 65.9% of total assets
Liquidity
35+26
short-term debt 33.7% · cash 0.1%
Profitability
41-5
return on assets 40.1%
Bankruptcy probability within 12 months
1.2%
Low
0%0.5%1.5%4%10%≥ 25%
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 3.2%
01-2025: 3.2%● unchanged vs 12-2024
02-2025: 3.1%▼ -0.1 percentage points vs 01-2025
03-2025: 2.9%▼ -0.2 percentage points vs 02-2025
04-2025: 2.8%▼ -0.1 percentage points vs 03-2025
05-2025: 2.9%▲ +0.1 percentage points vs 04-2025
06-2025: 3.3%▲ +0.4 percentage points vs 05-2025
07-2025: 3.2%▼ -0.1 percentage points vs 06-2025
08-2025: 4.0%▲ +0.8 percentage points vs 07-2025
09-2025: 4.2%▲ +0.2 percentage points vs 08-2025
10-2025: 5.9%▲ +1.7 percentage points vs 09-2025highest value
11-2025: 3.3%▼ -2.6 percentage points vs 10-2025
12-2025: 3.3%● unchanged vs 11-2025
01-2026: 3.3%● unchanged vs 12-2025
02-2026: 3.2%▼ -0.1 percentage points vs 01-2026
03-2026: 3.2%● unchanged vs 02-2026
04-2026: 3.2%● unchanged vs 03-2026
05-2026: 3.2%● unchanged vs 04-2026
06-2026: 3.2%● unchanged vs 05-2026
07-2026: 3.0%▼ -0.2 percentage points vs 06-2026
08-2026: 3.5%▲ +0.5 percentage points vs 07-2026
09-2026: 1.2%▼ -2.3 percentage points vs 08-2026lowest value
10-2026: 1.2%● unchanged vs 09-2026lowest value
11-2026: 1.2%● unchanged vs 10-2026lowest value
Credit of up to €220,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.99 (0.91 in 2024), above the usual 1.5. Short-term debt is 33.7% and cash 0.1% of total assets. 34.1% of the assets are financed with debt and provisions.
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 25, small). It does better than 78% of them on solvency, 31% on liquidity, 18% on profitability and 65% on growth.
The bankruptcy probability was computed on 03-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises risk
raises risk · 2025 accounts filed 31 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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 · 7 filingsDeviation from the deadline
2025
31 days late
2024
77 days late
2023
64 days late
2022
7 days early
2021
20 days early
2020
107 days early
2019
61 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 14 days after the deadline. In the sector (NACE 25), the median for financial year 2024 was 7 days before the deadline, and 35% 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 31 August (4 of the last 5 accounts filed within 46 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
04-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, full format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00471666.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 7 filings
Turnover
€28.9m▼ 8.1%
2024 · €31.4m
EBIT margin
-1.8%▼ 2.6pp
2024 · 0.8%
Net result
€2.1m▲ 138×
2024 · €15,332
Working capital
€1.8m
2024 · -€461,444
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€28.9m
▼ 8.1%
2025
20192025
Operating result
-€513,363
2025
20192025
Net result
€2.1m
▲ 138×
2025
highest quarter of the sector
20192025
EBIT margin
-1.8%
▼ 2.6pp
2025
20192025
Equity
€3.5m
▲ 97.0%
2025
middle half of the sector
20192025
Total assets
€5.3m
▼ 26.1%
2025
middle half of the sector
20192025
Debt
€1.8m
▼ 66.5%
2025
20192025
Working capital
€1.8m
2025
middle half of the sector
20192025
Solvency
65.9%
▲ 41.2pp
2025
middle half of the sector
20192025
Current ratio
1.99
▲ 1.07
2025
middle half of the sector
20192025
Return on assets (ROA)
40.1%
▲ 39.8pp
2025
highest quarter of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€1.0m€21.2m▲ 21×€36.3m▲ 71.1%€41.5m▲ 14.2%€31.4m▼ 24.2%€28.9m▼ 8.1%
Operating result-€0.03m-€0.1m-€0.2m€0.5m€0.4m▼ 19.2%€0.3m▼ 38.4%-€0.5m
Net result-€0.02m-€0.1mwithin the sector's middle half€0.004mbelow the sector's middle half▼ 96.3%€0.4mwithin the sector's middle half▲ 98×€0.1mwithin the sector's middle half▼ 71.1%€0.02mwithin the sector's middle half▼ 85.6%€2.1mabove the sector's middle half▲ 138×
EBIT margin10.3%-0.9%▼ 11.2pp1.4%▲ 2.3pp1.0%▼ 0.4pp0.8%▼ 0.2pp-1.8%▼ 2.6pp
Equity€1.5m-€1.5mwithin the sector's middle half▲ 3.4%€1.5mwithin the sector's middle half▲ 0.2%€1.6mwithin the sector's middle half▲ 7.8%€1.7mwithin the sector's middle half▲ 6.5%€1.8mwithin the sector's middle half▲ 0.9%€3.5mwithin the sector's middle half▲ 97.0%
Total assets€1.6m-€2.0mwithin the sector's middle half▲ 26.2%€3.6mwithin the sector's middle half▲ 83.5%€5.8mwithin the sector's middle half▲ 61.3%€9.4mabove the sector's middle half▲ 62.4%€7.1mwithin the sector's middle half▼ 24.4%€5.3mwithin the sector's middle half▼ 26.1%
Debt€0.08m-€0.4m▲ 421%€2.1m▲ 370%€4.2m▲ 100%€7.7m▲ 84.5%€5.4m▼ 30.1%€1.8m▼ 66.5%
Working capital€0.05m-€0.1mwithin the sector's middle half▲ 93.4%€0.05mbelow the sector's middle half▼ 55.4%-€0.09mbelow the sector's middle half-€0.6mbelow the sector's middle half▼ 540%-€0.5mbelow the sector's middle half▲ 20.9%€1.8mwithin the sector's middle half
Solvency94.5%-77.5%above the sector's middle half▼ 17.1pp42.3%within the sector's middle half▼ 35.1pp28.3%within the sector's middle half▼ 14.0pp18.5%below the sector's middle half▼ 9.7pp24.7%within the sector's middle half▲ 6.2pp65.9%within the sector's middle half▲ 41.2pp
Current ratio1.76-1.24within the sector's middle half▼ 0.511.02below the sector's middle half▼ 0.220.98below the sector's middle half▼ 0.040.92below the sector's middle half▼ 0.050.91below the sector's middle half▼ 0.011.99within the sector's middle half▲ 1.07
Return on assets (ROA)-1.6%-5.1%within the sector's middle half▲ 6.7pp0.1%below the sector's middle half▼ 5.0pp6.4%within the sector's middle half▲ 6.3pp1.1%within the sector's middle half▼ 5.2pp0.2%within the sector's middle half▼ 0.9pp40.1%above the sector's middle half▲ 39.8pp
Staff (FTE)1.2below the sector's middle half1.6below the sector's middle half▲ 33.3%0.8below the sector's middle half▼ 50.0%0.3below the sector's middle half▼ 62.5%0below the sector's middle half▼ 100%
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €513,363, after a profit of €257,815 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.3m
Fixed assets
€1.7m ▼ 23.1%
Current assets
€3.5m ▼ 27.5%
Equity and liabilities €5.3m
Equity
€3.5m ▲ 97.0%
Debt
€1.8m ▼ 66.5%
Debt's share of the balance-sheet total falls from 75.3% to 34.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€19,885▼
2024 · €855,959
Cash flow
€2.6m▲
2024 · €613,476
Quick ratio
1.91▲
2024 · 0.91
Debt to equity
0.52▼
2024 · 3.04
ROE
60.8%▲
2024 · 0.9%
Interest coverage
0.10▼
2024 · 4.06
Debt ≤ 1 year
€1.8m▼
2024 · €5.3m
Debt > 1 year
€18,469▼
2024 · €30,835
Income taxes
€0▼
2024 · €13,052
Customer credit
24 days▼
2024 · 34 days
Supplier credit
18 days▼
2024 · 71 days
Staff costs
€0▼
2024 · €20,457
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | - |
| full-time | 0 | 0 | - |
| part-time | 1 | 1 | - |
| in full-time equivalents | 0.8 | 0.8 | - |
| Average over the year, in full-time equivalents | 1.6 | 0.8 | 0.3 |
| On a permanent contract | 1 | 1 | - |
| Joined | 2 | - | 0 |
| Left | 2 | - | 1 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €31,963 | €1,154 | €66,734 | €21,724 | €1,625 |
| Intangible fixed assets | €62,980 | €302,103 | €843,659 | €455,483 | €11,625 |
| Financial fixed assets | - | - | - | - | €197 |
| Depreciation and write-downs of the year | €19,533 | €57,560 | €272,591 | €598,144 | €533,248 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €22.4m | €36.7m | €41.3m | €30.0m | €29.0m | ▼ 3.4% |
| Turnover70 | - | €1.0m | €21.2m | €36.3m | €41.5m | €31.4m | €28.9m | ▼ 8.1% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | - | €1.1m | €0.4m | -€0.1m | -€1.4m | €0.1m | - |
| Other operating income74 | - | - | €0.004m | €0.002m | €0.001m | €122 | €0.01m | ▲ 79× |
| Operating charges60/66A | €0.03m | - | €22.5m | €36.2m | €40.9m | €29.7m | €29.5m | ▼ 0.8% |
| Goods for resale, raw materials and consumables60 | - | - | €21.7m | €34.8m | €38.8m | €27.0m | €26.7m | ▼ 1.0% |
| Purchases600/8 | - | - | €21.7m | €34.8m | €38.8m | €27.0m | €26.7m | ▼ 1.0% |
| Services and other goods61 | €0.03m | - | €0.7m | €1.3m | €1.8m | €2.2m | €2.3m | ▲ 4.6% |
| Remuneration, social security and pensions62 | - | - | €0.09m | €0.06m | €0.03m | €0.02m | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €198 | €0.004m | €0.02m | €0.06m | €0.3m | €0.6m | €0.5m | ▼ 10.8% |
| Other operating charges640/8 | €0.001m | - | €0.02m | €0.007m | €0.003m | €0.003m | €0.01m | ▲ 378% |
| Non-recurring operating charges66A | - | - | - | - | €0.05m | €0 | - | - |
| Operating profit (loss)9901 | -€0.03m | €0.1m | -€0.2m | €0.5m | €0.4m | €0.3m | -€0.5m | - |
| Financial income75/76B | €0.006m | - | €0.3m | €0.004m | €0.008m | €0.01m | €2.9m | ▲ 232× |
| Recurring financial income75 | €0.006m | €0.005m | €0.3m | €0.004m | €0.008m | €0.01m | €2.9m | ▲ 232× |
| Income from financial fixed assets750 | - | - | €0.3m | €0 | - | - | €2.9m | - |
| Income from current assets751 | €0.006m | - | €0 | €0.004m | €0.007m | €0.008m | €0.008m | = |
| Other financial income752/9 | - | - | €173 | €321 | €0.001m | €0.005m | €0 | ▼ 100.0% |
| Financial charges65/66B | - | - | €0.06m | €0.2m | €0.3m | €0.2m | €0.2m | ▼ 2.8% |
| Recurring financial charges65 | - | €468 | €0.06m | €0.2m | €0.3m | €0.2m | €0.2m | ▼ 2.8% |
| Debt charges650 | - | €299 | €0.04m | €0.1m | €0.3m | €0.2m | €0.2m | ▼ 3.6% |
| Other financial charges652/9 | - | - | €0.02m | €0.04m | €0.04m | €0.03m | €0.03m | ▲ 3.1% |
| Profit (loss) for the period before taxes9903 | -€0.02m | €0.1m | €0.004m | €0.4m | €0.1m | €0.03m | €2.1m | ▲ 74× |
| Income taxes67/77 | - | €0.01m | €316 | €154 | €0.01m | €0.01m | €0 | ▼ 100% |
| Taxes670/3 | - | - | €316 | €154 | €0.01m | €0.01m | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€0.02m | €0.1m | €0.004m | €0.4m | €0.1m | €0.02m | €2.1m | ▲ 138× |
| Profit (loss) for the period to be appropriated9905 | -€0.02m | €0.1m | €0.004m | €0.4m | €0.1m | €0.02m | €2.1m | ▲ 138× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.6m | €2.0m | €3.6m | €5.8m | €9.4m | €7.1m | €5.3m | ▼ 26.1% |
| Fixed assets21/28 | €1.4m | €1.4m | €1.5m | €1.7m | €2.4m | €2.3m | €1.7m | ▼ 23.1% |
| Intangible fixed assets21 | - | - | €0.05m | €0.3m | €0.9m | €0.8m | €0.3m | ▼ 64.3% |
| Tangible fixed assets22/27 | €0.02m | €0.01m | €0.04m | €0.03m | €0.07m | €0.07m | €0.05m | ▼ 31.7% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0.02m | €0.01m | ▼ 23.5% |
| Furniture and vehicles24 | €0.02m | - | €0.04m | €0.03m | €0.07m | €0.05m | €0.04m | ▼ 34.5% |
| Financial fixed assets28 | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | = |
| Affiliated companies280/1 | €1.4m | - | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | = |
| Participating interests280 | €1.4m | - | €1.4m | €1.4m | €1.4m | €1.4m | €1.4m | = |
| Current assets29/58 | €0.1m | €0.5m | €2.1m | €4.1m | €7.0m | €4.9m | €3.5m | ▼ 27.5% |
| Stocks and contracts in progress3 | - | €0 | €1.1m | €1.5m | €1.4m | €0.02m | €0.1m | ▲ 494% |
| Stocks30/36 | - | - | €1.1m | €1.5m | €1.4m | €0.02m | €0.1m | ▲ 494% |
| Work in progress32 | - | - | €0.2m | €0.3m | €0.4m | €0 | - | - |
| Finished goods33 | - | - | €0.9m | €1.2m | €1.0m | €0.02m | €0.1m | ▲ 494% |
| Amounts receivable within one year40/41 | €0.1m | €0.5m | €1.0m | €2.5m | €5.6m | €4.8m | €3.3m | ▼ 31.4% |
| Trade receivables40 | - | - | €0.8m | €1.9m | €4.4m | €2.9m | €1.9m | ▼ 36.2% |
| Other amounts receivable41 | €0.1m | - | €0.2m | €0.6m | €1.2m | €1.9m | €1.4m | ▼ 24.1% |
| Cash at bank and in hand54/58 | €0.002m | €0.04m | €0.01m | €0.002m | €0.01m | €0.001m | €0.006m | ▲ 462% |
| Deferred charges and accrued income490/1 | €0.001m | - | €12 | €0.01m | €0.01m | €0.04m | €0.09m | ▲ 144% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.6m | €2.0m | €3.6m | €5.8m | €9.4m | €7.1m | €5.3m | ▼ 26.1% |
| Equity10/15 | €1.5m | €1.5m | €1.5m | €1.6m | €1.7m | €1.8m | €3.5m | ▲ 97.0% |
| Contributions10/11 | €0.3m | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | €0.3m | - | - | - | - | - | - | - |
| Issued capital100 | €0.3m | - | - | - | - | - | - | - |
| Reserves13 | €1.2m | €1.2m | €1.2m | €1.3m | €1.4m | €1.5m | €3.2m | ▲ 117% |
| Non-distributable reserves130/1 | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0 | ▼ 100% |
| Legal reserve130 | €0.03m | - | - | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0 | ▼ 100% |
| Tax-exempt reserves132 | €0.3m | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 4.8% |
| Distributable reserves133 | €0.8m | - | €0.9m | €1.0m | €1.1m | €1.2m | €2.9m | ▲ 149% |
| Amounts payable17/49 | €0.08m | €0.4m | €2.1m | €4.2m | €7.7m | €5.4m | €1.8m | ▼ 66.5% |
| Amounts payable after more than one year17 | €0.01m | €0.01m | €0.02m | €0.01m | €0.05m | €0.03m | €0.02m | ▼ 40.1% |
| Financial debts170/4 | €0.01m | - | €0.02m | €0.01m | €0.05m | €0.03m | €0.02m | ▼ 40.1% |
| Leasing and similar obligations172 | - | - | - | - | €0.05m | €0 | - | - |
| Credit institutions173 | €0.01m | - | €0.02m | €0.01m | €0 | €0.03m | €0.02m | ▼ 40.1% |
| Amounts payable within one year42/48 | €0.07m | €0.4m | €2.0m | €4.1m | €7.6m | €5.3m | €1.8m | ▼ 66.7% |
| Current portion of amounts payable after more than one year42 | €0.003m | - | €0.01m | €0.01m | €0.02m | €0.01m | €0.01m | ▼ 13.3% |
| Trade debts44 | €0.01m | €0.4m | €2.0m | €3.8m | €7.5m | €5.3m | €1.3m | ▼ 75.5% |
| Suppliers440/4 | €0.01m | - | €2.0m | €3.8m | €7.5m | €5.3m | €1.3m | ▼ 75.5% |
| Taxes, remuneration and social security45 | - | - | €0.02m | €0.007m | €0.02m | €0.02m | €0.04m | ▲ 81.5% |
| Taxes450/3 | - | - | €0.01m | €470 | €0.02m | €0.02m | €0.04m | ▲ 81.5% |
| Remuneration and social security454/9 | - | - | €0.006m | €0.006m | €0.004m | €0 | - | - |
| Other amounts payable47/48 | €0.06m | - | €0.02m | €0.3m | €0.04m | €0.04m | €0.4m | ▲ 12× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.02m | €0.1m | €0.004m | €0.4m | €0.1m | €0.02m | €2.1m | ▲ 138× |
| + Depreciation and write-downs630 | €198 | €0.004m | €0.02m | €0.06m | €0.3m | €0.6m | €0.5m | ▼ 10.8% |
| Operating cash flow (approximation) | -€0.02m | €0.1m | €0.02m | €0.4m | €0.4m | €0.6m | €2.6m | ▲ 331% |
| Investment in fixed assets (approximation) | - | -€0 | -€0.09m | -€0.3m | -€0.9m | -€0.5m | -€0.01m | ▲ 97.2% |
| Change in cash | - | €0.04m | -€0.03m | -€0.008m | €0.01m | -€0.01m | €0.005m | - |
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, 6,782 companies had the same profile as MALMAR GROUP has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
The bankruptcy probability of MALMAR GROUP itself is higher: 1.2% within 12 months. It rests on far more data about MALMAR GROUP than the profile alone.
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 6,782 companies, not a prediction for MALMAR GROUP. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 31-08-2026 | 2026-00471666 | |
| 31-12-2024 | full format | 16-10-2025 | 2025-00543934 | |
| 31-12-2023 | full format | 03-10-2024 | 2024-00492074 | |
| 31-12-2022 | full format | 24-07-2023 | 2023-00280847 | |
| 31-12-2021 | full format | 11-07-2022 | 2022-20169277 | |
| 31-12-2020 | full format | 15-04-2021 | 2021-10500425 | |
| 31-12-2019 | full format | 30-09-2020 | 2020-57500314 |
Board & ownership
Directors
Directors
2 directors, last change in 2026
Board 2
BOULIE
Current
Niet statutaire a bestuurder · since 18-12-2025 · term without a fixed end · Private limited company · permanent representative: DE BUYSSCHER Albéric · listed in the 2025 annual accounts, filed on 31-08-2026
SABIDOR INVEST
Current
Niet statutaire b bestuurder · since 18-12-2025 · earlier manager, until 09-02-2026 · term without a fixed end · Private limited company (pre-2019) · permanent representative: DE BUYSSCHER Dorsan · listed in the 2025 annual accounts, filed on 31-08-2026
Permanent representatives 2
DE BUYSSCHER Albéric
Current
Permanent representative · appointed in the act of 09-02-2026 · for BOULIE
DE BUYSSCHER Dorsan
Current
Permanent representative · appointed in the act of 09-02-2026 · for SABIDOR INVEST
Signing authorityThe articles say who may bind the company, for example by signing a contract.
Each director alone
deed of 09-02-2026Owners and capital
Shareholders
1 ownerOwners 1
- Equity €415,368 Profit of €419,164 in 2026 (profit of €99,219 in 2025)50%
Capital transactions
Capital over time
- 09-02-2026 Converted to unavailable equity · €337,398.78
Mandate history
2 people, 2 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| BOULIE |
|
| SABIDOR INVEST |
|
Articles of association
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “Twee of meer bestuurders en A- en B-aandelen bestaan, algemene vergadering”“Zetel of andere plaats in bijeenroepingen, meerderheid leden aanwezig of vertegenwoordigd”
Articles of association, deed of 09-02-2026 (in Dutch)
Network & group
Holdings and subsidiaries
5 holdingsHoldings 5
Source for every holding own accounts 2025
- MALMARsubsidiaryEquity €186,315 Loss of €206,325 in 2025 (profit of €21,091 in 2024) Checked score 33100%
- Malmar BulgariaBGsubsidiaryEquity BGN 42,791Result BGN 100,616100%
- Malmar LithuaniaLTsubsidiaryEquity €281,133Result -€11,426100%
- Malmar PolandPLsubsidiaryEquity €26,052Result -€18,939100%
- Malmar Sheet MetalLVsubsidiaryEquity €5.6mResult -€96,457100%
Companies at the same address
5 other companiesConnections & network
2 current directorsThe network starts from the directors of MALMAR GROUP. Every other company they run is a node.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
31-08
full format · 31 days late
09-02
Gazette deed
2 directors appointed, 1 director resigningChange of role: SABIDOR INVEST, from manager to niet statutaire b bestuurder · Appointment: BOULIE (niet statutaire a bestuurder) · Permanent representatives: DE BUYSSCHER Dorsan and DE BUYSSCHER Albéric21 points ▸
Gazette deed
2 directors appointed, 1 director resigning
Change of role: SABIDOR INVEST, from manager to niet statutaire b bestuurder · Appointment: BOULIE (niet statutaire a bestuurder) · Permanent representatives: DE BUYSSCHER Dorsan and DE BUYSSCHER Albéric21 points ▸
- General meeting, 18-12-2025
- Other provision, 29-12-2025
- Other provision, “aanpassing statuten aan WVV en behoud rechtsvorm, behoud besloten vennootschap(BV)” (deed in Dutch)
- Capital conversion, “statutair onbeschikbare eigen vermogensrekening” (deed in Dutch)
- Reserve release, “beschikbaar voor uitkering” (deed in Dutch)
- Other provision, “kennisname bijzonder verslag bestuursorgaan, artikel 5:102 WVV” (deed in Dutch)
- Auditor report, 18-12-2025
- Other provision, “neerlegging verslagen en afschrift akte ter griffie” (deed in Dutch)
- Other provision, 10500, “nummering bestaande aandelen” (deed in Dutch)
- Kind of shares, “creatie soorten A en B” (deed in Dutch)
- Other provision, “aard,lidmaatschapsrechten,dividend,liquidatiesaldo,overdracht, vaststelling houders A- en B-aandelen en gelijke rechten behoudens statutaire afwijkingen” (deed in Dutch)
- Other provision, “schrapping en wijziging regelingen” (deed in Dutch)
- The act holds 9 more points.
2025
31-12
Financial
Highest result from 2019 to 2025net €2.1m ▲13,657%
The net result of €2.1m is the highest of those years.
31-12
Financial
Liquidity more than doubledcurrent ratio 1.99
The current ratio rises from 0.91 to 1.99. Short-term debt falls from €5.3m to €1.8m.
31-12
Financial
Equity above €2mequity €3.5m ▲97%
After 6 profitable years in a row, equity reaches €3.5m.
16-10
full format · 77 days late
2024
03-10
full format · 64 days late
2023
24-07
full format · 7 days before the deadline
2022
11-07
full format · 20 days before the deadline
2021
15-04
full format · 107 days before the deadline
2020
31-12
Financial
Back to profitnet €100,081
The net result is €100,081, after one loss-making year.
30-09
full format · 61 days late
2019
17-01
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
MALMAR GROUP in Dutch
Enterprise number
0717.716.163
Legal form
Private limited company
Status
Active, normale toestand
Founded
14-12-2018
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 09-02-2026 (in Dutch)Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
“Vlaams Gewest”
deed of 09-02-2026 (in Dutch)Registered office and establishments
Registered office
Eddastraat 41, 9042 Gent, Belgium
Establishment unit
MALMAR GROUP, Eddastraat 41, 9042 Gent since 07-01-2019 · unit number 2.288.597.412
Activities
NACEBEL 202525530
Machining of metals main activity
68110
Buying and selling of own real estate
70200
Business and other management consultancy
Codes under NACEBEL 2008
25620
Manufacture of fabricated metal products, except machinery and equipment main activity
68100
Real estate activities
70220
Business consulting
Joint committee
200 Aanvullend Paritair Comité voor de bedienden annual accounts 2022
PurposeThe purpose describes the activities the company may carry out under its articles.
deed of 09-02-2026 (in Dutch)
“Het nemen van participaties onder welke vorm ook, in alle bestaande en op te richten vennootschappen en ondernemingen; het beheren en…”
16 activities
- Het nemen van participaties onder welke vorm ook, in alle bestaande en op te richten vennootschappen en ondernemingen; het beheren en valoriseren van eigen roerende waarden en participaties; het verlenen aan de onderneming waarin zij deelneemt en aan derden, al dan niet bezoldigd, van alle bijstand, hetzij financieel, technisch, industrieel, commercieel of administratief, met inbegrip van de borgstelling, avalgeving, of inpandgeving van onroerende goederen; de verwerving voor eigen rekening van eender welke titels of rechten door middel van participatie, inbreng, onderschrijving, koop op vaste levering of aankoopoptie, verhandeling, of op iedere andere wijze.
- Het onderzoek, de ontwikkeling, de vervaardiging of commercialisering van nieuwe producten en technologieën en hun toepassingen; het ontwikkelen, kopen, verkopen, in licentie nemen of geven van octrooien, knowhow en aanverwante immateriële vaste activa.
- Elke dienstverlening, al dan niet bezoldigd, op het gebied van management, het beheer en het bestuur van en alle adviesverlening aan bedrijven, personen en vennootschappen.
- Alle metaalbewerkingen en vervaardiging van metaalconstructies.
- De handel in metalen, metaalconstructies en benodigdheden voor de nijverheid en de openbare besturen.
- De in- en uitvoer, de vertegenwoordiging van alle grondstoffen, half-afgewerkte en afgewerkte producten, met inbegrip van de onderproducten en nevenproducten voor de nijverheid.
- De aan- en verkoop van alle grondstoffen voor de nijverheid.
- De aan- en verkoop van alle grondstoffen met betrekking tot haar onderscheiden activiteiten.
- Assemblage van metaalconstructies, van metalen onderdelen en accessoires, assemblage van afgewerkte en half-afgewerkte metalen producten.
- Het uitbaten van een distributie- en logistiek centrum voor metaalconstructies, grondstoffen, half-afgewerkte en afgewerkte metalen producten; het vervoeren en doen vervoeren, het verzenden en doen verzenden van alle goederen in binnen- en buitenland; opslag van goederen en beheer van stocks en voorraden, overslag, bewaking en verpakking van goederen in magazijn; behandeling van goederen; alle logistieke en administratieve ondersteuning inzake de aan- en uitlevering van de behandelde goederen; alle overige vervoersondersteunende activiteiten in de ruimste zin van het woord; alle overige activiteiten in verband met de organisatie van vervoer te land, per spoor, over water, enz.
- Alle financiële en beheersverrichtingen met betrekking tot eigen roerend vermogen en met betrekking tot onroerend vermogen, onder meer, krediet en financiering, belegging van eigen roerend vermogen en van onroerend vermogen, het nemen van participaties in nieuwe en bestaande vennootschappen, beheren van eigen roerend en van onroerend vermogen, hypothecaire en andere borgstelling, commissie- en delcredereverrichtingen, voor zover dit alles wettelijk is toegelaten.
- Het stellen van persoonlijke of zakelijke borgen in het voordeel van derden.
- Het verwerven en huren met het oog op het verhuren en onderverhuren van onroerende goederen en eigen roerende installaties, uitrusting en materieel.
- Het optreden als bestuurder of vereffenaar in andere vennootschappen.
- Een patrimonium bestaande uit eigen roerende en onroerende goederen te verwerven, te behouden, in de ruimste zin van het woord te beheren en oordeelkundig uit te breiden. Binnen dit kader mag de vennootschap overgaan tot het aankopen, verkopen, bouwen, verbouwen, uitrusten, opschikken, herstellen, uitbaten, valoriseren, verkavelen, ordenen, huren, verhuren, onderverhuren of in pand nemen, evenals alle welkdanige roerende en onroerende verhandelingen in de meest brede zin, met inbegrip van de roerende en onroerende leasing, maar ook eventueel verkopen van alle roerende en onroerende goederen, al dan niet gemeubeld.
- Het optreden als commissionair, tussenpersoon, zowel voor eigen rekening als voor rekening van derden bij alle commerciële activiteiten.
Invoicing and payment
VAT number
BE 0717.716.163
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
First Saturday of June at 10:00
deed of 09-02-2026 (in Dutch)Sites & property
Location
Buildings and parcels at the address
Ground area
2.3 ha
Building footprint
6,868 m²
Building volume
45,811 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 44813B0120/00X003 | Flanders | 2.3 ha | 1 · 6,868 m² | 8.3 m · 2 |