Overdue debts
€3,517 on 31-05-2025
The annual accounts state €1,542 of overdue tax debts and €1,975 of overdue social security (RSZ) debts on 31-05-2025.
MARTINE & Co
Lifetime
19 annual accounts with figures on one time axis, 23 filings since 2002peak €172,171 (2014)
€120,362▲ 86.5%
lowest -€60,851 (2023)
€16,024▲ €68,907
peak €70,651 (2021)
-€50,178▲ €16,024
€337,036▲ 4.8%
peak 3.1 FTE (2007)
-not published
Board4 names since 2006
2 directorsLaurent Minguet and 1 other
Owners2 names in the annual accounts
Documentsfilings and deeds
28-11-202533 days before the deadline
2025micro format
Gross margin from €64,543 to €120,362Back to profit: €16,024Equity from -€66,202 to -€50,178
Key points
from the 2025 annual accountsEquity
-€50,178
Debts exceed assets in financial year 2025.
Result
€16,024 €16,024
Back in profit in 2025, after a loss of €52,883 in 2024.
Debts
€337,036 117% of the balance sheet
Financial debts 91%Suppliers 2%Taxes and wages 7%
Of this, €30,650 falls due within a year.
Liquidity
8.29 was 2.60 in 2024
Short-term debts fell from €85,856 to €30,650.
Filings
23 annual accounts since 2002
The last five annual accounts were filed 31 to 46 days before the end of the period.
Checked score
56
Fair
Financially stronger than 57% of micro companies in retail trade (NACE 47)
Probability in this band: 1.5% to 4.2%
Negative equity caps the score at 59.
Bankruptcy probability within 12 months
0.3% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.6% across 40,280 companies (NACE 47, micro).
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 1.1%highest value
01-2025: 1.1%● unchanged vs 12-2024highest value
02-2025: 1.1%● unchanged vs 01-2025highest value
03-2025: 1.1%● unchanged vs 02-2025highest value
04-2025: 1.1%● unchanged vs 03-2025highest value
05-2025: 1.1%● unchanged vs 04-2025highest value
06-2025: 1.0%▼ -0.1 percentage points vs 05-2025
07-2025: 1.0%● unchanged vs 06-2025
08-2025: 1.0%● unchanged vs 07-2025
09-2025: 1.0%● unchanged vs 08-2025
10-2025: 1.0%● unchanged vs 09-2025
11-2025: 0.9%▼ -0.1 percentage points vs 10-2025
12-2025: 0.3%▼ -0.6 percentage points vs 11-2025
01-2026: 0.3%● unchanged vs 12-2025
02-2026: 0.3%● unchanged vs 01-2026
03-2026: 0.3%● unchanged vs 02-2026
04-2026: 0.3%● unchanged vs 03-2026
05-2026: 0.3%● unchanged vs 04-2026
06-2026: 0.3%● unchanged vs 05-2026
07-2026: 0.3%● unchanged vs 06-2026
08-2026: 0.3%● unchanged vs 07-2026
09-2026: 0.3%● unchanged vs 08-2026
10-2026: 0.3%● unchanged vs 09-2026lowest value
11-2026: 0.3%● unchanged vs 10-2026lowest value
Financial strengthAverage
Score breakdown
raises risk
Capped at 59: negative equity
Negative equity -€50,178
Sector: Retail trade (NACE 47)
lowers risk
Liquidity: current ratio 8.29, cash €68,918
Founded in 2001
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 47, micro). It does better than 14% of them on solvency, 84% on liquidity, 52% on profitability and 76% on growth.
The bankruptcy probability was computed on 06-11-2026 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 31-05-2025.
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, 3,794 companies had the same profile as MARTINE & Co has now. Each dot stands for 10 companies, two years later.
91.5%
were still trading
5.3%
stopped another way
2.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MARTINE & Co itself is lower: 0.3% within 12 months. It rests on far more data about MARTINE & Co than the profile alone.
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 3,794 companies, not a prediction for MARTINE & Co. 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
No credit on open account
Liquidity is ample, with a current ratio of 8.29 (2.6 in 2024), above the usual 1.5. Short-term debt is 10.7% and cash 24% of total assets. However, equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 17% of 22869 sector peers (2025).
NBB · sector comparisonPosition among 22869 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 days early
2024
33 days early
2023
31 days early
2022
32 days early
2021
46 days early
2020
31 days early
2019
35 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 34 days before the deadline. In the sector (NACE 47), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The financial year that closed on 31-05-2026 is due by 31-12-2026. Nothing is late today. The company usually files around 28 November (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
31-05-2026 year end07-11-2026 today31-12-2026 deadline
Board and ownership
IM
INVETS MINGUET GESTION SA
Director, since 14-10-2022
- MARTINE GEILENKIRCHEN 75%annual accounts 31-05-2020
- LAURENT MINGUET 25%annual accounts 31-05-2020
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0474820245
Reappointments: INVEST MINGUET GESTION SA (managing director) and Laurent Minguet (director)
General meeting of 06-02-2023 · Gazette deed
New managing director
INVEST MINGUET GESTION SA appointed, Martine Geilenkirchen resigned · Permanent representative: Martine Geilenkirchen · General meeting of 04-11-2020 · Gazette deed
First establishment
Bergerue 18, Liège
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MARTINE & Co Liège | €286,858 | €120,362 | -17.5% | - |
| LA PRULHIERE Herve | €262,926 | €134,418 | 48.5% | - |
| PRO MEAL Scherpenheuvel-Zichem | €293,780 | €119,983 | 6.8% | - |
| OLIVES Beringen | €290,838 | €96,992 | -21.0% | 1.8 |
| JACK WOLTERS Leuven | €263,485 | €95,727 | 82.7% | - |
| CURADOR Liège | €416,174 | €99,234 | 96.3% | 0.9 |
| LA SEPTIEME TASSE Ixelles | €236,528 | €130,576 | 58.7% | - |
These companies have the same main activity as MARTINE & Co: other retail sale of food (NACE 47279). They are comparable in size and age: total assets between €237,000 and €416,000, founded between 1999 and 2004.
Official details
Source: KBO- Status
- Active since 16-05-2001Normal situation
- Activity
- Other retail sale of foodNACE 47279and 1 other
- Establishment unit
- 2.098.296.2784000 Liège, since 14-08-2001
- Financial year end
- 31 May
- Peppol
- Reachable since 28-10-2025
Annual accounts to 31-05-2025
- ≈ €600,000estimated
- €286,858▲ 12.4%
- Employeeson 31-05-2025
- 3=
- Filing
- Filed on 28-11-2025, 33 days before the end of the filing period
Insights on MARTINE & Co
MARTINE & Co files the micro format. That format states no turnover. The gross margin rose from €111,463 in 2006 to €120,362 in 2025.
The balance sheet grew most from 2009 to 2010 through fixed assets.
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 MARTINE & Co
- What is the company number of MARTINE & Co?
- The company number of MARTINE & Co is 0474.820.245. The VAT number is the same number with BE in front: BE 0474.820.245.
- Where is MARTINE & Co based?
- The registered office is at Bergerue 18, 4000 Liège.Company details
- What does MARTINE & Co do?
- According to the KBO register, the main activity is other retail sale of food (NACE 47279).
- What is the legal form of MARTINE & Co?
- MARTINE & Co is a public limited company (NV).
- When was MARTINE & Co founded?
- MARTINE & Co was founded on 16-05-2001.
- Is MARTINE & Co still active?
- Yes, MARTINE & Co is an active enterprise in the KBO register.
- How many employees does MARTINE & Co have?
- MARTINE & Co had an average of 2.1 full-time equivalents in financial year 2025, according to the filed annual accounts.Financials
- What is the turnover of MARTINE & Co?
- The turnover in financial year 2025 is ≈ €600,000. This figure is estimated from the gross margin of €120,362 and 44 comparable companies (NACE 472). It probably lies between €390,000 and €980,000. In financial year 2021 turnover was €629,385.
- Is MARTINE & Co profitable?
- In financial year 2025, MARTINE & Co made a profit of €16,024.
- Where can I find the annual accounts of MARTINE & Co?
- MARTINE & Co filed 23 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of MARTINE & Co due?
- MARTINE & Co must file the annual accounts for financial year 2026 by 31-12-2026.Timeline
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