Active BE 0454.270.893Private limited company

MARCO

Nijverheidstraat 2A ·8770 Ingelmunster, Belgium· 31 yrs active

Sector: Non-specialised retail sale with food, beverages or tobacco predominating (47110)

Conclusion Checked

MARCO has been active since 1995 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.97M and a net result of €552k. Equity is growing by ~35.9% per year across the filed fiscal years. Its solvency ranks better than 79% of 9900 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).

Based on the State Gazette, CBE and 4 annual accounts.

Key figures

Equity	€1.97M
Net result	€552k
Staff (FTE)	16.1
Better than sector	79%

Financial profile 5 of 5 axes measured · computed by Checked

93 / 100

Exceptional profile, strong across almost every axis.

All 5 axes are computed from data Checked has read.

Health 93

Profitability 100

Solvency 95

Growth 78

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.4% Very low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Long-established

Founded in 1995, 31 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

93 / 100 Excellent

050100

Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€180k

estimate, not credit advice

Score history

86 2022

94 2023

94 2024

93 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 1.76 (≥ 1.5) +10

Quick ratio Quick ratio 1.13 (≥ 1.0) +5

Leverage Debt/equity 0.47 (< 1.0) +10

Profitability ROE 28% (≥ 10%) +10

Interest coverage Interest coverage 31.9× (≥ 3×) +8

Profit trend Net profit down YoY -3

Equity growth Equity growing YoY +3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview29 NBB filings

Annual accounts filed on 29-01-2026 with the NBB · fiscal year 2025 · abbreviated schema

Operating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

growing Equity: growth of ~35.9%/year over 4 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 47, Retail trade · compared within the same schema type (abbreviated schema)

Metric	This company	Sector median	Position in the sector
Solvency	67.8%	37.6%	better than 79% of 9900 sector peers
Net result	€552k	€31k	better than 95% of 9895 sector peers
Equity	€1.97M	€261k	better than 95% of 9909 sector peers
Gross operating margin	€1.55M	€227k	better than 95% of 9875 sector peers
Staff costs	€569k	€159k	higher than 87% of 7511 sector peers

EBITDA

€972k

-7.1% 22-25

Net profit

€552k

-21.9% 22-25

Cash flow

€746k

-3.7% 22-25

Total assets

€2.91M

-1.6% 22-25

Equity

€1.97M

+38.9% 22-25

Working capital

€630k

-22.2% 22-25

Employees (FTE)

16

-4.2% 22-25

Staff costs

€569k

-6.6% 22-25

Income taxes

€228k

-16.0% 22-25

Dividends

€0

-100.0% 22-25

Debt

€936k

-39.0% 22-25

Debt ≤ 1y

€825k

-41.1% 22-25

Debt > 1y

€0

- 22-25

Current ratio

1.76

+11.8% 22-25

Quick ratio

1.13

-3.3% 22-25

Solvency

67.8%

+41.1% 22-25

Debt / equity

0.47

-56.1% 22-25

ROE

28.0%

-43.7% 22-25

ROA

19.0%

-20.6% 22-25

Interest coverage

31.85

-19.5% 22-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023	2022
Deposit	abbreviated schema	abbreviated schema	abbreviated schema	abbreviated schema
Revenue	-	-	-	-
EBITDA	€972k	€1.05M	€734k	€587k
Net profit	€552k	€706k	€495k	€336k
Cash flow	€746k	€775k	€541k	€393k
Staff costs	€569k	€610k	€520k	€538k
Income taxes	€228k	€272k	€175k	€150k
Dividends	€0	€300k	€320k	€303k
Total assets	€2.91M	€2.95M	€2.50M	€2.24M
Equity	€1.97M	€1.42M	€1.01M	€839k
Debt	€936k	€1.53M	€1.49M	€1.40M
of which ≤ 1y	€825k	€1.40M	€1.33M	€1.23M
of which > 1y	-	-	-	€0
Working capital	€630k	€811k	€870k	€886k
Employees (FTE)	16.1	16.8	16.2	16.7

Ratios (computed)

	2025	2024	2023	2022
Current ratio	1.76	1.58	1.65	1.72
Quick ratio	1.13	1.16	1.26	1.30
Working capital ratio	21.7%	27.5%	34.8%	39.5%
Solvency	67.8%	48.1%	40.6%	37.4%
Debt / equity	0.47	1.08	1.47	1.67
Long-term debt ratio	-	-	-	0.00
Interest coverage	31.85	39.55	23.32	11.99
Gross margin	-	-	-	-
Net margin	-	-	-	-
ROA	19.0%	23.9%	19.8%	15.0%
ROE	28.0%	49.7%	48.8%	40.0%
EBITDA margin	-	-	-	-
Days sales outstanding	-	-	-	-
Days payable outstanding	-	-	-	-
Inventory turnover	-	-	-	-
Days inventory (DSI)	-	-	-	-

Balance-sheet composition 2025

Assets

Fixed assets €1.45M · 50.0% Current assets €1.46M · 50.1%

Equity & liabilities

Equity €1.97M · 67.8% Debt €936k · 32.2%

Full annual accounts (26 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023	2022
Balance sheet, Assets
TOTAL ASSETS	20/58	€2.91M	€2.95M	€2.50M	€2.24M
Fixed assets	21/28	€1.45M	€741k	€298k	€131k
Tangible fixed assets	22/27	€1.44M	€734k	€294k	€127k
Financial fixed assets	28	€7k	€7k	€5k	€5k
Current assets	29/58	€1.46M	€2.21M	€2.20M	€2.11M
Stocks & contracts in progress	3	€526k	€580k	€525k	€517k
Amounts receivable within one year	40/41	€129k	€165k	€180k	€118k
Investments	50/53	€426k	€963k	€500k	€525k
Cash & bank	54/58	€361k	€395k	€885k	€841k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€2.91M	€2.95M	€2.50M	€2.24M
Equity	10/15	€1.97M	€1.42M	€1.01M	€839k
Contributions / capital	10/11	€19k	€19k	€19k	€19k
Reserves	13	€1.94M	€1.39M	€988k	€818k
Accumulated profits (losses)	14	€8k	€7k	€7k	€2k
Amounts payable	17/49	€936k	€1.53M	€1.49M	€1.40M
Amounts payable after one year	17	-	-	-	€0
Amounts payable within one year	42/48	€825k	€1.40M	€1.33M	€1.23M
Trade debts payable within one year	44	€730k	€949k	€790k	€741k
Income statement
Gross operating margin	9900	€1.55M	€1.69M	€1.26M	€1.13M
Operating result	9901	€778k	€978k	€687k	€530k
Financial income	75	€33k	€27k	€14k	€5k
Financial charges	65	€31k	€26k	€31k	€49k
Result before taxes	9903	€780k	€978k	€670k	€486k
Income taxes	67/77	€228k	€272k	€175k	€150k
Net result for the period	9904	€552k	€706k	€495k	€336k
Result to be appropriated	9905	€552k	€706k	€495k	€336k

Directors & mandates 3 directors

Directors derived from a single State Gazette act, under verification

All 3 current directors first appear in the same act (24353201). Founders or capital subscribers may have been counted as directors here; the real board composition is being verified.

Current directors & mandates

Jo Bettens
Director
State Gazette act 24353201 (05-02-2024)

Current
05-02-2024 → present
Sofie De Meersman
Director
State Gazette act 24353201 (05-02-2024)

Current
05-02-2024 → present
VEDALegal entity
Director· perm. rep.: Paul Vanhonsebrouck
State Gazette act 24353201 (05-02-2024)

Current
05-02-2024 → present

Legal Structure

NACE primary	Non-specialised retail sale with food, beverages or tobacco predominating(47110)
Legal form	Private limited company(610)
Incorporation	09-01-1995
Status	Active
Postal code	8770

Establishment units 1 location

AD DELHAIZE

Dorpshart 34, 2870 Puurs-Sint-AmandsWarehousing and support activities for transportation

since 19952.071.022.551

Real-estate footprint Source: CBE × cadastre

Flanders 2 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
36007B0950/00X004	Flanders	2,129 m²	1 · 1,180 m²	5.6 m · 2 fl.
12030B0390/00L000	Flanders	2,096 m²	1 · 1,897 m²	14.7 m · 3 fl.

Methodology

via registered seat: 1 · via establishment units: 1

2 of 2 parcels with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Updates 11 events

All 13Financial 2Gazette 1Filings 10

Next filing, fiscal year 2026, expected by 31-01-2027

2026

29-01

NBB filing Annual accounts filed

fiscal year 2025 · abbreviated schema

2024

30-10

NBB filing Annual accounts filed

fiscal year 2024 · abbreviated schema

30-06

Financial Highest result since 2022net €706k ▲42.8%

Operating result €978k, net result €706k, both a record.

05-02

State Gazette act Director changes

Kurt Vuylsteke

2023

20-12

NBB filing Annual accounts filed

fiscal year 2023 · abbreviated schema

30-06

Financial Equity above €1MEq €1.01M ▲20.8%

2 profitable years in a row build equity to €1.01M.

31-01

NBB filing Annual accounts filed

fiscal year 2022 · abbreviated schema

2021

20-12

NBB filing Annual accounts filed

fiscal year 2021 · abbreviated schema

2020

21-12

NBB filing Annual accounts filed

fiscal year 2020 · abbreviated schema

31-01

NBB filing Annual accounts filed

fiscal year 2019 · abbreviated schema

2018

19-12

NBB filing Annual accounts filed

fiscal year 2018 · abbreviated schema

2017

21-12

NBB filing Annual accounts filed

fiscal year 2017 · abbreviated schema

2016

23-12

NBB filing Annual accounts filed

fiscal year 2016 · abbreviated schema

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 5 acts read

We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 1 acts

All acts · 1 updated 2 years ago

2024

05-02-2024 3 directors appointed Director changes·Kurt Vuylsteke

Paul Vanhonsebrouck, Bestuurder
Jo Bettens, Bestuurder
Sofie De Meersman, Bestuurder

Notary: Kurt Vuylsteke · Kuurne

Original publication ↗

Technical details

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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Non-specialised retail sale with food, beverages or tobacco predominating47110Supermarkets47114Retail sale of meat and meat products, excluding game and poultry472215211452220Retail sale of bread and pastry (bakery outlets)47241Limited-service restaurants, excluding mobile food services56112

Names & trade names

Legal nameNL

MARCO

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