Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Every financial year from 2020 to 2025 closed with a loss. 2024 was the heaviest.
Of this, €3.4m falls due within a year.
The 2018 accounts came 21 days late. The other nine of the last ten were filed on time.
Lower solvency than 95% of companies in real estate. Sector median 30.2% · 12,423 companies.
In July 2024, 598 companies had the same profile as MAXCONSTRUCT has now. Each dot stands for 2 companies, two years later.
Another 1.3% stopped without a precise date, possibly only after those two years.
The method was tested on the 497,331 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 | 2.9% | 3.1% |
| 10 | 5.6% | 6.1% |
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 598 companies, not a prediction for MAXCONSTRUCT. 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.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
| Company | ||||
|---|---|---|---|---|
| MAXCONSTRUCT Waregem | €1.2m | -€261,238 | -191.1% | 0 |
| LV2 Brussels | €1.9m | -€16,683 | 1.9% | 0 |
| BVI.EU GREEN BUSINESS PARK THE GEORGES Kontich | €2.0m | -€234,334 | 18.7% | 0 |
| BVI.EU GBP Soumagne Wavre | €1.0m | €4,415 | 42.5% | 0 |
| BVI.EU Greenpark Genk Kontich | €0.6m | -€114,932 | 93.2% | 0 |
| eARThlabs Ronse | €3.0m | -€5,889 | 26.6% | 0 |
| GEM CORPORATION Antwerp | €3.6m | -€626,139 | 40.8% | 0 |
These companies have the same main activity as MAXCONSTRUCT: development of non-residential building projects (NACE 68122). They are comparable in size and age: total assets between €647,000 and €3.6m, founded between 2011 and 2017.
MAXCONSTRUCT files the abbreviated format. That format states no turnover. The gross margin fell from €14,487 in 2013 to -€261,238 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated format does not require them.
Lower than 95% of 12,423 companies in 2025.
Higher than 23% of 11,950 companies in 2025.
Lower than 95% of 12,326 companies in 2025.
Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter · Staff: middle half
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||
20/58 |
1.2m | 1.5m | 2.4m | 1.2m | 1.0m | 484,154 | 745,338 | 1.0m | 214,394 | 85,189 | 102,635 | 104,994 | 124,387 | |
21/28 |
5,719 | 8,267 | 22,674 | 32,575 | 30,257 | 12,564 | 22,010 | 33,107 | 18,605 | 15,656 | 25,043 | 25,053 | 16,201 | |
21 |
2,854 | 5,075 | 7,296 | 9,517 | - | - | - | - | - | - | - | - | - | |
22/27 |
2,265 | 2,592 | 14,778 | 22,457 | 30,157 | 12,464 | 21,910 | 33,007 | 16,339 | 13,391 | 22,777 | 22,787 | 13,936 | |
22 |
2,152 | 2,402 | 3,545 | 6,059 | 8,595 | 11,178 | 17,753 | 25,418 | 8,650 | 8,005 | 9,057 | 3,690 | - | |
23 |
- | 0 | 43 | 260 | 476 | 693 | 2,077 | 3,763 | 3,788 | 4,167 | 12,611 | 17,604 | 13,936 | |
24 |
113 | 189 | 11,190 | 16,138 | 21,086 | 593 | 2,081 | 3,825 | 3,901 | 1,218 | 1,109 | 1,494 | - | |
28 |
600 | 600 | 600 | 600 | 100 | 100 | 100 | 100 | 2,265 | 2,265 | 2,265 | 2,265 | 2,265 | |
29/58 |
1.2m | 1.5m | 2.3m | 1.2m | 973,501 | 471,591 | 723,328 | 984,591 | 195,789 | 69,533 | 77,593 | 79,941 | 108,186 | |
3 |
1.1m | 1.1m | 2.2m | 1.2m | 793,161 | 151,167 | 24,300 | 493,812 | 147,808 | 19,962 | 34,942 | 23,024 | 65,828 | |
30/36 |
1.1m | 1.1m | 2.2m | 1.2m | 793,161 | 151,167 | 24,300 | 493,812 | 97,308 | 19,962 | 34,942 | 23,024 | 65,828 | |
37 |
- | - | - | - | - | - | - | - | 50,500 | - | - | - | - | |
40/41 |
102,115 | 15,314 | 114,237 | 48,779 | 28,244 | 42,220 | 9,048 | 45,610 | 47,595 | 38,734 | 2,699 | 24,075 | 16,612 | |
40 |
88,769 | 12,774 | 83,261 | 17,480 | 0 | 11,635 | - | 27,948 | 40,130 | 10,600 | 912 | 11,485 | 2,064 | |
41 |
13,346 | 2,540 | 30,976 | 31,299 | 28,244 | 30,585 | 9,048 | 17,662 | 7,465 | 28,134 | 1,787 | 12,590 | 14,548 | |
54/58 |
26,372 | 368,465 | 44,207 | 189 | 152,097 | 278,203 | 689,980 | 445,169 | 387 | 10,837 | 39,365 | 32,248 | 25,155 | |
490/1 |
- | 0 | 14,141 | 13,737 | - | - | - | - | - | - | 587 | 595 | 591 | |
| Balance sheet: equity and liabilities | ||||||||||||||
10/49 |
1.2m | 1.5m | 2.4m | 1.2m | 1.0m | 484,154 | 745,338 | 1.0m | 214,394 | 85,189 | 102,635 | 104,994 | 124,387 | |
10/15 |
-2.3m | -1.9m | -1.3m | -790,694 | -309,266 | -79,177 | 84,606 | 43,824 | 28,466 | 27,710 | 27,239 | 27,124 | 9,547 | |
10/11 |
18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 6,200 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | - | - | - | - | - | - | 12,400 | |
13 |
9,110 | 9,110 | 9,110 | 9,110 | 9,110 | 9,110 | 9,110 | 9,110 | 9,110 | 8,639 | 8,524 | 3,347 | 1,860 | |
130/1 |
- | - | 0 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
1311 |
- | - | 0 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | |
133 |
9,110 | 9,110 | 9,110 | 7,250 | 7,250 | 7,250 | 7,250 | 7,250 | 7,250 | 6,779 | 6,664 | 1,487 | - | |
14 |
-2.3m | -1.9m | -1.3m | -818,403 | -336,976 | -106,886 | 56,897 | 16,114 | 757 | 471 | 115 | 5,177 | 1,487 | |
17/49 |
3.5m | 3.4m | 3.7m | 2.0m | 1.3m | 563,331 | 660,732 | 973,874 | 185,928 | 57,480 | 75,396 | 77,870 | 114,840 | |
17 |
- | 0 | 2,125 | 8,448 | 14,691 | - | - | - | - | - | - | - | - | |
170/4 |
- | 0 | 2,125 | 8,448 | 14,691 | - | - | - | - | - | - | - | - | |
42/48 |
3.4m | 3.3m | 3.7m | 2.0m | 1.3m | 563,059 | 660,732 | 973,874 | 185,928 | 57,480 | 75,396 | 77,737 | 113,640 | |
42 |
0 | 2,125 | 6,322 | 6,244 | 6,166 | - | - | - | - | - | - | - | - | |
43 |
- | - | - | - | - | - | - | 385,050 | - | - | - | - | - | |
430/8 |
- | - | - | - | - | - | - | 385,050 | - | - | - | - | - | |
44 |
10,685 | 23,427 | 29,506 | 22,703 | 24,763 | 77,323 | 248,758 | 79,570 | 35,044 | 6,345 | 24,360 | 22,250 | 48,519 | |
440/4 |
10,685 | 23,427 | 29,506 | 22,703 | 24,763 | 77,323 | 248,758 | 79,570 | 35,044 | 6,345 | 24,360 | 22,250 | 48,519 | |
46 |
- | 0 | 859,550 | 362,316 | - | - | - | 232,903 | - | - | - | - | - | |
45 |
0 | 8,793 | 19,557 | 12,029 | 0 | 18,804 | 18,804 | 8,124 | 519 | 229 | 876 | 5,327 | 2,305 | |
450/3 |
0 | 8,793 | - | - | 0 | 18,804 | 18,804 | 8,124 | 519 | 229 | 876 | 3,320 | 2,305 | |
454/9 |
- | 0 | 19,557 | 12,029 | - | - | - | - | - | - | - | 2,007 | - | |
47/48 |
3.4m | 3.2m | 2.7m | 1.6m | 1.3m | 466,932 | 393,170 | 268,227 | 150,365 | 50,906 | 50,160 | 50,160 | 62,816 | |
492/3 |
125,420 | 102,113 | 693 | 0 | 272 | 272 | - | - | - | - | - | 133 | 1,200 | |
| Income statement | ||||||||||||||
76A |
14,000 | - | - | 0 | 5,900 | - | - | - | - | 11,550 | - | - | - | |
9900 |
-261,238 | -331,088 | -314,691 | -387,309 | -220,785 | -158,657 | 70,121 | 33,597 | 8,414 | 5,753 | 26,817 | 23,518 | 14,487 | |
62 |
37,582 | 116,610 | 181,939 | 88,209 | 175 | 200 | - | - | - | - | 20,762 | 11,211 | - | |
630 |
2,548 | 3,507 | 9,900 | 9,288 | 6,541 | 9,447 | 11,166 | 17,832 | 7,256 | 4,739 | 8,043 | 7,021 | 7,663 | |
631/4 |
- | - | - | - | - | - | - | - | - | - | -1,568 | - | - | |
640/8 |
338 | 5,195 | 1,128 | 1,830 | 1,766 | 1,828 | 1,449 | 1,604 | 1,202 | 1,423 | 1,517 | 1,123 | 1,305 | |
66A |
- | - | - | 0 | 2,000 | 0 | - | - | - | - | - | - | - | |
9901 |
-301,705 | -456,400 | -507,658 | -486,636 | -231,267 | -170,132 | 57,505 | 14,161 | -45 | -410 | -1,937 | 4,163 | 5,519 | |
75/76B |
0 | 2 | 12,122 | 6,352 | 884 | 0 | 5,957 | 10,390 | 1,260 | 1,460 | 2,784 | 4,904 | 2,602 | |
75 |
0 | 2 | 12,122 | 6,352 | 884 | 0 | 5,957 | 10,390 | 1,260 | 1,460 | 2,784 | 4,904 | 2,602 | |
65/66B |
135,974 | 114,489 | 293 | 1,143 | -293 | -6,349 | 3,877 | 6,731 | 159 | 360 | 207 | 922 | 2,797 | |
65 |
135,974 | 114,489 | 293 | 1,143 | -293 | -6,349 | 3,877 | 6,731 | 159 | 360 | 207 | 922 | 2,797 | |
9903 |
-437,679 | -570,887 | -495,829 | -481,427 | -230,090 | -163,783 | 59,586 | 17,820 | 1,056 | 690 | 640 | 8,146 | 5,324 | |
67/77 |
269 | 422 | 227 | - | - | 0 | 18,804 | 2,463 | 299 | 219 | 525 | 2,968 | 1,978 | |
9904 |
-437,948 | -571,309 | -496,055 | -481,427 | -230,090 | -163,783 | 40,782 | 15,358 | 757 | 471 | 115 | 5,177 | 3,347 | |
9905 |
-437,948 | -571,309 | -496,055 | -481,427 | -230,090 | -163,783 | 40,782 | 15,358 | 757 | 471 | 115 | 5,177 | 3,347 | |
| Appropriation of the result | ||||||||||||||
9906 |
-2.3m | -1.9m | -1.3m | -818,403 | -336,976 | -106,886 | 56,897 | 16,114 | 1,227 | 585 | 5,292 | 6,664 | 3,347 | |
14P |
-1.9m | -1.3m | -818,403 | -336,976 | -106,886 | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | 471 | 115 | 5,177 | 1,487 | 1,860 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | - | 1,860 | |
6921 |
- | - | - | - | - | - | - | - | 471 | 115 | 5,177 | 1,487 | - | |
| Social balance sheet | ||||||||||||||
9087 |
0 | 0 | 0 | - | - | - | - | - | - | - | - | - | - | |
| Document | ||||||||||||||
The notes to these accounts have 13 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 10-07-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 10-07-2026 | 2026-00301729 | |
| 31-12-2024 | abbreviated format | 11-06-2025 | 2025-00136050 | |
| 31-12-2023 | abbreviated format | 04-06-2024 | 2024-00111437 | |
| 31-12-2022 | abbreviated format | 27-06-2023 | 2023-00163302 | |
| 31-12-2021 | abbreviated format | 19-07-2022 | 2022-20219496 | |
| 31-12-2020 | abbreviated format | 15-07-2021 | 2021-35800295 | |
| 31-12-2019 | abbreviated format | 07-07-2020 | 2020-29300326 | |
| 31-12-2018 | abbreviated format | 21-08-2019 | 2019-48300441 | |
| 31-12-2017 | micro format | 28-06-2018 | 2018-26700432 | |
| 31-12-2016 | abbreviated format | 27-06-2017 | 2017-23800442 | |
| 31-12-2015 | abbreviated format | 22-06-2016 | 2016-20700567 | |
| 31-12-2014 | abbreviated format | 23-07-2015 | 2015-34800507 | |
| 31-12-2013 | abbreviated format | 19-08-2014 | 2014-45200434 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -299,157 | -452,893 | -497,758 | -477,349 | -224,726 | -160,685 | 68,672 | 31,993 | 7,211 | 4,330 | 6,105 | 11,184 | 13,182 | ||
| -435,400 | -567,802 | -486,155 | -472,139 | -223,549 | -154,336 | 51,949 | 33,190 | 8,013 | 5,210 | 8,158 | 12,199 | 11,010 | ||
| 0 | -10,900 | 0 | 11,605 | 24,235 | 0 | 70 | 34,599 | 10,205 | 1,303 | 8,033 | 15,873 | 20,846 | ||
| -342,093 | 324,258 | 44,018 | -151,908 | -126,106 | -411,777 | 244,811 | 444,782 | -10,450 | -28,528 | 7,117 | 7,092 | - | ||
| -2.2m | -1.8m | -1.3m | -814,820 | -324,560 | -91,468 | 62,596 | 10,717 | 9,861 | 12,054 | 2,196 | 2,205 | -5,454 | ||
| -191.1% | -123.3% | -54.4% | -63.5% | -30.8% | -16.4% | 11.4% | 4.3% | 13.3% | 32.5% | 26.5% | 25.8% | 7.7% | ||
| 0.35 | 0.46 | 0.64 | 0.60 | 0.75 | 0.84 | 1.09 | 1.01 | 1.05 | 1.21 | 1.03 | 1.03 | 0.95 | ||
| 0.04 | 0.12 | 0.05 | 0.03 | 0.14 | 0.57 | 1.06 | 0.50 | 0.26 | 0.86 | 0.57 | 0.73 | 0.37 | ||
| - | - | - | - | - | - | 7.81 | 22.22 | 6.53 | 2.07 | 2.77 | 2.87 | 12.03 | ||
| - | - | - | - | - | - | 48.2% | 35.0% | 2.7% | 1.7% | 0.4% | 19.1% | 35.1% | ||
| -36.5% | -37.9% | -21.0% | -38.6% | -22.9% | -33.8% | 5.5% | 1.5% | 0.4% | 0.6% | 0.1% | 4.9% | 2.7% | ||
| -2.20 | -3.96 | -1699.47 | -417.67 | over 100 | - | - | - | - | - | - | - | - |
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | - | €24,235 |
| Intangible fixed assets | - | - | - | €11,105 | - |
| Financial fixed assets | €0 | - | - | €500 | - |
| €2,548 | €3,507 | €9,900 | €9,288 | €6,541 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €301,705, smaller than the loss of €456,400 in 2024.
Equity is negative. Debt (€3.5m) exceeds the balance-sheet total (€1.2m).
Source: lists of holdings in the owners' accounts
MAXCONSTRUCT has no parent and no holdings in its annual accounts. is the only director.
| TESSUTICA NV
registered office since 26-09-2013 · founded in 2013 · accounts filed late |
17 FTE (2024) 0538.983.963 |
| MAXHOME
registered office since 03-05-1996 · founded in 1989 · negative equity (2025) |
total assets €9.4m (2025) 0438.856.902 |
| IMMO CADIX
registered office since 18-04-2008 · founded in 2008 |
total assets €6.9m (2025) 0897.364.915 |
| DAS MEDIA
registered office since 01-05-2009 · founded in 2009 |
4.7 FTE (2025) 0811.178.138 |
| WEALTHEON
establishment since 23-10-2020 · founded in 1982 |
total assets €3,383 (2025) 0423.072.032 |
| SALENCO
registered office since 03-11-2026 |
founded in 2026 1044.831.837 |
| AXILINK
registered office since 16-07-2025 |
founded in 2025 1025.586.245 |
| Vereniging van mede-eigenaars Flanders Field Business Park Kantoorgebouw A
registered office since 10-06-2016 |
founded in 2016 0658.717.991 |
| Kopman
registered office since 01-06-2013 |
founded in 2013 0533.963.026 |
| NicolasJacques
registered office since 31-10-2010 |
founded in 2010 0726.543.955 |
The board mandates are listed under Board mandates elsewhere. The network lets you explore the same ties.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Kalkhoevestraat 30 registered office 8790 Waregem 6812101 Development of residential building projects | 24-10-2012 | 2.217.941.325 |
| 24-07-2025 | Refused | Ontbossen; Slopen van niet vrijstaande gebouwen of constructies submitted 08-05-2024 · Subdivision · project 2024065081 | Provincie West-Vlaanderen |
| 13-01-2025 | Granted | Bouwen of herbouwen submitted 15-10-2024 · project 2024096645 | Temse |
| 27-06-2024 | Refused | Aanleg van nieuwe verkeersweg; Hoogstammige bomen vellen die geen deel uitmaken van een bos submitted 14-06-2023 · Subdivision · project 2023049992 | Provincie West-Vlaanderen |
| 11-04-2024 | Discontinued | Bouwen of herbouwen submitted 28-10-2022 · project 2022113662 | Provincie Oost-Vlaanderen |
| 11-01-2024 | Granted | Bouwen of herbouwen submitted 17-05-2023 · project 2023043559 | Provincie West-Vlaanderen |
| 30-03-2023 | Refused | Bouwen of herbouwen submitted 10-06-2022 · project 2022082007 | Provincie West-Vlaanderen |
| 13-02-2023 | Granted | Gevel-, dak-, instandhoudings- en renovatiewerken binnen een gebouw, zonder volume- of oppervlaktewijziging; Hoogstammige bomen vellen die geen deel uitmaken van een bos; Nieuwbouw van bijgebouwen, niet-overdekte lage constructies en andere handelingen; Slopen van niet vrijstaande gebouwen of constructies submitted 30-11-2022 · project 2022151987 | Ingelmunster |
| 12-12-2022 | Granted | Bouwen of herbouwen submitted 20-07-2022 · project 2022097725 | Kortrijk |
| 23-02-2021 | Granted | Bouwen of herbouwen; Nieuwbouw van bijgebouwen en niet overdekte lage constructie; Slopen van niet vrijstaande gebouwen of constructies submitted 18-12-2020 · project 2020169668 | Zwevegem |
| 01-09-2020 | Refused | Bouwen of herbouwen; Nieuwbouw van bijgebouwen en niet overdekte lage constructie submitted 04-06-2020 · project 2020070070 | Zwevegem |
Source: Omgevingsloket Vlaanderen.
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 34452B0655/00B006 | 596 m² | 1 · 528 m² | 5.5 m |
Check the withholding obligation If you pay this company for building or cleaning work, check before every payment whether you must withhold part of the invoice. Use the enterprise number 0500.579.485
If something looks wrong or is missing, please tell us.