Equity
€9,554 from €91,177 in 2023
Equity fell by 90% in 2 years.
MARCANDO
Lifetime
4 annual accounts with figures on one time axispeak €533,036 (2025)
€533,036▲ 58.1%
lowest -€437,500 (2022)
-€17,890▲ €238,843
peak €91,177 (2023)
€9,554▼ 65.2%
€1.0m▲ 28.6%
peak 8.7 FTE (2024)
7.4 FTE▼ 14.9%
Board5 names since 2021
1 directorEBUSINESS CONSULTING
Owners
18.04%SEASTAR CAPITAL
Documentsfilings and deeds
23-07-20268 days before the deadline
2025abbreviated format
Gross margin from €337,200 to €533,036Loss of €17,890Staff from 8.7 FTE to 7.4 FTEEquity from €27,444 to €9,554Debts from €799,223 to €1.0mInvestments €336,551
Key points
from the 2025 annual accountsLosses
-€806,160 in four years
Every financial year from 2022 to 2025 closed with a loss. 2022 was the heaviest.
Debts
€1.0m 99% of the balance sheet
Financial debts 72%Suppliers 11%Taxes and wages 9%Other 8%
Of this, €292,270 falls due within a year.
Investments
€341,862 5.9 × depreciation
Green is investment, beige is depreciation.
Staff
7 employees on 31-12-2025
In 2025, 4 people joined and 5 left.
Position in the sector
0.9%
Lower solvency than 85% of companies in computer programming and consultancy. Sector median 46.4% · 3,407 companies.
Checked score
53
Fair
Financially stronger than 14% of micro companies in computer programming and consultancy (NACE 62)
Probability in this band: 1.5% to 4.2%
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.
Bankruptcy probability within 12 months
1.1% Low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 25,933 companies (NACE 62, micro).
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.4%
01-2025: 0.4%● unchanged vs 12-2024lowest value
02-2025: 0.4%● unchanged vs 01-2025lowest value
03-2025: 0.4%● unchanged vs 02-2025lowest value
04-2025: 0.4%● unchanged vs 03-2025
05-2025: 0.4%● unchanged vs 04-2025
06-2025: 0.4%● unchanged vs 05-2025
07-2025: 0.4%● unchanged vs 06-2025
08-2025: 0.7%▲ +0.3 percentage points vs 07-2025
09-2025: 1.2%▲ +0.5 percentage points vs 08-2025
10-2025: 1.2%● unchanged vs 09-2025
11-2025: 1.2%● unchanged vs 10-2025
12-2025: 1.2%● unchanged vs 11-2025
01-2026: 1.2%● unchanged vs 12-2025
02-2026: 1.2%● unchanged vs 01-2026
03-2026: 1.2%● unchanged vs 02-2026
04-2026: 1.2%● unchanged vs 03-2026
05-2026: 1.2%● unchanged vs 04-2026
06-2026: 1.3%▲ +0.1 percentage points vs 05-2026
07-2026: 1.3%● unchanged vs 06-2026highest value
08-2026: 1.0%▼ -0.3 percentage points vs 07-2026
09-2026: 1.0%● unchanged vs 08-2026
10-2026: 1.1%▲ +0.1 percentage points vs 09-2026
11-2026: 1.1%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: a net loss of at least half of total assets or of the equity at the start of the financial year
Size: 7.4 FTE, total assets €1.0m
Equity €9,554 (0.9% of total assets)
Liquidity: current ratio 0.80, cash €39,966
lowers risk
Sector: Computer programming, consultancy and related activities (NACE 62)
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 62, micro). It does better than 9% of them on solvency, 19% on liquidity, 17% on profitability and 11% on growth.
The bankruptcy probability was computed on 10-11-2026 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, 849 companies had the same profile as MARCANDO has now. Each dot stands for 3 companies, two years later.
91.9%
were still trading
3.3%
stopped another way
4.7%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MARCANDO itself: 1.1% within 12 months.
Test of the method
The method was tested on the 497,448 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 849 companies, not a prediction for MARCANDO. 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, only on tighter conditions
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is insufficient, with a current ratio of 0.8 (1.31 in 2024), below 1. Short-term debt is 28.2% and cash 3.9% of total assets. 99.1% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Seven signals.
lowers riskraises riskneutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
22232425
2022 to 2025 · latest year -€17,890
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 15% of 3407 sector peers (2025).
NBB · sector comparisonPosition among 3407 sector peers
Solvency
better than 15%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 23-07-2026, 8 days ahead of the deadline.
NBB · 4 filingsDeviation from the deadline
2025
8 days early
2024
on the day
2023
6 days early
2022
4 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 4 accounts on average 5 days before the deadline. In the sector (NACE 62), the median for financial year 2024 was 9 days before the deadline, and 33% 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 27 July (4 of the last 4 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
11-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
- SEASTAR CAPITAL 18.04%equity €108.8m (2025) · 2025 annual accounts of SEASTAR CAPITAL
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0766722147
Capital contribution of €193,000
Appointment: MALHERBE Didier Danielle Alain (niet statutair onafhankelijk bestuurder) · Gazette deed
3 directors appointed
MALTI (niet statutairoprichterbestuurder), SEASTAR CAPITAL (niet statutairinvesteerderbestuurder) and EBUSINESS CONSULTING (day-to-day manager) · Permanent representatives: OLBRECHTS MichielBenjaminAndré, VANCAUWENBERGE MichaëlMoniquePaulAdolf and VERSAVEL DirkAlexWillem · Gazette deed
Demerger: ENCIMA splits off to MARCANDO
Capital increase of €340,000 to €360,293.96 · Capital after the increase: €360,293.96, 3,400 new shares · Contributions: Versavel Dirk (€15,000, 150 shares); CALLEWIER Inge Maria Magda (€75,000, 750 shares); MESTDAGH - HARDEMAN (€250,000, 2,500 shares) · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MARCANDO Torhout | €1.0m | €533,036 | 0.9% | 7.4 |
| RAVIO Antwerp | €1.0m | €572,220 | -22.1% | 10 |
| SmartPos SRL Watermael-Boitsfort | €0.9m | €499,061 | 18.5% | 7.3 |
| TOQUA Ghent | €1.4m | €656,789 | 51.1% | 8.2 |
| STAGE 2 Ghent | €1.5m | €571,296 | 14.2% | 6.2 |
| EXTERNALIZ-IT Fernelmont | €1.1m | €665,721 | 11.8% | 5.4 |
| PAPERBOX Ghent | €1.3m | €734,928 | 20.6% | 9.1 |
These companies have the same main activity as MARCANDO: computer programming (NACE 62100). They are comparable in size and age: total assets between €855,000 and €1.5m, founded between 2019 and 2021.
Official details
Source: KBO- Status
- Active since 14-04-2021Normal situation
- Activity
- Computer programmingNACE 62100
- Joint committee
- 200Auxiliary committee for white-collar workers · annual accounts 2025
- Establishment unit
- 2.315.942.8018820 Torhout, since 14-04-2021
- Financial year end
- 31 December
- Peppol
- Reachable since 27-03-2026
Annual accounts 2025
- ≈ €1.4mestimated
- €1.0m▲ 25.5%
- Employeeson 31-12-2025
- 7▼ 12.5%
- Filing
- Filed on 23-07-2026, 8 days before the end of the filing period
Insights on MARCANDO
MARCANDO files the abbreviated format. That format states no turnover. The gross margin rose from €15,141 in 2022 to €533,036 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 MARCANDO
- What is the company number of MARCANDO?
- The company number of MARCANDO is 0766.722.147. The VAT number is the same number with BE in front: BE 0766.722.147.
- Where is MARCANDO based?
- The registered office is at Keibergstraat 112, 8820 Torhout.Company details
- What does MARCANDO do?
- According to the KBO register, the main activity is computer programming (NACE 62100).
- What is the legal form of MARCANDO?
- MARCANDO is a private limited company (BV).
- When was MARCANDO founded?
- MARCANDO was founded on 14-04-2021.
- Is MARCANDO still active?
- Yes, MARCANDO is an active enterprise in the KBO register.
- How many employees does MARCANDO have?
- MARCANDO had an average of 7.4 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- Which joint committee does MARCANDO fall under?
- In its 2025 annual accounts, MARCANDO states joint committee 200 (Auxiliary committee for white-collar workers).
- What is the turnover of MARCANDO?
- The turnover in financial year 2025 is ≈ €1.4m. This figure is estimated from the gross margin of €533,036 and 149 comparable companies (NACE 62). It probably lies between €960,000 and €2.3m.
- Is MARCANDO profitable?
- In financial year 2025, MARCANDO made a loss of €17,890.
- Where can I find the annual accounts of MARCANDO?
- MARCANDO filed 4 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of MARCANDO due?
- MARCANDO must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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