MAREDCO (0476.012.751): financials and annual accounts

MAREDCO

Watermael-Boitsfort ·KBO/BCE: BE 0476.012.751

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
Balance sheet: assets
Total assets`20/58`	1.0m	1.2m	880,247	885,558	946,947	875,699	911,608	920,271	466,558	403,690	515,458	386,035	66,416	45,352	23,228	3,519	4,377	5,180	6,184	7,722
Fixed assets`21/28`	834,110	920,131	845,508	797,690	806,419	815,166	828,937	788,975	275,787	276,998	276,184	280,544	14,058	15,064	17,534	-	-	-	-	-
Tangible fixed assets`22/27`	834,037	920,058	345,508	322,690	331,345	340,093	353,864	313,901	275,714	276,925	276,111	280,471	13,985	14,990	17,534	-	-	-	-	-
Land and buildings`22`	596,881	640,927	272,250	272,250	272,250	272,250	272,250	272,250	272,250	272,250	272,250	272,250	-	-	-	-	-	-	-	-
Plant, machinery and equipment`23`	3,825	4,931	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Furniture and vehicles`24`	7,206	21,911	29,292	200	533	959	6,409	2,957	2,912	4,013	3,089	7,339	12,992	14,990	17,534	-	-	-	-	-
Other tangible fixed assets`26`	226,125	252,290	43,966	50,240	58,562	66,884	75,205	38,695	551	662	772	882	992	-	-	-	-	-	-	-
Financial fixed assets`28`	73	73	500,000	475,000	475,073	475,073	475,073	475,073	73	73	73	73	73	73	-	-	-	-	-	-
Current assets`29/58`	208,318	247,413	34,738	87,868	140,529	60,532	82,670	131,296	190,771	126,692	239,273	105,491	52,358	30,288	5,694	3,519	4,377	5,180	6,184	7,722
Amounts receivable within one year`40/41`	130,760	93,627	29,247	63,283	70,184	59,693	75,973	72,309	69,486	67,862	77,302	12,084	3,459	5,025	2,600	391	223	130	280	44
Trade receivables`40`	95,365	57,797	188	-	10,080	-	420	391	47,377	49,544	59,647	8,556	1,512	4,792	148	64	-	-	-	-
Other amounts receivable`41`	35,395	35,829	29,059	63,283	60,104	59,693	75,553	71,918	22,109	18,318	17,654	3,528	1,947	233	2,452	328	223	130	280	44
Cash at bank and in hand`54/58`	71,022	151,079	3,490	24,585	70,165	839	2,105	54,405	117,856	50,320	100,806	19,741	43,468	22,821	226	3,127	4,152	5,047	5,892	7,668
Deferred charges and accrued income`490/1`	6,536	2,707	2,001	-	180	-	4,592	4,583	3,429	8,510	61,165	73,666	5,432	2,442	2,868	1	2	3	12	10
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	1.0m	1.2m	880,247	885,558	946,947	875,699	911,608	920,271	466,558	403,690	515,458	386,035	66,416	45,352	23,228	3,519	4,377	5,180	6,184	7,722
Equity`10/15`	205,009	365,870	47,464	104,342	141,626	124,425	154,391	88,921	77,346	69,962	74,032	16,543	-1,118	-167	-12,894	-4,963	-3,406	-1,877	-221	1,265
Contributions`10/11`	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000
Capital`10`	63,000	63,000	63,000	63,000	63,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issued capital`100`	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000
Reserves`13`	6,300	6,300	6,300	6,300	6,300	6,300	6,300	6,300	6,300	6,300	6,300	6,300	2,600	2,600	2,600	2,600	2,600	2,600	2,600	2,600
Non-distributable reserves`130/1`	6,300	6,300	6,300	6,300	6,300	6,300	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Legal reserve`130`	6,300	6,300	6,300	6,300	6,300	6,300	6,300	6,300	6,300	6,300	6,300	6,300	2,600	2,600	2,600	2,600	2,600	2,600	2,600	2,600
Profit (loss) carried forward`14`	135,709	296,570	-21,836	35,042	72,326	55,125	85,091	19,621	8,046	662	4,732	-52,757	-66,718	-65,767	-78,494	-70,563	-69,006	-67,477	-65,821	-64,335
Amounts payable`17/49`	837,418	801,674	832,783	781,216	805,322	751,274	757,217	831,350	389,211	333,728	441,426	369,493	67,534	45,519	36,122	8,482	7,783	7,057	6,405	6,457
Amounts payable after more than one year`17`	575,116	607,326	114,305	114,968	135,111	154,930	174,430	193,617	212,495	231,070	291,831	315,335	5,505	12,110	18,716	-	-	-	-	-
Financial debts`170/4`	575,116	607,326	114,305	114,968	135,111	154,930	174,430	193,617	212,495	231,070	291,831	315,335	5,505	12,110	18,716	-	-	-	-	-
Amounts payable within one year`42/48`	261,409	193,244	637,492	600,482	619,444	575,577	562,020	630,518	176,152	101,957	146,976	53,997	61,729	33,286	17,385	8,474	7,775	7,049	6,395	6,428
Current portion of amounts payable after more than one year`42`	60,288	58,361	28,962	20,143	19,819	19,500	19,187	18,878	18,575	18,276	23,503	29,008	6,606	6,606	6,606	-	-	-	-	-
Financial debts`43`	-	-	-	-	-	-	-	-	-	-	-	2,345	1,438	1,490	-	-	-	-	-	-
Credit institutions`430/8`	-	-	-	-	-	-	-	-	-	-	-	2,345	1,438	1,490	-	-	-	-	-	-
Trade debts`44`	79,804	75,987	2,111	19,927	32,213	11	179	4,764	1,902	3,605	1,452	22,644	34,580	4,842	833	-	-	-	16	49
Suppliers`440/4`	79,804	75,987	2,111	19,927	32,213	11	179	4,764	1,902	3,605	1,452	22,644	34,580	4,842	833	-	-	-	16	49
Taxes, remuneration and social security`45`	477	5,000	530	1,815	1,815	22,600	41,300	106,876	155,676	80,076	72,021	-	19,106	8,667	-	-	-	-	-	-
Taxes`450/3`	477	-	530	1,815	1,815	22,600	41,300	106,876	155,676	80,076	72,021	-	9,605	8,667	-	-	-	-	-	-
Remuneration and social security`454/9`	-	5,000	-	-	-	-	-	-	-	0	-	-	9,500	-	-	-	-	-	-	-
Other amounts payable`47/48`	120,840	53,896	605,889	558,597	565,597	533,466	501,354	500,000	-	0	50,000	-	-	11,681	9,946	8,474	7,775	7,049	6,379	6,379
Accrued charges and deferred income`492/3`	893	1,104	80,985	65,766	50,766	20,766	20,766	7,215	563	701	2,618	161	300	123	22	8	8	8	10	29
Income statement
Non-recurring operating income`76A`	-	-	-	-	-	-	-	-	-	-	1	5,398	4,070	3,302	-	-	-	-	-	6,438
Gross operating margin`9900`	-2,114	449,820	-17,357	-11,058	69,769	-12,183	119,925	224,033	209,891	205,793	179,874	66,779	5,082	16,954	-379	-431	-377	-534	-1,069	-26,065
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	141,576	123,979	18,013	8,655	8,748	13,771	13,791	5,530	1,211	1,211	5,360	47,610	5,764	4,980	6,103	-	-	-	-	-
Other operating charges`640/8`	8,176	4,821	4,064	2,542	1,431	2,536	1,453	1,315	8,089	6,406	1,681	1,438	3,374	880	535	348	348	334	348	348
Non-recurring operating charges`66A`	-	-	-	-	-	-	-	-	-	480	-	0	1	9	-	-	-	-	-	27,107
Operating profit (loss)`9901`	-151,865	321,020	-39,433	-22,255	59,590	-28,490	104,681	217,187	200,591	197,696	172,833	17,730	-4,056	11,095	-7,017	-778	-725	-868	-1,416	-26,413
Financial income`75/76B`	4	4,896	1,079	2,631	2,222	1,801	2,168	8,151	1,483	3,138	2,405	419	-	-	1	1	2	3	12	66
Recurring financial income`75`	4	4,896	1,079	2,631	2,222	1,801	2,168	8,151	1,483	3,138	2,405	419	-	-	1	1	2	3	12	66
Financial charges`65/66B`	8,999	7,369	17,993	17,659	32,980	3,279	18,770	9,744	4,589	11,476	8,305	5,887	965	1,661	915	780	806	790	80	8,563
Recurring financial charges`65`	8,999	7,369	17,993	17,659	32,980	3,279	18,770	9,744	4,589	11,476	8,305	5,887	965	1,661	915	780	806	790	80	8,563
Profit (loss) for the period before taxes`9903`	-160,860	318,546	-56,348	-37,284	28,832	-29,968	88,078	215,594	197,485	189,358	166,934	17,661	-951	12,727	-7,931	-1,557	-1,529	-1,655	-1,485	-55,578
Income taxes`67/77`	1	140	530	-	11,631	-2	22,608	70,019	75,600	67,328	59,445	-	-	-	0	0	0	0	2	-1
Profit (loss) for the period`9904`	-160,861	318,407	-56,878	-37,284	17,201	-29,966	65,470	145,574	121,885	122,030	107,489	17,661	-951	12,727	-7,931	-1,557	-1,529	-1,655	-1,486	-55,577
Profit (loss) for the period to be appropriated`9905`	-160,861	318,407	-56,878	-37,284	17,201	-29,966	65,470	145,574	121,885	122,030	107,489	17,661	-951	12,727	-7,931	-1,557	-1,529	-1,655	-1,486	-55,577
Appropriation of the result
Profit (loss) to be appropriated`9906`	135,709	296,570	-21,836	35,042	72,326	55,125	85,091	153,621	122,546	126,762	54,732	-49,057	-66,718	-65,767	-78,494	-70,563	-69,006	-67,477	-65,821	-64,335
Profit (loss) brought forward from the previous period`14P`	296,570	-21,836	35,042	72,326	55,125	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	-	-	-	-	-	-	-	-	-	-	-	3,700	-	-	-	-	-	-	-	-
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	-	3,700	-	-	-	-	-	-	-	-
Profit to be distributed`694/7`	-	-	-	-	-	-	-	134,000	114,500	126,100	50,000	-	-	-	-	-	-	-	-	-
Return on contributions (dividend)`694`	-	-	-	-	-	-	-	134,000	114,500	126,100	50,000	-	-	-	-	-	-	-	-	-
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Financial year	Type	Filed	Reference	Document
31-12-2025	full format	30-09-2026	2026-00540107	PDF
31-12-2024	full format	30-09-2025	2025-00523883	PDF
31-12-2023	full format	01-08-2024	2024-00325032	PDF
31-12-2022	full format	31-08-2023	2023-00395766	PDF
31-12-2021	full format	30-08-2022	2022-20383071	PDF
31-12-2020	full format	31-08-2021	2021-62800301	PDF
31-12-2019	full format	26-08-2020	2020-44700439	PDF
31-12-2018	full format	29-08-2019	2019-54400417	PDF
31-12-2017	full format	23-08-2018	2018-48600548	PDF
31-12-2016	full format	31-08-2017	2017-54600110	PDF
31-12-2015	full format	27-07-2016	2016-35900189	PDF
31-12-2014	full format	18-08-2015	2015-43100525	PDF
31-12-2013	full format	15-07-2014	2014-30400132	PDF
31-12-2012	full format	06-08-2013	2013-39800434	PDF
31-12-2011	full format	02-08-2012	2012-37700120	PDF
31-12-2010	full format	29-06-2011	2011-23200123	PDF
31-12-2009	full format	20-07-2010	2010-32300393	PDF
31-12-2008	full format	03-08-2009	2009-53600162	PDF
31-12-2007	full format	07-08-2008	2008-54500204	PDF
31-12-2006	full format	09-07-2007	2007-36900015	PDF
31-12-2005	full format	14-08-2006	2006-63100899	PDF
31-12-2004	full format	30-09-2005	2005-79802202	PDF
31-12-2003	full format	22-07-2004	2004-49400151	PDF
31-12-2002	full format	03-09-2003	2003-64701459	PDF

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006
EBITDA	-10,290	444,999	-21,420	-13,600	68,338	-14,719	118,472	222,718	201,802	198,907	178,193	65,340	1,708	16,074	-913	-	-	-	-	-
Cash flow	-19,285	442,386	-38,865	-28,629	25,949	-16,195	79,261	151,105	123,096	123,241	112,849	65,271	4,813	17,706	-1,828	-	-	-	-	-
Investment in fixed assets (approximation)	58,017	1.7m	65,831	-73	0	0	53,754	518,718	0	2,025	1,000	314,096	4,758	2,509	21,918	-	-	-	-	-
Change in cash	-80,057	147,589	-21,095	-45,580	69,326	-1,266	-52,300	-63,451	67,536	-50,486	81,066	-23,727	20,647	22,595	-2,901	-1,025	-896	-845	-1,776	-
Working capital	-53,092	54,169	-602,754	-512,614	-478,916	-515,045	-479,350	-499,222	14,618	24,735	92,297	51,494	-9,371	-2,998	-11,691	-4,955	-3,398	-1,868	-212	1,295
Solvency	19.7%	31.3%	5.4%	11.8%	15.0%	14.2%	16.9%	9.7%	16.6%	17.3%	14.4%	4.3%	-1.7%	-0.4%	-55.5%	-	-	-36.2%	-3.6%	16.4%
Current ratio	0.80	1.28	0.05	0.15	0.23	0.11	0.15	0.21	1.08	1.24	1.63	1.95	0.85	0.91	0.33	-	-	0.73	0.97	1.20
Debt to equity	4.08	2.19	17.55	7.49	5.69	6.04	4.90	9.35	5.03	4.77	5.96	22.34	-	-	-	-	-	-	-	5.10
ROE	-78.5%	87.0%	-119.8%	-35.7%	12.1%	-24.1%	42.4%	163.7%	157.6%	174.4%	145.2%	106.8%	-	-	-	-	-	-	-	-
ROA	-15.4%	27.3%	-6.5%	-4.2%	1.8%	-3.4%	7.2%	15.8%	26.1%	30.2%	20.9%	4.6%	-1.4%	28.1%	-34.1%	-	-	-32.0%	-24.0%	-719.7%
Interest coverage	-1.14	60.39	-1.19	-0.77	2.07	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	2025	2024	2023	2022	2021
Mortgages, amount registered	€285,000	€285,000	€285,000	€285,000	€285,000
Carrying value of the mortgaged assets	€272,250	€272,250	€272,250	€272,250	€272,250

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€58,017	€1.7m	€40,831	-	-
Financial fixed assets	-	€73	€25,000	-	-
Depreciation and write-downs of the year	€141,576	€123,979	€18,013	€8,655	€8,748

MAREDCO

Annual accounts 2025

Balance sheet

Change in equityin euro

Change in cashin euro

Position in the sector

Solvency19.7%

Current ratio0.80

Return on assets-15.4%

Filed annual accounts

Filings

Key figures and ratios

Securities and guarantees

Investments

Insights on MAREDCO

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