MARVAN
ActiveSummary
MARVAN has been active since 1992 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €990,186 and a net result of -€155,649. Equity is growing by ~12% per year across the filed fiscal years. The computed 12-month bankruptcy probability is 0.6% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability18▼-28
Solvency55▼-26
Growth52=
Track record100
Bankruptcy probability, 12 months
0.6%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €50,000 at 30 days acceptable
Liquidity tight (current ratio 1.13 against 14.16 in 2024; short-term debt: 4.2% and cash: 4.6% of total assets), and 69.8% of the assets are financed with debt.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
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
30.2%
Return on assets
-4.7%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 08-07-2026, 23 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
23 d early
2024
25 d late
2023
30 d late
2022
41 d early
2021
5 d late
2020
44 d late
2019
27 d late
← before the deadline
after the deadline →
tick = median of all Belgian filings
This company filed its last 7 accounts on average 10 days after the deadline; the Belgian median for financial year 2024 is 4 days before the deadline, and 38% of all filings were late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€990,186▼ 13.6%
2024 · €1.1m
Total assets
€3.3m▲ 60.1%
2024 · €2.1m
Net result
-€155,649
2024 · €15,620
Working capital
€18,771▼ 97.9%
2024 · €902,886
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€1.4m€7,538▼ 99.5%-€85,240€9,276-€139,774
Net result€1.1m-€2,910-€72,361▼ 2,386%€15,620-€155,649
Equity€1.2m▲ 637%€1.2m▼ 0.2%€1.1m▼ 5.9%€1.1m▲ 0.2%€990,186▼ 13.6%
Total assets€2.0m▲ 113%€1.9m▼ 2.5%€2.1m▲ 7.9%€2.1m▼ 1.7%€3.3m▲ 60.1%
Debt€420,851▼ 45.1%€374,580▼ 11.0%€613,665▲ 63.8%€582,003▼ 5.2%€2.0m▲ 242%
Working capital€1.6m€1.5m▼ 1.5%€944,892▼ 38.3%€902,886▼ 4.4%€18,771▼ 97.9%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €139,774 after €9,276 in 2024, the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.3m
Fixed assets
€3.1m ▲ 189%
Current assets
€158,319 ▼ 83.7%
Equity and liabilities €3.3m
Equity
€990,186 ▼ 13.6%
Provisions
€303,934 ▼ 6.0%
Debt
€2.0m ▲ 242%
Debt's share of the balance-sheet total rises from 28.4% to 60.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€21,498▼
2024 · €53,010
Cash flow
€5,622▼
2024 · €59,353
Current ratio
1.13▼
2024 · 14.16
Debt to equity
2.01▲
2024 · 0.51
ROE
-15.7%▼
2024 · 1.4%
ROA
-4.7%▼
2024 · 0.8%
Interest coverage
0.57▼
2024 · 3.12
Debt ≤ 1 year
€139,548▲
2024 · €68,616
Debt > 1 year
€1.9m▲
2024 · €513,387
Income taxes
€0▼
2024 · €13,857
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 8,594 companies that looked in July 2024 the way this one looks now, 0.4% went bankrupt within 24 months and 94% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
0.4%
went bankrupt
5.2%
stopped otherwise
94%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.6% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 8,594 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €1.4m | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,993 | €11,832 | €109,346 | €43,734 | €161,271 | ▲ 269% |
| Other operating charges640/8 | €442 | €1,650 | €2,319 | €1,679 | €7,505 | ▲ 347% |
| Gross operating margin9900 | €1.4m | €21,020 | €26,424 | €54,689 | €29,002 | ▼ 47.0% |
| Operating profit (loss)9901 | €1.4m | €7,538 | -€85,240 | €9,276 | -€139,774 | ▼ 1,607% |
| Financial income75/76B | - | €20 | €15,844 | €31,736 | €2,355 | ▼ 92.6% |
| Recurring financial income75 | - | €20 | €15,844 | €31,736 | €2,355 | ▼ 92.6% |
| Financial charges65/66B | €18,108 | €10,468 | €16,295 | €16,978 | €37,733 | ▲ 122% |
| Recurring financial charges65 | €18,108 | €10,468 | €16,295 | €16,978 | €37,733 | ▲ 122% |
| Profit (loss) for the period before taxes9903 | €1.4m | -€2,910 | -€85,691 | €24,034 | -€175,151 | ▼ 829% |
| Transfer from deferred taxes780 | - | - | €13,920 | €5,443 | €19,502 | ▲ 258% |
| Transfer to deferred taxes680 | €342,799 | - | - | - | - | - |
| Income taxes67/77 | €10,398 | - | €589 | €13,857 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €1.1m | -€2,910 | -€72,361 | €15,620 | -€155,649 | ▼ 1,096% |
| Transfer from tax-exempt reserves789 | - | - | €41,760 | €16,328 | €58,506 | ▲ 258% |
| Transfer to tax-exempt reserves689 | €1.0m | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €25,177 | -€2,910 | -€30,600 | €31,948 | -€97,143 | ▼ 404% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.0m | €1.9m | €2.1m | €2.1m | €3.3m | ▲ 60.1% |
| Fixed assets21/28 | €336,693 | €343,646 | €1.1m | €1.1m | €3.1m | ▲ 189% |
| Tangible fixed assets22/27 | €336,693 | €343,646 | €1.1m | €1.1m | €3.1m | ▲ 189% |
| Land and buildings22 | €335,821 | €343,646 | €1.1m | €1.1m | €3.1m | ▲ 189% |
| Plant, machinery and equipment23 | €872 | - | - | - | €2,318 | - |
| Furniture and vehicles24 | - | - | - | - | €1,118 | - |
| Current assets29/58 | €1.6m | €1.6m | €1.0m | €971,502 | €158,319 | ▼ 83.7% |
| Amounts receivable within one year40/41 | - | €74,500 | €0 | €59,335 | €3,219 | ▼ 94.6% |
| Trade receivables40 | - | - | - | €8,800 | €0 | ▼ 100% |
| Other amounts receivable41 | - | €74,500 | €0 | €50,535 | €3,219 | ▼ 93.6% |
| Current investments50/53 | - | - | €1.0m | €0 | - | - |
| Cash at bank and in hand54/58 | €1.6m | €1.5m | €8,827 | €910,830 | €150,932 | ▼ 83.4% |
| Deferred charges and accrued income490/1 | €997 | €2,080 | €1,280 | €1,337 | €4,167 | ▲ 212% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.0m | €1.9m | €2.1m | €2.1m | €3.3m | ▲ 60.1% |
| Equity10/15 | €1.2m | €1.2m | €1.1m | €1.1m | €990,186 | ▼ 13.6% |
| Contributions10/11 | €87,000 | €87,000 | €87,000 | €87,000 | €87,000 | = |
| Capital10 | €87,000 | €87,000 | €87,000 | €87,000 | €87,000 | = |
| Issued capital100 | €87,000 | €87,000 | €87,000 | €87,000 | €87,000 | = |
| Reserves13 | €1.1m | €1.1m | €1.1m | €1.1m | €1.0m | ▼ 5.5% |
| Non-distributable reserves130/1 | €8,700 | €8,700 | €8,700 | €8,700 | €8,700 | = |
| Legal reserve130 | €8,700 | €8,700 | €8,700 | €8,700 | €8,700 | = |
| Tax-exempt reserves132 | €1.0m | €1.0m | €986,636 | €970,308 | €911,802 | ▼ 6.0% |
| Distributable reserves133 | €94,995 | €94,995 | €94,995 | €81,390 | €81,390 | = |
| Profit (loss) carried forward14 | - | -€2,910 | -€33,510 | -€1,562 | -€98,705 | ▼ 6,217% |
| Provisions and deferred taxes16 | €342,799 | €342,799 | €328,879 | €323,436 | €303,934 | ▼ 6.0% |
| Deferred taxes168 | €342,799 | €342,799 | €328,879 | €323,436 | €303,934 | ▼ 6.0% |
| Amounts payable17/49 | €420,851 | €374,580 | €613,665 | €582,003 | €2.0m | ▲ 242% |
| Amounts payable after more than one year17 | €328,678 | €315,145 | €548,450 | €513,387 | €1.9m | ▲ 260% |
| Financial debts170/4 | €301,624 | €285,391 | €540,150 | €506,697 | €1.8m | ▲ 260% |
| Other amounts payable178/9 | €27,054 | €29,754 | €8,300 | €6,690 | €27,550 | ▲ 312% |
| Amounts payable within one year42/48 | €92,173 | €59,435 | €65,215 | €68,616 | €139,548 | ▲ 103% |
| Current portion of amounts payable after more than one year42 | €15,845 | €16,233 | €32,438 | €33,453 | €112,391 | ▲ 236% |
| Trade debts44 | €51,330 | €28,347 | €30,312 | €30,827 | €22,820 | ▼ 26.0% |
| Suppliers440/4 | €51,330 | €28,347 | €30,312 | €30,827 | €22,820 | ▼ 26.0% |
| Taxes, remuneration and social security45 | €7,598 | €7,391 | €0 | €4,336 | €4,336 | = |
| Taxes450/3 | €7,598 | €7,391 | €0 | €4,336 | €4,336 | = |
| Other amounts payable47/48 | €17,401 | €7,465 | €2,465 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.1m | -€2,910 | -€72,361 | €15,620 | -€155,649 | ▼ 1,096% |
| + Depreciation and write-downs630 | €10,993 | €11,832 | €109,346 | €43,734 | €161,271 | ▲ 269% |
| Operating cash flow (approximation) | €1.1m | €8,922 | €36,985 | €59,353 | €5,622 | ▼ 90.5% |
| Investment in fixed assets (approximation) | - | -€18,786 | -€841,956 | -€47,249 | -€2.2m | ▼ 4,571% |
| Change in cash | - | -€131,718 | -€1.5m | €902,002 | -€759,897 | ▼ 184% |
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
08-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet -€155,649
Net result drops to -€155,649, the lowest in the series.
25-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 25 days late
2024
31-12
Financial
Back to profitnet €15,620
Net result €15,620 after 2 loss-making years.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 30 days late
2023
20-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
05-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 5 days late
2021
31-12
Financial
Back to profitnet €1.1m
Net result €1.1m after one loss-making year.
31-12
Financial
Liquidity times 115current ratio 17.86
Current ratio from 0.16 to 17.86; short-term debt falls from €159,402 to €92,173.
31-12
Financial
Equity above €1mEq €1.2m ▲637%
Equity rises from €165,518 to €1.2m.
13-09
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 44 days late
2020
27-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 27 days late
Show earlier events
2019
31-12
Financial
Equity above €150,000Eq €181,730 ▲27.7%
2 profitable years in a row build equity to €181,730.
31-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 31 days late
2018
16-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
14-07
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 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
8 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, Ninove
Ground area
590 m²
Building footprint
139 m²
Volume, LiDAR
859 m³
Parcel 41037A0221/00N002, Flanders · tallest building 9.1 m, ±2 floors. Linked by address, not a title deed.
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 41037A0221/00N002 | Flanders | 590 m² | 1 · 139 m² | 9.1 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Identification & contact
Identification
Legal formPublic limited company
Founded11-05-1992
Fiscal year end31-12
E-invoicing
Reachable via Peppol
Peppol ID
0208:0447433779
Also
9925:BE0447433779
Registered
23-09-2026
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.