MARECAT
ActiveSummary
MARECAT has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €1.55M and a net result of €1.34M. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 53% of 4809 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability100▲+18
Solvency59▲+29
Growth85=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €110k at 30 days acceptable
Liquidity short (current ratio 0.08 against 0.5 in 2023; short-term debt: 49.3% and cash: 0.2% of total assets), and 66.1% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% 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 2024Solvency, return and age of the figures
Solvency
33.9%
Return on assets
29.3%
Age of the figures
21 mo
lowers risk · Growing equity
Reported equity is higher than in 2022 and did not fall compared with 2023. These amounts do not establish the cause of the change.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year €1.55M
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 20-07-2025, 11 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
11 d early
2023
20 d early
2022
12 d early
2021
1 d late
2020
27 d early
2019
16 d early
← before the deadline
after the deadline →
Checked, nothing found (1)
Financials · fiscal year 2024, full schema
Turnover
€1.87M▲ 75.4%
2023 · €1.06M
2018: €66klowest in 7 years
2019: €86k▲ +30.3% vs 2018
2020: €213k▲ +148% vs 2019
2021: €575k▲ +170% vs 2020
2022: €272k▼ -52.7% vs 2021
2023: €1.06M▲ +291% vs 2022
2024: €1.87M▲ +75.4% vs 2023highest in 7 years
2018 → 2024
EBIT margin
98.2%▲ 72.0pp
2023 · 26.2%
2018: -96.7%lowest in 7 years
2019: 17.0%▲ +118% vs 2018
2020: -80.7%▼ -574% vs 2019
2021: 59.8%▲ +174% vs 2020
2022: 78.6%▲ +31.4% vs 2021
2023: 26.2%▼ -66.6% vs 2022
2024: 98.2%▲ +274% vs 2023highest in 7 years
2018 → 2024
Net result
€1.34M▲ 1,066%
2023 · €115k
2018: €-75k
2019: €-9k▲ +88.5% vs 2018
2020: €-275k▼ -3096% vs 2019lowest in 7 years
2021: €261k▲ +195% vs 2020
2022: €175k▼ -33.0% vs 2021
2023: €115k▼ -34.1% vs 2022
2024: €1.34M▲ +1066% vs 2023highest in 7 years
2018 → 2024
Working capital
€-2.08M▼ 70.1%
2023 · €-1.22M
2018: €-862k
2019: €37k▲ +104% vs 2018highest in 7 years
2020: €-74k▼ -302% vs 2019
2021: €-76k▼ -2.2% vs 2020
2022: €-74k▲ +2.7% vs 2021
2023: €-1.22M▼ -1558% vs 2022
2024: €-2.08M▼ -70.1% vs 2023lowest in 7 years
2018 → 2024
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20202021202220232024Trend
Turnover€213k-€575k▲ 170%€272k▼ 52.7%€1.06M▲ 291%€1.87M▲ 75.4%
2020: €213klowest in 5 years
2021: €575k▲ +170% vs 2020
2022: €272k▼ -52.7% vs 2021
2023: €1.06M▲ +291% vs 2022
2024: €1.87M▲ +75.4% vs 2023highest in 5 years
Equity€-381k-€-120k▲ 68.6%€55k€170k▲ 209%€1.55M▲ 810%
2020: €-381klowest in 5 years
2021: €-120k▲ +68.6% vs 2020
2022: €55k▲ +146% vs 2021
2023: €170k▲ +209% vs 2022
2024: €1.55M▲ +810% vs 2023highest in 5 years
Operating result€-172k-€344k€214k▼ 37.8%€279k▲ 30.3%€1.83M▲ 557%
2020: €-172klowest in 5 years
2021: €344k▲ +300% vs 2020
2022: €214k▼ -37.8% vs 2021
2023: €279k▲ +30.3% vs 2022
2024: €1.83M▲ +557% vs 2023highest in 5 years
Net result€-275k-€261k€175k▼ 33.0%€115k▼ 34.1%€1.34M▲ 1,066%
2020: €-275klowest in 5 years
2021: €261k▲ +195% vs 2020
2022: €175k▼ -33.0% vs 2021
2023: €115k▼ -34.1% vs 2022
2024: €1.34M▲ +1066% vs 2023highest in 5 years
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed two years in a row; 2024 is 557% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €4.58M
Fixed assets
€4.40M ▲ 107%
Current assets
€179k ▼ 85.4%
Equity and liabilities €4.58M
Equity
€1.55M ▲ 810%
Provisions
€641k ▲ 952%
Debt
€2.39M ▼ 23.5%
Debt's share of the balance-sheet total falls from 93.1% to 52.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€2.02M▲
2023 · €379k
Cash flow
€1.53M▲
2023 · €215k
Current ratio
0.08▼
2023 · 0.50
Debt to equity
1.54▼
2023 · 18.31
ROE
86.7%▲
2023 · 67.7%
ROA
29.3%▲
2023 · 3.4%
Interest coverage
29.36▲
2023 · 6.43
Debt ≤ 1 year
€2.25M▼
2023 · €2.45M
Debt > 1 year
€132k▼
2023 · €669k
Income taxes
€150k▲
2023 · €44k
Staff costs
€32k▼
2023 · €43k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2024 against 2023 · 71 lines
Balance sheet
Code20232024
Assets
Total assets20/58€3.35M€4.58M▲
Fixed assets21/28€2.12M€4.40M▲
Tangible fixed assets22/27€2.12M€4.40M▲
Land and buildings22€2.11M€4.39M▲
Furniture and vehicles24€14k€7k▼
Current assets29/58€1.23M€179k▼
Stocks and contracts in progress3€803k-
Stocks30/36€803k-
Amounts receivable within one year40/41€329k€171k▼
Other amounts receivable41€329k€171k▼
Cash at bank and in hand54/58€98k€8k▼
Equity and liabilities
Total equity and liabilities10/49€3.35M€4.58M▲
Equity10/15€170k€1.55M▲
Contributions10/11€65k€161k▲
Capital10€65k€65k=
Issued capital100€65k€65k=
Outside capital11-€96k
Other1109/19-€96k
Reserves13€7k€1.39M▲
Non-distributable reserves130/1€7k€7k=
Legal reserve130€7k€7k=
Tax-exempt reserves132-€811k
Distributable reserves133-€571k
Profit (loss) carried forward14€99k-
Provisions and deferred taxes16€61k€641k▲
Provisions for liabilities and charges160/5€61k€371k▲
Taxes161€61k€186k▲
Major repairs and maintenance162-€90k
Environmental obligations163-€95k
Deferred taxes168-€270k
Amounts payable17/49€3.12M€2.39M▼
Amounts payable after more than one year17€669k€132k▼
Financial debts170/4€669k€132k▼
Amounts payable within one year42/48€2.45M€2.25M▼
Current portion of amounts payable after more than one year42€197k€41k▼
Financial debts43€998k-
Other loans439€998k-
Trade debts44€191k€64k▼
Suppliers440/4€191k€64k▼
Advances received on contracts in progress46€7k€5k▼
Taxes, remuneration and social security45€44k€309k▲
Taxes450/3€44k€249k▲
Remuneration and social security454/9-€60k
Other amounts payable47/48€1.01M€1.84M▲
Income statement
Code20232024
Turnover70€1.06M€1.87M▲
Non-recurring operating income76A€2.20M€1.44M▼
Goods, raw materials, services and sundry goods60/61€2.71M€833k▼
Remuneration, social security and pensions62€43k€32k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€100k€186k▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€63k€-22k▼
Provisions for liabilities and charges: additions (uses and reversals)635/8-€185k
Other operating charges640/8€23k€259k▲
Non-recurring operating charges66A€42k-
Gross operating margin9900€549k€2.47M▲
Operating profit (loss)9901€279k€1.83M▲
Financial charges65/66B€120k€69k▼
Recurring financial charges65€59k€69k▲
Non-recurring financial charges66B€61k-
Profit (loss) for the period before taxes9903€159k€1.76M▲
Transfer to deferred taxes680-€270k
Income taxes67/77€44k€150k▲
Profit (loss) for the period9904€115k€1.34M▲
Transfer to tax-exempt reserves689-€811k
Profit (loss) for the period to be appropriated9905€115k€533k▲
Appropriation of the result
Profit (loss) to be appropriated9906€105k€631k▲
Profit (loss) brought forward from the previous period14P€-10k€99k▲
Transfer to equity691/2€7k€571k▲
To the legal reserve6920€7k-
To other reserves6921-€571k
Profit to be distributed694/7-€60k
Directors or managers695-€60k
The notes to these accounts (12 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €213k | €575k | €272k | €1.06M | €1.87M | ▲ 75.4% |
| Non-recurring operating income76A | - | €1.69M | €2.57M | €2.20M | €1.44M | ▼ 34.4% |
| Goods, raw materials, services and sundry goods60/61 | - | €1.82M | €1.89M | €2.71M | €833k | ▼ 69.3% |
| Remuneration, social security and pensions62 | - | - | €25k | €43k | €32k | ▼ 25.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €45k | €52k | €56k | €100k | €186k | ▲ 87.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €63k | €-22k | ▼ 134% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | €185k | - |
| Other operating charges640/8 | - | €52k | €183k | €23k | €259k | ▲ 1,037% |
| Non-recurring operating charges66A | - | - | - | €42k | - | - |
| Gross operating margin9900 | €-104k | €449k | €477k | €549k | €2.47M | ▲ 350% |
| Operating profit (loss)9901 | €-172k | €344k | €214k | €279k | €1.83M | ▲ 557% |
| Financial charges65/66B | - | €83k | €36k | €120k | €69k | ▼ 42.6% |
| Recurring financial charges65 | - | €48k | €35k | €59k | €69k | ▲ 16.8% |
| Non-recurring financial charges66B | - | €36k | €874 | €61k | - | - |
| Profit (loss) for the period before taxes9903 | €-275k | €261k | €178k | €159k | €1.76M | ▲ 1,007% |
| Transfer to deferred taxes680 | - | - | - | - | €270k | - |
| Income taxes67/77 | - | - | €3k | €44k | €150k | ▲ 241% |
| Profit (loss) for the period9904 | €-275k | €261k | €175k | €115k | €1.34M | ▲ 1,066% |
| Transfer to tax-exempt reserves689 | - | - | - | - | €811k | - |
| Profit (loss) for the period to be appropriated9905 | €-275k | €261k | €175k | €115k | €533k | ▲ 362% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.01M | €4.28M | €3.20M | €3.35M | €4.58M | ▲ 36.6% |
| Formation expenses20 | - | - | €0 | - | - | - |
| Fixed assets21/28 | €776k | €760k | €865k | €2.12M | €4.40M | ▲ 107% |
| Intangible fixed assets21 | - | - | €0 | - | - | - |
| Tangible fixed assets22/27 | €776k | €760k | €865k | €2.12M | €4.40M | ▲ 107% |
| Land and buildings22 | - | €760k | €865k | €2.11M | €4.39M | ▲ 108% |
| Furniture and vehicles24 | - | - | - | €14k | €7k | ▼ 50.0% |
| Current assets29/58 | €2.23M | €3.52M | €2.33M | €1.23M | €179k | ▼ 85.4% |
| Stocks and contracts in progress3 | €2.19M | €2.66M | €1.97M | €803k | - | - |
| Stocks30/36 | - | €2.66M | €1.97M | €803k | - | - |
| Amounts receivable within one year40/41 | €27k | €703k | €301k | €329k | €171k | ▼ 48.0% |
| Trade receivables40 | - | €566k | €11k | - | - | - |
| Other amounts receivable41 | - | €136k | €291k | €329k | €171k | ▼ 48.0% |
| Cash at bank and in hand54/58 | €15k | €161k | €61k | €98k | €8k | ▼ 91.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.01M | €4.28M | €3.20M | €3.35M | €4.58M | ▲ 36.6% |
| Equity10/15 | €-381k | €-120k | €55k | €170k | €1.55M | ▲ 810% |
| Contributions10/11 | €65k | €65k | €65k | €65k | €161k | ▲ 148% |
| Capital10 | - | €65k | €65k | €65k | €65k | = |
| Issued capital100 | - | €65k | €65k | €65k | €65k | = |
| Outside capital11 | - | - | - | - | €96k | - |
| Other1109/19 | - | - | - | - | €96k | - |
| Reserves13 | - | - | - | €7k | €1.39M | ▲ 21,265% |
| Non-distributable reserves130/1 | - | - | - | €7k | €7k | = |
| Legal reserve130 | - | - | - | €7k | €7k | = |
| Tax-exempt reserves132 | - | - | - | - | €811k | - |
| Distributable reserves133 | - | - | - | - | €571k | - |
| Profit (loss) carried forward14 | €-446k | €-185k | €-10k | €99k | - | - |
| Provisions and deferred taxes16 | - | - | - | €61k | €641k | ▲ 952% |
| Provisions for liabilities and charges160/5 | - | - | - | €61k | €371k | ▲ 509% |
| Taxes161 | - | - | - | €61k | €186k | ▲ 205% |
| Major repairs and maintenance162 | - | - | - | - | €90k | - |
| Environmental obligations163 | - | - | - | - | €95k | - |
| Deferred taxes168 | - | - | - | - | €270k | - |
| Amounts payable17/49 | €3.39M | €4.40M | €3.14M | €3.12M | €2.39M | ▼ 23.5% |
| Amounts payable after more than one year17 | €1.08M | €804k | €737k | €669k | €132k | ▼ 80.3% |
| Financial debts170/4 | - | €804k | €737k | €669k | €132k | ▼ 80.3% |
| Amounts payable within one year42/48 | €2.30M | €3.60M | €2.41M | €2.45M | €2.25M | ▼ 8.0% |
| Current portion of amounts payable after more than one year42 | - | - | €67k | €197k | €41k | ▼ 79.3% |
| Financial debts43 | - | €273k | - | €998k | - | - |
| Credit institutions430/8 | - | €273k | - | - | - | - |
| Other loans439 | - | - | - | €998k | - | - |
| Trade debts44 | €59k | €155k | €156k | €191k | €64k | ▼ 66.5% |
| Suppliers440/4 | - | €155k | €156k | €191k | €64k | ▼ 66.5% |
| Advances received on contracts in progress46 | - | €1.96M | €1.28M | €7k | €5k | ▼ 24.7% |
| Taxes, remuneration and social security45 | - | - | €3k | €44k | €309k | ▲ 603% |
| Taxes450/3 | - | - | €3k | €44k | €249k | ▲ 467% |
| Remuneration and social security454/9 | - | - | - | - | €60k | - |
| Other amounts payable47/48 | - | €1.21M | €900k | €1.01M | €1.84M | ▲ 81.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-275k | €261k | €175k | €115k | €1.34M | ▲ 1,066% |
| + Depreciation and write-downs630 | €45k | €52k | €56k | €100k | €186k | ▲ 87.0% |
| Operating cash flow (approximation) | €-231k | €313k | €231k | €215k | €1.53M | ▲ 612% |
| Investment in fixed assets (approximation) | - | €-36k | €-161k | €-1.35M | €-2.46M | ▼ 81.9% |
| Change in cash | - | €146k | €-100k | €36k | €-90k | ▼ 347% |
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
2025
20-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Highest result since 2018net €1.34M ▲1,066%
Operating result €1.83M, net result €1.34M, both a record.
31-12
Financial
Equity above €1MEq €1.55M ▲810%
4 profitable years in a row build equity to €1.55M.
11-07
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
31-12
Financial
Equity above €150kEq €170k ▲209%
3 profitable years in a row build equity to €170k.
19-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
01-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 1 day late
2021
31-12
Financial
Back to profitnet €261k
Net result €261k after 3 loss-making years.
04-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Weakest financial yearnet €-275k
Net result drops to €-275k, the lowest in the series; recovery starts the following year.
15-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Liquidity triplescurrent ratio 1.03
Current ratio from 0.33 to 1.03.
Show earlier events
18-07
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
22-09
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 53 days late
2017
14-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
30-06
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 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
4 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, Tournai · 1 establishment unit since 2007
Ground area
1,715 m²
Building footprint
538 m²
Volume, LiDAR
2,633 m³
2 parcels, Wallonia · tallest building 14.6 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
MARECAT
since 20072.163.995.764
2 parcels
Wallonia
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 57042C0476/00Z000 | Wallonia | 1,102 m² | 1 · 238 m² | 7.3 m · 2 fl. |
| 57462D0607/00A000 | Wallonia | 613 m² | 1 · 299 m² | 14.6 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.
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Of 7,321 companies in sector 68110 we hold annual accounts for 5,384. 2,903 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded10-03-2007
Fiscal year end31-12
Activities, NACEBEL 2025
68110Buying and selling of own real estate
Scores and ratios are computed by Checked and are not a credit decision.