MARTINA
ActiveSummary
MARTINA has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €49,226 and a net result of €13,213. Equity is growing by ~10.4% per year across the filed fiscal years. Its solvency ranks better than 65% of 316 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability90▼-2
Solvency87▼-13
Growth78=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €4,000 at 30 days acceptable
Liquidity ample (current ratio 2.21 against 4.28 in 2024; short-term debt: 37.7% and cash: 70.8% of total assets), and 37.7% 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 02
Relative position
BE, all sectors
reference
Forestry and logging (NACE 02)
about 55% 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
62.3%
Return on assets
16.7%
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 26-05-2026, 66 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
66 d early
2024
23 d early
2023
36 d early
2022
83 d early
2021
94 d early
2020
53 d early
2019
127 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 69 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 37% of the sector filed late.
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
€49,226▼ 25.0%
2024 · €65,666
Total assets
€79,009▼ 0.5%
2024 · €79,386
Net result
€13,213▼ 11.3%
2024 · €14,902
Working capital
€36,162▼ 19.8%
2024 · €45,070
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 02, Forestry and logging, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€12,983▲ 42.0%€16,687▲ 28.5%€20,699▲ 24.0%€20,814▲ 0.6%€18,344▼ 11.9%
Net result€9,056within the sector's middle half▲ 35.2%€12,040within the sector's middle half▲ 33.0%€14,912within the sector's middle half▲ 23.8%€14,902within the sector's middle half▼ 0.1%€13,213within the sector's middle half▼ 11.3%
Equity€42,487within the sector's middle half=€47,466within the sector's middle half▲ 11.7%€60,793within the sector's middle half▲ 28.1%€65,666within the sector's middle half▲ 8.0%€49,226within the sector's middle half▼ 25.0%
Total assets€55,720below the sector's middle half▲ 4.0%€66,802below the sector's middle half▲ 19.9%€70,680below the sector's middle half▲ 5.8%€79,386below the sector's middle half▲ 12.3%€79,009below the sector's middle half▼ 0.5%
Debt€13,233▲ 19.8%€19,336▲ 46.1%€9,887▼ 48.9%€13,720▲ 38.8%€29,783▲ 117%
Working capital€32,132▲ 10.1%€11,992▼ 62.7%€33,376▲ 178%€45,070▲ 35.0%€36,162▼ 19.8%
Solvency76.3%within the sector's middle half▼ 3.1pp71.1%within the sector's middle half▼ 5.2pp86.0%above the sector's middle half▲ 15.0pp82.7%above the sector's middle half▼ 3.3pp62.3%within the sector's middle half▼ 20.4pp
above
within
below
the middle half (P25 to P75) of NACE 02, Forestry and logging, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 12% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €79,009
Fixed assets
€13,064 ▼ 36.6%
Current assets
€65,945 ▲ 12.2%
Equity and liabilities €79,009
Equity
€49,226 ▼ 25.0%
Debt
€29,783 ▲ 117%
Debt's share of the balance-sheet total rises from 17.3% to 37.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€25,875▼
2024 · €28,502
Cash flow
€20,744▼
2024 · €22,589
Current ratio
2.21▼
2024 · 4.28
Debt to equity
0.61▲
2024 · 0.21
ROE
26.8%▲
2024 · 22.7%
ROA
16.7%▼
2024 · 18.8%
Interest coverage
157.48▼
2024 · 188.15
Debt ≤ 1 year
€29,783▲
2024 · €13,720
Income taxes
€5,026▼
2024 · €5,761
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,672 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.6%
went bankrupt
3.9%
stopped otherwise
95%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 34,672 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €413 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,229 | €5,482 | €10,427 | €7,687 | €7,531 | ▼ 2.0% |
| Other operating charges640/8 | €895 | €1,214 | €885 | €1,021 | €734 | ▼ 28.2% |
| Gross operating margin9900 | €18,107 | €23,383 | €32,011 | €29,523 | €26,609 | ▼ 9.9% |
| Operating profit (loss)9901 | €12,983 | €16,687 | €20,699 | €20,814 | €18,344 | ▼ 11.9% |
| Financial income75/76B | - | - | - | €0 | €59 | ▲ 589,000% |
| Recurring financial income75 | - | - | - | €0 | €59 | ▲ 589,000% |
| Financial charges65/66B | €610 | €138 | €242 | €151 | €164 | ▲ 8.5% |
| Recurring financial charges65 | €610 | €138 | €242 | €151 | €164 | ▲ 8.5% |
| Profit (loss) for the period before taxes9903 | €12,374 | €16,550 | €20,456 | €20,663 | €18,238 | ▼ 11.7% |
| Income taxes67/77 | €3,318 | €4,509 | €5,544 | €5,761 | €5,026 | ▼ 12.8% |
| Profit (loss) for the period9904 | €9,056 | €12,040 | €14,912 | €14,902 | €13,213 | ▼ 11.3% |
| Profit (loss) for the period to be appropriated9905 | €9,056 | €12,040 | €14,912 | €14,902 | €13,213 | ▼ 11.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €55,720 | €66,802 | €70,680 | €79,386 | €79,009 | ▼ 0.5% |
| Fixed assets21/28 | €10,755 | €36,274 | €28,283 | €20,595 | €13,064 | ▼ 36.6% |
| Tangible fixed assets22/27 | €10,755 | €36,274 | €28,283 | €20,595 | €13,064 | ▼ 36.6% |
| Plant, machinery and equipment23 | €7,911 | €5,051 | €3,810 | €2,872 | €1,935 | ▼ 32.6% |
| Furniture and vehicles24 | €2,844 | €31,223 | €24,473 | €17,723 | €11,129 | ▼ 37.2% |
| Current assets29/58 | €44,965 | €30,528 | €42,397 | €58,791 | €65,945 | ▲ 12.2% |
| Amounts receivable within one year40/41 | €1,302 | €7,146 | €14,268 | €19,844 | €7,730 | ▼ 61.0% |
| Trade receivables40 | €418 | €0 | €12,780 | €18,912 | €2,556 | ▼ 86.5% |
| Other amounts receivable41 | €884 | €7,146 | €1,488 | €931 | €5,174 | ▲ 456% |
| Cash at bank and in hand54/58 | €37,840 | €18,315 | €22,964 | €36,656 | €55,923 | ▲ 52.6% |
| Deferred charges and accrued income490/1 | €5,824 | €5,068 | €5,165 | €2,292 | €2,292 | = |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €55,720 | €66,802 | €70,680 | €79,386 | €79,009 | ▼ 0.5% |
| Equity10/15 | €42,487 | €47,466 | €60,793 | €65,666 | €49,226 | ▼ 25.0% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €36,287 | €41,266 | €54,593 | €59,466 | €43,026 | ▼ 27.6% |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | €34,427 | €39,406 | €54,593 | €59,466 | €43,026 | ▼ 27.6% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €13,233 | €19,336 | €9,887 | €13,720 | €29,783 | ▲ 117% |
| Amounts payable within one year42/48 | €12,833 | €18,536 | €9,021 | €13,720 | €29,783 | ▲ 117% |
| Trade debts44 | €503 | €4,142 | €4,522 | €364 | €130 | ▼ 64.2% |
| Suppliers440/4 | €503 | €4,142 | €4,522 | €364 | €130 | ▼ 64.2% |
| Taxes, remuneration and social security45 | €2,843 | €6,852 | €1,069 | €3,328 | €0 | ▼ 100% |
| Taxes450/3 | €1,343 | €3,852 | €1,069 | €3,328 | €0 | ▼ 100% |
| Remuneration and social security454/9 | €1,500 | €3,000 | €0 | - | - | - |
| Other amounts payable47/48 | €9,487 | €7,542 | €3,430 | €10,028 | €29,652 | ▲ 196% |
| Accrued charges and deferred income492/3 | €400 | €800 | €866 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,056 | €12,040 | €14,912 | €14,902 | €13,213 | ▼ 11.3% |
| + Depreciation and write-downs630 | €4,229 | €5,482 | €10,427 | €7,687 | €7,531 | ▼ 2.0% |
| Operating cash flow (approximation) | €13,285 | €17,522 | €25,339 | €22,589 | €20,744 | ▼ 8.2% |
| Investment in fixed assets (approximation) | - | -€31,000 | -€2,436 | €0 | €0 | - |
| Change in cash | - | -€19,525 | €4,649 | €13,692 | €19,267 | ▲ 40.7% |
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
26-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
08-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
25-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2018net €14,912 ▲23.8%
Net result €14,912, the highest in the series.
31-12
Financial
Liquidity triplescurrent ratio 4.70
Current ratio from 1.65 to 4.70; short-term debt falls from €18,536 to €9,021.
09-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
28-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
08-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
26-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
08-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
18-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
03-07
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 4 acts read
About the unread acts
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.
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Directors · office · real estate
Directors
4 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, Hoogstraten · 1 establishment unit since 2010
Ground area
2,241 m²
Building footprint
153 m²
Volume, LiDAR
838 m³
Parcel 13022C0204/00F000, Flanders · tallest building 11.9 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Strijbeekseweg 21, 2328 Hoogstraten
since 20102.194.240.463
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13022C0204/00F000 | Flanders | 2,241 m² | 1 · 153 m² | 11.9 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.
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Of 606 companies in sector 02100 we hold annual accounts for 210. 128 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
Founded21-12-2010
Fiscal year end31-12
Activities, NACEBEL 2025
02100Forestry and logging
42110Construction of roads and motorways
42130Civil engineering
42220Construction of utility projects for electricity and telecommunications
81300Landscape service activities
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0832118656
Also
9925:BE0832118656
Registered
08-09-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.