MAX ARTHUR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 31 filings
Every figure per financial year
The operating result for 2025 is a loss of €43,265, smaller than the loss of €51,644 in 2024.
- 2024 Equity +147% on 2023. Capital increase of €100,000 (Official Gazette 22-02-2024).
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €55,008 | €444,148 | €11,325 | - |
| Financial fixed assets | - | €10,002 | €0 | - |
| Depreciation and write-downs of the year | €44,150 | €36,763 | €37,211 | €37,737 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3,413 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €51,152 | €35,491 | €43,512 | €44,150 | €36,763 | €37,211 | €37,737 | ▲ 1.4% |
| Other operating charges640/8 | - | - | - | €12,281 | €15,837 | €19,299 | €20,429 | ▲ 5.9% |
| Gross operating margin9900 | €110,536 | €28,486 | €25,712 | €51,344 | €81,797 | €4,866 | €14,900 | ▲ 206% |
| Operating profit (loss)9901 | €20,523 | -€11,795 | -€24,840 | -€5,087 | €29,197 | -€51,644 | -€43,265 | ▲ 16.2% |
| Financial income75/76B | - | - | - | €674 | €13,267 | €61,629 | €0 | ▼ 100% |
| Recurring financial income75 | €52 | €371 | €439 | €674 | €13,267 | €61,629 | €0 | ▼ 100% |
| Non-recurring financial income76B | - | - | - | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €149,357 | €931 | €416 | €1,902 | ▲ 357% |
| Recurring financial charges65 | €3,070 | €11,378 | €294 | €149,357 | €931 | €416 | €1,902 | ▲ 357% |
| Profit (loss) for the period before taxes9903 | €17,505 | -€22,802 | -€9,695 | -€153,769 | €41,533 | €9,568 | -€45,168 | - |
| Income taxes67/77 | €7,192 | - | €665 | €401 | €847 | €360 | €206 | ▼ 42.9% |
| Profit (loss) for the period9904 | €10,313 | -€22,802 | -€10,360 | -€154,170 | €40,686 | €9,209 | -€45,373 | - |
| Transfer from tax-exempt reserves789 | - | - | - | - | €70,446 | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | €10,313 | -€22,802 | -€10,360 | -€154,170 | €111,133 | €9,209 | -€45,373 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.1m | €1.1m | €1.5m | €1.1m | €1.3m | €1.0m | €0.9m | ▼ 6.0% |
| Formation expenses20 | - | - | - | - | - | €0.007m | €0.006m | ▼ 20.0% |
| Fixed assets21/28 | €0.9m | €0.8m | €1.0m | €1.0m | €1.2m | €0.9m | €0.9m | ▼ 4.1% |
| Tangible fixed assets22/27 | €0.8m | €0.8m | €0.9m | €0.9m | €1.1m | €0.9m | €0.9m | ▼ 4.1% |
| Land and buildings22 | - | - | - | €0.8m | €1.1m | €0.8m | €0.8m | ▼ 2.1% |
| Plant, machinery and equipment23 | - | - | - | €0.05m | €0.04m | €0.04m | €0.03m | ▼ 22.0% |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.03m | €0.02m | €0.01m | ▼ 44.6% |
| Financial fixed assets28 | €0.06m | €0.06m | €0.06m | €0.06m | €0.07m | €0.001m | €0.001m | = |
| Current assets29/58 | €0.3m | €0.3m | €0.6m | €0.1m | €0.1m | €0.08m | €0.06m | ▼ 26.1% |
| Stocks and contracts in progress3 | - | - | - | - | - | €0.02m | €0.02m | = |
| Stocks30/36 | - | - | - | - | - | €0.02m | €0.02m | = |
| Amounts receivable within one year40/41 | €0.2m | €0.3m | €0.6m | €0.1m | €0.1m | €0.06m | €0.03m | ▼ 47.4% |
| Trade receivables40 | - | - | - | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 40.9% |
| Other amounts receivable41 | - | - | - | €0.07m | €0.09m | €0.03m | €0.01m | ▼ 53.4% |
| Cash at bank and in hand54/58 | €0.01m | €0.02m | €0.002m | €0.01m | €0.01m | €0.005m | €0.01m | ▲ 134% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.001m | €387 | €0 | ▼ 100% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.1m | €1.1m | €1.5m | €1.1m | €1.3m | €1.0m | €0.9m | ▼ 6.0% |
| Equity10/15 | €0.2m | €0.1m | €0.1m | -€0.04m | €0.07m | €0.2m | €0.1m | ▼ 24.7% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | = |
| Reserves13 | €0.003m | €0.003m | €0.003m | €0.003m | €0.07m | €0.07m | €0.07m | = |
| Non-distributable reserves130/1 | - | - | - | €0.003m | €0.07m | €0.07m | €0.07m | = |
| Legal reserve130 | - | - | - | €0.003m | €0.003m | €0.003m | €0.003m | = |
| Other1319 | - | - | - | - | €0.07m | €0.07m | €0.07m | = |
| Profit (loss) carried forward14 | -€0.05m | -€0.07m | -€0.09m | -€0.2m | -€0.2m | -€0.2m | -€0.2m | ▼ 24.0% |
| Amounts payable17/49 | €1.0m | €1.0m | €1.4m | €1.1m | €1.2m | €0.8m | €0.8m | ▼ 1.7% |
| Amounts payable after more than one year17 | - | - | €1.4m | €1.1m | €1.2m | €0.8m | €0.7m | ▼ 9.3% |
| Other amounts payable178/9 | - | - | - | €1.1m | €1.2m | €0.8m | €0.7m | ▼ 9.3% |
| Amounts payable within one year42/48 | €1.0m | €1.0m | €0.02m | €0.03m | €0.01m | €0.02m | €0.08m | ▲ 236% |
| Trade debts44 | €0.007m | €0.02m | €0.02m | €0.02m | €0.005m | €0.01m | €0.006m | ▼ 51.0% |
| Suppliers440/4 | - | - | - | €0.02m | €0.005m | €0.01m | €0.006m | ▼ 51.0% |
| Advances received on contracts in progress46 | - | - | - | - | - | €0.006m | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.005m | €0.007m | €0.002m | ▼ 78.0% |
| Taxes450/3 | - | - | - | €0.01m | €0.005m | €0.007m | €0.002m | ▼ 78.0% |
| Remuneration and social security454/9 | - | - | - | €0.003m | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | - | - | - | €0.08m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,313 | -€22,802 | -€10,360 | -€154,170 | €40,686 | €9,209 | -€45,373 | - |
| + Depreciation and write-downs630 | €51,152 | €35,491 | €43,512 | €44,150 | €36,763 | €37,211 | €37,737 | ▲ 1.4% |
| Operating cash flow (approximation) | €61,465 | €12,688 | €33,152 | -€110,020 | €77,449 | €46,420 | -€7,636 | - |
| Investment in fixed assets (approximation) | - | -€20,408 | -€149,540 | -€41,155 | -€279,651 | €267,592 | -€1,408 | - |
| Change in cash | - | €8,254 | -€16,776 | €9,371 | €2,068 | -€8,046 | €7,289 | - |
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, 2,507 companies had the same profile as MAX ARTHUR has now. Two years later, 96.4% were still going and 1.6% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a small loss
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MAX ARTHUR itself: 0.7% 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 2,507 companies, not a prediction for MAX ARTHUR. 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.
Latest 10 of 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 30-01-2026 | 2026-00022865 | |
| 30-06-2024 | micro format | 28-01-2025 | 2025-00014820 | |
| 30-06-2023 | micro format | 19-01-2024 | 2024-00004350 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00014165 | |
| 30-06-2021 | micro format | 28-02-2022 | 2022-06700325 | |
| 30-06-2020 | micro format | 30-12-2020 | 2020-77600327 | |
| 30-06-2019 | micro format | 06-02-2020 | 2020-04700279 | |
| 30-06-2018 | micro format | 31-01-2019 | 2019-03400591 | |
| 30-06-2017 | micro format | 18-01-2018 | 2018-01800126 | |
| 30-06-2016 | abbreviated format | 16-01-2017 | 2017-01400510 |