MAERKELINDEN
ActiveSummary
MAERKELINDEN has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €14.0m and a net result of €5.4m. Equity is growing by ~54.4% per year across the filed fiscal years. Its solvency ranks better than 61% of 1009 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is < 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability56▲+32
Solvency71▲+35
Growth78=
Track record100
Bankruptcy probability, 12 months
< 0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €1,000,000 at 30 days acceptable
Liquidity short (current ratio 0.59 against 0.41 in 2024; short-term debt: 38.7% and cash: 0.2% of total assets), and 53.6% 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○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
about 77% fewer bankruptcies
← 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
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
46.4%
Return on assets
17.8%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 17-09-2026, 48 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
48 d late
2024
18 d late
2023
26 d early
2022
211 d late
2021
61 d late
2020
23 d late
2019
89 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 61 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed 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. Usually files around 17 September (4 of the last 5 filed years within 73 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
In the rankings
#2 company by total assets in Wortegem-Petegem, Professional and technical services sector#3 company by equity in Wortegem-Petegem, Professional and technical services sector#7 oldest company in Wortegem-Petegem, Professional and technical services sector
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€5.4m▲ 517%
2024 · €869,441
Working capital
-€4.8m▲ 48.3%
2024 · -€9.3m
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 69, Legal and accounting activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result-€243,090-€210,873▲ 13.3%-€175,597▲ 16.7%-€213,503▼ 21.6%-€276,312▼ 29.4%
Net result-€292,620below the sector's middle half€100,790above the sector's middle half€388,720above the sector's middle half▲ 286%€869,441above the sector's middle half▲ 124%€5.4mabove the sector's middle half▲ 517%
Equity€916,428above the sector's middle half▲ 290%€1.1mabove the sector's middle half▲ 17.4%€1.5mabove the sector's middle half▲ 36.1%€2.3mabove the sector's middle half▲ 59.3%€14.0mabove the sector's middle half▲ 498%
Total assets€17.5mabove the sector's middle half▲ 9.8%€19.5mabove the sector's middle half▲ 11.8%€20.4mabove the sector's middle half▲ 4.2%€20.6mabove the sector's middle half▲ 1.2%€30.1mabove the sector's middle half▲ 45.9%
Debt€16.6m▲ 5.6%€18.5m▲ 11.5%€18.9m▲ 2.4%€18.3m▼ 3.3%€16.1m▼ 11.8%
Working capital-€7.3mbelow the sector's middle half▼ 22.1%-€9.5mbelow the sector's middle half▼ 31.5%-€9.9mbelow the sector's middle half▼ 4.0%-€9.3mbelow the sector's middle half▲ 6.7%-€4.8mbelow the sector's middle half▲ 48.3%
Solvency5.2%below the sector's middle half▲ 3.8pp5.5%below the sector's middle half▲ 0.3pp7.2%below the sector's middle half▲ 1.7pp11.3%below the sector's middle half▲ 4.1pp46.4%within the sector's middle half▲ 35.1pp
Current ratio0.45below the sector's middle half▼ 0.050.38below the sector's middle half▼ 0.070.38below the sector's middle half=0.41below the sector's middle half▲ 0.030.59below the sector's middle half▲ 0.18
Return on assets (ROA)-1.7%below the sector's middle half▼ 4.5pp0.5%below the sector's middle half▲ 2.2pp1.9%below the sector's middle half▲ 1.4pp4.2%within the sector's middle half▲ 2.3pp17.8%within the sector's middle half▲ 13.6pp
Staff (FTE)0below the sector's middle half0below the sector's middle half
above
within
below
the middle half (P25 to P75) of NACE 69, Legal and accounting activities, each year against the same schema; no band under 30 filings.
Why a figure moved sharply
- 2025 Net result +517% on 2024. The accounts now follow the full schema, last year the abbreviated schema.
- 2024 Net result +124% on 2023. The accounts now follow the abbreviated schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €276,312 in 2025 against €213,503 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €30.1m
Fixed assets
€23.2m ▲ 63.6%
Current assets
€6.9m ▲ 7.0%
Equity and liabilities €30.1m
Equity
€14.0m ▲ 498%
Debt
€16.1m ▼ 11.8%
Debt's share of the balance-sheet total falls from 88.7% to 53.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€154,996▲
2024 · -€19
Cash flow
€5.8m▲
2024 · €1.1m
Debt to equity
1.15▼
2024 · 7.83
ROE
38.4%▲
2024 · 37.2%
Interest coverage
1.75▲
2024 · 0.00
Debt ≤ 1 year
€11.7m▼
2024 · €15.7m
Debt > 1 year
€4.5m▲
2024 · €2.6m
Income taxes
€304▲
2024 · €81
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 321 companies that looked in July 2024 the way this one looks now, 0% went bankrupt within 24 months and 98% are still going.
- Large
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0%
went bankrupt
2.5%
stopped otherwise
98%
still going
For this company itself Checked computes a bankruptcy probability of < 0.1% 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 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
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 321 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 | €0 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €184,940 | €206,007 | €206,698 | €213,484 | €431,308 | ▲ 102% |
| Other operating charges640/8 | €6,010 | €19,319 | €11,345 | €16,127 | €19,237 | ▲ 19.3% |
| Non-recurring operating charges66A | €66,916 | €0 | - | - | - | - |
| Gross operating margin9900 | €14,776 | €14,452 | €42,446 | €16,108 | €174,233 | ▲ 982% |
| Operating profit (loss)9901 | -€243,090 | -€210,873 | -€175,597 | -€213,503 | -€276,312 | ▼ 29.4% |
| Financial income75/76B | €47,373 | €398,296 | €641,306 | €1.1m | €5.7m | ▲ 398% |
| Recurring financial income75 | €47,373 | €398,296 | €641,306 | €1.1m | €5.7m | ▲ 398% |
| Financial charges65/66B | €96,903 | €86,633 | €76,989 | €66,568 | €88,424 | ▲ 32.8% |
| Recurring financial charges65 | €96,903 | €86,633 | €76,989 | €66,568 | €88,424 | ▲ 32.8% |
| Profit (loss) for the period before taxes9903 | -€292,620 | €100,790 | €388,720 | €869,522 | €5.4m | ▲ 517% |
| Income taxes67/77 | - | - | - | €81 | €304 | ▲ 277% |
| Profit (loss) for the period9904 | -€292,620 | €100,790 | €388,720 | €869,441 | €5.4m | ▲ 517% |
| Profit (loss) for the period to be appropriated9905 | -€292,620 | €100,790 | €388,720 | €869,441 | €5.4m | ▲ 517% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €17.5m | €19.5m | €20.4m | €20.6m | €30.1m | ▲ 45.9% |
| Fixed assets21/28 | €11.5m | €13.7m | €14.2m | €14.2m | €23.2m | ▲ 63.6% |
| Tangible fixed assets22/27 | €6.7m | €6.6m | €6.4m | €6.4m | €8.5m | ▲ 33.3% |
| Land and buildings22 | €5.2m | €5.0m | €6.0m | €6.0m | €8.2m | ▲ 37.1% |
| Furniture and vehicles24 | €400,607 | €396,896 | €382,757 | €421,272 | €338,928 | ▼ 19.5% |
| Other tangible fixed assets26 | €1.1m | €1.2m | €0 | - | - | - |
| Financial fixed assets28 | €4.8m | €7.1m | €7.8m | €7.8m | €14.7m | ▲ 88.3% |
| Current assets29/58 | €6.0m | €5.9m | €6.2m | €6.4m | €6.9m | ▲ 7.0% |
| Amounts receivable within one year40/41 | €5.9m | €5.9m | €6.1m | €6.4m | €6.7m | ▲ 4.2% |
| Trade receivables40 | €14,526 | €45,232 | €25,502 | €33,331 | €17,530 | ▼ 47.4% |
| Other amounts receivable41 | €5.9m | €5.8m | €6.1m | €6.4m | €6.7m | ▲ 4.5% |
| Cash at bank and in hand54/58 | €48,792 | €13,602 | €80,752 | €6,926 | €47,798 | ▲ 590% |
| Deferred charges and accrued income490/1 | €58,007 | €0 | - | - | €138,951 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €17.5m | €19.5m | €20.4m | €20.6m | €30.1m | ▲ 45.9% |
| Equity10/15 | €916,428 | €1.1m | €1.5m | €2.3m | €14.0m | ▲ 498% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Revaluation surpluses12 | €1.7m | €1.8m | €1.8m | €1.8m | €8.1m | ▲ 348% |
| Reserves13 | - | - | - | €471,319 | €5.8m | ▲ 1,138% |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | = |
| Distributable reserves133 | - | - | - | €465,119 | €5.8m | ▲ 1,153% |
| Profit (loss) carried forward14 | -€887,631 | -€786,842 | -€398,122 | €0 | - | - |
| Amounts payable17/49 | €16.6m | €18.5m | €18.9m | €18.3m | €16.1m | ▼ 11.8% |
| Amounts payable after more than one year17 | €3.3m | €3.1m | €2.8m | €2.6m | €4.5m | ▲ 71.1% |
| Financial debts170/4 | €3.3m | €3.1m | €2.8m | €2.6m | €4.5m | ▲ 71.1% |
| Amounts payable within one year42/48 | €13.3m | €15.4m | €16.1m | €15.7m | €11.7m | ▼ 25.7% |
| Current portion of amounts payable after more than one year42 | €254,638 | €255,263 | €255,895 | €278,425 | €380,793 | ▲ 36.8% |
| Trade debts44 | €1,813 | €14,304 | €2,443 | €3,235 | €4,327 | ▲ 33.7% |
| Suppliers440/4 | €1,813 | €14,304 | €2,443 | €3,235 | €4,327 | ▲ 33.7% |
| Other amounts payable47/48 | €13.0m | €15.1m | €15.9m | €15.4m | €11.3m | ▼ 26.8% |
| Accrued charges and deferred income492/3 | €2,708 | €4,013 | €4,331 | €3,712 | €15,924 | ▲ 329% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€292,620 | €100,790 | €388,720 | €869,441 | €5.4m | ▲ 517% |
| + Depreciation and write-downs630 | €184,940 | €206,007 | €206,698 | €213,484 | €431,308 | ▲ 102% |
| Operating cash flow (approximation) | -€107,679 | €306,797 | €595,418 | €1.1m | €5.8m | ▲ 435% |
| Investment in fixed assets (approximation) | - | -€2.4m | -€716,903 | -€225,590 | -€9.5m | ▼ 4,091% |
| Change in cash | - | -€35,189 | €67,150 | -€73,826 | €40,872 | ▲ 155% |
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
17-09
NBB filing
Annual accounts filed
fiscal year 2025 · full schema · 48 days late
2025
31-12
Financial
Highest result since 2018net €5.4m ▲517%
Net result €5.4m, the highest in the series.
31-12
Financial
Equity above €10mEq €14.0m ▲498%
4 profitable years in a row build equity to €14.0m.
18-08
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema · 18 days late
2024
31-12
Financial
Equity above €2mEq €2.3m ▲59.3%
3 profitable years in a row build equity to €2.3m.
05-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
27-02
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 211 days late
2022
31-12
Financial
Back to profitnet €100,790
Net result €100,790 after one loss-making year.
31-12
Financial
Equity above €1mEq €1.1m ▲17.4%
Equity rises from €916,428 to €1.1m.
30-09
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 61 days late
05-07
State Gazette act
General meeting · Capital increase
Share issue · Statutes amendment
2021
31-12
Financial
Weakest financial yearnet -€292,620
Net result drops to -€292,620, the lowest in the series; recovery starts the following year.
Show earlier events
31-12
Financial
Equity above €500,000Eq €916,428 ▲290%
Equity rises from €235,021 to €916,428.
23-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 23 days late
2020
31-12
Financial
Back to profitnet €451,667
Net result €451,667 after one loss-making year.
28-10
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 89 days late
2019
30-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 30 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2017
28-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 28 days late
2016
17-05
State Gazette act
General meeting · Capital increase
Capital · Share issue · Frank Liesse
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 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
No directors read yet: 0 of 5 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Wortegem-Petegem · 1 establishment unit since 2001
Ground area
7,329 m²
Building footprint
437 m²
Volume, LiDAR
2,149 m³
2 parcels, Flanders · tallest building 9.6 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
Stuivenbergstraat (W.) 1, 9790 Wortegem-Petegem
since 20012.040.491.802
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 45055D0368/00K000 | Flanders | 4,000 m² | 1 · 172 m² | 8.2 m · 2 fl. |
| 45055D0441/00C000 | Flanders | 3,329 m² | 1 · 265 m² | 9.6 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
2 holdingsOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 2
-
10%
-
0.57%
According to the 2025 annual accounts of MAERKELINDEN and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Legal Entity Identifier
529900BM9AOWN7OAR190
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Of 2,265 companies in this sector we hold annual accounts for 1,101. 100 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPublic limited company
Founded09-09-1988
Fiscal year end31-12
Activities, NACEBEL 2025
69209Other tax advisory services
41001General construction of residential buildings
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0435263447
Registered
23-03-2026
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.