MONAR
ActiveSummary
MONAR has been active since 1994 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€101,533) and a net result of -€4,465. Equity has been shrinking by about 23% per year since 2019. Its solvency ranks better than 5% of 12,812 sector peers (NACE 47, financial year 2025). The computed 12-month bankruptcy probability is 1.4% (low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 12-01-1994 Normal situation
- Activity
- Retail sale of footwear NACE 47721and 1 other
- Establishment unit
- 2.065.347.358 2070 Beveren-Kruibeke-Zwijndrecht, since 31-01-1994
- Financial year end
- 30 June
- Peppol
- Reachable since 31-12-2025
Board and ownership
- SONY MUSIC ENTERTAINMENT (BELGIUM)Director · since 20-03-2019 · permanent representative Toon MARTENS
- Tom DE MAEIJERDirector
- SONY MUSIC ENTERTAINMENT BELGIUM34.93%· score 8731-03-2026 annual accounts of SONY MUSIC ENTERTAINMENT BELGIUM
- Holdings
- Shares in 1 company Arbor Group
Financial position
- Bankruptcy probabilitywithin 12 months
- 1.4%
- Gross margin
- -€3,950
- ▼ 30.7%
- Loss
- €4,465
- ▲ 148%
- Equity
- -€101,533
- ▼ 4.6%
- Total assets
- €49,559
- ▼ 9.2%
- Negative equity on 30-06-2025
- 2025 accounts filed 27 days after the deadline
Score breakdownraises riskCapped at 59: negative equityNegative equity -€101,533Loss of €4,465, the second in a row (financial year 2025)Sector: Retail trade (NACE 47)lowers riskSize: total assets €49,559Show the evidence
Checked score
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 47, micro). It does better than 6% of them on solvency, 22% on liquidity, 20% on profitability and 32% on growth.
The bankruptcy probability was computed on 04-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 30-06-2025.
Of the companies with a bankruptcy probability in the low class on 30-06-2025, 0.8% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 7 accounts on average 4 days after the deadline. In the sector (NACE 47), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · financial year 2025, abbreviated format
2025 annual accounts filed 27 days after the deadline Filed on 27 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00045324.
Annual accounts 2025 filed on 27-02-2026 PDF all 30 filings
Every figure per financial year
The operating result for 2025 is a loss of €4,388, smaller than the loss of €4,422 in 2024.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Financial fixed assets | - | - | €40,000 | - |
| Depreciation and write-downs of the year | €898 | €898 | €898 | - |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €898 | €898 | €898 | €898 | €898 | - | - |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €4,453 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €450 | €457 | €502 | €437 | ▼ 13.0% |
| Gross operating margin9900 | -€10,144 | €1,113 | -€25,431 | -€59,949 | -€5,159 | -€3,021 | -€3,950 | ▼ 30.7% |
| Operating profit (loss)9901 | -€9,893 | €214 | -€26,878 | -€65,750 | -€6,514 | -€4,422 | -€4,388 | ▲ 0.8% |
| Financial income75/76B | - | - | - | €50 | - | €2,716 | - | - |
| Recurring financial income75 | - | €0 | €0 | €50 | - | €2,716 | - | - |
| Financial charges65/66B | - | - | - | €174 | €98 | €98 | €78 | ▼ 20.5% |
| Recurring financial charges65 | €100 | €393 | €1,604 | €174 | €98 | €98 | €78 | ▼ 20.5% |
| Profit (loss) for the period before taxes9903 | -€9,993 | -€179 | -€28,481 | -€65,874 | -€6,612 | -€1,804 | -€4,465 | ▼ 148% |
| Profit (loss) for the period9904 | -€9,993 | -€179 | -€28,481 | -€65,874 | -€6,612 | -€1,804 | -€4,465 | ▼ 148% |
| Profit (loss) for the period to be appropriated9905 | -€9,993 | -€179 | -€28,481 | -€65,874 | -€6,612 | -€1,804 | -€4,465 | ▼ 148% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €10,847 | €161,038 | €147,299 | €66,591 | €58,355 | €54,593 | €49,559 | ▼ 9.2% |
| Fixed assets21/28 | - | €3,594 | €2,695 | €1,797 | €898 | €40,000 | €40,000 | = |
| Intangible fixed assets21 | - | €2,560 | €1,920 | €1,280 | €640 | - | - | - |
| Tangible fixed assets22/27 | - | €1,034 | €775 | €517 | €258 | - | - | - |
| Plant, machinery and equipment23 | - | - | - | €517 | €258 | - | - | - |
| Financial fixed assets28 | - | - | - | - | - | €40,000 | €40,000 | = |
| Current assets29/58 | €10,847 | €157,445 | €144,604 | €64,795 | €57,457 | €14,593 | €9,559 | ▼ 34.5% |
| Stocks and contracts in progress3 | - | €29,062 | €20,949 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €908 | €8,913 | €2,395 | €9,169 | €219 | €429 | €71 | ▼ 83.5% |
| Trade receivables40 | - | - | - | €819 | - | - | - | - |
| Other amounts receivable41 | - | - | - | €8,350 | €219 | €429 | €71 | ▼ 83.5% |
| Cash at bank and in hand54/58 | €9,939 | €119,470 | €121,260 | €55,331 | €57,238 | €14,164 | €9,489 | ▼ 33.0% |
| Deferred charges and accrued income490/1 | - | - | - | €295 | - | - | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €10,847 | €161,038 | €147,299 | €66,591 | €58,355 | €54,593 | €49,559 | ▼ 9.2% |
| Equity10/15 | €5,883 | €5,704 | -€22,777 | -€88,651 | -€95,263 | -€97,067 | -€101,533 | ▼ 4.6% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | -€2,176 | -€2,355 | -€30,836 | -€96,710 | -€103,323 | -€105,126 | -€109,592 | ▼ 4.2% |
| Amounts payable17/49 | €4,965 | €155,334 | €170,076 | €155,243 | €153,618 | €151,660 | €151,092 | ▼ 0.4% |
| Amounts payable within one year42/48 | €4,223 | €154,861 | €169,583 | €154,738 | €153,284 | €151,075 | €150,244 | ▼ 0.6% |
| Trade debts44 | €1,480 | €1,984 | €6,204 | €4,738 | €3,284 | €1,075 | €244 | ▼ 77.3% |
| Suppliers440/4 | - | - | - | €4,738 | €3,284 | €1,075 | €244 | ▼ 77.3% |
| Other amounts payable47/48 | - | - | - | €150,000 | €150,000 | €150,000 | €150,000 | = |
| Accrued charges and deferred income492/3 | - | - | - | €505 | €335 | €585 | €848 | ▲ 44.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,993 | -€179 | -€28,481 | -€65,874 | -€6,612 | -€1,804 | -€4,465 | ▼ 148% |
| + Depreciation and write-downs630 | - | €898 | €898 | €898 | €898 | €898 | - | - |
| Operating cash flow (approximation) | -€9,993 | €720 | -€27,583 | -€64,976 | -€5,714 | -€905 | -€4,465 | ▼ 393% |
| Investment in fixed assets (approximation) | - | - | €0 | €0 | €0 | -€40,000 | €0 | - |
| Change in cash | - | €109,530 | €1,791 | -€65,930 | €1,907 | -€43,074 | -€4,676 | ▲ 89.1% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 27-02-2026 | 2026-00045324 | |
| 30-06-2024 | abbreviated format | 31-01-2025 | 2025-00020146 | |
| 30-06-2023 | abbreviated format | 01-02-2024 | 2024-00020482 | |
| 30-06-2022 | abbreviated format | 31-01-2023 | 2023-00016941 | |
| 30-06-2021 | abbreviated format | 28-01-2022 | 2022-02300166 | |
| 30-06-2020 | abbreviated format | 02-02-2021 | 2021-04600085 | |
| 30-06-2019 | abbreviated format | 29-01-2020 | 2020-02500182 | |
| 30-06-2018 | micro format | 30-01-2019 | 2019-02800468 | |
| 30-06-2017 | micro format | 29-01-2018 | 2018-02400489 | |
| 30-06-2016 | abbreviated format | 30-12-2016 | 2016-71900506 |
Board & ownership
Directors
Board 2
Permanent representatives 1
Owners and capital
Shareholders
1 ownerOwners 1
- Equity €11.5m Profit of €1.4m in 2026 (profit of €268,241 in 2025) Checked score 8734.93%
Owners through the years 2020 to 2025
| Name | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| SONY MUSIC ENTERTAINMENT BELGIUM | 34.93% | |||||
Source: lists of holdings in the owners' accounts
Capital transactions
- 27-11-2024 Capital stated in the deed · 750 shares
Mandate history
- Board
- mandate already running before its first mention
| Name | Functions and periods |
|---|---|
| SONY MUSIC ENTERTAINMENT (BELGIUM) |
|
| Tom DE MAEIJER |
|
Articles of association
- Dissolution ruleThe articles set when and by whom the company can be dissolved.
- “Netto-actief dreigt negatief te worden of is negatief, niet langer vaststaat dat schulden twaalf volgende maanden voldaan kunnen worden”
Articles of association, deed of 27-11-2024 (in Dutch)
Network & group
Holdings and subsidiaries
1 holdingHoldings 1
- Sourceown accounts 30-06-2025Equity €60,993 Profit of €34,310 in 2025 (profit of €27,181 in 2024) Checked score 5525%
Holdings through the years 2024 to 2025
| Name | 2024 | 2025 |
|---|---|---|
| Arbor Group | 25% | |
Source: list of holdings in its own accounts
Connections & network
2 current directorsThe network starts from the directors of MONAR. Every other company they run is a node.
Timeline
Deeds, filings and financial milestones
27-11
Gazette deed
2 directors resigning, 2 directors reappointedResignations: Tom DE MAEIJER (director) and Sony Music Entertainment Belgium (director) · Reappointments: Tom DE MAEIJER (director) and Sony Music Entertainment Belgium (director) · Permanent representative: Toon MARTENS9 points ▸
- 750 shares
- Director resignation, Tom DE MAEIJER
- Director resignation, Sony Music Entertainment Belgium
- Director reappointment, Tom DE MAEIJER (director (not named in the articles))
- Director reappointment, Sony Music Entertainment Belgium (director (not named in the articles))
- Permanent representative, Toon MARTENS
- Director discharge, Tom DE MAEIJER
- Director discharge, Sony Music Entertainment Belgium
- Registered office clause, Boskouter 154, 2070 Zwijndrecht (Burcht)
- The deed holds 8 more points.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 2025Codes under NACEBEL 2008
7 activities
- Detailhandel in schoenen,lederwaren,textiel en toebehoren
- Groothandel en agentschap in schoenen,lederwaren,textiel en toebehoren
- Detailverkoop via internet van schoenen,lederwaren,textiel en toebehoren aan particulieren en bedrijven
- Het verlenen van diensten en adviezen in de meest ruime zin van het woord aan bedrijven en ondernemingen van alle aard,onder meer op het vlak van administratie,management,bedrijfsorganisatie,promotie en informatica
- Het nemen en beheren van belangen en participaties in ondernemingen en vennootschappen
- Het verwerven,vervreemden en beheren van zowel roerende als onroerende goederen
- Het verstrekken van leningen aan derden alsmede het zich borg stellen voor derden,dit alles met uitdrukkelijke uitsluiting van vermogensbeheer en/of beleggingsadvies zoals bedoeld door de wet van vier december negentienhonderd negentig en het Koninklijk besluit van vijf augustus negentienhonderd éénennegentig
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 11011A0003/00E000 | Flanders | 467 m² | 1 · 95 m² | 11.7 m · 2 |