MARJO
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 4 November 2026.
Annual accounts 2024 filed on 29-08-2025 PDF all 20 filings
Turnover
€523,106▼ 12.8%
2019 · €600,224
EBIT margin
7.8%▲ 6.1pp
2019 · 1.7%
Net result
-€12,360
2023 · €6,912
Working capital
€100,359▼ 10.4%
2023 · €112,006
Multi-year overview
2018 to 2024, 7 financial yearsTurnover
no figure
2024
20182024
Operating result
-€11,995
2024
20182024
Net result
-€12,360
2024
lowest quarter of the sector
20182024
EBIT margin
no figure
2024
20182024
Equity
€101,598
▼ 10.8%
2024
middle half of the sector
20182024
Total assets
€298,676
▲ 58.4%
2024
middle half of the sector
20182024
Debt
€197,078
▲ 164%
2024
20182024
Working capital
€100,359
▼ 10.4%
2024
highest quarter of the sector
20182024
Solvency
34.0%
▼ 26.4pp
2024
middle half of the sector
20182024
Current ratio
1.51
▼ 0.99
2024
middle half of the sector
20182024
Return on assets (ROA)
-4.1%
▼ 7.8pp
2024
lowest quarter of the sector
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Turnover€600,224€523,106▼ 12.8%
Operating result-€4,389-€9,978€40,560▲ 307%€5,294▼ 86.9%€2,234▼ 57.8%€7,390▲ 231%-€11,995
Net result-€7,100-€1,070€35,590above the sector's middle half▲ 33×€4,938within the sector's middle half▼ 86.1%€1,407within the sector's middle half▼ 71.5%€6,912within the sector's middle half▲ 391%-€12,360below the sector's middle half
EBIT margin1.7%7.8%▲ 6.1pp
Equity€21,603-€65,111▲ 201%€100,701within the sector's middle half▲ 54.7%€105,639within the sector's middle half▲ 4.9%€107,046within the sector's middle half▲ 1.3%€113,958within the sector's middle half▲ 6.5%€101,598within the sector's middle half▼ 10.8%
Total assets€23,267-€89,875▲ 286%€120,189within the sector's middle half▲ 33.7%€149,435within the sector's middle half▲ 24.3%€195,405within the sector's middle half▲ 30.8%€188,537within the sector's middle half▼ 3.5%€298,676within the sector's middle half▲ 58.4%
Debt€1,664-€24,763▲ 15×€19,488▼ 21.3%€43,796▲ 125%€88,360▲ 102%€74,579▼ 15.6%€197,078▲ 164%
Working capital€8,306-€50,394▲ 507%€89,779above the sector's middle half▲ 78.2%€99,913above the sector's middle half▲ 11.3%€103,839above the sector's middle half▲ 3.9%€112,006above the sector's middle half▲ 7.9%€100,359above the sector's middle half▼ 10.4%
Solvency92.8%-72.4%▼ 20.4pp83.8%above the sector's middle half▲ 11.3pp70.7%above the sector's middle half▼ 13.1pp54.8%within the sector's middle half▼ 15.9pp60.4%within the sector's middle half▲ 5.7pp34.0%within the sector's middle half▼ 26.4pp
Current ratio5.99-3.04▼ 2.965.61above the sector's middle half▲ 2.573.28above the sector's middle half▼ 2.332.18within the sector's middle half▼ 1.112.50within the sector's middle half▲ 0.331.51within the sector's middle half▼ 0.99
Return on assets (ROA)-30.5%-1.2%▲ 31.7pp29.6%above the sector's middle half▲ 28.4pp3.3%within the sector's middle half▼ 26.3pp0.7%within the sector's middle half▼ 2.6pp3.7%within the sector's middle half▲ 2.9pp-4.1%below the sector's middle half▼ 7.8pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 2024 is a loss of €11,995, after a profit of €7,390 in 2023. It is the lowest result since 2020.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €298,676
Fixed assets
€1,239 ▼ 36.5%
Current assets
€297,437 ▲ 59.4%
Equity and liabilities €298,676
Equity
€101,598 ▼ 10.8%
Debt
€197,078 ▲ 164%
Debt's share of the balance-sheet total rises from 39.6% to 66.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€11,282▼
2023 · €8,645
Cash flow
-€11,647▼
2023 · €8,167
Quick ratio
0.34▼
2023 · 1.29
Debt to equity
1.94▲
2023 · 0.65
ROE
-12.2%▼
2023 · 6.1%
Interest coverage
-30.91▼
2023 · 18.04
Debt ≤ 1 year
€197,078▲
2023 · €74,579
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 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | €600,224 | €523,106 | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €29,196 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,103 | €5,687 | €5,614 | €5,196 | €2,519 | €1,255 | €713 | ▼ 43.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €4,747 | - | - | - |
| Other operating charges640/8 | - | - | - | €660 | €337 | €593 | €1,097 | ▲ 85.0% |
| Gross operating margin9900 | €628 | €21,481 | €47,721 | €11,150 | €9,836 | €9,238 | -€10,185 | - |
| Operating profit (loss)9901 | -€4,389 | €9,978 | €40,560 | €5,294 | €2,234 | €7,390 | -€11,995 | - |
| Financial income75/76B | - | - | - | - | €0 | €1 | €0 | ▼ 67.9% |
| Recurring financial income75 | €0 | €2,003 | €0 | - | €0 | €1 | €0 | ▼ 67.9% |
| Financial charges65/66B | - | - | - | €357 | €827 | €479 | €365 | ▼ 23.8% |
| Recurring financial charges65 | €2,711 | €733 | €370 | €357 | €827 | €479 | €365 | ▼ 23.8% |
| Profit (loss) for the period before taxes9903 | -€7,100 | €11,249 | €40,191 | €4,938 | €1,407 | €6,912 | -€12,360 | - |
| Income taxes67/77 | - | €10,179 | €4,601 | - | - | - | - | - |
| Profit (loss) for the period9904 | -€7,100 | €1,070 | €35,590 | €4,938 | €1,407 | €6,912 | -€12,360 | - |
| Profit (loss) for the period to be appropriated9905 | -€7,100 | €1,070 | €35,590 | €4,938 | €1,407 | €6,912 | -€12,360 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €23,267 | €89,875 | €120,189 | €149,435 | €195,405 | €188,537 | €298,676 | ▲ 58.4% |
| Fixed assets21/28 | €13,296 | €14,717 | €10,922 | €5,726 | €3,207 | €1,952 | €1,239 | ▼ 36.5% |
| Tangible fixed assets22/27 | €13,236 | €14,657 | €10,862 | €5,666 | €3,147 | €1,892 | €1,179 | ▼ 37.7% |
| Land and buildings22 | - | - | - | €3,898 | €2,605 | €1,892 | €1,179 | ▼ 37.7% |
| Plant, machinery and equipment23 | - | - | - | €1,148 | €541 | - | - | - |
| Furniture and vehicles24 | - | - | - | €620 | - | - | - | - |
| Financial fixed assets28 | €60 | €60 | €60 | €60 | €60 | €60 | €60 | = |
| Current assets29/58 | €9,971 | €75,157 | €109,267 | €143,709 | €192,199 | €186,585 | €297,437 | ▲ 59.4% |
| Stocks and contracts in progress3 | €6,523 | €12,258 | €2,590 | €53,865 | €93,658 | €90,442 | €230,624 | ▲ 155% |
| Stocks30/36 | - | - | - | €53,865 | €93,658 | €90,442 | €230,624 | ▲ 155% |
| Amounts receivable within one year40/41 | €3,163 | €61,719 | €68,200 | €83,658 | €92,393 | €95,337 | €61,346 | ▼ 35.7% |
| Trade receivables40 | - | - | - | €79,683 | €92,393 | €95,337 | €61,346 | ▼ 35.7% |
| Other amounts receivable41 | - | - | - | €3,974 | - | - | - | - |
| Cash at bank and in hand54/58 | €285 | €1,181 | €38,162 | €5,208 | €5,356 | €460 | €5,422 | ▲ 12× |
| Deferred charges and accrued income490/1 | - | - | - | €979 | €792 | €345 | €46 | ▼ 86.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €23,267 | €89,875 | €120,189 | €149,435 | €195,405 | €188,537 | €298,676 | ▲ 58.4% |
| Equity10/15 | €21,603 | €65,111 | €100,701 | €105,639 | €107,046 | €113,958 | €101,598 | ▼ 10.8% |
| Contributions10/11 | €20,000 | €19,685 | €19,685 | €19,685 | €19,685 | €19,685 | €19,685 | = |
| Reserves13 | €27,745 | €51,457 | €81,016 | €85,954 | €87,361 | €94,273 | €94,273 | = |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Distributable reserves133 | - | - | - | €83,954 | €85,361 | €92,273 | €92,273 | = |
| Profit (loss) carried forward14 | -€26,142 | -€6,030 | - | - | - | - | -€12,360 | - |
| Amounts payable17/49 | €1,664 | €24,763 | €19,488 | €43,796 | €88,360 | €74,579 | €197,078 | ▲ 164% |
| Amounts payable within one year42/48 | €1,664 | €24,763 | €19,488 | €43,796 | €88,360 | €74,579 | €197,078 | ▲ 164% |
| Trade debts44 | €179 | €11,455 | €5,523 | €34,795 | €69,363 | €55,504 | €158,166 | ▲ 185% |
| Suppliers440/4 | - | - | - | €34,795 | €69,363 | €55,504 | €158,166 | ▲ 185% |
| Taxes, remuneration and social security45 | - | - | - | €9,002 | €13,422 | €13,874 | €9,981 | ▼ 28.1% |
| Taxes450/3 | - | - | - | €9,002 | €13,422 | €13,874 | €9,981 | ▼ 28.1% |
| Other amounts payable47/48 | - | - | - | - | €5,575 | €5,201 | €28,931 | ▲ 456% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,100 | €1,070 | €35,590 | €4,938 | €1,407 | €6,912 | -€12,360 | - |
| + Depreciation and write-downs630 | €4,103 | €5,687 | €5,614 | €5,196 | €2,519 | €1,255 | €713 | ▼ 43.2% |
| Operating cash flow (approximation) | -€2,998 | €6,756 | €41,203 | €10,134 | €3,926 | €8,167 | -€11,647 | - |
| Investment in fixed assets (approximation) | - | -€7,107 | -€1,818 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €896 | €36,982 | -€32,955 | €149 | -€4,896 | €4,961 | - |
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, 12,322 companies had the same profile as MARJO has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MARJO itself is higher: 20.0% within 12 months. It rests on far more data about MARJO than the profile alone.
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 12,322 companies, not a prediction for MARJO. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 29-08-2025 | 2025-00461504 | |
| 31-12-2023 | micro format | 31-08-2024 | 2024-00439937 | |
| 31-12-2022 | micro format | 29-09-2023 | 2023-00478431 | |
| 31-12-2021 | micro format | 30-11-2022 | 2022-20533513 | |
| 31-12-2020 | micro format | 30-12-2021 | 2021-82500339 | |
| 31-12-2019 | micro format | 30-11-2020 | 2020-74600181 | |
| 31-12-2018 | micro format | 23-07-2020 | 2020-32900277 | |
| 31-12-2017 | micro format | 24-09-2018 | 2018-64500562 | |
| 31-12-2016 | micro format | 27-09-2017 | 2017-65100546 | |
| 31-12-2015 | abbreviated format | 13-10-2016 | 2016-65700167 |