Checked.be
Active
BE 0740.501.661Private limited company
MARMAG
Linkhoutstraat 74 ·3560 Lummen, Belgium· 6 yrs active
Sector: Agents in non-specialised wholesale trade
(46190)
Conclusion
MARMAG has been active since 2019 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €319k and a net result of €72k. Equity is growing by ~26.6% per year across the filed fiscal years. Its solvency ranks better than 90% of 10877 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.1% (low).
Based on the State Gazette, CBE and 5 annual accounts.
Key figures
| Equity | €319k |
| Net result | €72k |
| Better than sector | 90% |
| Active | 6 yrs |
Financial profile
94
/ 100
Exceptional profile, strong across almost every axis.
All 5 axes are computed from data Checked has read.
Health
93
Profitability
100
Solvency
100
Growth
78
Stability
100
Bankruptcy probability (12 mo)
Risk Assessment
0 / 100
Low riskTrust signals
More than 3 years active
Founded in 2019, past the statistically most fragile first 3 years.
No legal incidents
No bankruptcy, reorganisation or interim measure in the Belgisch Staatsblad, and the KBO register records a normal legal situation.
Administrative Flags
No strikeouts found in the KBO publications we processed. That series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
Checked score
93
/ 100
Excellent
Computed from 5 of the 6 factors this model weighs. The rest cannot be derived from the filed figures, or need a prior year to compare against.
Indicative credit limit
€30k
estimate, not credit advice
Score history
93
2021
100
2022
100
2023
93
2024
93
2025
purely financial, excl. current insolvency signals
Score components
Liquidity
Current ratio 9.30 (≥ 1.5)
+10
Quick ratio
Quick ratio 9.30 (≥ 1.0)
+5
Leverage
Debt/equity 0.09 (< 1.0)
+10
Profitability
ROE 23% (≥ 10%)
+10
Interest coverage
Interest coverage 90.4× (≥ 3×)
+8
Profit trend
Net profit down YoY
-3
Equity growth
Equity growing YoY
+3
Computed by Checked from the NBB filing for FY 2025. Indicative, not credit advice.
Financial overview
Annual accounts filed on 24-08-2026 with the NBB · fiscal year 2025 · micro schema
Trajectory (indicative)
Projection over 3 fiscal years from the filed annual accounts, not a forecast, the extended trend.
growing
Equity: growth of ~26.6%/year over 5 fiscal years, indicative, assuming unchanged policy.
Solid line = filed figures · dashed = extended trend · area = indicative range.
How do we compute this?
The trend is a robust median of all pairwise slopes between fiscal years (Theil-Sen), so a single odd year cannot hijack the line. For strictly positive series we also fit a log variant (compound annual growth) and keep whichever describes the figures best.
The area around the projection is 1.8 × the median absolute deviation from the trend, widening each year ahead (×1 / ×1.6 / ×2.2), with a minimum of 8% of the last value. It is an indicative range, not a statistical confidence interval.
A series whose deviations exceed 35% of its level is too volatile: we then deliberately show no projection. Every projection assumes unchanged policy and is blind to non-public information (order book, contracts, funding rounds).
Sector comparison
Fiscal year 2025 · NACE 46, Wholesale trade · compared within the same schema type (micro schema)
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 91.4% | 42.6% | |
| Net result | €72k | €6k | |
| Equity | €319k | €60k | |
| Gross operating margin | €124k | €29k | |
| Total assets | €348k | €175k |
€123k
+9.9%
21-25
€72k
-2.8%
21-25
€98k
+6.7%
21-25
€348k
+31.3%
21-25
€319k
+29.3%
21-25
€248k
+45.6%
21-25
€32k
+31.7%
21-25
€0
-100.0%
21-25
€30k
+57.6%
21-25
€30k
+57.6%
21-25
9.30
-6.9%
21-25
9.30
-6.9%
21-25
91.4%
-1.5%
21-25
0.09
+21.9%
21-25
22.7%
-24.8%
21-25
20.7%
-26.0%
21-25
90.45
-70.1%
21-25
Figures by fiscal year and ratios
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Deposit | micro schema | micro schema | micro schema | micro schema | micro schema |
| Revenue | - | - | - | - | - |
| EBITDA | €123k | €112k | €107k | €94k | €57k |
| Net profit | €72k | €74k | €76k | €67k | €41k |
| Cash flow | €98k | €92k | €83k | €70k | €43k |
| Staff costs | - | - | - | - | - |
| Income taxes | €32k | €24k | €25k | €23k | €13k |
| Dividends | €0 | €49k | - | - | - |
| Total assets | €348k | €265k | €280k | €190k | €110k |
| Equity | €319k | €246k | €222k | €146k | €79k |
| Debt | €30k | €19k | €58k | €45k | €32k |
| of which ≤ 1y | €30k | €19k | €57k | €45k | €32k |
| of which > 1y | - | - | - | - | - |
| Working capital | €248k | €171k | €201k | €121k | €71k |
| Employees (FTE) | - | - | - | - | - |
Ratios (computed)
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 9.30 | 9.99 | 4.50 | 3.70 | 3.24 |
| Quick ratio | 9.30 | 9.99 | 4.50 | 3.70 | 3.24 |
| Working capital ratio | 71.3% | 64.3% | 71.9% | 63.6% | 64.6% |
| Solvency | 91.4% | 92.8% | 79.2% | 76.4% | 71.2% |
| Debt / equity | 0.09 | 0.08 | 0.26 | 0.31 | 0.40 |
| Long-term debt ratio | - | - | - | - | - |
| Interest coverage | 90.45 | 302.94 | 90.15 | 147.08 | 83.02 |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | - | - | - |
| ROA | 20.7% | 28.0% | 27.2% | 35.2% | 37.2% |
| ROE | 22.7% | 30.1% | 34.3% | 46.0% | 52.3% |
| EBITDA margin | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Balance-sheet composition 2025
Full annual accounts (23 line items)
Filed balance sheet and income statement, exactly as deposited with the NBB.
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €348k | €265k | €280k | €190k | €110k |
| Fixed assets | 21/28 | €70k | €76k | €21k | €24k | €7k |
| Tangible fixed assets | 22/27 | €70k | €76k | €21k | €24k | €7k |
| Current assets | 29/58 | €278k | €190k | €259k | €166k | €103k |
| Amounts receivable within one year | 40/41 | €36k | €33k | €30k | €30k | €21k |
| Investments | 50/53 | €199k | €125k | - | - | - |
| Cash & bank | 54/58 | €42k | €30k | €228k | €135k | €82k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €348k | €265k | €280k | €190k | €110k |
| Equity | 10/15 | €319k | €246k | €222k | €146k | €79k |
| Contributions / capital | 10/11 | €1k | €1k | €1k | €1k | €1k |
| Reserves | 13 | €318k | €245k | €221k | €145k | €78k |
| Accumulated profits (losses) | 14 | €0 | - | - | - | - |
| Amounts payable | 17/49 | €30k | €19k | €58k | €45k | €32k |
| Amounts payable within one year | 42/48 | €30k | €19k | €57k | €45k | €32k |
| Trade debts payable within one year | 44 | €8k | €2k | €3k | €2k | €2k |
| Income statement | ||||||
| Gross operating margin | 9900 | €124k | €114k | €108k | €95k | €58k |
| Operating result | 9901 | €97k | €95k | €100k | €91k | €55k |
| Financial income | 75 | €8k | €4k | €2k | - | €88 |
| Financial charges | 65 | €1k | €370 | €1k | €641 | €685 |
| Result before taxes | 9903 | €104k | €98k | €100k | €90k | €54k |
| Income taxes | 67/77 | €32k | €24k | €25k | €23k | €13k |
| Net result for the period | 9904 | €72k | €74k | €76k | €67k | €41k |
| Result to be appropriated | 9905 | €72k | €74k | €76k | €67k | €41k |
Legal Structure
| NACE primary | Agents in non-specialised wholesale trade(46190) |
| Legal form | Private limited company(610) |
| Incorporation | 26-12-2019 |
| Status | Active |
| Postal code | 3560 |
Establishment units
MARMAG
since 20192.298.007.501
Real-estate footprint
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 71035B0546/00E000 | Flanders | 2,145 m² | 1 · 199 m² | 9.3 m · 2 fl. |
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Updates
Next filing, fiscal year 2026, expected by
2026
24-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 24 days late
2025
29-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 29 days late
2024
31-12
Financial
Liquidity doublescurrent ratio 9.99
Current ratio from 4.50 to 9.99; short-term debt falls from €57k to €19k.
28-06
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Highest result since 2021net €76k ▲13.3%
Operating result €100k, net result €76k, both a record.
31-12
Financial
Equity above €200kEq €222k ▲52.1%
3 profitable years in a row build equity to €222k.
28-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Equity above €100kEq €146k ▲85.2%
2 profitable years in a row build equity to €146k.
29-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
30-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Belgian State Gazette reading coverage
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
Credit advice
Company registry (CBE)
Activities
Agents in non-specialised wholesale trade46190Agents in the wholesale of furniture, household goods and hardware46150
Names & trade names
| Legal nameNL | MARMAG |
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