Active BE 0439.052.187Public limited company

MARVAN

Avenue de la Résistance 322 ·4630 Soumagne, Belgium· 36 yrs active

Sector: Non-specialised retail sale with food, beverages or tobacco predominating (47110)

Conclusion Checked

MARVAN has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €628k and a net result of €189k. Equity is shrinking by ~11.5% per year across the filed fiscal years. Its solvency ranks better than 17% of 4023 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).

Based on the State Gazette, CBE and 4 annual accounts.

Key figures

Equity	€628k
Net result	€189k
Staff (FTE)	28.7
Better than sector	17%

Financial profile 5 of 5 axes measured · computed by Checked

54 / 100

Mixed profile: strong on stability, weaker on solvency.

All 5 axes are computed from data Checked has read.

Health 53

Profitability 53

Solvency 4

Growth 60

Stability 100

Bankruptcy probability (12 mo) Checked model v1 · free

0.4% Very low

0%0,5%1,5%4%10%≥25%

How do we compute this?

Risk Assessment rule-based

0 / 100

Low risk

Trust signals 2 signals

Long-established

Founded in 1989, 36 years in business.

No legal incidents

No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.

Administrative Flags0 events

No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

Checked score FY 2025 · computed

53 / 100 Fair

050100

Computed from 6 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.

Indicative credit limit

€35k

estimate, not credit advice

Score history

27 2022

0 2023

30 2024

53 2025

purely financial, excl. current insolvency signals

Score components

Liquidity Current ratio 0.41 (< 1.0) -10

Quick ratio Quick ratio 0.27 (< 0.6) -5

Leverage Debt/equity 14.15 (> 3.0) -10

Profitability ROE 30% (≥ 10%) +10

EBITDA margin EBITDA-marge 6% +2

Interest coverage Interest coverage 6.1× (≥ 3×) +8

Profit trend Net profit up YoY +5

Equity growth Equity growing YoY +3

Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.

Financial overview35 NBB filings

Annual accounts filed on 16-07-2026 with the NBB · fiscal year 2025 · full schema

RevenueOperating resultNet result

Trajectory (indicative)

Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.

declining Equity: declining trend of ~11.5%/year over 4 fiscal years, indicative, assuming unchanged policy.

Solid line = filed figures · dashed = extended trend · area = indicative range.

How do we compute this?

The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.

The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.

A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).

Sector comparison

Fiscal year 2025 · NACE 47, Retail trade · compared within the same schema type (full schema)

Metric	This company	Sector median	Position in the sector
Solvency	6.6%	36.1%	better than 17% of 4023 sector peers
Net result	€189k	€42k	better than 76% of 4022 sector peers
Equity	€628k	€441k	better than 58% of 4024 sector peers
Staff costs	€981k	€340k	higher than 75% of 3522 sector peers
Employees (FTE)	28.7	7.7	better than 82% of 3294 sector peers

Revenue

€14.83M

+3.1% 22-25

EBITDA

€851k

+40.1% 22-25

Net profit

€189k

- 22-25

Cash flow

€709k

+51.6% 22-25

Total assets

€9.52M

-1.2% 22-25

Equity

€628k

+43.2% 22-25

Working capital

€-3.20M

-8.5% 22-25

Employees (FTE)

29

+4.7% 22-25

Staff costs

€981k

-8.6% 22-25

Income taxes

€699

-9.8% 22-25

Debt

€8.89M

-3.4% 22-25

Debt ≤ 1y

€5.39M

+3.3% 22-25

Debt > 1y

€3.50M

-12.0% 22-25

Current ratio

0.41

-6.6% 22-25

Quick ratio

0.27

-9.3% 22-25

Solvency

6.6%

+45.0% 22-25

Debt / equity

14.15

-32.5% 22-25

ROE

30.2%

- 22-25

ROA

2.0%

- 22-25

Net margin

1.3%

- 22-25

EBITDA margin

5.7%

+35.9% 22-25

Interest coverage

6.12

+43.1% 22-25

Figures by fiscal year and ratios

Highlight YoY changes (±10%)

Fiscal year	2025	2024	2023	2022
Deposit	full schema	full schema	full schema	full schema
Revenue	€14.83M	€14.37M	€10.69M	€11.28M
EBITDA	€851k	€607k	€-4k	€57k
Net profit	€189k	€-38k	€-544k	€-223k
Cash flow	€709k	€468k	€-124k	€20k
Staff costs	€981k	€1.07M	€991k	€936k
Income taxes	€699	€775	€767	€868
Dividends	-	-	-	-
Total assets	€9.52M	€9.64M	€9.64M	€10.45M
Equity	€628k	€439k	€477k	€1.02M
Debt	€8.89M	€9.20M	€9.16M	€9.43M
of which ≤ 1y	€5.39M	€5.22M	€4.92M	€4.77M
of which > 1y	€3.50M	€3.98M	€4.24M	€4.66M
Working capital	€-3.20M	€-2.95M	€-2.92M	€200k
Employees (FTE)	28.7	27.4	27.0	23.4

Ratios (computed)

	2025	2024	2023	2022
Current ratio	0.41	0.43	0.41	1.04
Quick ratio	0.27	0.29	0.24	0.92
Working capital ratio	-33.7%	-30.7%	-30.3%	1.9%
Solvency	6.6%	4.6%	4.9%	9.8%
Debt / equity	14.15	20.97	19.23	9.24
Long-term debt ratio	5.57	9.07	8.89	4.57
Interest coverage	6.12	4.28	-0.03	0.84
Gross margin	17.9%	16.1%	17.6%	16.5%
Net margin	1.3%	-0.3%	-5.1%	-2.0%
ROA	2.0%	-0.4%	-5.6%	-2.1%
ROE	30.2%	-8.6%	-114.2%	-21.9%
EBITDA margin	5.7%	4.2%	0.0%	0.5%
Days sales outstanding	10d	9d	12d	83d
Days payable outstanding	65d	71d	118d	87d
Inventory turnover	16.17	16.36	10.44	16.55
Days inventory (DSI)	23d	22d	35d	22d

Balance-sheet composition 2025

Assets

Fixed assets €7.33M · 77.1% Current assets €2.18M · 23.0%

Equity & liabilities

Equity €628k · 6.6% Debt €8.89M · 93.4%

Full annual accounts (25 line items)

Filed balance sheet and income statement, exactly as deposited with the NBB.

Line item	Code	2025	2024	2023	2022
Balance sheet, Assets
TOTAL ASSETS	20/58	€9.52M	€9.64M	€9.64M	€10.45M
Fixed assets	21/28	€7.33M	€7.37M	€7.64M	€5.49M
Tangible fixed assets	22/27	€7.32M	€7.35M	€7.62M	€5.47M
Financial fixed assets	28	€17k	€17k	€17k	€17k
Current assets	29/58	€2.18M	€2.27M	€2.00M	€4.97M
Stocks & contracts in progress	3	€752k	€737k	€843k	€569k
Amounts receivable within one year	40/41	€1.03M	€1.21M	€648k	€3.81M
Cash & bank	54/58	€389k	€313k	€505k	€579k
Balance sheet, Equity & liabilities
TOTAL EQUITY & LIABILITIES	10/49	€9.52M	€9.64M	€9.64M	€10.45M
Equity	10/15	€628k	€439k	€477k	€1.02M
Contributions / capital	10/11	€834k	€834k	€834k	€834k
Reserves	13	€84k	€84k	€84k	€187k
Accumulated profits (losses)	14	€-289k	€-479k	€-441k	-
Amounts payable	17/49	€8.89M	€9.20M	€9.16M	€9.43M
Amounts payable after one year	17	€3.50M	€3.98M	€4.24M	€4.66M
Amounts payable within one year	42/48	€5.39M	€5.22M	€4.92M	€4.77M
Trade debts payable within one year	44	€2.16M	€2.35M	€2.86M	€2.25M
Income statement
Turnover	70	€14.83M	€14.37M	€10.69M	€11.28M
Operating result	9901	€331k	€101k	€-424k	€-186k
Financial income	75	€7k	€8k	€6k	€40k
Financial charges	65	€148k	€146k	€125k	€76k
Result before taxes	9903	€190k	€-37k	€-543k	€-223k
Income taxes	67/77	€699	€775	€767	€868
Net result for the period	9904	€189k	€-38k	€-544k	€-223k
Result to be appropriated	9905	€189k	€-38k	€-544k	€-223k

Directors & mandates 6 directors

Current directors & mandates

Vanvinckenroye Philippe
Director
State Gazette act 23162434 (19-12-2023)

Current
04-01-2018 → present
6 events
- 19-12-2023 Appointed· Director
- 19-12-2023 Appointed· Managing director
- 04-01-2018 Resigned· Director
- 04-01-2018 Resigned· Managing director
- 04-01-2018 Appointed· Director
- 04-01-2018 Appointed· Managing director

Historic, not recently confirmed (1)

These mandates remain open in the register but have not been confirmed by a new act in over six years. They do not count as active directors.

Poumay Veronique
Director
State Gazette act 18002854 (04-01-2018)

Not recently confirmed
last confirmed in an act from 2018
2 events
- 04-01-2018 Resigned· Director
- 04-01-2018 Appointed· Director

Former directors (4)

Vandamme Bénédicte
Director
State Gazette act 19073112 (31-05-2019)

Former
31-05-2019 → 19-12-2023
2 events
- 19-12-2023 Resigned· Director
- 31-05-2019 Appointed· Director
Vanvinckenroye Amaury
Director
State Gazette act 18002854 (04-01-2018)

Former
04-01-2018 → 19-12-2023
2 events
- 19-12-2023 Resigned· Director
- 04-01-2018 Appointed· Director
Poumay Véronique
Director
State Gazette act 19154290 (27-11-2019)

Former
- → 27-11-2019
Stultjens Christine
Director
State Gazette act 18002854 (04-01-2018)

Former
- → 04-01-2018

Statutory auditor 1 auditor

Hubert Vencken

Commissaire

18-12-2015 → 18-12-2015

Legal Structure

NACE primary	Non-specialised retail sale with food, beverages or tobacco predominating(47110)
Legal form	Public limited company(014)
Incorporation	17-11-1989
Status	Active
Postal code	4630

Establishment units 1 location

A.D. DELHAIZE

Avenue de la Résistance 322, 4630 SoumagneWarehousing and support activities for transportation

since 19892.045.943.695

Real-estate footprint Source: CBE × cadastre

Wallonia 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
62099A0041/00R002	Wallonia	326 m²	1 · 95 m²	11.2 m · 3 fl.

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.

Updates 15 events

All 18Financial 3Gazette 5Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

16-07

NBB filing Annual accounts filed

fiscal year 2025 · full schema

2025

31-12

Financial Back to profitnet €189k

Net result €189k after 3 loss-making years.

31-12

Financial Equity above €500kEq €628k ▲43.2%

Equity rises from €439k to €628k.

24-07

NBB filing Annual accounts filed

fiscal year 2024 · full schema

2024

30-08

NBB filing Annual accounts filed

fiscal year 2023 · full schema · 30 days late

2023

31-12

Financial Weakest financial yearnet €-544k

Net result drops to €-544k, the lowest in the series; recovery starts the following year.

19-12

State Gazette act Director changes

v3.2

31-08

NBB filing Annual accounts filed

fiscal year 2022 · full schema · 31 days late

2022

30-08

NBB filing Annual accounts filed

fiscal year 2021 · full schema · 30 days late

2021

30-08

NBB filing Annual accounts filed

fiscal year 2020 · full schema · 30 days late

2020

29-10

NBB filing Annual accounts filed

fiscal year 2019 · full schema · 90 days late

2019

27-11

State Gazette act Director changes

v3.2

30-08

NBB filing Annual accounts filed

fiscal year 2018 · full schema · 30 days late

31-05

State Gazette act Director changes

v3.2

2018

31-08

NBB filing Annual accounts filed

fiscal year 2017 · full schema · 31 days late

04-01

State Gazette act Director changes

v3.2

2017

30-08

NBB filing Annual accounts filed

fiscal year 2016 · full schema · 30 days late

2015

18-12

State Gazette act Director changes

v3.2

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Belgian State Gazette reading coverage 0 of 16 acts read

We know of 16 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.

Belgisch Staatsblad, acts 5 acts

All acts · 5 updated 2 years ago

2023

19-12-2023 2 directors appointed, 2 resigning Director changes

Vanvinckenroye Philippe, Bestuurder
Vanvinckenroye Philippe, Gedelegeerd bestuurder
Vandamme Bénédicte, Bestuurder
Vanvinckenroye Amaury, Bestuurder

Summary: v3.2

Original publication ↗

Technical details

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2019

27-11-2019 Poumay Véronique resigns as director Director changes

Poumay Véronique, Bestuurder

Summary: v3.2

Original publication ↗

Technical details

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31-05-2019 Vandamme Bénédicte appointed as director Director changes

Vandamme Bénédicte, Bestuurder

Summary: v3.2

Original publication ↗

Technical details

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2018

04-01-2018 4 directors appointed, 4 resigning Director changes

Vanvinckenroye Philippe, Bestuurder
Vanvinckenroye Philippe, Gedelegeerd bestuurder
Poumay Veronique, Bestuurder
Vanvinckenroye Amaury, Bestuurder
Stultjens Christine, Bestuurder
Poumay Veronique, Bestuurder
Vanvinckenroye Philippe, Bestuurder
Vanvinckenroye Philippe, Gedelegeerd bestuurder

Summary: v3.2

Original publication ↗

Technical details

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2015

18-12-2015 Hubert Vencken appointed as commissaire Director changes

Hubert Vencken, Commissaire

Summary: v3.2

Original publication ↗

Technical details

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Credit advice verdict per customer and amount

Company registry (CBE) Crossroads Bank

Activities

Non-specialised retail sale with food, beverages or tobacco predominating47110Supermarkets4711452114

Names & trade names

Legal nameNL

MARVAN

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