MARCELLE AZNAR
ActiveSummary
MARCELLE AZNAR has been active since 2016 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €22k and a net result of €-2k. Equity is shrinking by ~8.2% per year across the filed fiscal years. Its solvency ranks better than 14% of 31791 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability43▲+20
Solvency31▼-1
Growth58=
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1k at 30 days acceptable
Liquidity short (current ratio 0.1 against 0.01 in 2024; short-term debt: 31.8% and cash: 0% of total assets), and 94.1% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
5.9%
Return on assets
-0.6%
Age of the figures
9 mo
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
1819202122232425
2018 to 2025 · latest year €-2k
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 14% of 31791 sector peers (2025).
NBB · sector comparisonPosition among 31791 sector peers
Solvency
better than 14%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 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 · 9 filingsDeviation from the deadline
2025
31 d late
2024
31 d late
2023
30 d late
2022
19 d early
2021
29 d late
2020
31 d late
2019
70 d late
← before the deadline
after the deadline →
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
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€22k▼ 9.0%
2024 · €25k
2018: €53k
2019: €55k▲ +4.2% vs 2018highest in 8 years
2020: €36k▼ -35.3% vs 2019
2021: €46k▲ +27.8% vs 2020
2022: €52k▲ +14.0% vs 2021
2023: €43k▼ -16.6% vs 2022
2024: €25k▼ -43.3% vs 2023
2025: €22k▼ -9.0% vs 2024lowest in 8 years
2018 → 2025
Total assets
€377k▲ 0.2%
2024 · €377k
2018: €547khighest in 8 years
2019: €501k▼ -8.5% vs 2018
2020: €471k▼ -6.1% vs 2019
2021: €464k▼ -1.4% vs 2020
2022: €447k▼ -3.6% vs 2021
2023: €399k▼ -10.7% vs 2022
2024: €377k▼ -5.7% vs 2023lowest in 8 years
2025: €377k▲ +0.2% vs 2024
2018 → 2025
Net result
€-2k▲ 88.2%
2024 · €-19k
2018: €-29klowest in 8 years
2019: €2k▲ +108% vs 2018
2020: €-20k▼ -983% vs 2019
2021: €10k▲ +151% vs 2020highest in 8 years
2022: €6k▼ -35.9% vs 2021
2023: €-9k▼ -235% vs 2022
2024: €-19k▼ -118% vs 2023
2025: €-2k▲ +88.2% vs 2024
2018 → 2025
Working capital
€-108k▼ 24.7%
2024 · €-87k
2018: €33khighest in 8 years
2019: €29k▼ -13.0% vs 2018
2020: €-5k▼ -118% vs 2019
2021: €-22k▼ -322% vs 2020
2022: €-28k▼ -26.6% vs 2021
2023: €-59k▼ -108% vs 2022
2024: €-87k▼ -48.4% vs 2023
2025: €-108k▼ -24.7% vs 2024lowest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€46k-€52k▲ 14.0%€43k▼ 16.6%€25k▼ 43.3%€22k▼ 9.0%
2021: €46k
2022: €52k▲ +14.0% vs 2021highest in 5 years
2023: €43k▼ -16.6% vs 2022
2024: €25k▼ -43.3% vs 2023
2025: €22k▼ -9.0% vs 2024lowest in 5 years
Operating result€19k-€19k▼ 4.2%€2k▼ 91.3%€-13k€175
2021: €19khighest in 5 years
2022: €19k▼ -4.2% vs 2021
2023: €2k▼ -91.3% vs 2022
2024: €-13k▼ -869% vs 2023lowest in 5 years
2025: €175▲ +101% vs 2024
Net result€10k-€6k▼ 35.9%€-9k€-19k▼ 118%€-2k▲ 88.2%
2021: €10khighest in 5 years
2022: €6k▼ -35.9% vs 2021
2023: €-9k▼ -235% vs 2022
2024: €-19k▼ -118% vs 2023lowest in 5 years
2025: €-2k▲ +88.2% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €175 after a loss of €13k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €377k
Fixed assets
€366k ▼ 2.6%
Current assets
€11k ▲ 1,069%
Equity and liabilities €377k
Equity
€22k ▼ 9.0%
Debt
€355k ▲ 0.8%
Debt's share of the balance-sheet total rises from 93.5% to 94.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€16k▲
2024 · €7k
Cash flow
€14k▲
2024 · €1k
Current ratio
0.10▲
2024 · 0.01
Debt to equity
15.82▲
2024 · 14.27
ROE
-9.9%▲
2024 · -76.4%
ROA
-0.6%▲
2024 · -5.0%
Interest coverage
3.04▲
2024 · 1.27
Debt ≤ 1 year
€120k▲
2024 · €88k
Debt > 1 year
€235k▼
2024 · €264k
Income taxes
€-3k▼
2024 · €534
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 39 lines
Balance sheet
Code20242025
Assets
Total assets20/58€377k€377k▲
Fixed assets21/28€376k€366k▼
Tangible fixed assets22/27€376k€366k▼
Land and buildings22€361k€350k▼
Furniture and vehicles24€5k€3k▼
Other tangible fixed assets26€10k€13k▲
Current assets29/58€976€11k▲
Amounts receivable within one year40/41€968€11k▲
Trade receivables40€968€11k▲
Cash at bank and in hand54/58€8€32▲
Deferred charges and accrued income490/1-€412
Equity and liabilities
Total equity and liabilities10/49€377k€377k▲
Equity10/15€25k€22k▼
Contributions10/11€20k€20k=
Reserves13€16k€16k=
Distributable reserves133€16k€16k=
Profit (loss) carried forward14€-12k€-14k▼
Amounts payable17/49€352k€355k▲
Amounts payable after more than one year17€264k€235k▼
Financial debts170/4€264k€235k▼
Amounts payable within one year42/48€88k€120k▲
Current portion of amounts payable after more than one year42€28k€29k▲
Trade debts44€1k€2k▲
Suppliers440/4€1k€2k▲
Taxes, remuneration and social security45€916€2k▲
Taxes450/3€916€2k▲
Other amounts payable47/48€57k€88k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€20k€16k▼
Other operating charges640/8€3k€3k▲
Gross operating margin9900€10k€19k▲
Operating profit (loss)9901€-13k€175▲
Financial charges65/66B€6k€5k▼
Recurring financial charges65€6k€5k▼
Profit (loss) for the period before taxes9903€-18k€-5k▲
Income taxes67/77€534€-3k▼
Profit (loss) for the period9904€-19k€-2k▲
Profit (loss) for the period to be appropriated9905€-19k€-2k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-12k€-14k▼
Profit (loss) brought forward from the previous period14P€7k€-12k▼
The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13k | €17k | €19k | €20k | €16k | ▼ 18.7% |
| Other operating charges640/8 | €5k | €4k | €258 | €3k | €3k | ▲ 9.1% |
| Gross operating margin9900 | €37k | €40k | €21k | €10k | €19k | ▲ 92.3% |
| Operating profit (loss)9901 | €19k | €19k | €2k | €-13k | €175 | ▲ 101% |
| Financial charges65/66B | €8k | €7k | €6k | €6k | €5k | ▼ 7.0% |
| Recurring financial charges65 | €8k | €7k | €6k | €6k | €5k | ▼ 7.0% |
| Profit (loss) for the period before taxes9903 | €12k | €12k | €-5k | €-18k | €-5k | ▲ 71.6% |
| Income taxes67/77 | €2k | €5k | €4k | €534 | €-3k | ▼ 659% |
| Profit (loss) for the period9904 | €10k | €6k | €-9k | €-19k | €-2k | ▲ 88.2% |
| Profit (loss) for the period to be appropriated9905 | €10k | €6k | €-9k | €-19k | €-2k | ▲ 88.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €464k | €447k | €399k | €377k | €377k | ▲ 0.2% |
| Fixed assets21/28 | €416k | €401k | €394k | €376k | €366k | ▼ 2.6% |
| Tangible fixed assets22/27 | €416k | €401k | €394k | €376k | €366k | ▼ 2.6% |
| Land and buildings22 | €395k | €384k | €372k | €361k | €350k | ▼ 3.1% |
| Furniture and vehicles24 | €20k | €15k | €10k | €5k | €3k | ▼ 38.6% |
| Other tangible fixed assets26 | €240 | €2k | €12k | €10k | €13k | ▲ 36.0% |
| Financial fixed assets28 | €50 | €50 | €50 | - | - | - |
| Current assets29/58 | €48k | €46k | €5k | €976 | €11k | ▲ 1,069% |
| Amounts receivable within one year40/41 | €979 | €2k | €5k | €968 | €11k | ▲ 1,033% |
| Trade receivables40 | €897 | - | €5k | €968 | €11k | ▲ 1,033% |
| Other amounts receivable41 | €83 | €2k | - | - | - | - |
| Cash at bank and in hand54/58 | €44k | €38k | €264 | €8 | €32 | ▲ 281% |
| Deferred charges and accrued income490/1 | €3k | €7k | - | - | €412 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €464k | €447k | €399k | €377k | €377k | ▲ 0.2% |
| Equity10/15 | €46k | €52k | €43k | €25k | €22k | ▼ 9.0% |
| Contributions10/11 | €19k | €19k | €20k | €20k | €20k | = |
| Reserves13 | €12k | €18k | €16k | €16k | €16k | = |
| Non-distributable reserves130/1 | €2k | €2k | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | - | - | - | - |
| Distributable reserves133 | €10k | €16k | €16k | €16k | €16k | = |
| Profit (loss) carried forward14 | €15k | €15k | €7k | €-12k | €-14k | ▼ 18.2% |
| Amounts payable17/49 | €418k | €395k | €356k | €352k | €355k | ▲ 0.8% |
| Amounts payable after more than one year17 | €348k | €320k | €292k | €264k | €235k | ▼ 11.0% |
| Financial debts170/4 | €348k | €320k | €292k | €264k | €235k | ▼ 11.0% |
| Amounts payable within one year42/48 | €70k | €75k | €63k | €88k | €120k | ▲ 36.3% |
| Current portion of amounts payable after more than one year42 | €27k | €27k | €28k | €28k | €29k | ▲ 1.8% |
| Trade debts44 | €5k | €6k | - | €1k | €2k | ▲ 52.8% |
| Suppliers440/4 | €5k | €6k | - | €1k | €2k | ▲ 52.8% |
| Taxes, remuneration and social security45 | €16k | €15k | €4k | €916 | €2k | ▲ 65.9% |
| Taxes450/3 | €16k | €15k | €4k | €916 | €2k | ▲ 65.9% |
| Other amounts payable47/48 | €22k | €26k | €32k | €57k | €88k | ▲ 52.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10k | €6k | €-9k | €-19k | €-2k | ▲ 88.2% |
| + Depreciation and write-downs630 | €13k | €17k | €19k | €20k | €16k | ▼ 18.7% |
| Operating cash flow (approximation) | €23k | €24k | €11k | €1k | €14k | ▲ 1,258% |
| Investment in fixed assets (approximation) | - | €-2k | €-13k | €-941 | €-6k | ▼ 583% |
| Change in cash | - | €-7k | €-37k | €-256 | €24 | ▲ 109% |
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
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
31-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 31 days late
2024
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
12-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 29 days late
2021
31-12
Financial
Back to profitnet €10k
Net result €10k after one loss-making year.
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
09-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 70 days late
2019
31-12
Financial
Back to profitnet €2k
Net result €2k after one loss-making year.
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 27 days late
2018
16-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 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, Brussel · 1 establishment unit since 2016
Ground area
1,120 m²
Building footprint
418 m²
Volume, LiDAR
6,503 m³
Parcel 21812N1398/00E000, Brussels · tallest building 18.6 m, ±5 floors. Linked by address, not a title deed.
13
companies at this address
See who is registered here
1 establishment unit
Werfstraat 2, 1000 Brussel
since 20162.257.783.975
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21812N1398/00E000 | Brussels | 1,119 m² | 1 · 418 m² | 18.6 m · 5 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.
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Of 82,553 companies in sector 70200 we hold annual accounts for 52,585. 31,791 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
Founded03-10-2016
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.