MARULA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 16 filings
Equity
€341,772▲ 35.9%
2024 · €251,439
Total assets
€373,509▲ 2.5%
2024 · €364,360
Net result
€118,249▲ 94.9%
2024 · €60,685
Working capital
€114,542▲ 371%
2024 · €24,296
In the rankings
#5 company by equity in Wuustwezel, Accommodation and food service sector#9 company by total assets in Wuustwezel, Accommodation and food service sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€29,260
2025
20182025
Net result
€118,249
▲ 94.9%
2025
highest quarter of the sector
20182025
Equity
€341,772
▲ 35.9%
2025
highest quarter of the sector
20182025
Total assets
€373,509
▲ 2.5%
2025
highest quarter of the sector
20182025
Debt
€31,737
▼ 71.9%
2025
20182025
Working capital
€114,542
▲ 371%
2025
highest quarter of the sector
20182025
Solvency
91.5%
▲ 22.5pp
2025
highest quarter of the sector
20182025
Current ratio
4.61
▲ 3.39
2025
highest quarter of the sector
20182025
Return on assets (ROA)
31.7%
▲ 15.0pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€52,442--€11,605€3,568€13,055▲ 266%€4,343▼ 66.7%€75,027▲ 17×€83,748▲ 11.6%-€29,260
Net result€28,030--€18,138-€1,980within the sector's middle half▲ 89.1%€3,418within the sector's middle half-€1,530within the sector's middle half€59,673above the sector's middle half€60,685above the sector's middle half▲ 1.7%€118,249above the sector's middle half▲ 94.9%
Equity€149,311-€131,173▼ 12.1%€129,193within the sector's middle half▼ 1.5%€132,611above the sector's middle half▲ 2.6%€131,081above the sector's middle half▼ 1.2%€190,753above the sector's middle half▲ 45.5%€251,439above the sector's middle half▲ 31.8%€341,772above the sector's middle half▲ 35.9%
Total assets€282,949-€245,177▼ 13.3%€220,980within the sector's middle half▼ 9.9%€211,663within the sector's middle half▼ 4.2%€197,293within the sector's middle half▼ 6.8%€239,106within the sector's middle half▲ 21.2%€364,360above the sector's middle half▲ 52.4%€373,509above the sector's middle half▲ 2.5%
Debt€133,637-€114,003▼ 14.7%€91,787▼ 19.5%€79,052▼ 13.9%€66,213▼ 16.2%€48,353▼ 27.0%€112,922▲ 134%€31,737▼ 71.9%
Working capital€34,737-€8,727▼ 74.9%-€14,844within the sector's middle half-€13,524within the sector's middle half▲ 8.9%-€17,769within the sector's middle half▼ 31.4%-€1,868within the sector's middle half▲ 89.5%€24,296within the sector's middle half€114,542above the sector's middle half▲ 371%
Solvency52.8%-53.5%▲ 0.7pp58.5%above the sector's middle half▲ 5.0pp62.7%above the sector's middle half▲ 4.2pp66.4%above the sector's middle half▲ 3.8pp79.8%above the sector's middle half▲ 13.3pp69.0%above the sector's middle half▼ 10.8pp91.5%above the sector's middle half▲ 22.5pp
Current ratio1.72-1.19▼ 0.530.64within the sector's middle half▼ 0.550.63within the sector's middle half▼ 0.010.53within the sector's middle half▼ 0.090.96within the sector's middle half▲ 0.431.22within the sector's middle half▲ 0.254.61above the sector's middle half▲ 3.39
Return on assets (ROA)9.9%--7.4%▼ 17.3pp-0.9%within the sector's middle half▲ 6.5pp1.6%within the sector's middle half▲ 2.5pp-0.8%within the sector's middle half▼ 2.4pp25.0%above the sector's middle half▲ 25.7pp16.7%within the sector's middle half▼ 8.3pp31.7%above the sector's middle half▲ 15.0pp
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €29,260, after a profit of €83,748 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €373,509
Fixed assets
€227,230 =
Current assets
€146,279 ▲ 6.6%
Equity and liabilities €373,509
Equity
€341,772 ▲ 35.9%
Debt
€31,737 ▼ 71.9%
Debt's share of the balance-sheet total falls from 31.0% to 8.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
-€17,113▼
2024 · €93,467
Cash flow
€130,396▲
2024 · €70,405
Debt to equity
0.09▼
2024 · 0.45
ROE
34.6%▲
2024 · 24.1%
Interest coverage
-11.27▼
2024 · over 100
Debt ≤ 1 year
€31,737▼
2024 · €112,922
Income taxes
€12,373▼
2024 · €22,297
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,051 | - | €1,098 | €6,395 | €12,260 |
| Financial fixed assets | - | - | €25,000 | €59,651 | - |
| Depreciation and write-downs of the year | €11,907 | €12,029 | €9,514 | €9,720 | €12,147 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €9,643 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,284 | €9,495 | €10,678 | €11,907 | €12,029 | €9,514 | €9,720 | €12,147 | ▲ 25.0% |
| Other operating charges640/8 | - | - | - | €1,902 | €2,343 | €2,294 | €2,238 | €2,310 | ▲ 3.2% |
| Gross operating margin9900 | €69,243 | €394 | €16,936 | €26,863 | €18,715 | €86,835 | €95,705 | -€14,803 | - |
| Operating profit (loss)9901 | €52,442 | -€11,605 | €3,568 | €13,055 | €4,343 | €75,027 | €83,748 | -€29,260 | - |
| Financial income75/76B | - | - | - | €3 | - | - | €0 | €161,399 | ▲ 16,139,934× |
| Recurring financial income75 | €27 | €3 | €0 | €3 | - | - | €0 | €161,399 | ▲ 16,139,934× |
| Financial charges65/66B | - | - | - | €5,688 | €3,677 | -€8,233 | €766 | €1,518 | ▲ 98.3% |
| Recurring financial charges65 | €11,152 | €6,322 | €4,880 | €4,839 | €3,677 | -€8,233 | €766 | €1,518 | ▲ 98.3% |
| Non-recurring financial charges66B | - | - | - | €850 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €41,317 | -€17,924 | -€1,312 | €7,369 | €666 | €83,260 | €82,982 | €130,621 | ▲ 57.4% |
| Income taxes67/77 | €13,287 | €214 | €668 | €3,951 | €2,196 | €23,587 | €22,297 | €12,373 | ▼ 44.5% |
| Profit (loss) for the period9904 | €28,030 | -€18,138 | -€1,980 | €3,418 | -€1,530 | €59,673 | €60,685 | €118,249 | ▲ 94.9% |
| Profit (loss) for the period to be appropriated9905 | €28,030 | -€18,138 | -€1,980 | €3,418 | -€1,530 | €59,673 | €60,685 | €118,249 | ▲ 94.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €282,949 | €245,177 | €220,980 | €211,663 | €197,293 | €239,106 | €364,360 | €373,509 | ▲ 2.5% |
| Formation expenses20 | - | - | - | - | €0 | €0 | €0 | €0 | - |
| Fixed assets21/28 | €199,780 | €190,832 | €194,973 | €189,118 | €177,089 | €193,674 | €227,142 | €227,230 | = |
| Tangible fixed assets22/27 | €173,645 | €164,697 | €169,018 | €163,163 | €151,134 | €142,718 | €139,394 | €139,482 | ▲ 0.1% |
| Land and buildings22 | - | - | - | €155,318 | €147,247 | €139,176 | €131,105 | €123,034 | ▼ 6.2% |
| Furniture and vehicles24 | - | - | - | €2,210 | €0 | €1,098 | €7,288 | €16,448 | ▲ 126% |
| Leasing and similar rights25 | - | - | - | €4,841 | €3,327 | €2,116 | €906 | - | - |
| Other tangible fixed assets26 | - | - | - | €793 | €560 | €328 | €95 | €0 | ▼ 100% |
| Financial fixed assets28 | €26,135 | €26,135 | €25,955 | €25,955 | €25,955 | €50,956 | €87,749 | €87,749 | = |
| Current assets29/58 | €83,169 | €54,345 | €26,006 | €22,545 | €20,204 | €45,432 | €137,218 | €146,279 | ▲ 6.6% |
| Amounts receivable within one year40/41 | €27,737 | €23,115 | €21,856 | €12,078 | €17,393 | €11,992 | €25,913 | €22,305 | ▼ 13.9% |
| Trade receivables40 | - | - | - | €242 | €242 | €242 | €18,392 | €242 | ▼ 98.7% |
| Other amounts receivable41 | - | - | - | €11,836 | €17,151 | €11,750 | €7,521 | €22,063 | ▲ 193% |
| Cash at bank and in hand54/58 | €54,432 | €26,161 | €216 | €5,292 | €0 | €30,870 | €110,871 | €121,254 | ▲ 9.4% |
| Deferred charges and accrued income490/1 | - | - | - | €5,175 | €2,811 | €2,570 | €434 | €2,720 | ▲ 527% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €282,949 | €245,177 | €220,980 | €211,663 | €197,293 | €239,106 | €364,360 | €373,509 | ▲ 2.5% |
| Equity10/15 | €149,311 | €131,173 | €129,193 | €132,611 | €131,081 | €190,753 | €251,439 | €341,772 | ▲ 35.9% |
| Contributions10/11 | €38,923 | €38,923 | - | €38,923 | €38,923 | €38,923 | €38,923 | €38,923 | = |
| Capital10 | - | - | - | €38,923 | - | - | - | - | - |
| Issued capital100 | - | - | - | €63,723 | - | - | - | - | - |
| Uncalled capital101 | - | - | - | €24,800 | - | - | - | - | - |
| Reserves13 | €34,372 | €34,372 | €31,720 | €31,720 | €31,720 | €81,720 | €212,515 | €302,848 | ▲ 42.5% |
| Non-distributable reserves130/1 | - | - | - | €3,720 | €3,720 | €3,720 | €3,720 | €3,720 | = |
| Legal reserve130 | - | - | - | €3,720 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €3,720 | €3,720 | €3,720 | €3,720 | = |
| Distributable reserves133 | - | - | - | €28,000 | €28,000 | €78,000 | €208,795 | €299,128 | ▲ 43.3% |
| Profit (loss) carried forward14 | €76,016 | €57,878 | €58,550 | €61,967 | €60,437 | €70,110 | - | - | - |
| Amounts payable17/49 | €133,637 | €114,003 | €91,787 | €79,052 | €66,213 | €48,353 | €112,922 | €31,737 | ▼ 71.9% |
| Amounts payable after more than one year17 | €85,205 | €68,385 | €50,936 | €42,983 | €28,239 | €1,053 | - | - | - |
| Financial debts170/4 | - | - | - | €42,983 | €28,239 | €1,053 | - | - | - |
| Amounts payable within one year42/48 | €48,432 | €45,618 | €40,851 | €36,069 | €37,973 | €47,300 | €112,922 | €31,737 | ▼ 71.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €16,303 | €16,303 | €16,303 | €1,053 | €351 | ▼ 66.7% |
| Financial debts43 | - | - | - | - | €659 | - | - | - | - |
| Credit institutions430/8 | - | - | - | - | €659 | - | - | - | - |
| Trade debts44 | €3,802 | €10,435 | €9,525 | €5,533 | €4,084 | €4,143 | €14,960 | €29,014 | ▲ 93.9% |
| Suppliers440/4 | - | - | - | €5,533 | €4,084 | €4,143 | €14,960 | €29,014 | ▲ 93.9% |
| Taxes, remuneration and social security45 | - | - | - | €6,732 | €9,427 | €26,853 | €21,909 | €2,373 | ▼ 89.2% |
| Taxes450/3 | - | - | - | €6,732 | €5,627 | €26,853 | €21,909 | €2,373 | ▼ 89.2% |
| Remuneration and social security454/9 | - | - | - | - | €3,800 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €7,500 | €7,500 | - | €75,000 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €28,030 | -€18,138 | -€1,980 | €3,418 | -€1,530 | €59,673 | €60,685 | €118,249 | ▲ 94.9% |
| + Depreciation and write-downs630 | €12,284 | €9,495 | €10,678 | €11,907 | €12,029 | €9,514 | €9,720 | €12,147 | ▲ 25.0% |
| Operating cash flow (approximation) | €40,314 | -€8,643 | €8,698 | €15,324 | €10,499 | €69,187 | €70,405 | €130,396 | ▲ 85.2% |
| Investment in fixed assets (approximation) | - | -€547 | -€14,820 | -€6,051 | €0 | -€26,099 | -€43,188 | -€12,235 | ▲ 71.7% |
| Change in cash | - | -€28,272 | -€25,945 | €5,077 | -€5,292 | €30,870 | €80,001 | €10,382 | ▼ 87.0% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 34,693 companies had the same profile as MARULA has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of MARULA itself: 0.1% within 12 months.
Test of the method
The method was tested on the 497,446 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 34,693 companies, not a prediction for MARULA. 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.
Latest 10 of 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-07-2026 | 2026-00383922 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00344712 | |
| 31-12-2023 | micro format | 24-07-2024 | 2024-00279725 | |
| 31-12-2022 | micro format | 01-08-2023 | 2023-00303225 | |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20100847 | |
| 31-12-2020 | abbreviated format | 26-07-2021 | 2021-40400346 | |
| 31-12-2019 | abbreviated format | 01-07-2020 | 2020-24900158 | |
| 31-12-2018 | abbreviated format | 31-07-2019 | 2019-42000482 | |
| 31-12-2017 | abbreviated format | 29-06-2018 | 2018-26100308 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-60100545 |