MARCOEN PROJECTS
ActiveSummary
MARCOEN PROJECTS has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-7k) and a net result of €-4k. Equity is shrinking by ~26% per year across the filed fiscal years. Its solvency ranks better than 6% of 27965 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency0▼-15
Growth32=
Track record100
Bankruptcy probability, 12 months
1.1%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.74 against 0.84 in 2024; short-term debt: 126.1% of total assets), and equity is negative.
Credit check for your own amount and term
Signals
Five 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 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% 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
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
-26.1%
Return on assets
-15.1%
Age of the figures
9 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €-7k
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 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
1 d early
2023
27 d late
2022
28 d late
2021
31 d late
2020
23 d early
2019
67 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
€-7k▼ 138%
2024 · €-3k
2018: €13k
2019: €17k▲ +32.7% vs 2018
2020: €20k▲ +19.1% vs 2019
2021: €36k▲ +78.1% vs 2020highest in 8 years
2022: €24k▼ -34.1% vs 2021
2023: €4k▼ -83.0% vs 2022
2024: €-3k▼ -169% vs 2023
2025: €-7k▼ -138% vs 2024lowest in 8 years
2018 → 2025
Total assets
€25k▼ 9.3%
2024 · €28k
2018: €63k
2019: €58k▼ -6.9% vs 2018
2020: €69k▲ +18.6% vs 2019
2021: €61k▼ -11.3% vs 2020
2022: €77k▲ +26.0% vs 2021highest in 8 years
2023: €44k▼ -43.0% vs 2022
2024: €28k▼ -36.8% vs 2023
2025: €25k▼ -9.3% vs 2024lowest in 8 years
2018 → 2025
Net result
€-4k▲ 43.9%
2024 · €-7k
2018: €18khighest in 8 years
2019: €4k▼ -76.6% vs 2018
2020: €3k▼ -22.4% vs 2019
2021: €16k▲ +387% vs 2020
2022: €-12k▼ -178% vs 2021
2023: €-20k▼ -60.7% vs 2022lowest in 8 years
2024: €-7k▲ +65.5% vs 2023
2025: €-4k▲ +43.9% vs 2024
2018 → 2025
Working capital
€-8k▼ 70.5%
2024 · €-5k
2018: €-6k
2019: €4k▲ +166% vs 2018
2020: €13k▲ +228% vs 2019
2021: €35k▲ +171% vs 2020highest in 8 years
2022: €17k▼ -51.1% vs 2021
2023: €-5k▼ -132% vs 2022
2024: €-5k▲ +10.9% vs 2023
2025: €-8k▼ -70.5% 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€36k-€24k▼ 34.1%€4k▼ 83.0%€-3k€-7k▼ 138%
2021: €36khighest in 5 years
2022: €24k▼ -34.1% vs 2021
2023: €4k▼ -83.0% vs 2022
2024: €-3k▼ -169% vs 2023
2025: €-7k▼ -138% vs 2024lowest in 5 years
Operating result€24k-€-11k€-19k▼ 62.7%€-6k▲ 68.8%€-2k▲ 71.7%
2021: €24khighest in 5 years
2022: €-11k▼ -147% vs 2021
2023: €-19k▼ -62.7% vs 2022lowest in 5 years
2024: €-6k▲ +68.8% vs 2023
2025: €-2k▲ +71.7% vs 2024
Net result€16k-€-12k€-20k▼ 60.7%€-7k▲ 65.5%€-4k▲ 43.9%
2021: €16khighest in 5 years
2022: €-12k▼ -178% vs 2021
2023: €-20k▼ -60.7% vs 2022lowest in 5 years
2024: €-7k▲ +65.5% vs 2023
2025: €-4k▲ +43.9% 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 stays negative: a loss of €2k in 2025 against €6k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €25k
Fixed assets
€2k ▼ 22.4%
Current assets
€24k ▼ 8.3%
Key figures and ratios
EBITDA
€-1k▲
2024 · €-5k
Cash flow
€-3k▲
2024 · €-6k
Solvency
-26.1%▼
2024 · -10.0%
Current ratio
0.74▼
2024 · 0.84
Debt to equity
-4.83▲
2024 · -11.03
ROA
-15.1%▲
2024 · -24.5%
Interest coverage
-0.38▲
2024 · -2.14
Debt
€32k▲
2024 · €31k
Debt ≤ 1 year
€32k▲
2024 · €31k
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 · 41 lines
Balance sheet
Code20242025
Assets
Total assets20/58€28k€25k▼
Fixed assets21/28€2k€2k▼
Tangible fixed assets22/27€2k€2k▼
Plant, machinery and equipment23€2k€2k▼
Current assets29/58€26k€24k▼
Amounts receivable within one year40/41€26k€24k▼
Trade receivables40€6k€6k=
Other amounts receivable41€20k€18k▼
Deferred charges and accrued income490/1€0-
Equity and liabilities
Total equity and liabilities10/49€28k€25k▼
Equity10/15€-3k€-7k▼
Contributions10/11€12k€12k=
Profit (loss) carried forward14€-15k€-19k▼
Amounts payable17/49€31k€32k▲
Amounts payable after more than one year17€0-
Financial debts170/4€0-
Amounts payable within one year42/48€31k€32k▲
Current portion of amounts payable after more than one year42€308€0▼
Financial debts43€21k€21k▼
Credit institutions430/8€21k€21k▼
Trade debts44€9k€11k▲
Suppliers440/4€9k€11k▲
Advances received on contracts in progress46€0-
Taxes, remuneration and social security45€342€0▼
Taxes450/3€342€0▼
Income statement
Code20242025
Non-recurring operating income76A€0-
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€612€449▼
Other operating charges640/8€2k€0▼
Gross operating margin9900€-3k€-1k▲
Operating profit (loss)9901€-6k€-2k▲
Financial income75/76B€1k€1k▼
Recurring financial income75€1k€1k▼
Financial charges65/66B€2k€3k▲
Recurring financial charges65€2k€3k▲
Profit (loss) for the period before taxes9903€-7k€-4k▲
Income taxes67/77€0-
Profit (loss) for the period9904€-7k€-4k▲
Profit (loss) for the period to be appropriated9905€-7k€-4k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-15k€-19k▼
Profit (loss) brought forward from the previous period14P€-8k€-15k▼
Transfer from equity791/2€0-
The notes to these accounts (4 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €9k | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6k | €3k | €1k | €612 | €449 | ▼ 26.5% |
| Other operating charges640/8 | €794 | €1k | €976 | €2k | €0 | ▼ 100% |
| Gross operating margin9900 | €31k | €-7k | €-16k | €-3k | €-1k | ▲ 58.1% |
| Operating profit (loss)9901 | €24k | €-11k | €-19k | €-6k | €-2k | ▲ 71.7% |
| Financial income75/76B | €3k | €2k | €1k | €1k | €1k | ▼ 30.3% |
| Recurring financial income75 | €3k | €2k | €1k | €1k | €1k | ▼ 30.3% |
| Financial charges65/66B | €2k | €3k | €2k | €2k | €3k | ▲ 30.5% |
| Recurring financial charges65 | €2k | €3k | €2k | €2k | €3k | ▲ 30.5% |
| Profit (loss) for the period before taxes9903 | €25k | €-12k | €-19k | €-7k | €-4k | ▲ 43.9% |
| Income taxes67/77 | €9k | €335 | €350 | €0 | - | - |
| Profit (loss) for the period9904 | €16k | €-12k | €-20k | €-7k | €-4k | ▲ 43.9% |
| Profit (loss) for the period to be appropriated9905 | €16k | €-12k | €-20k | €-7k | €-4k | ▲ 43.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €61k | €77k | €44k | €28k | €25k | ▼ 9.3% |
| Fixed assets21/28 | €1k | €11k | €10k | €2k | €2k | ▼ 22.4% |
| Tangible fixed assets22/27 | €1k | €11k | €10k | €2k | €2k | ▼ 22.4% |
| Plant, machinery and equipment23 | - | €11k | €10k | €2k | €2k | ▼ 22.4% |
| Furniture and vehicles24 | €1k | - | - | - | - | - |
| Current assets29/58 | €60k | €67k | €34k | €26k | €24k | ▼ 8.3% |
| Amounts receivable after more than one year29 | - | €40k | €0 | - | - | - |
| Other amounts receivable291 | - | €40k | €0 | - | - | - |
| Stocks and contracts in progress3 | €808 | €789 | €0 | - | - | - |
| Stocks30/36 | €808 | €789 | €0 | - | - | - |
| Amounts receivable within one year40/41 | €59k | €25k | €34k | €26k | €24k | ▼ 8.3% |
| Trade receivables40 | - | - | €7k | €6k | €6k | = |
| Other amounts receivable41 | €59k | €25k | €27k | €20k | €18k | ▼ 10.8% |
| Deferred charges and accrued income490/1 | €322 | €979 | €23 | €0 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €61k | €77k | €44k | €28k | €25k | ▼ 9.3% |
| Equity10/15 | €36k | €24k | €4k | €-3k | €-7k | ▼ 138% |
| Contributions10/11 | €12k | €12k | €12k | €12k | €12k | = |
| Reserves13 | €2k | €2k | €0 | - | - | - |
| Non-distributable reserves130/1 | €2k | €2k | €0 | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | €0 | - | - | - |
| Profit (loss) carried forward14 | €22k | €10k | €-8k | €-15k | €-19k | ▼ 25.2% |
| Amounts payable17/49 | €25k | €54k | €40k | €31k | €32k | ▲ 4.0% |
| Amounts payable after more than one year17 | - | €4k | €308 | €0 | - | - |
| Financial debts170/4 | - | €4k | €308 | €0 | - | - |
| Amounts payable within one year42/48 | €25k | €50k | €40k | €31k | €32k | ▲ 4.0% |
| Current portion of amounts payable after more than one year42 | - | €4k | €4k | €308 | €0 | ▼ 100% |
| Financial debts43 | €5k | €18k | €19k | €21k | €21k | ▼ 0.1% |
| Credit institutions430/8 | €5k | €18k | €19k | €21k | €21k | ▼ 0.1% |
| Trade debts44 | €9k | €17k | €14k | €9k | €11k | ▲ 20.4% |
| Suppliers440/4 | €9k | €17k | €14k | €9k | €11k | ▲ 20.4% |
| Advances received on contracts in progress46 | - | - | €1k | €0 | - | - |
| Taxes, remuneration and social security45 | €11k | €11k | €3k | €342 | €0 | ▼ 100% |
| Taxes450/3 | €10k | €8k | €3k | €342 | €0 | ▼ 100% |
| Remuneration and social security454/9 | €2k | €3k | €0 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16k | €-12k | €-20k | €-7k | €-4k | ▲ 43.9% |
| + Depreciation and write-downs630 | €6k | €3k | €1k | €612 | €449 | ▼ 26.5% |
| Operating cash flow (approximation) | €21k | €-10k | €-18k | €-6k | €-3k | ▲ 45.6% |
| Investment in fixed assets (approximation) | - | €-12k | €-388 | €7k | €0 | ▼ 100% |
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
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
27-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 27 days late
2023
31-12
Financial
Weakest financial yearnet €-20k
Net result drops to €-20k, the lowest in the series; recovery starts the following year.
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 28 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
08-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
06-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 67 days late
2019
31-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
27-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
31-07
NBB filing
Annual accounts filed
fiscal year 2016 · 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, Begijnendijk · 1 establishment unit since 1991
Ground area
2,030 m²
Building footprint
600 m²
Volume, LiDAR
3,166 m³
Parcel 24007B0332/00B002, Flanders · tallest building 10.3 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
JOHAN MARCOEN
since 19912.054.383.586
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24007B0332/00B002 | Flanders | 2,030 m² | 1 · 600 m² | 10.3 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.
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Of 20,028 companies in sector 43320 we hold annual accounts for 9,133. 2,652 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
Founded12-09-1991
Fiscal year end31-12
Activities, NACEBEL 2025
43320Joinery installation
56112Limited-service restaurants, excluding mobile food services
56220Contract catering and other food service activities
Scores and ratios are computed by Checked and are not a credit decision.