MARE
ActiveSummary
MARE has been active since 1987 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €655,494 and a net result of €43,361. Equity has been stable since 2018 (±2.2% per year). Its solvency ranks better than 40% of 11,235 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 14-12-1987 Normal situation
- Activity
- Renting and operating of own or leased residential real estate, excluding social housing NACE 68201and 2 others
- Establishment unit
- 2.040.949.680 3200 Aarschot, since 22-11-1988
- Financial year end
- 31 December
- Peppol
- Reachable since 30-01-2025
Board and ownership
- MOONS KurtDirector · since 23-01-2025
- SMEDTS SonjaDirector · since 23-01-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- < 0.1%
- Gross margin
- €123,234
- ▲ 20.7%
- Turnover
- ≈ €180,000
- estimated
- Profit
- €43,361
- Equity
- €655,494
- ▲ 7.1%
- Total assets
- €3.2m
- ▲ 250%
Score breakdownraises riskLiquidity: current ratio 1.03, cash €42,125lowers riskSize: total assets €3.2mFigures for financial year 2025 (filed on 23-07-2026)Founded in 1987Show the evidence
Checked score
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 68, small). It does better than 40% of them on solvency, 10% on liquidity, 69% on profitability and 68% on growth.
The bankruptcy probability was computed on 01-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 34 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 38 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is a profit of €61,902, after a loss of €1,355 in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,613 | €130,896 | €7,260 | €24,891 | €68,772 |
| Depreciation and write-downs of the year | €44,638 | €42,818 | €54,580 | €41,521 | €45,246 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Comparable companies
These companies have the same main activity as MARE: renting and operating of own or leased residential real estate, excluding social housing (NACE 68201). They are comparable in size and age: total assets between €3m and €3.4m, founded between 1984 and 1991.
| Company | Founded | Total assets | Equity | Gross margin | Net result | Financial year |
|---|---|---|---|---|---|---|
| MARE Aarschot | 1987 | €3.2m | €0.7m | €0.1m | €0.04m | 2025 |
| RIORIM Elsene | 1991 | €3.0m | -€0.4m | €0.1m | -€0.05m | 2025 |
| LA COMPAGNIE DE RIPAIN Sint-Pieters-Woluwe | 1990 | €3.1m | €2.0m | €0.1m | €0.003m | 2024 |
| EPCOM REAL ESTATE Watermaal-Bosvoorde | 1987 | €3.3m | €1.8m | €0.1m | €0.06m | 2025 |
| ICARE Lasne | 1991 | €3.1m | €1.7m | €0.1m | -€0.008m | 2024 |
| ISOLA Tongeren-Borgloon | 1985 | €3.2m | €1.6m | €0.1m | -€0.004m | 2024 |
| IMMO BRUYNINX Hasselt | 1984 | €3.4m | €1.3m | €0.1m | -€0.009m | 2025 |
They were chosen from the 7,230 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Companies with the same profile, two years later
Historical observationIn July 2024, 4,685 companies had the same profile as MARE has now. Two years later, 1.1% had gone bankrupt and 96.9% were still going.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
That fits the bankruptcy probability of MARE itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,445 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 4,685 companies, not a prediction for MARE. 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €5,500 | €17,195 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €37,949 | €45,517 | €45,324 | €44,638 | €42,818 | €54,580 | €41,521 | €45,246 | ▲ 9.0% |
| Other operating charges640/8 | - | - | - | €16,029 | €17,618 | €19,041 | €28,334 | €16,086 | ▼ 43.2% |
| Non-recurring operating charges66A | - | - | - | - | - | €57,777 | €33,600 | €0 | ▼ 100% |
| Gross operating margin9900 | €126,734 | €142,691 | €125,885 | €155,782 | €83,726 | €83,958 | €102,101 | €123,234 | ▲ 20.7% |
| Operating profit (loss)9901 | €75,148 | €83,093 | €64,472 | €95,115 | €23,289 | -€47,439 | -€1,355 | €61,902 | - |
| Financial income75/76B | - | - | - | €48 | €0 | - | €0 | €0 | ▼ 100% |
| Recurring financial income75 | - | €328 | - | €48 | €0 | - | €0 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €10,443 | €9,310 | €6,760 | €14,993 | €18,358 | ▲ 22.4% |
| Recurring financial charges65 | €15,044 | €13,218 | €11,359 | €10,443 | €9,310 | €6,760 | €14,993 | €18,358 | ▲ 22.4% |
| Profit (loss) for the period before taxes9903 | €60,104 | €70,204 | €53,113 | €84,720 | €13,980 | -€54,199 | -€16,348 | €43,544 | - |
| Income taxes67/77 | €5,449 | €6,351 | €15,826 | €21,755 | €1,421 | €209 | €769 | €183 | ▼ 76.2% |
| Profit (loss) for the period9904 | €54,656 | €63,853 | €37,287 | €62,965 | €12,559 | -€54,408 | -€17,117 | €43,361 | - |
| Profit (loss) for the period to be appropriated9905 | €54,656 | €63,853 | €37,287 | €62,965 | €12,559 | -€54,408 | -€17,117 | €43,361 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.0m | €1.0m | €1.0m | €0.9m | €0.9m | €0.9m | €0.9m | €3.2m | ▲ 250% |
| Fixed assets21/28 | €0.8m | €0.8m | €0.7m | €0.7m | €0.8m | €0.7m | €0.7m | €0.7m | ▲ 3.6% |
| Tangible fixed assets22/27 | €0.8m | €0.8m | €0.7m | €0.7m | €0.8m | €0.7m | €0.7m | €0.7m | ▲ 3.6% |
| Land and buildings22 | - | - | - | €0.7m | €0.8m | €0.7m | €0.6m | €0.7m | ▲ 3.7% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.02m | €0.02m | €0.01m | €0.01m | ▼ 2.3% |
| Current assets29/58 | €0.1m | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | €0.3m | €2.5m | ▲ 887% |
| Stocks and contracts in progress3 | - | - | - | - | - | €0.1m | €0.2m | €2.5m | ▲ 11× |
| Stocks30/36 | - | - | - | - | - | €0.1m | €0.2m | €2.5m | ▲ 11× |
| Amounts receivable within one year40/41 | €0.1m | €0.2m | €0.2m | €0.03m | €0.03m | €0.02m | €0.01m | €0.003m | ▼ 74.2% |
| Trade receivables40 | - | - | - | €0.007m | - | €0.001m | €0.01m | €0.003m | ▼ 70.9% |
| Other amounts receivable41 | - | - | - | €0.02m | €0.03m | €0.02m | €0.001m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.002m | €0.007m | €0.05m | €0.2m | €0.1m | €0.01m | €0.02m | €0.04m | ▲ 106% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.003m | €0.005m | €0.003m | €0.008m | ▲ 130% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.0m | €1.0m | €1.0m | €0.9m | €0.9m | €0.9m | €0.9m | €3.2m | ▲ 250% |
| Equity10/15 | €0.5m | €0.6m | €0.6m | €0.7m | €0.7m | €0.6m | €0.6m | €0.7m | ▲ 7.1% |
| Contributions10/11 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Capital10 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Issued capital100 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Reserves13 | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | = |
| Non-distributable reserves130/1 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Legal reserve130 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Distributable reserves133 | - | - | - | €0.2m | €0.3m | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | - | - | - | - | - | - | - | €0.04m | - |
| Amounts payable17/49 | €0.4m | €0.4m | €0.4m | €0.3m | €0.2m | €0.2m | €0.3m | €2.5m | ▲ 741% |
| Amounts payable after more than one year17 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.09m | €0.08m | €0.1m | ▲ 26.7% |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.09m | €0.08m | €0.1m | ▲ 26.7% |
| Amounts payable within one year42/48 | €0.07m | €0.1m | €0.1m | €0.09m | €0.09m | €0.2m | €0.2m | €2.4m | ▲ 11× |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.06m | €0.06m | €0.06m | €0.01m | €0.02m | ▲ 28.2% |
| Financial debts43 | - | - | - | €0.003m | €0.003m | - | - | €1.3m | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €1.3m | - |
| Other loans439 | - | - | - | €0.003m | €0.003m | - | - | - | - |
| Trade debts44 | €0.002m | €0.03m | €0.002m | €0.002m | €0.002m | €0.02m | €0.01m | €0.001m | ▼ 91.1% |
| Suppliers440/4 | - | - | - | €0.002m | €0.002m | €0.02m | €0.01m | €0.001m | ▼ 91.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.02m | €0.001m | €0.01m | €0.007m | ▼ 37.0% |
| Taxes450/3 | - | - | - | €0.03m | €0.02m | €0.001m | €0.008m | €0.004m | ▼ 48.2% |
| Remuneration and social security454/9 | - | - | - | - | €0.002m | - | €0.003m | €0.003m | ▼ 0.2% |
| Other amounts payable47/48 | - | - | - | €0.001m | - | €0.07m | €0.2m | €1.2m | ▲ 540% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €0.01m | €0.008m | ▼ 17.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €54,656 | €63,853 | €37,287 | €62,965 | €12,559 | -€54,408 | -€17,117 | €43,361 | - |
| + Depreciation and write-downs630 | €37,949 | €45,517 | €45,324 | €44,638 | €42,818 | €54,580 | €41,521 | €45,246 | ▲ 9.0% |
| Operating cash flow (approximation) | €92,605 | €109,370 | €82,611 | €107,604 | €55,377 | €171 | €24,405 | €88,607 | ▲ 263% |
| Investment in fixed assets (approximation) | - | -€23,546 | €0 | -€7,613 | -€130,896 | €27,269 | €8,709 | -€68,772 | - |
| Change in cash | - | €5,159 | €44,968 | €151,692 | -€103,274 | -€90,116 | €10,299 | €21,662 | ▲ 110% |
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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 23-07-2026 | 2026-00321356 | NBB |
| 31-12-2024 | micro format | 12-08-2025 | 2025-00370836 | |
| 31-12-2023 | micro format | 09-08-2024 | 2024-00337208 | |
| 31-12-2022 | micro format | 17-07-2023 | 2023-00250684 | |
| 31-12-2021 | micro format | 04-08-2022 | 2022-20276907 | |
| 31-12-2020 | micro format | 25-01-2022 | 2022-01800540 | |
| 31-12-2019 | micro format | 29-09-2020 | 2020-57000115 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-54800394 | |
| 31-12-2017 | micro format | 30-07-2018 | 2018-40800411 | |
| 31-12-2016 | micro format | 01-08-2017 | 2017-40100171 |
Board & ownership
Directors
Owners and capital
Capital transactions
- 30-01-2025 Capital stated in the deed · €391,671.76 · 1,580 shares
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| MOONS Kurt |
|
| SMEDTS Sonja |
|
Articles of association
Board and representation
- Board ruleThese rules set how the board is made up, meets and takes decisions.
- “3, TITEL IV.BESTUUR EN VERTEGENWOORDIGING”
Capital, shares and profit
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Voor de helft ten laste overdrager en voor andere helft ten laste koper(s),naar evenredigheid aantal verworven aandelen, elke overdracht…”
Audit, dissolution and liquidation
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Bevoegdheden vereffenaars, algemene vergadering anders bij gewone meerderheid van stemmen”
Articles of association, deed of 30-01-2025 (in Dutch)
Network & group
MARE shares no director with another company.
Connections & network
2 current directorsThe network starts from the directors of MARE. Every other company they run is a node.
Timeline
Acts, filings and financial milestones
30-01
Gazette deed
Amendment of the articles · Resignations & appointmentsResignations: MOONS Kurt (director) and SMEDTS Sonja (director) · Reappointments: MOONS Kurt (director) and SMEDTS Sonja (director) · Incorporation15 points ▸
- General meeting, 23-01-2025
- Incorporation, 14-12-1987
- Amendment of the articles, mentioned 3 times in the deed
- Purpose change
- Other provision, 06-01-2025
- Capital, €391,671.76
- Director resignation, MOONS Kurt (director)
- Director resignation, SMEDTS Sonja (director)
- Director reappointment, MOONS Kurt (director (not named in the articles))
- Director reappointment, SMEDTS Sonja (director (not named in the articles))
- Other provision, “kwijting ontslagnemende bestuurders, uitoefening mandaat” (deed in Dutch)
- Board meeting, “duur van diens mandaat, benoeming gedelegeerd-bestuurder” (deed in Dutch)
- The act holds 3 more points.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 202516 activities
- Het aangaan en geven van onroerende leasing contracten;
- Het renoveren, herstellen, verbouwen en reinigen van gebouwde onroerende goederen zowel in eigen beheer als door bemiddeling van derden;
- Het aankopen van onroerende goederen, het oprichten, bouwen, afwerken en verkopen van villa’s, bungalows, appartementen, appartementsgebouwen, woonhuizen en alle anderen bouwwerken en gronden, evenals het afbreken en slopen van de bestaande bouwwerken;
- Jacht, zetten van vallen en diensten in verband met deze activiteit;
- Eet- en drinkgelegenheden;
- Catering en overige eetgelegenheden;
- Organiseren en verzorgen van bruiloften, banketten, cocktails, lunches, recepties enz.;
- Detailhandel, met uitzondering van handel in auto’s en motorfietsen;
- Detailhandel in niet-gespecialiseerde winkels;
- Detailhandel in voedings- en genotmiddelen in gespecialiseerde winkels;
- Detailhandel in ICT apparatuur in gespecialiseerde winkels;
- Detailhandel in andere consumentenartikelen in gespecialiseerde winkels;
- Detailhandel in cultuur- en recreatieartikelen in gespecialiseerde winkels;
- Detailhandels in andere artikelen in gespecialiseerde winkels;
- Detailhandel, niet in winkels exclusief markt- en straathandel;
- Groot en Detailhandel in en onderhoud en reparatie van motorvoertuigen en motorfietsen.
Invoicing and payment
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0432.834.982
Financial year and general meeting
Accounts at the NBBEnvironmental permits
Source: Omgevingsloket Vlaanderen.
Sites & property
1 establishment unit
Buildings and parcels at the address
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 24662E0143/00L002 | Flanders | 1,399 m² | 1 · 241 m² | 11.9 m · 2 |