MARLINK

Active

Public limited companyfounded 198046 yrs activeLouizalaan 54, 1050 Elsene, BelgiumKBO/BCE: BE 0420.594.572

Summary

MARLINK has been active since 1980 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €16.41M and a net result of €1.80M. Equity remains stable across the filed fiscal years (±1.8% per year). Its solvency ranks better than 60% of 97 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 1.0% (low).

Watch Print / PDF

Checked score

Score 2024

46 / 100

Fair

The score weighs solvency, liquidity, profitability and financial development. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2023

Profitability24▼-16

Solvency67▼-14

Growth52=

Track record100

Bankruptcy probability, 12 months

1.0% Low

0%0.5%1.5%4%10%≥ 25%

Credit up to €750k at 30 days acceptable

Liquidity tight (current ratio 1.43 against 1.75 in 2023; short-term debt: 54.2% and cash: 0.3% of total assets), and 58.2% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Six signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 61

Relative position

BE, all sectors

reference

Sector 61

higher

← fewer bankruptcies more bankruptcies →

Higher-failure-rate region

In this region companies fail more often than in the rest of the country.

KBO · registered office

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2024

Solvency, return and age of the figures

Solvency

41.8%

Return on assets

4.6%

Age of the figures

21 mo

Latest accounts filed on time

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 27-06-2025, 34 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

not confirmed

2024

34 d early

2023

35 d early

2022

76 d early

2021

74 d early

2020

96 d early

2019

16 d early

← before the deadline after the deadline →

Checked, nothing found (1)

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2024, full schema

Turnover

€8.17M▼ 5.8%

2019 · €8.67M

2018: €13.11M 2019: €8.67M

2018 → 2020

EBIT margin

20.0%▲ 11.9pp

2019 · 8.2%

2018: 3.8% 2019: 8.2%

2018 → 2020

Net result

€1.80M▲ 15.4%

2023 · €1.56M

2018: €1.04M 2019: €573k 2020: €1.16M 2021: €1.04M 2022: €1.59M 2023: €1.56M

2018 → 2024

Working capital

€9.13M▲ 7.1%

2023 · €8.52M

2018: €7.53M 2019: €16.86M 2020: €17.56M 2021: €7.92M 2022: €8.03M 2023: €8.52M

2018 → 2024

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20202021202220232024Trend

Turnover€8.17M-

Equity€15.11M-€15.30M▲ 1.3%€15.69M▲ 2.6%€16.05M▲ 2.3%€16.41M▲ 2.2%

Operating result€1.64M-€-1.10M€-532k▲ 51.7%€928k€-1.09M

Net result€1.16M-€1.04M▼ 9.8%€1.59M▲ 52.5%€1.56M▼ 2.0%€1.80M▲ 15.4%

Result per fiscal year

Operating resultNet result

The operating result turns negative in 2024: a loss of €1.09M after €928k in 2023.

Balance-sheet composition

2024 in colour, 2023 as the grey bar beneath

Assets €39.26M

22.6%

77.4%

Fixed assets €8.88M =

Current assets €30.39M ▲ 52.7%

Equity and liabilities €39.26M

41.8%

58.2%

Equity €16.41M ▲ 2.2%

Debt €22.85M ▲ 79.5%

Debt's share of the balance-sheet total rises from 44.2% to 58.2%. Equity and debt are higher.

Key figures and ratios

2024 value · change against 2023

EBITDA

€-1.08M▼

2023 · €986k

Cash flow

€1.81M▲

2023 · €1.62M

Current ratio

1.43▼

2023 · 1.75

Debt to equity

1.39▲

2023 · 0.79

ROE

11.0%▲

2023 · 9.7%

ROA

4.6%▼

2023 · 5.4%

Interest coverage

-2.35▼

2023 · 1.76

Debt ≤ 1 year

€21.26M▲

2023 · €11.38M

Debt > 1 year

€771k▲

2023 · €621k

Income taxes

€243k▼

2023 · €273k

Staff costs

€2.77M▲

2023 · €2.62M

Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.

Filed annual accounts As filed with the NBB · 2024 against 2023 · 58 lines

Balance sheet Code20232024

Assets

Total assets20/58€28.78M€39.26M▲

Fixed assets21/28€8.87M€8.88M=

Intangible fixed assets21€0€0=

Tangible fixed assets22/27€19k€4k▼

Furniture and vehicles24€11k€4k▼

Other tangible fixed assets26€7k-

Financial fixed assets28€8.86M€8.87M▲

Current assets29/58€19.91M€30.39M▲

Amounts receivable within one year40/41€19.72M€29.94M▲

Trade receivables40€4.24M€1.49M▼

Other amounts receivable41€15.49M€28.45M▲

Cash at bank and in hand54/58€104€137k▲

Deferred charges and accrued income490/1€185k€312k▲

Equity and liabilities

Total equity and liabilities10/49€28.78M€39.26M▲

Equity10/15€16.05M€16.41M▲

Contributions10/11€13.98M€13.98M=

Capital10€8.40M€8.40M=

Issued capital100€8.40M€8.40M=

Outside capital11€5.58M€5.58M=

Share premium1100/10€5.58M€5.58M=

Reserves13€531k€621k▲

Non-distributable reserves130/1€531k€621k▲

Legal reserve130€531k€621k▲

Profit (loss) carried forward14€1.54M€1.81M▲

Amounts payable17/49€12.73M€22.85M▲

Amounts payable after more than one year17€621k€771k▲

Other amounts payable178/9€621k€771k▲

Amounts payable within one year42/48€11.38M€21.26M▲

Trade debts44€5.65M€1.94M▼

Suppliers440/4€5.65M€1.94M▼

Bills of exchange payable441-€0

Taxes, remuneration and social security45€971k€656k▼

Taxes450/3€306k€6k▼

Remuneration and social security454/9€665k€649k▼

Other amounts payable47/48€4.76M€18.67M▲

Accrued charges and deferred income492/3€727k€821k▲

Income statement Code20232024

Remuneration, social security and pensions62€2.62M€2.77M▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€57k€15k▼

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€-687k€-226k▲

Other operating charges640/8€733k€367k▼

Non-recurring operating charges66A€13k-

Gross operating margin9900€3.66M€1.83M▼

Operating profit (loss)9901€928k€-1.09M▼

Financial income75/76B€1.46M€3.60M▲

Recurring financial income75€1.46M€3.60M▲

Financial charges65/66B€561k€459k▼

Recurring financial charges65€561k€459k▼

Profit (loss) for the period before taxes9903€1.83M€2.04M▲

Income taxes67/77€273k€243k▼

Profit (loss) for the period9904€1.56M€1.80M▲

Profit (loss) for the period to be appropriated9905€1.56M€1.80M▲

Appropriation of the result

Profit (loss) to be appropriated9906€2.81M€3.34M▲

Profit (loss) brought forward from the previous period14P€1.26M€1.54M▲

Transfer to equity691/2€78k€90k▲

To the legal reserve6920€78k€90k▲

Profit to be distributed694/7€1.20M€1.44M▲

Return on contributions (dividend)694€1.20M€1.44M▲

Social balance

Average headcount (FTE)908716.217.5▲

The notes to these accounts (13 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Download as CSV

Timeline · acts, filings and financial milestones

All 34Financial 3Gazette 21Filings 10

2026

06-03

State Gazette act Resignation: Hervé Nays (director)

Appointment: Nathalie Sénéchault (director) · Mandate compensation7 facts ▸

General meeting, 18-11-2025
Board meeting, 18-11-2025
Director resignation, Hervé Nays (director)
Director resignation, Hervé Nays (managing director)
Director appointment, Nathalie Sénéchault (director)
Director appointment, Nathalie Sénéchault (managing director)
Mandate compensation, Nathalie Sénéchault

2025

10-07

State Gazette act Reappointment: Ernst et Young Reviseurs d'Entreprises (statutory auditor)

Permanent representative: Emilie VAN CALLEMONT3 facts ▸

General meeting, 23-05-2025
Auditor reappointment, Ernst et Young Reviseurs d'Entreprises
Permanent representative, Emilie VAN CALLEMONT

27-06

NBB filing Annual accounts filed

fiscal year 2024 · full schema

2024

31-12

Financial Highest result since 2018net €1.80M ▲15.4%

Net result €1.80M, the highest in the series.

31-12

State Gazette act Registered office

Registered-office move2 facts ▸

Board meeting, 05-12-2024
Registered-office move, Avenue Louise 54, 3ème étage, 1050 Bruxelles

26-06

NBB filing Annual accounts filed

fiscal year 2023 · full schema

2023

20-12

State Gazette act Capital & shares

Share transfer1 fact ▸

Share transfer, Melih Sögüt

28-11

State Gazette act Statutes amendment

Capital3 facts ▸

General meeting, 06-11-2023
Statutes amendment
Capital, €8.400.000

16-05

NBB filing Annual accounts filed

fiscal year 2022 · full schema

2022

18-05

NBB filing Annual accounts filed

fiscal year 2021 · full schema

02-05

State Gazette act Reappointments: Hervé Nays, Erik Ceuppens and Tore Morten Olsen

4 facts ▸

General meeting, 05-04-2022
Director reappointment, Hervé Nays (director)
Director reappointment, Erik Ceuppens (director)
Director reappointment, Tore Morten Olsen (director)

2021

25-10

State Gazette act Permanent representative: Marie-Laure Moreau

2 facts ▸

Board meeting, 31-03-2021
Permanent representative, Marie-Laure Moreau

Show earlier events

26-04

NBB filing Annual accounts filed

fiscal year 2020 · full schema

2020

15-07

NBB filing Annual accounts filed

fiscal year 2019 · full schema

2019

31-12

Financial Weakest financial yearnet €573k ▼45.1%

Net result drops to €573k, the lowest in the series; recovery starts the following year.

31-12

Financial Liquidity times 5current ratio 6.10

Current ratio from 1.34 to 6.10; short-term debt falls from €22.41M to €3.31M.

05-07

NBB filing Annual accounts filed

fiscal year 2018 · full schema

2018

18-07

NBB filing Annual accounts filed

fiscal year 2017 · full schema

2017

04-09

State Gazette act Permanent representative: Carl Laschet

1 fact ▸

Permanent representative, Carl Laschet

27-06

State Gazette act Reappointment: Ernst et Young Reviseurs d'Entreprises (statutory auditor)

Permanent representative: Eric Golenvaux3 facts ▸

General meeting, 12-05-2017
Auditor reappointment, Ernst et Young Reviseurs d'Entreprises (statutory auditor)
Permanent representative, Eric Golenvaux

20-06

NBB filing Annual accounts filed

fiscal year 2016 · full schema

2016

30-11

State Gazette act Appointment: Hervé Nays (director)

4 facts ▸

General meeting, 21-10-2016
Director appointment, Hervé Nays (director)
Board meeting, 21-10-2016
Director appointment, Hervé Nays (managing director)

29-11

NBB filing Annual accounts filed

fiscal year 2015 · full schema · 121 days late

08-02

State Gazette act Resignation: Hans Heinrich Jordan (director)

Appointment: Erik Ceuppens (director) · Reappointment: Tore Morten Olsen (director) · Name change8 facts ▸

General meeting, 25-01-2016
Name change, Marlink
Statutes amendment
Statutes amendment
Director resignation, Hans Heinrich Jordan (director)
Director appointment, Erik Ceuppens (director)
Director reappointment, Tore Morten Olsen (director)
Mandate compensation, Astrium Services Business Communications

2014

12-11

State Gazette act Reappointments: Tore Morten Olsen (managing director) and Ernst & Young Réviseurs d'Entreprises (statutory auditor)

Permanent representative: Eric Golenvaux · Mandate compensation · Power of attorney7 facts ▸

Board meeting, 26-08-2014
Director reappointment, Tore Morten Olsen (managing director)
Mandate compensation, Tore Morten Olsen
Power of attorney, Altius
General meeting, 07-10-2014
Auditor reappointment, Ernst & Young Réviseurs d'Entreprises
Permanent representative, Eric Golenvaux

10-11

State Gazette act Reappointment: Tore Morten Olsen (director)

2 facts ▸

General meeting, 14-03-2014
Director reappointment, Tore Morten Olsen (director)

03-01

State Gazette act Resignation: Dominique Martres (director)

Director discharge3 facts ▸

General meeting, 07-05-2013
Director resignation, Dominique Martres (director)
Director discharge, Dominique Martres

2012

21-11

State Gazette act Statutes amendment · Resignations & appointments

Name change · Statutes amendment3 facts ▸

General meeting, 31-10-2012
Name change, Astrium Services Business Communications
Statutes amendment

06-03

State Gazette act Resignations: Johannes Lindeman (director) and Rafi Kouyoumdijan (director)

Appointments: Dominique Martres (director) and Hans-Heinrich Jordan (director) · Director discharge · Mandate compensation9 facts ▸

General meeting, 19-12-2011
Director resignation, Johannes Lindeman (director)
Director resignation, Rafi Kouyoumdijan (director)
Director discharge, Johannes Lindeman
Director discharge, Rafi Kouyoumdijan
Director appointment, Dominique Martres (director)
Mandate compensation, Dominique Martres
Director appointment, Hans-Heinrich Jordan (director)
Mandate compensation, Hans-Heinrich Jordan

2011

03-11

State Gazette act Resignation: Mark Ellison (director)

Appointment: Johannes Lindeman (director) · Director discharge · Mandate compensation5 facts ▸

General meeting, 29-09-2011
Director resignation, Mark Ellison (director)
Director discharge, Mark Ellison
Director appointment, Johannes Lindeman (director)
Mandate compensation, Johannes Lindeman

04-10

State Gazette act Resignation: Bruno Ducharme (director)

Appointment: Rafi Kouyoumdjian (director) · Director discharge · Mandate compensation5 facts ▸

General meeting, 19-07-2011
Director resignation, Bruno Ducharme (director)
Director discharge, Bruno Ducharme
Director appointment, Rafi Kouyoumdjian (director)
Mandate compensation, Rafi Kouyoumdjian

26-07

State Gazette act Resignation: Michael Collins (director)

Appointment: Bruno Ducharme (director) · Director discharge · Mandate compensation5 facts ▸

General meeting, 25-10-2010
Director resignation, Michael Collins (director)
Director discharge, Michael Collins
Director appointment, Bruno Ducharme (director)
Mandate compensation, Bruno Ducharme

2010

15-10

State Gazette act Reappointment: Ernst & Young Réviseurs d'Entreprises (statutory auditor)

2 facts ▸

General meeting, 28-05-2010
Auditor reappointment, Ernst & Young Réviseurs d'Entreprises

2006

18-09

State Gazette act Capital & shares · Statutes amendment

Capital increase · Bank account · Capital decrease9 facts ▸

General meeting, 04-07-2006
Capital increase, €6.000.000
Bank account, KBC, 733-0357102-75
Capital decrease, €6.000.000
Capital, €8.400.000
Statutes amendment
Power of attorney, Eline Patricia Nathalie Meesseman
Power of attorney, Eline Patricia Nathalie Meesseman
Share liberation, 100%, 6000000.00 EUR

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

21 of 21 acts read

Directors · office · real estate

Directors

5 directors, no change since 2025

Nathalie Sénéchault

Director · since 18-11-2025

Current

Erik Ceuppens

Director · since 25-01-2016

Current

Tore Morten Olsen

Director · since 22-02-2014

Current

Hans-Heinrich Jordan

Director · since 19-12-2011

Not recently confirmed

Rafi Kouyoumdjian

Director · since 19-07-2011

Not recently confirmed

18-11-2025 Nathalie Sénéchault: Appointed as Director

18-11-2025 Nathalie Sénéchault: Appointed as Managing director

07-11-2025 Hervé Nays: Resigned as Director

07-11-2025 Hervé Nays: Resigned as Managing director

31-03-2021 Erik Ceuppens: Mandate renewed as Director

Full history in the Timeline (24 changes) →

Location & real-estate footprint

Registered office, Elsene · 1 establishment unit since 1980

seat establishment The establishment unit on the map

Ground area

1,625 m²

Building footprint

1,286 m²

Volume, LiDAR

34,999 m³

Parcel 21807G0001/00L000, Brussels · tallest building 33.9 m, ±9 floors. Linked by address, not a title deed.

1 establishment unit

Louizalaan 54, 1050 Elsene

NACE 5143003

since 19802.017.777.469

1 parcel

Brussels 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
21807G0001/00L000	Brussels	1,625 m²	1 · 1,286 m²	33.9 m · 9 fl.

Linked by address, not proof of ownership

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Statutory auditor

1 auditor

Ernst et Young Reviseurs d'EntreprisesCurrent

Auditor · represented by Emilie VAN CALLEMONT

12-05-2017 → present

Show 1 earlier auditors

Ernst & Young Réviseurs d'entreprises

Auditor · represented by Eric Golenvaux

succeeded by Ernst et Young Reviseurs d'Entreprises in 2017

28-05-2010 → 12-05-2017

Articles of association

Purpose

La société a pour objet la fabrication, la transformation, l'importation, l'exportation, la vente en gros et en détail, la réparation, la location et toutes prestations quelconques…

Full purpose

La société a pour objet la fabrication, la transformation, l'importation, l'exportation, la vente en gros et en détail, la réparation, la location et toutes prestations quelconques de service se rapportant à des appareils et du matériel électrique, électronique, radio-électrique, électro-ménager et d'éclairage.

according to the deed of 28-11-2023

Structure & network

Capital and shareholders

Shareholders according to the acts

Share transfer act of 20-12-2023 ↗

to Melih Sögüt

The Belgian State Gazette names shareholders only when an act mentions them; the share register itself is not published.

Capital over the years

28-11-2023 Capital stated in the act · 8,400,000 EUR · 3,070,650 shares
18-09-2006 Capital increase of 6,000,000 EUR · to 14,400,000 EUR · 1,279,437 new shares
18-09-2006 Capital reduction of 6,000,000 EUR · to 8,400,000 EUR · to absorb losses

Recognitions · licences · registrations

Legal Entity Identifier

967600AEETO9N0TP3K14

live in the LEI register

Similar companies · same sector, comparable size

FAST LINES BELGIUM

BE 0416.137.027

Antwerpen · Eq €16.91M

GTT Communications Belgium

BE 0466.025.612

Zaventem · Eq €14.44M

ORANGE BUSINESS BELGIUM

Antwerpen · Eq €21.87M

IRISnet

BE 0847.220.467

Sint-Pieters-Woluwe · Eq €23.63M

Of 1,376 companies in sector 61100 we hold annual accounts for 586. 77 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector

Company data · Crossroads Bank

Identification

Legal formPublic limited company

Founded30-06-1980

Fiscal year end31-12

Activities, NACEBEL 2025

61100Wired, wireless and satellite telecommunications

61200Telecommunications resale and intermediation services

Sources

Crossroads Bank for EnterprisesBelgian Official Gazette · 21 actsNational Bank · 45 filingsAddress and cadastre registers

Scores and ratios are computed by Checked and are not a credit decision.