MARECO
ActiveSummary
MARECO has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.0m and a net result of -€1.3m. Equity is growing by ~10.4% per year across the filed fiscal years. Its solvency ranks better than 64% of 671 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability4▼-14
Solvency76▼-5
Growth37▼-2
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €270,000 at 30 days acceptable
Liquidity ample (current ratio 1.92 against 2.79 in 2024; short-term debt: 48.9% and cash: 17.3% of total assets), and 48.9% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 52
Relative position
BE, all sectors
reference
Warehousing and support activities for transportation (NACE 52)
about 72% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
51.1%
Return on assets
-13.3%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 24-03-2026, 129 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
129 d early
2024
129 d early
2023
76 d early
2022
133 d early
2021
159 d early
2020
156 d early
2019
143 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 132 days before the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 24 March (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Is the workforce growing, and do people stay?Employer check Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark
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Financials · fiscal year 2025, full schema
Turnover
€26.3m▼ 15.6%
2024 · €31.1m
EBIT margin
-3.3%▼ 1.8pp
2024 · -1.4%
Net result
-€1.3m
2024 · €39,257
Working capital
€4.4m▼ 34.8%
2024 · €6.8m
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 52, Warehousing and support activities for transportation, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€50.0m▲ 9.0%€51.2m▲ 2.4%€37.9m▼ 26.0%€31.1m▼ 17.9%€26.3m▼ 15.6%
Operating result€1.5m▲ 42.4%€1.0m▼ 33.7%-€393,869-€449,463▼ 14.1%-€857,013▼ 90.7%
Net result€601,109within the sector's middle half▲ 461%€839,562above the sector's middle half▲ 39.7%€750,211within the sector's middle half▼ 10.6%€39,257within the sector's middle half▼ 94.8%-€1.3mbelow the sector's middle half
EBIT margin3.0%▲ 0.7pp2.0%▼ 1.1pp-1.0%▼ 3.0pp-1.4%▼ 0.4pp-3.3%▼ 1.8pp
Equity€4.7mwithin the sector's middle half▲ 14.7%€5.5mwithin the sector's middle half▲ 17.5%€6.3mwithin the sector's middle half▲ 13.6%€6.3mwithin the sector's middle half▲ 0.6%€5.0mwithin the sector's middle half▼ 20.7%
Total assets€14.5mwithin the sector's middle half▲ 18.7%€15.1mwithin the sector's middle half▲ 4.2%€11.3mwithin the sector's middle half▼ 24.8%€11.2mwithin the sector's middle half▼ 1.4%€9.8mwithin the sector's middle half▼ 12.3%
Debt€9.8m▲ 20.8%€9.5m▼ 2.3%€5.1m▼ 46.9%€4.9m▼ 3.9%€4.8m▼ 1.4%
Working capital€4.5mabove the sector's middle half▲ 17.3%€5.3mabove the sector's middle half▲ 17.6%€6.2mabove the sector's middle half▲ 15.4%€6.8mabove the sector's middle half▲ 9.8%€4.4mabove the sector's middle half▼ 34.8%
Solvency32.5%within the sector's middle half▼ 1.1pp36.6%within the sector's middle half▲ 4.2pp55.3%within the sector's middle half▲ 18.7pp56.4%within the sector's middle half▲ 1.1pp51.1%within the sector's middle half▼ 5.4pp
Current ratio1.50within the sector's middle half▼ 0.031.60within the sector's middle half▲ 0.102.37above the sector's middle half▲ 0.782.79above the sector's middle half▲ 0.421.92within the sector's middle half▼ 0.87
Return on assets (ROA)4.2%within the sector's middle half▲ 3.3pp5.6%within the sector's middle half▲ 1.4pp6.6%within the sector's middle half▲ 1.0pp0.4%within the sector's middle half▼ 6.3pp-13.3%below the sector's middle half▼ 13.6pp
Staff (FTE)19.7within the sector's middle half▲ 0.5%18.3within the sector's middle half▼ 7.1%19within the sector's middle half▲ 3.8%16within the sector's middle half▼ 15.8%14.9within the sector's middle half▼ 6.9%
above
within
below
the middle half (P25 to P75) of NACE 52, Warehousing and support activities for transportation, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €857,013 in 2025 against €449,463 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.8m
Fixed assets
€599,051 ▼ 4.1%
Current assets
€9.2m ▼ 12.8%
Equity and liabilities €9.8m
Equity
€5.0m ▼ 20.7%
Debt
€4.8m ▼ 1.4%
Debt's share of the balance-sheet total rises from 43.6% to 48.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€781,627▼
2024 · -€363,082
Cash flow
-€1.2m▼
2024 · €125,637
Debt to equity
0.96▲
2024 · 0.77
ROE
-26.0%▼
2024 · 0.6%
Interest coverage
-99.74▼
2024 · -6.39
Debt ≤ 1 year
€4.8m▲
2024 · €3.8m
Debt > 1 year
€8,000▼
2024 · €1.0m
Income taxes
€4,281▲
2024 · €3,395
Staff costs
€1.9m▲
2024 · €1.7m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 928 companies that looked in July 2024 the way this one looks now, 1.1% went bankrupt within 24 months and 90% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
1.1%
went bankrupt
8.8%
stopped otherwise
90%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 928 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €51.3m | €38.0m | €31.2m | €26.3m | ▼ 15.6% |
| Turnover70 | €50.0m | €51.2m | €37.9m | €31.1m | €26.3m | ▼ 15.6% |
| Other operating income74 | - | €74,354 | €59,651 | €40,257 | €36,497 | ▼ 9.3% |
| Non-recurring operating income76A | - | €5,000 | €0 | €17,340 | €14,500 | ▼ 16.4% |
| Operating charges60/66A | - | €50.3m | €38.3m | €31.6m | €27.2m | ▼ 14.1% |
| Goods for resale, raw materials and consumables60 | - | €47.0m | €34.8m | €28.4m | €24.0m | ▼ 15.6% |
| Purchases600/8 | - | €47.0m | €34.8m | €28.4m | €24.0m | ▼ 15.6% |
| Services and other goods61 | - | €1.5m | €1.4m | €1.4m | €1.3m | ▼ 8.8% |
| Remuneration, social security and pensions62 | - | €1.6m | €2.0m | €1.7m | €1.9m | ▲ 8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €131,494 | €123,095 | €112,358 | €86,380 | €75,387 | ▼ 12.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €35,811 | €0 | -€108,583 | €0 | ▲ 100% |
| Other operating charges640/8 | - | €54,005 | €5,593 | €139,239 | €5,875 | ▼ 95.8% |
| Operating profit (loss)9901 | €1.5m | €1.0m | -€393,869 | -€449,463 | -€857,013 | ▼ 90.7% |
| Financial income75/76B | - | €259,193 | €203,669 | €591,470 | €230,974 | ▼ 60.9% |
| Recurring financial income75 | €408,883 | €259,193 | €203,669 | €591,470 | €230,974 | ▼ 60.9% |
| Income from current assets751 | - | €80,623 | €203,669 | €217,578 | €230,974 | ▲ 6.2% |
| Other financial income752/9 | - | €178,570 | €0 | €373,891 | €0 | ▼ 100% |
| Financial charges65/66B | - | €64,748 | €276,219 | €99,354 | €672,318 | ▲ 577% |
| Recurring financial charges65 | €69,940 | €64,748 | €276,219 | €99,354 | €672,318 | ▲ 577% |
| Debt charges650 | €14,841 | €13,436 | €30,075 | €56,797 | €7,836 | ▼ 86.2% |
| Other financial charges652/9 | - | €51,311 | €246,144 | €42,558 | €664,481 | ▲ 1,461% |
| Profit (loss) for the period before taxes9903 | €1.9m | €1.2m | -€466,419 | €42,652 | -€1.3m | ▼ 3,144% |
| Income taxes67/77 | €1.3m | €360,667 | -€1.2m | €3,395 | €4,281 | ▲ 26.1% |
| Taxes670/3 | - | €777,016 | €3,363 | €3,395 | €4,281 | ▲ 26.1% |
| Tax adjustments and reversals of tax provisions77 | - | €416,349 | €1.2m | €0 | - | - |
| Profit (loss) for the period9904 | €601,109 | €839,562 | €750,211 | €39,257 | -€1.3m | ▼ 3,418% |
| Profit (loss) for the period to be appropriated9905 | €601,109 | €839,562 | €750,211 | €39,257 | -€1.3m | ▼ 3,418% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €14.5m | €15.1m | €11.3m | €11.2m | €9.8m | ▼ 12.3% |
| Fixed assets21/28 | €829,781 | €770,432 | €681,898 | €624,654 | €599,051 | ▼ 4.1% |
| Intangible fixed assets21 | €6,477 | €4,516 | €2,554 | €966 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €684,570 | €627,183 | €540,610 | €478,266 | €453,629 | ▼ 5.2% |
| Land and buildings22 | - | €526,461 | €468,730 | €413,039 | €362,649 | ▼ 12.2% |
| Furniture and vehicles24 | - | €100,722 | €71,879 | €65,226 | €90,980 | ▲ 39.5% |
| Financial fixed assets28 | €138,734 | €138,734 | €138,734 | €145,422 | €145,422 | = |
| Affiliated companies280/1 | - | €138,634 | €138,634 | €145,322 | €145,322 | = |
| Participating interests280 | - | €138,634 | €138,634 | €145,322 | €145,322 | = |
| Other financial fixed assets284/8 | - | €100 | €100 | €100 | €100 | = |
| Amounts receivable and cash guarantees285/8 | - | €100 | €100 | €100 | €100 | = |
| Current assets29/58 | €13.6m | €14.3m | €10.6m | €10.5m | €9.2m | ▼ 12.8% |
| Amounts receivable after more than one year29 | - | €1.9m | €1.8m | €3.6m | €3.5m | ▼ 2.0% |
| Other amounts receivable291 | - | €1.9m | €1.8m | €3.6m | €3.5m | ▼ 2.0% |
| Stocks and contracts in progress3 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €9.3m | €8.9m | €7.1m | €5.5m | €3.7m | ▼ 32.2% |
| Trade receivables40 | - | €8.3m | €6.9m | €5.3m | €3.7m | ▼ 30.6% |
| Other amounts receivable41 | - | €600,077 | €280,399 | €193,801 | €45,180 | ▼ 76.7% |
| Cash at bank and in hand54/58 | €2.5m | €3.4m | €1.5m | €1.2m | €1.7m | ▲ 39.7% |
| Deferred charges and accrued income490/1 | - | €75,351 | €201,481 | €201,236 | €224,307 | ▲ 11.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €14.5m | €15.1m | €11.3m | €11.2m | €9.8m | ▼ 12.3% |
| Equity10/15 | €4.7m | €5.5m | €6.3m | €6.3m | €5.0m | ▼ 20.7% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Non-distributable reserves130/1 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | €4.6m | €5.4m | €6.2m | €6.2m | €4.9m | ▼ 20.9% |
| Amounts payable17/49 | €9.8m | €9.5m | €5.1m | €4.9m | €4.8m | ▼ 1.4% |
| Amounts payable after more than one year17 | €648,013 | €568,865 | €548,207 | €1.0m | €8,000 | ▼ 99.2% |
| Financial debts170/4 | - | €560,072 | €540,207 | €1.0m | €0 | ▼ 100% |
| Credit institutions173 | - | €60,072 | €40,207 | €19,586 | €0 | ▼ 100% |
| Other loans174 | - | €500,000 | €500,000 | €1.0m | €0 | ▼ 100% |
| Other amounts payable178/9 | - | €8,793 | €8,000 | €8,000 | €8,000 | = |
| Amounts payable within one year42/48 | €9.1m | €8.9m | €4.5m | €3.8m | €4.8m | ▲ 26.5% |
| Current portion of amounts payable after more than one year42 | - | €79,148 | €19,865 | €20,621 | €19,586 | ▼ 5.0% |
| Financial debts43 | - | €100,233 | €0 | - | - | - |
| Credit institutions430/8 | - | €100,233 | €0 | - | - | - |
| Trade debts44 | €7.9m | €8.1m | €4.1m | €3.5m | €4.4m | ▲ 26.0% |
| Suppliers440/4 | - | €8.1m | €4.1m | €3.5m | €4.4m | ▲ 26.0% |
| Taxes, remuneration and social security45 | - | €691,427 | €323,257 | €257,762 | €351,026 | ▲ 36.2% |
| Taxes450/3 | - | €512,171 | €73,696 | €66,475 | €109,615 | ▲ 64.9% |
| Remuneration and social security454/9 | - | €179,256 | €249,561 | €191,287 | €241,411 | ▲ 26.2% |
| Other amounts payable47/48 | - | €16,514 | €0 | - | - | - |
| Accrued charges and deferred income492/3 | - | €23,920 | €26,822 | €54,899 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €601,109 | €839,562 | €750,211 | €39,257 | -€1.3m | ▼ 3,418% |
| + Depreciation and write-downs630 | €131,494 | €123,095 | €112,358 | €86,380 | €75,387 | ▼ 12.7% |
| Operating cash flow (approximation) | €732,603 | €962,658 | €862,569 | €125,637 | -€1.2m | ▼ 1,077% |
| Investment in fixed assets (approximation) | - | -€63,746 | -€23,824 | -€29,137 | -€49,784 | ▼ 70.9% |
| Change in cash | - | €938,319 | -€1.9m | -€270,943 | €481,842 | ▲ 278% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
24-03
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Weakest financial yearnet -€1.3m
Net result drops to -€1.3m, the lowest in the series.
24-03
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
16-05
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
20-03
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Equity above €5mEq €5.5m ▲17.5%
5 profitable years in a row build equity to €5.5m.
22-02
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
25-02
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
10-03
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Highest result since 2018net €995,214 ▲562%
Net result €995,214, the highest in the series.
07-03
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
15-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
04-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 11 acts read
About the unread acts
We know of 11 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
11 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Antwerpen · 1 establishment unit since 2002
Ground area
243 m²
Building footprint
243 m²
Volume, LiDAR
3,886 m³
Parcel 11811L3965/00P000, Flanders · tallest building 20.4 m, ±5 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
MARECO NV
since 20022.114.743.223
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11811L3965/00P000 | Flanders | 242 m² | 1 · 242 m² | 20.4 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
2 holdingsOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 2
-
99%
-
95%
According to the 2025 annual accounts of MARECO and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 3,187 companies in sector 52250 we hold annual accounts for 1,963. 711 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded20-12-2002
Fiscal year end31-12
Activities, NACEBEL 2025
52250Logistics services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0479107447
Also
9925:BE0479107447
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.