Liquidity
1.51 was 0.75 in 2024
Short-term debts rose from €4,751 to €13,681.
MAR Construct
Overview
Lifetime
2 annual accounts with figures on one time axispeak €10,303 (2025)
€10,303▲ 32.0%
peak €3,936 (2025)
€3,936▲ 10.6%
peak €9,994 (2025)
€9,994▲ 65.0%
€13,681▲ 188%
Board1 name since 2024
1 directorMURARIU,Constantin
Documentsfilings and deeds
29-08-202629 days late
2025micro format
Gross margin from €7,808 to €10,303Equity from €6,058 to €9,994Debts from €4,751 to €13,681Cash from €1,224 to €13,914
Key points
from the 2025 annual accountsAt the same address
13 companies
Position in the sector
€9,994
Less equity than 83% of companies in specialised construction. Sector median €57,703 · 35,137 companies.
2025 accounts filed 29 days after the deadline
Checked score
70
Healthy
Financially stronger than 69% 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 47,693 companies (NACE 43, micro).
About 8 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
05-2025: 2.0%
06-2025: 2.0%● unchanged vs 05-2025
07-2025: 2.4%▲ +0.4 percentage points vs 06-2025highest value
08-2025: 1.3%▼ -1.1 percentage points vs 07-2025
09-2025: 1.3%● unchanged vs 08-2025
10-2025: 1.3%● unchanged vs 09-2025
11-2025: 1.4%▲ +0.1 percentage points vs 10-2025
12-2025: 1.4%● unchanged vs 11-2025
01-2026: 1.4%● unchanged vs 12-2025
02-2026: 1.4%● unchanged vs 01-2026
03-2026: 1.4%● unchanged vs 02-2026
04-2026: 1.5%▲ +0.1 percentage points vs 03-2026
05-2026: 1.6%▲ +0.1 percentage points vs 04-2026
06-2026: 1.6%● unchanged vs 05-2026
07-2026: 1.7%▲ +0.1 percentage points vs 06-2026
08-2026: 2.2%▲ +0.5 percentage points vs 07-2026
09-2026: 0.8%▼ -1.4 percentage points vs 08-2026
10-2026: 0.8%● unchanged vs 09-2026
11-2026: 0.8%● unchanged vs 10-2026lowest value
Financial strengthStrong
Score breakdown
raises risk
Founded in 2024
Size: total assets €23,675
Last filed accounts filed 29 days late
lowers risk
Liquidity: current ratio 1.51, cash €13,914
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 45% of them on solvency, 69% on liquidity, 75% on profitability and 87% on growth.
The bankruptcy probability was computed on 08-11-2026 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, 39,278 companies had the same profile as MAR Construct has now. Each dot stands for 99 companies, two years later.
95.8%
were still trading
2.3%
stopped another way
1.8%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MAR Construct 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 39,278 companies, not a prediction for MAR Construct. 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 €500 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.51 (0.75 in 2024), above the usual 1.5. Short-term debt is 57.8% and cash 58.8% of total assets. However, 57.8% of the assets are financed with debt and provisions.
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskraises risk
raises risk · 2025 accounts filed 29 days late
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 29-08-2026, 29 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 · 2 filingsDeviation from the deadline
2025
29 days late
2024
on the day
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 2 accounts on average 15 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.
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 9925:BE1008012716
Incorporation
Founding capital of €2,500, 100 shares · Founder: MURARIU, Constantin (comparant) · Appointment: MURARIU, Constantin (director) · published on 08-04-2024 · Gazette deed
First establishment
Strijderssquare 9, Brussels
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MAR Construct Brussels | €23,675 | €10,303 | 42.2% | - |
| Reno Trans Tienen | €24,673 | €10,946 | 35.5% | - |
| Vanvoorden Interieur Oudsbergen | €20,856 | €8,455 | 28.0% | - |
| LPROPLAFONNAGE Pepinster | €22,971 | €7,382 | 61.3% | - |
| Société Hoffman Thierry Lontzen | €19,542 | €7,827 | 55.2% | - |
| Neefs Geenen Oud-Turnhout | €29,987 | €13,058 | 43.7% | - |
| CG Bepleistering Lummen | €19,299 | €7,685 | 36.7% | - |
These companies have the same main activity as MAR Construct: plastering work (NACE 43310). They are comparable in size and age: total assets between €19,300 and €30,000, founded between 2023 and 2024.
Official details
Source: KBO- Status
- Active since 04-04-2024Normal situation
- Registered office
- 14 active companies are registered at this addressSource: KBO register, as of 9 November 2026.
- Activity
- Plastering workNACE 43310and 5 others
- Establishment unit
- 2.358.574.3011020 Brussels, since 04-04-2024
- Financial year end
- 31 December
- Peppol
- Reachable since 19-12-2025
Annual accounts 2025
- €10,303▲ 32.0%
- ≈ €100,000estimated
- €3,936▲ 10.6%
- €9,994▲ 65.0%
- €23,675▲ 119%
- Filing
- Filed on 29-08-2026
Insights on MAR Construct
MAR Construct has been active since 2024 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €9,994 and a net result of €3,936.
Its solvency ranks better than 45% of 35,125 sector peers (NACE 43, financial year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Financials
Annual accounts 2025
micro format, filed on 29-08-2026, 29 days late€10,303
▲ 32.0%
€5,247
▲ 11.5%
€3,936
▲ 10.6%
€6,948
▲ €8,136
42.2%
▼ 13.8 percentage points
1.51
▲ 0.76
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €100,000. Estimated: probably between €60,000 and €220,000.
Balance sheet
balance sheet total €23,675 on 31-12-2025What the company ownsHow it is paid for
in euro
in euro
Position in the sector
42.2%
Higher than 45% of 35,125 companies in 2025.
1.51
Higher than 41% of 34,499 companies in 2025.
16.6%
Higher than 72% of 34,700 companies in 2025.
MAR Construct
Middle half of the sector
80% of the sector
Micro accounts in specialised construction (NACE 43)
Net result: middle half · Equity: bottom quarter · Balance sheet total: bottom quarter · Working capital: middle half
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| Balance sheet: assets | |||
20/58 |
23,675 | 10,810 | |
21/28 |
3,046 | 7,247 | |
22/27 |
3,046 | 7,247 | |
23 |
695 | 1,296 | |
24 |
2,352 | 5,950 | |
29/58 |
20,629 | 3,563 | |
40/41 |
6,715 | 1,984 | |
40 |
6,560 | 148 | |
41 |
155 | 1,837 | |
54/58 |
13,914 | 1,224 | |
490/1 |
- | 354 | |
| Balance sheet: equity and liabilities | |||
10/49 |
23,675 | 10,810 | |
10/15 |
9,994 | 6,058 | |
10/11 |
2,500 | 2,500 | |
14 |
7,494 | 3,558 | |
17/49 |
13,681 | 4,751 | |
42/48 |
13,681 | 4,751 | |
44 |
8,398 | 1,196 | |
440/4 |
8,398 | 1,196 | |
45 |
2,801 | 2,698 | |
450/3 |
2,801 | 1,388 | |
454/9 |
- | 1,310 | |
47/48 |
2,482 | 857 | |
| Income statement | |||
9900 |
10,303 | 7,808 | |
630 |
4,824 | 2,898 | |
640/8 |
232 | 202 | |
9901 |
5,247 | 4,708 | |
75/76B |
0 | 0 | |
75 |
0 | 0 | |
65/66B |
176 | 30 | |
65 |
176 | 30 | |
9903 |
5,071 | 4,678 | |
67/77 |
1,135 | 1,120 | |
9904 |
3,936 | 3,558 | |
9905 |
3,936 | 3,558 | |
| Appropriation of the result | |||
9906 |
7,494 | 3,558 | |
14P |
3,558 | - | |
| Document | |||
The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 29-08-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 29 days after the deadline. Filed on 29 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00450659.
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| 10,071 | 7,606 | ||
| 8,760 | 6,456 | ||
| 624 | 10,145 | ||
| 12,690 | - | ||
| 6,948 | -1,188 | ||
| 42.2% | 56.0% | ||
| 1.51 | 0.75 | ||
| 1.37 | 0.78 | ||
| 39.4% | 58.7% | ||
| 16.6% | 32.9% | ||
| 57.12 | over 100 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Investments
fixed assets acquired| Item | 2025 | 2024 |
|---|---|---|
| Tangible fixed assets | €624 | €10,145 |
| €4,824 | €2,898 |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
Insights on MAR Construct
The operating result for 2025 is 11% higher than in 2024.
Debt's share of the balance-sheet total rises from 44.0% to 57.8%. Equity and debt are higher.
Board & ownership
Board
1 director, since incorporationDirector
appointed by deed of 08-04-2024
term without a fixed end
listed in the 2024 annual accounts, filed on 31-07-2025
- Signing authorityThe articles say who may bind the company, for example by signing a contract.
- “Article 16.- Représentation - Actes et actions judiciaires. La société est représentée dans les actes, y compris ceux où interviennent un…”deed of 08-04-2024
Mandates through the years
1 name, the dashed line is todayMURARIU,Constantin
Director
Director
Board
Mandates as a list
- MURARIU,Constantin
- Director, appointed by deed of 08-04-2024, still in office
Control
Capital
- Contribution
- €2,500
- Shares
- 100
- Contribution per share
- €25
- Equity per share
- €99.94 in 2025
- Source
- deed of 08-04-2024
Articles of association
deed of 08-04-2024 (in French)- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimited
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Refus d'agrement cession entre vifs, opposition devant President Tribunal des Entreprises du siege statuant comme en refere”
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Second Tuesday of June at 18:00
Shareholders
At incorporation
deed of 08-04-2024 ↗
- MURARIU,Constantin 100 shares (100%)
Network & group
No group
MAR Construct has no parent and no holdings in its annual accounts. MURARIU,Constantin is the only director. MAR Construct shares no director with another company.
At the same address
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total assets €199,245 (2025) 0777.287.724 |
| TOP CONSTRUCT
registered office since 23-10-2015 · founded in 2015 |
total assets €176,750 (2025) 0641.840.288 |
| GIOVANNI MANAGEMENT
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total assets €126,621 (2026) 0798.081.455 |
| Ifrim, Ovidiu (sole trader)
establishment since 18-11-2024 |
founded in 2024 1016.330.663 |
| Huţanu, Emanuel (sole trader)
establishment since 15-09-2022 |
founded in 2022 0790.869.605 |
| Cazac, Sorin (sole trader)
establishment since 25-10-2017 |
founded in 2017 0683.756.364 |
| Burlǎ, Abner (sole trader)
establishment since 12-10-2016 |
founded in 2016 0664.469.497 |
| Busuioc, Alexandru (sole trader)
establishment since 11-09-2015 |
founded in 2015 0637.914.956 |
| Hodisan, Leontin (sole trader)
establishment since 01-01-2014 |
founded in 2013 0541.880.897 |
Timeline
Timeline
6 events since 2024Filings
Financial
Establishments
202420252026
Deadline for the 2026 accounts: 31-07-2027
2026
Annual accounts 2025 filed NBBmicro format · 29 days late
2025
Liquidity doubles current ratio 1.51 The current ratio rises from 0.75 to 1.51.
Registered in the Peppol Directory Reachable for e-invoices through 9925:BE1008012716
Annual accounts 2024 filed PDFmicro format · on the deadline day
2024
IncorporationFounding capital of €2,500, 100 shares · Founder: MURARIU, Constantin (comparant) · Appointment: MURARIU, Constantin (director) · published on 08-04-20245 points ▸
- Founder, MURARIU, Constantin (comparant)
- Founding capital, €2,500, 100 shares
- 100 shares
- Board rule, 1
- Director appointment, MURARIU, Constantin
- The deed holds 2 more points.
First establishment Strijderssquare 9, Brussels
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
History
On 4 April 2024, MAR Construct was incorporated as a private limited company by one natural person, with a starting capital of €2,500.12 MURARIU,Constantin is director of the company, appointed by deed of 08-04-2024.2 The company has filed 2 sets of annual accounts, the latest for financial year 2025.3
Company details
Identity
- Enterprise number
- 1008.012.716
- VAT number
- BE 1008.012.716
- Peppol ID
- 9925:BE1008012716
- Legal form
- Private limited company
- Status
- Active, normal situation
- Founded
- 04-04-2024
- Financial year
- ends on 31 December
- Annual meetingThe shareholders approve the annual accounts, among other things, at the annual meeting.
- Second Tuesday of June at 18:00deed of 08-04-2024 (in French)
- Peppol
- Reachable since 19-12-2025Follow this company and you will hear the next morning if it leaves the Peppol register.
- Name
- MAR Construct in French
- Entity type
- Legal entity
- DurationMost companies exist for an unlimited period, until they are dissolved.
- Unlimiteddeed of 08-04-2024 (in French)
- Name clauseThe company operates under this name according to its articles.
- MAR Constructdeed of 08-04-2024 (in French)
Activities
NACEBEL 202543310
Plastering work main activity
43320
Joinery installation
Codes under NACEBEL 2008
43310
Plastering work main activity
41101
Real estate development
41102
Construction of residential and non-residential buildings
43320
Joinery installation
43343
Specialised construction activities
43992
Specialised construction activities
- PurposeThe purpose describes the activities the company may carry out under its articles.
- “L'étudeetlaréalisationdetoustravauxdeconstruction,publicsetprivés,enqualitéd'entrepreneurgénéralouensous-traitance,laconceptionetlaconstruct…”deed of 08-04-2024 (in French)
19 activities
- L'étudeetlaréalisationdetoustravauxdeconstruction,publicsetprivés,enqualitéd'entrepreneurgénéralouensous-traitance,laconceptionetlaconstructiondetousbâtimentsetédifices,l'étudeetlaréalisationdedécorationstantintérieuresqu'extérieures
- Toutesopérationsserapportantdirectementouindirectementàl'entretien,larénovation,lestravauxderéparations,d'embellissements,derenouvellementetdemodernisation,etlamaintenancedetouslestypesd'ouvragesd'art,debienstimmeubles,etplusgénéralementtoutesopérationsserapportantdirectementouindirectementauxsecteursdestravauxpublicsetprivésetdubâtiment
- L'installationd'échafaudage,derejointoyageetnettoyagedesfaçades,detravauxd'étanchéitéetrevêtementsdeconstructionsparasphaltageetbitumage
- Lamenuiserieengénéraleetnotammentlafabrication,l'installation,larénovation,laréparation,lamiseenconformitéetledépannagedeportedetouttype,d'escalier,deparquet,deplancher,deplacards,cloison,lambris,fauxplafonds,pergolas,vérandas,terrassedetouttype,decharpentedetouttype,enboisetmétallique,devoletintérieuretextérieurdetouttype
- Laprotectioncontrel'incendieengénéral
- Lestravauxdepose,remplacementetréfectiondetoustypesdetoiture,plateouàversants
- Lestravauxd'électricitéengénéral,l'installation,larénovation,laréparation,lamiseenconformitéetledépannage
- Leplacementdetoutsystèmedesécurité,etnotammentlessystèmesd'alarme,anti-intrusion,caméras
- Laplomberie,sanitaireetlechauffagecentral,ainsiquel'installation,larénovation,laréparation,lamiseenconformitéetledépannage,ainsiqueleplacementdetoutescuisineséquipéesounon
- Leplafonnageetleplacementdetoutenduit,isolationthermique,isolationacoustique
- Laposedechapedetouttype,carrelage
- L'activitéd'entreprisedetravauxdedémolition,deterrassements,d'égouttage,creusement,comblement,ouverturedetranchésetpréparationdessites,asphaltage,bitumage,pavage,posedebordures
- L'achat,lavente,lalocation,l'importation,l'exportationdetousmatériaux,marchandises,appareilsetoutillagesnécessairesauxtravauxdeconstruction,d'entretien,demaintenance,deréparationetderenouvellementdesouvragesd'artetbâtiments
- Lapréparation,larédactionetlaconclusionentantquemandataireoupourcomptepropre,detousmarchésdetravauxpublicsouprivésoudefournitureetfairetoutesopérationsserattachantàcesobjets
- Laprestationdeconseilsetd'assistancetantaupointdevuetechniquequ'administratifetcommercialàtoutessociétésetentreprises,pourtoutcequiconcerne Федераl secteurdesbiensimmobiliers
- Lenettoyage,l’entretienetladésinfectiondemeubles,objetsdiversainsiquedetouslocauxcommerciauxetindustriels,debureaux,d’habitationsainsique lenettoyagedevitres
- L’entretiendeparcsetjardinsainsiqueladésinfectionetladératisation
- Lenettoyagedefa cascading
- Touteopérationimmobilièrecommemarchanddebiens,intermédiaireimmobilier,promoteur,agentimmobilier,acheterdesterrainsenvuedelaconstructiond'habitations,etlesmettreenlocationoulesvendre,construiredesbâtimentssurterrainsappartenantàautrui,rénoverdesbâtimentsenvuedelesmettreenventeouenlocation
Registered office and establishments
1 establishment| Establishment | Since | Unit number |
|---|---|---|
| Strijderssquare 9 registered office 1020 Brussels | 04-04-2024 | 2.358.574.301 |
Buildings and parcels at the address
- Ground area
- 119 m²
- Buildings
- 89 m²
- Volume, LiDAR
- 1,483 m³
- Tallest building
- 18.9 m
Buildings to scale, each on its own parcel
Parcels
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21815D0106/00D008 | 119 m² | 1 · 89 m² | 18.9 m · 6 |
Invoicing and payment
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 1008.012.716