MARE NOSTRUM
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 08-10-2026 at the NBB all 25 filings
Turnover
≈ €440,000
Estimated: probably between €290,000 and €680,000
Total assets
€1.9m▼ 4.2%
2025 · €1.9m
Net result
€56,137▲ 1.6%
2025 · €55,247
Working capital
-€88,120▲ 6.5%
2025 · -€94,214
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€105,843
▲ 5.3%
2026
20192026
Net result
€56,137
▲ 1.6%
2026
20192026
Equity
€670,728
▲ 9.1%
2026
20192026
Total assets
€1.9m
▼ 4.2%
2026
20192026
Debt
€1.2m
▼ 10.4%
2026
20192026
Working capital
-€88,120
▲ 6.5%
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€0.04m-€0.06m▲ 34.2%€0.03m▼ 45.0%€0.05m▲ 39.8%€0.09m▲ 89.6%€0.09m▲ 7.3%€0.1m▲ 8.9%€0.1m▲ 5.3%
Net result€0.01m-€0.03m▲ 109%€0.007m▼ 77.6%€0.02m▲ 224%€0.06m▲ 153%€0.05m▼ 10.8%€0.06m▲ 8.6%€0.06m▲ 1.6%
Equity€0.4m-€0.4m▲ 7.9%€0.4m▲ 1.6%€0.5m▲ 5.2%€0.5m▲ 12.6%€0.6m▲ 10.0%€0.6m▲ 9.9%€0.7m▲ 9.1%
Total assets€2.1m-€2.0m▼ 3.6%€1.9m▼ 4.9%€1.9m▼ 3.5%€1.8m▼ 2.7%€2.0m▲ 7.8%€1.9m▼ 2.0%€1.9m▼ 4.2%
Debt€1.7m-€1.6m▼ 6.2%€1.5m▼ 6.6%€1.4m▼ 5.9%€1.3m▼ 7.5%€1.4m▲ 7.0%€1.3m▼ 6.7%€1.2m▼ 10.4%
Working capital-€0.2m--€0.2m▲ 11.3%-€0.2m▼ 14.3%-€0.2m▲ 7.8%-€0.2m▲ 2.1%-€0.1m▲ 14.1%-€0.09m▲ 33.2%-€0.09m▲ 6.5%
The operating result for 2026 is 5% higher than in 2025 and the highest since 2022. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €1.9m
Fixed assets
€1.8m ▼ 2.3%
Current assets
€20,127 ▼ 65.9%
Equity and liabilities €1.9m
Equity
€670,728 ▲ 9.1%
Debt
€1.2m ▼ 10.4%
Debt's share of the balance-sheet total falls from 68.2% to 63.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€168,399▲
2025 · €161,823
Cash flow
€118,693▲
2025 · €116,537
Current ratio
0.19▼
2025 · 0.38
Debt to equity
1.76▼
2025 · 2.15
ROE
8.4%▼
2025 · 9.0%
ROA
3.0%▲
2025 · 2.9%
Interest coverage
7.16▲
2025 · 6.02
Debt ≤ 1 year
€108,247▼
2025 · €153,167
Debt > 1 year
€1.1m▼
2025 · €1.2m
Income taxes
€26,197▲
2025 · €18,416
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €20,016 |
| Financial fixed assets | - | - | €199,000 | €0 | €0 |
| Depreciation and write-downs of the year | €84,502 | €61,688 | €61,290 | €61,290 | €62,556 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €94,031 | €85,511 | €84,502 | €84,502 | €61,688 | €61,290 | €61,290 | €62,556 | ▲ 2.1% |
| Other operating charges640/8 | - | - | - | €406 | €6,414 | €6,807 | €7,179 | €7,431 | ▲ 3.5% |
| Gross operating margin9900 | €137,984 | €144,476 | €116,962 | €130,290 | €154,121 | €160,375 | €169,002 | €175,830 | ▲ 4.0% |
| Operating profit (loss)9901 | €43,953 | €58,964 | €32,459 | €45,381 | €86,019 | €92,278 | €100,533 | €105,843 | ▲ 5.3% |
| Financial charges65/66B | - | - | - | €22,875 | €21,990 | €23,634 | €26,870 | €23,509 | ▼ 12.5% |
| Recurring financial charges65 | €29,126 | €27,994 | €25,518 | €22,875 | €21,990 | €23,634 | €26,870 | €23,509 | ▼ 12.5% |
| Profit (loss) for the period before taxes9903 | €14,826 | €30,970 | €6,942 | €22,506 | €64,029 | €68,644 | €73,663 | €82,334 | ▲ 11.8% |
| Income taxes67/77 | - | - | - | - | €7,053 | €17,794 | €18,416 | €26,197 | ▲ 42.3% |
| Profit (loss) for the period9904 | €14,826 | €30,970 | €6,942 | €22,506 | €56,976 | €50,849 | €55,247 | €56,137 | ▲ 1.6% |
| Profit (loss) for the period to be appropriated9905 | €14,826 | €30,970 | €6,942 | €22,506 | €56,976 | €50,849 | €55,247 | €56,137 | ▲ 1.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.1m | €2.0m | €1.9m | €1.9m | €1.8m | €2.0m | €1.9m | €1.9m | ▼ 4.2% |
| Fixed assets21/28 | €2.1m | €2.0m | €1.9m | €1.9m | €1.8m | €1.9m | €1.9m | €1.8m | ▼ 2.3% |
| Tangible fixed assets22/27 | €2.1m | €2.0m | €1.9m | €1.9m | €1.8m | €1.7m | €1.7m | €1.6m | ▼ 2.5% |
| Land and buildings22 | - | - | - | €1.8m | €1.8m | €1.7m | €1.7m | €1.6m | ▼ 2.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €0.006m | - |
| Other tangible fixed assets26 | - | - | - | €0.02m | €0.01m | €0.01m | €0.009m | €0.006m | ▼ 31.1% |
| Financial fixed assets28 | €1 | €1 | €1 | €1 | €1 | €0.2m | €0.2m | €0.2m | = |
| Current assets29/58 | €0.02m | €0.02m | €0.004m | €0.02m | €0.03m | €0.04m | €0.06m | €0.02m | ▼ 65.9% |
| Amounts receivable within one year40/41 | - | - | €0.001m | €0.002m | €0 | - | - | €0.01m | - |
| Trade receivables40 | - | - | - | €0.002m | €0 | - | - | €0.01m | - |
| Cash at bank and in hand54/58 | €0.01m | €0.02m | €0.001m | €0.01m | €0.03m | €0.03m | €0.05m | €0.004m | ▼ 92.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.007m | €0.006m | €0.005m | €0.008m | €0.006m | ▼ 19.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.1m | €2.0m | €1.9m | €1.9m | €1.8m | €2.0m | €1.9m | €1.9m | ▼ 4.2% |
| Equity10/15 | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | €0.6m | €0.6m | €0.7m | ▲ 9.1% |
| Contributions10/11 | €0.6m | €0.6m | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Reserves13 | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | €0.004m | €0.03m | €0.09m | ▲ 191% |
| Non-distributable reserves130/1 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | €0.001m | €0.001m | €0.001m | €0.03m | €0.09m | ▲ 223% |
| Profit (loss) carried forward14 | -€0.2m | -€0.2m | -€0.2m | -€0.1m | -€0.08m | -€0.03m | €0 | - | - |
| Amounts payable17/49 | €1.7m | €1.6m | €1.5m | €1.4m | €1.3m | €1.4m | €1.3m | €1.2m | ▼ 10.4% |
| Amounts payable after more than one year17 | €1.5m | €1.4m | €1.3m | €1.2m | €1.1m | €1.2m | €1.2m | €1.1m | ▼ 7.1% |
| Financial debts170/4 | - | - | - | €1.2m | €1.1m | €1.2m | €1.2m | €1.1m | ▼ 7.1% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 29.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.08m | €0.08m | ▲ 1.7% |
| Trade debts44 | €0.02m | - | €0.001m | €0 | - | €412 | €0 | €0.01m | - |
| Suppliers440/4 | - | - | - | €0 | - | €412 | €0 | €0.01m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.003m | €0.008m | €0.01m | €0.003m | €0.01m | ▲ 231% |
| Taxes450/3 | - | - | - | €0.003m | €0.008m | €0.01m | €0.003m | €0.01m | ▲ 231% |
| Other amounts payable47/48 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.004m | ▼ 94.4% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.003m | ▼ 77.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €14,826 | €30,970 | €6,942 | €22,506 | €56,976 | €50,849 | €55,247 | €56,137 | ▲ 1.6% |
| + Depreciation and write-downs630 | €94,031 | €85,511 | €84,502 | €84,502 | €61,688 | €61,290 | €61,290 | €62,556 | ▲ 2.1% |
| Operating cash flow (approximation) | €108,857 | €116,481 | €91,444 | €107,008 | €118,664 | €112,139 | €116,537 | €118,693 | ▲ 1.8% |
| Investment in fixed assets (approximation) | - | -€5,840 | €0 | €0 | €0 | -€199,000 | €0 | -€20,016 | - |
| Change in cash | - | €5,493 | -€15,959 | €9,710 | €14,803 | €5,798 | €19,642 | -€47,593 | - |
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, 14,766 companies had the same profile as MARE NOSTRUM has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MARE NOSTRUM itself: 0.2% within 12 months.
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 14,766 companies, not a prediction for MARE NOSTRUM. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 08-10-2026 | 2026-00551244 | |
| 31-03-2025 | micro format | 09-09-2025 | 2025-00486891 | |
| 31-03-2024 | micro format | 29-07-2024 | 2024-00294488 | |
| 31-03-2023 | micro format | 24-07-2024 | 2024-00276260 | |
| 31-03-2022 | micro format | 30-09-2022 | 2022-20442926 | |
| 31-03-2021 | micro format | 26-01-2022 | 2022-01800239 | |
| 31-03-2020 | micro format | 20-10-2020 | 2020-62100225 | |
| 31-03-2019 | micro format | 27-09-2019 | 2019-66600096 | |
| 31-03-2018 | micro format | 26-10-2018 | 2018-70400386 | |
| 31-03-2017 | micro format | 26-10-2017 | 2017-68100247 |