MARTUIN
ActiveSummary
MARTUIN has been active since 2015 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €40k and a net result of €27k. Equity is growing by ~18.5% per year across the filed fiscal years. Its solvency ranks better than 47% of 7500 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability100▲+50
Solvency66▲+26
Growth52=
Track record100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €2.5k at 30 days acceptable
Liquidity short (current ratio 0.73 against 0.61 in 2024; short-term debt: 58.8% and cash: 33.3% of total assets), and 59.3% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Three 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 41
Relative position
BE, all sectors
reference
Construction of residential and non-residential buildings (NACE 41)
about 67% more bankruptcies
← fewer bankruptcies
more bankruptcies →
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
40.7%
Return on assets
27.8%
Age of the figures
15 mo
neutral · Filed after the deadline
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 17-02-2026, 17 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 9 filingsDeviation from the deadline
2025
17 d late
2024
17 d late
2023
6 d late
2022
42 d early
2021
9 d late
2020
25 d late
2019
25 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close25-09-2026 today31-01-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€40k▲ 215%
2024 · €13k
2019: €4klowest in 7 years
2020: €12k▲ +221% vs 2019
2021: €40k▲ +227% vs 2020highest in 7 years
2022: €38k▼ -3.9% vs 2021
2023: €27k▼ -28.5% vs 2022
2024: €13k▼ -53.8% vs 2023
2025: €40k▲ +215% vs 2024
2019 → 2025
Total assets
€98k▲ 18.5%
2024 · €82k
2019: €101k
2020: €131k▲ +29.0% vs 2019
2021: €197k▲ +50.8% vs 2020highest in 7 years
2022: €189k▼ -3.9% vs 2021
2023: €107k▼ -43.7% vs 2022
2024: €82k▼ -22.7% vs 2023lowest in 7 years
2025: €98k▲ +18.5% vs 2024
2019 → 2025
Net result
€27k
2024 · €-15k
2019: €27k
2020: €8k▼ -69.2% vs 2019
2021: €28k▲ +230% vs 2020highest in 7 years
2022: €-2k▼ -106% vs 2021
2023: €-11k▼ -603% vs 2022
2024: €-15k▼ -34.8% vs 2023lowest in 7 years
2025: €27k▲ +285% vs 2024
2019 → 2025
Working capital
€-16k▲ 42.4%
2024 · €-27k
2019: €5k
2020: €9k▲ +67.2% vs 2019highest in 7 years
2021: €6k▼ -28.2% vs 2020
2022: €3k▼ -56.7% vs 2021
2023: €-26k▼ -1051% vs 2022
2024: €-27k▼ -3.7% vs 2023lowest in 7 years
2025: €-16k▲ +42.4% vs 2024
2019 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€40k-€38k▼ 3.9%€27k▼ 28.5%€13k▼ 53.8%€40k▲ 215%
2021: €40khighest in 5 years
2022: €38k▼ -3.9% vs 2021
2023: €27k▼ -28.5% vs 2022
2024: €13k▼ -53.8% vs 2023lowest in 5 years
2025: €40k▲ +215% vs 2024
Operating result€33k-€4k▼ 89.0%€-9k€-13k▼ 44.9%€34k
2021: €33k
2022: €4k▼ -89.0% vs 2021
2023: €-9k▼ -335% vs 2022
2024: €-13k▼ -44.9% vs 2023lowest in 5 years
2025: €34k▲ +369% vs 2024highest in 5 years
Net result€28k-€-2k€-11k▼ 603%€-15k▼ 34.8%€27k
2021: €28khighest in 5 years
2022: €-2k▼ -106% vs 2021
2023: €-11k▼ -603% vs 2022
2024: €-15k▼ -34.8% vs 2023lowest in 5 years
2025: €27k▲ +285% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €34k after a loss of €13k in 2024, the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €98k
Fixed assets
€56k ▲ 39.9%
Current assets
€42k ▼ 1.8%
Equity and liabilities €98k
Equity
€40k ▲ 215%
Debt
€58k ▼ 17.1%
Debt's share of the balance-sheet total falls from 84.7% to 59.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€58k▲
2024 · €14k
Cash flow
€51k▲
2024 · €12k
Current ratio
0.73▲
2024 · 0.61
Debt to equity
1.46▼
2024 · 5.53
ROE
68.2%▲
2024 · -116.4%
ROA
27.8%▲
2024 · -17.8%
Interest coverage
61.06▲
2024 · 10.03
Debt ≤ 1 year
€57k▼
2024 · €70k
Debt > 1 year
€453
Income taxes
€6k▲
2024 · €750
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 39 lines
Balance sheet
Code20242025
Assets
Total assets20/58€82k€98k▲
Fixed assets21/28€40k€56k▲
Tangible fixed assets22/27€39k€55k▲
Plant, machinery and equipment23€3k€37k▲
Furniture and vehicles24€36k€19k▼
Financial fixed assets28€623€604▼
Current assets29/58€42k€42k▼
Amounts receivable within one year40/41€12k€9k▼
Trade receivables40€12k€9k▼
Cash at bank and in hand54/58€22k€32k▲
Deferred charges and accrued income490/1€8k€476▼
Equity and liabilities
Total equity and liabilities10/49€82k€98k▲
Equity10/15€13k€40k▲
Contributions10/11€6k€6k=
Reserves13€418€418=
Non-distributable reserves130/1€418€418=
Reserves not available under the articles1311€418€418=
Profit (loss) carried forward14€6k€33k▲
Amounts payable17/49€70k€58k▼
Amounts payable after more than one year17-€453
Financial debts170/4-€453
Amounts payable within one year42/48€70k€57k▼
Current portion of amounts payable after more than one year42€11k€5k▼
Trade debts44€41k€22k▼
Suppliers440/4€41k€22k▼
Other amounts payable47/48€18k€31k▲
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€27k€24k▼
Gross operating margin9900€14k€58k▲
Operating profit (loss)9901€-13k€34k▲
Financial income75/76B-€115
Recurring financial income75-€115
Financial charges65/66B€1k€944▼
Recurring financial charges65€1k€944▼
Profit (loss) for the period before taxes9903€-14k€33k▲
Income taxes67/77€750€6k▲
Profit (loss) for the period9904€-15k€27k▲
Profit (loss) for the period to be appropriated9905€-15k€27k▲
Appropriation of the result
Profit (loss) to be appropriated9906€6k€33k▲
Profit (loss) brought forward from the previous period14P€21k€6k▼
The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €14k | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29k | €63k | €30k | €27k | €24k | ▼ 10.4% |
| Gross operating margin9900 | €78k | €81k | €21k | €14k | €58k | ▲ 307% |
| Operating profit (loss)9901 | €33k | €4k | €-9k | €-13k | €34k | ▲ 369% |
| Financial income75/76B | - | - | €22 | - | €115 | - |
| Recurring financial income75 | - | - | €22 | - | €115 | - |
| Financial charges65/66B | - | €3k | €2k | €1k | €944 | ▼ 33.2% |
| Recurring financial charges65 | €3k | €3k | €2k | €1k | €944 | ▼ 33.2% |
| Profit (loss) for the period before taxes9903 | €31k | €949 | €-11k | €-14k | €33k | ▲ 336% |
| Income taxes67/77 | €3k | €3k | €385 | €750 | €6k | ▲ 667% |
| Profit (loss) for the period9904 | €28k | €-2k | €-11k | €-15k | €27k | ▲ 285% |
| Profit (loss) for the period to be appropriated9905 | €28k | €-2k | €-11k | €-15k | €27k | ▲ 285% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €197k | €189k | €107k | €82k | €98k | ▲ 18.5% |
| Fixed assets21/28 | €105k | €78k | €67k | €40k | €56k | ▲ 39.9% |
| Tangible fixed assets22/27 | €104k | €77k | €66k | €39k | €55k | ▲ 40.6% |
| Plant, machinery and equipment23 | - | €14k | €9k | €3k | €37k | ▲ 1,039% |
| Furniture and vehicles24 | - | €63k | €57k | €36k | €19k | ▼ 47.9% |
| Financial fixed assets28 | €517 | €577 | €698 | €623 | €604 | ▼ 3.0% |
| Current assets29/58 | €92k | €111k | €40k | €42k | €42k | ▼ 1.8% |
| Amounts receivable within one year40/41 | €8k | €10k | €13k | €12k | €9k | ▼ 27.8% |
| Trade receivables40 | - | €10k | €13k | €12k | €9k | ▼ 27.8% |
| Cash at bank and in hand54/58 | €80k | €32k | €21k | €22k | €32k | ▲ 47.0% |
| Deferred charges and accrued income490/1 | - | €68k | €5k | €8k | €476 | ▼ 94.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €197k | €189k | €107k | €82k | €98k | ▲ 18.5% |
| Equity10/15 | €40k | €38k | €27k | €13k | €40k | ▲ 215% |
| Contributions10/11 | €6k | €6k | €6k | €6k | €6k | = |
| Reserves13 | €418 | €418 | €418 | €418 | €418 | = |
| Non-distributable reserves130/1 | - | €418 | €418 | €418 | €418 | = |
| Reserves not available under the articles1311 | - | €418 | €418 | €418 | €418 | = |
| Profit (loss) carried forward14 | €33k | €32k | €21k | €6k | €33k | ▲ 451% |
| Amounts payable17/49 | €157k | €151k | €79k | €70k | €58k | ▼ 17.1% |
| Amounts payable after more than one year17 | €71k | €43k | €13k | - | €453 | - |
| Financial debts170/4 | - | €43k | €13k | - | €453 | - |
| Amounts payable within one year42/48 | €86k | €108k | €66k | €70k | €57k | ▼ 17.7% |
| Current portion of amounts payable after more than one year42 | - | €29k | €32k | €11k | €5k | ▼ 50.1% |
| Trade debts44 | €26k | €49k | €20k | €41k | €22k | ▼ 47.1% |
| Suppliers440/4 | - | €49k | €20k | €41k | €22k | ▼ 47.1% |
| Taxes, remuneration and social security45 | - | €256 | - | - | - | - |
| Remuneration and social security454/9 | - | €256 | - | - | - | - |
| Other amounts payable47/48 | - | €30k | €14k | €18k | €31k | ▲ 66.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28k | €-2k | €-11k | €-15k | €27k | ▲ 285% |
| + Depreciation and write-downs630 | €29k | €63k | €30k | €27k | €24k | ▼ 10.4% |
| Operating cash flow (approximation) | €57k | €62k | €19k | €12k | €51k | ▲ 325% |
| Investment in fixed assets (approximation) | - | €-36k | €-18k | €75 | €-40k | ▼ 53,301% |
| Change in cash | - | €-47k | €-11k | €627 | €10k | ▲ 1,558% |
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
17-02
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 17 days late
2025
30-06
Financial
Back to profitnet €27k
Net result €27k after 3 loss-making years.
17-02
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 17 days late
2024
30-06
Financial
Weakest financial yearnet €-15k
Net result drops to €-15k, the lowest in the series; recovery starts the following year.
06-02
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 6 days late
2022
20-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
09-02
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 9 days late
2021
30-06
Financial
Highest result since 2019net €28k ▲230%
Net result €28k, the highest in the series.
25-02
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 25 days late
2020
25-02
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 25 days late
2019
04-02
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 4 days late
2018
29-01
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Olen · 1 establishment unit since 2015
Ground area
371 m²
Building footprint
83 m²
Volume, LiDAR
590 m³
Parcel 13029D0443/00Z000, Flanders · tallest building 9.7 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
MARTUIN
since 20152.248.465.443
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13029D0443/00Z000 | Flanders | 371 m² | 1 · 83 m² | 9.7 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.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 81 EUR awarded · 81 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 81 EUR | 81 EUR |
Schemes
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 29,779 companies in sector 41001 we hold annual accounts for 16,044. 12,852 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 (pre-2019)
Founded07-12-2015
Fiscal year end30-06
Activities, NACEBEL 2025
41001General construction of residential buildings
Scores and ratios are computed by Checked and are not a credit decision.