MARCA PROJECT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 26-02-2026 PDF all 34 filings
Turnover
≈ €97,000
Estimated: probably between €40,000 and €240,000
Total assets
€1.6m▼ 0.9%
2024 · €1.6m
Net result
-€25,863▲ 13.3%
2024 · -€29,824
Working capital
-€872,573▼ 0.9%
2024 · -€865,188
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€10,759
▲ 44.7%
2025
20192025
Net result
-€25,863
▲ 13.3%
2025
20192025
Equity
€729,295
▼ 3.4%
2025
20192025
Total assets
€1.6m
▼ 0.9%
2025
20192025
Debt
€895,889
▲ 1.3%
2025
20192025
Working capital
-€872,573
▼ 0.9%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€0.02m-€393€0.004m▲ 885%-€0.004m-€0.008m▼ 109%-€0.02m▼ 137%-€0.01m▲ 44.7%
Net result-€0.02m--€109▲ 99.5%-€0.007m▼ 6,224%-€0.004m▲ 43.4%-€0.03m▼ 611%-€0.03m▼ 7.5%-€0.03m▲ 13.3%
Equity€0.8m-€0.8m=€0.8m▼ 0.8%€0.8m▼ 0.5%€0.8m▼ 3.4%€0.8m▼ 3.8%€0.7m▼ 3.4%
Total assets€1.0m-€0.9m▼ 1.7%€1.7m▲ 79.5%€1.7m▼ 0.9%€1.7m▼ 1.0%€1.6m▼ 1.5%€1.6m▼ 0.9%
Debt€0.1m-€0.1m▼ 11.6%€0.9m▲ 625%€0.9m▼ 1.3%€0.9m▲ 1.3%€0.9m▲ 0.6%€0.9m▲ 1.3%
Working capital-€0.09m--€0.1m▼ 4.0%-€0.9m▼ 792%-€0.9m▲ 1.2%-€0.9m▼ 1.1%-€0.9m▼ 0.6%-€0.9m▼ 0.9%
The operating result for 2025 is a loss of €10,759, smaller than the loss of €19,439 in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.6m
Fixed assets
€1.6m ▼ 1.1%
Current assets
€22,714 ▲ 23.9%
Equity and liabilities €1.6m
Equity
€729,295 ▼ 3.4%
Debt
€895,889 ▲ 1.3%
Debt's share of the balance-sheet total rises from 53.9% to 55.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€7,671▼
2024 · €10,102
Cash flow
-€7,433▼
2024 · -€282
Current ratio
0.03▲
2024 · 0.02
Debt to equity
1.23▲
2024 · 1.17
ROE
-3.5%▲
2024 · -3.9%
ROA
-1.6%▲
2024 · -1.8%
Interest coverage
0.52▼
2024 · 0.98
Debt ≤ 1 year
€895,287▲
2024 · €883,523
Income taxes
€278▲
2024 · €93
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-07-2022 | 31-07-2023 | 31-07-2024 | 31-07-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1,644 | - | €5,074 | - |
| Depreciation and write-downs of the year | €21,670 | €21,689 | €29,542 | €18,430 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,533 | €18,118 | €8,869 | €21,670 | €21,689 | €29,542 | €18,430 | ▼ 37.6% |
| Other operating charges640/8 | - | - | - | €3,173 | €9,073 | €6,449 | €6,594 | ▲ 2.3% |
| Gross operating margin9900 | €3,999 | €20,914 | €13,976 | €20,921 | €22,557 | €16,551 | €14,265 | ▼ 13.8% |
| Operating profit (loss)9901 | -€17,523 | €393 | €3,872 | -€3,922 | -€8,206 | -€19,439 | -€10,759 | ▲ 44.7% |
| Financial income75/76B | - | - | - | €361 | - | €0 | €27 | ▲ 2,732× |
| Recurring financial income75 | €503 | €563 | €497 | €361 | - | €0 | €27 | ▲ 2,732× |
| Financial charges65/66B | - | - | - | €340 | €19,548 | €10,291 | €14,853 | ▲ 44.3% |
| Recurring financial charges65 | €5,988 | €1,065 | €11,263 | €340 | €19,548 | €10,291 | €14,853 | ▲ 44.3% |
| Profit (loss) for the period before taxes9903 | -€23,009 | -€109 | -€6,893 | -€3,902 | -€27,754 | -€29,730 | -€25,585 | ▲ 13.9% |
| Income taxes67/77 | - | - | - | - | - | €93 | €278 | ▲ 198% |
| Profit (loss) for the period9904 | -€23,009 | -€109 | -€6,893 | -€3,902 | -€27,754 | -€29,824 | -€25,863 | ▲ 13.3% |
| Profit (loss) for the period to be appropriated9905 | -€23,009 | -€109 | -€6,893 | -€3,902 | -€27,754 | -€29,824 | -€25,863 | ▲ 13.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.0m | €0.9m | €1.7m | €1.7m | €1.7m | €1.6m | €1.6m | ▼ 0.9% |
| Fixed assets21/28 | €0.9m | €0.9m | €1.7m | €1.7m | €1.6m | €1.6m | €1.6m | ▼ 1.1% |
| Tangible fixed assets22/27 | €0.5m | €0.4m | €1.2m | €1.2m | €1.2m | €1.1m | €1.1m | ▼ 1.6% |
| Land and buildings22 | - | - | - | €1.2m | €1.2m | €1.1m | €1.1m | ▼ 1.6% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0.005m | €0.004m | ▼ 21.9% |
| Financial fixed assets28 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Current assets29/58 | €0.01m | €0.01m | €0.009m | €0.01m | €0.02m | €0.02m | €0.02m | ▲ 23.9% |
| Amounts receivable within one year40/41 | €0.004m | €0.005m | €0.005m | €0.006m | - | €114 | €114 | = |
| Trade receivables40 | - | - | - | €406 | - | - | - | - |
| Other amounts receivable41 | - | - | - | €0.006m | - | €114 | €114 | = |
| Cash at bank and in hand54/58 | €0.009m | €0.004m | €0.002m | €0.006m | €0.02m | €0.006m | €0.01m | ▲ 112% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | - | €0.01m | €0.01m | ▼ 19.4% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.0m | €0.9m | €1.7m | €1.7m | €1.7m | €1.6m | €1.6m | ▼ 0.9% |
| Equity10/15 | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.7m | ▼ 3.4% |
| Contributions10/11 | €0.4m | - | - | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Revaluation surpluses12 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Non-distributable reserves130/1 | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Reserves not available under the articles1311 | - | - | - | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Other1319 | - | - | - | €154 | €154 | €154 | €154 | = |
| Distributable reserves133 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Profit (loss) carried forward14 | - | - | - | -€0.004m | -€0.03m | -€0.06m | -€0.09m | ▼ 42.1% |
| Amounts payable17/49 | €0.1m | €0.1m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | ▲ 1.3% |
| Amounts payable after more than one year17 | €0.03m | €0.01m | €0.008m | €0.003m | - | - | - | - |
| Financial debts170/4 | - | - | - | €0.003m | - | - | - | - |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | ▲ 1.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.004m | €0.003m | €0 | - | - |
| Trade debts44 | €0.02m | €0.01m | €0.1m | €0.01m | €0.002m | €0.002m | €0.002m | ▼ 3.8% |
| Suppliers440/4 | - | - | - | €0.01m | €0.002m | €0.002m | €0.002m | ▼ 3.8% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €93 | €271 | ▲ 191% |
| Taxes450/3 | - | - | - | - | - | €93 | €271 | ▲ 191% |
| Other amounts payable47/48 | - | - | - | €0.8m | €0.9m | €0.9m | €0.9m | ▲ 1.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €0.001m | €0.001m | ▲ 8.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€23,009 | -€109 | -€6,893 | -€3,902 | -€27,754 | -€29,824 | -€25,863 | ▲ 13.3% |
| + Depreciation and write-downs630 | €17,533 | €18,118 | €8,869 | €21,670 | €21,689 | €29,542 | €18,430 | ▼ 37.6% |
| Operating cash flow (approximation) | -€5,476 | €18,009 | €1,976 | €17,768 | -€6,065 | -€282 | -€7,433 | ▼ 2,535% |
| Investment in fixed assets (approximation) | - | -€5,847 | -€762,071 | -€1,644 | €0 | -€5,074 | €0 | - |
| Change in cash | - | -€4,366 | -€2,359 | €3,518 | €13,007 | -€12,552 | €6,744 | - |
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, 8,617 companies had the same profile as MARCA PROJECT has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MARCA PROJECT itself: 0.1% within 12 months.
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 8,617 companies, not a prediction for MARCA PROJECT. 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.
Latest 10 of 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-07-2025 | abbreviated format | 26-02-2026 | 2026-00046611 | |
| 31-07-2024 | abbreviated format | 27-02-2025 | 2025-00041051 | |
| 31-07-2023 | abbreviated format | 29-02-2024 | 2024-00037335 | |
| 31-07-2022 | abbreviated format | 28-02-2023 | 2023-00034780 | |
| 31-07-2021 | abbreviated format | 28-02-2022 | 2022-06700297 | |
| 31-07-2020 | abbreviated format | 26-02-2021 | 2021-06300240 | |
| 31-07-2019 | abbreviated format | 06-03-2020 | 2020-06400073 | |
| 31-07-2018 | abbreviated format | 29-01-2019 | 2019-03000157 | |
| 31-07-2017 | abbreviated format | 24-01-2018 | 2018-02300394 | |
| 31-07-2016 | abbreviated format | 14-03-2017 | 2017-06300148 |