MAREC
ActiveFinancials · 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
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€2.4m
▲ 0.8%
2025
20182025
Operating result
€465,946
▼ 38.4%
2025
20182025
Net result
€379,993
▼ 37.4%
2025
highest quarter of the sector
20182025
EBIT margin
19.2%
▼ 12.2pp
2025
20182025
Equity
€2.6m
▲ 15.5%
2025
highest quarter of the sector
20182025
Total assets
€6.1m
▲ 4.9%
2025
middle half of the sector
20182025
Debt
€3.3m
▼ 1.4%
2025
20182025
Working capital
€1.5m
▲ 37.6%
2025
highest quarter of the sector
20182025
Solvency
42.2%
▲ 3.9pp
2025
middle half of the sector
20182025
Current ratio
2.65
▲ 0.27
2025
middle half of the sector
20182025
Return on assets (ROA)
6.2%
▼ 4.2pp
2025
highest quarter of the sector
20182025
Staff (FTE)
9.8
▲ 88.5%
2025
middle half of the sector
20182025
Every figure per financial year
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.
The operating result for 2025 is 38% lower than in 2024.
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
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
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 9 | 9 | 5 | 5 | 10 |
| full-time | 4 | 4 | 3 | 4 | 8 |
| part-time | 5 | 5 | 2 | 1 | 2 |
| in full-time equivalents | 7.1 | 6.9 | 4.1 | 4.8 | 9.6 |
| Average over the year, in full-time equivalents | 7.6 | 7.3 | 5.6 | 5.1 | 9.8 |
| On a permanent contract | 8 | 8 | 5 | 5 | 10 |
| Joined | 13 | 14 | 14 | 7 | 15 |
| Left | 14 | 15 | 17 | 7 | 10 |
| Agency workers, average number | 1.3 | 1.3 | 1.2 | 0.5 | 0.8 |
| Training hours | 41 | 14 | 46 | 13 | 180 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| 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
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| 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
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| 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
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| 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% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| 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% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| 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.
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 | |
| 31-12-2024 | full format | 09-07-2025 | 2025-00255505 | |
| 31-12-2023 | full format | 22-07-2024 | 2024-00267777 | |
| 31-12-2022 | full format | 13-07-2023 | 2023-00237389 | |
| 31-12-2021 | full format | 08-07-2022 | 2022-20173433 | |
| 31-12-2020 | full format | 12-07-2021 | 2021-34900228 | |
| 31-12-2019 | full format | 15-07-2020 | 2020-31000010 | |
| 31-12-2018 | full format | 08-07-2019 | 2019-32300064 | |
| 31-12-2017 | full format | 17-07-2018 | 2018-34600030 | |
| 31-12-2016 | full format | 04-07-2017 | 2017-28800098 |