MARECONVERSION
ActiveSummary
MARECONVERSION has been active since 2016 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €27,614 and a net result of €3,767. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 40% of 13,639 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
- Staff
- 1.9 FTE
- Equity
- €27,614
- Profit
- €3,767
Why 89raises riskSector: Wholesale trade (NACE 46)lowers riskLiquidity: current ratio 1.36, cash €47,386Size: total assets €100,917Figures for financial year 2025 (filed 20-07-2026)Show the evidence
Checked score
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 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 46, micro): better than 38% on solvency, 68% on liquidity, 31% on profitability and 72% on growth.
The bankruptcy probability was computed on 26-10-2026 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. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 12 days after the deadline; the sector median (NACE 46) for financial year 2024 is 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · micro…
- Annual accounts filedfinancial year 2024 · micro…
- Annual accounts filedfinancial year 2023 · micro…
Financials · financial year 2025, micro format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result has fallen two years in a row; 2025 is 79% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Peer companies
Historical observationOf the 3,274 companies that looked in July 2024 the way this one looks now, 2.5% went bankrupt within 24 months and 94.6% are still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,475 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% | 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 3,274 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.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €12,475 | €18,337 | €33,517 | €56,704 | €64,992 | ▲ 14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,784 | €5,340 | €4,778 | €5,294 | €2,516 | €2,730 | €2,214 | €264 | ▼ 88.1% |
| Other operating charges640/8 | - | - | - | €2,409 | €9,293 | €3,529 | €4,981 | €2,880 | ▼ 42.2% |
| Gross operating margin9900 | €12,866 | €5,255 | €15,213 | €49,149 | €32,354 | €65,335 | €76,143 | €70,688 | ▼ 7.2% |
| Operating profit (loss)9901 | €10,503 | -€3,550 | €8,054 | €28,971 | €2,209 | €25,559 | €12,243 | €2,552 | ▼ 79.2% |
| Financial income75/76B | - | - | - | €212 | €294 | €992 | €629 | €7,071 | ▲ 11× |
| Recurring financial income75 | €0 | €67 | €416 | €212 | €294 | €992 | €629 | €7,071 | ▲ 11× |
| Financial charges65/66B | - | - | - | €1,198 | €1,034 | €1,276 | €964 | €1,586 | ▲ 64.5% |
| Recurring financial charges65 | €697 | €671 | €939 | €1,198 | €1,034 | €1,276 | €964 | €1,586 | ▲ 64.5% |
| Profit (loss) for the period before taxes9903 | €9,807 | -€4,154 | €7,530 | €27,985 | €1,469 | €25,275 | €11,908 | €8,037 | ▼ 32.5% |
| Income taxes67/77 | - | - | - | €2,389 | €697 | €5,455 | €3,278 | €4,270 | ▲ 30.3% |
| Profit (loss) for the period9904 | €9,807 | -€4,154 | €7,530 | €25,596 | €772 | €19,820 | €8,630 | €3,767 | ▼ 56.4% |
| Profit (loss) for the period to be appropriated9905 | €9,807 | -€4,154 | €7,530 | €25,596 | €772 | €19,820 | €8,630 | €3,767 | ▼ 56.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €24,269 | €51,120 | €54,140 | €71,098 | €60,278 | €91,025 | €89,914 | €100,917 | ▲ 12.2% |
| Fixed assets21/28 | €562 | €15,256 | €5,778 | €7,883 | €8,006 | €5,275 | €3,061 | €2,797 | ▼ 8.6% |
| Tangible fixed assets22/27 | €562 | €9,556 | €4,778 | €6,883 | €7,006 | €4,275 | €2,061 | €1,797 | ▼ 12.8% |
| Furniture and vehicles24 | - | - | - | €6,883 | €4,417 | €1,951 | - | - | - |
| Other tangible fixed assets26 | - | - | - | - | €2,589 | €2,325 | €2,061 | €1,797 | ▼ 12.8% |
| Financial fixed assets28 | - | €5,700 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Current assets29/58 | €23,707 | €35,864 | €48,362 | €63,214 | €52,273 | €85,750 | €86,853 | €98,120 | ▲ 13.0% |
| Stocks and contracts in progress3 | €15,747 | €16,375 | €14,980 | €13,953 | €18,024 | €20,127 | €17,932 | €22,954 | ▲ 28.0% |
| Stocks30/36 | - | - | - | €13,953 | €18,024 | €20,127 | €17,932 | €22,954 | ▲ 28.0% |
| Amounts receivable within one year40/41 | €554 | €3,296 | €4,097 | €9,043 | €3,521 | €18,162 | €17,988 | €26,484 | ▲ 47.2% |
| Trade receivables40 | - | - | - | €6,619 | - | €15,314 | €15,443 | €26,480 | ▲ 71.5% |
| Other amounts receivable41 | - | - | - | €2,424 | €3,521 | €2,849 | €2,545 | €4 | ▼ 99.8% |
| Cash at bank and in hand54/58 | €7,033 | €15,625 | €29,284 | €37,900 | €30,544 | €45,264 | €50,353 | €47,386 | ▼ 5.9% |
| Deferred charges and accrued income490/1 | - | - | - | €2,318 | €183 | €2,197 | €580 | €1,296 | ▲ 123% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €24,269 | €51,120 | €54,140 | €71,098 | €60,278 | €91,025 | €89,914 | €100,917 | ▲ 12.2% |
| Equity10/15 | -€10,747 | -€14,901 | -€7,370 | €18,225 | €18,997 | €33,817 | €23,847 | €27,614 | ▲ 15.8% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | - | - | - |
| Profit (loss) carried forward14 | -€29,347 | -€33,501 | -€25,970 | -€375 | €397 | €15,217 | €23,847 | €27,614 | ▲ 15.8% |
| Amounts payable17/49 | €35,016 | €66,021 | €61,510 | €52,872 | €41,281 | €57,208 | €66,066 | €73,303 | ▲ 11.0% |
| Amounts payable after more than one year17 | €8,917 | €5,000 | €5,000 | €8,771 | €6,776 | €5,000 | - | - | - |
| Financial debts170/4 | - | - | - | €8,771 | €6,776 | €5,000 | - | - | - |
| Amounts payable within one year42/48 | €26,098 | €61,021 | €56,489 | €44,101 | €34,505 | €52,169 | €66,066 | €72,289 | ▲ 9.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1,857 | €1,995 | €1,776 | - | - | - |
| Financial debts43 | - | - | - | €1 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €1 | - | - | - | - | - |
| Trade debts44 | €6,153 | €21,143 | €11,675 | €11,180 | €3,764 | €11,472 | €17,830 | €29,813 | ▲ 67.2% |
| Suppliers440/4 | - | - | - | €11,180 | €3,764 | €11,472 | €17,830 | €29,813 | ▲ 67.2% |
| Advances received on contracts in progress46 | - | - | - | €8,336 | €487 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €6,627 | €11,345 | €16,349 | €15,394 | €13,979 | ▼ 9.2% |
| Taxes450/3 | - | - | - | €6,358 | €5,832 | €7,968 | €8,668 | €7,484 | ▼ 13.7% |
| Remuneration and social security454/9 | - | - | - | €269 | €5,513 | €8,381 | €6,726 | €6,495 | ▼ 3.4% |
| Other amounts payable47/48 | - | - | - | €16,100 | €16,913 | €22,573 | €32,842 | €28,497 | ▼ 13.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €38 | - | €1,014 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,807 | -€4,154 | €7,530 | €25,596 | €772 | €19,820 | €8,630 | €3,767 | ▼ 56.4% |
| + Depreciation and write-downs630 | €1,784 | €5,340 | €4,778 | €5,294 | €2,516 | €2,730 | €2,214 | €264 | ▼ 88.1% |
| Operating cash flow (approximation) | €11,591 | €1,186 | €12,308 | €30,890 | €3,288 | €22,550 | €10,844 | €4,031 | ▼ 62.8% |
| Investment in fixed assets (approximation) | - | -€20,034 | €4,700 | -€7,399 | -€2,638 | €0 | €0 | €0 | - |
| Change in cash | - | €8,592 | €13,659 | €8,616 | -€7,356 | €14,720 | €5,089 | -€2,966 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 20-07-2026 | 2026-00321436 |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00403998 |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00405631 |
| 31-12-2022 | micro format | 30-08-2023 | 2023-00378336 |
| 31-12-2021 | micro format | 29-06-2022 | 2022-20104980 |
| 31-12-2020 | micro format | 29-06-2021 | 2021-27300543 |
| 31-12-2019 | micro format | 09-10-2020 | 2020-60700390 |
| 31-12-2018 | micro format | 29-08-2019 | 2019-58800427 |
| 31-12-2017 | micro format | 13-06-2018 | 2018-18200276 |
Similar companies · same sector, comparable size
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
| Name | Functions and periods |
|---|---|
| VEUVE Alexandre |
|
Owners and capital
Capital and shareholders
- 14-11-2023 Converted to unavailable equity · €18,600
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
14-11
Gazette deed
Appointment: VEUVE Alexandre (director)Amendment of the articles · Capital conversion · Reserve release8 facts ▸
- General meeting, 03-11-2023
- Amendment of the articles (2 times)
- Capital conversion, “compte de capitaux propres statutairement indisponible” (deed in French)
- Reserve release, “supprimer, fonds disponibles pour distribution” (deed in French)
- Purpose change
- Legal-form conversion, “société à responsabilité limitée” (deed in French)
- Director appointment, VEUVE Alexandre (director)
- Registered office clause, “1410 Waterloo,chaussée de Bruxelles 275 boîte 1” (deed in French)
About the unread acts
Of the 3 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 26 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Recognitions · licences · registrations
Food safety, FASFC
1 siteEnvironmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 25763L0134/00_000 | Wallonia | 241 m² | 1 · 61 m² | 12.6 m · 4 |
How the parcels are linked
Articles of association
What the company does
- DurationHow long the company exists; usually unlimited, so until it is dissolved.
- Unlimited
- Name clauseThe name the company operates under according to its articles.
- MARECONVERSION
- Registered office clauseThe region of the registered office; it decides among other things the language of official documents.
- “Région Wallonne, simple décision organe d’administration pour sièges administratifs,agences,ateliers,dépôts et succursales tant en Belgique…” (deed in French)
Who represents it, and how
- Who signsWho may bind the company towards others, for example by signing a contract.
- “ARTICLE 11 - Pouvoirs de l’organe d’administration. S’il n’y a qu’un seul administrateur, la totalité des pouvoirs d’administration lui est…”
- Board ruleHow the board is made up, meets and takes decisions.
- “Avec ou sans limitation de durée, organe d’administration” (deed in French)“Rémunération des administrateurs, frais de représentation,voyages et déplacements en sus” (deed in French)
Capital, shares and profit
- Kind of sharesWhich classes of shares exist and what rights each class carries.
- “60, répartition des bénéfices et des produits de la liquidation” (deed in French)“Nominatives, registre des actions nominatives” (deed in French)
- Transfer restrictionWhether shareholders may sell their shares freely or need approval first.
- “Pour moitié à charge du cédant et pour moitié à charge du ou des acquéreurs proportionnellement au nombre d’actions acquises s’ils sont…” (deed in French)
- Share issue ruleHow and by whom new shares can be issued.
- One provision in the deed
Meetings and financial year
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- First Monday of June at 14:00
Oversight and winding up
- Dissolution ruleWhen and by whom the company can be dissolved.
- “Formes prévues pour modifications aux statuts, en tout temps” (deed in French)
- Liquidation ruleHow assets are shared after dissolution: creditors first, then shareholders.
- “Si aucun autre liquidateur désigné,en vertu des statuts, désigner un ou plusieurs liquidateurs et déterminer pouvoirs et émoluments” (deed in French)