MARFE
ActiveSummary
The computed 12-month bankruptcy probability of MARFE is 4.5% (elevated). The 2025 annual accounts show negative equity (-€20,101) and a net result of -€5,578. Equity is shrinking by ~9.4% per year across the filed fiscal years. Its solvency ranks better than 8% of 13604 sector peers (fiscal year 2025). The company has been active since 2003 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability0=
Solvency0=
Growth22=
Track record100
Bankruptcy probability, 12 months
4.5%
Elevated
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.29 against 0.41 in 2024; short-term debt: 280.3% and cash: 40.1% of total assets), and equity is negative.
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Signals
Six 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 56
Relative position
BE, all sectors
reference
Food and beverage service activities (NACE 56)
about 206% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-180.3%
Return on assets
-50%
Age of the figures
9 mo
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
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€20,101
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 21-07-2026, 10 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
10 d early
2024
9 d early
2023
5 d early
2022
on the day
2021
26 d late
2020
1 d early
2019
39 d late
← 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 6 days after the deadline; the sector median for financial year 2024 is 6 days after the deadline, and 52% 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 27 July (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 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 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 What changed in the latest annual accounts?What changed
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Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Turnover
€26,038▼ 45.0%
2019 · €47,373
EBIT margin
0.6%▼ 0.3pp
2019 · 0.9%
Net result
-€5,578▲ 12.7%
2024 · -€6,393
Working capital
-€22,115▼ 26.4%
2024 · -€17,489
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 56, Food and beverage service activities, 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
Operating result€10,527▲ 6,826%-€5,221-€1,560▲ 70.1%-€5,667▼ 263%-€5,206▲ 8.1%
Net result€10,054within the sector's middle half-€5,533within the sector's middle half-€2,060within the sector's middle half▲ 62.8%-€6,393below the sector's middle half▼ 210%-€5,578within the sector's middle half▲ 12.7%
EBIT margin
Equity-€537within the sector's middle half▲ 94.9%-€6,070below the sector's middle half▼ 1,030%-€8,130below the sector's middle half▼ 33.9%-€14,523below the sector's middle half▼ 78.6%-€20,101below the sector's middle half▼ 38.4%
Total assets€15,149below the sector's middle half▲ 67.0%€14,884below the sector's middle half▼ 1.7%€17,499below the sector's middle half▲ 17.6%€15,078below the sector's middle half▼ 13.8%€11,147below the sector's middle half▼ 26.1%
Debt€15,686▼ 20.2%€20,954▲ 33.6%€25,629▲ 22.3%€29,601▲ 15.5%€31,247▲ 5.6%
Working capital-€5,168within the sector's middle half▲ 64.7%-€12,153within the sector's middle half▼ 135%-€12,360within the sector's middle half▼ 1.7%-€17,489within the sector's middle half▼ 41.5%-€22,115within the sector's middle half▼ 26.4%
Solvency-3.5%below the sector's middle half▲ 113.2pp-40.8%below the sector's middle half▼ 37.2pp-46.5%below the sector's middle half▼ 5.7pp-96.3%below the sector's middle half▼ 49.9pp-180.3%below the sector's middle half▼ 84.0pp
Current ratio0.67within the sector's middle half▲ 0.420.42below the sector's middle half▼ 0.250.52within the sector's middle half▲ 0.100.41below the sector's middle half▼ 0.110.29below the sector's middle half▼ 0.12
Return on assets (ROA)66.4%above the sector's middle half▲ 73.4pp-37.2%below the sector's middle half▼ 103.5pp-11.8%below the sector's middle half▲ 25.4pp-42.4%below the sector's middle half▼ 30.6pp-50.0%below the sector's middle half▼ 7.6pp
above
within
below
the middle half (P25 to P75) of NACE 56, Food and beverage service activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €5,206 in 2025 against €5,667 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €11,147
Fixed assets
€2,014 ▼ 32.1%
Current assets
€9,133 ▼ 24.6%
Key figures and ratios
EBITDA
-€4,253▲
2024 · -€4,404
Cash flow
-€4,626▲
2024 · -€5,130
Debt to equity
-1.55▲
2024 · -2.04
Interest coverage
-26.96▼
2024 · -8.69
Debt ≤ 1 year
€31,247▲
2024 · €29,601
Income taxes
€223▲
2024 · €219
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,639 companies that looked in July 2024 the way this one looks now, 4.1% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
4.1%
went bankrupt
9.8%
stopped otherwise
84%
still going
A further 2.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 4.5% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 6,639 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 |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,989 | €1,469 | €1,803 | €1,263 | €952 | ▼ 24.6% |
| Other operating charges640/8 | €1,279 | €713 | €935 | €1,622 | €1,912 | ▲ 17.9% |
| Gross operating margin9900 | €13,795 | -€3,039 | €1,178 | -€2,783 | -€2,341 | ▲ 15.9% |
| Operating profit (loss)9901 | €10,527 | -€5,221 | -€1,560 | -€5,667 | -€5,206 | ▲ 8.1% |
| Financial income75/76B | - | €0 | - | €0 | €8 | ▲ 9,863% |
| Recurring financial income75 | - | €0 | - | €0 | €8 | ▲ 9,863% |
| Financial charges65/66B | €307 | €95 | €276 | €507 | €158 | ▼ 68.9% |
| Recurring financial charges65 | €307 | €95 | €276 | €507 | €158 | ▼ 68.9% |
| Profit (loss) for the period before taxes9903 | €10,220 | -€5,316 | -€1,836 | -€6,174 | -€5,355 | ▲ 13.3% |
| Income taxes67/77 | €166 | €218 | €224 | €219 | €223 | ▲ 1.9% |
| Profit (loss) for the period9904 | €10,054 | -€5,533 | -€2,060 | -€6,393 | -€5,578 | ▲ 12.7% |
| Profit (loss) for the period to be appropriated9905 | €10,054 | -€5,533 | -€2,060 | -€6,393 | -€5,578 | ▲ 12.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €15,149 | €14,884 | €17,499 | €15,078 | €11,147 | ▼ 26.1% |
| Fixed assets21/28 | €4,630 | €6,082 | €4,230 | €2,967 | €2,014 | ▼ 32.1% |
| Tangible fixed assets22/27 | €3,985 | €5,437 | €3,635 | €2,372 | €1,419 | ▼ 40.2% |
| Plant, machinery and equipment23 | €1,318 | €1,088 | €858 | €628 | €398 | ▼ 36.6% |
| Furniture and vehicles24 | €2,667 | €4,349 | €2,776 | €1,743 | €1,021 | ▼ 41.4% |
| Financial fixed assets28 | €645 | €645 | €595 | €595 | €595 | = |
| Current assets29/58 | €10,518 | €8,802 | €13,270 | €12,111 | €9,133 | ▼ 24.6% |
| Amounts receivable within one year40/41 | €1,096 | €1,096 | €1,412 | €3,708 | - | - |
| Trade receivables40 | €1,096 | €1,096 | €1,412 | €3,708 | - | - |
| Cash at bank and in hand54/58 | €7,915 | €5,149 | €4,795 | €4,543 | €4,466 | ▼ 1.7% |
| Deferred charges and accrued income490/1 | €1,508 | €2,557 | €7,063 | €3,860 | €4,666 | ▲ 20.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €15,149 | €14,884 | €17,499 | €15,078 | €11,147 | ▼ 26.1% |
| Equity10/15 | -€537 | -€6,070 | -€8,130 | -€14,523 | -€20,101 | ▼ 38.4% |
| Contributions10/11 | €14,200 | €14,200 | €14,200 | €14,200 | €14,200 | = |
| Reserves13 | €884 | €884 | €884 | €884 | €884 | = |
| Non-distributable reserves130/1 | €700 | €700 | €700 | - | - | - |
| Reserves not available under the articles1311 | €700 | €700 | €700 | - | - | - |
| Tax-exempt reserves132 | €184 | €184 | €184 | €184 | €184 | = |
| Distributable reserves133 | - | - | - | €700 | €700 | = |
| Profit (loss) carried forward14 | -€15,621 | -€21,155 | -€23,214 | -€29,607 | -€35,185 | ▼ 18.8% |
| Amounts payable17/49 | €15,686 | €20,954 | €25,629 | €29,601 | €31,247 | ▲ 5.6% |
| Amounts payable within one year42/48 | €15,686 | €20,954 | €25,629 | €29,601 | €31,247 | ▲ 5.6% |
| Trade debts44 | €3,334 | €2,439 | €1,816 | €4,929 | €3,751 | ▼ 23.9% |
| Suppliers440/4 | €3,334 | €2,439 | €1,816 | €4,929 | €3,751 | ▼ 23.9% |
| Advances received on contracts in progress46 | - | €2,158 | €7,639 | €3,820 | €3,820 | = |
| Taxes, remuneration and social security45 | €229 | €1,059 | €1,059 | €1,458 | €1,277 | ▼ 12.4% |
| Taxes450/3 | €229 | €1,059 | €1,059 | €1,458 | €1,277 | ▼ 12.4% |
| Other amounts payable47/48 | €12,123 | €15,299 | €15,115 | €19,394 | €22,400 | ▲ 15.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,054 | -€5,533 | -€2,060 | -€6,393 | -€5,578 | ▲ 12.7% |
| + Depreciation and write-downs630 | €1,989 | €1,469 | €1,803 | €1,263 | €952 | ▼ 24.6% |
| Operating cash flow (approximation) | €12,043 | -€4,064 | -€257 | -€5,130 | -€4,626 | ▲ 9.8% |
| Investment in fixed assets (approximation) | - | -€2,921 | €50 | €0 | €0 | - |
| Change in cash | - | -€2,766 | -€354 | -€253 | -€76 | ▲ 69.8% |
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
21-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
22-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet -€6,393
Net result drops to -€6,393, the lowest in the series; recovery starts the following year.
26-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
26-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 26 days late
2021
31-12
Financial
Back to profitnet €10,054
Net result €10,054 after one loss-making year.
30-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
08-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 39 days late
2019
19-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
08-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
15-05
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Ukkel · 1 establishment unit since 2003
Ground area
77 m²
Building footprint
80 m²
Volume, LiDAR
1,053 m³
Parcel 21616G0128/00Y000, Brussels · tallest building 15.5 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
MARFE
since 20032.133.483.227
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21616G0128/00Y000 | Brussels | 77 m² | 1 · 80 m² | 15.5 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.
Recognitions · licences · registrations
Food safety, FASFC
1 siteUkkel2.133.483.227
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This company's figures show no positive equity and no headcount, so a size comparison is not possible. These companies share only the sector and the region. Of 21,859 companies in sector 56112 we hold annual accounts for 9,783. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded01-08-2003
Fiscal year end31-12
Activities, NACEBEL 2025
56112Limited-service restaurants, excluding mobile food services
56301Cafés and bars
Contact
Phone
0486/715.804Ukkel
E-invoicing
Reachable via Peppol
Peppol ID
0208:0859890251
Also
9925:BE0859890251
Registered
26-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.