MAXLIE
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 62 days after the deadline Filed on 1 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00539897.
Annual accounts 2025 filed on 01-10-2026 at the NBB all 9 filings
Equity
-€51,847▼ 52.5%
2024 · -€34,007
Total assets
€59,593▼ 37.9%
2024 · €96,037
Net result
-€17,841▼ 10.7%
2024 · -€16,120
Working capital
-€29,444▼ 15.5%
2024 · -€25,502
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€9,618
▼ 8.7%
2025
20182025
Net result
-€17,841
▼ 10.7%
2025
lowest quarter of the sector
20182025
Equity
-€51,847
▼ 52.5%
2025
lowest quarter of the sector
20182025
Total assets
€59,593
▼ 37.9%
2025
lowest quarter of the sector
20182025
Debt
€111,440
▼ 14.3%
2025
20182025
Working capital
-€29,444
▼ 15.5%
2025
lowest quarter of the sector
20182025
Solvency
-87.0%
▼ 51.6pp
2025
lowest quarter of the sector
20182025
Current ratio
0.62
▼ 0.10
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-29.9%
▼ 13.2pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€22,088--€3,262-€6,396▼ 96.1%€15,267€31,653▲ 107%-€49,351-€8,851▲ 82.1%-€9,618▼ 8.7%
Net result€12,388--€6,595-€11,145below the sector's middle half▼ 69.0%€7,111within the sector's middle half€23,964within the sector's middle half▲ 237%-€52,945below the sector's middle half-€16,120below the sector's middle half▲ 69.6%-€17,841below the sector's middle half▼ 10.7%
Equity€21,723-€15,128▼ 30.4%€3,982below the sector's middle half▼ 73.7%€11,094below the sector's middle half▲ 179%€35,058below the sector's middle half▲ 216%-€17,887below the sector's middle half-€34,007below the sector's middle half▼ 90.1%-€51,847below the sector's middle half▼ 52.5%
Total assets€39,458-€70,430▲ 78.5%€30,296below the sector's middle half▼ 57.0%€37,629below the sector's middle half▲ 24.2%€65,436below the sector's middle half▲ 73.9%€157,854below the sector's middle half▲ 141%€96,037below the sector's middle half▼ 39.2%€59,593below the sector's middle half▼ 37.9%
Debt€17,735-€55,302▲ 212%€26,314▼ 52.4%€26,535▲ 0.8%€30,378▲ 14.5%€175,741▲ 479%€130,044▼ 26.0%€111,440▼ 14.3%
Working capital€17,705-€10,819▼ 38.9%€16,235within the sector's middle half▲ 50.1%€21,554within the sector's middle half▲ 32.8%€34,282within the sector's middle half▲ 59.1%-€15,642below the sector's middle half-€25,502below the sector's middle half▼ 63.0%-€29,444below the sector's middle half▼ 15.5%
Solvency55.1%-21.5%▼ 33.6pp13.1%below the sector's middle half▼ 8.3pp29.5%below the sector's middle half▲ 16.3pp53.6%within the sector's middle half▲ 24.1pp-11.3%below the sector's middle half▼ 64.9pp-35.4%below the sector's middle half▼ 24.1pp-87.0%below the sector's middle half▼ 51.6pp
Current ratio2.00-1.20▼ 0.802.43within the sector's middle half▲ 1.242.54within the sector's middle half▲ 0.102.13within the sector's middle half▼ 0.410.87below the sector's middle half▼ 1.260.72below the sector's middle half▼ 0.160.62below the sector's middle half▼ 0.10
Return on assets (ROA)31.4%--9.4%▼ 40.8pp-36.8%below the sector's middle half▼ 27.4pp18.9%within the sector's middle half▲ 55.7pp36.6%above the sector's middle half▲ 17.7pp-33.5%below the sector's middle half▼ 70.2pp-16.8%below the sector's middle half▲ 16.8pp-29.9%below the sector's middle half▼ 13.2pp
Staff (FTE)0.8-0.8=0.8below the sector's middle half=0.3▼ 62.5%0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 loss of €9,618, larger than the loss of €8,851 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €59,593
Fixed assets
€12,174 ▼ 60.7%
Current assets
€47,418 ▼ 27.1%
Equity and liabilities
Equity-€51,847
Debt€111,440
Equity is negative. Debt (€111,440) exceeds the balance-sheet total (€59,593).
Key figures and ratios
EBITDA
-€7,489▼
2024 · €11,147
Cash flow
-€15,712▼
2024 · €3,878
Interest coverage
-0.78▼
2024 · 1.51
Debt ≤ 1 year
€76,862▼
2024 · €90,544
Debt > 1 year
€34,578▼
2024 · €39,500
Income taxes
€310▼
2024 · €326
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 |
|---|---|
| Average over the year, in full-time equivalents | 0.2 |
| Joined | 0 |
| Left | 1 |
Source: social balance sheet in the 2021 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,069 | - | €66,815 | €1,032 | €11,606 |
| Depreciation and write-downs of the year | €1,756 | €1,284 | €17,630 | €19,999 | €2,129 |
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 | - | - | - | €6,690 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,435 | €3,797 | €2,582 | €1,756 | €1,284 | €17,630 | €19,999 | €2,129 | ▼ 89.4% |
| Other operating charges640/8 | - | - | - | €1,433 | €875 | €1,197 | €0 | €201 | - |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €526 | - |
| Gross operating margin9900 | €59,389 | €35,162 | €13,647 | €25,145 | €33,813 | -€30,524 | €11,147 | -€6,762 | - |
| Operating profit (loss)9901 | €22,088 | -€3,262 | -€6,396 | €15,267 | €31,653 | -€49,351 | -€8,851 | -€9,618 | ▼ 8.7% |
| Financial income75/76B | - | - | - | €31 | €1,207 | €2,904 | €434 | €1,722 | ▲ 297% |
| Recurring financial income75 | €201 | €809 | €1,282 | €31 | €1,207 | €2,904 | €434 | €1,722 | ▲ 297% |
| Financial charges65/66B | - | - | - | €4,799 | €2,871 | €2,604 | €7,377 | €9,635 | ▲ 30.6% |
| Recurring financial charges65 | €1,481 | €2,552 | €5,522 | €4,799 | €2,871 | €2,604 | €7,377 | €9,635 | ▲ 30.6% |
| Profit (loss) for the period before taxes9903 | €20,808 | -€5,005 | -€10,636 | €10,499 | €29,990 | -€49,051 | -€15,794 | -€17,531 | ▼ 11.0% |
| Income taxes67/77 | €8,420 | €1,591 | €510 | €3,387 | €6,025 | €3,893 | €326 | €310 | ▼ 5.0% |
| Profit (loss) for the period9904 | €12,388 | -€6,595 | -€11,145 | €7,111 | €23,964 | -€52,945 | -€16,120 | -€17,841 | ▼ 10.7% |
| Profit (loss) for the period to be appropriated9905 | €12,388 | -€6,595 | -€11,145 | €7,111 | €23,964 | -€52,945 | -€16,120 | -€17,841 | ▼ 10.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €39,458 | €70,430 | €30,296 | €37,629 | €65,436 | €157,854 | €96,037 | €59,593 | ▼ 37.9% |
| Fixed assets21/28 | €4,018 | €4,308 | €2,747 | €2,061 | €776 | €49,961 | €30,995 | €12,174 | ▼ 60.7% |
| Tangible fixed assets22/27 | €4,018 | €4,308 | €2,747 | €2,061 | €776 | €49,961 | €30,995 | €12,174 | ▼ 60.7% |
| Plant, machinery and equipment23 | - | - | - | €980 | - | €2,326 | €1,819 | €1,313 | ▼ 27.9% |
| Furniture and vehicles24 | - | - | - | €680 | €476 | €47,435 | €29,076 | €10,862 | ▼ 62.6% |
| Other tangible fixed assets26 | - | - | - | €400 | €300 | €200 | €100 | - | - |
| Current assets29/58 | €35,440 | €66,121 | €27,549 | €35,568 | €64,659 | €107,893 | €65,042 | €47,418 | ▼ 27.1% |
| Amounts receivable within one year40/41 | €23,885 | €57,536 | €26,966 | €34,351 | €47,869 | €107,893 | €65,042 | €45,624 | ▼ 29.9% |
| Trade receivables40 | - | - | - | €34,351 | €16,561 | €89,666 | €47,401 | €45,550 | ▼ 3.9% |
| Other amounts receivable41 | - | - | - | - | €31,308 | €18,226 | €17,641 | €74 | ▼ 99.6% |
| Cash at bank and in hand54/58 | €11,555 | €8,585 | €584 | €1,218 | €16,791 | €0 | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €1,795 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €39,458 | €70,430 | €30,296 | €37,629 | €65,436 | €157,854 | €96,037 | €59,593 | ▼ 37.9% |
| Equity10/15 | €21,723 | €15,128 | €3,982 | €11,094 | €35,058 | -€17,887 | -€34,007 | -€51,847 | ▼ 52.5% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €15,523 | €15,523 | €15,523 | €15,523 | €28,858 | €28,858 | €28,858 | €28,858 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €13,663 | €28,858 | €28,858 | €28,858 | €28,858 | = |
| Profit (loss) carried forward14 | - | -€6,595 | -€17,741 | -€10,629 | - | -€52,945 | -€69,065 | -€86,905 | ▼ 25.8% |
| Amounts payable17/49 | €17,735 | €55,302 | €26,314 | €26,535 | €30,378 | €175,741 | €130,044 | €111,440 | ▼ 14.3% |
| Amounts payable after more than one year17 | - | - | €15,000 | €12,521 | - | €52,206 | €39,500 | €34,578 | ▼ 12.5% |
| Financial debts170/4 | - | - | - | €12,521 | - | €52,206 | €39,500 | €34,578 | ▼ 12.5% |
| Amounts payable within one year42/48 | €17,735 | €55,302 | €11,314 | €14,015 | €30,378 | €123,534 | €90,544 | €76,862 | ▼ 15.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €9,393 | - |
| Financial debts43 | - | - | - | - | - | €36,153 | €46,195 | €1,162 | ▼ 97.5% |
| Credit institutions430/8 | - | - | - | - | - | €36,153 | €46,195 | €1,162 | ▼ 97.5% |
| Trade debts44 | €4,336 | €36,571 | €4,887 | €4,173 | €1,212 | €26,092 | €4,861 | €6,481 | ▲ 33.3% |
| Suppliers440/4 | - | - | - | €4,173 | €1,212 | €26,092 | €4,861 | €6,481 | ▲ 33.3% |
| Advances received on contracts in progress46 | - | - | - | - | - | €50,815 | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €9,735 | €29,166 | €10,475 | €29,488 | €2,408 | ▼ 91.8% |
| Taxes450/3 | - | - | - | €9,735 | €15,166 | €10,475 | €29,488 | €2,408 | ▼ 91.8% |
| Remuneration and social security454/9 | - | - | - | - | €14,000 | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | €107 | - | - | €10,000 | €57,418 | ▲ 474% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,388 | -€6,595 | -€11,145 | €7,111 | €23,964 | -€52,945 | -€16,120 | -€17,841 | ▼ 10.7% |
| + Depreciation and write-downs630 | €2,435 | €3,797 | €2,582 | €1,756 | €1,284 | €17,630 | €19,999 | €2,129 | ▼ 89.4% |
| Operating cash flow (approximation) | €14,822 | -€2,798 | -€8,563 | €8,867 | €25,249 | -€35,314 | €3,878 | -€15,712 | - |
| Investment in fixed assets (approximation) | - | -€4,088 | -€1,021 | -€1,069 | €0 | -€66,815 | -€1,032 | €16,692 | - |
| Change in cash | - | -€2,970 | -€8,002 | €634 | €15,573 | -€16,791 | - | - | - |
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, 6,008 companies had the same profile as MAXLIE has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MAXLIE itself: 5.5% 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 6,008 companies, not a prediction for MAXLIE. 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 (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-10-2026 | 2026-00539897 | |
| 31-12-2024 | abbreviated format | 31-10-2025 | 2025-00557309 | |
| 31-12-2023 | abbreviated format | 30-09-2024 | 2024-00489404 | |
| 31-12-2022 | abbreviated format | 09-11-2023 | 2023-00510061 | |
| 31-12-2021 | micro format | 31-08-2022 | 2022-20422142 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-59500363 | |
| 31-12-2019 | micro format | 30-10-2020 | 2020-66100542 | |
| 31-12-2018 | micro format | 11-09-2019 | 2019-64000070 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-26200547 |