Checked.be
Active
BE 0470.194.236Public limited company
MARGE 12
Antwerpsestraat 117 ·2845 Niel, Belgium· 26 yrs active
Conclusion
MARGE 12 has been active since 2000 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €5k and a net result of €-50k. Equity is shrinking by ~69% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2025. The computed 12-month bankruptcy probability is 0.9% (low).
Based on the State Gazette, CBE and 4 annual accounts.
Key figures
| Equity | €5k |
| Net result | €-50k |
| Active | 26 yrs |
| Publications | 1 |
Financial profile
30
/ 100
Fragile profile, watch profitability in particular.
All 5 axes are computed from data Checked has read.
Health
2
Profitability
0
Solvency
1
Growth
49
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 2000, 26 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
2
/ 100
Critical
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
No credit
negative equity or figures too weak
Score history
54
2021
0
2022
10
2023
2
2024
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 0.11 (< 1.0)
-10
Quick ratio
Quick ratio 0.11 (< 0.6)
-5
Leverage
Debt/equity 93.22 (> 3.0)
-10
Profitability
Negatieve ROE -1061%
-10
Interest coverage
Interest coverage -230.2× (< 1.5×)
-10
Profit trend
Net profit down YoY
-3
Computed by Checked from the NBB filing for FY 2024. Indicative, not credit advice.
Financial overview
Annual accounts filed on 27-06-2025 with the NBB · fiscal year 2024 · abbreviated schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
Net result: declining trend of ~37.7%/year over 4 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
€58k
+14.8%
21-24
€-24k
-107.7%
21-24
€-50k
-35.4%
21-24
€-24k
-107.6%
21-24
€440k
-4.7%
21-24
€5k
-91.4%
21-24
€-386k
-6.7%
21-24
€298
-91.2%
21-24
€435k
+6.8%
21-24
€435k
+6.8%
21-24
0.11
+0.8%
21-24
0.11
+0.8%
21-24
1.1%
-91.0%
21-24
93.22
+1140.1%
21-24
-1061.0%
-1472.4%
21-24
-11.3%
-42.1%
21-24
-112.3%
-
21-24
-68.3%
-
21-24
-230.22
-5.3%
21-24
Figures by fiscal year and ratios
| Fiscal year | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Deposit | abbreviated schema | abbreviated schema | abbreviated schema | abbreviated schema |
| Revenue | - | - | €58k | €51k |
| EBITDA | €-24k | €-12k | €-40k | €38k |
| Net profit | €-50k | €-37k | €-65k | €9k |
| Cash flow | €-24k | €-12k | €-40k | €34k |
| Staff costs | - | - | - | - |
| Income taxes | - | - | €298 | €3k |
| Dividends | - | - | - | - |
| Total assets | €440k | €462k | €478k | €483k |
| Equity | €5k | €54k | €91k | €156k |
| Debt | €435k | €407k | €387k | €327k |
| of which ≤ 1y | €435k | €407k | €387k | €327k |
| of which > 1y | - | - | - | - |
| Working capital | €-386k | €-362k | €-350k | €-310k |
| Employees (FTE) | - | - | - | - |
Ratios (computed)
| 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|
| Current ratio | 0.11 | 0.11 | 0.09 | 0.05 |
| Quick ratio | 0.11 | 0.11 | 0.09 | 0.05 |
| Working capital ratio | -87.9% | -78.5% | -73.4% | -64.2% |
| Solvency | 1.1% | 11.7% | 19.0% | 32.3% |
| Debt / equity | 93.22 | 7.52 | 4.26 | 2.10 |
| Long-term debt ratio | - | - | - | - |
| Interest coverage | -230.22 | -218.64 | -883.77 | 425.19 |
| Gross margin | - | - | -60.1% | 79.9% |
| Net margin | - | - | -112.3% | 17.7% |
| ROA | -11.3% | -7.9% | -13.7% | 1.9% |
| ROE | -1061.0% | -67.5% | -72.0% | 5.8% |
| EBITDA margin | - | - | -68.3% | 74.6% |
| Days sales outstanding | - | - | - | - |
| Days payable outstanding | - | - | 248d | 91d |
| Inventory turnover | - | - | - | - |
| Days inventory (DSI) | - | - | - | - |
Balance-sheet composition 2024
Full annual accounts (22 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Balance sheet, Assets | |||||
| TOTAL ASSETS | 20/58 | €440k | €462k | €478k | €483k |
| Fixed assets | 21/28 | €391k | €416k | €441k | €466k |
| Tangible fixed assets | 22/27 | €391k | €416k | €441k | €466k |
| Current assets | 29/58 | €49k | €45k | €36k | €17k |
| Cash & bank | 54/58 | €9k | €1k | €2k | €7k |
| Balance sheet, Equity & liabilities | |||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €440k | €462k | €478k | €483k |
| Equity | 10/15 | €5k | €54k | €91k | €156k |
| Contributions / capital | 10/11 | €67k | €67k | €67k | €67k |
| Reserves | 13 | €7k | €7k | €7k | €7k |
| Accumulated profits (losses) | 14 | €-68k | €-19k | €18k | €83k |
| Amounts payable | 17/49 | €435k | €407k | €387k | €327k |
| Amounts payable within one year | 42/48 | €435k | €407k | €387k | €327k |
| Trade debts payable within one year | 44 | €113k | €81k | €63k | €3k |
| Income statement | |||||
| Turnover | 70 | - | - | €58k | €51k |
| Gross operating margin | 9900 | €-19k | €-6k | €-35k | €41k |
| Operating result | 9901 | €-49k | €-37k | €-65k | €13k |
| Financial income | 75 | €3 | - | - | - |
| Financial charges | 65 | €105 | €53 | €45 | €89 |
| Result before taxes | 9903 | €-50k | €-37k | €-65k | €12k |
| Income taxes | 67/77 | - | - | €298 | €3k |
| Net result for the period | 9904 | €-50k | €-37k | €-65k | €9k |
| Result to be appropriated | 9905 | €-50k | €-37k | €-65k | €9k |
Legal Structure
| NACE primary | - |
| Legal form | Public limited company(014) |
| Incorporation | 28-01-2000 |
| Status | Active |
| Postal code | 2845 |
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11030A0432/00P000 | Flanders | 308 m² | 1 · 139 m² | 12.3 m · 2 fl. |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
2025
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
24-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
21-06
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Weakest financial yearnet €-65k ▼828%
Net result drops to €-65k, the lowest in the series; recovery starts the following year.
28-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
12-05
State Gazette act
Registered-office change
2021
28-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
23-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
26-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
09-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
12-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
11-07
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Belgisch Staatsblad, acts
Address history · 1
12-05-2022
Registered-office move
All acts · 1
updated 4 years ago
2022
12-05-2022 Registered office moved from Aartselaar to Niel
- Bist 11 - 2630 Aartselaar → Antwerpsestraat 117, 2845 Niel
Technical details
{
"events": [
{
"kind": "zetel_transfer",
"seat_type": "siege_social",
"new_address": {
"raw": "Antwerpsestraat 117, 2845 Niel",
"city": "Niel",
"region": "vlaams_gewest",
"street": "Antwerpsestraat",
"country": "BE",
"postcode": "2845",
"box_number": null,
"street_number": "117",
"locality_suffix": null
},
"old_address": {
"raw": "Bist 11 - 2630 Aartselaar",
"city": "Aartselaar",
"region": "vlaams_gewest",
"street": "Bist",
"country": "BE",
"postcode": "2630",
"box_number": null,
"street_number": "11",
"locality_suffix": null
},
"effective_date": null,
"evidence_quote": "",
"region_changed": false,
"is_statute_change": true,
"nationality_change": false,
"old_address_source": "header_volledig_adres",
"statute_clause_text": null,
"statute_article_number": null,
"effective_date_qualifier": "not_specified",
"statutaire_vs_werkelijke": "statutaire",
"linguistic_region_changed": false,
"court_jurisdiction_changed": false,
"effective_date_is_approximate": false
}
],
"notary": {
"name": null,
"firm_city": null,
"firm_name": null,
"office_city": null,
"is_associated": false
},
"act_meta": {
"language": "nl",
"pub_date": "2022-05-12",
"filing_date": "2022-05-02",
"act_kind_objet": "Onderwerp akte:"
},
"decision": {
"body": "buitengewone_algemene_vergadering",
"date": "2022-01-03",
"unanimous": true
},
"subject_company": {
"kbo": "0470.194.236",
"name_full": "Marge 12",
"legal_form": "NV"
},
"publication_proxy": {
"kind": "person",
"org_kbo": null,
"org_name": null,
"person_name": "Verelst Peter",
"org_rep_person_name": null,
"person_role_at_subject": "Gedelegeerd bestuurder"
},
"co_filed_documents": [
"Bijlagen bij het Belgisch Staatsblad"
]
}Credit advice
Company registry (CBE)
Names & trade names
| Legal nameNL | MARGE 12 |