MAREK
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-06-2026 PDF all 33 filings
Turnover
€86,321
EBIT margin
25.6%
Net result
€40,128▲ 5.6%
2024 · €38,011
Working capital
€169,715▲ 22.1%
2024 · €138,990
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€59,039
▼ 0.3%
2025
20182025
Net result
€40,128
▲ 5.6%
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€223,206
▲ 6.4%
2025
highest quarter of the sector
20182025
Total assets
€237,606
▲ 5.9%
2025
middle half of the sector
20182025
Debt
€14,400
▼ 1.4%
2025
20182025
Working capital
€169,715
▲ 22.1%
2025
highest quarter of the sector
20182025
Solvency
93.9%
▲ 0.4pp
2025
highest quarter of the sector
20182025
Current ratio
12.79
▲ 2.27
2025
highest quarter of the sector
20182025
Return on assets (ROA)
16.9%
▼ 0.1pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€86,321-
Operating result€22,140-€22,915▲ 3.5%€2,215▼ 90.3%€18,377▲ 730%€69,408▲ 278%€84,196▲ 21.3%€59,202▼ 29.7%€59,039▼ 0.3%
Net result€15,762-€15,719▼ 0.3%-€262within the sector's middle half€10,066within the sector's middle half€45,501above the sector's middle half▲ 352%€55,976above the sector's middle half▲ 23.0%€38,011above the sector's middle half▼ 32.1%€40,128above the sector's middle half▲ 5.6%
EBIT margin25.6%-
Equity€121,072-€136,791▲ 13.0%€136,529within the sector's middle half▼ 0.2%€116,440within the sector's middle half▼ 14.7%€131,132within the sector's middle half▲ 12.6%€186,308above the sector's middle half▲ 42.1%€209,711above the sector's middle half▲ 12.6%€223,206above the sector's middle half▲ 6.4%
Total assets€132,436-€145,040▲ 9.5%€142,148within the sector's middle half▼ 2.0%€126,001within the sector's middle half▼ 11.4%€153,591within the sector's middle half▲ 21.9%€218,175within the sector's middle half▲ 42.0%€224,313within the sector's middle half▲ 2.8%€237,606within the sector's middle half▲ 5.9%
Debt€11,364-€8,249▼ 27.4%€5,619▼ 31.9%€9,561▲ 70.1%€22,459▲ 135%€31,867▲ 41.9%€14,602▼ 54.2%€14,400▼ 1.4%
Working capital€87,965-€100,562▲ 14.3%€108,362above the sector's middle half▲ 7.8%€98,044within the sector's middle half▼ 9.5%€90,619within the sector's middle half▼ 7.6%€98,656within the sector's middle half▲ 8.9%€138,990above the sector's middle half▲ 40.9%€169,715above the sector's middle half▲ 22.1%
Solvency91.4%-94.3%▲ 2.9pp96.0%above the sector's middle half▲ 1.7pp92.4%above the sector's middle half▼ 3.6pp85.4%above the sector's middle half▼ 7.0pp85.4%above the sector's middle half=93.5%above the sector's middle half▲ 8.1pp93.9%above the sector's middle half▲ 0.4pp
Current ratio8.74-13.19▲ 4.4520.28above the sector's middle half▲ 7.0911.25above the sector's middle half▼ 9.035.03above the sector's middle half▼ 6.224.10above the sector's middle half▼ 0.9410.52above the sector's middle half▲ 6.4212.79above the sector's middle half▲ 2.27
Return on assets (ROA)11.9%-10.8%▼ 1.1pp-0.2%within the sector's middle half▼ 11.0pp8.0%within the sector's middle half▲ 8.2pp29.6%above the sector's middle half▲ 21.6pp25.7%above the sector's middle half▼ 4.0pp16.9%above the sector's middle half▼ 8.7pp16.9%above the sector's middle half▼ 0.1pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 0% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €237,606
Fixed assets
€53,491 ▼ 24.4%
Current assets
€184,115 ▲ 19.9%
Equity and liabilities €237,606
Equity
€223,206 ▲ 6.4%
Debt
€14,400 ▼ 1.4%
Debt's share of the balance-sheet total falls from 6.5% to 6.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€81,258▲
2024 · €80,771
Cash flow
€62,347▲
2024 · €59,580
Debt to equity
0.06▼
2024 · 0.07
ROE
18.0%▼
2024 · 18.1%
Interest coverage
56.30▼
2024 · 63.06
Debt ≤ 1 year
€14,400▼
2024 · €14,602
Income taxes
€20,072▼
2024 · €20,201
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €778 | €46,397 | €60,110 | €4,638 | €4,988 |
| Depreciation and write-downs of the year | €10,549 | €14,546 | €12,970 | €21,569 | €22,219 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €86,321 | - | - | - | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €46,153 | €56,466 | €67,548 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,337 | €11,098 | €8,468 | €10,549 | €14,546 | €12,970 | €21,569 | €22,219 | ▲ 3.0% |
| Other operating charges640/8 | - | - | - | €890 | €1,430 | €969 | €963 | €1,282 | ▲ 33.1% |
| Gross operating margin9900 | €34,795 | €36,734 | €14,561 | €29,816 | €85,385 | €98,135 | €81,733 | €82,540 | ▲ 1.0% |
| Operating profit (loss)9901 | €22,140 | €22,915 | €2,215 | €18,377 | €69,408 | €84,196 | €59,202 | €59,039 | ▼ 0.3% |
| Financial income75/76B | - | - | - | €3 | €0 | - | €291 | €2,604 | ▲ 795% |
| Recurring financial income75 | - | €6 | - | €3 | €0 | - | €291 | €2,604 | ▲ 795% |
| Financial charges65/66B | - | - | - | €1,036 | €1,111 | €1,191 | €1,281 | €1,443 | ▲ 12.7% |
| Recurring financial charges65 | €859 | €939 | €969 | €1,036 | €1,111 | €1,191 | €1,281 | €1,443 | ▲ 12.7% |
| Profit (loss) for the period before taxes9903 | €21,281 | €21,982 | €1,246 | €17,344 | €68,297 | €83,005 | €58,212 | €60,201 | ▲ 3.4% |
| Income taxes67/77 | €5,519 | €6,263 | €1,508 | €7,278 | €22,796 | €27,029 | €20,201 | €20,072 | ▼ 0.6% |
| Profit (loss) for the period9904 | €15,762 | €15,719 | -€262 | €10,066 | €45,501 | €55,976 | €38,011 | €40,128 | ▲ 5.6% |
| Profit (loss) for the period to be appropriated9905 | €15,762 | €15,719 | -€262 | €10,066 | €45,501 | €55,976 | €38,011 | €40,128 | ▲ 5.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €132,436 | €145,040 | €142,148 | €126,001 | €153,591 | €218,175 | €224,313 | €237,606 | ▲ 5.9% |
| Fixed assets21/28 | €33,106 | €36,228 | €28,167 | €18,396 | €40,513 | €87,652 | €70,721 | €53,491 | ▼ 24.4% |
| Tangible fixed assets22/27 | €32,735 | €36,228 | €28,167 | €18,396 | €40,513 | €87,652 | €70,721 | €53,491 | ▼ 24.4% |
| Plant, machinery and equipment23 | - | - | - | - | €10,205 | €9,125 | €8,045 | €6,964 | ▼ 13.4% |
| Furniture and vehicles24 | - | - | - | €18,396 | €30,308 | €78,527 | €62,677 | €46,526 | ▼ 25.8% |
| Financial fixed assets28 | €372 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €99,330 | €108,812 | €113,981 | €107,604 | €113,078 | €130,523 | €153,592 | €184,115 | ▲ 19.9% |
| Amounts receivable within one year40/41 | €19,284 | €22,090 | €14,239 | €5,327 | €20,766 | €17,969 | €31,132 | €33,060 | ▲ 6.2% |
| Trade receivables40 | - | - | - | €5,327 | €16,032 | €14,157 | €12,575 | €28,296 | ▲ 125% |
| Other amounts receivable41 | - | - | - | - | €4,735 | €3,812 | €18,557 | €4,764 | ▼ 74.3% |
| Current investments50/53 | - | - | - | - | - | - | - | €100,000 | - |
| Cash at bank and in hand54/58 | €80,046 | €86,721 | €99,743 | €102,277 | €92,073 | €111,442 | €121,330 | €46,903 | ▼ 61.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | €238 | €1,111 | €1,129 | €4,152 | ▲ 268% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €132,436 | €145,040 | €142,148 | €126,001 | €153,591 | €218,175 | €224,313 | €237,606 | ▲ 5.9% |
| Equity10/15 | €121,072 | €136,791 | €136,529 | €116,440 | €131,132 | €186,308 | €209,711 | €223,206 | ▲ 6.4% |
| Contributions10/11 | €45,000 | €45,000 | - | €45,000 | €45,000 | €45,000 | €45,000 | €45,000 | = |
| Reserves13 | €76,072 | €91,791 | €91,791 | €71,440 | €86,132 | €141,308 | €164,711 | €178,206 | ▲ 8.2% |
| Non-distributable reserves130/1 | - | - | - | €4,500 | €4,500 | €4,500 | €4,500 | €4,500 | = |
| Reserves not available under the articles1311 | - | - | - | €4,500 | €4,500 | €4,500 | €4,500 | €4,500 | = |
| Distributable reserves133 | - | - | - | €66,940 | €81,632 | €136,808 | €160,211 | €173,706 | ▲ 8.4% |
| Profit (loss) carried forward14 | - | - | -€262 | - | - | - | - | - | - |
| Amounts payable17/49 | €11,364 | €8,249 | €5,619 | €9,561 | €22,459 | €31,867 | €14,602 | €14,400 | ▼ 1.4% |
| Amounts payable within one year42/48 | €11,364 | €8,249 | €5,619 | €9,561 | €22,459 | €31,867 | €14,602 | €14,400 | ▼ 1.4% |
| Trade debts44 | €6,773 | €2,965 | €2,135 | €3,845 | €2,431 | €3,150 | €1,223 | €2,741 | ▲ 124% |
| Suppliers440/4 | - | - | - | €3,845 | €2,431 | €3,150 | €1,223 | €2,741 | ▲ 124% |
| Taxes, remuneration and social security45 | - | - | - | €5,091 | €16,828 | €27,916 | €12,579 | €10,549 | ▼ 16.1% |
| Taxes450/3 | - | - | - | €5,091 | €16,828 | €27,916 | €12,579 | €10,549 | ▼ 16.1% |
| Other amounts payable47/48 | - | - | - | €625 | €3,200 | €800 | €800 | €1,111 | ▲ 38.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,762 | €15,719 | -€262 | €10,066 | €45,501 | €55,976 | €38,011 | €40,128 | ▲ 5.6% |
| + Depreciation and write-downs630 | €11,337 | €11,098 | €8,468 | €10,549 | €14,546 | €12,970 | €21,569 | €22,219 | ▲ 3.0% |
| Operating cash flow (approximation) | €27,099 | €26,817 | €8,207 | €20,615 | €60,047 | €68,946 | €59,580 | €62,347 | ▲ 4.6% |
| Investment in fixed assets (approximation) | - | -€14,220 | -€407 | -€778 | -€36,663 | -€60,110 | -€4,638 | -€4,988 | ▼ 7.5% |
| Change in cash | - | €6,676 | €13,021 | €2,535 | -€10,204 | €19,369 | €9,888 | -€74,427 | - |
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, 31,368 companies had the same profile as MAREK has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MAREK itself: < 0.1% 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 31,368 companies, not a prediction for MAREK. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-06-2026 | 2026-00160584 | |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00201636 | |
| 31-12-2023 | micro format | 19-06-2024 | 2024-00145417 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00300813 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20152327 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-25200176 | |
| 31-12-2019 | micro format | 30-06-2020 | 2020-24600299 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-43100495 | |
| 31-12-2017 | micro format | 28-06-2018 | 2018-26700485 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-58400276 |