Maxicon Engineering has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €314,334 and a net result of €261,376. Its solvency ranks better than 44% of 314 sector peers (NACE 78, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Score breakdownraises riskFounded in 2023lowers riskLiquidity: current ratio 1.36, cash €338,052Sector: Employment activities (NACE 78)Figures for financial year 2025 (filed on 15-08-2026)Show the evidence
Checked score
Score 2025
Checked score
The higher the Checked score (0 to 100), the smaller the chance that the company goes bankrupt within twelve months. That chance sets the band, from Critical to Excellent, and within the band how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
91/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 68% of small companies in employment activities (NACE 78)
Financial strength measures the balance sheet and the results with three figures out of 100 from the latest annual accounts: solvency, liquidity and profitability. It does not directly set the Checked score's band. How the company does against its sector peers on these and on growth does count for its place within the band.
Strong
Solvency52-45
equity 26.5% of total assets
Liquidity46-39
short-term debt 73.5% · cash 28.5%
Profitability93+93
return on assets 22.1%
Bankruptcy probability within 12 months
Bankruptcy probability
It is the chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. At 0.2%, about 2 in 1,000 comparable companies go bankrupt. The higher it is, the shorter the payment term to agree.
0.2%Very low
0%0.5%1.5%4%10%≥ 25%
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Sector median 0.2% (196 companies, NACE 78, small)
Last 24 months12-2024: 1.2%01-2025: 1.3%▲ +0.1 percentage points vs 12-202402-2025: 1.3%● unchanged vs 01-202503-2025: 1.2%▼ -0.1 percentage points vs 02-202504-2025: 1.4%▲ +0.2 percentage points vs 03-202505-2025: 1.4%● unchanged vs 04-202506-2025: 1.5%▲ +0.1 percentage points vs 05-2025highest value07-2025: 1.5%● unchanged vs 06-2025highest value08-2025: 0.5%▼ -1.0 percentage point vs 07-202509-2025: 0.5%● unchanged vs 08-202510-2025: 0.5%● unchanged vs 09-202511-2025: 0.5%● unchanged vs 10-202512-2025: 0.5%● unchanged vs 11-202501-2026: 0.5%● unchanged vs 12-202502-2026: 0.5%● unchanged vs 01-202603-2026: 0.5%● unchanged vs 02-202604-2026: 0.5%● unchanged vs 03-202605-2026: 0.5%● unchanged vs 04-202606-2026: 0.5%● unchanged vs 05-202607-2026: 0.5%● unchanged vs 06-202608-2026: 1.0%▲ +0.5 percentage points vs 07-202609-2026: 0.2%▼ -0.8 percentage points vs 08-2026lowest value10-2026: 0.2%● unchanged vs 09-2026lowest value11-2026: 0.2%● unchanged vs 10-2026lowest value
Credit of up to €25,000 on 30-day terms is acceptable
Liquidity is tight, with a current ratio of 1.36 (3.55 in 2024), below the usual 1.5. Short-term debt is 73.5% and cash 28.5% of total assets. 73.5% of the assets are financed with debt and provisions.
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
75-100
Excellent
under 0.55%
60-74
Healthy
0.55% to 1.5%
45-59
Fair
1.5% to 4.2%
25-44
Weak
4.2% to 15.0%
0-24
Critical
over 15.0%
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 78, small). It does better than 48% of them on solvency, 45% on liquidity, 85% on profitability and 94% on growth.
The bankruptcy probability was computed on 03-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit check for an amount and term of your choice
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 12-08-2026, 12 days later. Nearly half (47%) of Belgian companies file late; of those that file 1 to 90 days late, 2.0% are now bankrupt, dissolved or in another special legal status, against 1.66% of all filers. A delay like this does not count in the score.
tick = median of all Belgian filingsring = median in the sector
The company filed its last 2 accounts on average 2 days before the deadline. In the sector (NACE 78), the median for financial year 2024 was 14 days before the deadline, and 30% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
03-11-2026 today31-12-2026 year end31-07-2027 deadline
neutral · No strike-offs in the KBO publications
That holds for every publication since incorporation in 2023.
KBO publications
Financials
Financials · financial year 2025, full format
2025 annual accounts filed 12 days after the deadlineFiled on 12 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00398945.
The EBIT margin is the share of each euro of revenue left from ordinary operations. The higher it is, the more room the company has to absorb a setback.
The net result is what is left after all costs and taxes. One loss year is not an alarm on its own. After several loss years in a row, it pays to find out why.
Working capital is what is left when the company pays its short-term debts with its short-term assets. Positive means it can pay its bills in the short term.
Every figure with its change against the financial year before
favourableunfavourable
Line20242025
Operating result-€0.1m-€0.4m
Net result-€0.1mbelow the sector's middle half-€0.3mwithin the sector's middle half
Equity€0.2mwithin the sector's middle half-€0.3mwithin the sector's middle half▲ 106%
Total assets€0.2mbelow the sector's middle half-€1.2mwithin the sector's middle half▲ 456%
Debt€0.06m-€0.9m▲ 15×
Working capital€0.2mwithin the sector's middle half-€0.3mwithin the sector's middle half▲ 106%
Solvency71.8%above the sector's middle half-26.5%within the sector's middle half▼ 45.3pp
Current ratio3.55above the sector's middle half-1.36within the sector's middle half▼ 2.19
Return on assets (ROA)-69.0%below the sector's middle half-22.1%above the sector's middle half▲ 91.1pp
Staff (FTE)4.1within the sector's middle half-20.3within the sector's middle half▲ 395%
abovewithinbelowThe sector band is the middle half of the companies in Employment activities (NACE 78). 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 a profit of €352,564, after a loss of €141,195 in 2024.
Large changes and their cause
2025Staff (FTE) +395% on 2024.The accounts now follow the full format, last year the abbreviated format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
100.0%
Fixed assets€60 =
Current assets€1.2m ▲ 457%
Equity and liabilities €1.2m
26.5%
73.5%
Equity€314,334 ▲ 106%
Debt€870,768 ▲ 15×
Debt's share of the balance-sheet total rises from 28.2% to 73.5%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
Debt to equity
2.77▲
2024 · 0.39
ROE
83.2%▲
2024 · -96.1%
Debt ≤ 1 year
€870,768▲
2024 · €60,015
Income taxes
€65,553
Staff costs
€1.7m▲
2024 · €224,520
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
social balance sheet
Item
31-12-2024
31-12-2025
Employees at the balance-sheet date
3
21
full-time
3
21
part-time
0
0
in full-time equivalents
3
21
Average over the year, in full-time equivalents
4.1
20.3
On a permanent contract
3
21
Joined
8
22
Left
5
4
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
fixed assets acquired
Item
2024
2025
Financial fixed assets
€60
€0
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
Flemish government
The Flemish government granted these subsidies and aid to the company. Such aid usually goes with a project, with conditions the company must meet.
2 entries · €4,388 · €4,388 paid · Departement Werk en Sociale Economie
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 48 lines
Balance sheetCode20242025
Assets
Total assets20/58€0.2m€1.2m▲
Fixed assets21/28€60€60=
Financial fixed assets28€60€60=
Current assets29/58€0.2m€1.2m▲
Amounts receivable within one year40/41€0.1m€0.8m▲
Trade receivables40€0.1m€0.8m▲
Other amounts receivable41€0.007m€0.04m▲
Cash at bank and in hand54/58€0.08m€0.3m▲
Equity and liabilities
Total equity and liabilities10/49€0.2m€1.2m▲
Equity10/15€0.2m€0.3m▲
Contributions10/11€0.3m€0.3m=
Capital10€0.3m€0.3m=
Issued capital100€0.3m€0.3m=
Reserves13-€0.01m
Non-distributable reserves130/1-€0.01m
Legal reserve130-€0.01m
Distributable reserves133-€334
Profit (loss) carried forward14-€0.1m€0▲
Amounts payable17/49€0.06m€0.9m▲
Amounts payable within one year42/48€0.06m€0.9m▲
Financial debts43-€0.08m
Credit institutions430/8-€0.08m
Trade debts44€0.03m€0.2m▲
Suppliers440/4€0.03m€0.2m▲
Taxes, remuneration and social security45€0.03m€0.3m▲
Taxes450/3€0.006m€0.09m▲
Remuneration and social security454/9€0.02m€0.2m▲
Other amounts payable47/48-€0.3m
Income statementCode20242025
Remuneration, social security and pensions62€0.2m€1.7m▲
Other operating charges640/8€0.003m€0.02m▲
Gross operating margin9900€0.09m€2.0m▲
Operating profit (loss)9901-€0.1m€0.4m▲
Financial income75/76B€0.001m€0.003m▲
Recurring financial income75€0.001m€0.003m▲
Financial charges65/66B€0.007m€0.03m▲
Recurring financial charges65€0.007m€0.03m▲
Profit (loss) for the period before taxes9903-€0.1m€0.3m▲
Income taxes67/77-€0.07m
Profit (loss) for the period9904-€0.1m€0.3m▲
Profit (loss) for the period to be appropriated9905-€0.1m€0.3m▲
Appropriation of the result
Profit (loss) to be appropriated9906-€0.1m€0.1m▲
Profit (loss) brought forward from the previous period14P--€0.1m
Transfer to equity691/2-€0.01m
To the legal reserve6920-€0.01m
To other reserves6921-€334
Profit to be distributed694/7-€0.1m
Return on contributions (dividend)694-€0.1m
Social balance sheet
Average headcount (FTE)90874.120.3▲
The notes to these accounts have 4 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.
The figures are counted, not predicted. They describe the group, not Maxicon Engineering.
In July 2024, 1,602 companies had the same profile as Maxicon Engineering has now. Two years later, 96.6% were still going and 2.3% had gone bankrupt.
Small
2 to 5 years old
solvency 10 to 30%
a profit of 5% of the balance sheet or more
96.6%was still going
0.9%stopped otherwise
2.3%went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Maxicon Engineering itself is lower: 0.2% within 12 months. It rests on far more data about Maxicon Engineering 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.
The companies in ten equal groups, from the lowest to the highest expected share
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 1,602 companies, not a prediction for Maxicon Engineering. 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.
Many board changes in a short time are a reason to keep a close eye on the company.
Act of 21-10-20261 director appointed, 1 director resigningResignation: Van Havermaet bedrijfsrevisoren BV (statutory auditor) · Permanent representatives: Nathalie Bogaerts and Tina Burm · Appointment: VGD BEDRIJFSREVISOREN (statutory auditor)
Board 2
BE
BV ESSE INVEST
Director · since 24-02-2025 · Legal entity · permanent representative: Emmanuël Bekaert · listed in the 2025 annual accounts, filed on 12-08-2026
Director · since 04-06-2026 · term without a fixed end · Public limited company · permanent representative: WAUTERS Frederik Luc · also on the board of 7 other companies · listed in the 2025 annual accounts, filed on 12-08-2026
Current
Permanent representatives 2
EB
Emmanuël Bekaert
Permanent representative · appointed in the act of 16-04-2025 · for BV ESSE INVEST
Current
FL
WAUTERS Frederik Luc
Permanent representative · appointed in the act of 07-07-2026 · for A.M. Group
Each bar is one period in a function, from appointment to resignation or to today. An open left edge means the mandate began before its first mention. An open right edge means the mandate ended without a stated end date.
Permanent representative: WAUTERS Frederik Luc · Amendment of the articles · Power of attorney7 points ▸
General meeting, 04-06-2026
Amendment of the articles, mentioned 2 times in the deed
Director appointment, A.M. GROUP (director)
Permanent representative, WAUTERS Frederik Luc
Power of attorney
Power of attorney, Stephanie GOETHALS
Declaration, “single shareholder declaration, neerlegging van het feit dat alle aandelen in één hand verenigd zijn, bekendgemaakt in de bijlagen bij het Belgisch Staatsblad” (deed in Dutch)
Starting capital €300,000 · Permanent representatives: RAMBOER Kris Eric, BEKAERT Emmanuël Georges Raja and WARLOP Matthias Ides Roland Rogier · Appointments: A.M. Group (director) and MAXICON (director) · Founder17 points ▸
Founder, A.M. Group
Director in office, RAMBOER & BEDDELEEM (director)
Permanent representative, RAMBOER Kris Eric
Director in office, BELI TECH (director)
Permanent representative, BEKAERT Emmanuël Georges Raja, mentioned 2 times in the deed
Director in office, WLMS (director)
Permanent representative, WARLOP Matthias Ides Roland Rogier, mentioned 2 times in the deed
Incorporation, “Maxicon Engineering” (deed in Dutch)
Founding capital, €300,000
Bank account, 300000, “vennootschap in oprichting” (deed in Dutch)
Each sentence rests on a document from the KBO register, the Belgian Official Gazette or the National Bank. The number after the sentence opens that document.
On 26 May 2023, Maxicon Engineering was incorporated as a public limited company by A.M. Group, with a starting capital of €300,000.12Of the 2 current board members, BV ESSE INVEST has served longest, since 2025.3The company has filed 2 sets of annual accounts, the latest for financial year 2025.3
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
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