MAR-BELA
ActiveSummary
MAR-BELA has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €100,647 and a net result of €30,237. Equity is growing by ~4.8% per year across the filed fiscal years. Its solvency ranks better than 91% of 28184 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.3% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+1
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
1.3%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €8,000 at 30 days acceptable
Liquidity ample (current ratio 7.48 against 5.52 in 2024; short-term debt: 12.6% and cash: 0.2% of total assets), and 12.6% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five 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
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
87.4%
Return on assets
26.2%
Age of the figures
9 mo
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
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 09-09-2026, 40 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
40 d late
2024
112 d late
2023
49 d late
2022
36 d late
2021
39 d late
2020
23 d late
2019
73 d late
← 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 53 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% 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
28-09-2026 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 trust this company with building work?Contractor check 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
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, micro schema
Equity
€100,647▲ 42.9%
2024 · €70,410
Total assets
€115,196▲ 33.9%
2024 · €86,021
Net result
€30,237▲ 45.6%
2024 · €20,764
Working capital
€94,217▲ 33.8%
2024 · €70,417
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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€23,558▲ 721%-€29,348-€5,981▲ 79.6%€21,703€35,808▲ 65.0%
Net result€19,475within the sector's middle half▲ 1,031%-€30,985below the sector's middle half-€7,263below the sector's middle half▲ 76.6%€20,764within the sector's middle half€30,237above the sector's middle half▲ 45.6%
Equity€87,894within the sector's middle half▲ 28.5%€56,909within the sector's middle half▼ 35.3%€49,645within the sector's middle half▼ 12.8%€70,410within the sector's middle half▲ 41.8%€100,647within the sector's middle half▲ 42.9%
Total assets€145,072within the sector's middle half▲ 22.8%€89,874within the sector's middle half▼ 38.0%€71,776within the sector's middle half▼ 20.1%€86,021within the sector's middle half▲ 19.8%€115,196within the sector's middle half▲ 33.9%
Debt€57,178▲ 15.0%€32,965▼ 42.3%€22,131▼ 32.9%€15,612▼ 29.5%€14,549▼ 6.8%
Working capital€90,592▲ 29.7%€61,181▼ 32.5%€55,033▼ 10.0%€70,417▲ 28.0%€94,217▲ 33.8%
Solvency60.6%within the sector's middle half▲ 2.7pp63.3%within the sector's middle half▲ 2.7pp69.2%above the sector's middle half▲ 5.8pp81.9%above the sector's middle half▲ 12.7pp87.4%above the sector's middle half▲ 5.5pp
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, 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
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 65% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €115,196
Fixed assets
€6,430 ▲ 21,778%
Current assets
€108,766 ▲ 26.5%
Equity and liabilities €115,196
Equity
€100,647 ▲ 42.9%
Debt
€14,549 ▼ 6.8%
Debt's share of the balance-sheet total falls from 18.1% to 12.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€36,337▲
2024 · €21,910
Cash flow
€30,767▲
2024 · €20,970
Current ratio
7.48▲
2024 · 5.52
Debt to equity
0.14▼
2024 · 0.22
ROE
30.0%▲
2024 · 29.5%
ROA
26.2%▲
2024 · 24.1%
Interest coverage
18.81▼
2024 · 23.25
Debt ≤ 1 year
€14,549▼
2024 · €15,575
Income taxes
€3,639
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,679 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.8%
stopped otherwise
95%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 1.3% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 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% | 1.7% |
| 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 75% 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 34,679 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 | €8,719 | €8,648 | €8,270 | €206 | €529 | ▲ 157% |
| Other operating charges640/8 | €1,055 | €361 | €490 | €378 | €310 | ▼ 17.8% |
| Gross operating margin9900 | €33,332 | -€20,339 | €2,779 | €22,287 | €36,647 | ▲ 64.4% |
| Operating profit (loss)9901 | €23,558 | -€29,348 | -€5,981 | €21,703 | €35,808 | ▲ 65.0% |
| Financial income75/76B | €907 | €2 | €3 | €3 | - | - |
| Recurring financial income75 | €907 | €2 | €3 | €3 | - | - |
| Financial charges65/66B | €1,902 | €1,639 | €1,285 | €942 | €1,931 | ▲ 105% |
| Recurring financial charges65 | €1,902 | €1,639 | €1,285 | €942 | €1,931 | ▲ 105% |
| Profit (loss) for the period before taxes9903 | €22,563 | -€30,985 | -€7,263 | €20,764 | €33,876 | ▲ 63.1% |
| Income taxes67/77 | €3,089 | - | - | - | €3,639 | - |
| Profit (loss) for the period9904 | €19,475 | -€30,985 | -€7,263 | €20,764 | €30,237 | ▲ 45.6% |
| Profit (loss) for the period to be appropriated9905 | €19,475 | -€30,985 | -€7,263 | €20,764 | €30,237 | ▲ 45.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €145,072 | €89,874 | €71,776 | €86,021 | €115,196 | ▲ 33.9% |
| Fixed assets21/28 | €16,864 | €8,506 | €236 | €29 | €6,430 | ▲ 21,778% |
| Tangible fixed assets22/27 | €16,864 | €8,506 | €236 | €29 | €6,430 | ▲ 21,778% |
| Plant, machinery and equipment23 | €1,156 | €652 | €236 | €29 | - | - |
| Furniture and vehicles24 | - | - | - | - | €6,430 | - |
| Leasing and similar rights25 | €15,708 | €7,854 | - | - | - | - |
| Current assets29/58 | €128,208 | €81,368 | €71,541 | €85,992 | €108,766 | ▲ 26.5% |
| Amounts receivable within one year40/41 | €99,050 | €72,811 | €70,125 | €84,491 | €107,825 | ▲ 27.6% |
| Trade receivables40 | €97,598 | €71,650 | €69,196 | €83,294 | €105,448 | ▲ 26.6% |
| Other amounts receivable41 | €1,452 | €1,161 | €928 | €1,197 | €2,377 | ▲ 98.5% |
| Cash at bank and in hand54/58 | €28,996 | €7,921 | €648 | €917 | €274 | ▼ 70.1% |
| Deferred charges and accrued income490/1 | €163 | €636 | €768 | €584 | €668 | ▲ 14.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €145,072 | €89,874 | €71,776 | €86,021 | €115,196 | ▲ 33.9% |
| Equity10/15 | €87,894 | €56,909 | €49,645 | €70,410 | €100,647 | ▲ 42.9% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €16,860 | €16,860 | €16,860 | €16,860 | €16,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Tax-exempt reserves132 | €15,000 | €15,000 | €15,000 | €15,000 | €15,000 | = |
| Distributable reserves133 | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €64,834 | €33,849 | €26,585 | €47,350 | €77,587 | ▲ 63.9% |
| Amounts payable17/49 | €57,178 | €32,965 | €22,131 | €15,612 | €14,549 | ▼ 6.8% |
| Amounts payable after more than one year17 | €19,562 | €12,778 | €5,623 | - | - | - |
| Financial debts170/4 | €19,562 | €12,778 | €5,623 | - | - | - |
| Amounts payable within one year42/48 | €37,616 | €20,187 | €16,508 | €15,575 | €14,549 | ▼ 6.6% |
| Current portion of amounts payable after more than one year42 | €6,432 | €6,784 | €7,156 | €5,623 | - | - |
| Trade debts44 | €28,237 | €10,489 | €9,327 | €9,761 | €10,032 | ▲ 2.8% |
| Suppliers440/4 | €28,237 | €10,489 | €9,327 | €9,761 | €10,032 | ▲ 2.8% |
| Taxes, remuneration and social security45 | €2,915 | €2,915 | €26 | €26 | €3,665 | ▲ 13,979% |
| Taxes450/3 | €2,915 | €2,915 | €26 | €26 | €3,665 | ▲ 13,979% |
| Other amounts payable47/48 | €33 | - | - | €165 | €852 | ▲ 416% |
| Accrued charges and deferred income492/3 | - | - | - | €37 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,475 | -€30,985 | -€7,263 | €20,764 | €30,237 | ▲ 45.6% |
| + Depreciation and write-downs630 | €8,719 | €8,648 | €8,270 | €206 | €529 | ▲ 157% |
| Operating cash flow (approximation) | €28,193 | -€22,337 | €1,007 | €20,970 | €30,767 | ▲ 46.7% |
| Investment in fixed assets (approximation) | - | -€290 | €0 | €0 | -€6,930 | - |
| Change in cash | - | -€21,075 | -€7,273 | €269 | -€643 | ▼ 339% |
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
09-09
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 40 days late
2025
31-12
Financial
Highest result since 2018net €30,237 ▲45.6%
Operating result €35,808, net result €30,237, both a record.
31-12
Financial
Equity above €100,000Eq €100,647 ▲42.9%
2 profitable years in a row build equity to €100,647.
20-11
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 112 days late
2024
31-12
Financial
Back to profitnet €20,764
Net result €20,764 after 2 loss-making years.
18-09
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 49 days late
2023
05-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 36 days late
2022
31-12
Financial
Weakest financial yearnet -€30,985
Net result drops to -€30,985, the lowest in the series; recovery starts the following year.
08-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 39 days late
2021
23-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 23 days late
2020
12-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 73 days late
2019
31-12
Financial
Back to profitnet €15,698
Net result €15,698 after one loss-making year.
Show earlier events
16-09
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 47 days late
2018
28-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 59 days late
2017
26-09
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 57 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 Belgian State Gazette acts for this company. None of them has 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
2 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, Anderlecht · 1 establishment unit since 2009
Ground area
147 m²
Building footprint
72 m²
Volume, LiDAR
445 m³
Parcel 21302A0019/00V014, Brussels · tallest building 9.7 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
MAR-BELA SPRL
since 20092.176.719.491
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21302A0019/00V014 | Brussels | 147 m² | 1 · 72 m² | 9.7 m · 3 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.
Similar companies · same sector, comparable size
RENOMI
BE 0800.530.211
Somme-Leuze · Eq €100,668
THIMAX
BE 0865.795.472
Hamme (Vl.) · Eq €100,672
Truyts Dak & Renovatiewerken
BE 0781.381.619
Antwerpen · Eq €100,692
Steba Dak- en Renovatiewerken
BE 0748.917.303
Turnhout · Eq €100,521
CENTRITTO TOIT
BE 0742.576.768
Frameries · Eq €100,511
Of 11,141 companies in sector 43910 we hold annual accounts for 5,493. 4,811 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
Founded13-02-2009
Fiscal year end31-12
Activities, NACEBEL 2025
43910Bricklaying and masonry work
43120Site preparation
43230Insulation installation
43310Plastering work
43422Screed work
43990Other specialised construction activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0809800441
Also
9925:BE0809800441
Registered
13-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.