MARWIN
ActiveMARWIN has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1k and a net result of €-58k. Equity is shrinking by ~16% per year across the filed fiscal years. Its solvency ranks better than 10% of 27172 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.9% (low).
Checked score
Score 2025
17
/ 100
Critical▼ -72 vs 2024
The score combines four axes. Every signal that weighs is under Signals.
Axes · tick = 2024
Profitability0▼-100
Solvency13▼-76
Growth32▼-46
Stability100
Bankruptcy probability, 12 months
0.9%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity tight (current ratio 1.05 against 1.88 in 2024), and 98.3% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Seven 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 43
Relative position
BE, all sectors
reference
Sector 43
higher
← fewer bankruptcies
more bankruptcies →
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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
1.7%
Return on assets
-80.3%
Age of the figures
8 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 27172 sector peers (2025).
NBB · sector comparisonPosition among 27172 sector peers
Solvency
better than 10%
← weakest
strongest →
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 13-07-2026, 18 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
18 d early
2024
23 d early
2023
15 d early
2022
7 d early
2021
31 d early
2020
23 d early
2019
8 d early
← before the deadline
after the deadline →
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
10-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€1k▼ 97.9%
2024 · €59k
2018: €14k
2019: €111k
2020: €104k
2021: €102k
2022: €81k
2023: €37k
2024: €59k
2018 → 2025
Total assets
€72k▼ 43.2%
2024 · €126k
2018: €94k
2019: €151k
2020: €163k
2021: €154k
2022: €144k
2023: €94k
2024: €126k
2018 → 2025
Net result
€-58k
2024 · €22k
2018: €11k
2019: €98k
2020: €-7k
2021: €-2k
2022: €-21k
2023: €-44k
2024: €22k
2018 → 2025
Working capital
€3k▼ 94.6%
2024 · €57k
2018: €11k
2019: €114k
2020: €83k
2021: €79k
2022: €63k
2023: €24k
2024: €57k
2018 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€102k-€81k▼ 20.2%€37k▼ 54.6%€59k▲ 59.6%€1k▼ 97.9%
Operating result€9k-€-18k€-41k▼ 123%€27k€-54k
Net result€-2k-€-21k▼ 733%€-44k▼ 115%€22k€-58k
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €54k after €27k in 2024, the lowest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €72k
Fixed assets
€2k▼ 73.0%
Current assets
€70k▼ 41.7%
Equity and liabilities €72k
Equity
€1k▼ 97.9%
Debt
€71k▲ 4.6%
The debt ratio rises from 53.4% to 98.3%: debt grows while equity shrinks.
Key figures and ratios
EBITDA
€-49k▼
2024 · €35k
Cash flow
€-53k▼
2024 · €30k
Solvency
1.7%▼
2024 · 46.6%
Current ratio
1.05▼
2024 · 1.88
Quick ratio
0.20▼
2024 · 0.94
Debt / equity
57.46▲
2024 · 1.15
ROE
-4694.3%▼
2024 · 37.4%
ROA
-80.3%▼
2024 · 17.4%
Interest coverage
-13.20▼
2024 · 7.00
Debt
€71k▲
2024 · €68k
Debt ≤ 1 year
€67k▲
2024 · €64k
Income taxes
€450▲
2024 · €367
Staff costs
€58k▼
2024 · €62k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€126k€72k▼
Fixed assets21/28€6k€2k▼
Tangible fixed assets22/27€6k€2k▼
Plant, machinery and equipment23€2k€2k▼
Furniture and vehicles24€4k€89▼
Current assets29/58€121k€70k▼
Stocks and contracts in progress3€61k€56k▼
Stocks30/36€61k€56k▼
Amounts receivable within one year40/41€41k€3k▼
Trade receivables40€38k€1k▼
Other amounts receivable41€3k€2k▼
Cash at bank and in hand54/58€16k€7k▼
Deferred charges and accrued income490/1€3k€3k▲
Equity and liabilities
Total equity and liabilities10/49€126k€72k▼
Equity10/15€59k€1k▼
Contributions10/11€19k€19k=
Reserves13€83k€83k=
Distributable reserves133€83k€83k=
Profit (loss) carried forward14€-43k€-101k▼
Amounts payable17/49€68k€71k▲
Amounts payable within one year42/48€64k€67k▲
Trade debts44€10k€3k▼
Suppliers440/4€10k€3k▼
Taxes, remuneration and social security45€12k€2k▼
Taxes450/3€1k€843▼
Remuneration and social security454/9€10k€2k▼
Other amounts payable47/48€42k€61k▲
Accrued charges and deferred income492/3€4k€3k▼
Income statement
Code20242025
Remuneration, social security and pensions62€62k€58k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€8k€4k▼
Other operating charges640/8€3k€4k▲
Gross operating margin9900€101k€12k▼
Operating profit (loss)9901€27k€-54k▼
Financial income75/76B€49€0▼
Recurring financial income75€49€0▼
Financial charges65/66B€5k€4k▼
Recurring financial charges65€5k€4k▼
Profit (loss) for the period before taxes9903€22k€-57k▼
Income taxes67/77€367€450▲
Profit (loss) for the period9904€22k€-58k▼
Profit (loss) for the period to be appropriated9905€22k€-58k▼
Appropriation of the result
Profit (loss) to be appropriated9906€-43k€-101k▼
Profit (loss) brought forward from the previous period14P€-65k€-43k▲
The notes to these accounts (4 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
13-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Weakest financial yearnet €-58k ▼362%
Net result drops to €-58k, the lowest in the series.
08-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Back to profitnet €22k
Net result €22k after 4 loss-making years.
16-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
24-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
08-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
23-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Highest result since 2018net €98k ▲793%
Operating result €106k, net result €98k, both a record.
31-12
Financial
Liquidity quadruplescurrent ratio 4.16
Current ratio from 1.15 to 4.16; short-term debt falls from €76k to €36k.
31-12
Financial
Equity above €100kEq €111k ▲719%
2 profitable years in a row build equity to €111k.
17-05
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
19-07
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
08-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
1 director, last change in 2024
Philippe WINDELS
CurrentDirector · since 22-02-2024
22-02-2024
Appointed as Director
Not every act has been read: a resignation may be missing here
2 of this company's 2 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Kuurne · 1 establishment unit since 1991
Ground area
1.1 ha
Building footprint
4,430 m²
Volume, LiDAR
21,930 m³
2 parcels, Flanders · tallest building 8.8 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
MARWIN
since 19912.051.159.129
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34353B0730/00B003 | Flanders | 1.1 ha | 1 · 4,340 m² | 7.9 m · 2 fl. |
| 34023C0170/00B002 | Flanders | 187 m² | 1 · 90 m² | 8.8 m · 2 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1 · via establishment units: 1
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 19,944 companies in sector 43320 we hold annual accounts for 9,076. 951 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded27-09-1990
Fiscal year end31-12
Activities, NACEBEL
43320Joinery installation
45421
Sources
Crossroads Bank for EnterprisesNational Bank · 35 filingsAddress and cadastre registers
Data from official sources, last processed on 08-09-2026. Scores and ratios are computed by Checked and are not a credit decision.