MARECHAL
ActiveSummary
MARECHAL has been active since 2005 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €92,773 and a net result of €71,225, of which €113,328 non-recurring income. Equity has been stable since 2018 (±1.6% per year). Its solvency ranks better than 42% of 17,145 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 16-02-2005 Normal situation
- Activity
- Real estate agency activities NACE 68310and 1 other
- Establishment unit
- 2.179.747.871 9051 Gent, since 16-02-2005
- Financial year end
- 31 December
- Peppol
- Reachable since 20-04-2026
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.4%
- Gross margin
- €115,313
- Turnover
- ≈ €200,000
- estimated
- Profit
- €71,225
- Equity
- €92,773
- ▼ 48.9%
- Total assets
- €482,249
- ▲ 12.8%
Score breakdownraises risk2 of the last 3 accounts lateEquity €92,773 (19.2% of total assets)lowers riskSize: total assets €482,249Founded in 2005Show the evidence
Checked score
About 4 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, micro). It does better than 39% of them on solvency, 32% on liquidity, 84% on profitability and 12% on growth.
The bankruptcy probability was computed on 02-11-2026 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 42 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, micro format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 21 filings
Every figure per financial year
The operating result for 2025 is a profit of €96,659, after a loss of €17,637 in 2024. It is the highest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | - | - | €249,000 |
| Carrying value of the mortgaged assets | - | - | - | - | €248,100 |
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 | €283,874 | €18,603 | - | - | - |
| Depreciation and write-downs of the year | €12,198 | €13,923 | €14,019 | €14,019 | €16,513 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €113,328 | - |
| Remuneration, social security and pensions62 | - | - | - | €0 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,775 | €4,520 | €4,520 | €12,198 | €13,923 | €14,019 | €14,019 | €16,513 | ▲ 17.8% |
| Other operating charges640/8 | - | - | - | €3,064 | €1,728 | €15,728 | €3,425 | €2,141 | ▼ 37.5% |
| Gross operating margin9900 | €90,569 | €17,062 | €179,307 | €49,887 | €31,965 | €8,687 | -€193 | €115,313 | - |
| Operating profit (loss)9901 | €41,529 | -€36,299 | €169,321 | €34,625 | €16,314 | -€21,060 | -€17,637 | €96,659 | - |
| Financial income75/76B | - | - | - | €1,347 | €1,679 | €1,546 | €1,959 | €308 | ▼ 84.3% |
| Recurring financial income75 | €25 | €2,192 | €2,367 | €1,347 | €1,679 | €1,546 | €1,959 | €308 | ▼ 84.3% |
| Financial charges65/66B | - | - | - | €5,876 | €7,350 | €6,221 | €5,717 | €5,950 | ▲ 4.1% |
| Recurring financial charges65 | €7,340 | €7,568 | €9,005 | €5,876 | €7,350 | €6,221 | €5,717 | €5,950 | ▲ 4.1% |
| Profit (loss) for the period before taxes9903 | €34,214 | -€41,676 | €162,683 | €30,096 | €10,642 | -€25,735 | -€21,394 | €91,017 | - |
| Income taxes67/77 | €7,436 | €0 | €30,812 | €8,337 | €1,620 | €0 | - | €19,793 | - |
| Profit (loss) for the period9904 | €26,777 | -€41,676 | €131,872 | €21,759 | €9,022 | -€25,735 | -€21,394 | €71,225 | - |
| Profit (loss) for the period to be appropriated9905 | €26,777 | -€41,676 | €131,872 | €21,759 | €9,022 | -€25,735 | -€21,394 | €71,225 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €247,441 | €610,763 | €532,235 | €582,105 | €546,750 | €470,466 | €427,496 | €482,249 | ▲ 12.8% |
| Fixed assets21/28 | €143,020 | €138,500 | €133,980 | €405,657 | €379,902 | €352,409 | €337,002 | €251,009 | ▼ 25.5% |
| Tangible fixed assets22/27 | €143,020 | €138,500 | €133,980 | €405,657 | €379,902 | €352,409 | €337,002 | €251,009 | ▼ 25.5% |
| Land and buildings22 | - | - | - | €405,657 | €368,943 | €344,134 | €331,410 | €248,100 | ▼ 25.1% |
| Furniture and vehicles24 | - | - | - | - | €7,021 | €5,300 | €3,580 | €1,859 | ▼ 48.1% |
| Other tangible fixed assets26 | - | - | - | - | €3,938 | €2,975 | €2,012 | €1,050 | ▼ 47.8% |
| Current assets29/58 | €104,421 | €472,262 | €398,255 | €176,448 | €166,848 | €118,056 | €90,494 | €231,240 | ▲ 156% |
| Stocks and contracts in progress3 | €92,904 | €420,067 | €158,089 | €0 | - | - | - | - | - |
| Stocks30/36 | - | - | - | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €424 | €47,527 | €100,533 | €23,733 | €23,786 | €25,156 | €27,099 | €232 | ▼ 99.1% |
| Trade receivables40 | - | - | - | €700 | €0 | - | - | - | - |
| Other amounts receivable41 | - | - | - | €23,033 | €23,786 | €25,156 | €27,099 | €232 | ▼ 99.1% |
| Current investments50/53 | - | - | - | - | - | - | - | €200,000 | - |
| Cash at bank and in hand54/58 | €10,172 | €2,574 | €138,659 | €150,894 | €143,022 | €92,856 | €63,349 | €31,008 | ▼ 51.1% |
| Deferred charges and accrued income490/1 | - | - | - | €1,821 | €41 | €44 | €46 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €247,441 | €610,763 | €532,235 | €582,105 | €546,750 | €470,466 | €427,496 | €482,249 | ▲ 12.8% |
| Equity10/15 | €107,701 | €66,025 | €197,897 | €219,656 | €228,678 | €202,943 | €181,548 | €92,773 | ▼ 48.9% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €47,143 | €47,143 | €47,143 | €47,143 | €47,143 | €47,143 | €47,143 | €73,860 | ▲ 56.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €45,283 | €45,283 | €45,283 | €45,283 | €72,000 | ▲ 59.0% |
| Profit (loss) carried forward14 | €41,958 | €282 | €132,154 | €153,913 | €162,935 | €137,200 | €115,805 | €313 | ▼ 99.7% |
| Amounts payable17/49 | €139,740 | €544,737 | €334,338 | €362,449 | €318,072 | €267,523 | €245,948 | €389,476 | ▲ 58.4% |
| Amounts payable after more than one year17 | €83,983 | €75,829 | €68,009 | €297,374 | €278,205 | €242,018 | €225,979 | €193,553 | ▼ 14.3% |
| Financial debts170/4 | - | - | - | €297,374 | €278,205 | €240,293 | €224,254 | €193,553 | ▼ 13.7% |
| Other amounts payable178/9 | - | - | - | - | - | €1,725 | €1,725 | - | - |
| Amounts payable within one year42/48 | €55,758 | €468,908 | €266,329 | €65,075 | €39,867 | €25,505 | €19,969 | €195,923 | ▲ 881% |
| Current portion of amounts payable after more than one year42 | - | - | - | €18,688 | €19,168 | €15,772 | €16,039 | €11,293 | ▼ 29.6% |
| Financial debts43 | - | - | - | €0 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0 | - | - | - | - | - |
| Trade debts44 | €4,859 | €58,827 | €60,939 | €4,906 | €2,073 | €7,255 | €1,373 | €4,730 | ▲ 244% |
| Suppliers440/4 | - | - | - | €4,906 | €2,073 | €7,255 | €1,373 | €4,730 | ▲ 244% |
| Bills of exchange payable441 | - | - | - | €0 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €8,734 | €1,914 | €0 | - | €19,700 | - |
| Taxes450/3 | - | - | - | €8,734 | €1,914 | €0 | - | €19,700 | - |
| Other amounts payable47/48 | - | - | - | €32,748 | €16,711 | €2,479 | €2,557 | €160,200 | ▲ 63× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,777 | -€41,676 | €131,872 | €21,759 | €9,022 | -€25,735 | -€21,394 | €71,225 | - |
| + Depreciation and write-downs630 | €4,775 | €4,520 | €4,520 | €12,198 | €13,923 | €14,019 | €14,019 | €16,513 | ▲ 17.8% |
| Operating cash flow (approximation) | €31,553 | -€37,156 | €136,392 | €33,956 | €22,945 | -€11,716 | -€7,375 | €87,738 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€283,874 | €11,832 | €13,473 | €1,388 | €69,480 | ▲ 50× |
| Change in cash | - | -€7,598 | €136,085 | €12,235 | -€7,872 | -€50,166 | -€29,507 | -€32,341 | ▼ 9.6% |
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, 2,613 companies had the same profile as MARECHAL has now. Two years later, 97.3% were still going and 0.7% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
That fits the bankruptcy probability of MARECHAL itself: 0.4% 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 2,613 companies, not a prediction for MARECHAL. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-06-2026 | 2026-00200154 | |
| 31-12-2024 | micro format | 10-10-2025 | 2025-00541124 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00484795 | |
| 31-12-2022 | abbreviated format | 22-09-2023 | 2023-00453216 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20401373 | |
| 31-12-2020 | abbreviated format | 31-08-2021 | 2021-63000591 | |
| 31-12-2019 | abbreviated format | 21-10-2020 | 2020-62300099 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-60400050 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-59400390 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-56700063 |
Board & ownership
Directors
Owners and capital
Owners
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Declercq Frédéric |
|
| Vanderbeken Matthieu |
|
Articles of association
- Liquidation ruleIn a liquidation the creditors are paid first. What is left goes to the shareholders.
- “Algemene vergadering mag één of meerdere vereffenaars aanduiden,bevoegdheden omlijnen en vergoeding bepalen, bestuurder(s) in functie…”
Articles of association, deed of 23-02-2024 (in Dutch)
Network & group
Board mandates elsewhere
1 board mandateCompanies at the same address
1 other companyConnections & network
2 current directorsThe board mandates are listed under Board mandates elsewhere. The network lets you explore the same ties.
Timeline
Acts, filings and financial milestones
23-02
Gazette deed
Registered office moved within GentResignations: Declercq Frédéric (bestuurder,destijds benoemd als zaakvoerder) and Vanderbeken Matthieu (bestuurder,destijds benoemd als zaakvoerder) · Reappointments: Declercq Frédéric (director) and Vanderbeken Matthieu (director) · Registered office clause9 points ▸
- Registered office clause, “9051 Gent,Poolse-Winglaan 92A, extra-statutaire bepaling-vergadering bevestigt adres Vennootschap” (deed in Dutch)
- General meeting, 13-02-2024
- Registered-office move, 9051 Gent,Poolse-Winglaan 92A
- Amendment of the articles, mentioned 2 times in the deed
- Purpose change
- Director resignation, Declercq Frédéric (bestuurder,destijds benoemd als zaakvoerder)
- Director resignation, Vanderbeken Matthieu (bestuurder,destijds benoemd als zaakvoerder)
- Director reappointment, Declercq Frédéric (director)
- Director reappointment, Vanderbeken Matthieu (director)
Show earlier events
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
1 former office
- 9000 Gent until 01-11-2023 · act of 23-02-2024
Activities
NACEBEL 2025Codes under NACEBEL 2008
Codes under NACEBEL 2003
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 44062A0219/00Y000 | Flanders | 773 m² | 1 · 153 m² | 21.5 m · 2 |