Summary
MARHE is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €18,600 and a net result of €25,661. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 31% of 8074 sector peers (fiscal year 2025). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
1 signal. The signal on the left, the evidence on the right.
○neutral
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 27-02-2026, 154 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
154 d early
2024
21 d early
2023
36 d early
2022
42 d early
2021
32 d early
2020
25 d early
2019
23 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 48 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% 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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€18,600▼ 46.6%
2024 · €34,819
Net result
€25,661▲ 40.4%
2024 · €18,278
Total assets
€67,127▲ 50.3%
2024 · €44,664
Solvency
27.7%▼ 50.2pp
2024 · 78.0%
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€696€1,780€24,145▲ 1,256%€23,875▼ 1.1%€33,141▲ 38.8%
Net result-€1,935€171€17,679▲ 10,243%€18,278▲ 3.4%€25,661▲ 40.4%
Equity-€1,310-€1,139▲ 13.1%€16,541€34,819▲ 111%€18,600▼ 46.6%
Total assets€14,593▼ 10.8%€16,453▲ 12.7%€36,141▲ 120%€44,664▲ 23.6%€67,127▲ 50.3%
Debt€15,902▲ 1.0%€17,591▲ 10.6%€19,600▲ 11.4%€9,845▼ 49.8%€48,527▲ 393%
Working capital€8,007▼ 31.7%€1,003▼ 87.5%€24,408▲ 2,335%€28,531▲ 16.9%€26,259▼ 8.0%
Solvency-9.0%▼ 12.8pp-6.9%▲ 2.1pp45.8%▲ 52.7pp78.0%▲ 32.2pp27.7%▼ 50.2pp
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 recovers in 2025; 2025 is 39% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €67,127
Fixed assets
€11,548 ▼ 2.8%
Current assets
€55,578 ▲ 69.5%
Equity and liabilities €67,127
Equity
€18,600 ▼ 46.6%
Debt
€48,527 ▲ 393%
Debt's share of the balance-sheet total rises from 22.0% to 72.3%. Equity is lower and debt is higher.
Key figures and ratios
ROE
138.0%▲
2024 · 52.5%
ROA
38.2%▼
2024 · 40.9%
Debt ≤ 1 year
€29,319▲
2024 · €4,258
Debt > 1 year
€19,207▲
2024 · €5,587
Income taxes
€7,231▲
2024 · €5,333
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28 | €2,766 | €4,645 | €3,596 | €2,971 | ▼ 17.4% |
| Other operating charges640/8 | €1,050 | €1,114 | €989 | €1,285 | €1,233 | ▼ 4.1% |
| Gross operating margin9900 | €382 | €5,660 | €29,780 | €28,756 | €37,344 | ▲ 29.9% |
| Operating profit (loss)9901 | -€696 | €1,780 | €24,145 | €23,875 | €33,141 | ▲ 38.8% |
| Financial income75/76B | €4 | €0 | €9 | €0 | - | - |
| Recurring financial income75 | €4 | €0 | €9 | €0 | - | - |
| Financial charges65/66B | €451 | €490 | €466 | €264 | €250 | ▼ 5.5% |
| Recurring financial charges65 | €451 | €490 | €466 | €264 | €250 | ▼ 5.5% |
| Profit (loss) for the period before taxes9903 | -€1,143 | €1,291 | €23,688 | €23,611 | €32,891 | ▲ 39.3% |
| Income taxes67/77 | €792 | €1,120 | €6,009 | €5,333 | €7,231 | ▲ 35.6% |
| Profit (loss) for the period9904 | -€1,935 | €171 | €17,679 | €18,278 | €25,661 | ▲ 40.4% |
| Profit (loss) for the period to be appropriated9905 | -€1,935 | €171 | €17,679 | €18,278 | €25,661 | ▲ 40.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €14,593 | €16,453 | €36,141 | €44,664 | €67,127 | ▲ 50.3% |
| Fixed assets21/28 | €3,399 | €8,060 | €8,099 | €11,875 | €11,548 | ▼ 2.8% |
| Tangible fixed assets22/27 | €3,399 | €8,060 | €8,099 | €11,875 | €11,548 | ▼ 2.8% |
| Furniture and vehicles24 | - | €5,341 | €1,628 | €1,810 | €1,424 | ▼ 21.3% |
| Other tangible fixed assets26 | €3,399 | €2,718 | €6,472 | €10,065 | €10,125 | ▲ 0.6% |
| Current assets29/58 | €11,194 | €8,393 | €28,042 | €32,789 | €55,578 | ▲ 69.5% |
| Amounts receivable within one year40/41 | €5,951 | €6,290 | €20,310 | €15,399 | €18,687 | ▲ 21.4% |
| Trade receivables40 | €5,951 | €6,290 | €20,310 | €15,399 | €17,918 | ▲ 16.4% |
| Other amounts receivable41 | - | - | - | - | €769 | - |
| Cash at bank and in hand54/58 | €5,243 | €2,102 | €7,732 | €17,390 | €36,892 | ▲ 112% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €14,593 | €16,453 | €36,141 | €44,664 | €67,127 | ▲ 50.3% |
| Equity10/15 | -€1,310 | -€1,139 | €16,541 | €34,819 | €18,600 | ▼ 46.6% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €18,600 | ▲ 50.0% |
| Reserves13 | - | - | €4,141 | €22,419 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | €4,141 | €22,419 | €0 | ▼ 100% |
| Profit (loss) carried forward14 | -€13,710 | -€13,539 | €0 | - | €0 | - |
| Amounts payable17/49 | €15,902 | €17,591 | €19,600 | €9,845 | €48,527 | ▲ 393% |
| Amounts payable after more than one year17 | €12,623 | €10,109 | €15,967 | €5,587 | €19,207 | ▲ 244% |
| Other amounts payable178/9 | €12,623 | €10,109 | €15,967 | €5,587 | €19,207 | ▲ 244% |
| Amounts payable within one year42/48 | €3,187 | €7,390 | €3,634 | €4,258 | €29,319 | ▲ 589% |
| Current portion of amounts payable after more than one year42 | - | €3,379 | €0 | - | - | - |
| Trade debts44 | €1,405 | €982 | €849 | €1,006 | €1,758 | ▲ 74.7% |
| Suppliers440/4 | €528 | €982 | €849 | €1,006 | €1,758 | ▲ 74.7% |
| Bills of exchange payable441 | €877 | - | - | - | - | - |
| Taxes, remuneration and social security45 | €1,782 | €3,029 | €2,785 | €3,252 | €5,750 | ▲ 76.8% |
| Taxes450/3 | €1,782 | €3,029 | €2,785 | €3,252 | €5,750 | ▲ 76.8% |
| Other amounts payable47/48 | - | - | - | - | €21,811 | - |
| Accrued charges and deferred income492/3 | €92 | €92 | €0 | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,935 | €171 | €17,679 | €18,278 | €25,661 | ▲ 40.4% |
| + Depreciation and write-downs630 | €28 | €2,766 | €4,645 | €3,596 | €2,971 | ▼ 17.4% |
| Operating cash flow (approximation) | -€1,907 | €2,937 | €22,325 | €21,874 | €28,631 | ▲ 30.9% |
| Investment in fixed assets (approximation) | - | -€7,427 | -€4,685 | -€7,372 | -€2,644 | ▲ 64.1% |
| Change in cash | - | -€3,141 | €5,630 | €9,658 | €19,502 | ▲ 102% |
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
27-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2018net €25,661 ▲40.4%
Operating result €33,141, net result €25,661, both a record.
10-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
25-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Liquidity times 7current ratio 7.72
Current ratio from 1.14 to 7.72; short-term debt falls from €7,390 to €3,634.
19-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €171
Net result €171 after one loss-making year.
29-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
06-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
08-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Back to profitnet €743
Net result €743 after one loss-making year.
28-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Hamont-Achel · 1 establishment unit since 2018
Ground area
4,621 m²
Building footprint
690 m²
Volume, LiDAR
4,242 m³
2 parcels, Flanders · tallest building 7.9 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
MARHE
since 20182.272.414.545
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 72012C0711/00D002 | Flanders | 3,588 m² | 1 · 547 m² | 7.0 m · 2 fl. |
| 72012C1192/00R011 | Flanders | 1,032 m² | 1 · 144 m² | 7.9 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
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
2023 · 1 entry · 83 EUR awarded · 83 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 83 EUR | 83 EUR |
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Of 24,729 companies in sector 64210 we hold annual accounts for 19,773. 7,171 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
Founded29-01-2018
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
70200Business and other management consultancy
E-invoicing
Reachable via Peppol
Peppol ID
0208:0688953485
Also
9925:BE0688953485
Registered
06-10-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.