Maxx-Construct
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 60 days after the deadline Filed on 29 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00538142.
Annual accounts 2025 filed on 29-09-2026 at the NBB all 14 filings
Turnover
≈ €200,000
Estimated: probably between €150,000 and €320,000
Total assets
€126,850▲ 41.8%
2024 · €89,447
Net result
€24,898▲ 20×
2024 · €1,268
Working capital
€14,487
2024 · -€47,236
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€31,128
▲ 448%
2025
20182025
Net result
€24,898
▲ 20×
2025
middle half of the sector
20182025
Equity
€691
2025
lowest quarter of the sector
20182025
Total assets
€126,850
▲ 41.8%
2025
middle half of the sector
20182025
Debt
€126,159
▲ 11.0%
2025
20182025
Working capital
€14,487
2025
middle half of the sector
20182025
Solvency
0.5%
▲ 27.6pp
2025
lowest quarter of the sector
20182025
Current ratio
1.20
▲ 0.82
2025
middle half of the sector
20182025
Return on assets (ROA)
19.6%
▲ 18.2pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€3,976-€11,804€21,654▲ 83.4%€13,832▼ 36.1%€2,683▼ 80.6%-€59,098€5,685€31,128▲ 448%
Net result-€10,436-€7,021€8,694within the sector's middle half▲ 23.8%€287below the sector's middle half▼ 96.7%-€8,248below the sector's middle half-€70,887below the sector's middle half▼ 759%€1,268within the sector's middle half€24,898within the sector's middle half▲ 20×
Equity€37,659-€44,680▲ 18.6%€53,374within the sector's middle half▲ 19.5%€53,661within the sector's middle half▲ 0.5%€45,412within the sector's middle half▼ 15.4%-€25,474below the sector's middle half-€24,207below the sector's middle half▲ 5.0%€691below the sector's middle half
Total assets€862,890-€815,129▼ 5.5%€828,252above the sector's middle half▲ 1.6%€507,215above the sector's middle half▼ 38.8%€496,229above the sector's middle half▼ 2.2%€160,549within the sector's middle half▼ 67.6%€89,447within the sector's middle half▼ 44.3%€126,850within the sector's middle half▲ 41.8%
Debt€825,231-€770,449▼ 6.6%€774,878▲ 0.6%€453,554▼ 41.5%€450,816▼ 0.6%€186,024▼ 58.7%€113,654▼ 38.9%€126,159▲ 11.0%
Working capital€618,655-€410,489▼ 33.6%€315,893above the sector's middle half▼ 23.0%-€63,255below the sector's middle half-€66,756below the sector's middle half▼ 5.5%-€47,239below the sector's middle half▲ 29.2%-€47,236below the sector's middle half=€14,487within the sector's middle half
Solvency4.4%-5.5%▲ 1.1pp6.4%below the sector's middle half▲ 1.0pp10.6%below the sector's middle half▲ 4.1pp9.2%below the sector's middle half▼ 1.4pp-15.9%below the sector's middle half▼ 25.0pp-27.1%below the sector's middle half▼ 11.2pp0.5%below the sector's middle half▲ 27.6pp
Current ratio6.51-6.16▼ 0.354.55above the sector's middle half▼ 1.620.53below the sector's middle half▼ 4.010.57below the sector's middle half▲ 0.040.66below the sector's middle half▲ 0.090.38below the sector's middle half▼ 0.281.20within the sector's middle half▲ 0.82
Return on assets (ROA)-1.2%-0.9%▲ 2.1pp1.0%within the sector's middle half▲ 0.2pp0.1%below the sector's middle half▼ 1.0pp-1.7%below the sector's middle half▼ 1.7pp-44.2%below the sector's middle half▼ 42.5pp1.4%within the sector's middle half▲ 45.6pp19.6%above the sector's middle half▲ 18.2pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 5.5 times that of 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €126,850
Fixed assets
€38,080 ▼ 37.1%
Current assets
€88,771 ▲ 207%
Equity and liabilities €126,850
Equity
€691
Debt
€126,159
Debt's share of the balance-sheet total is 99.5%.
Key figures and ratios
EBITDA
€39,419▲
2024 · €15,729
Cash flow
€33,189▲
2024 · €11,312
Quick ratio
1.18▲
2024 · 0.37
Interest coverage
6.28▲
2024 · 3.53
Debt ≤ 1 year
€74,284▼
2024 · €76,168
Debt > 1 year
€51,796▲
2024 · €37,486
Income taxes
€0▼
2024 · €1
The equity ratios are withheld because equity of €691 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €40,335 | €1,763 | €23,839 | - | €30,973 |
| Depreciation and write-downs of the year | €28,989 | €28,580 | €10,405 | €10,044 | €8,291 |
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 | - | - | - | €607 | €701 | €564 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,731 | €31,982 | €24,348 | €28,989 | €28,580 | €10,405 | €10,044 | €8,291 | ▼ 17.5% |
| Other operating charges640/8 | - | - | - | €2,253 | €2,306 | €85,223 | €1,524 | €11,745 | ▲ 671% |
| Gross operating margin9900 | €22,706 | €44,759 | €47,060 | €45,681 | €34,270 | €37,093 | €17,253 | €51,163 | ▲ 197% |
| Operating profit (loss)9901 | -€3,976 | €11,804 | €21,654 | €13,832 | €2,683 | -€59,098 | €5,685 | €31,128 | ▲ 448% |
| Financial income75/76B | - | - | - | €33 | €26 | €93 | €35 | €46 | ▲ 32.1% |
| Recurring financial income75 | €100 | €7 | €28 | €33 | €26 | €93 | €35 | €46 | ▲ 32.1% |
| Financial charges65/66B | - | - | - | €13,141 | €10,517 | €11,465 | €4,451 | €6,276 | ▲ 41.0% |
| Recurring financial charges65 | €6,089 | €4,360 | €12,055 | €13,141 | €10,517 | €11,465 | €4,451 | €6,276 | ▲ 41.0% |
| Profit (loss) for the period before taxes9903 | -€9,965 | €7,451 | €9,627 | €724 | -€7,807 | -€70,470 | €1,268 | €24,898 | ▲ 20× |
| Income taxes67/77 | €471 | €430 | €933 | €437 | €441 | €417 | €1 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€10,436 | €7,021 | €8,694 | €287 | -€8,248 | -€70,887 | €1,268 | €24,898 | ▲ 20× |
| Profit (loss) for the period to be appropriated9905 | -€10,436 | €7,021 | €8,694 | €287 | -€8,248 | -€70,887 | €1,268 | €24,898 | ▲ 20× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €862,890 | €815,129 | €828,252 | €507,215 | €496,229 | €160,549 | €89,447 | €126,850 | ▲ 41.8% |
| Fixed assets21/28 | €131,992 | €325,140 | €423,253 | €434,598 | €407,782 | €70,559 | €60,515 | €38,080 | ▼ 37.1% |
| Intangible fixed assets21 | €2,511 | €1,674 | €837 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €129,481 | €323,466 | €422,416 | €434,598 | €407,782 | €70,559 | €60,515 | €38,080 | ▼ 37.1% |
| Land and buildings22 | - | - | - | €399,405 | €378,286 | €47,302 | €43,136 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | - | €3,619 | €4,115 | €3,048 | €1,982 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €1,741 | €360 | - | - | - | - |
| Leasing and similar rights25 | - | - | - | €29,833 | €25,021 | €20,209 | €15,397 | €38,080 | ▲ 147% |
| Current assets29/58 | €730,898 | €489,989 | €404,999 | €72,616 | €88,447 | €89,990 | €28,933 | €88,771 | ▲ 207% |
| Stocks and contracts in progress3 | €30,095 | €242,110 | €157,358 | €4,756 | €14,001 | €2,306 | €523 | €953 | ▲ 82.1% |
| Stocks30/36 | - | - | - | €3,980 | €1,987 | €2,306 | €523 | €572 | ▲ 9.3% |
| Contracts in progress37 | - | - | - | €776 | €12,015 | - | - | €381 | - |
| Amounts receivable within one year40/41 | €667,115 | €213,758 | €30,582 | €23,667 | €30,036 | €27,131 | €16,883 | €24,877 | ▲ 47.4% |
| Trade receivables40 | - | - | - | €20,291 | €29,801 | €20,874 | €13,538 | €24,532 | ▲ 81.2% |
| Other amounts receivable41 | - | - | - | €3,377 | €235 | €6,256 | €3,345 | €345 | ▼ 89.7% |
| Cash at bank and in hand54/58 | €33,688 | €32,805 | €11,602 | €43,482 | €44,409 | €60,487 | €10,758 | €62,941 | ▲ 485% |
| Deferred charges and accrued income490/1 | - | - | - | €711 | - | €66 | €769 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €862,890 | €815,129 | €828,252 | €507,215 | €496,229 | €160,549 | €89,447 | €126,850 | ▲ 41.8% |
| Equity10/15 | €37,659 | €44,680 | €53,374 | €53,661 | €45,412 | -€25,474 | -€24,207 | €691 | - |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €41,895 | €41,895 | €47,174 | €47,461 | €47,461 | €47,461 | €47,461 | €47,461 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €45,601 | €45,601 | €45,601 | €45,601 | €45,601 | = |
| Profit (loss) carried forward14 | -€10,436 | -€3,415 | - | - | -€8,248 | -€79,135 | -€77,867 | -€52,970 | ▲ 32.0% |
| Amounts payable17/49 | €825,231 | €770,449 | €774,878 | €453,554 | €450,816 | €186,024 | €113,654 | €126,159 | ▲ 11.0% |
| Amounts payable after more than one year17 | €712,828 | €690,950 | €685,612 | €317,065 | €294,459 | €48,794 | €37,486 | €51,796 | ▲ 38.2% |
| Financial debts170/4 | - | - | - | €317,065 | €294,459 | €48,794 | €37,486 | €51,796 | ▲ 38.2% |
| Amounts payable within one year42/48 | €112,243 | €79,499 | €89,106 | €135,872 | €155,202 | €137,229 | €76,168 | €74,284 | ▼ 2.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €72,225 | €72,606 | €61,033 | €61,309 | €61,825 | ▲ 0.8% |
| Trade debts44 | €91,448 | €43,101 | €40,823 | €30,549 | €47,382 | €15,098 | €5,018 | €3,762 | ▼ 25.0% |
| Suppliers440/4 | - | - | - | €30,549 | €47,382 | €15,098 | €5,018 | €3,762 | ▼ 25.0% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €328 | - |
| Taxes, remuneration and social security45 | - | - | - | €4,501 | €7,059 | €61,099 | €1,909 | €8,369 | ▲ 338% |
| Taxes450/3 | - | - | - | €4,501 | €7,059 | €61,099 | €1,909 | €8,369 | ▲ 338% |
| Other amounts payable47/48 | - | - | - | €28,597 | €28,156 | - | €7,932 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €618 | €1,155 | - | - | €80 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,436 | €7,021 | €8,694 | €287 | -€8,248 | -€70,887 | €1,268 | €24,898 | ▲ 20× |
| + Depreciation and write-downs630 | €25,731 | €31,982 | €24,348 | €28,989 | €28,580 | €10,405 | €10,044 | €8,291 | ▼ 17.5% |
| Operating cash flow (approximation) | €15,296 | €39,003 | €33,042 | €29,276 | €20,331 | -€60,482 | €11,312 | €33,189 | ▲ 193% |
| Investment in fixed assets (approximation) | - | -€225,130 | -€122,461 | -€40,335 | -€1,763 | €326,818 | €0 | €14,144 | - |
| Change in cash | - | -€883 | -€21,204 | €31,880 | €927 | €16,078 | -€49,730 | €52,183 | - |
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, 1,325 companies had the same profile as Maxx-Construct has now. Two years later, 95.2% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
95.2%
was still going
3.2%
stopped otherwise
1.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Maxx-Construct itself: 1.8% 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 1,325 companies, not a prediction for Maxx-Construct. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-09-2026 | 2026-00538142 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00333670 | |
| 31-12-2023 | micro format | 18-09-2024 | 2024-00467436 | |
| 31-12-2022 | micro format | 01-08-2023 | 2023-00303498 | |
| 31-12-2021 | micro format | 15-09-2022 | 2022-20432788 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-43300483 | |
| 31-12-2019 | micro format | 30-07-2020 | 2020-36500446 | |
| 31-12-2018 | micro format | 25-07-2019 | 2019-37700390 | |
| 31-12-2017 | micro format | 28-06-2018 | 2018-25200491 | |
| 31-12-2016 | micro format | 29-06-2017 | 2017-24400075 |