MARIC
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 10 filings
Turnover
≈ €94,000
Estimated: probably between €39,000 and €230,000
Total assets
€186,601▲ 6.8%
2024 · €174,699
Net result
€6,409▼ 31.4%
2024 · €9,347
Working capital
€86,826▼ 11.1%
2024 · €97,687
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€7,978
▼ 32.4%
2025
20182025
Net result
€6,409
▼ 31.4%
2025
20182025
Equity
€123,569
▼ 9.3%
2025
20182025
Total assets
€186,601
▲ 6.8%
2025
20182025
Debt
€63,032
▲ 63.8%
2025
20182025
Working capital
€86,826
▼ 11.1%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€31,715-€27,677▼ 12.7%€30,490▲ 10.2%€37,558▲ 23.2%€32,124▼ 14.5%€34,264▲ 6.7%€11,806▼ 65.5%€7,978▼ 32.4%
Net result€20,237-€18,006▼ 11.0%€19,452▲ 8.0%€26,479▲ 36.1%€23,324▼ 11.9%€23,302▼ 0.1%€9,347▼ 59.9%€6,409▼ 31.4%
Equity€79,772-€97,778▲ 22.6%€117,230▲ 19.9%€143,708▲ 22.6%€167,033▲ 16.2%€190,334▲ 14.0%€136,226▼ 28.4%€123,569▼ 9.3%
Total assets€92,842-€133,693▲ 44.0%€140,148▲ 4.8%€171,239▲ 22.2%€192,114▲ 12.2%€206,820▲ 7.7%€174,699▼ 15.5%€186,601▲ 6.8%
Debt€13,070-€35,916▲ 175%€22,918▼ 36.2%€27,531▲ 20.1%€25,082▼ 8.9%€16,486▼ 34.3%€38,473▲ 133%€63,032▲ 63.8%
Working capital€49,612-€61,354▲ 23.7%€71,698▲ 16.9%€103,279▲ 44.0%€128,400▲ 24.3%€149,998▲ 16.8%€97,687▼ 34.9%€86,826▼ 11.1%
The operating result for 2025 is 32% lower than in 2024 and the lowest since 2021. 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 €186,601
Fixed assets
€36,742 ▼ 4.7%
Current assets
€149,859 ▲ 10.1%
Equity and liabilities €186,601
Equity
€123,569 ▼ 9.3%
Debt
€63,032 ▲ 63.8%
Debt's share of the balance-sheet total rises from 22.0% to 33.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€9,774▼
2024 · €13,603
Cash flow
€8,205▼
2024 · €11,144
Current ratio
2.38▼
2024 · 3.54
Debt to equity
0.51▲
2024 · 0.28
ROE
5.2%▼
2024 · 6.9%
ROA
3.4%▼
2024 · 5.4%
Interest coverage
3.46▼
2024 · over 100
Debt ≤ 1 year
€63,032▲
2024 · €38,473
Income taxes
€2,058▼
2024 · €4,433
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
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 | - | €696 | €1,706 | €1,797 | €1,797 | €1,797 | €1,797 | €1,797 | = |
| Other operating charges640/8 | - | - | - | €3,244 | €3,371 | €3,632 | €4,121 | €4,091 | ▼ 0.7% |
| Gross operating margin9900 | €34,689 | €32,238 | €35,414 | €42,599 | €37,292 | €39,693 | €17,724 | €13,865 | ▼ 21.8% |
| Operating profit (loss)9901 | €31,715 | €27,677 | €30,490 | €37,558 | €32,124 | €34,264 | €11,806 | €7,978 | ▼ 32.4% |
| Financial income75/76B | - | - | - | €1,376 | €1,956 | €0 | €2,042 | €3,318 | ▲ 62.5% |
| Recurring financial income75 | €0 | €1 | €38 | €1,376 | €1,956 | €0 | €2,042 | €3,318 | ▲ 62.5% |
| Financial charges65/66B | - | - | - | €576 | €170 | €88 | €69 | €2,828 | ▲ 41× |
| Recurring financial charges65 | €24 | €136 | €857 | €576 | €170 | €88 | €69 | €2,828 | ▲ 41× |
| Profit (loss) for the period before taxes9903 | €31,691 | €27,541 | €29,671 | €38,358 | €33,910 | €34,176 | €13,780 | €8,467 | ▼ 38.6% |
| Income taxes67/77 | €11,455 | €9,536 | €10,219 | €11,880 | €10,585 | €10,874 | €4,433 | €2,058 | ▼ 53.6% |
| Profit (loss) for the period9904 | €20,237 | €18,006 | €19,452 | €26,479 | €23,324 | €23,302 | €9,347 | €6,409 | ▼ 31.4% |
| Profit (loss) for the period to be appropriated9905 | €20,237 | €18,006 | €19,452 | €26,479 | €23,324 | €23,302 | €9,347 | €6,409 | ▼ 31.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €92,842 | €133,693 | €140,148 | €171,239 | €192,114 | €206,820 | €174,699 | €186,601 | ▲ 6.8% |
| Fixed assets21/28 | €30,160 | €36,423 | €45,727 | €43,930 | €42,133 | €40,336 | €38,539 | €36,742 | ▼ 4.7% |
| Tangible fixed assets22/27 | €30,160 | €36,423 | €45,727 | €43,930 | €42,133 | €40,336 | €38,539 | €36,742 | ▼ 4.7% |
| Land and buildings22 | - | - | - | €43,930 | €42,133 | €40,336 | €38,539 | €36,742 | ▼ 4.7% |
| Current assets29/58 | €62,681 | €97,270 | €94,421 | €127,310 | €149,981 | €166,484 | €136,160 | €149,859 | ▲ 10.1% |
| Amounts receivable within one year40/41 | €1,080 | €6,959 | - | €2,533 | €1,130 | €2,431 | €2,670 | €8,937 | ▲ 235% |
| Trade receivables40 | - | - | - | €2,533 | €715 | €1,890 | - | - | - |
| Other amounts receivable41 | - | - | - | - | €415 | €540 | €2,670 | €8,937 | ▲ 235% |
| Current investments50/53 | - | - | €49,261 | €78,818 | €78,818 | €78,818 | €78,818 | €88,646 | ▲ 12.5% |
| Cash at bank and in hand54/58 | €51,296 | €90,311 | €45,160 | €45,959 | €70,034 | €83,016 | €50,597 | €51,796 | ▲ 2.4% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €2,219 | €4,075 | €480 | ▼ 88.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €92,842 | €133,693 | €140,148 | €171,239 | €192,114 | €206,820 | €174,699 | €186,601 | ▲ 6.8% |
| Equity10/15 | €79,772 | €97,778 | €117,230 | €143,708 | €167,033 | €190,334 | €136,226 | €123,569 | ▼ 9.3% |
| Contributions10/11 | €30,124 | €30,124 | - | €30,124 | €30,124 | €30,124 | €30,124 | €30,124 | = |
| Contributions outside capital11 | - | - | - | €30,124 | - | - | - | - | - |
| Other1109/19 | - | - | - | €30,124 | - | - | - | - | - |
| Reserves13 | €46,685 | €64,690 | €84,142 | €110,621 | €136,909 | €160,211 | €106,102 | €93,445 | ▼ 11.9% |
| Non-distributable reserves130/1 | - | - | - | €3,012 | - | - | - | - | - |
| Legal reserve130 | - | - | - | €1,778 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,235 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €107,609 | €136,909 | €160,211 | €106,102 | €93,445 | ▼ 11.9% |
| Profit (loss) carried forward14 | €2,964 | €2,964 | €2,964 | €2,964 | - | - | - | - | - |
| Amounts payable17/49 | €13,070 | €35,916 | €22,918 | €27,531 | €25,082 | €16,486 | €38,473 | €63,032 | ▲ 63.8% |
| Amounts payable within one year42/48 | €13,070 | €35,916 | €22,722 | €24,031 | €21,582 | €16,486 | €38,473 | €63,032 | ▲ 63.8% |
| Financial debts43 | - | - | - | €4,184 | €3,684 | - | - | - | - |
| Credit institutions430/8 | - | - | - | €4,184 | €3,684 | - | - | - | - |
| Trade debts44 | €147 | €7,202 | - | €1,500 | €1,021 | €187 | €151 | €281 | ▲ 85.7% |
| Suppliers440/4 | - | - | - | €1,500 | €1,021 | €187 | €151 | €281 | ▲ 85.7% |
| Taxes, remuneration and social security45 | - | - | - | €880 | €880 | - | €1,100 | €1,949 | ▲ 77.2% |
| Taxes450/3 | - | - | - | €880 | €880 | - | €1,100 | €1,949 | ▲ 77.2% |
| Other amounts payable47/48 | - | - | - | €17,467 | €15,997 | €16,299 | €37,222 | €60,802 | ▲ 63.4% |
| Accrued charges and deferred income492/3 | - | - | - | €3,500 | €3,500 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,237 | €18,006 | €19,452 | €26,479 | €23,324 | €23,302 | €9,347 | €6,409 | ▼ 31.4% |
| + Depreciation and write-downs630 | - | €696 | €1,706 | €1,797 | €1,797 | €1,797 | €1,797 | €1,797 | = |
| Operating cash flow (approximation) | €20,237 | €18,702 | €21,158 | €28,276 | €25,121 | €25,099 | €11,144 | €8,205 | ▼ 26.4% |
| Investment in fixed assets (approximation) | - | -€6,959 | -€11,010 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €39,015 | -€45,151 | €799 | €24,075 | €12,982 | -€32,420 | €1,199 | - |
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, 10,904 companies had the same profile as MARIC has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of MARIC itself: 0.1% 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 10,904 companies, not a prediction for MARIC. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 13-07-2026 | 2026-00283569 | |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00337588 | |
| 31-12-2023 | abbreviated format | 31-07-2024 | 2024-00309343 | |
| 31-12-2022 | abbreviated format | 02-06-2023 | 2023-00103743 | |
| 31-12-2021 | abbreviated format | 10-05-2022 | 2022-20023403 | |
| 31-12-2020 | abbreviated format | 20-05-2021 | 2021-14500541 | |
| 31-12-2019 | abbreviated format | 07-05-2020 | 2020-11400442 | |
| 31-12-2018 | micro format | 30-04-2019 | 2019-11200172 | |
| 31-12-2017 | micro format | 13-08-2018 | 2018-45200130 | |
| 31-12-2016 | micro format | 02-06-2017 | 2017-14800297 |