MARIBO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 34 filings
Turnover
≈ €180,000
Estimated: probably between €95,000 and €330,000
Total assets
€707,545▲ 396%
2024 · €142,552
Net result
€8,087▲ 13.7%
2024 · €7,112
Working capital
-€458,790
2024 · €82,585
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€9,610
▼ 5.2%
2025
20182025
Net result
€8,087
▲ 13.7%
2025
middle half of the sector
20182025
Equity
€126,450
▲ 6.8%
2025
highest quarter of the sector
20182025
Total assets
€707,545
▲ 396%
2025
highest quarter of the sector
20182025
Debt
€581,096
▲ 24×
2025
20182025
Working capital
-€458,790
2025
lowest quarter of the sector
20182025
Solvency
17.9%
▼ 65.2pp
2025
lowest quarter of the sector
20182025
Current ratio
0.21
▼ 4.20
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
1.1%
▼ 3.8pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€28,947-€19,967▼ 31.0%€26,576▲ 33.1%€10,633▼ 60.0%-€3,095€11,503€10,138▼ 11.9%€9,610▼ 5.2%
Net result€21,632-€18,788▼ 13.1%€25,652above the sector's middle half▲ 36.5%€8,435within the sector's middle half▼ 67.1%-€4,563below the sector's middle half€9,640within the sector's middle half€7,112within the sector's middle half▼ 26.2%€8,087within the sector's middle half▲ 13.7%
Equity€59,298-€78,087▲ 31.7%€103,739within the sector's middle half▲ 32.9%€112,174above the sector's middle half▲ 8.1%€107,611within the sector's middle half▼ 4.1%€117,251above the sector's middle half▲ 9.0%€118,363above the sector's middle half▲ 0.9%€126,450above the sector's middle half▲ 6.8%
Total assets€254,826-€182,202▼ 28.5%€141,698within the sector's middle half▼ 22.2%€148,843within the sector's middle half▲ 5.0%€135,649within the sector's middle half▼ 8.9%€138,982within the sector's middle half▲ 2.5%€142,552within the sector's middle half▲ 2.6%€707,545above the sector's middle half▲ 396%
Debt€195,528-€104,116▼ 46.8%€37,959▼ 63.5%€36,670▼ 3.4%€28,038▼ 23.5%€21,731▼ 22.5%€24,189▲ 11.3%€581,096▲ 24×
Working capital€58,314-€77,092▲ 32.2%€70,238within the sector's middle half▼ 8.9%€78,672within the sector's middle half▲ 12.0%€69,388within the sector's middle half▼ 11.8%€80,250above the sector's middle half▲ 15.7%€82,585above the sector's middle half▲ 2.9%-€458,790below the sector's middle half
Solvency23.3%-42.9%▲ 19.6pp73.2%above the sector's middle half▲ 30.4pp75.4%above the sector's middle half▲ 2.2pp79.3%above the sector's middle half▲ 4.0pp84.4%above the sector's middle half▲ 5.0pp83.0%above the sector's middle half▼ 1.3pp17.9%below the sector's middle half▼ 65.2pp
Current ratio1.61-3.68▲ 2.072.85above the sector's middle half▼ 0.833.15above the sector's middle half▲ 0.303.47above the sector's middle half▲ 0.334.69above the sector's middle half▲ 1.224.41above the sector's middle half▼ 0.280.21below the sector's middle half▼ 4.20
Return on assets (ROA)8.5%-10.3%▲ 1.8pp18.1%above the sector's middle half▲ 7.8pp5.7%within the sector's middle half▼ 12.4pp-3.4%below the sector's middle half▼ 9.0pp6.9%within the sector's middle half▲ 10.3pp5.0%within the sector's middle half▼ 1.9pp1.1%within the sector's middle half▼ 3.8pp
Staff (FTE)5.3-0.5▼ 90.6%
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is 5% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €707,545
Fixed assets
€585,240 ▲ 16×
Current assets
€122,306 ▲ 14.5%
Equity and liabilities €707,545
Equity
€126,450 ▲ 6.8%
Debt
€581,096 ▲ 24×
Debt's share of the balance-sheet total rises from 17.0% to 82.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€10,149▼
2024 · €11,361
Cash flow
€8,625▲
2024 · €8,335
Debt to equity
4.60▲
2024 · 0.20
ROE
6.4%▲
2024 · 6.0%
Interest coverage
6.66▲
2024 · 4.35
Debt ≤ 1 year
€581,096▲
2024 · €24,189
Income taxes
€0▼
2024 · €417
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €5,412 | - | - | €550,000 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | - | €690 | €1,223 | €1,223 | €538 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,556 | €495 | €234 | - | €690 | €1,223 | €1,223 | €538 | ▼ 56.0% |
| Other operating charges640/8 | - | - | - | €4,212 | €13,294 | €4,664 | €4,251 | €4,894 | ▲ 15.1% |
| Gross operating margin9900 | €281,053 | €35,482 | €31,365 | €14,844 | €10,889 | €17,389 | €15,612 | €15,043 | ▼ 3.6% |
| Operating profit (loss)9901 | €28,947 | €19,967 | €26,576 | €10,633 | -€3,095 | €11,503 | €10,138 | €9,610 | ▼ 5.2% |
| Recurring financial income75 | €69 | €0 | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €2,198 | €1,468 | €1,863 | €2,610 | €1,523 | ▼ 41.6% |
| Recurring financial charges65 | €5,730 | €1,179 | €924 | €2,198 | €1,468 | €1,863 | €2,610 | €1,523 | ▼ 41.6% |
| Profit (loss) for the period before taxes9903 | €21,632 | €18,788 | €25,652 | €8,435 | -€4,563 | €9,640 | €7,529 | €8,087 | ▲ 7.4% |
| Income taxes67/77 | €0 | - | - | - | - | - | €417 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €21,632 | €18,788 | €25,652 | €8,435 | -€4,563 | €9,640 | €7,112 | €8,087 | ▲ 13.7% |
| Profit (loss) for the period to be appropriated9905 | €21,632 | €18,788 | €25,652 | €8,435 | -€4,563 | €9,640 | €7,112 | €8,087 | ▲ 13.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €254,826 | €182,202 | €141,698 | €148,843 | €135,649 | €138,982 | €142,552 | €707,545 | ▲ 396% |
| Fixed assets21/28 | €100,449 | €76,345 | €33,501 | €33,501 | €38,223 | €37,001 | €35,778 | €585,240 | ▲ 16× |
| Tangible fixed assets22/27 | €100,314 | €76,210 | €33,366 | €33,366 | €38,088 | €36,866 | €35,643 | €585,105 | ▲ 16× |
| Land and buildings22 | - | - | - | €33,366 | €35,412 | €35,310 | €35,207 | €35,105 | ▼ 0.3% |
| Furniture and vehicles24 | - | - | - | - | €2,676 | €1,556 | €436 | €0 | ▼ 100% |
| Assets under construction and advance payments27 | - | - | - | - | - | - | - | €550,000 | - |
| Financial fixed assets28 | €135 | €135 | €135 | €135 | €135 | €135 | €135 | €135 | = |
| Current assets29/58 | €154,378 | €105,858 | €108,196 | €115,342 | €97,426 | €101,982 | €106,774 | €122,306 | ▲ 14.5% |
| Stocks and contracts in progress3 | €44,864 | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €58,533 | €100,996 | €107,624 | €115,291 | €97,374 | €101,930 | €106,723 | €122,255 | ▲ 14.6% |
| Trade receivables40 | - | - | - | €8,360 | €23,135 | €24,224 | €17,795 | €1,405 | ▼ 92.1% |
| Other amounts receivable41 | - | - | - | €106,931 | €74,240 | €77,707 | €88,927 | €120,849 | ▲ 35.9% |
| Cash at bank and in hand54/58 | €39,969 | €2,782 | €51 | €51 | €51 | €51 | €51 | €51 | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €254,826 | €182,202 | €141,698 | €148,843 | €135,649 | €138,982 | €142,552 | €707,545 | ▲ 396% |
| Equity10/15 | €59,298 | €78,087 | €103,739 | €112,174 | €107,611 | €117,251 | €118,363 | €126,450 | ▲ 6.8% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €116,444 | €116,444 | €116,444 | €116,444 | €116,444 | €98,659 | €99,771 | €107,858 | ▲ 8.1% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Distributable reserves133 | - | - | - | €114,584 | €114,584 | €96,800 | €97,912 | €105,998 | ▲ 8.3% |
| Profit (loss) carried forward14 | -€75,737 | -€56,949 | -€31,297 | -€22,862 | -€27,425 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €195,528 | €104,116 | €37,959 | €36,670 | €28,038 | €21,731 | €24,189 | €581,096 | ▲ 24× |
| Amounts payable after more than one year17 | €92,987 | €75,000 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €96,064 | €28,766 | €37,959 | €36,670 | €28,038 | €21,731 | €24,189 | €581,096 | ▲ 24× |
| Financial debts43 | - | - | - | €24,335 | €18,071 | €17,207 | €14,941 | €17,153 | ▲ 14.8% |
| Credit institutions430/8 | - | - | - | €24,335 | €18,071 | €17,207 | €14,941 | €17,153 | ▲ 14.8% |
| Trade debts44 | €56,939 | €3,052 | €1,292 | €96 | €2,228 | €2,205 | €166 | €550,000 | ▲ 3,322× |
| Suppliers440/4 | - | - | - | €96 | €2,228 | €2,205 | €166 | €550,000 | ▲ 3,322× |
| Taxes, remuneration and social security45 | - | - | - | - | - | €80 | €643 | €4,244 | ▲ 560% |
| Taxes450/3 | - | - | - | - | - | €80 | €643 | €4,244 | ▲ 560% |
| Other amounts payable47/48 | - | - | - | €12,239 | €7,739 | €2,239 | €8,439 | €9,699 | ▲ 14.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,632 | €18,788 | €25,652 | €8,435 | -€4,563 | €9,640 | €7,112 | €8,087 | ▲ 13.7% |
| + Depreciation and write-downs630 | €17,556 | €495 | €234 | - | €690 | €1,223 | €1,223 | €538 | ▼ 56.0% |
| Operating cash flow (approximation) | €39,188 | €19,283 | €25,887 | €8,435 | -€3,873 | €10,862 | €8,335 | €8,625 | ▲ 3.5% |
| Investment in fixed assets (approximation) | - | €23,609 | €42,609 | €0 | -€5,412 | €0 | €0 | -€550,000 | - |
| Change in cash | - | -€37,187 | -€2,731 | €0 | €0 | €0 | €0 | €0 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 4,685 companies had the same profile as MARIBO has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.9%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of MARIBO itself: 1.0% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 4,685 companies, not a prediction for MARIBO. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 34 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00377466 | |
| 31-12-2024 | micro format | 13-06-2025 | 2025-00150349 | |
| 31-12-2023 | micro format | 22-07-2024 | 2024-00291411 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00176265 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20250030 | |
| 31-12-2020 | micro format | 09-07-2021 | 2021-34800501 | |
| 31-12-2019 | abbreviated format | 26-06-2020 | 2020-21300098 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-59600117 | |
| 31-12-2017 | abbreviated format | 31-08-2018 | 2018-59800584 | |
| 31-12-2016 | abbreviated format | 27-07-2017 | 2017-37100230 |