MAVEMAX
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 10 filings
Turnover
≈ €560,000
Estimated: probably between €310,000 and €740,000
Total assets
€136,541▲ 23.1%
2024 · €110,936
Net result
-€10,739
2024 · €46,268
Working capital
-€94,461▼ 14.2%
2024 · -€82,698
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€11,779
2025
20182025
Net result
-€10,739
2025
lowest quarter of the sector
20182025
Equity
-€76,908
▼ 16.2%
2025
lowest quarter of the sector
20182025
Total assets
€136,541
▲ 23.1%
2025
middle half of the sector
20182025
Debt
€213,449
▲ 20.5%
2025
20182025
Working capital
-€94,461
▼ 14.2%
2025
lowest quarter of the sector
20182025
Solvency
-56.3%
▲ 3.3pp
2025
lowest quarter of the sector
20182025
Current ratio
0.56
▲ 0.04
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-7.9%
▼ 49.6pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€23,708--€26,623▼ 12.3%€12,196€5,189▼ 57.5%-€28,483-€17,814▲ 37.5%€46,948-€11,779
Net result-€25,003--€28,241▼ 12.9%€10,494within the sector's middle half€4,076within the sector's middle half▼ 61.2%-€29,987below the sector's middle half-€20,410below the sector's middle half▲ 31.9%€46,268above the sector's middle half-€10,739below the sector's middle half
Equity-€59,276--€87,516▼ 47.6%-€71,222below the sector's middle half▲ 18.6%-€61,346below the sector's middle half▲ 13.9%-€91,333below the sector's middle half▼ 48.9%-€112,436below the sector's middle half▼ 23.1%-€66,169below the sector's middle half▲ 41.2%-€76,908below the sector's middle half▼ 16.2%
Total assets€93,063-€42,473▼ 54.4%€26,843below the sector's middle half▼ 36.8%€23,955below the sector's middle half▼ 10.8%€107,552within the sector's middle half▲ 349%€91,395within the sector's middle half▼ 15.0%€110,936within the sector's middle half▲ 21.4%€136,541within the sector's middle half▲ 23.1%
Debt€152,339-€129,990▼ 14.7%€98,065▼ 24.6%€85,301▼ 13.0%€198,885▲ 133%€203,831▲ 2.5%€177,105▼ 13.1%€213,449▲ 20.5%
Working capital-€13,561--€31,308▼ 131%-€48,850below the sector's middle half▼ 56.0%-€66,915below the sector's middle half▼ 37.0%-€102,311below the sector's middle half▼ 52.9%-€128,686below the sector's middle half▼ 25.8%-€82,698below the sector's middle half▲ 35.7%-€94,461below the sector's middle half▼ 14.2%
Solvency-63.7%--206.1%▼ 142.4pp-265.3%below the sector's middle half▼ 59.3pp-256.1%below the sector's middle half▲ 9.2pp-84.9%below the sector's middle half▲ 171.2pp-123.0%below the sector's middle half▼ 38.1pp-59.6%below the sector's middle half▲ 63.4pp-56.3%below the sector's middle half▲ 3.3pp
Current ratio0.81-0.46▼ 0.360.29below the sector's middle half▼ 0.160.22below the sector's middle half▼ 0.080.45below the sector's middle half▲ 0.230.34below the sector's middle half▼ 0.110.52below the sector's middle half▲ 0.180.56below the sector's middle half▲ 0.04
Return on assets (ROA)-26.9%--66.5%▼ 39.6pp39.1%above the sector's middle half▲ 105.6pp17.0%above the sector's middle half▼ 22.1pp-27.9%below the sector's middle half▼ 44.9pp-22.3%below the sector's middle half▲ 5.6pp41.7%above the sector's middle half▲ 64.0pp-7.9%below the sector's middle half▼ 49.6pp
Staff (FTE)1-1.2▲ 20.0%1.2within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €11,779, after a profit of €46,948 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €136,541
Fixed assets
€18,328 ▼ 16.3%
Current assets
€118,213 ▲ 32.8%
Equity and liabilities
Equity-€76,908
Debt€213,449
Equity is negative. Debt (€213,449) exceeds the balance-sheet total (€136,541).
Key figures and ratios
EBITDA
-€8,215▼
2024 · €51,151
Cash flow
-€7,176▼
2024 · €50,471
Quick ratio
0.46▲
2024 · 0.37
Interest coverage
-13.68▼
2024 · 72.95
Debt ≤ 1 year
€212,674▲
2024 · €171,743
Debt > 1 year
€775▼
2024 · €5,362
Staff costs
€77,706▲
2024 · €34,361
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €982 | €23,209 | €4,023 | - | - |
| Financial fixed assets | - | - | €257 | - | €0 |
| Depreciation and write-downs of the year | €2,233 | €3,575 | €3,389 | €4,203 | €3,564 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €29,320 | -€7 | €24,761 | €34,361 | €77,706 | ▲ 126% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €36,175 | €19,236 | €10,298 | €2,233 | €3,575 | €3,389 | €4,203 | €3,564 | ▼ 15.2% |
| Other operating charges640/8 | - | - | - | €640 | €662 | €384 | €0 | €3,353 | - |
| Gross operating margin9900 | €45,720 | €28,372 | €60,613 | €37,383 | -€24,253 | €10,721 | €85,512 | €72,844 | ▼ 14.8% |
| Operating profit (loss)9901 | -€23,708 | -€26,623 | €12,196 | €5,189 | -€28,483 | -€17,814 | €46,948 | -€11,779 | - |
| Financial income75/76B | - | - | - | €156 | €148 | €89 | €21 | €1,640 | ▲ 78× |
| Recurring financial income75 | €195 | - | €84 | €156 | €148 | €89 | €21 | €1,640 | ▲ 78× |
| Financial charges65/66B | - | - | - | €1,270 | €1,651 | €2,685 | €701 | €601 | ▼ 14.3% |
| Recurring financial charges65 | €1,491 | €1,617 | €1,786 | €1,270 | €1,651 | €2,685 | €701 | €601 | ▼ 14.3% |
| Profit (loss) for the period before taxes9903 | -€25,003 | -€28,241 | €10,494 | €4,076 | -€29,987 | -€20,410 | €46,268 | -€10,739 | - |
| Profit (loss) for the period9904 | -€25,003 | -€28,241 | €10,494 | €4,076 | -€29,987 | -€20,410 | €46,268 | -€10,739 | - |
| Profit (loss) for the period to be appropriated9905 | -€25,003 | -€28,241 | €10,494 | €4,076 | -€29,987 | -€20,410 | €46,268 | -€10,739 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €93,063 | €42,473 | €26,843 | €23,955 | €107,552 | €91,395 | €110,936 | €136,541 | ▲ 23.1% |
| Formation expenses20 | €804 | €322 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €33,481 | €15,970 | €6,478 | €5,569 | €25,203 | €26,095 | €21,892 | €18,328 | ▼ 16.3% |
| Intangible fixed assets21 | €2,172 | €1,448 | €724 | €0 | - | - | - | - | - |
| Tangible fixed assets22/27 | €27,911 | €11,124 | €1,872 | €1,345 | €20,979 | €21,614 | €17,410 | €13,847 | ▼ 20.5% |
| Land and buildings22 | - | - | - | - | €64 | €0 | - | - | - |
| Plant, machinery and equipment23 | - | - | - | - | €19,833 | €17,970 | €15,747 | €13,525 | ▼ 14.1% |
| Furniture and vehicles24 | - | - | - | €1,174 | €1,082 | €3,644 | €1,663 | €322 | ▼ 80.6% |
| Other tangible fixed assets26 | - | - | - | €171 | - | - | - | - | - |
| Financial fixed assets28 | €3,398 | €3,398 | €3,882 | €4,224 | €4,224 | €4,481 | €4,481 | €4,481 | = |
| Current assets29/58 | €58,778 | €26,181 | €20,365 | €18,385 | €82,349 | €65,300 | €89,044 | €118,213 | ▲ 32.8% |
| Stocks and contracts in progress3 | €15,376 | €7,256 | €9,639 | €0 | €12,275 | €25,525 | €25,525 | €20,575 | ▼ 19.4% |
| Stocks30/36 | - | - | - | €0 | €12,275 | €25,525 | €25,525 | €20,575 | ▼ 19.4% |
| Amounts receivable within one year40/41 | €1,448 | €2,999 | €398 | €782 | €42,104 | €12,913 | €229 | €7,751 | ▲ 34× |
| Trade receivables40 | - | - | - | €0 | €30,529 | €1,210 | €0 | - | - |
| Other amounts receivable41 | - | - | - | €782 | €11,576 | €11,702 | €229 | €7,751 | ▲ 34× |
| Cash at bank and in hand54/58 | €39,890 | €14,141 | €8,622 | €16,439 | €26,805 | €26,862 | €62,928 | €89,887 | ▲ 42.8% |
| Deferred charges and accrued income490/1 | - | - | - | €1,164 | €1,164 | €0 | €362 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €93,063 | €42,473 | €26,843 | €23,955 | €107,552 | €91,395 | €110,936 | €136,541 | ▲ 23.1% |
| Equity10/15 | -€59,276 | -€87,516 | -€71,222 | -€61,346 | -€91,333 | -€112,436 | -€66,169 | -€76,908 | ▼ 16.2% |
| Contributions10/11 | €7,000 | €7,000 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Profit (loss) carried forward14 | -€66,276 | -€94,516 | -€84,022 | -€79,946 | -€109,933 | -€131,036 | -€84,769 | -€95,508 | ▼ 12.7% |
| Amounts payable17/49 | €152,339 | €129,990 | €98,065 | €85,301 | €198,885 | €203,831 | €177,105 | €213,449 | ▲ 20.5% |
| Amounts payable after more than one year17 | €80,000 | €72,500 | €28,850 | €0 | €14,226 | €9,845 | €5,362 | €775 | ▼ 85.5% |
| Financial debts170/4 | - | - | - | - | €14,226 | €9,845 | €5,362 | €775 | ▼ 85.5% |
| Other amounts payable178/9 | - | - | - | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €72,339 | €57,490 | €69,215 | €85,301 | €184,660 | €193,987 | €171,743 | €212,674 | ▲ 23.8% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €4,281 | €4,381 | €4,483 | €4,587 | ▲ 2.3% |
| Trade debts44 | €28,339 | €13,827 | €18,115 | €0 | €45,399 | €71,845 | €58,547 | €80,747 | ▲ 37.9% |
| Suppliers440/4 | - | - | - | €0 | €45,399 | €71,845 | €58,547 | €80,747 | ▲ 37.9% |
| Advances received on contracts in progress46 | - | - | - | - | €32,137 | €0 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0 | €26 | €14,805 | €4,095 | €19,795 | ▲ 383% |
| Taxes450/3 | - | - | - | €0 | €26 | €9,077 | €1,952 | €6,190 | ▲ 217% |
| Remuneration and social security454/9 | - | - | - | €0 | - | €5,728 | €2,142 | €13,605 | ▲ 535% |
| Other amounts payable47/48 | - | - | - | €85,301 | €102,817 | €102,956 | €104,618 | €107,545 | ▲ 2.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€25,003 | -€28,241 | €10,494 | €4,076 | -€29,987 | -€20,410 | €46,268 | -€10,739 | - |
| + Depreciation and write-downs630 | €36,175 | €19,236 | €10,298 | €2,233 | €3,575 | €3,389 | €4,203 | €3,564 | ▼ 15.2% |
| Operating cash flow (approximation) | €11,172 | -€9,005 | €20,793 | €6,309 | -€26,412 | -€17,021 | €50,471 | -€7,176 | - |
| Investment in fixed assets (approximation) | - | -€1,725 | -€806 | -€1,324 | -€23,209 | -€4,280 | €0 | €0 | - |
| Change in cash | - | -€25,749 | -€5,519 | €7,817 | €10,366 | €57 | €36,066 | €26,959 | ▼ 25.3% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 2,333 companies had the same profile as MAVEMAX has now. Two years later, 90.6% were still going and 2.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a small loss
90.6%
was still going
5.8%
stopped otherwise
2.8%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MAVEMAX itself: 0.8% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 2,333 companies, not a prediction for MAVEMAX. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-07-2026 | 2026-00332510 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00185635 | |
| 31-12-2023 | micro format | 15-07-2024 | 2024-00243286 | |
| 31-12-2022 | micro format | 10-08-2023 | 2023-00326567 | |
| 31-12-2021 | micro format | 26-07-2022 | 2022-20228473 | |
| 31-12-2020 | micro format | 27-04-2021 | 2021-11800081 | |
| 31-12-2019 | micro format | 24-07-2020 | 2020-34000599 | |
| 31-12-2018 | micro format | 25-07-2019 | 2019-38400375 | |
| 31-12-2017 | micro format | 25-07-2018 | 2018-37900143 | |
| 31-12-2016 | full format | 26-06-2017 | 2017-23000035 |