MARNICK
ActiveSummary
MARNICK has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €160,447 and a net result of €35,828. Equity is growing by ~9% per year across the filed fiscal years. Its solvency ranks better than 25% of 28254 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability75▲+2
Solvency48▲+5
Growth78▲+20
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €9,000 at 30 days acceptable
Liquidity short (current ratio 0.79 against 0.64 in 2024; short-term debt: 32.2% and cash: 6.9% of total assets), and 76.7% 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
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
23.3%
Return on assets
5.2%
Age of the figures
12 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 25% of 28254 sector peers (2025).
NBB · sector comparisonPosition among 28254 sector peers
Solvency
better than 25%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 11-02-2026, 78 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
78 d early
2024
42 d early
2023
48 d early
2022
44 d early
2021
36 d early
2020
42 d early
2019
43 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 48 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
28-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€160,447▲ 28.7%
2024 · €124,619
Total assets
€689,480▲ 1.7%
2024 · €678,229
Net result
€35,828▲ 46.5%
2024 · €24,449
Working capital
-€46,263▲ 47.3%
2024 · -€87,770
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€46,090▼ 25.9%€73,623▲ 59.7%€67,510▼ 8.3%€42,276▼ 37.4%€66,658▲ 57.7%
Net result-€21,474below the sector's middle half€3,039within the sector's middle half€51,426above the sector's middle half▲ 1,592%€24,449within the sector's middle half▼ 52.5%€35,828above the sector's middle half▲ 46.5%
Equity€83,153within the sector's middle half▼ 20.5%€48,744within the sector's middle half▼ 41.4%€100,170within the sector's middle half▲ 106%€124,619within the sector's middle half▲ 24.4%€160,447above the sector's middle half▲ 28.7%
Total assets€294,472above the sector's middle half▲ 13.9%€288,265within the sector's middle half▼ 2.1%€649,830above the sector's middle half▲ 125%€678,229above the sector's middle half▲ 4.4%€689,480above the sector's middle half▲ 1.7%
Debt€211,319▲ 37.4%€239,521▲ 13.3%€549,660▲ 129%€553,610▲ 0.7%€529,033▼ 4.4%
Working capital-€2,097below the sector's middle half-€41,799below the sector's middle half▼ 1,893%-€84,949below the sector's middle half▼ 103%-€87,770below the sector's middle half▼ 3.3%-€46,263below the sector's middle half▲ 47.3%
Solvency28.2%within the sector's middle half▼ 12.2pp16.9%below the sector's middle half▼ 11.3pp15.4%below the sector's middle half▼ 1.5pp18.4%below the sector's middle half▲ 3.0pp23.3%below the sector's middle half▲ 4.9pp
Current ratio0.98below the sector's middle half▼ 0.670.77below the sector's middle half▼ 0.210.61below the sector's middle half▼ 0.160.64below the sector's middle half▲ 0.030.79below the sector's middle half▲ 0.15
Return on assets (ROA)-7.3%below the sector's middle half▼ 24.3pp1.1%within the sector's middle half▲ 8.3pp7.9%within the sector's middle half▲ 6.9pp3.6%within the sector's middle half▼ 4.3pp5.2%within the sector's middle half▲ 1.6pp
Staff (FTE)3.2▲ 39.1%2.5▼ 21.9%3.2▲ 28.0%4.1▲ 28.1%4▼ 2.4%
above
within
below
the middle half (P25 to P75) of NACE 43, Specialised construction activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 58% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €689,480
Fixed assets
€513,954 ▼ 1.8%
Current assets
€175,526 ▲ 13.2%
Equity and liabilities €689,480
Equity
€160,447 ▲ 28.7%
Debt
€529,033 ▼ 4.4%
Debt's share of the balance-sheet total falls from 81.6% to 76.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€129,602▲
2024 · €103,142
Cash flow
€98,772▲
2024 · €85,315
Quick ratio
0.37▲
2024 · 0.26
Debt to equity
3.30▼
2024 · 4.44
ROE
22.3%▲
2024 · 19.6%
Interest coverage
8.78▲
2024 · 7.20
Debt ≤ 1 year
€221,789▼
2024 · €242,871
Debt > 1 year
€306,276▼
2024 · €310,099
Income taxes
€16,191▲
2024 · €4,007
Staff costs
€294,516▲
2024 · €263,180
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 3,815 companies that looked in July 2024 the way this one looks now, 0.8% went bankrupt within 24 months and 95% are still going.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
0.8%
went bankrupt
3.8%
stopped otherwise
95%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.9% over twelve months; the group does not contradict it.
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 3,815 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 | - | - | - | €12,418 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | €156,186 | €205,575 | €263,180 | €294,516 | ▲ 11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €42,339 | €51,751 | €55,873 | €60,866 | €62,945 | ▲ 3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €700 | -€427 | ▼ 161% |
| Other operating charges640/8 | - | €2,502 | €3,335 | €4,495 | €5,907 | ▲ 31.4% |
| Non-recurring operating charges66A | - | - | - | - | €18,936 | - |
| Gross operating margin9900 | €245,652 | €284,063 | €332,293 | €371,517 | €448,535 | ▲ 20.7% |
| Operating profit (loss)9901 | €46,090 | €73,623 | €67,510 | €42,276 | €66,658 | ▲ 57.7% |
| Financial income75/76B | - | €116 | €155 | €506 | €121 | ▼ 76.1% |
| Recurring financial income75 | €116 | €116 | €155 | €506 | €121 | ▼ 76.1% |
| Financial charges65/66B | - | €70,141 | €12,817 | €14,325 | €14,760 | ▲ 3.0% |
| Recurring financial charges65 | €81,617 | €70,141 | €12,817 | €14,325 | €14,760 | ▲ 3.0% |
| Profit (loss) for the period before taxes9903 | -€20,644 | €3,599 | €54,848 | €28,456 | €52,018 | ▲ 82.8% |
| Income taxes67/77 | €831 | €560 | €3,422 | €4,007 | €16,191 | ▲ 304% |
| Profit (loss) for the period9904 | -€21,474 | €3,039 | €51,426 | €24,449 | €35,828 | ▲ 46.5% |
| Profit (loss) for the period to be appropriated9905 | -€15,674 | €3,039 | €51,426 | €24,449 | €35,828 | ▲ 46.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €294,472 | €288,265 | €649,830 | €678,229 | €689,480 | ▲ 1.7% |
| Fixed assets21/28 | €176,345 | €149,984 | €516,886 | €523,128 | €513,954 | ▼ 1.8% |
| Tangible fixed assets22/27 | €176,134 | €149,773 | €516,675 | €522,917 | €513,743 | ▼ 1.8% |
| Land and buildings22 | - | - | €398,570 | €388,581 | €374,500 | ▼ 3.6% |
| Plant, machinery and equipment23 | - | €42,885 | €37,542 | €30,231 | €22,510 | ▼ 25.5% |
| Furniture and vehicles24 | - | €66,913 | €51,274 | €86,824 | €106,015 | ▲ 22.1% |
| Leasing and similar rights25 | - | €25,178 | €16,168 | €7,159 | €0 | ▼ 100% |
| Other tangible fixed assets26 | - | €14,798 | €13,121 | €10,121 | €10,718 | ▲ 5.9% |
| Financial fixed assets28 | €211 | €211 | €211 | €211 | €211 | = |
| Current assets29/58 | €118,128 | €138,281 | €132,944 | €155,101 | €175,526 | ▲ 13.2% |
| Stocks and contracts in progress3 | €48,877 | €55,960 | €73,258 | €92,120 | €94,107 | ▲ 2.2% |
| Stocks30/36 | - | €55,960 | €73,258 | €92,120 | €94,107 | ▲ 2.2% |
| Amounts receivable within one year40/41 | €33,085 | €16,699 | €27,089 | €18,717 | €28,947 | ▲ 54.7% |
| Trade receivables40 | - | €9,435 | €13,830 | €14,611 | €16,831 | ▲ 15.2% |
| Other amounts receivable41 | - | €7,264 | €13,259 | €4,106 | €12,116 | ▲ 195% |
| Cash at bank and in hand54/58 | €29,585 | €56,171 | €28,592 | €33,802 | €47,894 | ▲ 41.7% |
| Deferred charges and accrued income490/1 | - | €9,451 | €4,005 | €10,462 | €4,578 | ▼ 56.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €294,472 | €288,265 | €649,830 | €678,229 | €689,480 | ▲ 1.7% |
| Equity10/15 | €83,153 | €48,744 | €100,170 | €124,619 | €160,447 | ▲ 28.7% |
| Contributions10/11 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Outside capital11 | - | €6,200 | - | - | - | - |
| Other1109/19 | - | €6,200 | - | - | - | - |
| Reserves13 | €96,730 | €62,321 | €93,970 | €118,419 | €154,247 | ▲ 30.3% |
| Non-distributable reserves130/1 | - | €6,720 | €6,720 | €0 | - | - |
| Reserves not available under the articles1311 | - | €6,720 | €6,720 | €0 | - | - |
| Distributable reserves133 | - | €55,601 | €87,250 | €118,419 | €154,247 | ▲ 30.3% |
| Profit (loss) carried forward14 | -€19,777 | -€19,777 | €0 | - | - | - |
| Amounts payable17/49 | €211,319 | €239,521 | €549,660 | €553,610 | €529,033 | ▼ 4.4% |
| Amounts payable after more than one year17 | €91,094 | €59,441 | €331,047 | €310,099 | €306,276 | ▼ 1.2% |
| Financial debts170/4 | - | €59,441 | €331,047 | €310,099 | €306,276 | ▼ 1.2% |
| Amounts payable within one year42/48 | €120,225 | €180,079 | €217,893 | €242,871 | €221,789 | ▼ 8.7% |
| Current portion of amounts payable after more than one year42 | - | €38,408 | €54,782 | €62,179 | €83,608 | ▲ 34.5% |
| Trade debts44 | €51,397 | €29,844 | €47,418 | €49,413 | €32,824 | ▼ 33.6% |
| Suppliers440/4 | - | €29,844 | €47,418 | €49,413 | €32,824 | ▼ 33.6% |
| Taxes, remuneration and social security45 | - | €20,412 | €23,798 | €34,326 | €36,006 | ▲ 4.9% |
| Taxes450/3 | - | €4,193 | €3,043 | €7,585 | €5,441 | ▼ 28.3% |
| Remuneration and social security454/9 | - | €16,218 | €20,755 | €26,741 | €30,564 | ▲ 14.3% |
| Other amounts payable47/48 | - | €91,416 | €91,895 | €96,953 | €69,351 | ▼ 28.5% |
| Accrued charges and deferred income492/3 | - | - | €720 | €640 | €968 | ▲ 51.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€21,474 | €3,039 | €51,426 | €24,449 | €35,828 | ▲ 46.5% |
| + Depreciation and write-downs630 | €42,339 | €51,751 | €55,873 | €60,866 | €62,945 | ▲ 3.4% |
| Operating cash flow (approximation) | €20,865 | €54,790 | €107,299 | €85,315 | €98,772 | ▲ 15.8% |
| Investment in fixed assets (approximation) | - | -€25,391 | -€422,775 | -€67,108 | -€53,771 | ▲ 19.9% |
| Change in cash | - | €26,586 | -€27,579 | €5,210 | €14,092 | ▲ 170% |
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
2026
11-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
Financial
Equity above €150,000Eq €160,447 ▲28.7%
4 profitable years in a row build equity to €160,447.
19-03
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
13-03
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-09
Financial
Highest result since 2018net €51,426 ▲1,592%
Net result €51,426, the highest in the series.
30-09
Financial
Equity above €100,000Eq €100,170 ▲106%
2 profitable years in a row build equity to €100,170.
17-03
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-09
Financial
Back to profitnet €3,039
Net result €3,039 after one loss-making year.
25-03
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
19-03
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
30-09
Financial
Back to profitnet €43,847
Net result €43,847 after one loss-making year.
30-09
Financial
Equity above €100,000Eq €104,628 ▲72.1%
Equity rises from €60,781 to €104,628.
Show earlier events
18-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
30-09
Financial
Weakest financial yearnet -€47,949
Net result drops to -€47,949, the lowest in the series; recovery starts the following year.
20-03
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
19-03
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
15-03
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, Heist-op-den-Berg · 2 establishment units since 2001
Ground area
1.2 ha
Building footprint
166 m²
Volume, LiDAR
709 m³
2 parcels, Flanders · tallest building 6.3 m, ±1 floor. Linked by address, not a title deed.
2 establishment units
MARNICK
since 20012.095.384.003
MARNICK
since 20242.358.482.150
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 12017D0342/00W000 | Flanders | 8,408 m² | 1 · 166 m² | 6.2 m · 1 fl. |
| 13016B0006/00D018 | Flanders | 3,405 m² | - | - |
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.
Public money · subsidies and aid
Flemish government
2022 to 2025 · 4 entries · 2,764 EUR awarded · 2,440 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 1,376 EUR | 1,052 EUR |
| 2024 | 1 | 239 EUR | 239 EUR |
| 2023 | 1 | 588 EUR | 588 EUR |
| 2022 | 1 | 561 EUR | 561 EUR |
Recognitions · licences · registrations
Dual-learning approval
1 live approval · 2 endedOnthaal, organisatie en sales duaal (so)
Show 2 ended approvals
Technicus installatietechnieken (vwo)
Technicus installatietechnieken duaal (so)
Legal Entity Identifier
254900M6RUF8TJLYP572
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Of 9,536 companies in sector 43222 we hold annual accounts for 5,669. 4,899 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded26-10-2001
Fiscal year end30-09
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
Contact
E-mail
info@marnickbvba.be
Phone
015/24 76 94
E-invoicing
Reachable via Peppol
Peppol ID
0208:0475981572
Also
9925:BE0475981572
Registered
31-10-2023
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.