MARVINIC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 31 filings
Turnover
≈ €220,000
Estimated: probably between €140,000 and €370,000
Total assets
€388,575▼ 9.1%
2024 · €427,476
Net result
€13,757▼ 44.1%
2024 · €24,627
Working capital
€45,187▼ 32.7%
2024 · €67,192
In the rankings
#8 oldest company in Welkenraedt, Manufacturing sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€20,780
▼ 42.0%
2025
20182025
Net result
€13,757
▼ 44.1%
2025
middle half of the sector
20182025
Equity
€262,368
▼ 10.0%
2025
highest quarter of the sector
20182025
Total assets
€388,575
▼ 9.1%
2025
middle half of the sector
20182025
Debt
€126,207
▼ 7.1%
2025
20182025
Working capital
€45,187
▼ 32.7%
2025
middle half of the sector
20182025
Solvency
67.5%
▼ 0.7pp
2025
middle half of the sector
20182025
Current ratio
1.59
▼ 0.49
2025
middle half of the sector
20182025
Return on assets (ROA)
3.5%
▼ 2.2pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€2,155-€5,352▲ 148%€21,565▲ 303%€24,588▲ 14.0%€56,839▲ 131%€119,594▲ 110%€35,804▼ 70.1%€20,780▼ 42.0%
Net result-€514-€1,893€19,825within the sector's middle half▲ 947%€22,501within the sector's middle half▲ 13.5%€50,767above the sector's middle half▲ 126%€87,907above the sector's middle half▲ 73.2%€24,627within the sector's middle half▼ 72.0%€13,757within the sector's middle half▼ 44.1%
Equity€317,817-€319,710▲ 0.6%€313,535above the sector's middle half▼ 1.9%€275,728above the sector's middle half▼ 12.1%€252,077above the sector's middle half▼ 8.6%€296,984above the sector's middle half▲ 17.8%€291,611above the sector's middle half▼ 1.8%€262,368above the sector's middle half▼ 10.0%
Total assets€598,357-€548,851▼ 8.3%€518,049above the sector's middle half▼ 5.6%€456,263above the sector's middle half▼ 11.9%€470,707above the sector's middle half▲ 3.2%€472,938above the sector's middle half▲ 0.5%€427,476within the sector's middle half▼ 9.6%€388,575within the sector's middle half▼ 9.1%
Debt€280,540-€229,141▼ 18.3%€204,515▼ 10.7%€180,535▼ 11.7%€218,629▲ 21.1%€175,954▼ 19.5%€135,865▼ 22.8%€126,207▼ 7.1%
Working capital€9,134-€105,823▲ 12×€107,952above the sector's middle half▲ 2.0%€73,954within the sector's middle half▼ 31.5%€49,230within the sector's middle half▼ 33.4%€90,032within the sector's middle half▲ 82.9%€67,192within the sector's middle half▼ 25.4%€45,187within the sector's middle half▼ 32.7%
Solvency53.1%-58.3%▲ 5.1pp60.5%within the sector's middle half▲ 2.3pp60.4%within the sector's middle half▼ 0.1pp53.6%within the sector's middle half▼ 6.9pp62.8%within the sector's middle half▲ 9.2pp68.2%within the sector's middle half▲ 5.4pp67.5%within the sector's middle half▼ 0.7pp
Current ratio1.06-4.03▲ 2.974.14above the sector's middle half▲ 0.123.15above the sector's middle half▼ 0.991.51within the sector's middle half▼ 1.642.16within the sector's middle half▲ 0.652.09within the sector's middle half▼ 0.071.59within the sector's middle half▼ 0.49
Return on assets (ROA)-0.1%-0.3%▲ 0.4pp3.8%within the sector's middle half▲ 3.5pp4.9%within the sector's middle half▲ 1.1pp10.8%within the sector's middle half▲ 5.9pp18.6%above the sector's middle half▲ 7.8pp5.8%within the sector's middle half▼ 12.8pp3.5%within the sector's middle half▼ 2.2pp
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 42% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €388,575
Fixed assets
€267,247 ▼ 10.5%
Current assets
€121,328 ▼ 5.9%
Equity and liabilities €388,575
Equity
€262,368 ▼ 10.0%
Debt
€126,207 ▼ 7.1%
Debt's share of the balance-sheet total rises from 31.8% to 32.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€58,172▼
2024 · €66,227
Cash flow
€51,148▼
2024 · €55,049
Debt to equity
0.48▲
2024 · 0.47
ROE
5.2%▼
2024 · 8.4%
Interest coverage
38.59▲
2024 · 35.97
Debt ≤ 1 year
€76,140▲
2024 · €61,800
Debt > 1 year
€50,000▼
2024 · €74,000
Income taxes
€5,516▼
2024 · €9,406
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €218,378 | €218,378 | €218,378 | €217,128 | €217,128 |
| Mortgage mandates | €276,500 | €276,500 | €276,500 | €297,000 | €297,000 |
| Carrying value of the mortgaged assets | €347,929 | €321,354 | €299,146 | €273,245 | €247,383 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €4,069 | €7,634 | €23,892 | €6,154 |
| Depreciation and write-downs of the year | €27,820 | €27,020 | €27,596 | €30,423 | €37,392 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €38,641 | €33,484 | €32,318 | €27,820 | €27,020 | €27,596 | €30,423 | €37,392 | ▲ 22.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | -€196 | €0 | -€218 | €0 | - |
| Other operating charges640/8 | - | - | - | €8,540 | €8,896 | €9,708 | €30,391 | €13,394 | ▼ 55.9% |
| Gross operating margin9900 | €46,476 | €47,216 | €62,442 | €60,948 | €92,558 | €156,898 | €96,399 | €71,565 | ▼ 25.8% |
| Operating profit (loss)9901 | €2,155 | €5,352 | €21,565 | €24,588 | €56,839 | €119,594 | €35,804 | €20,780 | ▼ 42.0% |
| Financial income75/76B | - | - | - | €945 | €253 | €239 | €70 | €0 | ▼ 100% |
| Recurring financial income75 | €661 | €856 | €747 | €945 | €253 | €239 | €70 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €2,994 | €2,532 | €2,122 | €1,841 | €1,507 | ▼ 18.1% |
| Recurring financial charges65 | €3,223 | €4,206 | €3,496 | €2,994 | €2,532 | €2,122 | €1,841 | €1,507 | ▼ 18.1% |
| Profit (loss) for the period before taxes9903 | -€407 | €2,002 | €18,816 | €22,538 | €54,559 | €117,712 | €34,033 | €19,273 | ▼ 43.4% |
| Income taxes67/77 | €107 | €109 | -€1,009 | €37 | €3,793 | €29,805 | €9,406 | €5,516 | ▼ 41.4% |
| Profit (loss) for the period9904 | -€514 | €1,893 | €19,825 | €22,501 | €50,767 | €87,907 | €24,627 | €13,757 | ▼ 44.1% |
| Profit (loss) for the period to be appropriated9905 | -€514 | €1,893 | €19,825 | €22,501 | €50,767 | €87,907 | €24,627 | €13,757 | ▼ 44.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €598,357 | €548,851 | €518,049 | €456,263 | €470,707 | €472,938 | €427,476 | €388,575 | ▼ 9.1% |
| Fixed assets21/28 | €436,827 | €408,066 | €375,749 | €347,929 | €324,977 | €305,015 | €298,485 | €267,247 | ▼ 10.5% |
| Tangible fixed assets22/27 | €436,827 | €408,066 | €375,749 | €347,929 | €324,977 | €305,015 | €298,485 | €267,247 | ▼ 10.5% |
| Land and buildings22 | - | - | - | €347,929 | €321,354 | €299,146 | €273,245 | €247,383 | ▼ 9.5% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €467 | - |
| Furniture and vehicles24 | - | - | - | €0 | €3,623 | €5,869 | €25,239 | €19,397 | ▼ 23.1% |
| Current assets29/58 | €161,530 | €140,785 | €142,301 | €108,334 | €145,730 | €167,922 | €128,991 | €121,328 | ▼ 5.9% |
| Amounts receivable after more than one year29 | - | - | - | €25,000 | €10,000 | €0 | - | - | - |
| Other amounts receivable291 | - | - | - | €25,000 | €10,000 | €0 | - | - | - |
| Amounts receivable within one year40/41 | €44,949 | €59,667 | €32,659 | €46,210 | €23,413 | €14,419 | €12,908 | €15,078 | ▲ 16.8% |
| Trade receivables40 | - | - | - | €5,901 | €8,441 | €3,846 | €2,033 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | - | €40,309 | €14,972 | €10,573 | €10,875 | €15,078 | ▲ 38.6% |
| Current investments50/53 | €814 | €814 | €0 | €0 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €41,175 | €21,845 | €66,031 | €34,120 | €108,985 | €149,953 | €110,418 | €101,574 | ▼ 8.0% |
| Deferred charges and accrued income490/1 | - | - | - | €3,004 | €3,332 | €3,551 | €5,665 | €4,675 | ▼ 17.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €598,357 | €548,851 | €518,049 | €456,263 | €470,707 | €472,938 | €427,476 | €388,575 | ▼ 9.1% |
| Equity10/15 | €317,817 | €319,710 | €313,535 | €275,728 | €252,077 | €296,984 | €291,611 | €262,368 | ▼ 10.0% |
| Contributions10/11 | €30,000 | €30,000 | - | €30,000 | €30,000 | €30,000 | €30,000 | €30,000 | = |
| Reserves13 | €286,553 | €286,553 | €282,553 | €242,245 | €221,827 | €266,827 | €260,827 | €230,827 | ▼ 11.5% |
| Non-distributable reserves130/1 | - | - | - | €3,000 | €3,000 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €3,000 | €3,000 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €82,553 | €82,553 | €82,553 | €82,553 | €82,553 | = |
| Distributable reserves133 | - | - | - | €156,692 | €136,275 | €184,275 | €178,275 | €148,275 | ▼ 16.8% |
| Profit (loss) carried forward14 | €1,264 | €3,157 | €982 | €3,483 | €250 | €157 | €784 | €1,540 | ▲ 96.6% |
| Amounts payable17/49 | €280,540 | €229,141 | €204,515 | €180,535 | €218,629 | €175,954 | €135,865 | €126,207 | ▼ 7.1% |
| Amounts payable after more than one year17 | €128,085 | €194,000 | €170,000 | €146,000 | €122,000 | €98,000 | €74,000 | €50,000 | ▼ 32.4% |
| Financial debts170/4 | - | - | - | €146,000 | €122,000 | €98,000 | €74,000 | €50,000 | ▼ 32.4% |
| Amounts payable within one year42/48 | €152,396 | €34,962 | €34,349 | €34,380 | €96,500 | €77,890 | €61,800 | €76,140 | ▲ 23.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €24,000 | €24,000 | €24,000 | €24,000 | €24,000 | = |
| Trade debts44 | €105,651 | €1,244 | €3,859 | €4,618 | €4,230 | €492 | €423 | €1,843 | ▲ 336% |
| Suppliers440/4 | - | - | - | €4,618 | €4,230 | €492 | €423 | €1,843 | ▲ 336% |
| Taxes, remuneration and social security45 | - | - | - | €2,084 | €4,269 | €5,105 | €2,099 | €2,028 | ▼ 3.4% |
| Taxes450/3 | - | - | - | €2,084 | €4,269 | €5,105 | €2,099 | €2,028 | ▼ 3.4% |
| Other amounts payable47/48 | - | - | - | €3,678 | €64,001 | €48,293 | €35,278 | €48,269 | ▲ 36.8% |
| Accrued charges and deferred income492/3 | - | - | - | €154 | €129 | €64 | €66 | €67 | ▲ 2.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€514 | €1,893 | €19,825 | €22,501 | €50,767 | €87,907 | €24,627 | €13,757 | ▼ 44.1% |
| + Depreciation and write-downs630 | €38,641 | €33,484 | €32,318 | €27,820 | €27,020 | €27,596 | €30,423 | €37,392 | ▲ 22.9% |
| Operating cash flow (approximation) | €38,127 | €35,377 | €52,142 | €50,321 | €77,787 | €115,502 | €55,049 | €51,148 | ▼ 7.1% |
| Investment in fixed assets (approximation) | - | -€4,723 | -€0 | €0 | -€4,069 | -€7,634 | -€23,892 | -€6,154 | ▲ 74.2% |
| Change in cash | - | -€19,330 | €44,186 | -€31,911 | €74,864 | €40,968 | -€39,534 | -€8,844 | ▲ 77.6% |
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, 17,041 companies had the same profile as MARVINIC has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MARVINIC 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 17,041 companies, not a prediction for MARVINIC. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-07-2026 | 2026-00351592 | |
| 31-12-2024 | micro format | 02-06-2025 | 2025-00119107 | |
| 31-12-2023 | micro format | 30-05-2024 | 2024-00101084 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00373226 | |
| 31-12-2021 | micro format | 02-07-2022 | 2022-20138494 | |
| 31-12-2020 | micro format | 20-07-2021 | 2021-37900329 | |
| 31-12-2019 | micro format | 24-06-2020 | 2020-20400092 | |
| 31-12-2018 | micro format | 27-05-2019 | 2019-14600273 | |
| 31-12-2017 | micro format | 08-06-2018 | 2018-17200151 | |
| 31-12-2016 | micro format | 22-05-2017 | 2017-13200046 |