MARNO
ActiveSummary
MARNO has been active since 1996 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €3.96M and a net result of €160k. Equity is growing by ~12.6% per year across the filed fiscal years. Its solvency ranks better than 59% of 9234 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability41▼-1
Solvency68▲+4
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €260k at 30 days acceptable
Liquidity short (current ratio 0.49 against 0.23 in 2024; short-term debt: 27.8% and cash: 0.6% of total assets), and 57% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer 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
43%
Return on assets
1.7%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-07-2026, 4 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
4 d early
2024
35 d early
2023
40 d early
2022
6 d early
2021
12 d early
2020
64 d early
2019
45 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€3.96M▲ 16.7%
2024 · €3.39M
2018: €1.72Mlowest in 8 years
2019: €1.75M▲ +1.7% vs 2018
2020: €1.81M▲ +3.4% vs 2019
2021: €1.93M▲ +6.4% vs 2020
2022: €2.30M▲ +19.2% vs 2021
2023: €2.45M▲ +6.6% vs 2022
2024: €3.39M▲ +38.5% vs 2023
2025: €3.96M▲ +16.7% vs 2024highest in 8 years
2018 → 2025
Total assets
€9.21M▲ 6.4%
2024 · €8.65M
2018: €3.41Mlowest in 8 years
2019: €3.53M▲ +3.6% vs 2018
2020: €3.60M▲ +2.1% vs 2019
2021: €4.57M▲ +26.8% vs 2020
2022: €5.00M▲ +9.6% vs 2021
2023: €5.07M▲ +1.4% vs 2022
2024: €8.65M▲ +70.6% vs 2023
2025: €9.21M▲ +6.4% vs 2024highest in 8 years
2018 → 2025
Net result
€160k▲ 11.6%
2024 · €143k
2018: €24klowest in 8 years
2019: €30k▲ +27.1% vs 2018
2020: €59k▲ +97.8% vs 2019
2021: €116k▲ +95.7% vs 2020
2022: €370k▲ +220% vs 2021highest in 8 years
2023: €152k▼ -58.9% vs 2022
2024: €143k▼ -5.9% vs 2023
2025: €160k▲ +11.6% vs 2024
2018 → 2025
Working capital
€-1.30M▲ 28.3%
2024 · €-1.81M
2018: €-48k
2019: €11k▲ +123% vs 2018
2020: €187k▲ +1623% vs 2019highest in 8 years
2021: €-1.28M▼ -782% vs 2020
2022: €-727k▲ +43.0% vs 2021
2023: €-585k▲ +19.5% vs 2022
2024: €-1.81M▼ -209% vs 2023lowest in 8 years
2025: €-1.30M▲ +28.3% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€1.93M-€2.30M▲ 19.2%€2.45M▲ 6.6%€3.39M▲ 38.5%€3.96M▲ 16.7%
2021: €1.93Mlowest in 5 years
2022: €2.30M▲ +19.2% vs 2021
2023: €2.45M▲ +6.6% vs 2022
2024: €3.39M▲ +38.5% vs 2023
2025: €3.96M▲ +16.7% vs 2024highest in 5 years
Operating result€254k-€595k▲ 134%€311k▼ 47.8%€418k▲ 34.6%€436k▲ 4.3%
2021: €254klowest in 5 years
2022: €595k▲ +134% vs 2021highest in 5 years
2023: €311k▼ -47.8% vs 2022
2024: €418k▲ +34.6% vs 2023
2025: €436k▲ +4.3% vs 2024
Net result€116k-€370k▲ 220%€152k▼ 58.9%€143k▼ 5.9%€160k▲ 11.6%
2021: €116klowest in 5 years
2022: €370k▲ +220% vs 2021highest in 5 years
2023: €152k▼ -58.9% vs 2022
2024: €143k▼ -5.9% vs 2023
2025: €160k▲ +11.6% vs 2024
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 4% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.21M
Fixed assets
€7.95M ▼ 2.1%
Current assets
€1.26M ▲ 135%
Equity and liabilities €9.21M
Equity
€3.96M ▲ 16.7%
Provisions
€207k ▲ 165%
Debt
€5.05M ▼ 2.6%
Debt's share of the balance-sheet total falls from 59.9% to 54.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€604k▲
2024 · €593k
Cash flow
€327k▲
2024 · €318k
Current ratio
0.49▲
2024 · 0.23
Debt to equity
1.27▼
2024 · 1.53
ROE
4.0%▼
2024 · 4.2%
ROA
1.7%▲
2024 · 1.7%
Interest coverage
2.45▼
2024 · 2.50
Debt ≤ 1 year
€2.56M▲
2024 · €2.34M
Debt > 1 year
€2.29M▼
2024 · €2.64M
Income taxes
€64k▲
2024 · €51k
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 · 2025 against 2024 · 58 lines
Balance sheet
Code20242025
Assets
Total assets20/58€8.65M€9.21M▲
Fixed assets21/28€8.12M€7.95M▼
Tangible fixed assets22/27€5.91M€5.75M▼
Land and buildings22€5.90M€5.74M▼
Plant, machinery and equipment23€10k€7k▼
Furniture and vehicles24€1k€371▼
Financial fixed assets28€2.20M€2.20M=
Current assets29/58€537k€1.26M▲
Amounts receivable within one year40/41€14k€43k▲
Trade receivables40€0€29k▲
Other amounts receivable41€14k€14k▲
Current investments50/53€395k€1.16M▲
Cash at bank and in hand54/58€89k€54k▼
Deferred charges and accrued income490/1€38k€9k▼
Equity and liabilities
Total equity and liabilities10/49€8.65M€9.21M▲
Equity10/15€3.39M€3.96M▲
Contributions10/11€1.80M€1.80M=
Capital10€1.80M€1.80M=
Issued capital100€1.80M€1.80M=
Reserves13€1.59M€2.16M▲
Non-distributable reserves130/1€90k€90k=
Legal reserve130€90k€90k=
Tax-exempt reserves132€234k€620k▲
Distributable reserves133€1.27M€1.45M▲
Provisions and deferred taxes16€78k€207k▲
Deferred taxes168€78k€207k▲
Amounts payable17/49€5.18M€5.05M▼
Amounts payable after more than one year17€2.64M€2.29M▼
Financial debts170/4€2.61M€2.28M▼
Other amounts payable178/9€25k€11k▼
Amounts payable within one year42/48€2.34M€2.56M▲
Current portion of amounts payable after more than one year42€327k€333k▲
Financial debts43€98k€127k▲
Other loans439€98k€127k▲
Trade debts44€2k€28k▲
Suppliers440/4€2k€28k▲
Taxes, remuneration and social security45€4k€6k▲
Taxes450/3€4k€6k▲
Other amounts payable47/48€1.91M€2.06M▲
Accrued charges and deferred income492/3€201k€197k▼
Income statement
Code20242025
Non-recurring operating income76A-€6k
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€175k€167k▼
Other operating charges640/8€78k€77k▼
Gross operating margin9900€672k€680k▲
Operating profit (loss)9901€418k€436k▲
Financial income75/76B€12k€27k▲
Recurring financial income75€12k€27k▲
Financial charges65/66B€238k€246k▲
Recurring financial charges65€238k€246k▲
Profit (loss) for the period before taxes9903€192k€217k▲
Transfer from deferred taxes780€2k€7k▲
Income taxes67/77€51k€64k▲
Profit (loss) for the period9904€143k€160k▲
Transfer from tax-exempt reserves789€6k€20k▲
Profit (loss) for the period to be appropriated9905€149k€179k▲
Appropriation of the result
Profit (loss) to be appropriated9906€149k€179k▲
Transfer to equity691/2€149k€179k▲
To other reserves6921€149k€179k▲
The notes to these accounts (15 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €6k | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €196k | €157k | €119k | €175k | €167k | ▼ 4.3% |
| Other operating charges640/8 | €50k | €51k | €53k | €78k | €77k | ▼ 2.0% |
| Gross operating margin9900 | €500k | €803k | €483k | €672k | €680k | ▲ 1.3% |
| Operating profit (loss)9901 | €254k | €595k | €311k | €418k | €436k | ▲ 4.3% |
| Financial income75/76B | €240 | €109 | €18k | €12k | €27k | ▲ 135% |
| Recurring financial income75 | €240 | €109 | €18k | €12k | €27k | ▲ 135% |
| Financial charges65/66B | €100k | €96k | €122k | €238k | €246k | ▲ 3.7% |
| Recurring financial charges65 | €100k | €96k | €122k | €238k | €246k | ▲ 3.7% |
| Profit (loss) for the period before taxes9903 | €154k | €499k | €206k | €192k | €217k | ▲ 12.8% |
| Transfer from deferred taxes780 | - | - | €591 | €2k | €7k | ▲ 246% |
| Transfer to deferred taxes680 | - | €81k | €0 | - | - | - |
| Income taxes67/77 | €38k | €48k | €55k | €51k | €64k | ▲ 24.8% |
| Profit (loss) for the period9904 | €116k | €370k | €152k | €143k | €160k | ▲ 11.6% |
| Transfer from tax-exempt reserves789 | - | - | €2k | €6k | €20k | ▲ 246% |
| Transfer to tax-exempt reserves689 | - | €242k | €0 | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €116k | €129k | €154k | €149k | €179k | ▲ 20.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.57M | €5.00M | €5.07M | €8.65M | €9.21M | ▲ 6.4% |
| Fixed assets21/28 | €4.40M | €4.18M | €4.06M | €8.12M | €7.95M | ▼ 2.1% |
| Tangible fixed assets22/27 | €2.19M | €1.97M | €1.85M | €5.91M | €5.75M | ▼ 2.8% |
| Land and buildings22 | €2.02M | €1.95M | €1.83M | €5.90M | €5.74M | ▼ 2.8% |
| Plant, machinery and equipment23 | €151k | €21k | €16k | €10k | €7k | ▼ 32.6% |
| Furniture and vehicles24 | €18k | €3k | €2k | €1k | €371 | ▼ 71.7% |
| Financial fixed assets28 | €2.20M | €2.20M | €2.20M | €2.20M | €2.20M | = |
| Current assets29/58 | €171k | €829k | €1.02M | €537k | €1.26M | ▲ 135% |
| Amounts receivable within one year40/41 | €8k | €12k | €20k | €14k | €43k | ▲ 206% |
| Trade receivables40 | €8k | €8 | €7k | €0 | €29k | - |
| Other amounts receivable41 | - | €12k | €13k | €14k | €14k | ▲ 0.4% |
| Current investments50/53 | €113k | €747k | €764k | €395k | €1.16M | ▲ 193% |
| Cash at bank and in hand54/58 | €32k | €65k | €220k | €89k | €54k | ▼ 39.8% |
| Deferred charges and accrued income490/1 | €17k | €4k | €14k | €38k | €9k | ▼ 75.6% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.57M | €5.00M | €5.07M | €8.65M | €9.21M | ▲ 6.4% |
| Equity10/15 | €1.93M | €2.30M | €2.45M | €3.39M | €3.96M | ▲ 16.7% |
| Contributions10/11 | €1.00M | €1.00M | €1.00M | €1.80M | €1.80M | = |
| Capital10 | €1.00M | €1.00M | €1.00M | €1.80M | €1.80M | = |
| Issued capital100 | €1.00M | €1.00M | €1.00M | €1.80M | €1.80M | = |
| Reserves13 | €80k | €1.30M | €1.45M | €1.59M | €2.16M | ▲ 35.5% |
| Non-distributable reserves130/1 | €80k | €90k | €90k | €90k | €90k | = |
| Legal reserve130 | €80k | €90k | €90k | €90k | €90k | = |
| Tax-exempt reserves132 | - | €242k | €240k | €234k | €620k | ▲ 165% |
| Distributable reserves133 | - | €967k | €1.12M | €1.27M | €1.45M | ▲ 14.1% |
| Profit (loss) carried forward14 | €848k | €0 | - | - | - | - |
| Provisions and deferred taxes16 | - | €81k | €80k | €78k | €207k | ▲ 165% |
| Deferred taxes168 | - | €81k | €80k | €78k | €207k | ▲ 165% |
| Amounts payable17/49 | €2.64M | €2.63M | €2.54M | €5.18M | €5.05M | ▼ 2.6% |
| Amounts payable after more than one year17 | €1.18M | €1.06M | €929k | €2.64M | €2.29M | ▼ 13.2% |
| Financial debts170/4 | €1.18M | €1.05M | €918k | €2.61M | €2.28M | ▼ 12.8% |
| Other amounts payable178/9 | €5k | €11k | €11k | €25k | €11k | ▼ 54.6% |
| Amounts payable within one year42/48 | €1.45M | €1.56M | €1.60M | €2.34M | €2.56M | ▲ 9.2% |
| Current portion of amounts payable after more than one year42 | €129k | €129k | €130k | €327k | €333k | ▲ 1.9% |
| Financial debts43 | €133k | €138k | €144k | €98k | €127k | ▲ 29.7% |
| Other loans439 | €133k | €138k | €144k | €98k | €127k | ▲ 29.7% |
| Trade debts44 | €5k | €38k | €36k | €2k | €28k | ▲ 1,401% |
| Suppliers440/4 | €5k | €38k | €36k | €2k | €28k | ▲ 1,401% |
| Taxes, remuneration and social security45 | €55k | €68k | €38k | €4k | €6k | ▲ 31.3% |
| Taxes450/3 | €55k | €68k | €38k | €4k | €6k | ▲ 31.3% |
| Other amounts payable47/48 | €1.13M | €1.18M | €1.26M | €1.91M | €2.06M | ▲ 7.9% |
| Accrued charges and deferred income492/3 | €10k | €11k | €12k | €201k | €197k | ▼ 2.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €116k | €370k | €152k | €143k | €160k | ▲ 11.6% |
| + Depreciation and write-downs630 | €196k | €157k | €119k | €175k | €167k | ▼ 4.3% |
| Operating cash flow (approximation) | €312k | €527k | €271k | €318k | €327k | ▲ 2.8% |
| Investment in fixed assets (approximation) | - | €64k | €0 | €-4.24M | €792 | ▲ 100% |
| Change in cash | - | €34k | €155k | €-131k | €-36k | ▲ 72.8% |
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
27-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
26-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
21-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
25-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Highest result since 2018net €370k ▲220%
Operating result €595k, net result €370k, both a record.
31-12
Financial
Equity above €2MEq €2.30M ▲19.2%
5 profitable years in a row build equity to €2.30M.
19-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
28-05
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
16-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-05
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
29-05
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
30-05
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 8 acts read
About the unread acts
We know of 8 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
8 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, Wichelen · 1 establishment unit since 1996
Ground area
2.9 ha
Building footprint
743 m²
Volume, LiDAR
4,801 m³
2 parcels, Flanders · tallest building 12.0 m, ±2 floors. Linked by address, not a title deed.
6
companies at this address
See who is registered here
1 establishment unit
MARNO NV
since 19962.078.891.924
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42026B0573/00T000 | Flanders | 2.7 ha | 1 · 462 m² | 12.0 m · 2 fl. |
| 42026C0001/00H000 | Flanders | 1,611 m² | 1 · 281 m² | 9.9 m · 2 fl. |
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.
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Of 9,136 companies in sector 68201 we hold annual accounts for 6,765. 3,460 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded21-10-1996
Fiscal year end31-12
Activities, NACEBEL 2025
68201Renting and operating of own or leased residential real estate, excluding social housing
Scores and ratios are computed by Checked and are not a credit decision.