Maimonides
ActiveSummary
The computed 12-month bankruptcy probability of Maimonides is 3.5% (moderate). The 2025 annual accounts show negative equity (-€63,162) and a net result of -€17,182. Equity is shrinking by about 44% per year across the filed financial years. Its solvency ranks better than 5% of 9,797 sector peers (NACE 46, financial year 2025). The company has been active since 2019 and the Belgian Official Gazette contains no insolvency or warning signals.
Overview
- Equity
- -€63,162
- Loss
- -€17,182
- Parent
- SOLFAY · 60%
Why 47raises riskLast filed accounts filed 45 days late; 2 of the last 3 lateLiquidity: current ratio 0.00, cash €0, halvedLoss of €17,182, the second in a row (financial year 2025)lowers riskSize: total assets €142Show the evidence
Checked score
About 4 in 100 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 46, micro): better than 6% on solvency, 2% on liquidity, 6% on profitability and 13% on growth.
The bankruptcy probability was computed on 29-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 30 days after the deadline; the sector median (NACE 46) for financial year 2024 is 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · abbreviated…
- Weakest financial yearnet -€17,182
- Annual accounts filedfinancial year 2024 · abbreviated…
Financials · financial year 2025, abbreviated format
2025 annual accounts filed late (45 days) Filed on 14 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00512492.
2021 to 2025, 5 financial years 2019 to 2025, 7 financial years
The operating result stays negative: a loss of €16,758 in 2025 against €9,228 in 2024; the loss grows and 2025 has the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 46, Wholesale trade: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Staff (FTE).
Peer companies
Historical observationOf the 6,007 companies that looked in July 2024 the way this one looks now, 7.9% went bankrupt within 24 months and 83.0% are still going.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
A further 0.8% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 3.5% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,445 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% 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 6,007 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.
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €958 | €523 | €893 | €893 | €371 | €0 | - | - |
| Other operating charges640/8 | - | - | €649 | €302 | €1,072 | €705 | €534 | ▼ 24.3% |
| Gross operating margin9900 | -€11,041 | -€4,070 | -€5,484 | -€8,825 | -€11,072 | -€8,523 | -€16,223 | ▼ 90.3% |
| Operating profit (loss)9901 | -€12,489 | -€5,190 | -€7,026 | -€10,020 | -€12,515 | -€9,228 | -€16,758 | ▼ 81.6% |
| Financial income75/76B | - | - | - | €76 | €0 | - | - | - |
| Recurring financial income75 | - | - | - | €76 | €0 | - | - | - |
| Financial charges65/66B | - | - | €154 | €165 | €907 | €268 | €424 | ▲ 58.1% |
| Recurring financial charges65 | €10 | €84 | €154 | €165 | €907 | €268 | €424 | ▲ 58.1% |
| Profit (loss) for the period before taxes9903 | -€12,499 | -€5,275 | -€7,179 | -€10,110 | -€13,422 | -€9,497 | -€17,182 | ▼ 80.9% |
| Profit (loss) for the period9904 | -€12,499 | -€5,275 | -€7,179 | -€10,110 | -€13,422 | -€9,497 | -€17,182 | ▼ 80.9% |
| Profit (loss) for the period to be appropriated9905 | -€12,499 | -€5,275 | -€7,179 | -€10,110 | -€13,422 | -€9,497 | -€17,182 | ▼ 80.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €113 | €3,492 | €1,792 | €3,652 | €1,301 | €381 | €142 | ▼ 62.8% |
| Fixed assets21/28 | - | €2,157 | €1,264 | €371 | €0 | - | - | - |
| Intangible fixed assets21 | - | €2,157 | €1,264 | €371 | €0 | - | - | - |
| Current assets29/58 | €113 | €1,335 | €528 | €3,281 | €1,301 | €381 | €142 | ▼ 62.8% |
| Amounts receivable within one year40/41 | €108 | €126 | €0 | €3,280 | €1,297 | €381 | €142 | ▼ 62.7% |
| Trade receivables40 | - | - | - | €2,735 | €0 | - | - | - |
| Other amounts receivable41 | - | - | €0 | €544 | €1,297 | €381 | €142 | ▼ 62.7% |
| Cash at bank and in hand54/58 | €5 | €1,209 | €528 | €2 | €4 | €1 | €0 | ▼ 89.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €113 | €3,492 | €1,792 | €3,652 | €1,301 | €381 | €142 | ▼ 62.8% |
| Equity10/15 | -€2,499 | -€5,773 | -€12,953 | -€23,062 | -€36,484 | -€45,981 | -€63,162 | ▼ 37.4% |
| Contributions10/11 | €10,000 | - | €12,000 | €12,000 | €12,000 | €12,000 | €12,000 | = |
| Profit (loss) carried forward14 | -€12,499 | -€17,773 | -€24,953 | -€35,062 | -€48,484 | -€57,981 | -€75,162 | ▼ 29.6% |
| Amounts payable17/49 | €2,612 | €9,266 | €14,745 | €26,714 | €37,785 | €46,362 | €63,304 | ▲ 36.5% |
| Amounts payable within one year42/48 | €2,612 | €9,266 | €14,745 | €26,714 | €37,785 | €46,362 | €63,304 | ▲ 36.5% |
| Trade debts44 | €78 | €376 | €26 | €2,618 | €0 | €2,356 | €549 | ▼ 76.7% |
| Suppliers440/4 | - | - | €26 | €2,618 | €0 | €2,356 | €549 | ▼ 76.7% |
| Taxes, remuneration and social security45 | - | - | €0 | - | - | - | - | - |
| Taxes450/3 | - | - | €0 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | €14,719 | €24,096 | €37,785 | €44,006 | €62,755 | ▲ 42.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€12,499 | -€5,275 | -€7,179 | -€10,110 | -€13,422 | -€9,497 | -€17,182 | ▼ 80.9% |
| + Depreciation and write-downs630 | €958 | €523 | €893 | €893 | €371 | €0 | - | - |
| Operating cash flow (approximation) | -€11,541 | -€4,752 | -€6,286 | -€9,216 | -€13,051 | -€9,497 | -€17,182 | ▼ 80.9% |
| Investment in fixed assets (approximation) | - | - | €0 | €0 | €0 | - | - | - |
| Change in cash | - | €1,204 | -€681 | -€527 | €2 | -€3 | -€1 | ▲ 80.3% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | abbreviated format | 14-09-2026 | 2026-00512492 |
| 31-12-2024 | abbreviated format | 22-10-2025 | 2025-00547393 |
| 31-12-2023 | abbreviated format | 31-07-2024 | 2024-00316698 |
| 31-12-2022 | micro format | 20-07-2023 | 2023-00255725 |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20375986 |
| 31-12-2020 | micro format | 30-08-2021 | 2021-57100243 |
| 31-12-2019 | abbreviated format | 01-09-2020 | 2020-48300056 |
Similar companies · same sector and region
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Owners and capital
Owners
1 ownerChain of control
- SOLFAY
- Maimonides
Highest known parent: SOLFAY. The sources do not say who stands above it.
Owners 1
- SOLFAYparentSourceaccounts SOLFAY 202560%
Sources: the companies' annual accounts, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Group and network
Connections & network
The network starts from this company’s shareholders. What else they own or run appears here as nodes.
History
Acts, filings and financial milestones
09-07
Gazette deed
Permanent representative: Henry PitchkhadzeRegistered-office move4 facts ▸
- Board meeting, 21-05-2024
- Registered-office move, 2018 Antwerpen,Quellinstraat 1 bus 101А
- Director in office, SOLFAY (director)
- Permanent representative, Henry Pitchkhadze
About the unread acts
Of the 3 Belgian Official Gazette deeds we know for this company, 1 has been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 11808H1237/00D009 | Flanders | 413 m² | 1 · 469 m² | 22.1 m · 5 |