Maxmar
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 11-12-2025 PDF all 6 filings
Turnover
≈ €190,000
Estimated: probably between €160,000 and €270,000
Total assets
€95,126▼ 19.0%
2024 · €117,388
Net result
€69,341▼ 29.1%
2024 · €97,733
Working capital
€911▼ 87.9%
2024 · €7,527
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€88,781
▼ 30.7%
2025
20202025
Net result
€69,341
▼ 29.1%
2025
highest quarter of the sector
20202025
Equity
€17,204
▲ 12.0%
2025
middle half of the sector
20202025
Total assets
€95,126
▼ 19.0%
2025
middle half of the sector
20202025
Debt
€77,922
▼ 23.6%
2025
20202025
Working capital
€911
▼ 87.9%
2025
middle half of the sector
20202025
Solvency
18.1%
▲ 5.0pp
2025
middle half of the sector
20202025
Current ratio
1.01
▼ 0.06
2025
middle half of the sector
20202025
Return on assets (ROA)
72.9%
▼ 10.4pp
2025
highest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€1,675--€184-€443▼ 141%€9,450€128,063▲ 14×€88,781▼ 30.7%
Net result€514within the sector's middle half--€2,084below the sector's middle half-€2,260below the sector's middle half▼ 8.5%€5,471within the sector's middle half€97,733above the sector's middle half▲ 18×€69,341above the sector's middle half▼ 29.1%
Equity€1,514below the sector's middle half--€570below the sector's middle half-€2,830below the sector's middle half▼ 397%€2,630below the sector's middle half€15,363within the sector's middle half▲ 484%€17,204within the sector's middle half▲ 12.0%
Total assets€19,757below the sector's middle half-€13,635below the sector's middle half▼ 31.0%€14,722below the sector's middle half▲ 8.0%€18,431below the sector's middle half▲ 25.2%€117,388within the sector's middle half▲ 537%€95,126within the sector's middle half▼ 19.0%
Debt€18,243-€14,205▼ 22.1%€17,552▲ 23.6%€15,801▼ 10.0%€102,025▲ 546%€77,922▼ 23.6%
Working capital€2,840within the sector's middle half--€2,602within the sector's middle half-€4,916within the sector's middle half▼ 88.9%€368within the sector's middle half€7,527within the sector's middle half▲ 20×€911within the sector's middle half▼ 87.9%
Solvency7.7%below the sector's middle half--4.2%below the sector's middle half▼ 11.8pp-19.2%below the sector's middle half▼ 15.0pp14.3%below the sector's middle half▲ 33.5pp13.1%below the sector's middle half▼ 1.2pp18.1%within the sector's middle half▲ 5.0pp
Current ratio1.20within the sector's middle half-0.82below the sector's middle half▼ 0.380.72below the sector's middle half▼ 0.101.02within the sector's middle half▲ 0.301.07within the sector's middle half▲ 0.051.01within the sector's middle half▼ 0.06
Return on assets (ROA)2.6%within the sector's middle half--15.3%below the sector's middle half▼ 17.9pp-15.4%below the sector's middle half▼ 0.1pp29.7%above the sector's middle half▲ 45.0pp83.3%above the sector's middle half▲ 53.6pp72.9%above the sector's middle half▼ 10.4pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 31% lower than in 2024.
Turnover and EBIT margin are not published. The micro 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 €95,126
Fixed assets
€16,294 ▲ 108%
Current assets
€78,832 ▼ 28.0%
Equity and liabilities €95,126
Equity
€17,204 ▲ 12.0%
Debt
€77,922 ▼ 23.6%
Debt's share of the balance-sheet total falls from 86.9% to 81.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€92,667▼
2024 · €129,828
Cash flow
€73,227▼
2024 · €99,498
Debt to equity
4.53▼
2024 · 6.64
ROE
403.0%▼
2024 · 636.1%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€77,922▼
2024 · €102,025
Income taxes
€19,314▼
2024 · €30,070
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €791 | €1,000 | €7,339 | €12,344 |
| Depreciation and write-downs of the year | €642 | €737 | €824 | €1,765 | €3,886 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €178 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €537 | €642 | €737 | €824 | €1,765 | €3,886 | ▲ 120% |
| Other operating charges640/8 | - | €3,001 | €634 | €1,026 | €680 | €1,190 | ▲ 75.1% |
| Gross operating margin9900 | €3,648 | €3,459 | €1,107 | €11,299 | €130,507 | €93,857 | ▼ 28.1% |
| Operating profit (loss)9901 | €1,675 | -€184 | -€443 | €9,450 | €128,063 | €88,781 | ▼ 30.7% |
| Financial income75/76B | - | €0 | €3 | €234 | €1 | €0 | ▼ 100% |
| Recurring financial income75 | €3 | €0 | €3 | €234 | €1 | €0 | ▼ 100% |
| Financial charges65/66B | - | €281 | €282 | €376 | €261 | €126 | ▼ 51.7% |
| Recurring financial charges65 | €37 | €281 | €282 | €376 | €261 | €126 | ▼ 51.7% |
| Profit (loss) for the period before taxes9903 | €1,641 | -€464 | -€722 | €9,307 | €127,803 | €88,655 | ▼ 30.6% |
| Income taxes67/77 | €1,126 | €1,620 | €1,538 | €3,837 | €30,070 | €19,314 | ▼ 35.8% |
| Profit (loss) for the period9904 | €514 | -€2,084 | -€2,260 | €5,471 | €97,733 | €69,341 | ▼ 29.1% |
| Profit (loss) for the period to be appropriated9905 | €514 | -€2,084 | -€2,260 | €5,471 | €97,733 | €69,341 | ▼ 29.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €19,757 | €13,635 | €14,722 | €18,431 | €117,388 | €95,126 | ▼ 19.0% |
| Fixed assets21/28 | €2,675 | €2,032 | €2,086 | €2,262 | €7,836 | €16,294 | ▲ 108% |
| Tangible fixed assets22/27 | €2,675 | €2,032 | €2,086 | €2,262 | €7,836 | €16,294 | ▲ 108% |
| Land and buildings22 | - | €2,032 | €1,390 | €1,724 | €6,481 | €5,146 | ▼ 20.6% |
| Plant, machinery and equipment23 | - | - | - | - | - | €1,596 | - |
| Furniture and vehicles24 | - | - | €696 | €538 | €1,355 | €5,219 | ▲ 285% |
| Other tangible fixed assets26 | - | - | - | - | - | €4,334 | - |
| Current assets29/58 | €17,083 | €11,603 | €12,636 | €16,169 | €109,552 | €78,832 | ▼ 28.0% |
| Amounts receivable within one year40/41 | €15,730 | €10,890 | €11,197 | €11,511 | €66,409 | €1,009 | ▼ 98.5% |
| Trade receivables40 | - | €10,890 | €11,113 | €11,511 | €66,409 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | €84 | - | - | €1,009 | - |
| Cash at bank and in hand54/58 | €997 | €713 | €1,439 | €2,485 | €43,142 | €76,578 | ▲ 77.5% |
| Deferred charges and accrued income490/1 | - | - | - | €2,173 | €0 | €1,245 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €19,757 | €13,635 | €14,722 | €18,431 | €117,388 | €95,126 | ▼ 19.0% |
| Equity10/15 | €1,514 | -€570 | -€2,830 | €2,630 | €15,363 | €17,204 | ▲ 12.0% |
| Contributions10/11 | - | €1,000 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Reserves13 | - | - | - | €1,630 | €14,363 | €16,204 | ▲ 12.8% |
| Distributable reserves133 | - | - | - | €1,630 | €14,363 | €16,204 | ▲ 12.8% |
| Profit (loss) carried forward14 | €514 | -€1,570 | -€3,830 | - | €0 | €0 | - |
| Amounts payable17/49 | €18,243 | €14,205 | €17,552 | €15,801 | €102,025 | €77,922 | ▼ 23.6% |
| Amounts payable within one year42/48 | €14,243 | €14,205 | €17,552 | €15,801 | €102,025 | €77,922 | ▼ 23.6% |
| Trade debts44 | €90 | €949 | - | €1,749 | €663 | €2,772 | ▲ 318% |
| Suppliers440/4 | - | €949 | - | €1,749 | €663 | €2,772 | ▲ 318% |
| Taxes, remuneration and social security45 | - | €12,745 | €17,278 | €14,052 | €16,343 | €7,650 | ▼ 53.2% |
| Taxes450/3 | - | €10,120 | €14,653 | €11,427 | €13,718 | €5,025 | ▼ 63.4% |
| Remuneration and social security454/9 | - | €2,625 | €2,625 | €2,625 | €2,625 | €2,625 | = |
| Other amounts payable47/48 | - | €511 | €274 | - | €85,018 | €67,500 | ▼ 20.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €514 | -€2,084 | -€2,260 | €5,471 | €97,733 | €69,341 | ▼ 29.1% |
| + Depreciation and write-downs630 | €537 | €642 | €737 | €824 | €1,765 | €3,886 | ▲ 120% |
| Operating cash flow (approximation) | €1,051 | -€1,442 | -€1,523 | €6,295 | €99,498 | €73,227 | ▼ 26.4% |
| Investment in fixed assets (approximation) | - | €0 | -€791 | -€1,000 | -€7,339 | -€12,344 | ▼ 68.2% |
| Change in cash | - | -€284 | €727 | €1,046 | €40,657 | €33,436 | ▼ 17.8% |
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, 6,713 companies had the same profile as Maxmar has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Maxmar itself is lower: 0.1% within 12 months. It rests on far more data about Maxmar than the profile alone.
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 6,713 companies, not a prediction for Maxmar. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 11-12-2025 | 2025-00580860 | |
| 30-09-2024 | micro format | 26-11-2024 | 2024-00604361 | |
| 30-09-2023 | micro format | 29-03-2024 | 2024-00052285 | |
| 30-09-2022 | micro format | 28-04-2023 | 2023-00070891 | |
| 30-09-2021 | micro format | 29-04-2022 | 2022-20013115 | |
| 30-09-2020 | micro format | 31-03-2021 | 2021-09000320 |