Equity
-€108,718
Debts exceed assets in financial year 2025.
MARACANA
Lifetime
20 annual accounts with figures on one time axis, 35 filings since 1991peak €1.4m (2015)
€67,450▼ 20.8%
lowest -€576,482 (2007)
-€371,120▲ €7,601
peak €668,798 (2020)
-€108,718▼ €371,120
€9.1m▲ 28.6%
Board2 names since 2020
2 directorsFrank De Graeve and 1 other
Documentsfilings and deeds
29-07-20261 days before the deadline
2025abbreviated format
Gross margin from €85,135 to €67,450Loss of €371,120Power of attorney: Stijn RAES 23-01Equity from €262,401 to -€108,718Debts from €7.1m to €9.1mCash from €35,211 to €23,829
Key points
from the 2025 annual accountsLosses
-€749,840 in two years
The 2024 and 2025 financial years closed with a loss. 2024 was the heaviest.
Debts
€9.1m 101% of the balance sheet
Financial debts 90%Suppliers 0%Taxes and wages 0%Other 10%
Of this, €4.0m falls due within a year.
Liquidity
1.64 was 0.90 in 2024
Short-term debts fell from €5.2m to €4.0m.
Filings
35 annual accounts since 1991
Two of the last ten came late. The 2019 accounts came latest: 46 days after the end of the period.
Position in the sector
-€371,120
Lower net result than 95% of companies in real estate. Sector median €9,988 · 11,280 companies.
Checked score
53
Fair
Financially stronger than 12% of small companies in real estate (NACE 68)
Probability in this band: 1.5% to 4.2%
Negative equity caps the score at 59.
Bankruptcy probability within 12 months
0.5% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 6,998 companies (NACE 68, small).
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024lowest value
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.2%▲ +0.1 percentage points vs 04-2025
06-2025: 0.2%● unchanged vs 05-2025
07-2025: 0.3%▲ +0.1 percentage points vs 06-2025
08-2025: 0.4%▲ +0.1 percentage points vs 07-2025
09-2025: 0.4%● unchanged vs 08-2025
10-2025: 0.4%● unchanged vs 09-2025
11-2025: 0.4%● unchanged vs 10-2025
12-2025: 0.4%● unchanged vs 11-2025
01-2026: 0.4%● unchanged vs 12-2025
02-2026: 0.4%● unchanged vs 01-2026
03-2026: 0.4%● unchanged vs 02-2026
04-2026: 0.4%● unchanged vs 03-2026
05-2026: 0.4%● unchanged vs 04-2026
06-2026: 0.4%● unchanged vs 05-2026
07-2026: 0.5%▲ +0.1 percentage points vs 06-2026
08-2026: 0.5%● unchanged vs 07-2026highest value
09-2026: 0.5%● unchanged vs 08-2026highest value
10-2026: 0.5%● unchanged vs 09-2026highest value
11-2026: 0.5%● unchanged vs 10-2026highest value
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: negative equity
Liquidity: current ratio 1.64, cash €23,829
Negative equity -€108,718
1 of the last 3 accounts late
lowers risk
Size: total assets €9.0m
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 68, small). It does better than 13% of them on solvency, 22% on liquidity, 7% on profitability and 4% on growth.
The bankruptcy probability was computed on 06-11-2026 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 30-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% 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, 139 companies had the same profile as MARACANA has now. Each dot is one company, two years later.
95.7%
were still trading
2.2%
stopped another way
2.2%
went bankrupt
That fits the bankruptcy probability of MARACANA itself: 0.5% 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 139 companies, not a prediction for MARACANA. 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
No credit on open account
Liquidity is ample, with a current ratio of 1.64 (0.9 in 2024), above the usual 1.5. Short-term debt is 44.2% and cash 0.3% of total assets. However, equity is negative.
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Signals
Six signals.
lowers riskraises riskneutral
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€108,718
neutral · Latest accounts filed on time
The financial year that closed on 30-12-2025 was due by 30-07-2026 and was filed on 29-07-2026, 1 day ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
1 day early
2024
30 days early
2023
34 days late
2022
3 days early
2021
33 days early
2020
19 days early
2019
46 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 1 day before the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (1)
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0441591510
Purpose change · Amendment of the articles
General meeting of 14-12-2022 · Gazette deed
Reappointment: Frank De Graeve (managing director)
Appointment: Pierre De Graeve (director) · General meeting of 18-07-2020 · Gazette deed
First establishment
Nelemeersstraat 65, Sint-Martens-Latem
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MARACANA Sint-Martens-Latem | €9.0m | €67,450 | -1.2% | - |
| MEVANCO Waasmunster | €8.6m | €63,600 | 68.7% | - |
| VL - INVEST Laakdal | €10.0m | €87,901 | 27.0% | - |
| PARGEFIN Uccle | €6.5m | €72,442 | 63.5% | - |
| GECRIMO Moorslede | €12.7m | €49,470 | 7.5% | 0 |
| CHRYSAUR Ramillies | €6.6m | €108,442 | 95.5% | - |
| SONNENHOF AG Saint-Vith | €5.2m | €60,592 | 10.9% | - |
These companies have the same main activity as MARACANA: real estate agency activities (NACE 68310). They are comparable in size and age: total assets between €5.2m and €13m, founded between 1989 and 1994.
Official details
Source: KBO- Status
- Active since 31-07-1990Normal situation
- Activity
- Real estate agency activitiesNACE 68310and 1 other
- Establishment unit
- 2.049.888.4299830 Sint-Martens-Latem, since 27-09-1990
- Financial year end
- 30 December
- Peppol
- Reachable since 01-09-2025
Annual accounts to 30-12-2025
- ≈ €140,000estimated
- €9.0m▲ 22.5%
- ≈ 0.1 FTEestimated
- Filing
- Filed on 29-07-2026, 1 day before the end of the filing period
Insights on MARACANA
MARACANA files the abbreviated format. That format states no turnover. The gross margin fell from €247,020 in 2006 to €67,450 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 MARACANA
- What is the company number of MARACANA?
- The company number of MARACANA is 0441.591.510. The VAT number is the same number with BE in front: BE 0441.591.510.
- Where is MARACANA based?
- The registered office is at Nelemeersstraat 65, 9830 Sint-Martens-Latem.Company details
- What does MARACANA do?
- According to the KBO register, the main activity is real estate agency activities (NACE 68310).
- What is the legal form of MARACANA?
- MARACANA is a public limited company (NV).
- When was MARACANA founded?
- MARACANA was founded on 31-07-1990.
- Is MARACANA still active?
- Yes, MARACANA is an active enterprise in the KBO register.
- What is the turnover of MARACANA?
- The turnover in financial year 2025 is ≈ €140,000. This figure is estimated from the gross margin of €67,450 and 32 comparable companies (NACE 683). It probably lies between €92,000 and €200,000.Financials
- Is MARACANA profitable?
- In financial year 2025, MARACANA made a loss of €371,120.
- Where can I find the annual accounts of MARACANA?
- MARACANA filed 35 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
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