Martinsen
Martinsen has been active since 2017 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €188k and a net result of €160k. Equity is growing by ~40% per year across the filed fiscal years. Its solvency ranks better than 39% of 17366 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
| Equity | €188k |
| Net result | €160k |
| Staff (FTE) | 1.9 |
| Better than sector | 39% |
Strong profile, led by profitability.
All 5 axes are computed from data Checked has read.
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).
| Metric | This company | Sector median | Position in the sector |
|---|---|---|---|
| Solvency | 21.5% | 34.6% | |
| Net result | €160k | €5k | |
| Equity | €188k | €44k | |
| Gross operating margin | €347k | €34k | |
| Staff costs | €59k | €40k |
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 | €286k | €266k | €206k | €206k | €184k |
| Net profit | €160k | €151k | €135k | €142k | €123k |
| Cash flow | €220k | €205k | €158k | €154k | €142k |
| Staff costs | €59k | €51k | €45k | €40k | €37k |
| Income taxes | €55k | €47k | €38k | €47k | €36k |
| Dividends | €469k | - | - | €75k | €176k |
| Total assets | €878k | €766k | €655k | €355k | €242k |
| Equity | €188k | €497k | €345k | €210k | €143k |
| Debt | €690k | €269k | €309k | €145k | €99k |
| of which ≤ 1y | €565k | €123k | €115k | €135k | €76k |
| of which > 1y | €124k | €144k | €192k | €9k | €18k |
| Working capital | €-133k | €233k | €222k | €180k | €115k |
| Employees (FTE) | 1.9 | 1.4 | 1.4 | 1.4 | 1.4 |
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Current ratio | 0.76 | 2.89 | 2.92 | 2.34 | 2.51 |
| Quick ratio | 0.76 | 2.89 | 2.92 | 2.34 | 2.51 |
| Working capital ratio | -15.2% | 30.5% | 33.8% | 50.6% | 47.5% |
| Solvency | 21.5% | 64.9% | 52.8% | 59.2% | 59.1% |
| Debt / equity | 3.66 | 0.54 | 0.90 | 0.69 | 0.69 |
| Long-term debt ratio | 0.66 | 0.29 | 0.56 | 0.04 | 0.13 |
| Interest coverage | 26.05 | 18.57 | 22.31 | 47.01 | 31.44 |
| Gross margin | - | - | - | - | - |
| Net margin | - | - | - | - | - |
| ROA | 18.2% | 19.8% | 20.7% | 40.0% | 50.6% |
| ROE | 85.0% | 30.5% | 39.2% | 67.5% | 85.6% |
| EBITDA margin | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - |
| Days inventory (DSI) | - | - | - | - | - |
Full annual accounts (22 line items)
| Line item | Code | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Balance sheet, Assets | ||||||
| TOTAL ASSETS | 20/58 | €878k | €766k | €655k | €355k | €242k |
| Fixed assets | 21/28 | €447k | €409k | €318k | €41k | €51k |
| Tangible fixed assets | 22/27 | €447k | €409k | €318k | €41k | €51k |
| Current assets | 29/58 | €432k | €357k | €337k | €314k | €192k |
| Amounts receivable within one year | 40/41 | €40k | €11k | €7k | €8k | €11k |
| Cash & bank | 54/58 | €385k | €342k | €326k | €304k | €178k |
| Balance sheet, Equity & liabilities | ||||||
| TOTAL EQUITY & LIABILITIES | 10/49 | €878k | €766k | €655k | €355k | €242k |
| Equity | 10/15 | €188k | €497k | €345k | €210k | €143k |
| Contributions / capital | 10/11 | €19k | €19k | €19k | €19k | €19k |
| Reserves | 13 | €170k | €478k | €327k | €192k | €125k |
| Amounts payable | 17/49 | €690k | €269k | €309k | €145k | €99k |
| Amounts payable after one year | 17 | €124k | €144k | €192k | €9k | €18k |
| Amounts payable within one year | 42/48 | €565k | €123k | €115k | €135k | €76k |
| Trade debts payable within one year | 44 | €16k | €27k | €23k | €24k | €21k |
| Income statement | ||||||
| Gross operating margin | 9900 | €347k | €320k | €253k | €247k | €223k |
| Operating result | 9901 | €226k | €213k | €182k | €193k | €165k |
| Financial income | 75 | €19 | €0 | €0 | €29 | €29 |
| Financial charges | 65 | €11k | €14k | €9k | €4k | €6k |
| Result before taxes | 9903 | €215k | €198k | €173k | €189k | €159k |
| Income taxes | 67/77 | €55k | €47k | €38k | €47k | €36k |
| Net result for the period | 9904 | €160k | €151k | €135k | €142k | €123k |
| Result to be appropriated | 9905 | €160k | €151k | €135k | €142k | €123k |
| NACE primary | Retail trade(47230) |
| Legal form | Private limited company(610) |
| Incorporation | 21-12-2017 |
| Status | Active |
| Postal code | 8020 |
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31025B0371/00E000 | Flanders | 1,930 m² | 1 · 203 m² | 6.2 m |
| 35012B0048/00F000 | Flanders | 1,204 m² | 1 · 284 m² | - |
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.
10-07-2023 Registered office moved from Gistel to Ruddervoorde
- Moerestraat 212, 8470 Gistel → Hillestraat 32, 8020 Ruddervoorde, België
Technical details
{
"events": [
{
"kind": "zetel_transfer",
"seat_type": "siege_social",
"new_address": {
"raw": "Hillestraat 32, 8020 Ruddervoorde, Belgi\u00EB",
"city": "Ruddervoorde",
"region": "vlaams_gewest",
"street": "Hillestraat",
"country": "BE",
"postcode": "8020",
"box_number": null,
"street_number": "32",
"locality_suffix": null
},
"old_address": {
"raw": "Moerestraat 212, 8470 Gistel",
"city": "Gistel",
"region": "vlaams_gewest",
"street": "Moerestraat",
"country": "BE",
"postcode": "8470",
"box_number": null,
"street_number": "212",
"locality_suffix": null
},
"effective_date": "2023-05-15",
"evidence_quote": "",
"region_changed": false,
"is_statute_change": true,
"nationality_change": false,
"old_address_source": "header_volledig_adres",
"statute_clause_text": null,
"statute_article_number": null,
"effective_date_qualifier": "immediate",
"statutaire_vs_werkelijke": "statutaire",
"linguistic_region_changed": false,
"court_jurisdiction_changed": false,
"effective_date_is_approximate": false
}
],
"notary": {
"name": null,
"firm_city": null,
"firm_name": null,
"office_city": null,
"is_associated": false
},
"act_meta": {
"language": "nl",
"pub_date": null,
"filing_date": "2023-05-15",
"act_kind_objet": "Onderwerp akte:"
},
"decision": {
"body": "enige_bestuurder",
"date": "2023-05-15",
"unanimous": true
},
"subject_company": {
"kbo": "0686.734.561",
"name_full": "Martinsen",
"legal_form": "BV"
},
"publication_proxy": {
"kind": "person",
"org_kbo": null,
"org_name": null,
"person_name": "Jens Martinsen",
"org_rep_person_name": null,
"person_role_at_subject": "bestuurder"
},
"co_filed_documents": [
"Uittreksel uit de notulen van de bestuurder van 15 mei 2023",
"Uittreksel uit de notulen van de gewone algemene vergadering van 1 juni 2023"
]
}| Legal nameNL | Martinsen |