Summary
MARDEL is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €858,541 and a net result of €296,638. Equity is growing by ~27.1% per year across the filed fiscal years. Its solvency ranks better than 44% of 5565 sector peers (fiscal year 2025). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
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 03-07-2026, 28 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
28 d early
2024
19 d late
2023
41 d early
2022
32 d early
2021
37 d early
2020
19 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 23 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
In the rankings
#7 company by total assets in Marche-en-Famenne, Finance and insurance sector#8 company by equity in Marche-en-Famenne, Finance and insurance sector
Equity
€858,541▲ 52.8%
2024 · €561,903
Net result
€296,638▼ 9.8%
2024 · €328,881
Total assets
€1.9m▼ 3.1%
2024 · €2.0m
Solvency
45.0%▲ 16.5pp
2024 · 28.6%
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, 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€11,190▼ 8.1%€17,880▲ 59.8%€27,225▲ 52.3%€25,289▼ 7.1%€35,120▲ 38.9%
Net result€190,280above the sector's middle half▲ 2,347%€245,214above the sector's middle half▲ 28.9%€214,753above the sector's middle half▼ 12.4%€328,881above the sector's middle half▲ 53.1%€296,638above the sector's middle half▼ 9.8%
Equity€273,055within the sector's middle half▲ 230%€518,269above the sector's middle half▲ 89.8%€633,022above the sector's middle half▲ 22.1%€561,903above the sector's middle half▼ 11.2%€858,541within the sector's middle half▲ 52.8%
Total assets€1.8mabove the sector's middle half▼ 0.1%€1.9mabove the sector's middle half▲ 2.5%€1.9mabove the sector's middle half▲ 2.8%€2.0mabove the sector's middle half▲ 1.5%€1.9mwithin the sector's middle half▼ 3.1%
Debt€1.6m▼ 10.9%€1.4m▼ 12.7%€1.3m▼ 4.5%€1.4m▲ 7.7%€1.0m▼ 25.4%
Working capital-€129,326-€80,144▲ 38.0%-€132,897▼ 65.8%-€403,746▼ 204%-€309,293▲ 23.4%
Solvency14.9%below the sector's middle half▲ 10.4pp27.5%within the sector's middle half▲ 12.6pp32.7%within the sector's middle half▲ 5.2pp28.6%within the sector's middle half▼ 4.1pp45.0%within the sector's middle half▲ 16.5pp
above
within
below
the middle half (P25 to P75) of NACE 64, Financial service activities, except insurance and pension funding, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 39% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.9m
Fixed assets
€1.8m =
Current assets
€144,903 ▼ 29.7%
Equity and liabilities €1.9m
Equity
€858,541 ▲ 52.8%
Debt
€1.0m ▼ 25.4%
Debt's share of the balance-sheet total falls from 71.4% to 55.0%. Equity is higher and debt is lower.
Key figures and ratios
ROE
34.6%▼
2024 · 58.5%
ROA
15.6%▼
2024 · 16.7%
Debt ≤ 1 year
€454,197▼
2024 · €609,846
Debt > 1 year
€570,741▼
2024 · €768,191
Income taxes
€408▲
2024 · €5
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €282 | €530 | €686 | ▲ 29.3% |
| Other operating charges640/8 | €348 | €868 | €960 | €968 | €1,161 | ▲ 20.0% |
| Gross operating margin9900 | €11,538 | €18,748 | €28,467 | €26,787 | €36,967 | ▲ 38.0% |
| Operating profit (loss)9901 | €11,190 | €17,880 | €27,225 | €25,289 | €35,120 | ▲ 38.9% |
| Financial income75/76B | €220,000 | €264,000 | €220,000 | €331,883 | €286,000 | ▼ 13.8% |
| Recurring financial income75 | €220,000 | €264,000 | €220,000 | €331,883 | €286,000 | ▼ 13.8% |
| Financial charges65/66B | €40,910 | €36,665 | €32,472 | €28,287 | €24,073 | ▼ 14.9% |
| Recurring financial charges65 | €40,910 | €36,665 | €32,472 | €28,287 | €24,073 | ▼ 14.9% |
| Profit (loss) for the period before taxes9903 | €190,280 | €245,214 | €214,753 | €328,886 | €297,047 | ▼ 9.7% |
| Income taxes67/77 | €0 | - | - | €5 | €408 | ▲ 7,519% |
| Profit (loss) for the period9904 | €190,280 | €245,214 | €214,753 | €328,881 | €296,638 | ▼ 9.8% |
| Profit (loss) for the period to be appropriated9905 | €190,280 | €245,214 | €214,753 | €328,881 | €296,638 | ▼ 9.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.8m | €1.9m | €1.9m | €2.0m | €1.9m | ▼ 3.1% |
| Fixed assets21/28 | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | = |
| Tangible fixed assets22/27 | - | - | €1,309 | €779 | €1,300 | ▲ 67.0% |
| Furniture and vehicles24 | - | - | €1,309 | €779 | €1,300 | ▲ 67.0% |
| Financial fixed assets28 | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m | = |
| Current assets29/58 | €78,053 | €124,736 | €176,017 | €206,100 | €144,903 | ▼ 29.7% |
| Amounts receivable within one year40/41 | - | - | €1,159 | €39,885 | €48,960 | ▲ 22.8% |
| Trade receivables40 | - | - | €210 | €39,325 | €48,400 | ▲ 23.1% |
| Other amounts receivable41 | - | - | €949 | €560 | €560 | = |
| Current investments50/53 | - | - | €100,000 | - | - | - |
| Cash at bank and in hand54/58 | €78,053 | €124,736 | €74,857 | €166,216 | €93,203 | ▼ 43.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | €2,741 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.8m | €1.9m | €1.9m | €2.0m | €1.9m | ▼ 3.1% |
| Equity10/15 | €273,055 | €518,269 | €633,022 | €561,903 | €858,541 | ▲ 52.8% |
| Contributions10/11 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Capital10 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Issued capital100 | €75,000 | €75,000 | €75,000 | €75,000 | €75,000 | = |
| Reserves13 | €187,500 | €432,500 | €546,500 | €467,500 | €467,500 | = |
| Non-distributable reserves130/1 | €7,500 | €7,500 | €7,500 | €7,500 | €7,500 | = |
| Legal reserve130 | €7,500 | €7,500 | €7,500 | €7,500 | €7,500 | = |
| Distributable reserves133 | €180,000 | €425,000 | €539,000 | €460,000 | €460,000 | = |
| Profit (loss) carried forward14 | €10,555 | €10,769 | €11,522 | €19,403 | €316,041 | ▲ 1,529% |
| Amounts payable17/49 | €1.6m | €1.4m | €1.3m | €1.4m | €1.0m | ▼ 25.4% |
| Amounts payable after more than one year17 | €1.4m | €1.2m | €965,165 | €768,191 | €570,741 | ▼ 25.7% |
| Financial debts170/4 | €347,695 | €276,662 | €205,165 | €133,191 | €60,741 | ▼ 54.4% |
| Other amounts payable178/9 | €1.0m | €885,000 | €760,000 | €635,000 | €510,000 | ▼ 19.7% |
| Amounts payable within one year42/48 | €207,379 | €204,880 | €308,913 | €609,846 | €454,197 | ▼ 25.5% |
| Current portion of amounts payable after more than one year42 | €195,566 | €196,032 | €196,497 | €196,974 | €197,450 | ▲ 0.2% |
| Trade debts44 | - | €41 | €13 | €25 | €4,571 | ▲ 18,557% |
| Suppliers440/4 | - | €41 | €13 | €25 | €4,571 | ▲ 18,557% |
| Taxes, remuneration and social security45 | €7,813 | €8,806 | €8,728 | €8,796 | €8,241 | ▼ 6.3% |
| Taxes450/3 | €7,813 | €8,806 | €8,728 | €8,796 | €8,241 | ▼ 6.3% |
| Other amounts payable47/48 | €4,000 | - | €103,675 | €404,051 | €243,934 | ▼ 39.6% |
| Accrued charges and deferred income492/3 | - | - | €30,300 | €27,014 | €22,800 | ▼ 15.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €190,280 | €245,214 | €214,753 | €328,881 | €296,638 | ▼ 9.8% |
| + Depreciation and write-downs630 | - | - | €282 | €530 | €686 | ▲ 29.3% |
| Operating cash flow (approximation) | €190,280 | €245,214 | €215,035 | €329,411 | €297,324 | ▼ 9.7% |
| Investment in fixed assets (approximation) | - | €0 | -€1,591 | €0 | -€1,207 | - |
| Change in cash | - | €46,683 | -€49,879 | €91,358 | -€73,013 | ▼ 180% |
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
03-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
19-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 19 days late
2024
31-12
Financial
Highest result since 2020net €328,881 ▲53.1%
Net result €328,881, the highest in the series.
20-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
29-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Equity above €500,000Eq €518,269 ▲89.8%
3 profitable years in a row build equity to €518,269.
24-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-12
Financial
Equity above €200,000Eq €273,055 ▲230%
2 profitable years in a row build equity to €273,055.
12-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Marche-en-Famenne · 1 establishment unit since 2020
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Marche,Boucle de la Famenne 126900 Marche-en-Famenne1 establishment unit
MARDEL SA
since 20202.302.781.582
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
- Equity €1.7mResult €814,04944%
According to the 2025 annual accounts of MARDEL and those 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.
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Of 24,729 companies in sector 64210 we hold annual accounts for 19,773. 13,031 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded25-05-2020
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
Contact
E-mail
martin.delhaye@delhaye.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0747600477
Registered
05-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.