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MAXIFLOWER

Active
Private limited companyfounded 2014active for 12 yearsKeizershoek 255, 2550 Kontich, BelgiumKBO/BCE: BE 0548.901.224

Financials · 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
Trend over the years

2021 to 2025, 5 financial years 2018 to 2025, 8 financial years

The operating result for 2025 is 3% lower than in 2024.

Operating result€0.2m 2025 Net result€0.1m 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

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.
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
2025 value · change against 2024
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

social balance sheet
Item31-12-2023
Employees at the balance-sheet date3
full-time2
part-time1
in full-time equivalents2.5
Average over the year, in full-time equivalents2.5
On a permanent contract3

Source: social balance sheet in the 2023 annual accounts

Investments

fixed assets acquired
Item20212022202320242025
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
Filed annual accounts As filed with the NBB · 2025 against 2024 · 57 lines
Balance sheet Code20242025
Assets
Total assets20/58€1.3m€1.4m▲
Fixed assets21/28€0.5m€0.4m▼
Intangible fixed assets21€0-
Tangible fixed assets22/27€0.5m€0.4m▼
Land and buildings22€0.3m€0.3m▼
Plant, machinery and equipment23€0.009m€0.01m▲
Furniture and vehicles24€0.01m€0.009m▼
Other tangible fixed assets26€0.1m€0.09m▼
Financial fixed assets28€165€165=
Current assets29/58€0.9m€1.0m▲
Stocks and contracts in progress3€0.08m€0.1m▲
Stocks30/36€0.08m€0.1m▲
Amounts receivable within one year40/41€0.5m€0.6m▲
Trade receivables40€0.4m€0.5m▲
Other amounts receivable41€0.02m€0.05m▲
Current investments50/53€0.09m€0.1m▲
Cash at bank and in hand54/58€0.2m€0.2m▲
Deferred charges and accrued income490/1€0.003m€0▼
Equity and liabilities
Total equity and liabilities10/49€1.3m€1.4m▲
Equity10/15€0.8m€0.9m▲
Contributions10/11€0.04m€0.04m=
Capital10-€0.04m
Issued capital100-€0.04m
Reserves13€0.8m€0.8m▲
Non-distributable reserves130/1€0.004m€0.004m=
Legal reserve130-€0.004m
Reserves not available under the articles1311€0.004m-
Distributable reserves133€0.8m€0.8m▲
Amounts payable17/49€0.5m€0.6m▲
Amounts payable after more than one year17€0.3m€0.2m▼
Financial debts170/4€0.3m€0.2m▼
Amounts payable within one year42/48€0.2m€0.3m▲
Current portion of amounts payable after more than one year42€0.03m€0.03m▲
Trade debts44€0.05m€0.03m▼
Suppliers440/4€0.05m€0.03m▼
Taxes, remuneration and social security45€0.03m€0.06m▲
Taxes450/3€0.003m€0.04m▲
Remuneration and social security454/9€0.02m€0.02m▼
Other amounts payable47/48€0.1m€0.2m▲
Accrued charges and deferred income492/3€0.002m€0▼
Income statement Code20242025
Remuneration, social security and pensions62€0.1m€0.1m▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.06m€0.06m▼
Other operating charges640/8€0.009m€0.01m▲
Gross operating margin9900€0.5m€0.4m▼
Operating profit (loss)9901€0.2m€0.2m▼
Financial income75/76B€0.002m€0.002m▲
Recurring financial income75€0.002m€0.002m▲
Financial charges65/66B€0.007m€0.007m▼
Recurring financial charges65€0.007m€0.007m▼
Profit (loss) for the period before taxes9903€0.2m€0.2m▼
Income taxes67/77€0.06m€0.08m▲
Profit (loss) for the period9904€0.2m€0.1m▼
Profit (loss) for the period to be appropriated9905€0.2m€0.1m▼
Appropriation of the result
Profit (loss) to be appropriated9906€0.2m€0.1m▼
Transfer to equity691/2€0.2m€0.1m▼
To other reserves6921€0.2m€0.1m▼
Social balance sheet
Average headcount (FTE)90872.52.5=

The notes to these accounts have 10 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 01-06-2026.

Line20182019202020212022202320242025Change
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%
Line20182019202020212022202320242025Change
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%
Line20182019202020212022202320242025Change
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.

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Historical observation

In July 2024, 34,693 companies had the same profile as MAXIFLOWER has now. Two years later, 0.7% had gone bankrupt and 95.3% were still going.

  • Micro
  • 10 to 20 years old
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more
0.7% went bankrupt
3.9% stopped otherwise
95.3% was still going

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.

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 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 PDF
31-12-2024 abbreviated format 16-07-2025 2025-00298310 PDF
31-12-2023 abbreviated format 13-06-2024 2024-00130363 PDF
31-12-2022 abbreviated format 20-06-2023 2023-00145388 PDF
31-12-2021 abbreviated format 09-06-2022 2022-20062090 PDF
31-12-2020 abbreviated format 20-07-2021 2021-37600291 PDF
31-12-2019 abbreviated format 27-05-2020 2020-13500076 PDF
31-12-2018 abbreviated format 05-07-2019 2019-30100360 PDF
31-12-2017 abbreviated format 13-06-2018 2018-18900304 PDF
31-12-2016 abbreviated format 14-06-2017 2017-17400262 PDF

Show all 11 filings

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