MARISAN
ActiveSummary
MARISAN has been active since 1991 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.0m and a net result of €10,618. Equity is growing by ~3.6% per year across the filed fiscal years. Its solvency ranks better than 85% of 8115 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability70▲+1
Solvency100=
Growth52=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €90,000 at 30 days acceptable
Liquidity ample (current ratio 4.48 against 4.41 in 2024; short-term debt: 15.9% and cash: 33.2% of total assets), and 18.6% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
81.4%
Return on assets
0.8%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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 23-04-2026, 99 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
99 d early
2024
63 d early
2023
70 d early
2022
75 d early
2021
81 d early
2020
65 d early
2019
58 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 73 days before the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 39% 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, abbreviated schema
Equity
€1.0m▲ 1.0%
2024 · €1.0m
Total assets
€1.3m▼ 0.8%
2024 · €1.3m
Net result
€10,618▲ 63.4%
2024 · €6,497
Working capital
€698,720▼ 1.1%
2024 · €706,613
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€101,111▲ 47.2%€104,040▲ 2.9%-€1,760€18,075€21,300▲ 17.8%
Net result€69,397▲ 62.8%€74,004▲ 6.6%-€9,535€6,497€10,618▲ 63.4%
Equity€943,778▲ 7.9%€1.0m▲ 7.8%€1.0m▼ 0.9%€1.0m▲ 0.6%€1.0m▲ 1.0%
Total assets€1.2m▲ 2.5%€1.3m▲ 5.9%€1.3m▲ 1.8%€1.3m▼ 2.7%€1.3m▼ 0.8%
Debt€267,236▼ 13.0%€264,218▼ 1.1%€296,847▲ 12.3%€255,024▼ 14.1%€234,201▼ 8.2%
Working capital€591,799▲ 7.9%€692,702▲ 17.1%€712,503▲ 2.9%€706,613▼ 0.8%€698,720▼ 1.1%
Staff (FTE)3.7▲ 12.1%3.6▼ 2.7%3.5▼ 2.8%2.7▼ 22.9%4.7▲ 74.1%
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 18% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€359,947 ▲ 1.2%
Current assets
€899,616 ▼ 1.6%
Equity and liabilities €1.3m
Equity
€1.0m ▲ 1.0%
Debt
€234,201 ▼ 8.2%
Debt's share of the balance-sheet total falls from 20.1% to 18.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€63,676▲
2024 · €56,305
Cash flow
€52,993▲
2024 · €44,728
Current ratio
4.48▲
2024 · 4.41
Quick ratio
2.79▼
2024 · 2.95
Debt to equity
0.23▼
2024 · 0.25
ROE
1.0%▲
2024 · 0.6%
ROA
0.8%▲
2024 · 0.5%
Interest coverage
10.87▲
2024 · 9.23
Debt ≤ 1 year
€200,895▼
2024 · €207,358
Debt > 1 year
€33,306▼
2024 · €47,666
Income taxes
€4,882▼
2024 · €5,506
Staff costs
€199,715▲
2024 · €168,373
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 16,986 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.5%
went bankrupt
4.9%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% 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 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 16,986 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €203 | - | €9,000 | €1,665 | €5,705 | ▲ 243% |
| Remuneration, social security and pensions62 | €188,284 | €239,840 | €243,009 | €168,373 | €199,715 | ▲ 18.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €79,717 | €87,278 | €71,472 | €38,231 | €42,376 | ▲ 10.8% |
| Other operating charges640/8 | €7,455 | €8,782 | €9,122 | €9,759 | €8,048 | ▼ 17.5% |
| Gross operating margin9900 | €376,567 | €439,940 | €321,843 | €234,437 | €271,438 | ▲ 15.8% |
| Operating profit (loss)9901 | €101,111 | €104,040 | -€1,760 | €18,075 | €21,300 | ▲ 17.8% |
| Financial income75/76B | - | €1,044 | €0 | €26 | €60 | ▲ 127% |
| Recurring financial income75 | - | €886 | €0 | €26 | €60 | ▲ 127% |
| Non-recurring financial income76B | - | €158 | €0 | - | - | - |
| Financial charges65/66B | €10,268 | €8,485 | €6,593 | €6,097 | €5,861 | ▼ 3.9% |
| Recurring financial charges65 | €10,268 | €8,485 | €6,593 | €6,097 | €5,861 | ▼ 3.9% |
| Profit (loss) for the period before taxes9903 | €90,843 | €96,599 | -€8,353 | €12,003 | €15,499 | ▲ 29.1% |
| Income taxes67/77 | €21,446 | €22,595 | €1,182 | €5,506 | €4,882 | ▼ 11.3% |
| Profit (loss) for the period9904 | €69,397 | €74,004 | -€9,535 | €6,497 | €10,618 | ▲ 63.4% |
| Profit (loss) for the period to be appropriated9905 | €69,397 | €74,004 | -€9,535 | €6,497 | €10,618 | ▲ 63.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.2m | €1.3m | €1.3m | €1.3m | €1.3m | ▼ 0.8% |
| Fixed assets21/28 | €448,439 | €382,959 | €335,577 | €355,796 | €359,947 | ▲ 1.2% |
| Intangible fixed assets21 | €102,407 | €53,655 | €28,568 | €15,804 | €33,330 | ▲ 111% |
| Tangible fixed assets22/27 | €345,848 | €329,304 | €307,010 | €339,992 | €326,617 | ▼ 3.9% |
| Land and buildings22 | €288,231 | €276,114 | €263,997 | €251,880 | €239,763 | ▼ 4.8% |
| Plant, machinery and equipment23 | €30,746 | €36,671 | €30,910 | €27,460 | €44,665 | ▲ 62.7% |
| Furniture and vehicles24 | €26,871 | €16,519 | €12,103 | €60,653 | €42,189 | ▼ 30.4% |
| Financial fixed assets28 | €184 | €0 | - | - | - | - |
| Current assets29/58 | €762,575 | €899,041 | €969,516 | €913,971 | €899,616 | ▼ 1.6% |
| Stocks and contracts in progress3 | €294,602 | €335,030 | €370,273 | €301,834 | €338,398 | ▲ 12.1% |
| Stocks30/36 | €294,602 | €335,030 | €370,273 | €301,834 | €338,398 | ▲ 12.1% |
| Amounts receivable within one year40/41 | €174,536 | €191,657 | €249,613 | €250,540 | €135,574 | ▼ 45.9% |
| Trade receivables40 | €173,482 | €185,753 | €234,891 | €238,770 | €133,470 | ▼ 44.1% |
| Other amounts receivable41 | €1,054 | €5,905 | €14,722 | €11,770 | €2,105 | ▼ 82.1% |
| Cash at bank and in hand54/58 | €271,439 | €372,354 | €349,630 | €326,399 | €417,816 | ▲ 28.0% |
| Deferred charges and accrued income490/1 | €21,998 | €0 | - | €35,198 | €7,828 | ▼ 77.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.2m | €1.3m | €1.3m | €1.3m | €1.3m | ▼ 0.8% |
| Equity10/15 | €943,778 | €1.0m | €1.0m | €1.0m | €1.0m | ▲ 1.0% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €825,418 | €825,418 | €825,418 | €825,418 | €963,361 | ▲ 16.7% |
| Non-distributable reserves130/1 | €57,767 | €57,767 | €57,767 | €57,767 | €57,767 | = |
| Legal reserve130 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves not available under the articles1311 | - | €51,375 | €51,375 | €192 | €192 | = |
| Other1319 | €51,567 | €192 | €192 | €51,375 | €51,375 | = |
| Tax-exempt reserves132 | €52,503 | €52,504 | €52,504 | €52,504 | €52,504 | = |
| Distributable reserves133 | €715,148 | €715,147 | €715,147 | €715,147 | €853,091 | ▲ 19.3% |
| Profit (loss) carried forward14 | €56,360 | €130,364 | €120,829 | €127,326 | €0 | ▼ 100% |
| Amounts payable17/49 | €267,236 | €264,218 | €296,847 | €255,024 | €234,201 | ▼ 8.2% |
| Amounts payable after more than one year17 | €96,021 | €56,148 | €37,999 | €47,666 | €33,306 | ▼ 30.1% |
| Financial debts170/4 | €96,021 | €56,148 | €37,999 | €47,666 | €33,306 | ▼ 30.1% |
| Amounts payable within one year42/48 | €170,776 | €206,339 | €257,012 | €207,358 | €200,895 | ▼ 3.1% |
| Current portion of amounts payable after more than one year42 | €55,210 | €30,260 | €18,117 | €14,187 | €14,360 | ▲ 1.2% |
| Trade debts44 | €63,325 | €100,065 | €189,144 | €149,230 | €148,509 | ▼ 0.5% |
| Suppliers440/4 | €63,325 | €100,065 | €189,144 | €149,230 | €148,509 | ▼ 0.5% |
| Taxes, remuneration and social security45 | €52,241 | €76,015 | €49,752 | €43,941 | €38,026 | ▼ 13.5% |
| Taxes450/3 | €26,089 | €49,785 | €23,828 | €24,954 | €10,517 | ▼ 57.9% |
| Remuneration and social security454/9 | €26,152 | €26,229 | €25,923 | €18,986 | €27,509 | ▲ 44.9% |
| Accrued charges and deferred income492/3 | €439 | €1,731 | €1,835 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €69,397 | €74,004 | -€9,535 | €6,497 | €10,618 | ▲ 63.4% |
| + Depreciation and write-downs630 | €79,717 | €87,278 | €71,472 | €38,231 | €42,376 | ▲ 10.8% |
| Operating cash flow (approximation) | €149,114 | €161,281 | €61,937 | €44,728 | €52,993 | ▲ 18.5% |
| Investment in fixed assets (approximation) | - | -€21,797 | -€24,091 | -€58,450 | -€46,526 | ▲ 20.4% |
| Change in cash | - | €100,915 | -€22,724 | -€23,231 | €91,417 | ▲ 494% |
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
23-04
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
29-05
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Back to profitnet €6,497
Net result €6,497 after one loss-making year.
22-05
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Weakest financial yearnet -€9,535
Net result drops to -€9,535, the lowest in the series; recovery starts the following year.
17-05
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
31-12
Financial
Highest result since 2018net €74,004 ▲6.6%
Operating result €104,040, net result €74,004, both a record.
31-12
Financial
Equity above €1mEq €1.0m ▲7.8%
5 profitable years in a row build equity to €1.0m.
11-05
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
27-05
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
03-06
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
22-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
22-05
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
22-05
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 8 acts read
About the unread acts
We know of 8 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
8 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, Merelbeke-Melle · 1 establishment unit since 1991
Ground area
1,490 m²
Building footprint
640 m²
Volume, LiDAR
3,922 m³
Parcel 44412C0123/00A000, Flanders · tallest building 7.2 m, ±2 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
MARISAN NV
since 19912.053.427.543
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44412C0123/00A000 | Flanders | 1,490 m² | 1 · 640 m² | 7.2 m · 2 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.
Structure & network
Owners and holdings
1 ownerChain of control
- Pescado
- MARISAN
Highest known parent: Pescado. The sources do not say who stands above it.
Owners 1
- Pescadoparent88.69%
Holdings 0
The accounts to 31-12-2021 list no holdings, and no other source names one.
According to the 2021 annual accounts of MARISAN and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 5 entries · 12,875 EUR awarded · 12,875 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 374 EUR | 374 EUR |
| 2024 | 1 | 4,502 EUR | 4,502 EUR |
| 2023 | 2 | 7,841 EUR | 7,841 EUR |
| 2022 | 1 | 158 EUR | 158 EUR |
Recognitions · licences · registrations
Food safety, FASFC
1 siteMerelbeke-Melle2.053.427.543
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Of 1,567 companies in sector 46900 we hold annual accounts for 919. 615 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded28-06-1991
Fiscal year end31-12
Activities, NACEBEL 2025
46900Non-specialised wholesale trade
Contact
E-invoicing
Reachable via Peppol
Peppol ID
0208:0444445387
Also
9925:BE0444445387
Registered
26-05-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.