MAAX
ActiveSummary
MAAX has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€14,580) and a net result of -€25,882. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 10% of 2293 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability2▼-70
Solvency18▼-12
Growth22▼-30
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.1 against 0.12 in 2024; short-term debt: 107.2% and cash: 0% of total assets), and equity is negative.
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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 82
Relative position
BE, all sectors
reference
Office administrative, office support and other business support activities (NACE 82)
about 37% 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
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-7.2%
Return on assets
-12.7%
Age of the figures
9 mo
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€14,580
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 27-07-2026, 4 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
4 d early
2024
26 d late
2023
on the day
2022
5 d early
2021
2 d early
2020
26 d late
2019
on the day
← 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 6 days after the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 35% 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.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Turnover
€4,000▼ 42.9%
2024 · €7,000
EBIT margin
-646.4%▼ 356.3pp
2024 · -290.1%
Net result
-€25,882▼ 27.3%
2024 · -€20,332
Working capital
-€195,017▼ 10.7%
2024 · -€176,170
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€47,000▼ 27.6%€83,150▲ 76.9%€46,000▼ 44.7%€7,000▼ 84.8%€4,000▼ 42.9%
Operating result-€4,612€32,720-€4,676-€20,310▼ 334%-€25,858▼ 27.3%
Net result-€7,146€31,204-€4,897-€20,332▼ 315%-€25,882▼ 27.3%
EBIT margin-9.8%▼ 31.0pp39.4%▲ 49.2pp-10.2%▼ 49.5pp-290.1%▼ 280.0pp-646.4%▼ 356.3pp
Equity€5,326▼ 57.3%€36,530▲ 586%€31,633▼ 13.4%€11,301▼ 64.3%-€14,580
Total assets€319,150▼ 13.6%€276,638▼ 13.3%€246,215▼ 11.0%€227,951▼ 7.4%€203,255▼ 10.8%
Debt€313,825▼ 12.0%€240,108▼ 23.5%€214,581▼ 10.6%€216,649▲ 1.0%€217,835▲ 0.5%
Working capital-€197,065▼ 17.7%-€197,055=-€180,763▲ 8.3%-€176,170▲ 2.5%-€195,017▼ 10.7%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €25,858 in 2025 against €20,310 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 €203,255
Fixed assets
€180,436 ▼ 11.3%
Current assets
€22,819 ▼ 6.7%
Key figures and ratios
EBITDA
-€2,800▼
2024 · €4,615
Cash flow
-€2,824▼
2024 · €4,593
Solvency
-7.2%▼
2024 · 5.0%
Current ratio
0.10▼
2024 · 0.12
Debt to equity
-14.94▼
2024 · 19.17
ROA
-12.7%▼
2024 · -8.9%
Interest coverage
-116.67▼
2024 · 209.79
Debt ≤ 1 year
€217,835▲
2024 · €200,626
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,640 companies that looked in July 2024 the way this one looks now, 4.1% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
4.1%
went bankrupt
9.9%
stopped otherwise
84%
still going
A further 2.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.3% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
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 6,640 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 |
|---|---|---|---|---|---|---|
| Turnover70 | €47,000 | €83,150 | €46,000 | €7,000 | €4,000 | ▼ 42.9% |
| Non-recurring operating income76A | €765 | - | - | €3,355 | - | - |
| Goods, raw materials, services and sundry goods60/61 | €3,750 | €2,442 | €2,508 | €2,779 | €3,747 | ▲ 34.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €46,092 | €45,392 | €45,323 | €24,925 | €23,058 | ▼ 7.5% |
| Other operating charges640/8 | €2,534 | €2,596 | €2,845 | €2,960 | €3,053 | ▲ 3.1% |
| Non-recurring operating charges66A | €1 | - | - | - | - | - |
| Gross operating margin9900 | €44,015 | €80,708 | €43,492 | €7,576 | €253 | ▼ 96.7% |
| Operating profit (loss)9901 | -€4,612 | €32,720 | -€4,676 | -€20,310 | -€25,858 | ▼ 27.3% |
| Financial charges65/66B | €2,534 | €1,516 | €220 | €22 | €24 | ▲ 9.1% |
| Recurring financial charges65 | €2,534 | €1,516 | €220 | €22 | €24 | ▲ 9.1% |
| Profit (loss) for the period before taxes9903 | -€7,146 | €31,204 | -€4,897 | -€20,332 | -€25,882 | ▼ 27.3% |
| Profit (loss) for the period9904 | -€7,146 | €31,204 | -€4,897 | -€20,332 | -€25,882 | ▼ 27.3% |
| Profit (loss) for the period to be appropriated9905 | -€7,146 | €31,204 | -€4,897 | -€20,332 | -€25,882 | ▼ 27.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €319,150 | €276,638 | €246,215 | €227,951 | €203,255 | ▼ 10.8% |
| Fixed assets21/28 | €319,135 | €273,743 | €228,419 | €203,494 | €180,436 | ▼ 11.3% |
| Tangible fixed assets22/27 | €319,135 | €273,743 | €228,419 | €203,494 | €180,436 | ▼ 11.3% |
| Land and buildings22 | €313,700 | €270,453 | €227,206 | €203,494 | €180,436 | ▼ 11.3% |
| Plant, machinery and equipment23 | €5,434 | €3,290 | €1,214 | - | - | - |
| Current assets29/58 | €16 | €2,895 | €17,795 | €24,457 | €22,819 | ▼ 6.7% |
| Amounts receivable within one year40/41 | - | €117 | €17,727 | €24,347 | €22,767 | ▼ 6.5% |
| Trade receivables40 | - | €117 | €17,727 | €24,347 | €22,767 | ▼ 6.5% |
| Cash at bank and in hand54/58 | €16 | €2,778 | €68 | €109 | €51 | ▼ 53.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €319,150 | €276,638 | €246,215 | €227,951 | €203,255 | ▼ 10.8% |
| Equity10/15 | €5,326 | €36,530 | €31,633 | €11,301 | -€14,580 | ▼ 229% |
| 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 | = |
| Profit (loss) carried forward14 | -€56,674 | -€25,470 | -€30,367 | -€50,699 | -€76,580 | ▼ 51.1% |
| Amounts payable17/49 | €313,825 | €240,108 | €214,581 | €216,649 | €217,835 | ▲ 0.5% |
| Amounts payable after more than one year17 | €116,744 | €40,158 | €16,023 | €16,023 | - | - |
| Financial debts170/4 | €116,744 | €40,158 | €16,023 | €16,023 | - | - |
| Amounts payable within one year42/48 | €197,081 | €199,950 | €198,558 | €200,626 | €217,835 | ▲ 8.6% |
| Trade debts44 | €72,963 | €76,952 | €74,518 | €74,757 | €71,806 | ▼ 3.9% |
| Suppliers440/4 | €72,963 | €76,952 | €74,518 | €74,757 | €71,806 | ▼ 3.9% |
| Taxes, remuneration and social security45 | €15,526 | €13,855 | €14,898 | €14,427 | €15,242 | ▲ 5.7% |
| Taxes450/3 | €15,526 | €13,855 | €14,898 | €14,427 | €15,242 | ▲ 5.7% |
| Other amounts payable47/48 | €108,592 | €109,142 | €109,142 | €111,442 | €130,787 | ▲ 17.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7,146 | €31,204 | -€4,897 | -€20,332 | -€25,882 | ▼ 27.3% |
| + Depreciation and write-downs630 | €46,092 | €45,392 | €45,323 | €24,925 | €23,058 | ▼ 7.5% |
| Operating cash flow (approximation) | €38,946 | €76,596 | €40,427 | €4,593 | -€2,824 | ▼ 161% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €2,762 | -€2,710 | €41 | -€58 | ▼ 240% |
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
27-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Weakest financial yearnet -€25,882
Net result drops to -€25,882, the lowest in the series.
26-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 26 days late
2024
31-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
26-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €31,204
Net result €31,204 after one loss-making year.
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
26-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 26 days late
2020
31-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Back to profitnet €5,717
Net result €5,717 after one loss-making year.
16-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 16 days late
2018
27-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 27 days late
2017
29-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 29 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 2 acts read
About the unread acts
We know of 2 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
2 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, Genappe · 1 establishment unit since 2002
Ground area
2,580 m²
Building footprint
257 m²
Volume, LiDAR
1,585 m³
Parcel 25013D0499/00B000, Wallonia · tallest building 8.7 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
MAAX SA
since 20022.094.776.960
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25013D0499/00B000 | Wallonia | 2,579 m² | 1 · 257 m² | 8.7 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Legal Entity Identifier
984500449E97AAF55985
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Of 24,517 companies in sector 82990 we hold annual accounts for 9,415. 4,775 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
Founded06-11-2001
Fiscal year end31-12
Activities, NACEBEL 2025
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
9925:BE0476074119
Registered
19-12-2025
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.