Checked.be
Active
BE 0878.788.722Private limited company (pre-2019)
MARS
Rue Planche Pêcheur 38 ·1420 Braine-l'Alleud, Belgium· 20 yrs active
Sector: Other specialised construction activities
(43990)
Conclusion
MARS has been active since 2006 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €12k and a net result of €3k. Equity is shrinking by ~79.3% per year and would, assuming unchanged policy, indicatively turn negative around fiscal year 2027. Its solvency ranks better than 9% of 2906 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Based on the State Gazette, CBE and 3 annual accounts.
Key figures
| Equity | €12k |
| Net result | €3k |
| Better than sector | 9% |
| Active | 20 yrs |
Financial profile
62
/ 100
Strong profile, led by profitability.
All 5 axes are computed from data Checked has read.
Health
51
Profitability
100
Solvency
2
Growth
58
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
Long-established
Founded in 2006, 20 years in business.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
51
/ 100
Fair
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€500
estimate, not credit advice
Score history
41
2022
15
2024
51
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 0.18 (< 1.0)
-10
Quick ratio
Quick ratio 0.18 (< 0.6)
-5
Leverage
Debt/equity 40.87 (> 3.0)
-10
Profitability
ROE 23% (≥ 10%)
+10
Interest coverage
Interest coverage 3.2× (≥ 3×)
+8
Profit trend
Net profit up YoY
+5
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 07-08-2026 with the NBB · fiscal year 2025 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
declining
At this pace, equity would indicatively turn negative around fiscal year 2027, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 43, Specialised construction activities · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 2.4% | 43.3% | |
| Net result | €3k | €13k | |
| Equity | €12k | €44k | |
| Gross operating margin | €59k | €39k | |
| Total assets | €498k | €115k |
€43k
+193.1%
22-25
€3k
-
22-25
€29k
+331.6%
22-25
€498k
-21.4%
22-25
€12k
+29.5%
22-25
€-254k
+28.0%
22-25
€237
-
22-25
€486k
-22.1%
22-25
€312k
-22.7%
22-25
€174k
-21.1%
22-25
0.18
+48.7%
22-25
0.18
+48.7%
22-25
2.4%
+64.7%
22-25
40.87
-39.8%
22-25
22.8%
-
22-25
0.5%
-
22-25
3.22
+98.9%
22-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2022 |
|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema |
| Revenue | - | - | - |
| EBITDA | €43k | €15k | €40k |
| Net profit | €3k | €-29k | €2k |
| Cash flow | €29k | €7k | €29k |
| Staff costs | - | - | - |
| Income taxes | €237 | €-1k | €4k |
| Dividends | - | - | - |
| Total assets | €498k | €634k | €733k |
| Equity | €12k | €9k | €40k |
| Debt | €486k | €625k | €693k |
| of which ≤ 1y | €312k | €404k | €504k |
| of which > 1y | €174k | €221k | €189k |
| Working capital | €-254k | €-353k | €-161k |
| Employees (FTE) | - | - | - |
Ratios (computed)
| 2025 | 2024 | 2022 | |
|---|---|---|---|
| Current ratio | 0.18 | 0.12 | 0.68 |
| Quick ratio | 0.18 | 0.12 | 0.64 |
| Working capital ratio | -51.0% | -55.8% | -22.0% |
| Solvency | 2.4% | 1.5% | 5.5% |
| Debt / equity | 40.87 | 67.94 | 17.22 |
| Long-term debt ratio | 14.66 | 24.04 | 4.69 |
| Interest coverage | 3.22 | 1.62 | 5.86 |
| Gross margin | - | - | - |
| Net margin | - | - | - |
| ROA | 0.5% | -4.5% | 0.3% |
| ROE | 22.8% | -311.3% | 6.0% |
| EBITDA margin | - | - | - |
| Days sales outstanding | - | - | - |
| Days payable outstanding | - | - | - |
| Inventory turnover | - | - | - |
| Days inventory (DSI) | - | - | - |
Balance-sheet composition 2025
Full annual accounts (24 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2022 |
|---|---|---|---|---|
| Balance sheet, Assets | ||||
| TOTAL ASSETS | 20/58 | €498k | €634k | €733k |
| Fixed assets | 21/28 | €441k | €584k | €390k |
| Tangible fixed assets | 22/27 | €441k | €584k | €390k |
| Current assets | 29/58 | €58k | €50k | €343k |
| Stocks & contracts in progress | 3 | - | - | €21k |
| Amounts receivable within one year | 40/41 | €55k | €50k | €56k |
| Cash & bank | 54/58 | €400 | €39 | €265k |
| Balance sheet, Equity & liabilities | ||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €498k | €634k | €733k |
| Equity | 10/15 | €12k | €9k | €40k |
| Contributions / capital | 10/11 | €19k | €19k | €19k |
| Reserves | 13 | €2k | €2k | €2k |
| Accumulated profits (losses) | 14 | €-9k | €-11k | €20k |
| Amounts payable | 17/49 | €486k | €625k | €693k |
| Amounts payable after one year | 17 | €174k | €221k | €189k |
| Amounts payable within one year | 42/48 | €312k | €404k | €504k |
| Trade debts payable within one year | 44 | €17k | €1k | €30k |
| Income statement | ||||
| Gross operating margin | 9900 | €59k | €29k | €44k |
| Operating result | 9901 | €16k | €-21k | €13k |
| Financial income | 75 | €15 | €99 | €14 |
| Financial charges | 65 | €13k | €9k | €7k |
| Result before taxes | 9903 | €3k | €-30k | €6k |
| Income taxes | 67/77 | €237 | €-1k | €4k |
| Net result for the period | 9904 | €3k | €-29k | €2k |
| Result to be appropriated | 9905 | €3k | €-29k | €2k |
Legal Structure
| NACE primary | Other specialised construction activities(43990) |
| Legal form | Private limited company (pre-2019)(015) |
| Incorporation | 20-01-2006 |
| Status | Active |
| Postal code | 1420 |
Establishment units
MARS
since 20062.153.842.636
Updates
Next filing, fiscal year 2026, expected by
2026
07-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 7 days late
2025
31-12
Financial
Back to profitnet €3k
Net result €3k after one loss-making year.
26-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 57 days late
2024
31-12
Financial
Weakest financial yearnet €-29k ▼1293%
Net result drops to €-29k, the lowest in the series; recovery starts the following year.
2023
01-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 32 days late
2022
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 31 days late
2020
03-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 34 days late
2019
19-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 19 days late
2018
08-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
18-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
2016
11-08
NBB filing
Annual accounts filed
fiscal year 2015 · full schema · 11 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
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.
Credit advice
Company registry (CBE)
Activities
Other specialised construction activities43990Specialised construction activities4399945250
Names & trade names
| Legal nameFR | MARS |
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