MARTINE & Co
ActiveMARTINE & Co has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-50k) and a net result of €16k. Equity is shrinking by ~46.1% per year across the filed fiscal years. Its solvency ranks better than 17% of 18173 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
59
/ 100
Fair
The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Negative equity caps the score. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability70▲+70
Solvency8▲+8
Growth36=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity ample (current ratio 8.29 against 2.6 in 2024; short-term debt: 10.7% and cash: 24% of total assets), but equity is negative.
Credit advice for your own amount and term
Signals
Nine signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Sector 47
higher
← 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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-17.5%
Return on assets
5.6%
Age of the figures
16 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 17% of 18173 sector peers (2025).
NBB · sector comparisonPosition among 18173 sector peers
Solvency
better than 17%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-05-2025 was due by 31-12-2025 and was filed on 28-11-2025, 33 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
33 d early
2024
33 d early
2023
31 d early
2022
32 d early
2021
46 d early
2020
31 d early
2019
35 d early
← before the deadline
after the deadline →
neutral · The next deadline is still running
The next financial year closes on 31-05-2026 and is due by 31-12-2026. Nothing is late today.
Companies Code · seven monthsPosition in the running window
31-05-2026 close19-09-2026 today31-12-2026 deadline
Financials · fiscal year 2025, micro schema
Turnover
€629k▲ 21.2%
2020 · €519k
2019: €596k
2020: €519k
2019 → 2021
EBIT margin
5.6%▲ 9.9pp
2020 · -4.4%
2019: 3.9%
2020: -4.4%
2019 → 2021
Net result
€16k
2024 · €-53k
2019: €19k
2020: €-26k
2021: €29k
2022: €-23k
2023: €-61k
2024: €-53k
2019 → 2025
Working capital
€223k▲ 62.3%
2024 · €138k
2019: €201k
2020: €125k
2021: €100k
2022: €135k
2023: €144k
2024: €138k
2019 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Turnover€629k-
Equity€71k-€48k▼ 32.7%€-13k€-66k▼ 397%€-50k▲ 24.2%
Operating result€35k-€-20k€-58k▼ 186%€-49k▲ 15.0%€21k
Net result€29k-€-23k€-61k▼ 163%€-53k▲ 13.1%€16k
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €21k after a loss of €49k in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €287k
Fixed assets
€33k▲ 3.4%
Current assets
€254k▲ 13.7%
Key figures and ratios
EBITDA
€25k▲
2024 · €-47k
Cash flow
€20k▲
2024 · €-51k
Solvency
-17.5%▲
2024 · -25.9%
Current ratio
8.29▲
2024 · 2.60
Quick ratio
3.50▲
2024 · 0.86
Debt / equity
-6.72▼
2024 · -4.86
ROA
5.6%▲
2024 · -20.7%
Interest coverage
5.36▲
2024 · -11.97
Debt
€337k▲
2024 · €321k
Debt ≤ 1 year
€31k▼
2024 · €86k
Debt > 1 year
€306k▲
2024 · €236k
Staff costs
€94k▼
2024 · €99k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€255k€287k▲
Formation expenses20€0€0=
Fixed assets21/28€32k€33k▲
Intangible fixed assets21€0€0=
Tangible fixed assets22/27€31k€32k▲
Land and buildings22€31k€30k▼
Furniture and vehicles24€725€2k▲
Financial fixed assets28€500€500=
Current assets29/58€223k€254k▲
Stocks and contracts in progress3€149k€147k▼
Stocks30/36€149k€147k▼
Amounts receivable within one year40/41€7k€36k▲
Trade receivables40€7k€36k▲
Cash at bank and in hand54/58€65k€69k▲
Deferred charges and accrued income490/1€2k€3k▲
Equity and liabilities
Total equity and liabilities10/49€255k€287k▲
Equity10/15€-66k€-50k▲
Contributions10/11€100k€100k=
Capital10€100k€100k=
Issued capital100€100k€100k=
Reserves13€3k€3k=
Non-distributable reserves130/1€3k€3k=
Legal reserve130€3k€3k=
Profit (loss) carried forward14€-169k€-153k▲
Amounts payable17/49€321k€337k▲
Amounts payable after more than one year17€236k€306k▲
Financial debts170/4€236k€306k▲
Amounts payable within one year42/48€86k€31k▼
Trade debts44€65k€8k▼
Suppliers440/4€65k€8k▼
Taxes, remuneration and social security45€21k€22k▲
Taxes450/3€2k€2k▼
Remuneration and social security454/9€19k€21k▲
Income statement
Code20242025
Remuneration, social security and pensions62€99k€94k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2k€4k▲
Other operating charges640/8€2k€1k▼
Non-recurring operating charges66A€11k-
Gross operating margin9900€65k€120k▲
Operating profit (loss)9901€-49k€21k▲
Financial income75/76B€0€0=
Recurring financial income75€0€0=
Financial charges65/66B€4k€5k▲
Recurring financial charges65€4k€5k▲
Profit (loss) for the period before taxes9903€-53k€16k▲
Income taxes67/77€0-
Profit (loss) for the period9904€-53k€16k▲
Profit (loss) for the period to be appropriated9905€-53k€16k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-169k€-153k▲
Profit (loss) brought forward from the previous period14P€-116k€-169k▼
The notes to these accounts (10 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2025
28-11
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
31-05
Financial
Back to profitnet €16k
Net result €16k after 3 loss-making years.
31-05
Financial
Liquidity triplescurrent ratio 8.29
Current ratio from 2.60 to 8.29; short-term debt falls from €86k to €31k.
2024
28-11
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2023
30-11
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
31-05
Financial
Weakest financial yearnet €-61k
Net result drops to €-61k, the lowest in the series; recovery starts the following year.
2022
29-11
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2021
15-11
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
31-05
Financial
Back to profitnet €29k
Net result €29k after one loss-making year.
2020
30-11
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2019
26-11
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2018
23-11
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2017
23-11
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2016
15-11
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
6 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, Liège · 1 establishment unit since 2001
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Bergerue 184000 LiègeGround area
75 m²
Building footprint
47 m²
Volume, LiDAR
603 m³
Parcel 62803A1129/00A000, Wallonia · tallest building 12.3 m, ±4 floors. Linked by address, not a title deed.
1 establishment unit
MARTINE & Co
since 20012.098.296.278
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62803A1129/00A000 | Wallonia | 75 m² | 1 · 47 m² | 12.3 m · 4 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
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
Food safety, FASFC
1 siteLiège2.098.296.278
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Of 2,476 companies in sector 47279 we hold annual accounts for 949. 786 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPublic limited company
Founded16-05-2001
Fiscal year end31-05
Activities, NACEBEL
47242Retail sale of chocolate and confectionery
47279Other retail sale of food
47299Retail trade
Sources
Crossroads Bank for EnterprisesNational Bank · 23 filingsAddress and cadastre registers
Data from official sources, last processed on 19-09-2026. Scores and ratios are computed by Checked and are not a credit decision.