MARCOM WORLD
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 10-06-2026 PDF all 13 filings
Turnover
≈ €480,000
Estimated: probably between €290,000 and €910,000
EBIT margin
Not included in this filing
Net result
-€13,459
2024 · €65,742
Working capital
€354,923▲ 11.1%
2024 · €319,372
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€56,476
2025
20182025
Net result
-€13,459
2025
middle half of the sector
20182025
Equity
€127,084
▼ 9.6%
2025
lowest quarter of the sector
20182025
Total assets
€517,187
▲ 9.7%
2025
lowest quarter of the sector
20182025
Debt
€390,103
▲ 17.9%
2025
20182025
Working capital
€354,923
▲ 11.1%
2025
middle half of the sector
20182025
Solvency
24.6%
▼ 5.2pp
2025
middle half of the sector
20182025
Current ratio
3.58
▼ 1.35
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-2.6%
▼ 16.5pp
2025
middle half of the sector
20182025
Staff (FTE)
2.2
▲ 10.0%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€33,202--€19,223€90,630€191,479▲ 111%€17,953▼ 90.6%€98,278▲ 447%€117,046▲ 19.1%-€56,476
Net result€29,217--€34,494€34,148within the sector's middle half€129,369within the sector's middle half▲ 279%-€7,525below the sector's middle half€70,180within the sector's middle half€65,742within the sector's middle half▼ 6.3%-€13,459within the sector's middle half
Equity€123,121-€88,627▼ 28.0%€12,776below the sector's middle half▼ 85.6%€72,145below the sector's middle half▲ 465%€64,620below the sector's middle half▼ 10.4%€74,800below the sector's middle half▲ 15.8%€140,543within the sector's middle half▲ 87.9%€127,084below the sector's middle half▼ 9.6%
Total assets€391,469-€432,444▲ 10.5%€341,714within the sector's middle half▼ 21.0%€521,689within the sector's middle half▲ 52.7%€361,540below the sector's middle half▼ 30.7%€513,063within the sector's middle half▲ 41.9%€471,427within the sector's middle half▼ 8.1%€517,187below the sector's middle half▲ 9.7%
Debt€268,348-€343,816▲ 28.1%€328,938▼ 4.3%€449,544▲ 36.7%€296,919▼ 34.0%€438,262▲ 47.6%€330,884▼ 24.5%€390,103▲ 17.9%
Working capital€170,400-€148,577▼ 12.8%€116,596within the sector's middle half▼ 21.5%€235,124within the sector's middle half▲ 102%€240,196within the sector's middle half▲ 2.2%€305,413within the sector's middle half▲ 27.2%€319,372within the sector's middle half▲ 4.6%€354,923within the sector's middle half▲ 11.1%
Solvency31.5%-20.5%▼ 11.0pp3.7%below the sector's middle half▼ 16.8pp13.8%below the sector's middle half▲ 10.1pp17.9%within the sector's middle half▲ 4.0pp14.6%below the sector's middle half▼ 3.3pp29.8%within the sector's middle half▲ 15.2pp24.6%within the sector's middle half▼ 5.2pp
Current ratio2.86-2.13▼ 0.742.00within the sector's middle half▼ 0.132.05within the sector's middle half▲ 0.054.29above the sector's middle half▲ 2.242.91within the sector's middle half▼ 1.384.93above the sector's middle half▲ 2.023.58above the sector's middle half▼ 1.35
Return on assets (ROA)7.5%--8.0%▼ 15.4pp10.0%above the sector's middle half▲ 18.0pp24.8%above the sector's middle half▲ 14.8pp-2.1%below the sector's middle half▼ 26.9pp13.7%above the sector's middle half▲ 15.8pp13.9%above the sector's middle half▲ 0.3pp-2.6%within the sector's middle half▼ 16.5pp
Staff (FTE)2.9-2.8▼ 3.4%2below the sector's middle half▼ 28.6%2below the sector's middle half=2below the sector's middle half=2.2below the sector's middle half▲ 10.0%2below the sector's middle half▼ 9.1%2.2below the sector's middle half▲ 10.0%
above
within
below
The sector band is the middle half of the companies in Printing and reproduction of recorded media (NACE 18). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €56,476, after a profit of €117,046 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €517,187
Fixed assets
€24,805 ▼ 65.0%
Current assets
€492,382 ▲ 22.9%
Equity and liabilities €517,187
Equity
€127,084 ▼ 9.6%
Debt
€390,103 ▲ 17.9%
Debt's share of the balance-sheet total rises from 70.2% to 75.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€48,033▼
2024 · €132,734
Cash flow
-€5,015▼
2024 · €81,431
Debt to equity
3.07▲
2024 · 2.35
ROE
-10.6%▼
2024 · 46.8%
Interest coverage
-20.89▼
2024 · 34.88
Debt ≤ 1 year
€137,459▲
2024 · €81,228
Debt > 1 year
€11,401▼
2024 · €25,110
Income taxes
€13,231▼
2024 · €30,552
Staff costs
€162,638▲
2024 · €151,330
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 2 | 3 |
| full-time | 2 | 2 | 2 | 2 | 3 |
| in full-time equivalents | 2 | 2 | 2 | 2 | 3 |
| Average over the year, in full-time equivalents | 2 | 2 | 2.2 | 2 | 2.2 |
| On a permanent contract | 2 | 2 | 2 | 2 | 2 |
| Joined | - | - | 1 | - | 1 |
| Left | - | - | 1 | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,077 | €750 | €15,365 | €83,955 | - |
| Financial fixed assets | - | €10,050 | - | - | - |
| Depreciation and write-downs of the year | €37,402 | €26,800 | €14,416 | €15,688 | €8,444 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €22,857 | €5,156 | €5,655 | €12,522 | €6,544 | ▼ 47.7% |
| Remuneration, social security and pensions62 | - | - | - | €137,359 | €140,534 | €159,926 | €151,330 | €162,638 | ▲ 7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,099 | €31,316 | €32,330 | €37,402 | €26,800 | €14,416 | €15,688 | €8,444 | ▼ 46.2% |
| Other operating charges640/8 | - | - | - | €1,401 | €1,844 | €2,708 | €10,841 | €18,413 | ▲ 69.8% |
| Non-recurring operating charges66A | - | - | - | €769 | €70,326 | - | - | €56,672 | - |
| Gross operating margin9900 | €234,921 | €172,294 | €241,416 | €368,411 | €257,457 | €275,328 | €294,906 | €189,690 | ▼ 35.7% |
| Operating profit (loss)9901 | €33,202 | -€19,223 | €90,630 | €191,479 | €17,953 | €98,278 | €117,046 | -€56,476 | - |
| Financial income75/76B | - | - | - | €446 | €352 | €1,500 | €4,205 | €58,548 | ▲ 14× |
| Recurring financial income75 | €586 | €314 | €256 | €446 | €352 | €1,500 | €4,205 | €3,147 | ▼ 25.2% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €55,401 | - |
| Financial charges65/66B | - | - | - | €8,444 | €565 | €1,624 | €24,957 | €2,300 | ▼ 90.8% |
| Recurring financial charges65 | -€1,330 | €746 | €1,624 | €444 | €565 | €1,624 | €3,806 | €2,300 | ▼ 39.6% |
| Non-recurring financial charges66B | - | - | - | €8,000 | - | - | €21,151 | - | - |
| Profit (loss) for the period before taxes9903 | €35,118 | -€19,655 | €55,011 | €183,482 | €17,740 | €98,153 | €96,294 | -€228 | - |
| Income taxes67/77 | €5,901 | €14,839 | €20,862 | €54,112 | €25,265 | €27,973 | €30,552 | €13,231 | ▼ 56.7% |
| Profit (loss) for the period9904 | €29,217 | -€34,494 | €34,148 | €129,369 | -€7,525 | €70,180 | €65,742 | -€13,459 | - |
| Profit (loss) for the period to be appropriated9905 | €29,217 | -€34,494 | €34,148 | €129,369 | -€7,525 | €70,180 | €65,742 | -€13,459 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €391,469 | €432,444 | €341,714 | €521,689 | €361,540 | €513,063 | €471,427 | €517,187 | ▲ 9.7% |
| Formation expenses20 | - | - | - | - | €1,357 | €1,310 | - | - | - |
| Fixed assets21/28 | €129,583 | €152,062 | €108,315 | €62,989 | €47,012 | €46,317 | €70,827 | €24,805 | ▼ 65.0% |
| Intangible fixed assets21 | €22,000 | €16,500 | €11,000 | €5,500 | - | - | - | - | - |
| Tangible fixed assets22/27 | €37,683 | €65,662 | €59,665 | €32,839 | €12,312 | €14,617 | €70,328 | €24,405 | ▼ 65.3% |
| Furniture and vehicles24 | - | - | - | €32,839 | €12,312 | €14,617 | €70,328 | €24,405 | ▼ 65.3% |
| Financial fixed assets28 | €69,900 | €69,900 | €37,650 | €24,650 | €34,700 | €31,700 | €499 | €400 | ▼ 19.8% |
| Current assets29/58 | €261,886 | €280,381 | €233,399 | €458,699 | €313,172 | €465,436 | €400,600 | €492,382 | ▲ 22.9% |
| Amounts receivable within one year40/41 | €176,973 | €156,142 | €145,844 | €118,290 | €105,912 | €122,227 | €109,220 | €243,156 | ▲ 123% |
| Trade receivables40 | - | - | - | €115,980 | €88,602 | €102,227 | €109,220 | €212,124 | ▲ 94.2% |
| Other amounts receivable41 | - | - | - | €2,310 | €17,310 | €20,000 | - | €31,032 | - |
| Current investments50/53 | €14,970 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €69,943 | €124,240 | €87,350 | €340,409 | €207,260 | €343,208 | €291,163 | €246,967 | ▼ 15.2% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €217 | €2,258 | ▲ 943% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €391,469 | €432,444 | €341,714 | €521,689 | €361,540 | €513,063 | €471,427 | €517,187 | ▲ 9.7% |
| Equity10/15 | €123,121 | €88,627 | €12,776 | €72,145 | €64,620 | €74,800 | €140,543 | €127,084 | ▼ 9.6% |
| Contributions10/11 | €130,000 | €130,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Contributions outside capital11 | - | - | - | €20,000 | - | - | - | - | - |
| Other1109/19 | - | - | - | €20,000 | - | - | - | - | - |
| Profit (loss) carried forward14 | -€6,879 | -€41,373 | -€7,224 | €52,145 | €44,620 | €54,800 | €120,543 | €107,084 | ▼ 11.2% |
| Amounts payable17/49 | €268,348 | €343,816 | €328,938 | €449,544 | €296,919 | €438,262 | €330,884 | €390,103 | ▲ 17.9% |
| Amounts payable after more than one year17 | €26,286 | €29,865 | €18,807 | €5,316 | - | €18,815 | €25,110 | €11,401 | ▼ 54.6% |
| Financial debts170/4 | - | - | - | €5,316 | - | €18,815 | €25,110 | €11,401 | ▼ 54.6% |
| Amounts payable within one year42/48 | €91,486 | €131,804 | €116,802 | €223,575 | €72,975 | €160,023 | €81,228 | €137,459 | ▲ 69.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €13,491 | €5,316 | €9,623 | €14,852 | €4,963 | ▼ 66.6% |
| Trade debts44 | €59,724 | €88,137 | €38,967 | €54,541 | €26,211 | €26,107 | €10,485 | €90,298 | ▲ 761% |
| Suppliers440/4 | - | - | - | €54,541 | €26,211 | €26,107 | €10,485 | €90,298 | ▲ 761% |
| Taxes, remuneration and social security45 | - | - | - | €85,543 | €41,448 | €78,318 | €55,285 | €42,198 | ▼ 23.7% |
| Taxes450/3 | - | - | - | €73,425 | €28,369 | €67,349 | €43,753 | €26,379 | ▼ 39.7% |
| Remuneration and social security454/9 | - | - | - | €12,118 | €13,079 | €10,969 | €11,532 | €15,820 | ▲ 37.2% |
| Other amounts payable47/48 | - | - | - | €70,000 | - | €45,975 | €606 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €220,653 | €223,944 | €259,424 | €224,546 | €241,243 | ▲ 7.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,217 | -€34,494 | €34,148 | €129,369 | -€7,525 | €70,180 | €65,742 | -€13,459 | - |
| + Depreciation and write-downs630 | €20,099 | €31,316 | €32,330 | €37,402 | €26,800 | €14,416 | €15,688 | €8,444 | ▼ 46.2% |
| Operating cash flow (approximation) | €49,316 | -€3,178 | €66,478 | €166,772 | €19,276 | €84,596 | €81,431 | -€5,015 | - |
| Investment in fixed assets (approximation) | - | -€53,795 | €11,417 | €7,923 | -€10,823 | -€13,722 | -€40,198 | €37,578 | - |
| Change in cash | - | €54,296 | -€36,890 | €253,059 | -€133,149 | €135,949 | -€52,045 | -€44,196 | ▲ 15.1% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,166 companies had the same profile as MARCOM WORLD has now. Two years later, 94.1% were still going and 2.5% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
94.1%
was still going
3.0%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MARCOM WORLD itself is lower: 0.4% within 12 months. It rests on far more data about MARCOM WORLD than the profile alone.
Test of the method
The method was tested on the 497,446 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 2,166 companies, not a prediction for MARCOM WORLD. 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.
Latest 10 of 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 10-06-2026 | 2026-00151999 | |
| 31-12-2024 | full format | 23-04-2025 | 2025-00073133 | |
| 31-12-2023 | full format | 31-07-2024 | 2024-00317452 | |
| 31-12-2022 | full format | 12-06-2023 | 2023-00118516 | |
| 31-12-2021 | full format | 20-06-2022 | 2022-20079447 | |
| 31-12-2020 | full format | 11-05-2021 | 2021-14000522 | |
| 31-12-2019 | full format | 27-08-2020 | 2020-46200068 | |
| 31-12-2018 | full format | 07-08-2019 | 2019-44500294 | |
| 31-12-2017 | full format | 31-07-2018 | 2018-43100040 | |
| 31-12-2016 | full format | 23-05-2017 | 2017-13100226 |