MARMANA
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 2 days after the deadline Filed on 2 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00032156.
Annual accounts 2025 filed on 02-02-2026 PDF all 14 filings
Equity
€616,033▲ 0.1%
2024 · €615,688
Total assets
€629,289=
2024 · €629,429
Net result
€345▼ 99.8%
2024 · €191,476
Working capital
€596,049▼ 0.6%
2024 · €599,735
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€7,105
▲ 2.1%
2025
20192025
Net result
€345
▼ 99.8%
2025
lowest quarter of the sector
20192025
Equity
€616,033
▲ 0.1%
2025
highest quarter of the sector
20192025
Total assets
€629,289
=
2025
highest quarter of the sector
20192025
Debt
€13,256
▼ 3.5%
2025
20192025
Working capital
€596,049
▼ 0.6%
2025
highest quarter of the sector
20192025
Solvency
97.9%
▲ 0.1pp
2025
highest quarter of the sector
20192025
Current ratio
45.96
▲ 1.32
2025
highest quarter of the sector
20192025
Return on assets (ROA)
0.1%
▼ 30.4pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€20,349-€15,884▼ 21.9%€20,506▲ 29.1%€25,752▲ 25.6%€18,245▼ 29.2%-€7,261-€7,105▲ 2.1%
Net result€15,642-€11,241within the sector's middle half▼ 28.1%€17,096within the sector's middle half▲ 52.1%€21,814within the sector's middle half▲ 27.6%€15,246within the sector's middle half▼ 30.1%€191,476above the sector's middle half▲ 13×€345below the sector's middle half▼ 99.8%
Equity€382,815-€388,056above the sector's middle half▲ 1.4%€399,152above the sector's middle half▲ 2.9%€414,966above the sector's middle half▲ 4.0%€424,213above the sector's middle half▲ 2.2%€615,688above the sector's middle half▲ 45.1%€616,033above the sector's middle half▲ 0.1%
Total assets€405,012-€406,794within the sector's middle half▲ 0.4%€419,252within the sector's middle half▲ 3.1%€435,143within the sector's middle half▲ 3.8%€445,271within the sector's middle half▲ 2.3%€629,429above the sector's middle half▲ 41.4%€629,289above the sector's middle half=
Debt€22,197-€18,738▼ 15.6%€20,100▲ 7.3%€20,177▲ 0.4%€21,059▲ 4.4%€13,741▼ 34.8%€13,256▼ 3.5%
Working capital€30,116-€35,601within the sector's middle half▲ 18.2%€45,661within the sector's middle half▲ 28.3%€62,646within the sector's middle half▲ 37.2%€72,248within the sector's middle half▲ 15.3%€599,735above the sector's middle half▲ 730%€596,049above the sector's middle half▼ 0.6%
Solvency94.5%-95.4%above the sector's middle half▲ 0.9pp95.2%above the sector's middle half▼ 0.2pp95.4%above the sector's middle half▲ 0.2pp95.3%above the sector's middle half▼ 0.1pp97.8%above the sector's middle half▲ 2.5pp97.9%above the sector's middle half▲ 0.1pp
Current ratio2.36-2.94within the sector's middle half▲ 0.583.31within the sector's middle half▲ 0.384.16within the sector's middle half▲ 0.854.49within the sector's middle half▲ 0.3344.65above the sector's middle half▲ 40.1645.96above the sector's middle half▲ 1.32
Return on assets (ROA)3.9%-2.8%within the sector's middle half▼ 1.1pp4.1%within the sector's middle half▲ 1.3pp5.0%within the sector's middle half▲ 0.9pp3.4%within the sector's middle half▼ 1.6pp30.4%within the sector's middle half▲ 27.0pp0.1%below the sector's middle half▼ 30.4pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 2025 is a loss of €7,105, smaller than the loss of €7,261 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €629,289
Fixed assets
€19,984 ▲ 25.3%
Current assets
€609,305 ▼ 0.7%
Equity and liabilities €629,289
Equity
€616,033 ▲ 0.1%
Debt
€13,256 ▼ 3.5%
Debt's share of the balance-sheet total falls from 2.2% to 2.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€4,869▼
2024 · -€3,660
Cash flow
€2,581▼
2024 · €195,077
Debt to equity
0.02▼
2024 · 0.02
ROE
0.1%▼
2024 · 31.1%
Interest coverage
-0.82▲
2024 · -9.61
Debt ≤ 1 year
€13,256▼
2024 · €13,741
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €578 | €17,242 | €6,267 |
| Depreciation and write-downs of the year | €1,170 | €933 | €3,601 | €2,236 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €2,000 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €696 | €895 | €1,066 | €1,170 | €933 | €3,601 | €2,236 | ▼ 37.9% |
| Other operating charges640/8 | - | - | - | €1,483 | €2,100 | €1,772 | €1,196 | ▼ 32.5% |
| Gross operating margin9900 | €21,954 | €17,771 | €22,918 | €28,405 | €21,278 | -€1,888 | -€3,673 | ▼ 94.5% |
| Operating profit (loss)9901 | €20,349 | €15,884 | €20,506 | €25,752 | €18,245 | -€7,261 | -€7,105 | ▲ 2.1% |
| Financial income75/76B | - | - | - | €1,689 | €2,544 | €216,227 | €13,366 | ▼ 93.8% |
| Recurring financial income75 | €1,602 | €1,587 | €2,020 | €1,689 | €2,544 | €216,227 | €13,366 | ▼ 93.8% |
| Financial charges65/66B | - | - | - | €305 | €495 | €381 | €5,917 | ▲ 16× |
| Recurring financial charges65 | €205 | €340 | €590 | €305 | €495 | €381 | €5,917 | ▲ 16× |
| Profit (loss) for the period before taxes9903 | €21,746 | €17,131 | €21,935 | €27,136 | €20,293 | €208,585 | €345 | ▼ 99.8% |
| Income taxes67/77 | €6,104 | €5,890 | €4,839 | €5,322 | €5,047 | €17,109 | - | - |
| Profit (loss) for the period9904 | €15,642 | €11,241 | €17,096 | €21,814 | €15,246 | €191,476 | €345 | ▼ 99.8% |
| Profit (loss) for the period to be appropriated9905 | €15,642 | €11,241 | €17,096 | €21,814 | €15,246 | €191,476 | €345 | ▼ 99.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €405,012 | €406,794 | €419,252 | €435,143 | €445,271 | €629,429 | €629,289 | = |
| Fixed assets21/28 | €352,699 | €352,802 | €353,838 | €352,668 | €352,312 | €15,953 | €19,984 | ▲ 25.3% |
| Tangible fixed assets22/27 | €2,699 | €2,802 | €3,838 | €2,668 | €2,312 | €15,953 | €19,984 | ▲ 25.3% |
| Plant, machinery and equipment23 | - | - | - | €1,910 | €1,828 | €2,961 | €4,211 | ▲ 42.2% |
| Furniture and vehicles24 | - | - | - | €758 | €484 | €12,992 | €15,773 | ▲ 21.4% |
| Financial fixed assets28 | €350,000 | €350,000 | €350,000 | €350,000 | €350,000 | - | - | - |
| Current assets29/58 | €52,313 | €53,991 | €65,414 | €82,475 | €92,959 | €613,476 | €609,305 | ▼ 0.7% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €60,000 | - |
| Other amounts receivable291 | - | - | - | - | - | - | €60,000 | - |
| Amounts receivable within one year40/41 | €38,375 | €45,352 | €60,404 | €78,117 | €89,459 | €105,624 | €109,290 | ▲ 3.5% |
| Trade receivables40 | - | - | - | €47,190 | €46,585 | €19,427 | €14,317 | ▼ 26.3% |
| Other amounts receivable41 | - | - | - | €30,927 | €42,874 | €86,197 | €94,973 | ▲ 10.2% |
| Current investments50/53 | - | - | - | - | - | €286,774 | €286,774 | = |
| Cash at bank and in hand54/58 | €13,938 | €8,639 | €5,010 | €4,358 | €3,500 | €221,078 | €146,366 | ▼ 33.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | €6,875 | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €405,012 | €406,794 | €419,252 | €435,143 | €445,271 | €629,429 | €629,289 | = |
| Equity10/15 | €382,815 | €388,056 | €399,152 | €414,966 | €424,213 | €615,688 | €616,033 | ▲ 0.1% |
| Contributions10/11 | €350,000 | €350,000 | €350,000 | €350,000 | €350,000 | €370,753 | €370,753 | = |
| Capital10 | - | - | - | €350,000 | €350,000 | - | - | - |
| Issued capital100 | - | - | - | €350,000 | €350,000 | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | €370,753 | €370,753 | = |
| Other1109/19 | - | - | - | - | - | €370,753 | €370,753 | = |
| Reserves13 | €32,815 | €38,056 | €49,152 | €64,966 | €74,213 | €244,935 | €245,280 | ▲ 0.1% |
| Non-distributable reserves130/1 | - | - | - | €20,753 | €20,753 | - | - | - |
| Legal reserve130 | - | - | - | €20,753 | €20,753 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €2,420 | €2,420 | €2,420 | €2,420 | = |
| Distributable reserves133 | - | - | - | €41,793 | €51,040 | €242,515 | €242,860 | ▲ 0.1% |
| Amounts payable17/49 | €22,197 | €18,738 | €20,100 | €20,177 | €21,059 | €13,741 | €13,256 | ▼ 3.5% |
| Amounts payable within one year42/48 | €22,197 | €18,390 | €19,753 | €19,829 | €20,711 | €13,741 | €13,256 | ▼ 3.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €4,034 | - | - | - | - |
| Financial debts43 | - | - | - | - | €4,175 | - | - | - |
| Credit institutions430/8 | - | - | - | - | €4,175 | - | - | - |
| Trade debts44 | €2,732 | €809 | €1,007 | €2,398 | €1,166 | - | €3,727 | - |
| Suppliers440/4 | - | - | - | €2,398 | €1,166 | - | €3,727 | - |
| Taxes, remuneration and social security45 | - | - | - | €8,897 | €10,871 | €13,741 | €9,530 | ▼ 30.6% |
| Taxes450/3 | - | - | - | €8,897 | €10,871 | €13,741 | €9,530 | ▼ 30.6% |
| Other amounts payable47/48 | - | - | - | €4,500 | €4,500 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €348 | €348 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €15,642 | €11,241 | €17,096 | €21,814 | €15,246 | €191,476 | €345 | ▼ 99.8% |
| + Depreciation and write-downs630 | €696 | €895 | €1,066 | €1,170 | €933 | €3,601 | €2,236 | ▼ 37.9% |
| Operating cash flow (approximation) | €16,338 | €12,136 | €18,162 | €22,985 | €16,180 | €195,077 | €2,581 | ▼ 98.7% |
| Investment in fixed assets (approximation) | - | -€998 | -€2,102 | €0 | -€578 | €332,758 | -€6,267 | - |
| Change in cash | - | -€5,299 | -€3,629 | -€652 | -€858 | €217,578 | -€74,712 | - |
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, 6,049 companies had the same profile as MARMANA has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of MARMANA 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 6,049 companies, not a prediction for MARMANA. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 02-02-2026 | 2026-00032156 | |
| 30-06-2024 | micro format | 03-02-2025 | 2025-00029348 | |
| 30-06-2023 | micro format | 10-02-2024 | 2024-00029765 | |
| 30-06-2022 | micro format | 01-02-2023 | 2023-00019679 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-03500500 | |
| 30-06-2020 | micro format | 01-02-2021 | 2021-04100400 | |
| 30-06-2019 | micro format | 27-01-2020 | 2020-02400114 | |
| 30-06-2018 | micro format | 30-01-2019 | 2019-03700104 | |
| 30-06-2017 | abbreviated format | 29-01-2018 | 2018-02600124 | |
| 30-06-2016 | abbreviated format | 31-01-2017 | 2017-03000570 |