Checked.be
Active
BE 0438.191.263Private limited company (pre-2019)
MAREEN
Wannegatstraat 84 ·9890 Gavere, Belgium· 37 yrs active
Sector: Mixed farming
(01500)
Conclusion
MAREEN has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €23k and a net result of €-36k. Equity is shrinking by ~26.2% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 10% of 1680 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Based on the State Gazette, CBE and 5 annual accounts.
Key figures
| Equity | €23k |
| Net result | €-36k |
| Staff (FTE) | 1.2 |
| Better than sector | 10% |
Financial profile
33
/ 100
Fragile profile, watch profitability in particular.
All 5 axes are computed from data Checked has read.
Health
28
Profitability
0
Solvency
5
Growth
32
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 1989, 37 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
28
/ 100
Weak
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€500
estimate, not credit advice
Score history
36
2021
36
2022
20
2023
20
2024
28
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 0.63 (< 1.0)
-10
Quick ratio
Quick ratio 0.23 (< 0.6)
-5
Leverage
Debt/equity 28.50 (> 3.0)
-10
Profitability
Negatieve ROE -158%
-10
Interest coverage
Interest coverage 5.4× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 27-07-2026 with the NBB · fiscal year 2025 · abbreviated schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
At this pace, equity would indicatively turn negative around fiscal year 2026, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 01, Crop and animal production, hunting and related service activities · compared within the same schema type (abbreviated schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 3.4% | 42.0% | |
| Net result | €-36k | €61k | |
| Equity | €23k | €626k | |
| Gross operating margin | €101k | €338k | |
| Staff costs | €41k | €143k |
€50k
+116.0%
21-25
€-36k
+41.0%
21-25
€42k
+159.0%
21-25
€673k
-9.9%
21-25
€23k
-61.2%
21-25
€-167k
-1.3%
21-25
1
-45.5%
21-25
€41k
-63.7%
21-25
€176
-4.6%
21-25
€650k
-5.6%
21-25
€449k
-0.4%
21-25
€201k
-15.4%
21-25
0.63
-1.0%
21-25
0.23
-7.7%
21-25
3.4%
-56.9%
21-25
28.50
+143.4%
21-25
-157.7%
-52.1%
21-25
-5.3%
+34.5%
21-25
5.41
+60.3%
21-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Deposit | abbreviated schema | abbreviated schema | abbreviated schema | abbreviated schema | abbreviated schema |
| Revenue | - | - | - | - | - |
| EBITDA | €50k | €23k | €59k | €75k | €88k |
| Net profit | €-36k | €-61k | €-10k | €1k | €6k |
| Cash flow | €42k | €16k | €57k | €67k | €75k |
| Staff costs | €41k | €112k | €157k | €163k | €104k |
| Income taxes | €176 | €185 | €349 | €170 | - |
| Dividends | - | - | - | - | - |
| Total assets | €673k | €747k | €794k | €781k | €829k |
| Equity | €23k | €59k | €120k | €131k | €130k |
| Debt | €650k | €688k | €674k | €650k | €699k |
| of which ≤ 1y | €449k | €451k | €411k | €353k | €370k |
| of which > 1y | €201k | €237k | €263k | €297k | €329k |
| Working capital | €-167k | €-165k | €-74k | €-17k | €-49k |
| Employees (FTE) | 1.2 | 2.2 | 3.8 | 4.2 | 3.2 |
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 0.63 | 0.63 | 0.82 | 0.95 | 0.87 |
| Quick ratio | 0.23 | 0.25 | 0.40 | 0.36 | 0.42 |
| Working capital ratio | -24.8% | -22.1% | -9.3% | -2.2% | -6.0% |
| Solvency | 3.4% | 7.9% | 15.1% | 16.8% | 15.6% |
| Debt / equity | 28.50 | 11.71 | 5.63 | 4.97 | 5.40 |
| Long-term debt ratio | 8.80 | 4.04 | 2.19 | 2.27 | 2.54 |
| Interest coverage | 5.41 | 3.38 | 24.34 | 9.26 | 7.06 |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | - | - | - |
| ROA | -5.3% | -8.2% | -1.3% | 0.2% | 0.8% |
| ROE | -157.7% | -103.7% | -8.8% | 0.9% | 4.8% |
| EBITDA margin | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (24 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €673k | €747k | €794k | €781k | €829k |
| Fixed assets | 21/28 | €391k | €461k | €456k | €445k | €508k |
| Tangible fixed assets | 22/27 | €391k | €461k | €456k | €445k | €508k |
| Current assets | 29/58 | €282k | €286k | €337k | €335k | €321k |
| Stocks & contracts in progress | 3 | €180k | €175k | €172k | €207k | €165k |
| Amounts receivable within one year | 40/41 | €80k | €97k | €148k | €70k | €137k |
| Cash & bank | 54/58 | €13k | €1k | €8k | €49k | €12k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €673k | €747k | €794k | €781k | €829k |
| Equity | 10/15 | €23k | €59k | €120k | €131k | €130k |
| Contributions / capital | 10/11 | €19k | €19k | €19k | €19k | €19k |
| Reserves | 13 | €125k | €125k | €125k | €125k | €125k |
| Accumulated profits (losses) | 14 | €-121k | €-85k | €-24k | €-13k | €-14k |
| Amounts payable | 17/49 | €650k | €688k | €674k | €650k | €699k |
| Amounts payable after one year | 17 | €201k | €237k | €263k | €297k | €329k |
| Amounts payable within one year | 42/48 | €449k | €451k | €411k | €353k | €370k |
| Trade debts payable within one year | 44 | €45k | €101k | €103k | €46k | €79k |
| Income statement | ||||||
| Gross operating margin | 9900 | €101k | €147k | €229k | €250k | €208k |
| Operating result | 9901 | €-28k | €-54k | €-8k | €9k | €19k |
| Financial income | 75 | €1k | €6 | €40 | €30 | €81 |
| Financial charges | 65 | €9k | €7k | €2k | €8k | €12k |
| Result before taxes | 9903 | €-36k | €-61k | €-10k | €1k | €6k |
| Income taxes | 67/77 | €176 | €185 | €349 | €170 | - |
| Net result for the period | 9904 | €-36k | €-61k | €-10k | €1k | €6k |
| Result to be appropriated | 9905 | €-36k | €-61k | €-10k | €1k | €6k |
Legal Structure
| NACE primary | Mixed farming(01500) |
| Legal form | Private limited company (pre-2019)(015) |
| Incorporation | 18-08-1989 |
| Status | Active |
| Postal code | 9890 |
Establishment units
MAREEN
since 19892.045.730.394
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44071A0629/00H000 | Flanders | 1,279 m² | - | - |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2026
27-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
22-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet €-61k
Net result drops to €-61k, the lowest in the series; recovery starts the following year.
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
28-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
12-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
29-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
30-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
17-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
19-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
12-06
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.
Belgian State Gazette reading coverage
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Mixed farming01500General construction of residential buildings4100145211
Names & trade names
| Legal nameNL | MAREEN |
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