MARTAN
ActiveSummary
MARTAN has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €434k and a net result of €36k. Equity is growing by ~17% per year across the filed fiscal years. Its solvency ranks better than 57% of 16618 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is < 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability63▼-19
Solvency95▲+1
Growth78=
Track record100
Bankruptcy probability, 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €35k at 30 days acceptable
Liquidity ample (current ratio 5.81 against 5.71 in 2024; short-term debt: 13.4% and cash: 66.7% of total assets), and 29.6% of the assets are financed with debt.
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Signals
Four 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 86
Relative position
BE, all sectors
reference
Human health activities (NACE 86)
about 87% 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
70.4%
Return on assets
5.9%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 17-08-2026, 17 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
17 d late
2024
22 d late
2023
on the day
2022
30 d late
2021
29 d late
2020
29 d late
2019
1 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, micro schema
Equity
€434k▲ 9.1%
2024 · €398k
Total assets
€617k▲ 6.3%
2024 · €580k
Net result
€36k▼ 41.7%
2024 · €62k
Working capital
€397k▲ 2.3%
2024 · €388k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€69k▲ 489%€97k▲ 40.6%€59k▼ 38.9%€99k▲ 66.3%€67k▼ 31.8%
Net result€45k▲ 1,217%€68k▲ 49.3%€35k▼ 48.1%€62k▲ 77.6%€36k▼ 41.7%
Equity€234k▲ 24.0%€301k▲ 28.9%€335k▲ 11.4%€398k▲ 18.6%€434k▲ 9.1%
Total assets€381k▲ 17.7%€467k▲ 22.5%€476k▲ 2.1%€580k▲ 21.8%€617k▲ 6.3%
Debt€147k▲ 9.0%€166k▲ 12.3%€141k▼ 14.9%€183k▲ 29.5%€183k▲ 0.1%
Working capital€233k▲ 26.0%€300k▲ 28.8%€340k▲ 13.2%€388k▲ 14.4%€397k▲ 2.3%
Staff (FTE)0.2▼ 33.3%0.9▲ 350%1▲ 11.1%1=1=
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 32% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €617k
Fixed assets
€137k ▲ 25.1%
Current assets
€480k ▲ 1.9%
Equity and liabilities €617k
Equity
€434k ▲ 9.1%
Debt
€183k ▲ 0.1%
Debt's share of the balance-sheet total falls from 31.5% to 29.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€75k▼
2024 · €105k
Cash flow
€44k▼
2024 · €68k
Current ratio
5.81▲
2024 · 5.71
Debt to equity
0.42▼
2024 · 0.46
ROE
8.4%▼
2024 · 15.7%
ROA
5.9%▼
2024 · 10.7%
Interest coverage
4.44▼
2024 · 9.52
Debt ≤ 1 year
€83k=
2024 · €83k
Debt > 1 year
€100k=
2024 · €100k
Income taxes
€20k▼
2024 · €29k
Staff costs
€9k▼
2024 · €12k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €2k | - |
| Remuneration, social security and pensions62 | €4k | €19k | €12k | €12k | €9k | ▼ 23.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10k | €8k | €7k | €6k | €7k | ▲ 23.8% |
| Other operating charges640/8 | €4k | €3k | €3k | €3k | €3k | ▲ 14.8% |
| Gross operating margin9900 | €87k | €126k | €82k | €120k | €87k | ▼ 27.0% |
| Operating profit (loss)9901 | €69k | €97k | €59k | €99k | €67k | ▼ 31.8% |
| Financial income75/76B | €977 | €929 | €3k | €4k | €6k | ▲ 72.1% |
| Recurring financial income75 | €977 | €929 | €3k | €4k | €6k | ▲ 72.1% |
| Financial charges65/66B | €5k | €4k | €9k | €11k | €17k | ▲ 53.1% |
| Recurring financial charges65 | €5k | €4k | €9k | €11k | €17k | ▲ 53.1% |
| Profit (loss) for the period before taxes9903 | €65k | €94k | €53k | €91k | €57k | ▼ 38.0% |
| Income taxes67/77 | €20k | €26k | €18k | €29k | €20k | ▼ 30.1% |
| Profit (loss) for the period9904 | €45k | €68k | €35k | €62k | €36k | ▼ 41.7% |
| Transfer from tax-exempt reserves789 | €8k | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €53k | €68k | €35k | €62k | €36k | ▼ 41.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €381k | €467k | €476k | €580k | €617k | ▲ 6.3% |
| Fixed assets21/28 | €102k | €101k | €96k | €109k | €137k | ▲ 25.1% |
| Tangible fixed assets22/27 | €102k | €101k | €95k | €109k | €136k | ▲ 25.2% |
| Land and buildings22 | €92k | €88k | €85k | €99k | €95k | ▼ 4.2% |
| Plant, machinery and equipment23 | €2k | €1k | €746 | €406 | €66 | ▼ 83.7% |
| Furniture and vehicles24 | €4k | €8k | €6k | €6k | €37k | ▲ 568% |
| Other tangible fixed assets26 | €4k | €4k | €4k | €4k | €4k | = |
| Financial fixed assets28 | €500 | €500 | €500 | €500 | €500 | = |
| Current assets29/58 | €279k | €365k | €380k | €471k | €480k | ▲ 1.9% |
| Amounts receivable within one year40/41 | €4k | €0 | €491 | €9k | €11k | ▲ 22.2% |
| Trade receivables40 | €4k | €0 | €409 | €4k | €0 | ▼ 100% |
| Other amounts receivable41 | €0 | - | €82 | €6k | €11k | ▲ 106% |
| Current investments50/53 | €39k | €46k | €51k | €55k | €51k | ▼ 7.5% |
| Cash at bank and in hand54/58 | €234k | €315k | €324k | €404k | €411k | ▲ 1.7% |
| Deferred charges and accrued income490/1 | €2k | €5k | €5k | €2k | €6k | ▲ 193% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €381k | €467k | €476k | €580k | €617k | ▲ 6.3% |
| Equity10/15 | €234k | €301k | €335k | €398k | €434k | ▲ 9.1% |
| Contributions10/11 | €13k | €13k | €13k | €13k | €13k | = |
| Reserves13 | €221k | €288k | €322k | €385k | €421k | ▲ 9.4% |
| Non-distributable reserves130/1 | €10k | €10k | €0 | - | - | - |
| Reserves not available under the articles1311 | €10k | €10k | €0 | - | - | - |
| Tax-exempt reserves132 | €0 | - | - | - | - | - |
| Distributable reserves133 | €210k | €278k | €322k | €385k | €421k | ▲ 9.4% |
| Profit (loss) carried forward14 | - | - | €0 | €0 | - | - |
| Amounts payable17/49 | €147k | €166k | €141k | €183k | €183k | ▲ 0.1% |
| Amounts payable after more than one year17 | €100k | €100k | €100k | €100k | €100k | = |
| Other amounts payable178/9 | €100k | €100k | €100k | €100k | €100k | = |
| Amounts payable within one year42/48 | €46k | €66k | €41k | €83k | €83k | = |
| Current portion of amounts payable after more than one year42 | €3k | €0 | - | - | - | - |
| Financial debts43 | €10 | €3k | €0 | - | - | - |
| Credit institutions430/8 | €10 | €3k | €0 | - | - | - |
| Trade debts44 | €6k | €792 | €6k | €11k | €1k | ▼ 90.8% |
| Suppliers440/4 | €6k | €792 | €6k | €11k | €1k | ▼ 90.8% |
| Taxes, remuneration and social security45 | €15k | €33k | €11k | €18k | €18k | ▼ 2.0% |
| Taxes450/3 | €14k | €32k | €10k | €16k | €17k | ▲ 0.3% |
| Remuneration and social security454/9 | €457 | €1k | €2k | €2k | €1k | ▼ 23.3% |
| Other amounts payable47/48 | €22k | €29k | €24k | €53k | €64k | ▲ 20.2% |
| Accrued charges and deferred income492/3 | €2k | €0 | - | - | €152 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €45k | €68k | €35k | €62k | €36k | ▼ 41.7% |
| + Depreciation and write-downs630 | €10k | €8k | €7k | €6k | €7k | ▲ 23.8% |
| Operating cash flow (approximation) | €56k | €75k | €42k | €68k | €44k | ▼ 35.9% |
| Investment in fixed assets (approximation) | - | €-7k | €-2k | €-19k | €-35k | ▼ 79.2% |
| Change in cash | - | €81k | €9k | €80k | €7k | ▼ 91.2% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
More with these figures Sector benchmark What changed Value indication
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
17-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 17 days late
2025
22-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 22 days late
2024
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 30 days late
2022
31-12
Financial
Highest result since 2018net €68k ▲49.3%
Net result €68k, the highest in the series.
29-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 29 days late
2021
31-12
Financial
Equity above €200kEq €234k ▲24%
4 profitable years in a row build equity to €234k.
29-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 29 days late
2020
31-12
Financial
Weakest financial yearnet €3k ▼94.9%
Net result drops to €3k, the lowest in the series; recovery starts the following year.
31-12
Financial
Liquidity quadruplescurrent ratio 6.25
Current ratio from 1.61 to 6.25; short-term debt falls from €118k to €35k.
30-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Equity above €150kEq €185k ▲56.6%
2 profitable years in a row build equity to €185k.
Show earlier events
27-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 27 days late
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
31-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
5 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, Tienen · 1 establishment unit since 2004
Ground area
2,374 m²
Building footprint
176 m²
Volume, LiDAR
1,116 m³
Parcel 24015M0041/00D000, Flanders · tallest building 11.0 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Martan
since 20042.286.362.749
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24015M0041/00D000 | Flanders | 2,374 m² | 1 · 176 m² | 11.0 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
967600H4SHLPQY529O10
Similar companies · same sector, comparable size
ORTE
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MAR DENTAL
BE 0821.725.107
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Of 6,944 companies in sector 86230 we hold annual accounts for 4,293. 3,564 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
Founded23-07-2004
Fiscal year end31-12
Activities, NACEBEL 2025
86230Dental practice
Scores and ratios are computed by Checked and are not a credit decision.