MARTEC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 30 filings
Turnover
€505,306▲ 27.0%
2020 · €397,859
EBIT margin
6.2%▲ 2.7pp
2020 · 3.4%
Net result
-€55,005
2024 · €29,060
Working capital
€26,469▼ 68.8%
2024 · €84,744
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€53,374
2025
20182025
Net result
-€55,005
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€26,138
▼ 67.8%
2025
middle half of the sector
20182025
Total assets
€116,032
▼ 44.4%
2025
middle half of the sector
20182025
Debt
€89,893
▼ 29.5%
2025
20182025
Working capital
€26,469
▼ 68.8%
2025
middle half of the sector
20182025
Solvency
22.5%
▼ 16.4pp
2025
middle half of the sector
20182025
Current ratio
1.31
▼ 0.38
2025
middle half of the sector
20182025
Return on assets (ROA)
-47.4%
▼ 61.3pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€491,804-€374,099▼ 23.9%€397,859▲ 6.4%€505,306▲ 27.0%
Operating result-€21,829--€21,541▲ 1.3%€13,681€31,147▲ 128%-€8,759€4,214€41,363▲ 882%-€53,374
Net result-€24,398--€22,478▲ 7.9%€13,398within the sector's middle half€28,772above the sector's middle half▲ 115%-€10,036below the sector's middle half€11,139within the sector's middle half€29,060above the sector's middle half▲ 161%-€55,005below the sector's middle half
EBIT margin-4.4%--5.8%▼ 1.3pp3.4%▲ 9.2pp6.2%▲ 2.7pp
Equity€31,288-€8,810▼ 71.8%€22,208within the sector's middle half▲ 152%€50,980within the sector's middle half▲ 130%€40,944within the sector's middle half▼ 19.7%€52,083within the sector's middle half▲ 27.2%€81,144within the sector's middle half▲ 55.8%€26,138within the sector's middle half▼ 67.8%
Total assets€144,377-€131,157▼ 9.2%€158,030within the sector's middle half▲ 20.5%€148,095within the sector's middle half▼ 6.3%€224,877within the sector's middle half▲ 51.8%€232,246within the sector's middle half▲ 3.3%€208,640within the sector's middle half▼ 10.2%€116,032within the sector's middle half▼ 44.4%
Debt€113,089-€122,347▲ 8.2%€135,822▲ 11.0%€97,115▼ 28.5%€183,933▲ 89.4%€180,163▼ 2.0%€127,496▼ 29.2%€89,893▼ 29.5%
Working capital€19,403-€312▼ 98.4%€19,612within the sector's middle half▲ 63×€51,106within the sector's middle half▲ 161%€46,650within the sector's middle half▼ 8.7%€55,890within the sector's middle half▲ 19.8%€84,744within the sector's middle half▲ 51.6%€26,469within the sector's middle half▼ 68.8%
Solvency21.7%-6.7%▼ 15.0pp14.1%within the sector's middle half▲ 7.3pp34.4%within the sector's middle half▲ 20.4pp18.2%within the sector's middle half▼ 16.2pp22.4%within the sector's middle half▲ 4.2pp38.9%within the sector's middle half▲ 16.5pp22.5%within the sector's middle half▼ 16.4pp
Current ratio1.18-1.00▼ 0.181.15within the sector's middle half▲ 0.151.55within the sector's middle half▲ 0.401.26within the sector's middle half▼ 0.291.32within the sector's middle half▲ 0.061.68within the sector's middle half▲ 0.371.31within the sector's middle half▼ 0.38
Return on assets (ROA)-16.9%--17.1%▼ 0.2pp8.5%within the sector's middle half▲ 25.6pp19.4%above the sector's middle half▲ 11.0pp-4.5%below the sector's middle half▼ 23.9pp4.8%within the sector's middle half▲ 9.3pp13.9%above the sector's middle half▲ 9.1pp-47.4%below the sector's middle half▼ 61.3pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €53,374, after a profit of €41,363 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €116,032
Fixed assets
€3,270
Current assets
€112,762
Equity and liabilities €116,032
Equity
€26,138 ▼ 67.8%
Debt
€89,893 ▼ 29.5%
Debt's share of the balance-sheet total rises from 61.1% to 77.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€53,338
Cash flow
-€54,969
Quick ratio
0.68▼
2024 · 0.71
Debt to equity
3.44▲
2024 · 1.57
ROE
-210.4%▼
2024 · 35.8%
Interest coverage
-52.40
Debt ≤ 1 year
€86,293▼
2024 · €123,896
Debt > 1 year
€3,600=
2024 · €3,600
Income taxes
€613▼
2024 · €11,000
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €3,306 |
| Depreciation and write-downs of the year | €4,129 | €3,580 | €101 | - | €36 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €491,804 | €374,099 | €397,859 | €505,306 | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | - | €6,626 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €468,529 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,294 | €5,931 | €5,762 | €4,129 | €3,580 | €101 | - | €36 | - |
| Other operating charges640/8 | - | - | - | €1,502 | €1,565 | €1,458 | €1,129 | €1,472 | ▲ 30.4% |
| Gross operating margin9900 | -€12,688 | -€13,933 | €20,858 | €36,778 | -€3,613 | €5,772 | €42,492 | -€51,866 | - |
| Operating profit (loss)9901 | -€21,829 | -€21,541 | €13,681 | €31,147 | -€8,759 | €4,214 | €41,363 | -€53,374 | - |
| Financial income75/76B | - | - | - | €1 | €637 | €10,848 | €40 | - | - |
| Recurring financial income75 | €1 | €0 | €0 | €1 | €2 | €0 | €40 | - | - |
| Non-recurring financial income76B | - | - | - | - | €636 | €10,847 | - | - | - |
| Financial charges65/66B | - | - | - | €2,375 | €1,915 | €2,222 | €1,343 | €1,018 | ▼ 24.2% |
| Recurring financial charges65 | €2,680 | €2,342 | €3,433 | €2,375 | €1,915 | €2,222 | €1,343 | €1,018 | ▼ 24.2% |
| Profit (loss) for the period before taxes9903 | -€24,458 | -€22,478 | €14,188 | €28,772 | -€10,036 | €12,839 | €40,060 | -€54,392 | - |
| Income taxes67/77 | -€60 | - | €790 | - | - | €1,700 | €11,000 | €613 | ▼ 94.4% |
| Profit (loss) for the period9904 | -€24,398 | -€22,478 | €13,398 | €28,772 | -€10,036 | €11,139 | €29,060 | -€55,005 | - |
| Profit (loss) for the period to be appropriated9905 | -€24,398 | -€22,478 | €13,398 | €28,772 | -€10,036 | €11,139 | €29,060 | -€55,005 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €144,377 | €131,157 | €158,030 | €148,095 | €224,877 | €232,246 | €208,640 | €116,032 | ▼ 44.4% |
| Fixed assets21/28 | €18,999 | €13,572 | €7,810 | €3,681 | €101 | - | - | €3,270 | - |
| Intangible fixed assets21 | €12,378 | €9,283 | €6,189 | €3,094 | - | - | - | - | - |
| Tangible fixed assets22/27 | €6,621 | €4,289 | €1,621 | €587 | €101 | - | - | €3,270 | - |
| Furniture and vehicles24 | - | - | - | €201 | €101 | - | - | €3,270 | - |
| Other tangible fixed assets26 | - | - | - | €385 | - | - | - | - | - |
| Current assets29/58 | €125,378 | €117,585 | €150,220 | €144,414 | €224,776 | €232,246 | €208,640 | €112,762 | ▼ 46.0% |
| Stocks and contracts in progress3 | €113,075 | €111,017 | €135,809 | €120,189 | €213,247 | €219,468 | €121,258 | €53,922 | ▼ 55.5% |
| Stocks30/36 | - | - | - | €120,189 | €213,247 | €219,468 | €121,258 | €53,922 | ▼ 55.5% |
| Amounts receivable within one year40/41 | €5,507 | €3,225 | €2,050 | €6,021 | €6,370 | €4,400 | €3,042 | €2,800 | ▼ 8.0% |
| Trade receivables40 | - | - | - | €6,021 | €6,370 | €4,400 | €3,042 | €2,800 | ▼ 8.0% |
| Cash at bank and in hand54/58 | €5,954 | €1,572 | €9,726 | €14,693 | €3,754 | €6,227 | €80,214 | €51,228 | ▼ 36.1% |
| Deferred charges and accrued income490/1 | - | - | - | €3,511 | €1,404 | €2,151 | €4,126 | €4,812 | ▲ 16.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €144,377 | €131,157 | €158,030 | €148,095 | €224,877 | €232,246 | €208,640 | €116,032 | ▼ 44.4% |
| Equity10/15 | €31,288 | €8,810 | €22,208 | €50,980 | €40,944 | €52,083 | €81,144 | €26,138 | ▼ 67.8% |
| Contributions10/11 | €18,642 | €18,642 | - | €18,642 | €18,642 | €18,642 | €18,642 | €18,642 | = |
| Reserves13 | €1,864 | €1,864 | €1,864 | €1,864 | €1,864 | €1,864 | €1,864 | €1,864 | = |
| Non-distributable reserves130/1 | - | - | - | €1,864 | €1,864 | €1,864 | €1,864 | €1,864 | = |
| Reserves not available under the articles1311 | - | - | - | €1,864 | €1,864 | €1,864 | €1,864 | €1,864 | = |
| Profit (loss) carried forward14 | €10,782 | -€11,696 | €1,702 | €30,474 | €20,438 | €31,578 | €60,638 | €5,632 | ▼ 90.7% |
| Amounts payable17/49 | €113,089 | €122,347 | €135,822 | €97,115 | €183,933 | €180,163 | €127,496 | €89,893 | ▼ 29.5% |
| Amounts payable after more than one year17 | €3,600 | €3,600 | €3,600 | €3,600 | €3,600 | €3,600 | €3,600 | €3,600 | = |
| Financial debts170/4 | - | - | - | €3,600 | €3,600 | €3,600 | €3,600 | €3,600 | = |
| Amounts payable within one year42/48 | €105,975 | €117,273 | €130,609 | €93,308 | €178,126 | €176,356 | €123,896 | €86,293 | ▼ 30.4% |
| Financial debts43 | - | - | - | - | €40,736 | €11,765 | €7,800 | - | - |
| Other loans439 | - | - | - | - | €40,736 | €11,765 | €7,800 | - | - |
| Trade debts44 | €1,787 | €2,461 | €3,683 | €3,604 | €8,296 | €4,361 | €3,013 | €2,327 | ▼ 22.8% |
| Suppliers440/4 | - | - | - | €3,604 | €8,296 | €4,361 | €3,013 | €2,327 | ▼ 22.8% |
| Advances received on contracts in progress46 | - | - | - | - | - | €6,800 | €15,850 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €8,815 | €11,478 | €19,391 | €27,484 | €5,302 | ▼ 80.7% |
| Taxes450/3 | - | - | - | €8,815 | €11,478 | €19,391 | €27,484 | €5,302 | ▼ 80.7% |
| Other amounts payable47/48 | - | - | - | €80,889 | €117,616 | €134,039 | €69,749 | €78,665 | ▲ 12.8% |
| Accrued charges and deferred income492/3 | - | - | - | €207 | €2,207 | €207 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€24,398 | -€22,478 | €13,398 | €28,772 | -€10,036 | €11,139 | €29,060 | -€55,005 | - |
| + Depreciation and write-downs630 | €6,294 | €5,931 | €5,762 | €4,129 | €3,580 | €101 | - | €36 | - |
| Operating cash flow (approximation) | -€18,105 | -€16,548 | €19,160 | €32,901 | -€6,456 | €11,240 | €29,060 | -€54,969 | - |
| Investment in fixed assets (approximation) | - | -€504 | €0 | €0 | €0 | - | - | - | - |
| Change in cash | - | -€4,382 | €8,154 | €4,966 | -€10,938 | €2,472 | €73,987 | -€28,986 | - |
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, 1,221 companies had the same profile as MARTEC has now. Two years later, 88.6% were still going and 3.8% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
88.6%
was still going
7.4%
stopped otherwise
3.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MARTEC itself: 0.8% 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 1,221 companies, not a prediction for MARTEC. 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.
Latest 10 of 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-07-2026 | 2026-00288483 | |
| 31-12-2024 | micro format | 10-07-2025 | 2025-00253615 | |
| 31-12-2023 | micro format | 13-08-2024 | 2024-00341797 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00293430 | |
| 31-12-2021 | micro format | 17-08-2022 | 2022-20291122 | |
| 31-12-2020 | micro format | 26-08-2021 | 2021-53300529 | |
| 31-12-2019 | micro format | 24-08-2020 | 2020-43300494 | |
| 31-12-2018 | micro format | 28-08-2019 | 2019-51900049 | |
| 31-12-2017 | micro format | 11-06-2018 | 2018-16900160 | |
| 31-12-2016 | micro format | 18-08-2017 | 2017-44500427 |