MAXIFLOWER
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-06-2026 PDF all 11 filings
Turnover
≈ €2.1m
Estimated: probably between €1.4m and €3.6m
Total assets
€1.4m▲ 6.5%
2024 · €1.3m
Net result
€148,866▼ 13.6%
2024 · €172,257
Working capital
€678,707▲ 7.2%
2024 · €632,947
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€229,945
▼ 2.7%
2025
20182025
Net result
€148,866
▼ 13.6%
2025
highest quarter of the sector
20182025
Equity
€854,306
▲ 3.5%
2025
middle half of the sector
20182025
Total assets
€1.4m
▲ 6.5%
2025
middle half of the sector
20182025
Debt
€559,439
▲ 11.5%
2025
20182025
Working capital
€678,707
▲ 7.2%
2025
middle half of the sector
20182025
Solvency
60.4%
▼ 1.8pp
2025
middle half of the sector
20182025
Current ratio
3.16
▼ 0.63
2025
middle half of the sector
20182025
Return on assets (ROA)
10.5%
▼ 2.5pp
2025
highest quarter of the sector
20182025
Staff (FTE)
2.5
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.2m-€0.2m▲ 6.8%€0.2m▲ 0.9%€0.2m▲ 33.0%€0.2m▼ 19.3%€0.2m▲ 2.6%€0.2m▲ 30.1%€0.2m▼ 2.7%
Net result€0.1m-€0.1m▲ 18.0%€0.1mwithin the sector's middle half▲ 5.1%€0.1mwithin the sector's middle half▲ 15.8%€0.1mwithin the sector's middle half▼ 18.8%€0.1mwithin the sector's middle half▲ 1.8%€0.2mabove the sector's middle half▲ 43.0%€0.1mabove the sector's middle half▼ 13.6%
Equity€0.3m-€0.4m▲ 47.3%€0.5mwithin the sector's middle half▲ 33.7%€0.6mwithin the sector's middle half▲ 26.4%€0.7mwithin the sector's middle half▲ 18.8%€0.8mwithin the sector's middle half▲ 2.9%€0.8mwithin the sector's middle half▲ 7.2%€0.9mwithin the sector's middle half▲ 3.5%
Total assets€0.4m-€0.5m▲ 27.7%€1.1mwithin the sector's middle half▲ 120%€1.2mwithin the sector's middle half▲ 3.5%€1.3mwithin the sector's middle half▲ 9.0%€1.3mwithin the sector's middle half▲ 0.5%€1.3mwithin the sector's middle half▲ 4.9%€1.4mwithin the sector's middle half▲ 6.5%
Debt€0.1m-€0.1m▼ 6.6%€0.6m▲ 358%€0.5m▼ 15.0%€0.5m▼ 2.7%€0.5m▼ 3.1%€0.5m▲ 1.3%€0.6m▲ 11.5%
Working capital€0.3m-€0.4m▲ 40.2%€0.2mwithin the sector's middle half▼ 42.9%€0.3mwithin the sector's middle half▲ 71.7%€0.5mwithin the sector's middle half▲ 41.4%€0.5mwithin the sector's middle half▲ 10.3%€0.6mwithin the sector's middle half▲ 16.9%€0.7mwithin the sector's middle half▲ 7.2%
Solvency63.7%-73.4%▲ 9.8pp44.7%within the sector's middle half▼ 28.8pp54.6%within the sector's middle half▲ 9.9pp59.4%within the sector's middle half▲ 4.9pp60.9%within the sector's middle half▲ 1.4pp62.2%within the sector's middle half▲ 1.3pp60.4%within the sector's middle half▼ 1.8pp
Current ratio3.86-4.50▲ 0.641.92within the sector's middle half▼ 2.583.05above the sector's middle half▲ 1.133.69above the sector's middle half▲ 0.643.79above the sector's middle half▲ 0.103.79above the sector's middle half=3.16within the sector's middle half▼ 0.63
Return on assets (ROA)25.5%-23.6%▼ 2.0pp11.3%above the sector's middle half▼ 12.3pp12.6%above the sector's middle half▲ 1.3pp9.4%within the sector's middle half▼ 3.2pp9.5%within the sector's middle half▲ 0.1pp13.0%above the sector's middle half▲ 3.5pp10.5%above the sector's middle half▼ 2.5pp
Staff (FTE)1.8-2.5▲ 38.9%1.7below the sector's middle half▼ 32.0%1.7below the sector's middle half=2.3within the sector's middle half▲ 35.3%2.5within the sector's middle half▲ 8.7%2.5within the sector's middle half=2.5within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 3% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €1.4m
Fixed assets
€420,343 ▼ 10.0%
Current assets
€993,402 ▲ 15.5%
Equity and liabilities €1.4m
Equity
€854,306 ▲ 3.5%
Debt
€559,439 ▲ 11.5%
Debt's share of the balance-sheet total rises from 37.8% to 39.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€285,487▼
2024 · €301,010
Cash flow
€204,408▼
2024 · €236,873
Quick ratio
2.85▼
2024 · 3.42
Debt to equity
0.65▲
2024 · 0.61
ROE
17.4%▼
2024 · 20.9%
Interest coverage
43.27▲
2024 · 42.95
Debt ≤ 1 year
€314,695▲
2024 · €227,213
Debt > 1 year
€244,745▼
2024 · €273,025
Income taxes
€76,569▲
2024 · €58,939
Staff costs
€123,044▼
2024 · €144,808
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 |
|---|---|
| Employees at the balance-sheet date | 3 |
| full-time | 2 |
| part-time | 1 |
| in full-time equivalents | 2.5 |
| Average over the year, in full-time equivalents | 2.5 |
| On a permanent contract | 3 |
Source: social balance sheet in the 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,482 | €11,087 | €7,313 | €2,124 | €9,029 |
| Depreciation and write-downs of the year | €62,565 | €63,689 | €63,764 | €64,616 | €55,542 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €88,522 | €134,658 | €133,805 | €144,808 | €123,044 | ▼ 15.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €40,730 | €28,222 | €62,866 | €62,565 | €63,689 | €63,764 | €64,616 | €55,542 | ▼ 14.0% |
| Other operating charges640/8 | - | - | - | €10,328 | €9,311 | €10,641 | €9,045 | €9,757 | ▲ 7.9% |
| Gross operating margin9900 | €290,778 | €307,524 | €319,954 | €380,997 | €384,789 | €389,902 | €454,862 | €418,289 | ▼ 8.0% |
| Operating profit (loss)9901 | €153,243 | €163,640 | €165,081 | €219,583 | €177,131 | €181,691 | €236,394 | €229,945 | ▼ 2.7% |
| Financial income75/76B | - | - | - | €1,919 | €3,377 | €1,277 | €1,811 | €2,088 | ▲ 15.3% |
| Recurring financial income75 | €1,990 | €2,811 | €733 | €1,919 | €3,377 | €1,277 | €1,811 | €2,088 | ▲ 15.3% |
| Financial charges65/66B | - | - | - | €8,764 | €7,702 | €7,279 | €7,009 | €6,598 | ▼ 5.9% |
| Recurring financial charges65 | €4,206 | €1,911 | €10,137 | €8,764 | €7,702 | €7,279 | €7,009 | €6,598 | ▼ 5.9% |
| Profit (loss) for the period before taxes9903 | €151,027 | €164,540 | €155,678 | €212,738 | €172,806 | €175,689 | €231,196 | €225,435 | ▼ 2.5% |
| Income taxes67/77 | €49,500 | €44,789 | €29,872 | €67,038 | €54,438 | €55,220 | €58,939 | €76,569 | ▲ 29.9% |
| Profit (loss) for the period9904 | €101,526 | €119,750 | €125,806 | €145,700 | €118,368 | €120,469 | €172,257 | €148,866 | ▼ 13.6% |
| Profit (loss) for the period to be appropriated9905 | €101,526 | €119,750 | €125,806 | €145,700 | €118,368 | €120,469 | €172,257 | €148,866 | ▼ 13.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.4m | €0.5m | €1.1m | €1.2m | €1.3m | €1.3m | €1.3m | €1.4m | ▲ 6.5% |
| Fixed assets21/28 | €0.06m | €0.05m | €0.7m | €0.6m | €0.6m | €0.5m | €0.5m | €0.4m | ▼ 10.0% |
| Intangible fixed assets21 | €0.004m | - | - | - | - | - | €0 | - | - |
| Tangible fixed assets22/27 | €0.05m | €0.05m | €0.7m | €0.6m | €0.6m | €0.5m | €0.5m | €0.4m | ▼ 10.0% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 7.6% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.008m | €0.01m | €0.009m | €0.01m | ▲ 61.4% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.02m | €0.02m | €0.01m | €0.009m | ▼ 32.7% |
| Other tangible fixed assets26 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.09m | ▼ 20.3% |
| Financial fixed assets28 | €165 | €165 | €165 | €165 | €165 | €165 | €165 | €165 | = |
| Current assets29/58 | €0.3m | €0.5m | €0.4m | €0.5m | €0.7m | €0.7m | €0.9m | €1.0m | ▲ 15.5% |
| Stocks and contracts in progress3 | €0.05m | €0.04m | €0.04m | €0.07m | €0.09m | €0.1m | €0.08m | €0.1m | ▲ 15.6% |
| Stocks30/36 | - | - | - | €0.07m | €0.09m | €0.1m | €0.08m | €0.1m | ▲ 15.6% |
| Amounts receivable within one year40/41 | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | €0.5m | €0.6m | ▲ 22.1% |
| Trade receivables40 | - | - | - | €0.3m | €0.3m | €0.4m | €0.4m | €0.5m | ▲ 16.4% |
| Other amounts receivable41 | - | - | - | €0.04m | €0.07m | €0.03m | €0.02m | €0.05m | ▲ 165% |
| Current investments50/53 | - | - | €0.01m | €0.03m | €0.05m | €0.07m | €0.09m | €0.1m | ▲ 20.7% |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.2m | €0.08m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 1.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.007m | - | €0.002m | €0.003m | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.4m | €0.5m | €1.1m | €1.2m | €1.3m | €1.3m | €1.3m | €1.4m | ▲ 6.5% |
| Equity10/15 | €0.3m | €0.4m | €0.5m | €0.6m | €0.7m | €0.8m | €0.8m | €0.9m | ▲ 3.5% |
| Contributions10/11 | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Capital10 | - | - | - | €0.04m | - | €0.04m | - | €0.04m | - |
| Issued capital100 | - | - | - | €0.04m | - | €0.04m | - | €0.04m | - |
| Reserves13 | €0.2m | €0.3m | €0.5m | €0.6m | €0.7m | €0.7m | €0.8m | €0.8m | ▲ 3.7% |
| Non-distributable reserves130/1 | - | - | - | €0.004m | €0.7m | €0.004m | €0.004m | €0.004m | = |
| Legal reserve130 | - | - | - | €0.004m | - | €0.004m | - | €0.004m | - |
| Reserves not available under the articles1311 | - | - | - | - | - | - | €0.004m | - | - |
| Other1319 | - | - | - | - | €0.7m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.6m | - | €0.7m | €0.8m | €0.8m | ▲ 3.7% |
| Amounts payable17/49 | €0.1m | €0.1m | €0.6m | €0.5m | €0.5m | €0.5m | €0.5m | €0.6m | ▲ 11.5% |
| Amounts payable after more than one year17 | €0.06m | €0.03m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 10.4% |
| Financial debts170/4 | - | - | - | €0.4m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 10.4% |
| Amounts payable within one year42/48 | €0.09m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 38.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.05m | €0.03m | €0.03m | €0.03m | €0.03m | ▲ 1.5% |
| Financial debts43 | - | - | - | €0.001m | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0.001m | - | - | - | - | - |
| Trade debts44 | €0.03m | €0.04m | €0.05m | €0.03m | €0.03m | €0.04m | €0.05m | €0.03m | ▼ 39.2% |
| Suppliers440/4 | - | - | - | €0.03m | €0.03m | €0.04m | €0.05m | €0.03m | ▼ 39.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.08m | €0.07m | €0.04m | €0.03m | €0.06m | ▲ 115% |
| Taxes450/3 | - | - | - | €0.06m | €0.06m | €0.03m | €0.003m | €0.04m | ▲ 11× |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | ▼ 16.6% |
| Other amounts payable47/48 | - | - | - | €0.02m | €0.05m | €0.08m | €0.1m | €0.2m | ▲ 60.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €0.002m | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €101,526 | €119,750 | €125,806 | €145,700 | €118,368 | €120,469 | €172,257 | €148,866 | ▼ 13.6% |
| + Depreciation and write-downs630 | €40,730 | €28,222 | €62,866 | €62,565 | €63,689 | €63,764 | €64,616 | €55,542 | ▼ 14.0% |
| Operating cash flow (approximation) | €142,256 | €147,973 | €188,672 | €208,264 | €182,057 | €184,233 | €236,873 | €204,408 | ▼ 13.7% |
| Investment in fixed assets (approximation) | - | -€23,986 | -€705,368 | -€6,482 | -€11,087 | -€7,313 | -€2,124 | -€9,029 | ▼ 325% |
| Change in cash | - | €50,577 | -€91,142 | -€66,255 | €46,262 | -€2,654 | €94,852 | €2,851 | ▼ 97.0% |
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, 34,693 companies had the same profile as MAXIFLOWER has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of MAXIFLOWER itself: 0.1% 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 34,693 companies, not a prediction for MAXIFLOWER. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-06-2026 | 2026-00141004 | |
| 31-12-2024 | abbreviated format | 16-07-2025 | 2025-00298310 | |
| 31-12-2023 | abbreviated format | 13-06-2024 | 2024-00130363 | |
| 31-12-2022 | abbreviated format | 20-06-2023 | 2023-00145388 | |
| 31-12-2021 | abbreviated format | 09-06-2022 | 2022-20062090 | |
| 31-12-2020 | abbreviated format | 20-07-2021 | 2021-37600291 | |
| 31-12-2019 | abbreviated format | 27-05-2020 | 2020-13500076 | |
| 31-12-2018 | abbreviated format | 05-07-2019 | 2019-30100360 | |
| 31-12-2017 | abbreviated format | 13-06-2018 | 2018-18900304 | |
| 31-12-2016 | abbreviated format | 14-06-2017 | 2017-17400262 |