MARGE
ActiveSummary
MARGE has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€40,785) and a net result of €10,376. Equity is shrinking by ~18.8% per year across the filed fiscal years. Its solvency ranks better than 10% of 687 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability91▲+91
Solvency0=
Growth60▲+22
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.31 against 0.2 in 2024; short-term debt: 259.3% and cash: 14.6% of total assets), and equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 58
Relative position
BE, all sectors
reference
Publishing activities (NACE 58)
about 30% fewer 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
-159.3%
Return on assets
40.5%
Age of the figures
9 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 687 sector peers (2025).
NBB · sector comparisonPosition among 687 sector peers
Solvency
better than 10%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-08-2026, 27 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
27 d late
2024
26 d late
2023
26 d late
2022
28 d late
2021
27 d late
2020
30 d late
2019
121 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 41 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 37% 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 August (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€89,640▲ 544%
2024 · €13,913
EBIT margin
11.8%▲ 36.4pp
2024 · -24.5%
Net result
€10,376
2024 · -€3,623
Working capital
-€45,699▲ 14.9%
2024 · -€53,717
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 58, Publishing 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€1,179▼ 70.5%€7,260▲ 516%€7,962▲ 9.7%€13,913▲ 74.7%€89,640▲ 544%
Operating result-€5,071▼ 175%-€253▲ 95.0%-€16,820▼ 6,548%-€3,413▲ 79.7%€10,601
Net result-€5,247below the sector's middle half▼ 156%-€384within the sector's middle half▲ 92.7%-€17,048below the sector's middle half▼ 4,340%-€3,623within the sector's middle half▲ 78.7%€10,376within the sector's middle half
EBIT margin-430.1%▼ 384.0pp-3.5%▲ 426.6pp-211.3%▼ 207.8pp-24.5%▲ 186.7pp11.8%▲ 36.4pp
Equity-€30,106below the sector's middle half▼ 21.1%-€30,490below the sector's middle half▼ 1.3%-€47,538below the sector's middle half▼ 55.9%-€51,161below the sector's middle half▼ 7.6%-€40,785below the sector's middle half▲ 20.3%
Total assets€12,290below the sector's middle half▼ 4.2%€15,580below the sector's middle half▲ 26.8%€16,858below the sector's middle half▲ 8.2%€15,668below the sector's middle half▼ 7.1%€25,604below the sector's middle half▲ 63.4%
Debt€42,396▲ 12.5%€46,070▲ 8.7%€64,396▲ 39.8%€66,829▲ 3.8%€66,389▼ 0.7%
Working capital-€30,988below the sector's middle half▼ 19.2%-€31,992below the sector's middle half▼ 3.2%-€51,404below the sector's middle half▼ 60.7%-€53,717below the sector's middle half▼ 4.5%-€45,699below the sector's middle half▲ 14.9%
Solvency-245.0%below the sector's middle half▼ 51.1pp-195.7%below the sector's middle half▲ 49.3pp-282.0%below the sector's middle half▼ 86.3pp-326.5%below the sector's middle half▼ 44.5pp-159.3%below the sector's middle half▲ 167.2pp
Current ratio0.27below the sector's middle half▼ 0.040.31below the sector's middle half▲ 0.040.20below the sector's middle half▼ 0.100.20below the sector's middle half▼ 0.010.31below the sector's middle half▲ 0.12
Return on assets (ROA)-42.7%below the sector's middle half▼ 26.7pp-2.5%within the sector's middle half▲ 40.2pp-101.1%below the sector's middle half▼ 98.7pp-23.1%below the sector's middle half▲ 78.0pp40.5%above the sector's middle half▲ 63.6pp
above
within
below
the middle half (P25 to P75) of NACE 58, Publishing 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 returns to profit in 2025: €10,601 after a loss of €3,413 in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €25,604
Fixed assets
€4,914 ▲ 92.3%
Current assets
€20,690 ▲ 57.8%
Key figures and ratios
EBITDA
€12,065▲
2024 · -€1,989
Cash flow
€11,840▲
2024 · -€2,199
Quick ratio
0.20▲
2024 · 0.11
Debt to equity
-1.63▼
2024 · -1.31
Interest coverage
53.15▲
2024 · -8.96
Debt ≤ 1 year
€66,389▼
2024 · €66,829
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,632 companies that looked in July 2024 the way this one looks now, 2.9% went bankrupt within 24 months and 92% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
2.9%
went bankrupt
4.8%
stopped otherwise
92%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.0% 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 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 3,632 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 |
|---|---|---|---|---|---|---|
| Turnover70 | €1,179 | €7,260 | €7,962 | €13,913 | €89,640 | ▲ 544% |
| Goods, raw materials, services and sundry goods60/61 | €5,302 | €6,476 | €22,637 | €15,515 | €76,609 | ▲ 394% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €246 | €590 | €1,114 | €1,424 | €1,464 | ▲ 2.8% |
| Other operating charges640/8 | €702 | €447 | €1,031 | €387 | €966 | ▲ 150% |
| Gross operating margin9900 | -€4,123 | €784 | -€14,675 | -€1,602 | €13,031 | ▲ 913% |
| Operating profit (loss)9901 | -€5,071 | -€253 | -€16,820 | -€3,413 | €10,601 | ▲ 411% |
| Financial income75/76B | - | - | - | €12 | €2 | ▼ 83.3% |
| Recurring financial income75 | - | - | - | €12 | €2 | ▼ 83.3% |
| Financial charges65/66B | €176 | €131 | €228 | €222 | €227 | ▲ 2.3% |
| Recurring financial charges65 | €176 | €131 | €228 | €222 | €227 | ▲ 2.3% |
| Profit (loss) for the period before taxes9903 | -€5,247 | -€384 | -€17,048 | -€3,623 | €10,376 | ▲ 386% |
| Profit (loss) for the period9904 | -€5,247 | -€384 | -€17,048 | -€3,623 | €10,376 | ▲ 386% |
| Profit (loss) for the period to be appropriated9905 | -€5,247 | -€384 | -€17,048 | -€3,623 | €10,376 | ▲ 386% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €12,290 | €15,580 | €16,858 | €15,668 | €25,604 | ▲ 63.4% |
| Fixed assets21/28 | €882 | €1,502 | €3,866 | €2,556 | €4,914 | ▲ 92.3% |
| Tangible fixed assets22/27 | €738 | €1,358 | €2,566 | €2,380 | €4,738 | ▲ 99.1% |
| Plant, machinery and equipment23 | €738 | €1,358 | €709 | €1,297 | €4,429 | ▲ 241% |
| Furniture and vehicles24 | - | - | €1,857 | €1,083 | €309 | ▼ 71.5% |
| Financial fixed assets28 | €144 | €144 | €1,300 | €176 | €176 | = |
| Current assets29/58 | €11,408 | €14,078 | €12,992 | €13,112 | €20,690 | ▲ 57.8% |
| Stocks and contracts in progress3 | €5,582 | €6,162 | €6,045 | €5,500 | €7,550 | ▲ 37.3% |
| Stocks30/36 | €5,582 | €6,162 | €6,045 | €5,500 | €7,550 | ▲ 37.3% |
| Amounts receivable within one year40/41 | €3,773 | €121 | €5,663 | €7,476 | €9,412 | ▲ 25.9% |
| Trade receivables40 | €1,636 | €29 | €3,450 | €6,299 | €6,849 | ▲ 8.7% |
| Other amounts receivable41 | €2,137 | €92 | €2,213 | €1,177 | €2,563 | ▲ 118% |
| Cash at bank and in hand54/58 | €2,053 | €7,795 | €1,284 | €136 | €3,728 | ▲ 2,641% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €12,290 | €15,580 | €16,858 | €15,668 | €25,604 | ▲ 63.4% |
| Equity10/15 | -€30,106 | -€30,490 | -€47,538 | -€51,161 | -€40,785 | ▲ 20.3% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | €6,200 | - | - | - | - | - |
| Issued capital100 | €6,200 | - | - | - | - | - |
| Outside capital11 | - | €6,200 | - | - | - | - |
| Share premium1100/10 | - | €6,200 | - | - | - | - |
| Profit (loss) carried forward14 | -€36,306 | -€36,690 | -€53,738 | -€57,361 | -€46,985 | ▲ 18.1% |
| Amounts payable17/49 | €42,396 | €46,070 | €64,396 | €66,829 | €66,389 | ▼ 0.7% |
| Amounts payable within one year42/48 | €42,396 | €46,070 | €64,396 | €66,829 | €66,389 | ▼ 0.7% |
| Trade debts44 | €924 | €3,104 | €2,805 | €469 | €502 | ▲ 7.0% |
| Suppliers440/4 | €924 | €3,104 | €2,805 | €469 | €502 | ▲ 7.0% |
| Taxes, remuneration and social security45 | €3,032 | €2,901 | €314 | - | €108 | - |
| Taxes450/3 | €3,032 | €2,901 | €314 | - | €108 | - |
| Other amounts payable47/48 | €38,440 | €40,065 | €61,277 | €66,360 | €65,779 | ▼ 0.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,247 | -€384 | -€17,048 | -€3,623 | €10,376 | ▲ 386% |
| + Depreciation and write-downs630 | €246 | €590 | €1,114 | €1,424 | €1,464 | ▲ 2.8% |
| Operating cash flow (approximation) | -€5,001 | €206 | -€15,934 | -€2,199 | €11,840 | ▲ 638% |
| Investment in fixed assets (approximation) | - | -€1,210 | -€3,478 | -€114 | -€3,822 | ▼ 3,253% |
| Change in cash | - | €5,742 | -€6,511 | -€1,148 | €3,592 | ▲ 413% |
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
27-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 27 days late
2025
31-12
Financial
Back to profitnet €10,376
Net result €10,376 after 7 loss-making years.
26-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 26 days late
2024
26-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 26 days late
2023
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 28 days late
2022
27-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 27 days late
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
29-11
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 121 days late
2019
29-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 29 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2017
31-07
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.
0 of 5 acts read
About the unread acts
We know of 5 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
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
Registered office, Brussel · 1 establishment unit since 2015
Ground area
941 m²
Building footprint
928 m²
Volume, LiDAR
10,491 m³
Parcel 21811M2565/00M000, Brussels · tallest building 17.2 m, ±5 floors. Linked by address, not a title deed.
4
companies at this address
See who is registered here
1 establishment unit
MARGE
since 20152.247.985.391
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21811M2565/00M000 | Brussels | 941 m² | 1 · 928 m² | 17.2 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.
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Of 1,115 companies in sector 58110 we hold annual accounts for 363. 206 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded26-10-2015
Fiscal year end31-12
Activities, NACEBEL 2025
58110Book publishing
58190Other publishing activities, excluding software publishing
82300Organisation of conventions and trade shows
82990Other business support services
90120Visual arts creation
E-invoicing
Reachable via Peppol
Peppol ID
0208:0641904329
Also
9925:BE0641904329
Registered
24-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.