marCoen
ActiveSummary
marCoen has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €588,521 and a net result of €282,678. Equity is growing by ~7.3% per year across the filed fiscal years. Its solvency ranks better than 53% of 10519 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability93▲+8
Solvency65▲+16
Growth78▲+46
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €40,000 at 30 days acceptable
Liquidity ample (current ratio 2.11 against 2.1 in 2024; short-term debt: 32.2% and cash: 21.6% of total assets), but 60.4% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
39.6%
Return on assets
19%
Age of the figures
18 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 20-10-2025, 11 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
11 d early
2024
21 d early
2023
on the day
2022
25 d late
2021
30 d late
2020
27 d late
2019
31 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 3 days after the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today. Usually files around 31 October (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
31-03-2026 close28-09-2026 today31-10-2026 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Is the workforce growing, and do people stay?Employer check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check What other support did companies like this one receive, and it did not?Public money
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#6 employer in Boortmeerbeek, Wholesale and retail trade sector#9 fastest grower in Boortmeerbeek
Equity
€588,521▲ 92.4%
2024 · €305,844
Total assets
€1.5m▲ 14.4%
2024 · €1.3m
Net result
€282,678▲ 68.5%
2024 · €167,741
Working capital
€528,977▲ 20.9%
2024 · €437,611
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€360,363▲ 51.6%€278,236▼ 22.8%€160,190▼ 42.4%€254,882▲ 59.1%€402,973▲ 58.1%
Net result€252,675above the sector's middle half▲ 58.6%€192,228above the sector's middle half▼ 23.9%€107,302within the sector's middle half▼ 44.2%€167,741above the sector's middle half▲ 56.3%€282,678above the sector's middle half▲ 68.5%
Equity€488,573within the sector's middle half▲ 18.9%€580,801within the sector's middle half▲ 18.9%€688,102within the sector's middle half▲ 18.5%€305,844within the sector's middle half▼ 55.6%€588,521within the sector's middle half▲ 92.4%
Total assets€1.5mwithin the sector's middle half▼ 11.4%€1.2mwithin the sector's middle half▼ 16.3%€1.7mwithin the sector's middle half▲ 34.6%€1.3mwithin the sector's middle half▼ 22.7%€1.5mwithin the sector's middle half▲ 14.4%
Debt€1.0m▼ 21.2%€667,227▼ 33.5%€991,778▲ 48.6%€992,021=€896,088▼ 9.7%
Working capital€927,212above the sector's middle half▼ 0.2%€913,514above the sector's middle half▼ 1.5%€1.1mabove the sector's middle half▲ 18.0%€437,611within the sector's middle half▼ 59.4%€528,977above the sector's middle half▲ 20.9%
Solvency32.8%within the sector's middle half▲ 8.3pp46.5%within the sector's middle half▲ 13.8pp41.0%within the sector's middle half▼ 5.6pp23.6%within the sector's middle half▼ 17.4pp39.6%within the sector's middle half▲ 16.1pp
Current ratio3.27above the sector's middle half▲ 0.795.31above the sector's middle half▲ 2.045.14above the sector's middle half▼ 0.172.10within the sector's middle half▼ 3.042.11within the sector's middle half▲ 0.01
Return on assets (ROA)16.9%above the sector's middle half▲ 7.5pp15.4%above the sector's middle half▼ 1.5pp6.4%within the sector's middle half▼ 9.0pp12.9%above the sector's middle half▲ 6.5pp19.0%above the sector's middle half▲ 6.1pp
Staff (FTE)12.2above the sector's middle half▼ 24.2%13.8above the sector's middle half▲ 13.1%14.2above the sector's middle half▲ 2.9%15.6above the sector's middle half▲ 9.9%16.1above the sector's middle half▲ 3.2%
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 58% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.5m
Fixed assets
€477,568 ▲ 3.5%
Current assets
€1.0m ▲ 20.4%
Equity and liabilities €1.5m
Equity
€588,521 ▲ 92.4%
Debt
€896,088 ▼ 9.7%
Debt's share of the balance-sheet total falls from 76.4% to 60.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€504,634▲
2024 · €325,293
Cash flow
€384,338▲
2024 · €238,152
Quick ratio
0.98▲
2024 · 0.85
Debt to equity
1.52▼
2024 · 3.24
ROE
48.0%▼
2024 · 54.8%
Interest coverage
19.06▲
2024 · 11.83
Debt ≤ 1 year
€478,065▲
2024 · €398,614
Debt > 1 year
€416,953▼
2024 · €591,435
Income taxes
€94,966▲
2024 · €60,148
Staff costs
€736,598▲
2024 · €646,163
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 17,810 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 97% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
3.1%
stopped otherwise
97%
still going
For this company itself Checked computes a higher bankruptcy probability: 0.6% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 17,810 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €512,563 | €531,204 | €646,163 | €736,598 | ▲ 14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €50,502 | €44,506 | €68,445 | €70,411 | €101,660 | ▲ 44.4% |
| Other operating charges640/8 | - | €6,877 | €3,488 | €4,207 | €4,002 | ▼ 4.9% |
| Gross operating margin9900 | €867,977 | €842,181 | €763,328 | €975,663 | €1.2m | ▲ 27.6% |
| Operating profit (loss)9901 | €360,363 | €278,236 | €160,190 | €254,882 | €402,973 | ▲ 58.1% |
| Financial income75/76B | - | €97 | €1,968 | €500 | €1,143 | ▲ 129% |
| Recurring financial income75 | €214 | €97 | €1,968 | €500 | €1,143 | ▲ 129% |
| Financial charges65/66B | - | €19,675 | €19,684 | €27,493 | €26,474 | ▼ 3.7% |
| Recurring financial charges65 | €21,423 | €19,675 | €19,684 | €27,493 | €26,474 | ▼ 3.7% |
| Profit (loss) for the period before taxes9903 | €339,154 | €258,658 | €142,474 | €227,889 | €377,643 | ▲ 65.7% |
| Income taxes67/77 | €86,479 | €66,429 | €35,173 | €60,148 | €94,966 | ▲ 57.9% |
| Profit (loss) for the period9904 | €252,675 | €192,228 | €107,302 | €167,741 | €282,678 | ▲ 68.5% |
| Profit (loss) for the period to be appropriated9905 | €252,675 | €192,228 | €107,302 | €167,741 | €282,678 | ▲ 68.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.5m | €1.2m | €1.7m | €1.3m | €1.5m | ▲ 14.4% |
| Fixed assets21/28 | €155,241 | €122,572 | €341,232 | €461,640 | €477,568 | ▲ 3.5% |
| Tangible fixed assets22/27 | €150,691 | €88,022 | €306,682 | €427,090 | €443,018 | ▲ 3.7% |
| Plant, machinery and equipment23 | - | €24,636 | €168,759 | €177,707 | €225,224 | ▲ 26.7% |
| Furniture and vehicles24 | - | €9,986 | €43,447 | €89,718 | €69,349 | ▼ 22.7% |
| Other tangible fixed assets26 | - | €53,400 | €94,476 | €159,665 | €148,444 | ▼ 7.0% |
| Financial fixed assets28 | €4,550 | €34,550 | €34,550 | €34,550 | €34,550 | = |
| Current assets29/58 | €1.3m | €1.1m | €1.3m | €836,225 | €1.0m | ▲ 20.4% |
| Stocks and contracts in progress3 | €432,223 | €460,945 | €475,280 | €498,670 | €537,058 | ▲ 7.7% |
| Stocks30/36 | - | €460,945 | €475,280 | €498,670 | €537,058 | ▲ 7.7% |
| Amounts receivable within one year40/41 | €263,558 | €57,937 | €402,914 | €225,057 | €139,926 | ▼ 37.8% |
| Trade receivables40 | - | €48,662 | €97,814 | €225,057 | €129,926 | ▼ 42.3% |
| Other amounts receivable41 | - | €9,275 | €305,100 | - | €10,000 | - |
| Cash at bank and in hand54/58 | €632,876 | €594,720 | €449,069 | €94,609 | €321,265 | ▲ 240% |
| Deferred charges and accrued income490/1 | - | €11,853 | €11,385 | €17,889 | €8,794 | ▼ 50.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.5m | €1.2m | €1.7m | €1.3m | €1.5m | ▲ 14.4% |
| Equity10/15 | €488,573 | €580,801 | €688,102 | €305,844 | €588,521 | ▲ 92.4% |
| Contributions10/11 | - | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Reserves13 | €388,573 | €480,801 | €588,102 | €205,844 | €488,521 | ▲ 137% |
| Non-distributable reserves130/1 | - | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves not available under the articles1311 | - | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Distributable reserves133 | - | €470,801 | €578,102 | €195,844 | €478,521 | ▲ 144% |
| Amounts payable17/49 | €1.0m | €667,227 | €991,778 | €992,021 | €896,088 | ▼ 9.7% |
| Amounts payable after more than one year17 | €593,880 | €455,231 | €729,596 | €591,435 | €416,953 | ▼ 29.5% |
| Financial debts170/4 | - | - | €196,400 | €144,632 | €92,571 | ▼ 36.0% |
| Trade debts175 | - | €455,231 | €533,196 | €446,803 | €324,382 | ▼ 27.4% |
| Amounts payable within one year42/48 | €409,128 | €211,941 | €260,629 | €398,614 | €478,065 | ▲ 19.9% |
| Current portion of amounts payable after more than one year42 | - | €5,724 | €51,488 | €101,769 | €96,115 | ▼ 5.6% |
| Trade debts44 | €150,102 | €136,513 | €131,877 | €110,370 | €217,812 | ▲ 97.3% |
| Suppliers440/4 | - | €136,513 | €131,877 | €110,370 | €217,812 | ▲ 97.3% |
| Taxes, remuneration and social security45 | - | €69,704 | €77,264 | €115,800 | €155,850 | ▲ 34.6% |
| Taxes450/3 | - | €1,020 | €971 | €25,251 | €27,863 | ▲ 10.3% |
| Remuneration and social security454/9 | - | €68,683 | €76,293 | €90,550 | €127,987 | ▲ 41.3% |
| Other amounts payable47/48 | - | - | - | €70,675 | €8,288 | ▼ 88.3% |
| Accrued charges and deferred income492/3 | - | €55 | €1,553 | €1,972 | €1,070 | ▼ 45.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €252,675 | €192,228 | €107,302 | €167,741 | €282,678 | ▲ 68.5% |
| + Depreciation and write-downs630 | €50,502 | €44,506 | €68,445 | €70,411 | €101,660 | ▲ 44.4% |
| Operating cash flow (approximation) | €303,177 | €236,734 | €175,746 | €238,152 | €384,338 | ▲ 61.4% |
| Investment in fixed assets (approximation) | - | -€11,837 | -€287,104 | -€190,819 | -€117,588 | ▲ 38.4% |
| Change in cash | - | -€38,156 | -€145,651 | -€354,460 | €226,656 | ▲ 164% |
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
2025
20-10
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
31-03
Financial
Highest result since 2019net €282,678 ▲68.5%
Operating result €402,973, net result €282,678, both a record.
31-03
Financial
Equity above €500,000Eq €588,521 ▲92.4%
7 profitable years in a row build equity to €588,521.
2024
10-10
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2023
31-10
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
31-03
Financial
Weakest financial yearnet €107,302 ▼44.2%
Net result drops to €107,302, the lowest in the series; recovery starts the following year.
2022
25-11
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 25 days late
31-03
Financial
Equity above €500,000Eq €580,801 ▲18.9%
4 profitable years in a row build equity to €580,801.
2021
30-11
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 30 days late
2020
27-11
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 27 days late
2019
30-09
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2018
30-10
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2017
31-10
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
27-09
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
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.
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Directors · office · real estate
Directors
5 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, Boortmeerbeek · 1 establishment unit since 2010
Ground area
5,480 m²
Building footprint
1,563 m²
Volume, LiDAR
7,251 m³
Parcel 24014C0001/00S004, Flanders · tallest building 6.4 m, ±2 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
AD Delhaize
since 20102.185.223.225
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24014C0001/00S004 | Flanders | 5,480 m² | 1 · 1,563 m² | 6.4 m · 2 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.
Structure & network
Owners and holdings
1 ownerChain of control
- EMALEXE
- marCoen
Highest known parent: EMALEXE. The sources do not say who stands above it.
Owners 1
- EMALEXEparent100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 5 entries · 30,275 EUR awarded · 30,275 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 1,819 EUR | 1,819 EUR |
| 2024 | 1 | 6,926 EUR | 6,926 EUR |
| 2023 | 1 | 10,001 EUR | 10,001 EUR |
| 2022 | 2 | 11,529 EUR | 11,529 EUR |
Recognitions · licences · registrations
Food safety, FASFC
1 site · 1 with a smileyBoortmeerbeek2.185.223.225
Similar companies · same sector, comparable size
AL TAJ
BE 0707.987.063
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MARLOT KALKEN
BE 0880.647.756
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PIAZZA FIORI
BE 0453.896.850
Dilbeek · Eq €587,361
Shilla
BE 0537.595.378
Oudergem · Eq €590,467
BAKKERIJ LEMAHIEU
BE 0876.760.234
Veurne · Eq €592,057
Of 10,510 companies in sector 47110 we hold annual accounts for 5,854. 2,935 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 (pre-2019)
Founded02-02-2010
Fiscal year end31-03
Activities, NACEBEL 2025
47110Non-specialised retail sale with food, beverages or tobacco predominating
Contact
E-mail
info@adboortmeerbeek.beBoortmeerbeek
E-invoicing
Reachable via Peppol
Peppol ID
0208:0822978385
Also
9925:BE0822978385
Registered
12-09-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.