MAXLYN
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 33 days after the deadline Filed on 3 December 2025, deadline 31 October 2025 (7 months after the close on 31 March 2025, Companies Code art. 3:10). Source: NBB, 2025-00575369.
Annual accounts 2025 filed on 03-12-2025 PDF all 16 filings
Equity
-€123,816▼ 18.0%
2024 · -€104,965
Total assets
€204,543▼ 3.3%
2024 · €211,566
Net result
-€18,851▲ 0.1%
2024 · -€18,864
Working capital
-€124,758▼ 17.4%
2024 · -€106,275
Multi-year overview
2019 to 2025, 6 financial yearsOperating result
-€18,360
▼ 1.8%
2025
20192025
Net result
-€18,851
▲ 0.1%
2025
lowest quarter of the sector
20192025
Equity
-€123,816
▼ 18.0%
2025
lowest quarter of the sector
20192025
Total assets
€204,543
▼ 3.3%
2025
middle half of the sector
20192025
Debt
€328,359
▲ 3.7%
2025
20192025
Working capital
-€124,758
▼ 17.4%
2025
lowest quarter of the sector
20192025
Solvency
-60.5%
▼ 10.9pp
2025
lowest quarter of the sector
20192025
Current ratio
0.62
▼ 0.04
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-9.2%
▼ 0.3pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920202022202320242025
Operating result-€9,884--€22,134▼ 124%-€27,075--€17,469▲ 35.5%-€18,043▼ 3.3%-€18,360▼ 1.8%
Net result-€10,304--€21,981below the sector's middle half▼ 113%-€27,381below the sector's middle half--€17,627below the sector's middle half▲ 35.6%-€18,864below the sector's middle half▼ 7.0%-€18,851below the sector's middle half▲ 0.1%
Equity-€29,689--€51,670below the sector's middle half▼ 74.0%-€68,474below the sector's middle half--€86,101below the sector's middle half▼ 25.7%-€104,965below the sector's middle half▼ 21.9%-€123,816below the sector's middle half▼ 18.0%
Total assets€208,706-€192,731within the sector's middle half▼ 7.7%€236,498within the sector's middle half-€204,758within the sector's middle half▼ 13.4%€211,566within the sector's middle half▲ 3.3%€204,543within the sector's middle half▼ 3.3%
Debt€238,395-€244,401▲ 2.5%€304,972-€290,859▼ 4.6%€316,531▲ 8.8%€328,359▲ 3.7%
Working capital-€42,717--€61,536below the sector's middle half▼ 44.1%-€72,943below the sector's middle half--€87,423below the sector's middle half▼ 19.9%-€106,275below the sector's middle half▼ 21.6%-€124,758below the sector's middle half▼ 17.4%
Solvency-14.2%--26.8%below the sector's middle half▼ 12.6pp-29.0%below the sector's middle half--42.0%below the sector's middle half▼ 13.1pp-49.6%below the sector's middle half▼ 7.6pp-60.5%below the sector's middle half▼ 10.9pp
Current ratio0.82-0.75below the sector's middle half▼ 0.070.76below the sector's middle half-0.70below the sector's middle half▼ 0.060.66below the sector's middle half▼ 0.040.62below the sector's middle half▼ 0.04
Return on assets (ROA)-4.9%--11.4%below the sector's middle half▼ 6.5pp-11.6%below the sector's middle half--8.6%below the sector's middle half▲ 3.0pp-8.9%below the sector's middle half▼ 0.3pp-9.2%below the sector's middle half▼ 0.3pp
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 a loss of €18,360, larger than the loss of €18,043 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €204,543
Fixed assets
€943 ▼ 28.1%
Current assets
€203,600 ▼ 3.2%
Equity and liabilities
Equity-€123,816
Debt€328,359
Equity is negative. Debt (€328,359) exceeds the balance-sheet total (€204,543).
Key figures and ratios
EBITDA
-€17,991▼
2024 · -€16,766
Cash flow
-€18,483▼
2024 · -€17,586
Quick ratio
0.06▼
2024 · 0.10
Interest coverage
-36.61▼
2024 · -20.43
Debt ≤ 1 year
€328,359▲
2024 · €316,531
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.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €781 | - | €0 | - |
| Intangible fixed assets | - | - | €2,216 | - |
| Depreciation and write-downs of the year | €3,236 | €3,147 | €1,277 | €368 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,344 | €3,982 | €3,236 | €3,147 | €1,277 | €368 | ▼ 71.2% |
| Other operating charges640/8 | - | - | €6,676 | €1,273 | €2,256 | €1,801 | ▼ 20.2% |
| Gross operating margin9900 | -€3,257 | -€10,874 | -€17,163 | -€13,048 | -€14,510 | -€16,190 | ▼ 11.6% |
| Operating profit (loss)9901 | -€9,884 | -€22,134 | -€27,075 | -€17,469 | -€18,043 | -€18,360 | ▼ 1.8% |
| Financial income75/76B | - | - | €0 | €25 | - | - | - |
| Recurring financial income75 | €13 | €231 | €0 | €25 | - | - | - |
| Financial charges65/66B | - | - | €306 | €183 | €821 | €491 | ▼ 40.1% |
| Recurring financial charges65 | €433 | €78 | €306 | €183 | €821 | €491 | ▼ 40.1% |
| Profit (loss) for the period before taxes9903 | -€10,304 | -€21,981 | -€27,381 | -€17,627 | -€18,864 | -€18,851 | ▲ 0.1% |
| Profit (loss) for the period9904 | -€10,304 | -€21,981 | -€27,381 | -€17,627 | -€18,864 | -€18,851 | ▲ 0.1% |
| Profit (loss) for the period to be appropriated9905 | -€10,304 | -€21,981 | -€27,381 | -€17,627 | -€18,864 | -€18,851 | ▲ 0.1% |
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €208,706 | €192,731 | €236,498 | €204,758 | €211,566 | €204,543 | ▼ 3.3% |
| Fixed assets21/28 | €13,028 | €9,866 | €4,470 | €1,323 | €1,311 | €943 | ▼ 28.1% |
| Intangible fixed assets21 | €2,100 | €1,050 | - | - | €1,196 | €943 | ▼ 21.2% |
| Tangible fixed assets22/27 | €10,928 | €8,816 | €4,470 | €1,323 | €115 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | €0 | - | - | - | - |
| Furniture and vehicles24 | - | - | €3,024 | €600 | €115 | €0 | ▼ 100% |
| Other tangible fixed assets26 | - | - | €1,446 | €723 | - | - | - |
| Current assets29/58 | €195,678 | €182,865 | €232,028 | €203,436 | €210,256 | €203,600 | ▼ 3.2% |
| Stocks and contracts in progress3 | €175,744 | €168,358 | €199,385 | €180,652 | €179,477 | €182,443 | ▲ 1.7% |
| Stocks30/36 | - | - | €199,385 | €180,652 | €179,477 | €182,443 | ▲ 1.7% |
| Amounts receivable within one year40/41 | €10,370 | €13,090 | €29,967 | €22,440 | €21,402 | €14,933 | ▼ 30.2% |
| Trade receivables40 | - | - | €28,867 | €18,773 | €17,736 | €14,433 | ▼ 18.6% |
| Other amounts receivable41 | - | - | €1,100 | €3,667 | €3,667 | €500 | ▼ 86.4% |
| Current investments50/53 | - | - | - | - | €8 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €9,284 | €748 | €2,676 | €344 | €9,369 | €6,225 | ▼ 33.6% |
| Deferred charges and accrued income490/1 | - | - | €0 | - | - | - | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €208,706 | €192,731 | €236,498 | €204,758 | €211,566 | €204,543 | ▼ 3.3% |
| Equity10/15 | -€29,689 | -€51,670 | -€68,474 | -€86,101 | -€104,965 | -€123,816 | ▼ 18.0% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €162 | €162 | €162 | €162 | €162 | €162 | = |
| Non-distributable reserves130/1 | - | - | €162 | €162 | €162 | €162 | = |
| Reserves not available under the articles1311 | - | - | €162 | €162 | €162 | €162 | = |
| Profit (loss) carried forward14 | -€48,451 | -€70,432 | -€87,236 | -€104,863 | -€123,727 | -€142,578 | ▼ 15.2% |
| Amounts payable17/49 | €238,395 | €244,401 | €304,972 | €290,859 | €316,531 | €328,359 | ▲ 3.7% |
| Amounts payable within one year42/48 | €238,395 | €244,401 | €304,972 | €290,859 | €316,531 | €328,359 | ▲ 3.7% |
| Trade debts44 | €11,221 | €11,736 | €32,545 | €4,454 | €8,323 | €10,672 | ▲ 28.2% |
| Suppliers440/4 | - | - | €32,545 | €4,454 | €8,323 | €10,672 | ▲ 28.2% |
| Taxes, remuneration and social security45 | - | - | €2,975 | €3,642 | €3,789 | €3,693 | ▼ 2.5% |
| Taxes450/3 | - | - | €2,975 | €3,642 | €2,889 | €3,693 | ▲ 27.8% |
| Remuneration and social security454/9 | - | - | €0 | - | €900 | - | - |
| Other amounts payable47/48 | - | - | €269,451 | €282,763 | €304,419 | €313,994 | ▲ 3.1% |
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,304 | -€21,981 | -€27,381 | -€17,627 | -€18,864 | -€18,851 | ▲ 0.1% |
| + Depreciation and write-downs630 | €4,344 | €3,982 | €3,236 | €3,147 | €1,277 | €368 | ▼ 71.2% |
| Operating cash flow (approximation) | -€5,960 | -€17,999 | -€24,145 | -€14,480 | -€17,586 | -€18,483 | ▼ 5.1% |
| Investment in fixed assets (approximation) | - | -€820 | - | €0 | -€1,266 | €0 | - |
| Change in cash | - | -€8,536 | - | -€2,332 | €9,025 | -€3,144 | - |
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, 2,333 companies had the same profile as MAXLYN has now. Two years later, 90.5% were still going and 2.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a small loss
90.5%
was still going
5.8%
stopped otherwise
2.8%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MAXLYN itself: 2.3% 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 2,333 companies, not a prediction for MAXLYN. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | micro format | 03-12-2025 | 2025-00575369 | |
| 31-03-2024 | micro format | 10-12-2024 | 2024-00612713 | |
| 31-03-2023 | micro format | 12-03-2024 | 2024-00043587 | |
| 31-03-2022 | micro format | 12-01-2023 | 2023-20557140 | |
| 31-03-2020 | micro format | 31-12-2020 | 2020-77900309 | |
| 31-03-2019 | micro format | 02-12-2019 | 2019-75400383 | |
| 31-03-2018 | micro format | 30-11-2018 | 2018-73400223 | |
| 31-03-2017 | micro format | 30-11-2017 | 2017-70800320 | |
| 31-03-2016 | full format | 28-11-2016 | 2016-68700092 | |
| 31-03-2015 | full format | 30-11-2015 | 2015-67900313 |