MAKSES
ActiveSummary
MAKSES has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.9m and a net result of €3,427. Equity is growing by ~63.5% per year across the filed fiscal years. Its solvency ranks better than 60% of 9294 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability36▼-64
Solvency69▲+7
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €120,000 at 30 days acceptable
Liquidity ample (current ratio 22.03 against 8.51 in 2024; short-term debt: 4.5% and cash: 15.4% of total assets), but 56.1% of the assets are financed with debt.
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Signals
Five 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 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
43.9%
Return on assets
0.1%
Age of the figures
9 mo
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
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 14-07-2026, 17 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
17 d early
2024
44 d early
2023
22 d early
2022
7 d early
2021
13 d early
2020
1 d early
2019
37 d early
← 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 20 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% 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
Equity
€1.9m▲ 0.2%
2024 · €1.9m
Total assets
€4.3m▼ 14.9%
2024 · €5.0m
Net result
€3,427▼ 99.8%
2024 · €1.4m
Working capital
€4.0m▲ 5.9%
2024 · €3.8m
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
Operating result€36,111▼ 88.8%€403,649▲ 1,018%€101,201▼ 74.9%€1.0m▲ 936%€159,894▼ 84.7%
Net result-€3,713€234,187-€37,585€1.4m€3,427▼ 99.8%
Equity€262,232▼ 1.4%€496,418▲ 89.3%€458,833▼ 7.6%€1.9m▲ 308%€1.9m▲ 0.2%
Total assets€917,115▼ 25.9%€3.0m▲ 223%€2.7m▼ 10.6%€5.0m▲ 89.3%€4.3m▼ 14.9%
Debt€654,884▼ 32.6%€2.5m▲ 277%€2.2m▼ 11.2%€3.1m▲ 43.5%€2.4m▼ 23.8%
Working capital€188,544€1.0m▲ 448%€621,940▼ 39.8%€3.8m▲ 513%€4.0m▲ 5.9%
Staff (FTE)000
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 falls in 2025; 2025 is 85% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.3m
Fixed assets
€42,438 ▼ 93.9%
Current assets
€4.2m ▼ 2.1%
Equity and liabilities €4.3m
Equity
€1.9m ▲ 0.2%
Debt
€2.4m ▼ 23.8%
Debt's share of the balance-sheet total falls from 62.7% to 56.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€176,081▼
2024 · €1.1m
Cash flow
€19,614▼
2024 · €1.4m
Current ratio
22.03▲
2024 · 8.51
Quick ratio
21.11▲
2024 · 4.94
Debt to equity
1.28▼
2024 · 1.68
ROE
0.2%▼
2024 · 75.5%
ROA
0.1%▼
2024 · 28.2%
Interest coverage
2.10▼
2024 · 15.89
Debt ≤ 1 year
€191,950▼
2024 · €507,169
Debt > 1 year
€2.2m▼
2024 · €2.6m
Income taxes
€38,024▼
2024 · €403,449
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,040 companies that looked in July 2024 the way this one looks now, 0.3% went bankrupt within 24 months and 96% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0.3%
went bankrupt
3.6%
stopped otherwise
96%
still going
A further 0.1% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% 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 497,058 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 6,040 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 |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €49,749 | €0 | €1.3m | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €38,443 | €29,873 | €51,038 | €29,172 | €16,188 | ▼ 44.5% |
| Other operating charges640/8 | - | €2,748 | €19,651 | €1,949 | €6,321 | ▲ 224% |
| Non-recurring operating charges66A | - | €0 | €4,194 | €1,142 | €173,666 | ▲ 15,103% |
| Gross operating margin9900 | €142,264 | €436,270 | €176,084 | €1.1m | €356,068 | ▼ 67.0% |
| Operating profit (loss)9901 | €36,111 | €403,649 | €101,201 | €1.0m | €159,894 | ▼ 84.7% |
| Financial income75/76B | - | €618 | €48,583 | €836,750 | €36,204 | ▼ 95.7% |
| Recurring financial income75 | €317 | €618 | €48,583 | €836,750 | €36,204 | ▼ 95.7% |
| Financial charges65/66B | - | €60,483 | €174,233 | €67,803 | €154,646 | ▲ 128% |
| Recurring financial charges65 | €13,433 | €60,483 | €174,233 | €67,803 | €83,696 | ▲ 23.4% |
| Non-recurring financial charges66B | - | - | - | - | €70,950 | - |
| Profit (loss) for the period before taxes9903 | €22,994 | €343,785 | -€24,449 | €1.8m | €41,451 | ▼ 97.7% |
| Income taxes67/77 | €26,708 | €109,598 | €13,136 | €403,449 | €38,024 | ▼ 90.6% |
| Profit (loss) for the period9904 | -€3,713 | €234,187 | -€37,585 | €1.4m | €3,427 | ▼ 99.8% |
| Profit (loss) for the period to be appropriated9905 | -€3,713 | €234,187 | -€37,585 | €1.4m | €3,427 | ▼ 99.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €917,115 | €3.0m | €2.7m | €5.0m | €4.3m | ▼ 14.9% |
| Fixed assets21/28 | €482,873 | €1.6m | €982,486 | €699,326 | €42,438 | ▼ 93.9% |
| Tangible fixed assets22/27 | €480,773 | €509,584 | €957,786 | €599,626 | €16,438 | ▼ 97.3% |
| Land and buildings22 | - | €383,010 | €926,020 | €580,648 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | €109,783 | €22,520 | €11,762 | €10,111 | ▼ 14.0% |
| Other tangible fixed assets26 | - | €16,791 | €9,245 | €7,215 | €6,327 | ▼ 12.3% |
| Financial fixed assets28 | €2,100 | €1.1m | €24,700 | €99,700 | €26,000 | ▼ 73.9% |
| Current assets29/58 | €434,243 | €1.4m | €1.7m | €4.3m | €4.2m | ▼ 2.1% |
| Amounts receivable after more than one year29 | - | €1.1m | €378,189 | €240,214 | €238,814 | ▼ 0.6% |
| Other amounts receivable291 | - | €1.1m | €378,189 | €240,214 | €238,814 | ▼ 0.6% |
| Stocks and contracts in progress3 | - | - | - | €1.8m | €177,171 | ▼ 90.2% |
| Stocks30/36 | - | - | - | €1.8m | €177,171 | ▼ 90.2% |
| Amounts receivable within one year40/41 | €77,935 | €212,352 | €1.2m | €1.7m | €3.0m | ▲ 73.8% |
| Trade receivables40 | - | €196,913 | €1.2m | €113,778 | €2.2m | ▲ 1,877% |
| Other amounts receivable41 | - | €15,438 | €49 | €1.6m | €775,558 | ▼ 52.3% |
| Current investments50/53 | - | - | - | €242,200 | €91,581 | ▼ 62.2% |
| Cash at bank and in hand54/58 | €65,600 | €31,602 | €50,444 | €268,591 | €657,527 | ▲ 145% |
| Deferred charges and accrued income490/1 | - | €614 | €1,052 | €15,831 | €38,730 | ▲ 145% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €917,115 | €3.0m | €2.7m | €5.0m | €4.3m | ▼ 14.9% |
| Equity10/15 | €262,232 | €496,418 | €458,833 | €1.9m | €1.9m | ▲ 0.2% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €181,804 | €415,991 | €415,991 | €1.8m | €1.8m | = |
| Non-distributable reserves130/1 | - | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | €414,131 | €415,991 | €1.8m | €1.8m | = |
| Profit (loss) carried forward14 | €61,827 | €61,827 | €24,242 | €24,242 | €27,669 | ▲ 14.1% |
| Amounts payable17/49 | €654,884 | €2.5m | €2.2m | €3.1m | €2.4m | ▼ 23.8% |
| Amounts payable after more than one year17 | €409,185 | €2.1m | €1.1m | €2.6m | €2.2m | ▼ 16.5% |
| Financial debts170/4 | - | €2.1m | €1.1m | €2.6m | €2.2m | ▼ 16.5% |
| Amounts payable within one year42/48 | €245,699 | €339,158 | €1.0m | €507,169 | €191,950 | ▼ 62.2% |
| Current portion of amounts payable after more than one year42 | - | €164,614 | €16,986 | €70,248 | €54,402 | ▼ 22.6% |
| Financial debts43 | - | €125,646 | €50,089 | €143,727 | €4,742 | ▼ 96.7% |
| Credit institutions430/8 | - | €125,646 | €50,089 | €143,727 | €4,742 | ▼ 96.7% |
| Trade debts44 | €27,778 | €36,119 | €19,918 | €118,317 | €7,032 | ▼ 94.1% |
| Suppliers440/4 | - | €36,119 | €19,918 | €118,317 | €7,032 | ▼ 94.1% |
| Taxes, remuneration and social security45 | - | €12,779 | €113,455 | €13,136 | €91,716 | ▲ 598% |
| Taxes450/3 | - | €12,779 | €113,455 | €13,136 | €91,716 | ▲ 598% |
| Other amounts payable47/48 | - | - | €845,259 | €161,741 | €34,059 | ▼ 78.9% |
| Accrued charges and deferred income492/3 | - | €48,945 | €9,154 | €0 | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3,713 | €234,187 | -€37,585 | €1.4m | €3,427 | ▼ 99.8% |
| + Depreciation and write-downs630 | €38,443 | €29,873 | €51,038 | €29,172 | €16,188 | ▼ 44.5% |
| Operating cash flow (approximation) | €34,730 | €264,059 | €13,453 | €1.4m | €19,614 | ▼ 98.6% |
| Investment in fixed assets (approximation) | - | -€1.1m | €557,660 | €253,989 | €640,699 | ▲ 152% |
| Change in cash | - | -€33,998 | €18,842 | €218,147 | €388,936 | ▲ 78.3% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
14-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Liquidity triplescurrent ratio 22.03
Current ratio from 8.51 to 22.03; short-term debt falls from €507,169 to €191,950.
17-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Back to profitnet €1.4m
Net result €1.4m after one loss-making year.
31-12
Financial
Liquidity times 5current ratio 8.51
Current ratio from 1.59 to 8.51; short-term debt falls from €1.0m to €507,169.
31-12
Financial
Equity above €1mEq €1.9m ▲308%
Equity rises from €458,833 to €1.9m.
09-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-12
Financial
Weakest financial yearnet -€37,585
Net result drops to -€37,585, the lowest in the series; recovery starts the following year.
2022
24-10
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
31-03
Financial
Back to profitnet €234,187
Net result €234,187 after one loss-making year.
31-03
Financial
Liquidity doublescurrent ratio 4.05
Current ratio from 1.77 to 4.05.
2021
18-10
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
Show earlier events
31-03
Financial
Liquidity doublescurrent ratio 1.77
Current ratio from 0.80 to 1.77; short-term debt falls from €685,490 to €245,699.
2020
30-10
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
31-03
Financial
Equity above €200,000Eq €265,945 ▲209%
2 profitable years in a row build equity to €265,945.
2019
24-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2018
20-11
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 20 days late
2017
31-10
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2016
14-01
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 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
6 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, Brussel · 1 establishment unit since 2011
Ground area
120 m²
Building footprint
89 m²
Volume, LiDAR
1,408 m³
Parcel 21803C0244/00Y000, Brussels · tallest building 21.9 m, ±5 floors. Linked by address, not a title deed.
141
companies at this address
See who is registered here
1 establishment unit
Makses
since 20112.199.431.844
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21803C0244/00Y000 ProtectedSite or landscapeVrijheidsplein en omliggende gebouwen - Onze-Lieve-Vrouw-ter-Sneeuwwijk |
Brussels | 120 m² | 1 · 88 m² | 21.9 m · 5 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.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Structure & network
Owners and holdings
1 holdingOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 1
-
40%
According to the 2025 annual accounts of MAKSES and those of the other companies, the acts in the Belgian Gazette and the LEI register. 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 fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 11,756 companies in sector 68310 we hold annual accounts for 6,907. 2,860 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded11-05-2011
Fiscal year end31-12
Activities, NACEBEL 2025
68310Real estate agency activities
46160Agents in the wholesale of textiles, clothing, fur, footwear and leather goods
46170Agents in the wholesale of food, beverages and tobacco
E-invoicing
Reachable via Peppol
Peppol ID
0208:0836300049
Also
9925:BE0836300049
Registered
07-10-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.