MARJAN
ActiveSummary
MARJAN has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.1m and a net result of €20,850. Equity is growing by ~9% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 1.0% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability70▲+32
Solvency87▲+2
Growth52=
Track record100
Bankruptcy probability, 12 months
1.0%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €75,000 at 30 days acceptable
Liquidity ample (current ratio 3.82 against 3.06 in 2024; short-term debt: 3.1% and cash: 11.5% of total assets), and 38% of the assets are financed with debt.
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Signals
Six 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
62%
Return on assets
1.2%
Age of the figures
18 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 29-10-2025, 2 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
2 d early
2024
on the day
2023
on the day
2022
7 d early
2021
3 d late
2020
12 d late
2019
29 d early
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 3 days before the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-03-2026 close28-09-2026 today31-10-2026 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€1.1m▲ 2.0%
2024 · €1.1m
Total assets
€1.7m▼ 1.0%
2024 · €1.8m
Net result
€20,850
2024 · -€18,846
Working capital
€151,218▲ 23.9%
2024 · €122,004
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-€24,531▼ 179%€380,101€232,441▼ 38.8%-€11,201€27,602
Net result-€24,661▼ 178%€253,386€157,422▼ 37.9%-€18,846€20,850
Equity€662,155▼ 5.3%€915,541▲ 38.3%€1.1m▲ 17.2%€1.1m▼ 1.8%€1.1m▲ 2.0%
Total assets€711,837▼ 11.9%€1.1m▲ 51.9%€1.7m▲ 57.6%€1.8m▲ 2.9%€1.7m▼ 1.0%
Debt€49,682▼ 2.9%€40,339▼ 18.8%€437,827▲ 985%€511,492▲ 16.8%€478,595▼ 6.4%
Working capital€331,349▼ 21.5%€332,418▲ 0.3%€322,772▼ 2.9%€122,004▼ 62.2%€151,218▲ 23.9%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €27,602 after a loss of €11,201 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.7m
Fixed assets
€1.5m ▼ 2.7%
Current assets
€204,849 ▲ 13.1%
Equity and liabilities €1.7m
Equity
€1.1m ▲ 2.0%
Provisions
€181,168 ▼ 3.3%
Debt
€478,595 ▼ 6.4%
Debt's share of the balance-sheet total falls from 29.2% to 27.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€82,105▲
2024 · €34,306
Cash flow
€75,353▲
2024 · €26,662
Current ratio
3.82▲
2024 · 3.06
Debt to equity
0.45▼
2024 · 0.49
ROE
1.9%▲
2024 · -1.8%
ROA
1.2%▲
2024 · -1.1%
Interest coverage
6.03▲
2024 · 2.44
Debt ≤ 1 year
€53,631▼
2024 · €59,175
Debt > 1 year
€422,992▼
2024 · €451,667
Income taxes
-€1▲
2024 · -€2
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 14,733 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.2%
went bankrupt
3.5%
stopped otherwise
96%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 1.0% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,662 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% | 1.7% |
| 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 75% 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 14,733 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 | - | €7,537 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,289 | €45,634 | €29,837 | €45,508 | €54,503 | ▲ 19.8% |
| Other operating charges640/8 | - | €13,283 | €7,548 | €11,054 | €15,167 | ▲ 37.2% |
| Non-recurring operating charges66A | - | €116,118 | €26,800 | - | - | - |
| Gross operating margin9900 | -€5,093 | €555,135 | €296,627 | €45,360 | €97,271 | ▲ 114% |
| Operating profit (loss)9901 | -€24,531 | €380,101 | €232,441 | -€11,201 | €27,602 | ▲ 346% |
| Financial income75/76B | - | - | €8 | €165 | €616 | ▲ 274% |
| Recurring financial income75 | €0 | - | €8 | €165 | €616 | ▲ 274% |
| Financial charges65/66B | - | €334 | €6,885 | €14,047 | €13,605 | ▼ 3.1% |
| Recurring financial charges65 | €130 | €334 | €6,885 | €14,047 | €13,605 | ▼ 3.1% |
| Profit (loss) for the period before taxes9903 | -€24,661 | €379,767 | €225,565 | -€25,083 | €14,613 | ▲ 158% |
| Transfer from deferred taxes780 | - | €8,573 | €4,937 | €6,235 | €6,235 | = |
| Transfer to deferred taxes680 | - | €134,071 | €73,078 | - | - | - |
| Income taxes67/77 | - | €883 | €3 | -€2 | -€1 | ▲ 34.2% |
| Profit (loss) for the period9904 | -€24,661 | €253,386 | €157,422 | -€18,846 | €20,850 | ▲ 211% |
| Transfer from tax-exempt reserves789 | - | €25,720 | €14,812 | €18,706 | €18,706 | = |
| Transfer to tax-exempt reserves689 | - | €402,214 | €219,233 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€24,661 | -€123,108 | -€46,999 | -€140 | €39,556 | ▲ 28,413% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €711,837 | €1.1m | €1.7m | €1.8m | €1.7m | ▼ 1.0% |
| Fixed assets21/28 | €330,805 | €709,488 | €1.4m | €1.6m | €1.5m | ▼ 2.7% |
| Tangible fixed assets22/27 | €330,805 | €709,488 | €1.4m | €1.6m | €1.5m | ▼ 2.7% |
| Land and buildings22 | - | €704,328 | €1.4m | €1.6m | €1.5m | ▼ 2.6% |
| Furniture and vehicles24 | - | €5,160 | €3,693 | €2,227 | €1,816 | ▼ 18.4% |
| Current assets29/58 | €381,032 | €371,889 | €350,260 | €181,179 | €204,849 | ▲ 13.1% |
| Amounts receivable within one year40/41 | - | - | - | €147 | €6,035 | ▲ 4,006% |
| Trade receivables40 | - | - | - | €98 | €1,620 | ▲ 1,545% |
| Other amounts receivable41 | - | - | - | €48 | €4,415 | ▲ 9,006% |
| Cash at bank and in hand54/58 | €375,379 | €371,889 | €350,260 | €180,910 | €198,814 | ▲ 9.9% |
| Deferred charges and accrued income490/1 | - | - | - | €122 | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €711,837 | €1.1m | €1.7m | €1.8m | €1.7m | ▼ 1.0% |
| Equity10/15 | €662,155 | €915,541 | €1.1m | €1.1m | €1.1m | ▲ 2.0% |
| Contributions10/11 | €492,713 | €494,288 | €494,288 | €494,288 | €494,288 | = |
| Capital10 | - | €492,713 | €492,713 | €492,713 | €492,713 | = |
| Issued capital100 | - | €492,713 | €492,713 | €492,713 | €492,713 | = |
| Outside capital11 | - | €1,575 | €1,575 | €1,575 | €1,575 | = |
| Share premium1100/10 | - | €1,575 | €1,575 | €1,575 | €1,575 | = |
| Reserves13 | €194,458 | €570,952 | €775,373 | €756,667 | €737,960 | ▼ 2.5% |
| Non-distributable reserves130/1 | - | €33,058 | €33,058 | €33,058 | €33,058 | = |
| Legal reserve130 | - | €33,058 | €33,058 | €33,058 | €33,058 | = |
| Tax-exempt reserves132 | - | €376,494 | €580,916 | €562,209 | €543,503 | ▼ 3.3% |
| Distributable reserves133 | - | €161,400 | €161,400 | €161,400 | €161,400 | = |
| Profit (loss) carried forward14 | -€26,591 | -€149,700 | -€196,699 | -€196,839 | -€157,282 | ▲ 20.1% |
| Provisions and deferred taxes16 | - | €125,498 | €193,639 | €187,403 | €181,168 | ▼ 3.3% |
| Deferred taxes168 | - | €125,498 | €193,639 | €187,403 | €181,168 | ▼ 3.3% |
| Amounts payable17/49 | €49,682 | €40,339 | €437,827 | €511,492 | €478,595 | ▼ 6.4% |
| Amounts payable after more than one year17 | - | - | €409,690 | €451,667 | €422,992 | ▼ 6.3% |
| Financial debts170/4 | - | - | €409,690 | €451,667 | €422,992 | ▼ 6.3% |
| Amounts payable within one year42/48 | €49,682 | €39,471 | €27,487 | €59,175 | €53,631 | ▼ 9.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €27,902 | €28,675 | ▲ 2.8% |
| Trade debts44 | €29 | €676 | €1,311 | - | - | - |
| Suppliers440/4 | - | €676 | €1,311 | - | - | - |
| Other amounts payable47/48 | - | €38,795 | €26,176 | €31,274 | €24,956 | ▼ 20.2% |
| Accrued charges and deferred income492/3 | - | €868 | €650 | €650 | €1,972 | ▲ 203% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€24,661 | €253,386 | €157,422 | -€18,846 | €20,850 | ▲ 211% |
| + Depreciation and write-downs630 | €7,289 | €45,634 | €29,837 | €45,508 | €54,503 | ▲ 19.8% |
| Operating cash flow (approximation) | -€17,372 | €299,020 | €187,259 | €26,662 | €75,353 | ▲ 183% |
| Investment in fixed assets (approximation) | - | -€424,317 | -€674,517 | -€263,172 | -€12,549 | ▲ 95.2% |
| Change in cash | - | -€3,490 | -€21,630 | -€169,349 | €17,904 | ▲ 111% |
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
2025
29-10
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
31-03
Financial
Back to profitnet €20,850
Net result €20,850 after one loss-making year.
2024
31-10
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2023
31-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
31-03
Financial
Equity above €1mEq €1.1m ▲17.2%
2 profitable years in a row build equity to €1.1m.
2022
24-10
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
31-03
Financial
Back to profitnet €253,386
Net result €253,386 after 2 loss-making years.
2021
03-11
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 3 days late
31-03
Financial
Weakest financial yearnet -€24,661
Net result drops to -€24,661, the lowest in the series; recovery starts the following year.
2020
12-11
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 12 days late
31-03
Financial
Liquidity doublescurrent ratio 9.25
Current ratio from 3.94 to 9.25; short-term debt falls from €120,438 to €51,162.
2019
02-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
Show earlier events
2018
17-10
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
17-10
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2016
26-10
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 4 acts read
About the unread acts
We know of 4 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
4 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, Ganshoren · 1 establishment unit since 1990
Ground area
732 m²
Building footprint
445 m²
Volume, LiDAR
4,012 m³
2 parcels, Brussels, Flanders · tallest building 13.8 m, ±4 floors. Linked by address, not a title deed.
2
companies at this address
See who is registered here
1 establishment unit
MARJAN
since 19902.050.601.081
2 parcels
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23322E0102/00Z002 | Flanders | 460 m² | 1 · 348 m² | 12.1 m · 3 fl. |
| 21392B0029/00F008 | Brussels | 272 m² | 1 · 98 m² | 13.8 m · 4 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.
Identification & contact
Identification
Legal formPublic limited company
Founded29-09-1990
Fiscal year end31-03
E-invoicing
Reachable via Peppol
Peppol ID
0208:0442138272
Registered
25-01-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
General meetings
1 convocationOrdinary general meeting
1. Verslag van de raad van bestuur. 2. Goed- keuring van de jaarrekening per 31 maart 2008. 3. Kwijting aan de bestuurders. 4. Verlenging mandaten.