MARDEST
ActiveSummary
MARDEST has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €935k and a net result of €-27k. Equity is growing by ~13.7% per year across the filed fiscal years. Its solvency ranks better than 89% of 11389 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability15▲+1
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €55k at 30 days acceptable
Liquidity ample (current ratio 7.52; short-term debt: 9.9% and cash: 9.4% of total assets), and 9.9% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
19202122232425
2019 to 2025 · latest year €-27k
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 31-01-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
150 d late
2023
on the day
2022
on the day
2021
on the day
2020
2 d late
2019
on the day
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close25-09-2026 today31-01-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Accepting this client? The AML file with identity, beneficial owners and sanctions lists.AML client file How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed Roughly what is this company worth?Value indication
Financials · fiscal year 2025, micro schema
Equity
€935k▼ 12.0%
2024 · €1.06M
Total assets
€1.04M▼ 2.5%
2024 · €1.06M
Net result
€-27k▲ 27.3%
2024 · €-38k
Working capital
€669k▼ 13.1%
2024 · €770k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€268k▲ 65.7%€328k▲ 22.3%€290k▼ 11.8%€-45k€-42k▲ 7.9%
Net result€185k▲ 66.8%€226k▲ 22.2%€196k▼ 13.6%€-38k€-27k▲ 27.3%
Equity€678k▲ 37.6%€904k▲ 33.4%€1.10M▲ 21.7%€1.06M▼ 3.4%€935k▼ 12.0%
Total assets€734k▲ 31.2%€922k▲ 25.7%€1.11M▲ 20.6%€1.06M▼ 4.3%€1.04M▼ 2.5%
Debt€56k▼ 16.4%€18k▼ 67.1%€13k▼ 30.9%€2k▼ 83.3%€103k▲ 4,728%
Working capital€381k▲ 84.3%€602k▲ 57.8%€782k▲ 29.9%€770k▼ 1.5%€669k▼ 13.1%
Staff (FTE)0.8=1▲ 25.0%0.3▼ 70.0%
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 €42k in 2025 against €45k in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.04M
Fixed assets
€265k ▼ 9.1%
Current assets
€772k =
Equity and liabilities €1.04M
Equity
€935k ▼ 12.0%
Debt
€103k ▲ 4,728%
Debt's share of the balance-sheet total rises from 0.2% to 9.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€-15k▲
2024 · €-17k
Cash flow
€-793▲
2024 · €-10k
Current ratio
7.52
Debt to equity
0.11▲
2024 · 0.00
ROE
-2.9%▲
2024 · -3.6%
ROA
-2.6%▲
2024 · -3.5%
Interest coverage
-80.26▲
2024 · -90.47
Debt ≤ 1 year
€103k▲
2024 · €2k
Income taxes
€558▼
2024 · €580
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 |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €7k | €14k | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24k | €28k | €30k | €28k | €27k | ▼ 4.8% |
| Other operating charges640/8 | - | €4k | €4k | €2k | €4k | ▲ 85.4% |
| Gross operating margin9900 | €303k | €367k | €337k | €-15k | €-11k | ▲ 28.8% |
| Operating profit (loss)9901 | €268k | €328k | €290k | €-45k | €-42k | ▲ 7.9% |
| Financial income75/76B | - | €2k | €500 | €8k | €15k | ▲ 81.8% |
| Recurring financial income75 | €1k | €2k | €500 | €8k | €15k | ▲ 81.8% |
| Financial charges65/66B | - | €705 | €653 | €190 | €186 | ▼ 2.0% |
| Recurring financial charges65 | €906 | €705 | €653 | €190 | €186 | ▼ 2.0% |
| Profit (loss) for the period before taxes9903 | €269k | €330k | €289k | €-37k | €-27k | ▲ 27.7% |
| Income taxes67/77 | €84k | €103k | €94k | €580 | €558 | ▼ 3.8% |
| Profit (loss) for the period9904 | €185k | €226k | €196k | €-38k | €-27k | ▲ 27.3% |
| Profit (loss) for the period to be appropriated9905 | €185k | €226k | €196k | €-38k | €-27k | ▲ 27.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €734k | €922k | €1.11M | €1.06M | €1.04M | ▼ 2.5% |
| Fixed assets21/28 | €297k | €303k | €320k | €292k | €265k | ▼ 9.1% |
| Tangible fixed assets22/27 | €297k | €303k | €320k | €292k | €265k | ▼ 9.1% |
| Land and buildings22 | - | €224k | €218k | €211k | €205k | ▼ 3.1% |
| Plant, machinery and equipment23 | - | €4k | €5k | €2k | €1k | ▼ 47.7% |
| Furniture and vehicles24 | - | €75k | €97k | €78k | €59k | ▼ 24.1% |
| Current assets29/58 | €436k | €619k | €793k | €772k | €772k | = |
| Amounts receivable after more than one year29 | - | €212k | €12k | €12k | - | - |
| Other amounts receivable291 | - | €212k | €12k | €12k | - | - |
| Amounts receivable within one year40/41 | €46k | €128k | €188k | €76k | €48k | ▼ 36.4% |
| Trade receivables40 | - | €128k | €181k | €718 | €2k | ▲ 167% |
| Other amounts receivable41 | - | €331 | €8k | €75k | €46k | ▼ 38.3% |
| Current investments50/53 | - | - | - | €450k | €625k | ▲ 38.9% |
| Cash at bank and in hand54/58 | €275k | €273k | €591k | €234k | €98k | ▼ 58.1% |
| Deferred charges and accrued income490/1 | - | €6k | €1k | €1k | €920 | ▼ 9.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €734k | €922k | €1.11M | €1.06M | €1.04M | ▼ 2.5% |
| Equity10/15 | €678k | €904k | €1.10M | €1.06M | €935k | ▼ 12.0% |
| Contributions10/11 | - | €19k | €19k | €19k | €19k | = |
| Reserves13 | €659k | €885k | €1.08M | €1.04M | €916k | ▼ 12.2% |
| Non-distributable reserves130/1 | - | €23k | €23k | €23k | €23k | = |
| Reserves not available under the articles1311 | - | €23k | €23k | €23k | €23k | = |
| Distributable reserves133 | - | €863k | €1.06M | €1.02M | €893k | ▼ 12.5% |
| Amounts payable17/49 | €56k | €18k | €13k | €2k | €103k | ▲ 4,728% |
| Amounts payable within one year42/48 | €55k | €17k | €11k | €2k | €103k | ▲ 4,728% |
| Trade debts44 | €19k | €419 | €2k | €2k | €3k | ▲ 23.7% |
| Suppliers440/4 | - | €419 | €2k | €2k | €3k | ▲ 23.7% |
| Taxes, remuneration and social security45 | - | €11k | €9k | - | - | - |
| Taxes450/3 | - | €11k | €9k | - | - | - |
| Remuneration and social security454/9 | - | €541 | - | - | - | - |
| Other amounts payable47/48 | - | €6k | €300 | - | €100k | - |
| Accrued charges and deferred income492/3 | - | €1k | €2k | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €185k | €226k | €196k | €-38k | €-27k | ▲ 27.3% |
| + Depreciation and write-downs630 | €24k | €28k | €30k | €28k | €27k | ▼ 4.8% |
| Operating cash flow (approximation) | €209k | €254k | €226k | €-10k | €-793 | ▲ 91.9% |
| Investment in fixed assets (approximation) | - | €-34k | €-46k | €0 | €0 | - |
| Change in cash | - | €-3k | €318k | €-357k | €-136k | ▲ 62.0% |
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
31-01
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 150 days late
2024
30-06
Financial
Weakest financial yearnet €-38k
Net result drops to €-38k, the lowest in the series; recovery starts the following year.
30-06
Financial
Liquidity times 5current ratio 363.35
Current ratio from 72.67 to 363.35; short-term debt falls from €11k to €2k.
31-01
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-06
Financial
Liquidity doublescurrent ratio 72.67
Current ratio from 36.24 to 72.67; short-term debt falls from €17k to €11k.
30-06
Financial
Equity above €1MEq €1.10M ▲21.7%
5 profitable years in a row build equity to €1.10M.
31-01
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-06
Financial
Highest result since 2019net €226k ▲22.2%
Operating result €328k, net result €226k, both a record.
30-06
Financial
Liquidity times 5current ratio 36.24
Current ratio from 7.96 to 36.24; short-term debt falls from €55k to €17k.
31-01
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-06
Financial
Equity above €500kEq €678k ▲37.6%
3 profitable years in a row build equity to €678k.
Show earlier events
02-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 2 days late
2020
31-01
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
27-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
15-01
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
16-01
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 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, Antwerpen · 1 establishment unit since 2001
Ground area
3,406 m²
Building footprint
268 m²
Volume, LiDAR
4,592 m³
Parcel 11804D3488/00B006, Flanders · tallest building 19.6 m, ±6 floors. Linked by address, not a title deed.
18
companies at this address
See who is registered here
1 establishment unit
Riemstraat 16, 2000 Antwerpen
since 20012.098.140.979
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11804D3488/00B006 | Flanders | 3,406 m² | 1 · 268 m² | 19.6 m · 6 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 6,149 companies in sector 46190 we hold annual accounts for 2,571. 1,233 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
Founded10-05-2001
Fiscal year end30-06
Activities, NACEBEL 2025
46190Agents in non-specialised wholesale trade
52250Logistics services
Scores and ratios are computed by Checked and are not a credit decision.