Warning lights
Signals from the annual accounts, the CBE and the Official Gazette, each with its threshold and source. No score, no verdict.
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Negative equity NBB
More debt than assets in 4 of the last 4 fiscal years.
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Two loss years in a row NBB
Negative result in 2024 and 2025.
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Tight liquidity NBB
Cash and receivables cover 17 % of short-term debt in 2025; threshold 65 %.
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Busy address KBO
58 other companies have their registered office at the same address; threshold 10.
Financials
Financial year 2025
MARTIAL SQUARE from Liège, company number BE0841132629, closed financial year 2025 with a result of € -5,484 after tax. For that financial year MARTIAL SQUARE recorded a gross margin of € -718 and equity of € -190,576. Compared with financial year 2024, the result moved from € -5,409 to € -5,484. The company made a loss. More debts than assets. High debts against a small own buffer. The most recent annual accounts were filed with the National Bank of Belgium on August 28, 2026.
€ -190,576
▼ € 5,484 vs 2024
Assets minus debts, by the books. What is left if everything were sold and paid today.
€ -5,484
▼ 1 % more loss than in 2024
Profit after tax over the fiscal year.
€ 75
▼ 56% vs 2024
Cash and bank balances on the last day of the fiscal year.
Loss, nothing to pay out
Reserves fell to € -216,776.
Debts at end 2025
€ 189,846
▲ 2% vs 2024
Loans from banks and other lenders, long and short.
€ 878
▲ 98% vs 2024
Supplier invoices still open on the last day of the fiscal year.
| 2022 | 2023 | 2024 | 2025 | Change 2024 → 2025 | |
|---|---|---|---|---|---|
| Gross margin | € -1,578 | € -2,599 | € -715 | € -718 | |
| Profit after taxes | € -35,315 | € -7,759 | € -5,409 | € -5,484 | ▼ € 75 |
| Equity | € -171,924 | € -179,683 | € -185,092 | € -190,576 | ▼ € 5,484 |
| Total debts | € 188,829 | € 182,557 | € 186,957 | € 190,725 | ▲ 2% |
| Cash | € 15,348 | € 76 | € 169 | € 75 | ▼ 56% |
| Land & buildings | € 173 | - | € 0 | € 0 | |
| Retained profit | € -198,124 | € -205,883 | € -211,292 | € -216,776 | ▼ € 5,484 |
| Bank debt | € 176,447 | € 182,049 | € 186,513 | € 189,846 | ▲ 2% |
| Balance sheet total | € 16,906 | € 2,874 | € 1,865 | € 149 | ▼ 92% |
| Employees (FTE) | - | 0.8 | - | - |
Key figures of MARTIAL SQUARE, fiscal years 2022 to 2025, from the annual accounts filed with the National Bank of Belgium.Next annual account (fiscal year 2026) expected before 31 July 2027.
What happened to MARTIAL SQUARE?
What happened at MARTIAL SQUARE in recent years, according to the Belgian Official Gazette, the CBE and the National Bank:
- New annual accounts for financial year 2025: loss of € 5,484. filed late Source: NBB ↗
- LAURENT MINGUET became a director. NBB
- New establishment in Liège. KBO
- FLORENT MINGUET became a director. NBB
- Start of the company according to the CBE. KBO
In short
From € 35,315 loss in 2022 to € 5,484 loss in 2025.
Management
Behind MARTIAL SQUARE are FLORENT MINGUET and LAURENT MINGUET. The same people are also behind ALL THERMIC SOLUTIONS, Invest Minguet Gestion, CHEVALIER, Systèmes Photovoltaïques Wallons and ATHENA HMW. FLORENT MINGUET is also behind GRACE-HOLLOGNE IMMO, MIMOB and RESEAU DE CHALEUR PLEIADES. LAURENT MINGUET is also behind IMODAVE, LE CYGNE BLANC, MARTINE & Co, CHARL and SYSTÈMES PHOTOVOLTAÏQUES.
Directors
According to the 2025 annual accounts
FLORENT MINGUET
Manager
Also active at: ALL THERMIC SOLUTIONS, Invest Minguet Gestion, CHEVALIER, Systèmes Photovoltaïques Wallons, ATHENA HMW, LES VILLAS DE BALMORAL, EVO-Sun, MABOTTE +30 more
since 2011
LAURENT MINGUET
Manager
Also active at: IMODAVE, LE CYGNE BLANC, ALL THERMIC SOLUTIONS, Invest Minguet Gestion, CHEVALIER, MARTINE & Co, CHARL, SYSTÈMES PHOTOVOLTAÏQUES +46 more
since 2013
Establishments
Establishment units
Physical locations of this company
Rue Natalis 2
4020 Liège
Rue de Mulhouse 36
4020 Liège
Active since 1 January 2012
Who else lives here?
A building full of entrepreneurs or one very busy letterbox? Another 58 companies are registered at this address.
All companies at this address →ALL THERMIC SOLUTIONS same network
€ 388,558 gross margin · 2025
Invest Minguet Gestion same network
€ 827,890 revenue · 2024
CHEVALIER same network
€ -1,619 gross margin · 2025
SYSTÈMES PHOTOVOLTAÏQUES same network
€ 25,497 gross margin · 2025
Systèmes Photovoltaïques Wallons same network
€ 1.9 million gross margin · 2025
+53 more
What is an establishment unit? An establishment unit is a geographically identifiable place where activities of the enterprise are carried out.
Details
- Company number
- 0841.132.629
- VAT number
- BE 0841.132.629
- Registered office
- Rue Natalis 2, 4020 Liège
- Names & denominations
- MARTIAL SQUARE
- Enterprise type
- Rechtspersoon
- Legal form
- Private limited company
- Legal situation
- Normale toestand
- Start date
- 17 November 2011
- Peppol
- Active · Active since 20 Nov 2020
- Activities · NACE
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