MAXGIL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-06-2026 at the NBB all 6 filings
Turnover
≈ €220,000
Estimated: probably between €140,000 and €380,000
Total assets
€623,531▼ 0.7%
2024 · €628,117
Net result
€44,177▲ 226%
2024 · €13,558
Working capital
-€45,014▼ 30.4%
2024 · -€34,510
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€51,713
▲ 121%
2025
20202025
Net result
€44,177
▲ 226%
2025
highest quarter of the sector
20202025
Equity
€102,549
▲ 75.7%
2025
middle half of the sector
20202025
Total assets
€623,531
▼ 0.7%
2025
highest quarter of the sector
20202025
Debt
€520,982
▼ 8.6%
2025
20202025
Working capital
-€45,014
▼ 30.4%
2025
lowest quarter of the sector
20202025
Solvency
16.4%
▲ 7.2pp
2025
middle half of the sector
20202025
Current ratio
0.70
▼ 0.03
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
7.1%
▲ 4.9pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€55,304--€57,918▼ 4.7%-€36,152▲ 37.6%-€28,416▲ 21.4%€23,399€51,713▲ 121%
Net result-€56,892below the sector's middle half--€64,772below the sector's middle half▼ 13.8%-€43,373below the sector's middle half▲ 33.0%-€40,148below the sector's middle half▲ 7.4%€13,558within the sector's middle half€44,177above the sector's middle half▲ 226%
Equity€193,108above the sector's middle half-€128,336above the sector's middle half▼ 33.5%€84,963within the sector's middle half▼ 33.8%€44,815within the sector's middle half▼ 47.3%€58,372within the sector's middle half▲ 30.3%€102,549within the sector's middle half▲ 75.7%
Total assets€722,590above the sector's middle half-€866,077above the sector's middle half▲ 19.9%€777,436above the sector's middle half▼ 10.2%€653,504above the sector's middle half▼ 15.9%€628,117above the sector's middle half▼ 3.9%€623,531above the sector's middle half▼ 0.7%
Debt€529,483-€737,741▲ 39.3%€692,472▼ 6.1%€608,689▼ 12.1%€569,744▼ 6.4%€520,982▼ 8.6%
Working capital€15,802within the sector's middle half-€9,737within the sector's middle half▼ 38.4%-€29,829below the sector's middle half-€67,365below the sector's middle half▼ 126%-€34,510below the sector's middle half▲ 48.8%-€45,014below the sector's middle half▼ 30.4%
Solvency26.7%within the sector's middle half-14.8%within the sector's middle half▼ 11.9pp10.9%below the sector's middle half▼ 3.9pp6.9%below the sector's middle half▼ 4.1pp9.3%below the sector's middle half▲ 2.4pp16.4%within the sector's middle half▲ 7.2pp
Current ratio1.25within the sector's middle half-1.05below the sector's middle half▼ 0.200.84below the sector's middle half▼ 0.210.50below the sector's middle half▼ 0.340.73below the sector's middle half▲ 0.230.70below the sector's middle half▼ 0.03
Return on assets (ROA)-7.9%within the sector's middle half--7.5%below the sector's middle half▲ 0.4pp-5.6%below the sector's middle half▲ 1.9pp-6.1%below the sector's middle half▼ 0.6pp2.2%within the sector's middle half▲ 8.3pp7.1%within the sector's middle half▲ 4.9pp
above
within
below
The sector band is the middle half of the companies in Travel agency, tour operator and other reservation service and related activities (NACE 79). 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 121% higher than in 2024 and the highest since 2020. It is the fourth rise in a row, after the fall in 2021.
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 €623,531
Fixed assets
€518,396 ▼ 3.1%
Current assets
€105,134 ▲ 13.2%
Equity and liabilities €623,531
Equity
€102,549 ▲ 75.7%
Debt
€520,982 ▼ 8.6%
Debt's share of the balance-sheet total falls from 90.7% to 83.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€70,017▲
2024 · €41,536
Cash flow
€62,481▲
2024 · €31,695
Quick ratio
0.37▲
2024 · 0.34
Debt to equity
5.08▼
2024 · 9.76
ROE
43.1%▲
2024 · 23.2%
Interest coverage
9.24▲
2024 · 4.73
Debt ≤ 1 year
€150,149▲
2024 · €127,414
Debt > 1 year
€370,833▼
2024 · €442,331
Income taxes
€61▼
2024 · €828
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 | €41,493 | - | - | - | €1,488 |
| Financial fixed assets | €2,500 | - | - | - | €0 |
| Depreciation and write-downs of the year | €33,255 | €34,668 | €33,783 | €18,138 | €18,305 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,293 | €33,255 | €34,668 | €33,783 | €18,138 | €18,305 | ▲ 0.9% |
| Other operating charges640/8 | - | €2,503 | €2,574 | €4,348 | €32,806 | €2,091 | ▼ 93.6% |
| Gross operating margin9900 | -€28,422 | -€22,160 | €1,090 | €9,716 | €74,342 | €72,108 | ▼ 3.0% |
| Operating profit (loss)9901 | -€55,304 | -€57,918 | -€36,152 | -€28,416 | €23,399 | €51,713 | ▲ 121% |
| Financial income75/76B | - | €127 | €0 | €0 | €0 | €101 | ▲ 1,682× |
| Recurring financial income75 | - | €127 | €0 | €0 | €0 | €101 | ▲ 1,682× |
| Financial charges65/66B | - | €6,010 | €6,260 | €10,502 | €9,013 | €7,576 | ▼ 15.9% |
| Recurring financial charges65 | €1,429 | €6,010 | €6,260 | €10,502 | €8,778 | €7,576 | ▼ 13.7% |
| Non-recurring financial charges66B | - | - | - | - | €235 | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | -€56,733 | -€63,800 | -€42,411 | -€38,917 | €14,386 | €44,238 | ▲ 208% |
| Income taxes67/77 | €160 | €972 | €961 | €1,231 | €828 | €61 | ▼ 92.6% |
| Profit (loss) for the period9904 | -€56,892 | -€64,772 | -€43,373 | -€40,148 | €13,558 | €44,177 | ▲ 226% |
| Profit (loss) for the period to be appropriated9905 | -€56,892 | -€64,772 | -€43,373 | -€40,148 | €13,558 | €44,177 | ▲ 226% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €722,590 | €866,077 | €777,436 | €653,504 | €628,117 | €623,531 | ▼ 0.7% |
| Fixed assets21/28 | €642,852 | €653,590 | €618,922 | €585,139 | €535,213 | €518,396 | ▼ 3.1% |
| Tangible fixed assets22/27 | €642,852 | €651,090 | €616,422 | €582,639 | €535,213 | €518,396 | ▼ 3.1% |
| Land and buildings22 | - | €572,782 | €558,478 | €544,173 | €529,868 | €515,564 | ▼ 2.7% |
| Furniture and vehicles24 | - | €78,308 | €57,945 | €38,466 | €5,345 | €2,833 | ▼ 47.0% |
| Financial fixed assets28 | - | €2,500 | €2,500 | €2,500 | €0 | - | - |
| Current assets29/58 | €79,738 | €212,487 | €158,513 | €68,365 | €92,904 | €105,134 | ▲ 13.2% |
| Stocks and contracts in progress3 | €15,000 | €153,180 | €138,180 | €49,180 | €49,180 | €49,180 | = |
| Stocks30/36 | - | €153,180 | €138,180 | €49,180 | €49,180 | €49,180 | = |
| Amounts receivable within one year40/41 | €11,430 | €14,488 | €14,800 | €12,863 | €23,402 | €31,026 | ▲ 32.6% |
| Trade receivables40 | - | €900 | €1,222 | - | €19,864 | €31,026 | ▲ 56.2% |
| Other amounts receivable41 | - | €13,588 | €13,578 | €12,863 | €3,538 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €53,308 | €44,819 | €5,534 | €6,100 | €17,910 | €24,251 | ▲ 35.4% |
| Deferred charges and accrued income490/1 | - | - | - | €222 | €2,412 | €677 | ▼ 71.9% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €722,590 | €866,077 | €777,436 | €653,504 | €628,117 | €623,531 | ▼ 0.7% |
| Equity10/15 | €193,108 | €128,336 | €84,963 | €44,815 | €58,372 | €102,549 | ▲ 75.7% |
| Contributions10/11 | - | €250,000 | €250,000 | €250,000 | €250,000 | €250,000 | = |
| Profit (loss) carried forward14 | -€56,892 | -€121,664 | -€165,037 | -€205,185 | -€191,628 | -€147,451 | ▲ 23.1% |
| Amounts payable17/49 | €529,483 | €737,741 | €692,472 | €608,689 | €569,744 | €520,982 | ▼ 8.6% |
| Amounts payable after more than one year17 | €465,547 | €534,992 | €504,130 | €472,960 | €442,331 | €370,833 | ▼ 16.2% |
| Financial debts170/4 | - | €534,992 | €504,130 | €472,960 | €442,331 | €370,833 | ▼ 16.2% |
| Amounts payable within one year42/48 | €63,935 | €202,750 | €188,342 | €135,730 | €127,414 | €150,149 | ▲ 17.8% |
| Current portion of amounts payable after more than one year42 | - | €30,556 | €30,861 | €31,171 | €21,281 | €21,498 | ▲ 1.0% |
| Financial debts43 | - | €150,000 | €150,000 | €75,000 | €75,000 | €100,000 | ▲ 33.3% |
| Credit institutions430/8 | - | €150,000 | €150,000 | €75,000 | €75,000 | €100,000 | ▲ 33.3% |
| Trade debts44 | €5,176 | €5,130 | €121 | €2,806 | €22,963 | €19,164 | ▼ 16.5% |
| Suppliers440/4 | - | €5,130 | €121 | €2,806 | €22,963 | €19,164 | ▼ 16.5% |
| Taxes, remuneration and social security45 | - | €972 | €1,933 | €910 | €1,738 | €5,988 | ▲ 245% |
| Taxes450/3 | - | €972 | €1,933 | €910 | €1,738 | €5,988 | ▲ 245% |
| Other amounts payable47/48 | - | €16,092 | €5,427 | €25,844 | €6,432 | €3,499 | ▼ 45.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€56,892 | -€64,772 | -€43,373 | -€40,148 | €13,558 | €44,177 | ▲ 226% |
| + Depreciation and write-downs630 | €21,293 | €33,255 | €34,668 | €33,783 | €18,138 | €18,305 | ▲ 0.9% |
| Operating cash flow (approximation) | -€35,599 | -€31,516 | -€8,705 | -€6,365 | €31,695 | €62,481 | ▲ 97.1% |
| Investment in fixed assets (approximation) | - | -€43,993 | €0 | €0 | €31,789 | -€1,488 | - |
| Change in cash | - | -€8,489 | -€39,285 | €566 | €11,810 | €6,342 | ▼ 46.3% |
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, 2,684 companies had the same profile as MAXGIL has now. Two years later, 97.3% were still going and 1.3% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
1.2%
stopped otherwise
1.3%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MAXGIL itself: 0.3% 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 2,684 companies, not a prediction for MAXGIL. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-06-2026 | 2026-00184912 | |
| 31-12-2024 | micro format | 11-06-2025 | 2025-00147127 | |
| 31-12-2023 | micro format | 04-07-2024 | 2024-00208346 | |
| 31-12-2022 | micro format | 15-06-2023 | 2023-00132458 | |
| 31-12-2021 | micro format | 07-06-2022 | 2022-20051069 | |
| 31-12-2020 | micro format | 14-06-2021 | 2021-19900027 |