Maxitroc
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 13 filings
Turnover
€222,764▼ 5.5%
2022 · €235,663
EBIT margin
11.5%▲ 0.3pp
2022 · 11.2%
Net result
€25,695▲ 39.8%
2024 · €18,375
Working capital
€135,028▲ 16.8%
2024 · €115,645
Multi-year overview
2019 to 2025, 8 financial yearsTurnover
no figure
2025
20192025
Operating result
€43,764
▲ 99.1%
2025
20192025
Net result
€25,695
▲ 39.8%
2025
highest quarter of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€138,049
▲ 12.8%
2025
highest quarter of the sector
20192025
Total assets
€185,252
▲ 22.6%
2025
middle half of the sector
20192025
Debt
€47,203
▲ 64.0%
2025
20192025
Working capital
€135,028
▲ 16.8%
2025
highest quarter of the sector
20192025
Solvency
74.5%
▼ 6.4pp
2025
highest quarter of the sector
20192025
Current ratio
3.86
▼ 1.25
2025
highest quarter of the sector
20192025
Return on assets (ROA)
13.9%
▲ 1.7pp
2025
highest quarter of the sector
20192025
Staff (FTE)
1
▲ 25.0%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202320242025
Turnover€203,622-€203,080▼ 0.3%€194,053▼ 4.4%€235,663▲ 21.4%€222,764▼ 5.5%
Operating result€16,518-€13,322▼ 19.3%€12,191▼ 8.5%€26,491▲ 117%€25,727▼ 2.9%-€12,879-€21,980€43,764▲ 99.1%
Net result€9,825-€11,366▲ 15.7%€17,090within the sector's middle half▲ 50.4%€23,982above the sector's middle half▲ 40.3%€11,829within the sector's middle half▼ 50.7%-€13,608below the sector's middle half-€18,375within the sector's middle half€25,695above the sector's middle half▲ 39.8%
EBIT margin8.1%-6.6%▼ 1.6pp6.3%▼ 0.3pp11.2%▲ 5.0pp11.5%▲ 0.3pp
Equity€62,320-€73,685▲ 18.2%€90,776within the sector's middle half▲ 23.2%€114,757within the sector's middle half▲ 26.4%€126,587above the sector's middle half▲ 10.3%€112,979within the sector's middle half-€122,354above the sector's middle half▲ 8.3%€138,049above the sector's middle half▲ 12.8%
Total assets€120,087-€121,972▲ 1.6%€138,505within the sector's middle half▲ 13.6%€155,172within the sector's middle half▲ 12.0%€161,299within the sector's middle half▲ 3.9%€139,802within the sector's middle half-€151,139within the sector's middle half▲ 8.1%€185,252within the sector's middle half▲ 22.6%
Debt€57,767-€48,287▼ 16.4%€47,729▼ 1.2%€40,415▼ 15.3%€34,712▼ 14.1%€26,823-€28,785▲ 7.3%€47,203▲ 64.0%
Working capital€59,665-€71,872▲ 20.5%€86,352above the sector's middle half▲ 20.1%€107,890above the sector's middle half▲ 24.9%€116,212above the sector's middle half▲ 7.7%€101,223above the sector's middle half-€115,645above the sector's middle half▲ 14.2%€135,028above the sector's middle half▲ 16.8%
Solvency51.9%-60.4%▲ 8.5pp65.5%above the sector's middle half▲ 5.1pp74.0%above the sector's middle half▲ 8.4pp78.5%above the sector's middle half▲ 4.5pp80.8%above the sector's middle half-81.0%above the sector's middle half▲ 0.1pp74.5%above the sector's middle half▼ 6.4pp
Current ratio2.03-2.50▲ 0.463.20above the sector's middle half▲ 0.714.06above the sector's middle half▲ 0.864.54above the sector's middle half▲ 0.484.77above the sector's middle half-5.11above the sector's middle half▲ 0.333.86above the sector's middle half▼ 1.25
Return on assets (ROA)8.2%-9.3%▲ 1.1pp12.3%within the sector's middle half▲ 3.0pp15.5%above the sector's middle half▲ 3.1pp7.3%within the sector's middle half▼ 8.1pp-9.7%below the sector's middle half-12.2%within the sector's middle half▲ 21.9pp13.9%above the sector's middle half▲ 1.7pp
Staff (FTE)0.81▲ 25.0%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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.
Several financial years end in the same calendar year, so there is no annual trend.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €185,252
Fixed assets
€3,021 ▼ 58.8%
Current assets
€182,232 ▲ 26.7%
Equity and liabilities €185,252
Equity
€138,049 ▲ 12.8%
Debt
€47,203 ▲ 64.0%
Debt's share of the balance-sheet total rises from 19.0% to 25.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€46,200▲
2024 · €26,399
Cash flow
€28,131▲
2024 · €22,794
Quick ratio
3.72▼
2024 · 4.57
Debt to equity
0.34▲
2024 · 0.24
ROE
18.6%▲
2024 · 15.0%
Interest coverage
3.96▼
2024 · 9.27
Debt ≤ 1 year
€47,203▲
2024 · €28,156
Income taxes
€13,034▲
2024 · €4,764
Staff costs
€24,626▲
2024 · €18,384
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2024 | 31-12-2025 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 1 |
| part-time | 1 | 1 |
| in full-time equivalents | 0.2 | 0.2 |
| Average over the year, in full-time equivalents | 0.4 | 0.2 |
| On a permanent contract | 1 | 1 |
| Joined | 2 | - |
| Left | 1 | - |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
| Item | 31-01-2022 | 31-01-2023 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,113 | €3,739 | €3,069 | - | - |
| Depreciation and write-downs of the year | €4,062 | €3,483 | €3,589 | €4,419 | €2,435 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €203,622 | €203,080 | €194,053 | €235,663 | €222,764 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €196,859 | €184,970 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €6,998 | €7,013 | €6,965 | €18,384 | €24,626 | ▲ 34.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,649 | €1,338 | €2,392 | €4,062 | €3,483 | €3,589 | €4,419 | €2,435 | ▼ 44.9% |
| Other operating charges640/8 | - | - | - | €1,453 | €1,572 | €1,680 | €1,712 | €1,803 | ▲ 5.3% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €1,880 | - |
| Gross operating margin9900 | €26,380 | €23,442 | €22,242 | €39,004 | €37,795 | -€645 | €46,495 | €74,509 | ▲ 60.2% |
| Operating profit (loss)9901 | €16,518 | €13,322 | €12,191 | €26,491 | €25,727 | -€12,879 | €21,980 | €43,764 | ▲ 99.1% |
| Financial income75/76B | - | - | - | €9,030 | €1,785 | €2,386 | €4,007 | €6,618 | ▲ 65.2% |
| Recurring financial income75 | €11 | €4,362 | €4,352 | €5,530 | €1,785 | €2,386 | €4,007 | €6,618 | ▲ 65.2% |
| Non-recurring financial income76B | - | - | - | €3,500 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €2,569 | €10,870 | €3,007 | €2,848 | €11,653 | ▲ 309% |
| Recurring financial charges65 | €1,754 | €2,144 | €1,918 | €2,569 | €10,870 | €3,007 | €2,848 | €11,653 | ▲ 309% |
| Profit (loss) for the period before taxes9903 | €13,775 | €15,540 | €21,875 | €32,952 | €16,642 | -€13,500 | €23,138 | €38,729 | ▲ 67.4% |
| Income taxes67/77 | €3,950 | €4,175 | €4,784 | €8,971 | €4,812 | €108 | €4,764 | €13,034 | ▲ 174% |
| Profit (loss) for the period9904 | €9,825 | €11,366 | €17,090 | €23,982 | €11,829 | -€13,608 | €18,375 | €25,695 | ▲ 39.8% |
| Profit (loss) for the period to be appropriated9905 | €9,825 | €11,366 | €17,090 | €23,982 | €11,829 | -€13,608 | €18,375 | €25,695 | ▲ 39.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €120,087 | €121,972 | €138,505 | €155,172 | €161,299 | €139,802 | €151,139 | €185,252 | ▲ 22.6% |
| Fixed assets21/28 | €2,655 | €2,028 | €12,969 | €12,020 | €12,277 | €11,756 | €7,337 | €3,021 | ▼ 58.8% |
| Tangible fixed assets22/27 | €2,655 | €2,028 | €12,969 | €12,020 | €12,277 | €11,756 | €7,337 | €3,021 | ▼ 58.8% |
| Land and buildings22 | - | - | - | - | €3,688 | €3,688 | €3,314 | €2,940 | ▼ 11.3% |
| Furniture and vehicles24 | - | - | - | €12,020 | €8,589 | €8,068 | €4,023 | €81 | ▼ 98.0% |
| Current assets29/58 | €117,432 | €119,944 | €125,536 | €143,152 | €149,022 | €128,047 | €143,802 | €182,232 | ▲ 26.7% |
| Stocks and contracts in progress3 | €14,832 | €13,139 | €13,880 | €15,652 | €28,351 | €19,656 | €15,197 | €6,670 | ▼ 56.1% |
| Stocks30/36 | - | - | - | €15,652 | €28,351 | €19,656 | €15,197 | €6,670 | ▼ 56.1% |
| Amounts receivable within one year40/41 | €625 | €2,150 | €2,487 | €300 | €11,713 | €10,695 | €46,542 | €54,179 | ▲ 16.4% |
| Trade receivables40 | - | - | - | €300 | €2,813 | €310 | €500 | €1,309 | ▲ 162% |
| Other amounts receivable41 | - | - | - | - | €8,900 | €10,385 | €46,042 | €52,870 | ▲ 14.8% |
| Cash at bank and in hand54/58 | €101,976 | €104,655 | €109,169 | €127,200 | €108,959 | €95,326 | €77,630 | €118,741 | ▲ 53.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €2,370 | €4,433 | €2,642 | ▼ 40.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €120,087 | €121,972 | €138,505 | €155,172 | €161,299 | €139,802 | €151,139 | €185,252 | ▲ 22.6% |
| Equity10/15 | €62,320 | €73,685 | €90,776 | €114,757 | €126,587 | €112,979 | €122,354 | €138,049 | ▲ 12.8% |
| Contributions10/11 | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | €27,500 | €27,500 | €27,500 | = |
| Capital10 | - | - | - | - | €25,000 | - | - | - | - |
| Issued capital100 | - | - | - | - | €25,000 | - | - | - | - |
| Reserves13 | €11,500 | €21,500 | €37,500 | €61,000 | €72,500 | €70,000 | €79,300 | €94,900 | ▲ 19.7% |
| Non-distributable reserves130/1 | - | - | - | €2,500 | €2,500 | - | - | - | - |
| Legal reserve130 | - | - | - | - | €2,500 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,500 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €58,500 | €70,000 | €70,000 | €79,300 | €94,900 | ▲ 19.7% |
| Profit (loss) carried forward14 | €25,820 | €27,185 | €28,276 | €28,757 | €29,087 | €15,479 | €15,554 | €15,649 | ▲ 0.6% |
| Amounts payable17/49 | €57,767 | €48,287 | €47,729 | €40,415 | €34,712 | €26,823 | €28,785 | €47,203 | ▲ 64.0% |
| Amounts payable after more than one year17 | - | - | €8,356 | €5,152 | €1,902 | - | - | - | - |
| Financial debts170/4 | - | - | - | €5,152 | €1,902 | - | - | - | - |
| Amounts payable within one year42/48 | €57,767 | €48,073 | €39,183 | €35,262 | €32,810 | €26,823 | €28,156 | €47,203 | ▲ 67.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,677 | €2,724 | €1,648 | - | - | - |
| Trade debts44 | €3,592 | €4,205 | €4,806 | €9,593 | €10,272 | €2,692 | €3,864 | €3,227 | ▼ 16.5% |
| Suppliers440/4 | - | - | - | €9,593 | €10,272 | €2,692 | €3,864 | €3,227 | ▼ 16.5% |
| Advances received on contracts in progress46 | - | - | - | - | - | €232 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €11,173 | €4,036 | €5,292 | €4,635 | €12,856 | ▲ 177% |
| Taxes450/3 | - | - | - | €11,173 | €4,036 | €5,292 | €3,604 | €12,856 | ▲ 257% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €1,031 | - | - |
| Other amounts payable47/48 | - | - | - | €11,819 | €15,777 | €16,959 | €19,658 | €31,119 | ▲ 58.3% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €628 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,825 | €11,366 | €17,090 | €23,982 | €11,829 | -€13,608 | €18,375 | €25,695 | ▲ 39.8% |
| + Depreciation and write-downs630 | €1,649 | €1,338 | €2,392 | €4,062 | €3,483 | €3,589 | €4,419 | €2,435 | ▼ 44.9% |
| Operating cash flow (approximation) | €11,473 | €12,703 | €19,482 | €28,044 | €15,312 | -€10,018 | €22,794 | €28,131 | ▲ 23.4% |
| Investment in fixed assets (approximation) | - | -€711 | -€13,333 | -€3,113 | -€3,739 | - | €0 | €1,880 | - |
| Change in cash | - | €2,680 | €4,514 | €18,031 | -€18,242 | - | -€17,696 | €41,111 | - |
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 Maxitroc 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 Maxitroc 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 Maxitroc. 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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-06-2026 | 2026-00191896 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00206316 | |
| 31-12-2023 | micro format | 03-06-2024 | 2024-00108571 | |
| 31-01-2023 | micro format | 12-06-2023 | 2023-00121699 | |
| 31-01-2022 | micro format | 02-06-2022 | 2022-20050138 | |
| 31-01-2021 | micro format | 27-05-2021 | 2021-16200120 | |
| 31-01-2020 | micro format | 03-07-2020 | 2020-27200312 | |
| 31-01-2019 | micro format | 24-06-2019 | 2019-23200048 | |
| 31-01-2018 | micro format | 04-06-2018 | 2018-15700390 | |
| 31-01-2017 | full format | 31-08-2017 | 2017-59100459 |