MAXALIN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-07-2026 at the NBB all 19 filings
Turnover
≈ €73,000
Estimated: probably between €42,000 and €100,000
Total assets
€415,133▼ 7.5%
2024 · €448,900
Net result
€1,969▲ 32×
2024 · €61
Working capital
€29,737▲ 164%
2024 · €11,281
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€6,663
▲ 52.1%
2025
20182025
Net result
€1,969
▲ 32×
2025
lowest quarter of the sector
20182025
Equity
€398,314
▲ 0.5%
2025
highest quarter of the sector
20182025
Total assets
€415,133
▼ 7.5%
2025
middle half of the sector
20182025
Debt
€16,819
▼ 68.0%
2025
20182025
Working capital
€29,737
▲ 164%
2025
middle half of the sector
20182025
Solvency
95.9%
▲ 7.7pp
2025
highest quarter of the sector
20182025
Current ratio
2.77
▲ 1.55
2025
middle half of the sector
20182025
Return on assets (ROA)
0.5%
▲ 0.5pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€1,243--€1,794▼ 44.3%€839-€3,114-€2,839▲ 8.8%-€105▲ 96.3%€4,382€6,663▲ 52.1%
Net result€1,048-€188▼ 82.1%€2,469within the sector's middle half▲ 13×-€3,971below the sector's middle half-€4,939below the sector's middle half▼ 24.4%-€3,468below the sector's middle half▲ 29.8%€61below the sector's middle half€1,969below the sector's middle half▲ 32×
Equity€406,005-€406,193=€408,662above the sector's middle half▲ 0.6%€404,691above the sector's middle half▼ 1.0%€399,752above the sector's middle half▼ 1.2%€396,284above the sector's middle half▼ 0.9%€396,345above the sector's middle half=€398,314above the sector's middle half▲ 0.5%
Total assets€409,427-€407,638▼ 0.4%€411,191within the sector's middle half▲ 0.9%€421,667within the sector's middle half▲ 2.5%€434,023within the sector's middle half▲ 2.9%€430,204within the sector's middle half▼ 0.9%€448,900within the sector's middle half▲ 4.3%€415,133within the sector's middle half▼ 7.5%
Debt€3,422-€1,445▼ 57.8%€2,529▲ 75.0%€16,976▲ 571%€34,271▲ 102%€33,920▼ 1.0%€52,555▲ 54.9%€16,819▼ 68.0%
Working capital€84,106-€84,760▲ 0.8%€87,694within the sector's middle half▲ 3.5%-€1,030below the sector's middle half-€3,050below the sector's middle half▼ 196%-€5,259below the sector's middle half▼ 72.4%€11,281within the sector's middle half€29,737within the sector's middle half▲ 164%
Solvency99.2%-99.6%▲ 0.5pp99.4%above the sector's middle half▼ 0.3pp96.0%above the sector's middle half▼ 3.4pp92.1%above the sector's middle half▼ 3.9pp92.1%above the sector's middle half=88.3%above the sector's middle half▼ 3.8pp95.9%above the sector's middle half▲ 7.7pp
Current ratio25.58-59.65▲ 34.0735.67above the sector's middle half▼ 23.980.94below the sector's middle half▼ 34.730.91below the sector's middle half▼ 0.030.84below the sector's middle half▼ 0.071.21within the sector's middle half▲ 0.372.77within the sector's middle half▲ 1.55
Return on assets (ROA)0.3%-0.0%▼ 0.2pp0.6%below the sector's middle half▲ 0.6pp-0.9%below the sector's middle half▼ 1.5pp-1.1%below the sector's middle half▼ 0.2pp-0.8%below the sector's middle half▲ 0.3pp0.0%below the sector's middle half▲ 0.8pp0.5%below the sector's middle half▲ 0.5pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 52% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
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 €415,133
Fixed assets
€368,577 ▼ 4.3%
Current assets
€46,556 ▼ 27.1%
Equity and liabilities €415,133
Equity
€398,314 ▲ 0.5%
Debt
€16,819 ▼ 68.0%
Debt's share of the balance-sheet total falls from 11.7% to 4.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€23,151▲
2024 · €20,860
Cash flow
€18,456▲
2024 · €16,539
Debt to equity
0.04▼
2024 · 0.13
ROE
0.5%▲
2024 · 0.0%
Interest coverage
over 100▲
2024 · 96.48
Debt ≤ 1 year
€16,819▼
2024 · €52,555
Income taxes
€4,509▲
2024 · €4,104
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 29-12-2021 | 29-12-2022 | 29-12-2023 | 29-12-2024 | 29-12-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €93,198 | €10,758 | €12,984 | - | - |
| Depreciation and write-downs of the year | €8,445 | €13,676 | €14,243 | €16,478 | €16,488 |
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 | - | - | - | €4,876 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €430 | €466 | €466 | €8,445 | €13,676 | €14,243 | €16,478 | €16,488 | ▲ 0.1% |
| Other operating charges640/8 | - | - | - | €3,819 | €3,005 | €1,801 | €1,768 | €1,954 | ▲ 10.6% |
| Gross operating margin9900 | €536 | €37 | €2,673 | €9,151 | €13,841 | €15,939 | €22,627 | €25,105 | ▲ 11.0% |
| Operating profit (loss)9901 | -€1,243 | -€1,794 | €839 | -€3,114 | -€2,839 | -€105 | €4,382 | €6,663 | ▲ 52.1% |
| Financial income75/76B | - | - | - | €53 | - | - | - | - | - |
| Recurring financial income75 | €2,989 | €3,068 | €3,253 | €53 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €107 | €221 | €399 | €216 | €186 | ▼ 13.9% |
| Recurring financial charges65 | €150 | €53 | €58 | €107 | €221 | €399 | €216 | €186 | ▼ 13.9% |
| Profit (loss) for the period before taxes9903 | €1,596 | €1,221 | €4,033 | -€3,168 | -€3,061 | -€505 | €4,166 | €6,477 | ▲ 55.5% |
| Income taxes67/77 | €548 | €1,034 | €1,564 | €803 | €1,879 | €2,963 | €4,104 | €4,509 | ▲ 9.8% |
| Profit (loss) for the period9904 | €1,048 | €188 | €2,469 | -€3,971 | -€4,939 | -€3,468 | €61 | €1,969 | ▲ 32× |
| Profit (loss) for the period to be appropriated9905 | €1,048 | €188 | €2,469 | -€3,971 | -€4,939 | -€3,468 | €61 | €1,969 | ▲ 32× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €409,427 | €407,638 | €411,191 | €421,667 | €434,023 | €430,204 | €448,900 | €415,133 | ▼ 7.5% |
| Fixed assets21/28 | €321,899 | €321,434 | €320,968 | €405,721 | €402,802 | €401,542 | €385,065 | €368,577 | ▼ 4.3% |
| Tangible fixed assets22/27 | €1,899 | €1,434 | €968 | €85,721 | €82,802 | €81,542 | €65,065 | €48,577 | ▼ 25.3% |
| Land and buildings22 | - | - | - | - | €20,000 | €30,429 | €25,603 | €20,766 | ▼ 18.9% |
| Furniture and vehicles24 | - | - | - | €85,721 | €62,801 | €51,113 | €39,462 | €27,810 | ▼ 29.5% |
| Financial fixed assets28 | €320,000 | €320,000 | €320,000 | €320,000 | €320,000 | €320,000 | €320,000 | €320,000 | = |
| Current assets29/58 | €87,528 | €86,205 | €90,224 | €15,946 | €31,221 | €28,662 | €63,835 | €46,556 | ▼ 27.1% |
| Amounts receivable within one year40/41 | €87,498 | €86,129 | €89,550 | €8,849 | €28,236 | €25,073 | €59,651 | €40,172 | ▼ 32.7% |
| Trade receivables40 | - | - | - | €8,181 | €28,181 | €25,000 | €59,300 | €40,000 | ▼ 32.5% |
| Other amounts receivable41 | - | - | - | €668 | €54 | €73 | €351 | €172 | ▼ 51.0% |
| Cash at bank and in hand54/58 | €29 | €76 | €674 | €2,658 | €1,009 | €1,546 | €2,048 | €4,148 | ▲ 103% |
| Deferred charges and accrued income490/1 | - | - | - | €4,439 | €1,977 | €2,043 | €2,136 | €2,236 | ▲ 4.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €409,427 | €407,638 | €411,191 | €421,667 | €434,023 | €430,204 | €448,900 | €415,133 | ▼ 7.5% |
| Equity10/15 | €406,005 | €406,193 | €408,662 | €404,691 | €399,752 | €396,284 | €396,345 | €398,314 | ▲ 0.5% |
| Contributions10/11 | €320,000 | €320,000 | - | €320,000 | €320,000 | €320,000 | €320,000 | €320,000 | = |
| Reserves13 | €86,005 | €86,193 | €88,662 | €84,691 | €79,752 | €76,284 | €76,345 | €78,314 | ▲ 2.6% |
| Non-distributable reserves130/1 | - | - | - | €32,000 | €32,000 | €32,000 | €32,000 | €32,000 | = |
| Reserves not available under the articles1311 | - | - | - | €32,000 | €32,000 | €32,000 | €32,000 | €32,000 | = |
| Distributable reserves133 | - | - | - | €52,691 | €47,752 | €44,284 | €44,345 | €46,314 | ▲ 4.4% |
| Amounts payable17/49 | €3,422 | €1,445 | €2,529 | €16,976 | €34,271 | €33,920 | €52,555 | €16,819 | ▼ 68.0% |
| Amounts payable within one year42/48 | €3,422 | €1,445 | €2,529 | €16,976 | €34,271 | €33,920 | €52,555 | €16,819 | ▼ 68.0% |
| Trade debts44 | €1,151 | - | €179 | €778 | €8,240 | €1,235 | €5,281 | €1,250 | ▼ 76.3% |
| Suppliers440/4 | - | - | - | €778 | €8,240 | €1,235 | €5,281 | €1,250 | ▼ 76.3% |
| Taxes, remuneration and social security45 | - | - | - | €2,953 | €5,017 | €8,189 | €12,183 | €8,859 | ▼ 27.3% |
| Taxes450/3 | - | - | - | €2,953 | €5,017 | €8,189 | €12,183 | €8,859 | ▼ 27.3% |
| Other amounts payable47/48 | - | - | - | €13,244 | €21,014 | €24,496 | €35,091 | €6,711 | ▼ 80.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,048 | €188 | €2,469 | -€3,971 | -€4,939 | -€3,468 | €61 | €1,969 | ▲ 32× |
| + Depreciation and write-downs630 | €430 | €466 | €466 | €8,445 | €13,676 | €14,243 | €16,478 | €16,488 | ▲ 0.1% |
| Operating cash flow (approximation) | €1,478 | €654 | €2,935 | €4,474 | €8,737 | €10,775 | €16,539 | €18,456 | ▲ 11.6% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€93,198 | -€10,758 | -€12,984 | €0 | €0 | - |
| Change in cash | - | €47 | €598 | €1,984 | -€1,649 | €537 | €502 | €2,100 | ▲ 318% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 29-12-2025 | micro format | 27-07-2026 | 2026-00335368 | |
| 29-12-2024 | micro format | 29-07-2025 | 2025-00322698 | |
| 29-12-2023 | micro format | 30-07-2024 | 2024-00308352 | |
| 29-12-2022 | micro format | 24-07-2023 | 2023-00260925 | |
| 29-12-2021 | micro format | 31-08-2022 | 2022-20389527 | |
| 29-12-2020 | micro format | 22-07-2021 | 2021-38500420 | |
| 29-12-2019 | micro format | 27-07-2020 | 2020-33900200 | |
| 29-12-2018 | micro format | 01-07-2019 | 2019-25100569 | |
| 29-12-2017 | micro format | 02-07-2018 | 2018-25600434 | |
| 29-12-2016 | abbreviated format | 30-06-2017 | 2017-26400458 |