MARMIN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 5 filings
Every figure per financial year
The operating result for 2025 is a loss of €3,289, larger than the loss of €1,521 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €184,793 | €29,880 | - | - | - |
| Depreciation and write-downs of the year | - | €1,359 | €2,988 | €2,988 | €2,988 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €1,359 | €2,988 | €2,988 | €2,988 | = |
| Other operating charges640/8 | €3,408 | €2,499 | €2,933 | €2,896 | €2,624 | ▼ 9.4% |
| Gross operating margin9900 | -€4,487 | €2,498 | €3,331 | €4,363 | €2,323 | ▼ 46.8% |
| Operating profit (loss)9901 | -€7,895 | -€1,361 | -€2,590 | -€1,521 | -€3,289 | ▼ 116% |
| Financial charges65/66B | €149 | €254 | €69 | €443 | €475 | ▲ 7.1% |
| Recurring financial charges65 | €149 | €254 | €69 | €443 | €475 | ▲ 7.1% |
| Profit (loss) for the period before taxes9903 | -€8,044 | -€1,615 | -€2,659 | -€1,964 | -€3,764 | ▼ 91.6% |
| Income taxes67/77 | - | - | €3,216 | - | - | - |
| Profit (loss) for the period9904 | -€8,044 | -€1,615 | -€5,875 | -€1,964 | -€3,764 | ▼ 91.6% |
| Profit (loss) for the period to be appropriated9905 | -€8,044 | -€1,615 | -€5,875 | -€1,964 | -€3,764 | ▼ 91.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €58,777 | €84,253 | €80,454 | €77,155 | €73,445 | ▼ 4.8% |
| Fixed assets21/28 | €52,809 | €81,331 | €78,343 | €75,355 | €72,367 | ▼ 4.0% |
| Tangible fixed assets22/27 | €52,809 | €81,331 | €78,343 | €75,355 | €72,367 | ▼ 4.0% |
| Land and buildings22 | €52,809 | €52,809 | €52,809 | €52,809 | €52,809 | = |
| Plant, machinery and equipment23 | - | €28,522 | €25,534 | €22,545 | €19,557 | ▼ 13.3% |
| Current assets29/58 | €5,967 | €2,922 | €2,111 | €1,800 | €1,078 | ▼ 40.1% |
| Amounts receivable within one year40/41 | €2,720 | €1,200 | - | - | - | - |
| Other amounts receivable41 | €2,720 | €1,200 | - | - | - | - |
| Cash at bank and in hand54/58 | €3,248 | €1,378 | €1,727 | €1,394 | €656 | ▼ 53.0% |
| Deferred charges and accrued income490/1 | - | €344 | €384 | €406 | €422 | ▲ 4.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €58,777 | €84,253 | €80,454 | €77,155 | €73,445 | ▼ 4.8% |
| Equity10/15 | €44,766 | €43,151 | €37,276 | €35,312 | €31,548 | ▼ 10.7% |
| Contributions10/11 | €2,654 | €2,654 | €2,654 | €2,654 | €2,654 | = |
| Reserves13 | €45,716 | €45,716 | €45,716 | €45,716 | €45,716 | = |
| Non-distributable reserves130/1 | €265 | €265 | - | - | - | - |
| Reserves not available under the articles1311 | €265 | €265 | - | - | - | - |
| Distributable reserves133 | €45,450 | €45,450 | €45,716 | €45,716 | €45,716 | = |
| Profit (loss) carried forward14 | -€3,604 | -€5,219 | -€11,094 | -€13,058 | -€16,822 | ▼ 28.8% |
| Amounts payable17/49 | €14,011 | €41,102 | €43,178 | €41,843 | €41,897 | ▲ 0.1% |
| Amounts payable within one year42/48 | €12,317 | €41,102 | €43,049 | €41,711 | €41,848 | ▲ 0.3% |
| Trade debts44 | €12,317 | €2,313 | €3,940 | €2,318 | €2,455 | ▲ 5.9% |
| Suppliers440/4 | €12,317 | €2,313 | €3,940 | €2,318 | €2,455 | ▲ 5.9% |
| Taxes, remuneration and social security45 | - | - | €3,216 | - | - | - |
| Taxes450/3 | - | - | €3,216 | - | - | - |
| Other amounts payable47/48 | - | €38,789 | €35,893 | €39,393 | €39,393 | = |
| Accrued charges and deferred income492/3 | €1,694 | - | €129 | €132 | €49 | ▼ 62.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,044 | -€1,615 | -€5,875 | -€1,964 | -€3,764 | ▼ 91.6% |
| + Depreciation and write-downs630 | - | €1,359 | €2,988 | €2,988 | €2,988 | = |
| Operating cash flow (approximation) | -€8,044 | -€256 | -€2,887 | €1,024 | -€776 | - |
| Investment in fixed assets (approximation) | - | -€29,880 | €0 | €0 | €0 | - |
| Change in cash | - | -€1,870 | €349 | -€332 | -€739 | ▼ 122% |
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, 3,440 companies had the same profile as MARMIN has now. Two years later, 90.0% were still going and 2.3% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a small loss
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MARMIN itself: 1.8% 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 3,440 companies, not a prediction for MARMIN. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-07-2026 | 2026-00312465 | |
| 31-12-2024 | micro format | 06-06-2025 | 2025-00129162 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00447954 | |
| 31-12-2022 | micro format | 14-08-2023 | 2023-00335166 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20356521 |