MARFIL
ActiveMARFIL has been active since 2002 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €55k and a net result of €13k. Equity is shrinking by ~19.8% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2026. Its solvency ranks better than 25% of 9167 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
53
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability36▲+32
Solvency32=
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2.5k at 30 days acceptable
Liquidity short (current ratio 0.0 against 0.02 in 2024; short-term debt: 45.1% and cash: 0.1% of total assets), and 93% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Sector 68
lower
← fewer bankruptcies
more bankruptcies →
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
7%
Return on assets
1.6%
Age of the figures
11 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-10-2025 was due by 31-05-2026 and was filed on 12-03-2026, 80 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
80 d early
2024
3 d early
2023
43 d early
2022
92 d late
2021
61 d early
2020
80 d early
2019
74 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-10-2026 and is due by 31-05-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
20-09-2026 today31-10-2026 close31-05-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€55k▲ 30.4%
2024 · €42k
2018: €717k
2019: €711k
2020: €699k
2021: €579k
2022: €542k
2023: €120k
2024: €42k
2018 → 2025
Total assets
€794k▲ 24.2%
2024 · €639k
2018: €717k
2019: €711k
2020: €699k
2021: €580k
2022: €934k
2023: €554k
2024: €639k
2018 → 2025
Net result
€13k
2024 · €-77k
2018: €-7k
2019: €-6k
2020: €-11k
2021: €-120k
2022: €-37k
2023: €-22k
2024: €-77k
2018 → 2025
Working capital
€-357k▼ 83.3%
2024 · €-195k
2021: €27k
2022: €373k
2023: €-71k
2024: €-195k
2021 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€579k-€542k▼ 6.4%€120k▼ 77.9%€42k▼ 64.7%€55k▲ 30.4%
Operating result€-122k-€-35k▲ 71.6%€-16k▲ 54.4%€-64k▼ 306%€36k
Net result€-120k-€-37k▲ 69.0%€-22k▲ 41.6%€-77k▼ 255%€13k
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €36k after a loss of €64k in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €794k
Fixed assets
€793k▲ 24.8%
Current assets
€988▼ 76.4%
Equity and liabilities €794k
Equity
€55k▲ 30.4%
Debt
€739k▲ 23.7%
The debt ratio falls from 93.4% to 93.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€47k▲
2024 · €-62k
Cash flow
€23k▲
2024 · €-75k
Solvency
7.0%▲
2024 · 6.6%
Current ratio
0.00▼
2024 · 0.02
Quick ratio
0.00▼
2024 · 0.02
Debt / equity
13.39▼
2024 · 14.11
ROE
23.3%▲
2024 · -182.9%
ROA
1.6%▲
2024 · -12.1%
Interest coverage
1.86▲
2024 · -4.71
Debt
€739k▲
2024 · €597k
Debt ≤ 1 year
€358k▲
2024 · €199k
Debt > 1 year
€374k▼
2024 · €395k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€639k€794k▲
Fixed assets21/28€635k€793k▲
Tangible fixed assets22/27€635k€715k▲
Land and buildings22€635k€715k▲
Financial fixed assets28-€78k
Current assets29/58€4k€988▼
Amounts receivable within one year40/41€4k€0▼
Other amounts receivable41€4k€0▼
Cash at bank and in hand54/58€59€406▲
Deferred charges and accrued income490/1€243€581▲
Equity and liabilities
Total equity and liabilities10/49€639k€794k▲
Equity10/15€42k€55k▲
Contributions10/11€400k€400k=
Capital10€400k€400k=
Issued capital100€400k€400k=
Profit (loss) carried forward14€-358k€-345k▲
Amounts payable17/49€597k€739k▲
Amounts payable after more than one year17€395k€374k▼
Financial debts170/4€395k€374k▼
Amounts payable within one year42/48€199k€358k▲
Current portion of amounts payable after more than one year42€23k€22k▼
Trade debts44€82k€1k▼
Suppliers440/4€82k€1k▼
Other amounts payable47/48€95k€335k▲
Accrued charges and deferred income492/3€3k€7k▲
Income statement
Code20242025
Non-recurring operating income76A-€20k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2k€11k▲
Other operating charges640/8€11k€11k▼
Gross operating margin9900€-51k€58k▲
Operating profit (loss)9901€-64k€36k▲
Financial income75/76B€0€2k▲
Recurring financial income75€0€2k▲
Financial charges65/66B€13k€25k▲
Recurring financial charges65€13k€25k▲
Profit (loss) for the period before taxes9903€-77k€13k▲
Profit (loss) for the period9904€-77k€13k▲
Profit (loss) for the period to be appropriated9905€-77k€13k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-358k€-345k▲
Profit (loss) brought forward from the previous period14P€-280k€-358k▼
Social balance
Average headcount (FTE)9087-0.0
The notes to these accounts (21 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
12-03
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-10
Financial
Back to profitnet €13k
Net result €13k after 7 loss-making years.
28-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
18-04
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 92 days late
2022
31-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-10
Financial
Weakest financial yearnet €-120k
Net result drops to €-120k, the lowest in the series; recovery starts the following year.
12-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
18-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
22-03
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
20-03
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
24-03
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.
Directors · office · real estate
Directors
6 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, Oostkamp · 1 establishment unit since 2002
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Hertsbergsestraat 48020 OostkampGround area
4,981 m²
Building footprint
870 m²
Volume, LiDAR
9,624 m³
2 parcels, Flanders · tallest building 25.9 m, ±5 floors. Linked by address, not a title deed.
1 establishment unit
Dorpsstraat 173, 8340 Damme
since 20022.096.292.932
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31026C0796/00D009 | Flanders | 4,164 m² | 1 · 329 m² | 9.0 m · 2 fl. |
| 31403F0145/00C000 | Flanders | 818 m² | 1 · 541 m² | 25.9 m · 5 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 2,400 EUR awarded · 2,400 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 2,400 EUR | 2,400 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 1,292 companies in sector 68122 we hold annual accounts for 901. 479 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded14-05-2002
Fiscal year end31-10
Activities, NACEBEL
68122Development of non-residential building projects
68110Buying and selling of own real estate
68121Development of residential building projects
68201Renting and operating of own or leased residential real estate, excluding social housing
68203Renting and operating of own or leased non-residential real estate, excluding land
70201
70203
Sources
Crossroads Bank for EnterprisesNational Bank · 23 filingsAddress and cadastre registers
Data from official sources, last processed on 19-09-2026. Scores and ratios are computed by Checked and are not a credit decision.