MARCONSUL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-06-2026 at the NBB all 30 filings
Equity
-€108,603▼ 41.3%
2024 · -€76,863
Net result
-€31,740▼ 1.7%
2024 · -€31,218
Total assets
€295,408▼ 4.0%
2024 · €307,722
Solvency
-36.8%▼ 11.8pp
2024 · -25.0%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€29,741
▼ 7.3%
2025
20182025
Net result
-€31,740
▼ 1.7%
2025
lowest quarter of the sector
20182025
Equity
-€108,603
▼ 41.3%
2025
lowest quarter of the sector
20182025
Total assets
€295,408
▼ 4.0%
2025
middle half of the sector
20182025
Debt
€404,011
▲ 5.1%
2025
20182025
Working capital
-€380,464
▼ 5.7%
2025
lowest quarter of the sector
20182025
Solvency
-36.8%
▼ 11.8pp
2025
lowest quarter of the sector
20182025
Current ratio
0.06
▼ 0.01
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-10.7%
▼ 0.6pp
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-€27,865--€34,720▼ 24.6%-€40,316▼ 16.1%-€19,458▲ 51.7%-€22,880▼ 17.6%-€25,376▼ 10.9%-€27,706▼ 9.2%-€29,741▼ 7.3%
Net result-€38,906--€43,876▼ 12.8%-€48,515below the sector's middle half▼ 10.6%-€26,234below the sector's middle half▲ 45.9%-€28,568below the sector's middle half▼ 8.9%-€30,139below the sector's middle half▼ 5.5%-€31,218below the sector's middle half▼ 3.6%-€31,740below the sector's middle half▼ 1.7%
Equity€131,687-€87,812▼ 33.3%€39,296below the sector's middle half▼ 55.2%€13,062below the sector's middle half▼ 66.8%-€15,506below the sector's middle half-€45,645below the sector's middle half▼ 194%-€76,863below the sector's middle half▼ 68.4%-€108,603below the sector's middle half▼ 41.3%
Total assets€386,009-€372,139▼ 3.6%€341,224within the sector's middle half▼ 8.3%€334,365within the sector's middle half▼ 2.0%€325,082within the sector's middle half▼ 2.8%€317,874within the sector's middle half▼ 2.2%€307,722within the sector's middle half▼ 3.2%€295,408within the sector's middle half▼ 4.0%
Debt€254,321-€284,327▲ 11.8%€301,928▲ 6.2%€321,303▲ 6.4%€340,587▲ 6.0%€363,518▲ 6.7%€384,585▲ 5.8%€404,011▲ 5.1%
Working capital-€30,592--€76,770▼ 151%-€139,251below the sector's middle half▼ 81.4%-€200,282below the sector's middle half▼ 43.8%-€253,957below the sector's middle half▼ 26.8%-€310,668below the sector's middle half▼ 22.3%-€359,994below the sector's middle half▼ 15.9%-€380,464below the sector's middle half▼ 5.7%
Solvency34.1%-23.6%▼ 10.5pp11.5%below the sector's middle half▼ 12.1pp3.9%below the sector's middle half▼ 7.6pp-4.8%below the sector's middle half▼ 8.7pp-14.4%below the sector's middle half▼ 9.6pp-25.0%below the sector's middle half▼ 10.6pp-36.8%below the sector's middle half▼ 11.8pp
Current ratio0.39-0.32▼ 0.070.15below the sector's middle half▼ 0.170.08below the sector's middle half▼ 0.070.07below the sector's middle half▼ 0.010.07below the sector's middle half=0.06below the sector's middle half▼ 0.010.06below the sector's middle half▼ 0.01
Return on assets (ROA)-10.1%--11.8%▼ 1.7pp-14.2%below the sector's middle half▼ 2.4pp-7.8%below the sector's middle half▲ 6.4pp-8.8%below the sector's middle half▼ 0.9pp-9.5%below the sector's middle half▼ 0.7pp-10.1%below the sector's middle half▼ 0.7pp-10.7%below the sector's middle half▼ 0.6pp
above
within
below
The sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). 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 €29,741, larger than the loss of €27,706 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €295,408
Fixed assets
€271,861 ▼ 4.0%
Current assets
€23,547 ▼ 4.2%
Equity and liabilities
Equity-€108,603
Debt€404,011
Equity is negative. Debt (€404,011) exceeds the balance-sheet total (€295,408).
Key figures and ratios
Debt ≤ 1 year
€404,011▲
2024 · €384,585
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €11,212 | - | - | - | - |
| Depreciation and write-downs of the year | €11,384 | €11,270 | €11,270 | €11,270 | €11,270 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €30,013 | €30,013 | €29,650 | €11,384 | €11,270 | €11,270 | €11,270 | €11,270 | = |
| Other operating charges640/8 | - | - | - | €3,705 | €3,793 | €4,034 | €8,768 | €9,249 | ▲ 5.5% |
| Gross operating margin9900 | €5,890 | €2,134 | -€4,836 | -€4,369 | -€7,816 | -€10,071 | -€7,667 | -€9,222 | ▼ 20.3% |
| Operating profit (loss)9901 | -€27,865 | -€34,720 | -€40,316 | -€19,458 | -€22,880 | -€25,376 | -€27,706 | -€29,741 | ▼ 7.3% |
| Financial income75/76B | - | - | - | €0 | - | - | - | - | - |
| Recurring financial income75 | €207 | €60 | - | €0 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €6,777 | €5,688 | €4,763 | €3,513 | €1,999 | ▼ 43.1% |
| Recurring financial charges65 | €11,245 | €9,215 | €8,199 | €6,777 | €5,688 | €4,763 | €3,513 | €1,999 | ▼ 43.1% |
| Profit (loss) for the period before taxes9903 | -€38,903 | -€43,876 | -€48,515 | -€26,234 | -€28,568 | -€30,139 | -€31,218 | -€31,740 | ▼ 1.7% |
| Income taxes67/77 | €2 | - | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€38,906 | -€43,876 | -€48,515 | -€26,234 | -€28,568 | -€30,139 | -€31,218 | -€31,740 | ▼ 1.7% |
| Profit (loss) for the period to be appropriated9905 | -€38,906 | -€43,876 | -€48,515 | -€26,234 | -€28,568 | -€30,139 | -€31,218 | -€31,740 | ▼ 1.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €386,009 | €372,139 | €341,224 | €334,365 | €325,082 | €317,874 | €307,722 | €295,408 | ▼ 4.0% |
| Fixed assets21/28 | €366,777 | €336,764 | €317,114 | €316,942 | €305,672 | €294,402 | €283,131 | €271,861 | ▼ 4.0% |
| Tangible fixed assets22/27 | €366,777 | €336,764 | €307,114 | €306,942 | €295,672 | €284,402 | €273,131 | €261,861 | ▼ 4.1% |
| Land and buildings22 | - | - | - | €304,364 | €293,094 | €281,824 | €270,553 | €259,283 | ▼ 4.2% |
| Furniture and vehicles24 | - | - | - | €2,578 | €2,578 | €2,578 | €2,578 | €2,578 | = |
| Financial fixed assets28 | - | - | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Current assets29/58 | €19,232 | €35,375 | €24,110 | €17,423 | €19,410 | €23,472 | €24,591 | €23,547 | ▼ 4.2% |
| Stocks and contracts in progress3 | €2,155 | €2,155 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €15,681 | €27,757 | €16,768 | €14,973 | €15,659 | €16,764 | €21,247 | €22,034 | ▲ 3.7% |
| Trade receivables40 | - | - | - | €484 | €211 | - | - | - | - |
| Other amounts receivable41 | - | - | - | €14,489 | €15,448 | €16,764 | €21,247 | €22,034 | ▲ 3.7% |
| Cash at bank and in hand54/58 | €126 | €4,092 | €5,225 | €984 | €1,433 | €4,922 | €692 | €639 | ▼ 7.7% |
| Deferred charges and accrued income490/1 | - | - | - | €1,467 | €2,317 | €1,787 | €2,652 | €874 | ▼ 67.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €386,009 | €372,139 | €341,224 | €334,365 | €325,082 | €317,874 | €307,722 | €295,408 | ▼ 4.0% |
| Equity10/15 | €131,687 | €87,812 | €39,296 | €13,062 | -€15,506 | -€45,645 | -€76,863 | -€108,603 | ▼ 41.3% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €300,889 | €300,889 | €20,704 | €20,704 | €20,704 | €20,704 | €20,704 | €20,704 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €18,845 | €18,845 | €18,845 | €18,845 | €18,845 | = |
| Profit (loss) carried forward14 | -€187,793 | -€231,669 | - | -€26,234 | -€54,802 | -€84,941 | -€116,159 | -€147,899 | ▼ 27.3% |
| Amounts payable17/49 | €254,321 | €284,327 | €301,928 | €321,303 | €340,587 | €363,518 | €384,585 | €404,011 | ▲ 5.1% |
| Amounts payable after more than one year17 | €204,497 | €172,183 | €138,567 | €103,598 | €67,220 | €29,378 | - | - | - |
| Financial debts170/4 | - | - | - | €103,598 | €67,220 | €29,378 | - | - | - |
| Amounts payable within one year42/48 | €49,824 | €112,144 | €163,361 | €217,705 | €273,367 | €334,140 | €384,585 | €404,011 | ▲ 5.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €34,969 | €36,377 | €37,842 | €29,378 | - | - |
| Financial debts43 | - | - | - | - | - | - | €73 | €202 | ▲ 178% |
| Credit institutions430/8 | - | - | - | - | - | - | €73 | €202 | ▲ 178% |
| Trade debts44 | - | €17,294 | €1,334 | €389 | €2,442 | €624 | €1,081 | €693 | ▼ 35.9% |
| Suppliers440/4 | - | - | - | €389 | €2,442 | €624 | €1,081 | €693 | ▼ 35.9% |
| Other amounts payable47/48 | - | - | - | €182,347 | €234,547 | €295,674 | €354,053 | €403,115 | ▲ 13.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€38,906 | -€43,876 | -€48,515 | -€26,234 | -€28,568 | -€30,139 | -€31,218 | -€31,740 | ▼ 1.7% |
| + Depreciation and write-downs630 | €30,013 | €30,013 | €29,650 | €11,384 | €11,270 | €11,270 | €11,270 | €11,270 | = |
| Operating cash flow (approximation) | -€8,892 | -€13,863 | -€18,865 | -€14,850 | -€17,298 | -€18,869 | -€19,948 | -€20,470 | ▼ 2.6% |
| Investment in fixed assets (approximation) | - | €0 | -€10,000 | -€11,212 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €3,966 | €1,133 | -€4,242 | €450 | €3,488 | -€4,229 | -€53 | ▲ 98.7% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-06-2026 | 2026-00202873 | |
| 31-12-2024 | micro format | 06-05-2025 | 2025-00093334 | |
| 31-12-2023 | micro format | 14-06-2024 | 2024-00129536 | |
| 31-12-2022 | micro format | 23-05-2023 | 2023-00098049 | |
| 31-12-2021 | micro format | 11-07-2022 | 2022-20167529 | |
| 31-12-2020 | micro format | 22-06-2021 | 2021-22700516 | |
| 31-12-2019 | micro format | 15-06-2020 | 2020-17300468 | |
| 31-12-2018 | micro format | 22-08-2019 | 2019-52200391 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-51000373 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-55100145 |