Equity
€1.3m ▲ 22.5%
MARTHEL has made a profit without a break since 2016.
MARTHEL
Lifetime
20 annual accounts with figures on one time axis, 32 filings since 1994peak €351,084 (2025)
€351,084▲ 37.7%
lowest -€89,046 (2006)
€240,090▼ 6.4%
peak €1.3m (2025)
€1.3m▲ 22.5%
€167,283▼ 25.4%
peak 0.9 FTE (2006)
-not published
Board2 names since 2021
2 directorsFOLLON Christine and 1 other
Documentsfilings and deeds
18-06-202643 days before the deadline
2025abbreviated format
Gross margin from €255,043 to €351,084Equity from €1.1m to €1.3mDebts from €224,365 to €167,283Cash from €65,376 to €321,209
Key points
from the 2025 annual accountsFilings
32 annual accounts since 1994
The last five annual accounts were filed 34 to 43 days before the end of the period.
Position in the sector
88.7%
Higher solvency than 87% of companies in office administrative support. Sector median 41.3% · 2,829 companies.
Checked score
97
Excellent
Financially stronger than 72% of micro companies in office administrative support (NACE 82)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
< 0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.2% across 12,672 companies (NACE 82, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.1%
01-2025: 0.1%● unchanged vs 12-2024
02-2025: 0.1%● unchanged vs 01-2025
03-2025: 0.1%● unchanged vs 02-2025
04-2025: 0.1%● unchanged vs 03-2025
05-2025: 0.1%● unchanged vs 04-2025
06-2025: 0.1%● unchanged vs 05-2025
07-2025: 0.2%▲ +0.1 percentage points vs 06-2025highest value
08-2025: 0.2%● unchanged vs 07-2025highest value
09-2025: 0.2%● unchanged vs 08-2025highest value
10-2025: < 0.1%▼ -0.2 percentage points vs 09-2025
11-2025: < 0.1%● unchanged vs 10-2025
12-2025: < 0.1%● unchanged vs 11-2025
01-2026: < 0.1%● unchanged vs 12-2025
02-2026: < 0.1%● unchanged vs 01-2026
03-2026: < 0.1%● unchanged vs 02-2026
04-2026: < 0.1%● unchanged vs 03-2026
05-2026: < 0.1%● unchanged vs 04-2026
06-2026: < 0.1%● unchanged vs 05-2026
07-2026: < 0.1%● unchanged vs 06-2026
08-2026: 0.1%▲ +0.1 percentage points vs 07-2026
09-2026: 0.1%● unchanged vs 08-2026
10-2026: < 0.1%▼ -0.1 percentage points vs 09-2026lowest value
11-2026: < 0.1%● unchanged vs 10-2026lowest value
Financial strengthStrong
Score breakdown
lowers risk
Liquidity: current ratio 8.67, cash €321,209
Equity €1.3m (88.7% of total assets)
Size: total assets €1.5m
Figures for financial year 2025 (filed on 18-06-2026)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 82, micro). It does better than 88% of them on solvency, 71% on liquidity, 64% on profitability and 67% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 20,137 companies had the same profile as MARTHEL has now. Each dot stands for 51 companies, two years later.
95.1%
were still trading
4.7%
stopped another way
0.2%
went bankrupt
That fits the bankruptcy probability of MARTHEL itself: < 0.1% within 12 months.
Test of the method
The method was tested on the 497,447 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 20,137 companies, not a prediction for MARTHEL. 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.
Credit verdict
Credit of up to €120,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 8.67 (11.29 in 2024), above the usual 1.5. Short-term debt is 10.5% and cash 21.8% of total assets. 11.3% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
5 signals, none raises the risk
Five signals.
lowers riskneutral
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 18-06-2026, 43 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
43 days early
2024
36 days early
2023
36 days early
2022
34 days early
2021
34 days early
2020
39 days early
2019
38 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 37 days before the deadline. In the sector (NACE 82), the median for financial year 2024 was 7 days before the deadline, and 35% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 26 June (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
Shares in 3 companies, including DEVACO and AGORA CULINAIR LIMBUFREEZ
Board & ownershipRecent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0451450569
Registered office moved within Hamont-Achel
New registered office: De Leonaerdtslaan 6.2.1, 3930 Hamont-Achel · Previous registered office: Bandel 22, 3930 Hamont-Achel · Changes of role: GEUSENS Luc (director) and FOLLON Christine (director) · Gazette deed
First establishment
De Leonaerdtslaan 6, Hamont-Achel
Incorporation
published on 06-01-1994 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MARTHEL Hamont-Achel | €1.5m | €351,084 | 88.7% | - |
| European Fruit Juice Association Brussels | €1.7m | €341,842 | 92.3% | 4 |
| C.I.M. Ghent | €1.8m | €351,035 | 20.5% | 0 |
| VERCRAS Torhout | €1.2m | €314,245 | 53.1% | - |
| AGO INTERNATIONAL Kortrijk | €1.5m | €300,046 | 32.7% | - |
| KOOPMANS & KOOPMANS Oudsbergen | €1.7m | €289,356 | 71.3% | - |
| 2IMAGINE Hasselt | €0.9m | €362,803 | 0.7% | - |
These companies have the same main activity as MARTHEL: other business support services (NACE 82990). They are comparable in size and age: total assets between €896,000 and €1.8m, founded between 1989 and 1998.
Official details
Source: KBO- Status
- Active since 15-12-1993Normal situation
- Activity
- Other business support servicesNACE 82990
- Establishment unit
- 2.188.423.0373930 Hamont-Achel, since 01-06-2010
- Financial year end
- 31 December
- Peppol
- Reachable since 13-05-2025
Annual accounts 2025
- ≈ €530,000estimated
- €1.5m▲ 14.1%
- Filing
- Filed on 18-06-2026, 43 days before the end of the filing period
Companies linked to MARTHEL
Subsidiaries and holdings
- Agora Culinair Van Hout10.01%
Insights on MARTHEL
MARTHEL files the abbreviated format. That format states no turnover. The gross margin rose from -€59,879 in 2006 to €351,084 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about MARTHEL
- What is the company number of MARTHEL?
- The company number of MARTHEL is 0451.450.569. The VAT number is the same number with BE in front: BE 0451.450.569.
- Where is MARTHEL based?
- The registered office is at De Leonaerdtslaan 6.2.1, 3930 Hamont-Achel.Company details
- What does MARTHEL do?
- According to the KBO register, the main activity is other business support services (NACE 82990).
- What is the legal form of MARTHEL?
- MARTHEL is a private limited company (BV).
- When was MARTHEL founded?
- MARTHEL was founded on 15-12-1993.
- Is MARTHEL still active?
- Yes, MARTHEL is an active enterprise in the KBO register.
- What is the turnover of MARTHEL?
- The turnover in financial year 2025 is ≈ €530,000. This figure is estimated from the gross margin of €351,084 and 33 comparable companies (NACE 82990). It probably lies between €440,000 and €740,000.Financials
- Is MARTHEL profitable?
- In financial year 2025, MARTHEL made a profit of €240,090.
- Where can I find the annual accounts of MARTHEL?
- MARTHEL filed 32 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of MARTHEL due?
- MARTHEL must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
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