Skip to content

MAREC

Active
Dienstverlenende vereniging (Vlaams Gewest)founded 2001active for 25 yearsMaasdijk (Oph) 1, 3640 Kinrooi, BelgiumKBO/BCE: BE 0475.936.933

Financials · financial year 2025, full format

Annual accounts 2025 filed on 07-07-2026 PDF all 25 filings

Turnover
€2.4m▲ 0.8%
2024 · €2.4m
EBIT margin
19.2%▼ 12.2pp
2024 · 31.4%
Net result
€379,993▼ 37.4%
2024 · €607,334
Working capital
€1.5m▲ 37.6%
2024 · €1.1m
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is 38% lower than in 2024.

Turnover€2.4m 2025 Operating result€0.5m 2025 Net result€0.4m 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Sports, amusement and recreation activities (NACE 93). 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, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line20182019202020212022202320242025
Turnover€1.7m-€1.8m▲ 2.4%€1.7m▼ 3.0%€1.9m▲ 11.4%€2.2m▲ 16.0%€2.4m▲ 7.9%€2.4m▲ 0.7%€2.4m▲ 0.8%
Operating result-€0.2m-€0.03m-€0.04m-€0.04m▼ 1.2%€0.2m€0.4m▲ 136%€0.8m▲ 94.7%€0.5m▼ 38.4%
Net result-€0.2m-€0.02m-€0.05mwithin the sector's middle half-€0.06mbelow the sector's middle half▼ 38.3%€0.2mabove the sector's middle half€0.4mabove the sector's middle half▲ 135%€0.6mabove the sector's middle half▲ 49.3%€0.4mabove the sector's middle half▼ 37.4%
EBIT margin-9.3%-1.6%▲ 10.8pp-2.6%▼ 4.1pp-2.4%▲ 0.2pp7.4%▲ 9.8pp16.3%▲ 8.8pp31.4%▲ 15.2pp19.2%▼ 12.2pp
Equity€0.5m-€1.1m▲ 114%€1.2mabove the sector's middle half▲ 7.6%€1.1mabove the sector's middle half▼ 7.9%€1.3mabove the sector's middle half▲ 16.0%€1.7mabove the sector's middle half▲ 28.9%€2.2mabove the sector's middle half▲ 34.4%€2.6mabove the sector's middle half▲ 15.5%
Total assets€2.8m-€5.3m▲ 88.3%€5.7mabove the sector's middle half▲ 7.8%€5.4mabove the sector's middle half▼ 6.0%€5.4mabove the sector's middle half▼ 0.2%€5.5mabove the sector's middle half▲ 2.7%€5.9mabove the sector's middle half▲ 6.4%€6.1mwithin the sector's middle half▲ 4.9%
Debt€2.2m-€3.9m▲ 73.7%€4.2m▲ 10.0%€4.0m▼ 5.6%€3.8m▼ 4.8%€3.6m▼ 5.7%€3.4m▼ 5.9%€3.3m▼ 1.4%
Working capital-€1.1m--€0.07m▲ 93.3%-€0.2mbelow the sector's middle half▼ 224%-€0.3mbelow the sector's middle half▼ 17.3%-€0.07mwithin the sector's middle half▲ 74.4%€0.4mwithin the sector's middle half€1.1mabove the sector's middle half▲ 154%€1.5mabove the sector's middle half▲ 37.6%
Solvency18.7%-21.3%▲ 2.5pp21.2%within the sector's middle half=20.8%within the sector's middle half▼ 0.4pp24.2%within the sector's middle half▲ 3.4pp30.3%within the sector's middle half▲ 6.2pp38.3%within the sector's middle half▲ 8.0pp42.2%within the sector's middle half▲ 3.9pp
Current ratio0.21-0.93▲ 0.720.77within the sector's middle half▼ 0.160.71within the sector's middle half▼ 0.070.92within the sector's middle half▲ 0.221.51within the sector's middle half▲ 0.592.38within the sector's middle half▲ 0.872.65within the sector's middle half▲ 0.27
Return on assets (ROA)-6.2%-0.4%▲ 6.6pp-0.8%within the sector's middle half▼ 1.2pp-1.2%within the sector's middle half▼ 0.4pp3.2%within the sector's middle half▲ 4.4pp7.4%within the sector's middle half▲ 4.2pp10.4%within the sector's middle half▲ 3.0pp6.2%above the sector's middle half▼ 4.2pp
Staff (FTE)9.3-8.4▼ 9.7%7.4within the sector's middle half▼ 11.9%7.6within the sector's middle half▲ 2.7%7.3within the sector's middle half▼ 3.9%5.6within the sector's middle half▼ 23.3%5.2within the sector's middle half▼ 7.1%9.8within the sector's middle half▲ 88.5%
above within below The sector band is the middle half of the companies in Sports, amusement and recreation activities (NACE 93). 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €6.1m
Fixed assets €3.8m ▼ 5.9%
Current assets €2.4m ▲ 28.2%
Equity and liabilities €6.1m
Equity €2.6m ▲ 15.5%
Provisions €214,634 ▼ 4.8%
Debt €3.3m ▼ 1.4%
Debt's share of the balance-sheet total falls from 57.8% to 54.3%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€791,501▼
2024 · €1.1m
Cash flow
€705,548▼
2024 · €930,832
Debt to equity
1.29▼
2024 · 1.51
ROE
14.7%▼
2024 · 27.1%
Interest coverage
50.11▼
2024 · 63.98
Debt ≤ 1 year
€898,087▲
2024 · €779,362
Debt > 1 year
€2.2m▼
2024 · €2.4m
Income taxes
€130,117▼
2024 · €189,481
Customer credit
6 days▲
2024 · 6 days
Supplier credit
36489 days▲
2024 · 8234 days
Staff costs
€782,110▲
2024 · €452,920
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item31-12-202131-12-202231-12-202331-12-202431-12-2025
Employees at the balance-sheet date995510
full-time44348
part-time55212
in full-time equivalents7.16.94.14.89.6
Average over the year, in full-time equivalents7.67.35.65.19.8
On a permanent contract885510
Joined131414715
Left141517710
Agency workers, average number1.31.31.20.50.8
Training hours41144613180

Source: social balance sheet in the 2021 to 2025 annual accounts

Securities and guarantees

on own assets and for others
Item20212022202320242025
Debts guaranteed by Belgian public bodies€3.1m€2.9m€2.7m€2.6m€2.4m

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€179,287€185,103€91,303€67,221€92,750
Depreciation and write-downs of the year€378,421€375,013€345,736€323,498€325,554

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees
Item20212022202320242025
Fee for the audit€5,169€5,500€5,943-€6,400
Other work by the auditor€225€250€300€6,287€280

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 78 lines
Balance sheet Code20242025
Assets
Total assets20/58€5.9m€6.1m▲
Fixed assets21/28€4.0m€3.8m▼
Tangible fixed assets22/27€4.0m€3.8m▼
Plant, machinery and equipment23€0.04m€0.03m▼
Furniture and vehicles24€0.1m€0.1m▲
Other tangible fixed assets26€3.9m€3.6m▼
Assets under construction and advance payments27€0.003m€0.007m▲
Financial fixed assets28€0.005m€0.005m=
Other financial fixed assets284/8€0.005m€0.005m=
Shares284€99€99=
Amounts receivable and cash guarantees285/8€0.005m€0.005m=
Current assets29/58€1.9m€2.4m▲
Amounts receivable within one year40/41€0.07m€0.09m▲
Trade receivables40€0.04m€0.04m▲
Other amounts receivable41€0.04m€0.05m▲
Current investments50/53€0.7m€1.4m▲
Other investments51/53€0.7m€1.4m▲
Cash at bank and in hand54/58€0.9m€0.7m▼
Deferred charges and accrued income490/1€0.2m€0.2m▼
Equity and liabilities
Total equity and liabilities10/49€5.9m€6.1m▲
Equity10/15€2.2m€2.6m▲
Contributions10/11€0.4m€0.4m=
Reserves13€0.4m€0.8m▲
Non-distributable reserves130/1€0.04m€0.04m=
Reserves not available under the articles1311€0.04m€0.04m=
Distributable reserves133€0.3m€0.7m▲
Profit (loss) carried forward14€0.8m€0.8m▲
Investment grants15€0.7m€0.6m▼
Provisions and deferred taxes16€0.2m€0.2m▼
Deferred taxes168€0.2m€0.2m▼
Amounts payable17/49€3.4m€3.3m▼
Amounts payable after more than one year17€2.4m€2.2m▼
Financial debts170/4€2.4m€2.2m▼
Credit institutions173€2.4m€2.2m▼
Amounts payable within one year42/48€0.8m€0.9m▲
Current portion of amounts payable after more than one year42€0.2m€0.2m=
Trade debts44€0.06m€0.1m▲
Suppliers440/4€0.06m€0.1m▲
Advances received on contracts in progress46€0.1m€0.09m▼
Taxes, remuneration and social security45€0.2m€0.2m▲
Taxes450/3€0.06m€0.02m▼
Remuneration and social security454/9€0.1m€0.2m▲
Other amounts payable47/48€0.3m€0.3m▲
Accrued charges and deferred income492/3€0.2m€0.2m▼
Income statement Code20242025
Operating income70/76A€2.6m€2.6m▼
Turnover70€2.4m€2.4m▲
Other operating income74€0.2m€0.1m▼
Non-recurring operating income76A-€372
Operating charges60/66A€1.9m€2.1m▲
Goods for resale, raw materials and consumables60€0.003m€0.001m▼
Purchases600/8€0.003m€0.001m▼
Services and other goods61€1.0m€0.9m▼
Remuneration, social security and pensions62€0.5m€0.8m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.3m€0.3m▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0.01m€0.01m▲
Other operating charges640/8€0.08m€0.08m▲
Non-recurring operating charges66A-€0.003m
Operating profit (loss)9901€0.8m€0.5m▼
Financial income75/76B€0.08m€0.08m▲
Recurring financial income75€0.08m€0.08m▲
Income from current assets751€0.04m€0.05m▲
Other financial income752/9€0.03m€0.03m▼
Financial charges65/66B€0.05m€0.04m▼
Recurring financial charges65€0.05m€0.04m▼
Debt charges650€0.02m€0.02m▼
Other financial charges652/9€0.03m€0.03m▼
Profit (loss) for the period before taxes9903€0.8m€0.5m▼
Transfer from deferred taxes780€0.01m€0.01m▼
Income taxes67/77€0.2m€0.1m▼
Taxes670/3€0.2m€0.1m▼
Tax adjustments and reversals of tax provisions77-€410
Profit (loss) for the period9904€0.6m€0.4m▼
Profit (loss) for the period to be appropriated9905€0.6m€0.4m▼
Appropriation of the result
Profit (loss) to be appropriated9906€1.0m€1.2m▲
Profit (loss) brought forward from the previous period14P€0.4m€0.8m▲
Transfer to equity691/2€0.1m€0.4m▲
To other reserves6921€0.1m€0.4m▲
Social balance sheet
Average headcount (FTE)90875.29.8▲

The notes to these accounts have 77 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 07-07-2026.

Line20182019202020212022202320242025Change
Operating income70/76A--€1.8m€2.1m€2.4m€2.5m€2.6m€2.6m▼ 2.5%
Turnover70€1.7m€1.8m€1.7m€1.9m€2.2m€2.4m€2.4m€2.4m▲ 0.8%
Other operating income74--€0.1m€0.1m€0.2m€0.2m€0.2m€0.1m▼ 37.2%
Non-recurring operating income76A---€83€0.002m€0.003m-€372-
Operating charges60/66A--€1.9m€2.1m€2.2m€2.2m€1.9m€2.1m▲ 11.9%
Goods for resale, raw materials and consumables60--€0.005m€0.01m€0.02m€0.002m€0.003m€0.001m▼ 61.7%
Purchases600/8--€0.005m€0.01m€0.02m€0.002m€0.003m€0.001m▼ 61.7%
Services and other goods61--€1.0m€1.1m€1.2m€1.3m€1.0m€0.9m▼ 10.8%
Remuneration, social security and pensions62--€0.6m€0.5m€0.6m€0.5m€0.5m€0.8m▲ 72.7%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.3m€0.3m€0.4m€0.4m€0.4m€0.3m€0.3m€0.3m▲ 0.6%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4--€0.002m-€0.008m€0.004m€0.006m€0.01m€0.01m▲ 9.0%
Provisions for liabilities and charges: additions (uses and reversals)635/8---€0.1m------
Other operating charges640/8--€0.06m€0.07m€0.08m€0.09m€0.08m€0.08m▲ 0.6%
Non-recurring operating charges66A---€0.01m-€0.001m-€0.003m-
Operating profit (loss)9901-€0.2m€0.03m-€0.04m-€0.04m€0.2m€0.4m€0.8m€0.5m▼ 38.4%
Financial income75/76B--€0.04m€0.04m€0.04m€0.05m€0.08m€0.08m▲ 1.7%
Recurring financial income75€0.008m€0.02m€0.04m€0.04m€0.04m€0.05m€0.08m€0.08m▲ 1.7%
Income from current assets751--€0.007m€0.006m€0.003m€0.02m€0.04m€0.05m▲ 3.2%
Other financial income752/9--€0.03m€0.03m€0.04m€0.03m€0.03m€0.03m▼ 0.2%
Financial charges65/66B--€0.05m€0.07m€0.05m€0.05m€0.05m€0.04m▼ 6.1%
Recurring financial charges65€0.03m€0.03m€0.05m€0.07m€0.05m€0.05m€0.05m€0.04m▼ 6.1%
Debt charges650€0.001m€0.006m€0.02m€0.02m€0.02m€0.02m€0.02m€0.02m▼ 6.4%
Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651--€0.006m-€0.006m-----
Other financial charges652/9--€0.02m€0.05m€0.03m€0.03m€0.03m€0.03m▼ 5.9%
Profit (loss) for the period before taxes9903-€0.2m€0.02m-€0.06m-€0.07m€0.2m€0.4m€0.8m€0.5m▼ 36.5%
Transfer from deferred taxes780--€0.01m€0.01m€0.01m€0.01m€0.01m€0.01m▼ 0.3%
Income taxes67/77-€0.004m-€102---€0.2m€0.1m▼ 31.3%
Taxes670/3--€102---€0.2m€0.1m▼ 31.1%
Tax adjustments and reversals of tax provisions77-------€410-
Profit (loss) for the period9904-€0.2m€0.02m-€0.05m-€0.06m€0.2m€0.4m€0.6m€0.4m▼ 37.4%
Profit (loss) for the period to be appropriated9905-€0.2m€0.02m-€0.05m-€0.06m€0.2m€0.4m€0.6m€0.4m▼ 37.4%
Line20182019202020212022202320242025Change
Assets
Total assets20/58€2.8m€5.3m€5.7m€5.4m€5.4m€5.5m€5.9m€6.1m▲ 4.9%
Fixed assets21/28€2.5m€4.3m€4.9m€4.7m€4.5m€4.3m€4.0m€3.8m▼ 5.9%
Intangible fixed assets21€0.009m€0.006m€0.003m€166-----
Tangible fixed assets22/27€2.5m€4.3m€4.9m€4.7m€4.5m€4.3m€4.0m€3.8m▼ 5.9%
Plant, machinery and equipment23--€0.05m€0.06m€0.06m€0.05m€0.04m€0.03m▼ 25.3%
Furniture and vehicles24--€0.05m€0.06m€0.08m€0.08m€0.1m€0.1m▲ 11.3%
Other tangible fixed assets26--€4.8m€4.6m€4.4m€4.1m€3.9m€3.6m▼ 6.3%
Assets under construction and advance payments27--€0.02m€0.002m€0.02m€0.003m€0.003m€0.007m▲ 122%
Financial fixed assets28€0.003m€0.007m€0.005m€0.005m€0.005m€0.005m€0.005m€0.005m=
Other financial fixed assets284/8--€0.005m€0.005m€0.005m€0.005m€0.005m€0.005m=
Shares284--€99€99€99€99€99€99=
Amounts receivable and cash guarantees285/8--€0.005m€0.005m€0.005m€0.005m€0.005m€0.005m=
Current assets29/58€0.3m€1.0m€0.8m€0.7m€0.8m€1.2m€1.9m€2.4m▲ 28.2%
Amounts receivable within one year40/41€0.1m€0.5m€0.3m€0.1m€0.1m€0.2m€0.07m€0.09m▲ 23.1%
Trade receivables40--€0.06m€0.03m€0.03m€0.1m€0.04m€0.04m▲ 4.5%
Other amounts receivable41--€0.2m€0.1m€0.07m€0.07m€0.04m€0.05m▲ 43.0%
Current investments50/53-----€0.4m€0.7m€1.4m▲ 100%
Other investments51/53-----€0.4m€0.7m€1.4m▲ 100%
Cash at bank and in hand54/58€0.06m€0.4m€0.4m€0.4m€0.5m€0.4m€0.9m€0.7m▼ 20.1%
Deferred charges and accrued income490/1--€0.1m€0.2m€0.2m€0.2m€0.2m€0.2m▼ 8.8%
Equity and liabilities
Total equity and liabilities10/49€2.8m€5.3m€5.7m€5.4m€5.4m€5.5m€5.9m€6.1m▲ 4.9%
Equity10/15€0.5m€1.1m€1.2m€1.1m€1.3m€1.7m€2.2m€2.6m▲ 15.5%
Contributions10/11€0.4m€0.4m€0.4m€0.4m€0.4m€0.4m€0.4m€0.4m=
Reserves13€0.2m€0.2m€0.2m€0.2m€0.2m€0.2m€0.4m€0.8m▲ 100%
Non-distributable reserves130/1--€0.04m€0.04m€0.04m€0.04m€0.04m€0.04m=
Reserves not available under the articles1311--€0.04m€0.04m€0.04m€0.04m€0.04m€0.04m=
Distributable reserves133--€0.2m€0.2m€0.2m€0.2m€0.3m€0.7m▲ 111%
Profit (loss) carried forward14-€0.1m-€0.1m-€0.2m-€0.2m-€0.05m€0.4m€0.8m€0.8m▲ 0.6%
Investment grants15--€0.8m€0.7m€0.7m€0.7m€0.7m€0.6m▼ 4.8%
Provisions and deferred taxes16€0.06m€0.3m€0.3m€0.2m€0.2m€0.2m€0.2m€0.2m▼ 4.8%
Deferred taxes168--€0.3m€0.2m€0.2m€0.2m€0.2m€0.2m▼ 4.8%
Amounts payable17/49€2.2m€3.9m€4.2m€4.0m€3.8m€3.6m€3.4m€3.3m▼ 1.4%
Amounts payable after more than one year17€0.7m€2.7m€3.1m€2.9m€2.7m€2.6m€2.4m€2.2m▼ 6.9%
Financial debts170/4--€3.1m€2.9m€2.7m€2.6m€2.4m€2.2m▼ 6.9%
Credit institutions173--€3.1m€2.9m€2.7m€2.6m€2.4m€2.2m▼ 6.9%
Amounts payable within one year42/48€1.3m€1.1m€1.0m€0.9m€0.9m€0.8m€0.8m€0.9m▲ 15.2%
Current portion of amounts payable after more than one year42--€0.2m€0.2m€0.2m€0.2m€0.2m€0.2m=
Trade debts44€0.6m€0.4m€0.1m€0.1m€0.08m€0.08m€0.06m€0.1m▲ 69.7%
Suppliers440/4--€0.1m€0.1m€0.08m€0.08m€0.06m€0.1m▲ 69.7%
Advances received on contracts in progress46--€0.4m€0.3m€0.3m€0.2m€0.1m€0.09m▼ 7.0%
Taxes, remuneration and social security45--€0.2m€0.2m€0.2m€0.1m€0.2m€0.2m▲ 25.6%
Taxes450/3--€0.02m€0.02m€0.02m€0.02m€0.06m€0.02m▼ 62.0%
Remuneration and social security454/9--€0.1m€0.1m€0.2m€0.09m€0.1m€0.2m▲ 74.5%
Other amounts payable47/48--€0.2m€0.2m€0.2m€0.2m€0.3m€0.3m▲ 13.3%
Accrued charges and deferred income492/3--€0.2m€0.2m€0.2m€0.2m€0.2m€0.2m▼ 0.2%
Line20182019202020212022202320242025Change
Profit (loss) for the period9904-€0.2m€0.02m-€0.05m-€0.06m€0.2m€0.4m€0.6m€0.4m▼ 37.4%
+ Depreciation and write-downs630€0.3m€0.3m€0.4m€0.4m€0.4m€0.3m€0.3m€0.3m▲ 0.6%
Operating cash flow (approximation)€0.08m€0.3m€0.3m€0.3m€0.5m€0.8m€0.9m€0.7m▼ 24.2%
Investment in fixed assets (approximation)--€2.1m-€1.0m-€0.2m-€0.2m-€0.08m-€0.07m-€0.09m▼ 33.1%
Change in cash-€0.3m€0.03m-€0.04m€0.2m-€0.1m€0.4m-€0.2m-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

Download as CSV

Latest 10 of 25 filings with the National Bank
Financial year Type Filed Reference Document
31-12-2025 full format 07-07-2026 2026-00260436 PDF
31-12-2024 full format 09-07-2025 2025-00255505 PDF
31-12-2023 full format 22-07-2024 2024-00267777 PDF
31-12-2022 full format 13-07-2023 2023-00237389 PDF
31-12-2021 full format 08-07-2022 2022-20173433 PDF
31-12-2020 full format 12-07-2021 2021-34900228 PDF
31-12-2019 full format 15-07-2020 2020-31000010 PDF
31-12-2018 full format 08-07-2019 2019-32300064 PDF
31-12-2017 full format 17-07-2018 2018-34600030 PDF
31-12-2016 full format 04-07-2017 2017-28800098 PDF

Show all 25 filings

Next steps