MARFROY
ActiveSummary
MARFROY has been active since 1997 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €117,680 and a net result of -€20,882. Equity is growing by ~6.4% per year across the filed fiscal years. Its solvency ranks better than 45% of 10519 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability12▼-54
Solvency57▲+1
Growth78=
Track record100
Bankruptcy probability, 12 months
0.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6,000 at 30 days acceptable
Liquidity ample (current ratio 2.1 against 1.46 in 2024; short-term debt: 8.7% and cash: 15.7% of total assets), but 67.8% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% 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
32.2%
Return on assets
-5.7%
Age of the figures
9 mo
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 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
on the day
2023
1 d early
2022
30 d late
2021
27 d early
2020
44 d early
2019
17 d early
← 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 8 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% 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.
Companies Code · seven monthsPosition in the running window
28-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€117,680▼ 15.1%
2024 · €138,562
Total assets
€364,901▼ 17.9%
2024 · €444,557
Net result
-€20,882
2024 · €685
Working capital
€34,973▼ 16.1%
2024 · €41,667
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 47, Retail trade, 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
Operating result-€3,169▲ 66.0%-€11,768▼ 271%€98,523€3,650▼ 96.3%-€22,513
Net result-€10,106below the sector's middle half▲ 39.9%-€17,367below the sector's middle half▼ 71.9%€104,666above the sector's middle half€685within the sector's middle half▼ 99.3%-€20,882below the sector's middle half
Equity€50,578within the sector's middle half▼ 16.7%€33,211within the sector's middle half▼ 34.3%€137,877above the sector's middle half▲ 315%€138,562above the sector's middle half▲ 0.5%€117,680within the sector's middle half▼ 15.1%
Total assets€649,688above the sector's middle half▼ 4.3%€615,141above the sector's middle half▼ 5.3%€481,541above the sector's middle half▼ 21.7%€444,557above the sector's middle half▼ 7.7%€364,901within the sector's middle half▼ 17.9%
Debt€547,455▼ 3.0%€532,601▼ 2.7%€309,271▼ 41.9%€273,303▼ 11.6%€216,231▼ 20.9%
Working capital-€118,828below the sector's middle half▼ 3.6%-€115,776below the sector's middle half▲ 2.6%€25,426within the sector's middle half€41,667within the sector's middle half▲ 63.9%€34,973within the sector's middle half▼ 16.1%
Solvency7.8%within the sector's middle half▼ 1.2pp5.4%within the sector's middle half▼ 2.4pp28.6%within the sector's middle half▲ 23.2pp31.2%within the sector's middle half▲ 2.5pp32.2%within the sector's middle half▲ 1.1pp
Current ratio0.23below the sector's middle half▼ 0.020.22below the sector's middle half▼ 0.011.20within the sector's middle half▲ 0.981.46within the sector's middle half▲ 0.262.10within the sector's middle half▲ 0.65
Return on assets (ROA)-1.6%below the sector's middle half▲ 0.9pp-2.8%within the sector's middle half▼ 1.3pp21.7%above the sector's middle half▲ 24.6pp0.2%within the sector's middle half▼ 21.6pp-5.7%below the sector's middle half▼ 5.9pp
above
within
below
the middle half (P25 to P75) of NACE 47, Retail trade, each year against the same schema; no band under 30 filings.
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 turns negative in 2025: a loss of €22,513 after €3,650 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €364,901
Fixed assets
€298,245 ▼ 4.3%
Current assets
€66,656 ▼ 49.9%
Equity and liabilities €364,901
Equity
€117,680 ▼ 15.1%
Provisions
€30,990 ▼ 5.2%
Debt
€216,231 ▼ 20.9%
Debt's share of the balance-sheet total falls from 61.5% to 59.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€5,048▼
2024 · €20,907
Cash flow
-€3,417▼
2024 · €17,943
Debt to equity
1.84▼
2024 · 1.97
ROE
-17.7%▼
2024 · 0.5%
Interest coverage
-71.70▼
2024 · 5.64
Debt ≤ 1 year
€31,683▼
2024 · €91,303
Debt > 1 year
€184,548▲
2024 · €182,000
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 12,321 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
0.6%
went bankrupt
8.5%
stopped otherwise
90%
still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% 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 12,321 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €83 | €66,722 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €34,956 | €32,171 | €20,194 | €17,257 | €17,465 | ▲ 1.2% |
| Other operating charges640/8 | €375 | €348 | €4,656 | €895 | €670 | ▼ 25.2% |
| Gross operating margin9900 | €32,162 | €20,750 | €123,374 | €21,802 | -€4,378 | ▼ 120% |
| Operating profit (loss)9901 | -€3,169 | -€11,768 | €98,523 | €3,650 | -€22,513 | ▼ 717% |
| Financial income75/76B | €52 | €686 | - | - | - | - |
| Recurring financial income75 | €52 | €686 | - | - | - | - |
| Financial charges65/66B | €9,313 | €8,609 | €8,794 | €3,709 | €70 | ▼ 98.1% |
| Recurring financial charges65 | €9,313 | €8,609 | €8,794 | €3,709 | €70 | ▼ 98.1% |
| Profit (loss) for the period before taxes9903 | -€12,431 | -€19,692 | €89,729 | -€59 | -€22,583 | ▼ 38,307% |
| Transfer from deferred taxes780 | €2,325 | €2,325 | €14,936 | €1,702 | €1,702 | = |
| Income taxes67/77 | - | - | - | €957 | - | - |
| Profit (loss) for the period9904 | -€10,106 | -€17,367 | €104,666 | €685 | -€20,882 | ▼ 3,147% |
| Transfer from tax-exempt reserves789 | €4,514 | €4,514 | €28,994 | €3,303 | €3,303 | = |
| Profit (loss) for the period to be appropriated9905 | -€5,591 | -€12,853 | €133,659 | €3,988 | -€17,579 | ▼ 541% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €649,688 | €615,141 | €481,541 | €444,557 | €364,901 | ▼ 17.9% |
| Fixed assets21/28 | €614,404 | €582,316 | €328,843 | €311,586 | €298,245 | ▼ 4.3% |
| Tangible fixed assets22/27 | €614,404 | €582,316 | €328,843 | €311,586 | €298,245 | ▼ 4.3% |
| Land and buildings22 | €614,404 | €582,316 | €328,843 | €311,586 | €295,894 | ▼ 5.0% |
| Furniture and vehicles24 | - | - | - | - | €2,351 | - |
| Current assets29/58 | €35,283 | €32,825 | €152,698 | €132,970 | €66,656 | ▼ 49.9% |
| Amounts receivable within one year40/41 | €17,150 | €4,620 | €18,769 | €7,480 | €9,380 | ▲ 25.4% |
| Trade receivables40 | €14,055 | €1,975 | €18,765 | €7,475 | €8,934 | ▲ 19.5% |
| Other amounts receivable41 | €3,096 | €2,644 | €4 | €4 | €445 | ▲ 9,909% |
| Cash at bank and in hand54/58 | €16,775 | €26,782 | €133,516 | €125,074 | €57,276 | ▼ 54.2% |
| Deferred charges and accrued income490/1 | €1,358 | €1,423 | €413 | €417 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €649,688 | €615,141 | €481,541 | €444,557 | €364,901 | ▼ 17.9% |
| Equity10/15 | €50,578 | €33,211 | €137,877 | €138,562 | €117,680 | ▼ 15.1% |
| Contributions10/11 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Capital10 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Issued capital100 | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Reserves13 | €113,958 | €109,444 | €80,450 | €77,147 | €73,844 | ▼ 4.3% |
| Non-distributable reserves130/1 | €3,229 | €3,229 | €3,229 | €3,229 | €3,229 | = |
| Legal reserve130 | €3,229 | €3,229 | €3,229 | €3,229 | €3,229 | = |
| Tax-exempt reserves132 | €100,271 | €95,757 | €66,763 | €63,460 | €60,157 | ▼ 5.2% |
| Distributable reserves133 | €10,457 | €10,457 | €10,457 | €10,457 | €10,457 | = |
| Profit (loss) carried forward14 | -€125,353 | -€138,206 | -€4,547 | -€558 | -€18,137 | ▼ 3,150% |
| Provisions and deferred taxes16 | €51,655 | €49,329 | €34,393 | €32,692 | €30,990 | ▼ 5.2% |
| Deferred taxes168 | €51,655 | €49,329 | €34,393 | €32,692 | €30,990 | ▼ 5.2% |
| Amounts payable17/49 | €547,455 | €532,601 | €309,271 | €273,303 | €216,231 | ▼ 20.9% |
| Amounts payable after more than one year17 | €393,344 | €384,000 | €182,000 | €182,000 | €184,548 | ▲ 1.4% |
| Financial debts170/4 | €134,344 | €125,000 | €24,000 | €24,000 | €24,336 | ▲ 1.4% |
| Other amounts payable178/9 | €259,000 | €259,000 | €158,000 | €158,000 | €160,212 | ▲ 1.4% |
| Amounts payable within one year42/48 | €154,112 | €148,601 | €127,271 | €91,303 | €31,683 | ▼ 65.3% |
| Current portion of amounts payable after more than one year42 | €20,423 | €13,554 | - | - | - | - |
| Trade debts44 | €2,545 | €3,725 | €4,254 | €1,896 | €2,210 | ▲ 16.6% |
| Suppliers440/4 | €2,545 | €3,725 | €4,254 | €1,896 | €2,210 | ▲ 16.6% |
| Taxes, remuneration and social security45 | €2,304 | €2,578 | €3,395 | €3,434 | €989 | ▼ 71.2% |
| Taxes450/3 | €2,304 | €2,578 | €3,395 | €3,434 | €989 | ▼ 71.2% |
| Other amounts payable47/48 | €128,839 | €128,744 | €119,623 | €85,973 | €28,484 | ▼ 66.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,106 | -€17,367 | €104,666 | €685 | -€20,882 | ▼ 3,147% |
| + Depreciation and write-downs630 | €34,956 | €32,171 | €20,194 | €17,257 | €17,465 | ▲ 1.2% |
| Operating cash flow (approximation) | €24,850 | €14,805 | €124,860 | €17,943 | -€3,417 | ▼ 119% |
| Investment in fixed assets (approximation) | - | -€83 | €233,278 | €0 | -€4,124 | - |
| Change in cash | - | €10,006 | €106,735 | -€8,443 | -€67,798 | ▼ 703% |
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
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €104,666
Net result €104,666 after 5 loss-making years.
31-12
Financial
Liquidity times 5current ratio 1.20
Current ratio from 0.22 to 1.20; short-term debt falls from €148,601 to €127,271.
31-12
Financial
Equity above €100,000Eq €137,877 ▲315%
Equity rises from €33,211 to €137,877.
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
04-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
17-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
14-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
27-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
12-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
16-06
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 4 acts read
About the unread acts
We know of 4 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
4 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, Mouscron · 1 establishment unit since 1997
Ground area
18 m²
Building footprint
75 m²
Volume, LiDAR
256 m³
Parcel 54004K0185/00A000, Wallonia · tallest building 6.7 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
Lassusstraat(H) 46, 7712 Mouscron
since 19972.082.155.577
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 54004K0185/00A000indicative | Wallonia | 18 m² | 1 · 75 m² | 6.7 m · 1 fl. |
Linked by address, not proof of ownership
Good to know
0 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 1,271 companies in sector 47512 we hold annual accounts for 581. 492 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded10-04-1997
Fiscal year end31-12
Activities, NACEBEL 2025
47512Retail sale of household textiles and bedding
E-invoicing
Reachable via Peppol
Peppol ID
0208:0460446429
Also
9925:BE0460446429
Registered
04-12-2025
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.