MARGAN
InactiveMARGAN was declared bankrupt on 17-10-2022 (Tribunal de l’entreprise francophone de Bruxelles); the bankruptcy was closed for insufficient assets by judgment of 13-11-2025, published in the Belgian State Gazette on 19-11-2025.
Summary
Inactive; last annual accounts for fiscal year 2019.
Signals
Three signals. The signal on the left, the evidence on the right.
○neutral
neutral · No filing for years
The last filed financial year closed on 31-12-2019. Since then, 6 financial years are missing. This points to a standstill, not an imminent failure.
NBB · 10 filingsPosition against the passed deadline
31-12-2020 close31-07-2021 deadline24-09-2026 today
neutral · A punctual record breaks
This company filed 9 consecutive financial years on time. The year that closed on 31-12-2019 was due by 31-07-2020 and was filed on 03-08-2020, 3 days late. Weigh it accordingly: a break into the 1-to-90-day band measures 1.41% abnormal legal state, below the 1.66% market average. It is a change in behaviour, not evidence of elevated risk.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
not filed
2023
not filed
2022
not filed
2021
not filed
2020
not filed
2019
3 d late
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2019, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€498k
2018 · €-293k
2018: €-293k
2018 → 2019
Working capital
€838k
2018 · €-62k
2018: €-62k
2018 → 2019
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20182019Trend
Equity€862k-€638k▼ 26.0%
Operating result€-294k-€668k
Net result€-293k-€498k
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2019: €668k after a loss of €294k in 2018.
Balance-sheet composition
2019 in colour, 2018 as the grey bar beneath
Assets €842k
Fixed assets
€200 ▼ 100.0%
Current assets
€842k ▲ 203%
Equity and liabilities €842k
Equity
€638k ▼ 26.0%
Provisions
€201k
Debt
€4k ▼ 98.9%
Debt's share of the balance-sheet total falls from 28.4% to 0.4%. Equity and debt are lower.
Key figures and ratios
ROE
78.0%▲
2018 · -34.0%
ROA
59.1%▲
2018 · -24.3%
Debt ≤ 1 year
€4k▼
2018 · €339k
A ratio outside any meaningful range has been withheld (balance sheet total €842k, equity €638k).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2019 against 2018 · 25 lines
Balance sheet
Code20182019
Assets
Total assets20/58€1.20M€842k▼
Fixed assets21/28€927k€200▼
Tangible fixed assets22/27€927k-
Financial fixed assets28-€200
Current assets29/58€278k€842k▲
Amounts receivable within one year40/41€278k€494k▲
Cash at bank and in hand54/58-€348k
Equity and liabilities
Total equity and liabilities10/49€1.20M€842k▼
Equity10/15€862k€638k▼
Contributions10/11€378k€378k=
Reserves13€18k€496k▲
Profit (loss) carried forward14€-256k€-236k▲
Provisions and deferred taxes16-€201k
Amounts payable17/49€342k€4k▼
Amounts payable within one year42/48€339k€4k▼
Trade debts44€3k€4k▲
Income statement
Code20182019
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€11k-
Gross operating margin9900€39k€671k▲
Operating profit (loss)9901€-294k€668k▲
Recurring financial income75€14k€35k▲
Recurring financial charges65€13k€4k▼
Profit (loss) for the period before taxes9903€-293k€699k▲
Income taxes67/77€-36-
Profit (loss) for the period9904€-293k€498k▲
Profit (loss) for the period to be appropriated9905€-293k€20k▲
Timeline · acts, filings and financial milestones
2025
19-11
Bankruptcy
Bankruptcy closure (insufficient assets)
Tribunal de l’entreprise francophone de Bruxelles · MARGAN SA AVENUE ARNAUD FRAITEUR 15/2/6, 1050 IXELLES. déclarée le 17 octobre 2022 · event 13-11-2025
2022
08-11
Bankruptcy
Opening
Tribunal de l’entreprise francophone de Bruxelles · MARGAN SA AVENUE ARNAUD FRAITEUR 15/2/6, 1050 IXELLES · event 17-10-2022
2020
03-08
NBB filing
Annual accounts filed
fiscal year 2019 · full schema · 3 days late
2019
31-12
Financial
Back to profitnet €498k
Net result €498k after one loss-making year.
31-12
Financial
Liquidity times 276current ratio 226.16
Current ratio from 0.82 to 226.16; short-term debt falls from €339k to €4k.
30-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
21-06
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
16-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
08-07
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
2015
09-06
NBB filing
Annual accounts filed
fiscal year 2014 · full schema
2014
23-06
NBB filing
Annual accounts filed
fiscal year 2013 · full schema
2013
25-06
NBB filing
Annual accounts filed
fiscal year 2012 · full schema
2012
23-07
NBB filing
Annual accounts filed
fiscal year 2011 · full schema
2011
14-06
NBB filing
Annual accounts filed
fiscal year 2010 · full schema
SignalFinancial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
5 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
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.
Insolvency mandates
1 mandate| Role | Name | Tenure |
|---|---|---|
| Curator | MAIA GUTMANN LE PAIGE RUE DE LA LOI 28,
1040 BRUXELLES 4 |
17-10-2022 → 13-11-2025 |