MAXFIELD
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 4 November 2026.
Annual accounts 2024 filed on 30-03-2026 PDF all 13 filings
Turnover
≈ €1.2m
Estimated: probably between €1.1m and €1.4m
Total assets
€402,463▼ 3.0%
2023 · €414,783
Net result
€5,209▼ 50.4%
2023 · €10,513
Working capital
€3,987▼ 74.5%
2023 · €15,661
Multi-year overview
2018 to 2024, 7 financial yearsOperating result
€62,419
▲ 7.8%
2024
20182024
Net result
€5,209
▼ 50.4%
2024
middle half of the sector
20182024
Equity
€35,121
▲ 17.4%
2024
middle half of the sector
20182024
Total assets
€402,463
▼ 3.0%
2024
highest quarter of the sector
20182024
Debt
€367,343
▼ 4.6%
2024
20182024
Working capital
€3,987
▼ 74.5%
2024
middle half of the sector
20182024
Solvency
8.7%
▲ 1.5pp
2024
middle half of the sector
20182024
Current ratio
1.01
▼ 0.03
2024
middle half of the sector
20182024
Return on assets (ROA)
1.3%
▼ 1.2pp
2024
middle half of the sector
20182024
Staff (FTE)
10.8
▼ 18.2%
2024
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Operating result-€17,322--€8,065▲ 53.4%€24,816€188,126▲ 658%€43,360▼ 77.0%€57,909▲ 33.6%€62,419▲ 7.8%
Net result-€31,233--€20,139▲ 35.5%€3,569within the sector's middle half€133,170above the sector's middle half▲ 37×€13,180within the sector's middle half▼ 90.1%€10,513within the sector's middle half▼ 20.2%€5,209within the sector's middle half▼ 50.4%
Equity-€110,382--€130,520▼ 18.2%-€126,951below the sector's middle half▲ 2.7%€6,218within the sector's middle half€19,398within the sector's middle half▲ 212%€29,911within the sector's middle half▲ 54.2%€35,121within the sector's middle half▲ 17.4%
Total assets€199,577-€221,005▲ 10.7%€194,964within the sector's middle half▼ 11.8%€404,232above the sector's middle half▲ 107%€364,611within the sector's middle half▼ 9.8%€414,783above the sector's middle half▲ 13.8%€402,463above the sector's middle half▼ 3.0%
Debt€309,959-€351,525▲ 13.4%€321,915▼ 8.4%€398,013▲ 23.6%€345,213▼ 13.3%€384,872▲ 11.5%€367,343▼ 4.6%
Working capital-€179,939--€134,645▲ 25.2%-€79,583below the sector's middle half▲ 40.9%-€11,630within the sector's middle half▲ 85.4%€22,909within the sector's middle half€15,661within the sector's middle half▼ 31.6%€3,987within the sector's middle half▼ 74.5%
Solvency-55.3%--59.1%▼ 3.7pp-65.1%below the sector's middle half▼ 6.1pp1.5%within the sector's middle half▲ 66.7pp5.3%below the sector's middle half▲ 3.8pp7.2%within the sector's middle half▲ 1.9pp8.7%within the sector's middle half▲ 1.5pp
Current ratio0.41-0.53▲ 0.120.64within the sector's middle half▲ 0.110.97within the sector's middle half▲ 0.331.08within the sector's middle half▲ 0.111.05within the sector's middle half▼ 0.041.01within the sector's middle half▼ 0.03
Return on assets (ROA)-15.6%--9.1%▲ 6.5pp1.8%within the sector's middle half▲ 10.9pp32.9%above the sector's middle half▲ 31.1pp3.6%within the sector's middle half▼ 29.3pp2.5%within the sector's middle half▼ 1.1pp1.3%within the sector's middle half▼ 1.2pp
Staff (FTE)16.4-13.1▼ 20.1%14.7above the sector's middle half▲ 12.2%15.4within the sector's middle half13.2▼ 14.3%10.8▼ 18.2%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 2024 is 8% higher than in 2023. It is the second rise in a row, after the fall in 2022.
Large changes and their cause
- 2022 Net result -90% on 2021. The accounts now follow the abbreviated format, last year the micro format.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €402,463
Fixed assets
€56,787 ▼ 4.1%
Current assets
€345,676 ▼ 2.8%
Equity and liabilities €402,463
Equity
€35,121 ▲ 17.4%
Debt
€367,343 ▼ 4.6%
Debt's share of the balance-sheet total falls from 92.8% to 91.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€80,523▲
2023 · €75,594
Cash flow
€23,313▼
2023 · €28,197
Quick ratio
0.84▼
2023 · 0.90
Debt to equity
10.46▼
2023 · 12.87
ROE
14.8%▼
2023 · 35.1%
Interest coverage
1.99▼
2023 · 3.15
Debt ≤ 1 year
€341,689▲
2023 · €339,932
Debt > 1 year
€25,654▼
2023 · €44,940
Income taxes
€16,898▼
2023 · €25,241
Staff costs
€426,064▼
2023 · €601,165
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 |
|---|---|---|---|
| Employees at the balance-sheet date | 18 | 20 | 11 |
| full-time | 13 | 10 | 10 |
| part-time | 5 | 10 | 1 |
| in full-time equivalents | 14.4 | 12.4 | 10.4 |
| Average over the year, in full-time equivalents | 15.4 | 13.2 | 10.8 |
| On a permanent contract | 10 | 9 | 9 |
| Joined | 69 | 43 | 46 |
| Left | 74 | 41 | 55 |
Source: social balance sheet in the 2022 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €70,871 | €26,105 | €13,760 | €17,100 |
| Financial fixed assets | - | - | €2,500 | - |
| Depreciation and write-downs of the year | €10,953 | €15,254 | €17,684 | €18,104 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €1,742 awarded · €1,742 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €184 | €184 |
| 2023 | 1 | €797 | €797 |
| 2022 | 1 | €761 | €761 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €423,694 | €583,807 | €601,165 | €426,064 | ▼ 29.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €31,173 | €29,952 | €16,065 | €10,953 | €15,254 | €17,684 | €18,104 | ▲ 2.4% |
| Other operating charges640/8 | - | - | - | €3,722 | €11,953 | €4,643 | €3,793 | ▼ 18.3% |
| Non-recurring operating charges66A | - | - | - | €71,099 | €0 | €2,394 | €0 | ▼ 100% |
| Gross operating margin9900 | €546,931 | €485,546 | €256,481 | €697,593 | €654,374 | €683,796 | €510,380 | ▼ 25.4% |
| Operating profit (loss)9901 | -€17,322 | -€8,065 | €24,816 | €188,126 | €43,360 | €57,909 | €62,419 | ▲ 7.8% |
| Financial income75/76B | - | - | - | €787 | €149 | €1,834 | €200 | ▼ 89.1% |
| Recurring financial income75 | €3,411 | €8,184 | €1,229 | €787 | €149 | €1,834 | €200 | ▼ 89.1% |
| Financial charges65/66B | - | - | - | €24,579 | €21,105 | €23,990 | €40,512 | ▲ 68.9% |
| Recurring financial charges65 | €12,113 | €19,097 | €19,215 | €24,579 | €21,105 | €23,990 | €40,512 | ▲ 68.9% |
| Profit (loss) for the period before taxes9903 | -€26,023 | -€18,977 | €6,829 | €164,334 | €22,403 | €35,754 | €22,107 | ▼ 38.2% |
| Income taxes67/77 | €5,210 | €1,161 | €3,260 | €31,164 | €9,223 | €25,241 | €16,898 | ▼ 33.1% |
| Profit (loss) for the period9904 | -€31,233 | -€20,139 | €3,569 | €133,170 | €13,180 | €10,513 | €5,209 | ▼ 50.4% |
| Profit (loss) for the period to be appropriated9905 | -€31,233 | -€20,139 | €3,569 | €133,170 | €13,180 | €10,513 | €5,209 | ▼ 50.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €199,577 | €221,005 | €194,964 | €404,232 | €364,611 | €414,783 | €402,463 | ▼ 3.0% |
| Fixed assets21/28 | €75,893 | €68,928 | €54,412 | €52,159 | €63,009 | €59,191 | €56,787 | ▼ 4.1% |
| Tangible fixed assets22/27 | €75,893 | €68,928 | €54,412 | €52,159 | €63,009 | €56,691 | €55,687 | ▼ 1.8% |
| Plant, machinery and equipment23 | - | - | - | €24,492 | €35,520 | €26,468 | €34,170 | ▲ 29.1% |
| Furniture and vehicles24 | - | - | - | €27,667 | €23,868 | €27,054 | €18,801 | ▼ 30.5% |
| Other tangible fixed assets26 | - | - | - | - | €3,622 | €3,169 | €2,716 | ▼ 14.3% |
| Financial fixed assets28 | - | - | - | - | - | €2,500 | €1,100 | ▼ 56.0% |
| Current assets29/58 | €123,684 | €152,077 | €140,551 | €352,073 | €301,602 | €355,593 | €345,676 | ▼ 2.8% |
| Stocks and contracts in progress3 | €59,376 | €80,154 | €69,385 | €48,354 | €45,003 | €50,243 | €56,975 | ▲ 13.4% |
| Stocks30/36 | - | - | - | €48,354 | €45,003 | €50,243 | €56,975 | ▲ 13.4% |
| Amounts receivable within one year40/41 | €11,432 | €22,668 | €31,520 | €44,063 | €160,136 | €201,940 | €193,871 | ▼ 4.0% |
| Trade receivables40 | - | - | - | €30,341 | €25,579 | €43,476 | €31,030 | ▼ 28.6% |
| Other amounts receivable41 | - | - | - | €13,722 | €134,557 | €158,463 | €162,841 | ▲ 2.8% |
| Cash at bank and in hand54/58 | €50,121 | €26,510 | €21,266 | €256,091 | €88,282 | €93,681 | €90,793 | ▼ 3.1% |
| Deferred charges and accrued income490/1 | - | - | - | €3,565 | €8,181 | €9,728 | €4,037 | ▼ 58.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €199,577 | €221,005 | €194,964 | €404,232 | €364,611 | €414,783 | €402,463 | ▼ 3.0% |
| Equity10/15 | -€110,382 | -€130,520 | -€126,951 | €6,218 | €19,398 | €29,911 | €35,121 | ▲ 17.4% |
| Contributions10/11 | €53,600 | €53,600 | - | €53,600 | €53,600 | €53,600 | €53,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€165,842 | -€185,980 | -€182,411 | -€49,242 | -€36,062 | -€25,549 | -€20,339 | ▲ 20.4% |
| Amounts payable17/49 | €309,959 | €351,525 | €321,915 | €398,013 | €345,213 | €384,872 | €367,343 | ▼ 4.6% |
| Amounts payable after more than one year17 | - | €47,850 | €95,699 | €34,310 | €66,520 | €44,940 | €25,654 | ▼ 42.9% |
| Financial debts170/4 | - | - | - | €34,310 | €66,520 | €44,940 | €25,654 | ▼ 42.9% |
| Amounts payable within one year42/48 | €303,623 | €286,721 | €220,134 | €363,703 | €278,693 | €339,932 | €341,689 | ▲ 0.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €65,739 | €52,769 | €33,223 | €34,486 | ▲ 3.8% |
| Financial debts43 | - | - | - | €31,789 | €35,324 | €0 | - | - |
| Credit institutions430/8 | - | - | - | €31,789 | €35,324 | €0 | - | - |
| Trade debts44 | €101,342 | €104,762 | €61,418 | €80,146 | €30,863 | €55,451 | €101,894 | ▲ 83.8% |
| Suppliers440/4 | - | - | - | €80,146 | €30,863 | €55,451 | €101,894 | ▲ 83.8% |
| Taxes, remuneration and social security45 | - | - | - | €173,930 | €149,919 | €220,960 | €196,511 | ▼ 11.1% |
| Taxes450/3 | - | - | - | €89,742 | €86,614 | €163,316 | €163,249 | = |
| Remuneration and social security454/9 | - | - | - | €84,188 | €63,305 | €57,644 | €33,262 | ▼ 42.3% |
| Other amounts payable47/48 | - | - | - | €12,100 | €9,818 | €30,298 | €8,798 | ▼ 71.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€31,233 | -€20,139 | €3,569 | €133,170 | €13,180 | €10,513 | €5,209 | ▼ 50.4% |
| + Depreciation and write-downs630 | €31,173 | €29,952 | €16,065 | €10,953 | €15,254 | €17,684 | €18,104 | ▲ 2.4% |
| Operating cash flow (approximation) | -€59 | €9,814 | €19,634 | €144,122 | €28,434 | €28,197 | €23,313 | ▼ 17.3% |
| Investment in fixed assets (approximation) | - | -€22,988 | -€1,550 | -€8,699 | -€26,105 | -€13,866 | -€15,700 | ▼ 13.2% |
| Change in cash | - | -€23,610 | -€5,244 | €234,825 | -€167,809 | €5,399 | -€2,888 | - |
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, 1,448 companies had the same profile as MAXFIELD has now. Two years later, 95.6% were still going and 2.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency under 10%
- a profit under 5% of the balance sheet
95.6%
was still going
2.1%
stopped otherwise
2.0%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MAXFIELD itself is higher: 4.5% within 12 months. It rests on far more data about MAXFIELD than the profile alone.
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 1,448 companies, not a prediction for MAXFIELD. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 30-03-2026 | 2026-00065822 | |
| 31-12-2023 | micro format | 29-12-2024 | 2024-00626424 | |
| 31-12-2022 | abbreviated format | 21-12-2023 | 2024-00540988 | |
| 31-12-2021 | micro format | 05-01-2023 | 2023-20553109 | |
| 31-12-2020 | micro format | 10-09-2021 | 2021-66900240 | |
| 31-12-2019 | abbreviated format | 30-10-2020 | 2020-65900447 | |
| 31-12-2018 | abbreviated format | 30-09-2019 | 2019-68100017 | |
| 31-12-2017 | micro format | 24-09-2018 | 2018-65600382 | |
| 31-12-2016 | micro format | 25-07-2017 | 2017-35700202 | |
| 31-12-2015 | abbreviated format | 31-08-2016 | 2016-56700251 |