Maxxccel
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 45 filings
Turnover
≈ €15,000
Estimated: probably between €6,800 and €39,000
Total assets
€478,278▲ 2.0%
2024 · €468,768
Net result
€8,885▼ 97.1%
2024 · €308,370
Working capital
€419,128▲ 28×
2023 · €14,946
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€7,990
2025
20182025
Net result
€8,885
▼ 97.1%
2025
middle half of the sector
20182025
Equity
€372,803
▲ 2.4%
2025
middle half of the sector
20182025
Total assets
€478,278
▲ 2.0%
2025
middle half of the sector
20182025
Debt
€625
2025
20182025
Working capital
€419,128
2025
highest quarter of the sector
20182025
Solvency
77.9%
▲ 0.3pp
2025
middle half of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
1.9%
▼ 63.9pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€10,569--€27,826▼ 163%-€16,723▲ 39.9%-€6,879▲ 58.9%€104,384-€6,359€404,378-€7,990
Net result-€8,171--€26,513▼ 224%-€16,297below the sector's middle half▲ 38.5%-€7,435below the sector's middle half▲ 54.4%€90,059above the sector's middle half-€6,464below the sector's middle half€308,370above the sector's middle half€8,885within the sector's middle half▼ 97.1%
Equity€181,751-€155,238▼ 14.6%€138,941within the sector's middle half▼ 10.5%€131,506within the sector's middle half▼ 5.4%€211,841within the sector's middle half▲ 61.1%€55,548within the sector's middle half▼ 73.8%€363,918above the sector's middle half▲ 555%€372,803within the sector's middle half▲ 2.4%
Total assets€186,358-€187,524▲ 0.6%€194,772within the sector's middle half▲ 3.9%€195,083within the sector's middle half▲ 0.2%€237,103within the sector's middle half▲ 21.5%€55,548below the sector's middle half▼ 76.6%€468,768within the sector's middle half▲ 744%€478,278within the sector's middle half▲ 2.0%
Debt€4,607-€32,286▲ 601%€55,831▲ 72.9%€63,577▲ 13.9%€25,262▼ 60.3%€0▼ 100%€625
Working capital€144,974-€120,970▼ 16.6%€107,602within the sector's middle half▼ 11.1%€96,878within the sector's middle half▼ 10.0%€185,787above the sector's middle half▲ 91.8%€14,946within the sector's middle half▼ 92.0%€419,128above the sector's middle half
Solvency97.5%-82.8%▼ 14.7pp71.3%within the sector's middle half▼ 11.4pp67.4%within the sector's middle half▼ 3.9pp89.3%above the sector's middle half▲ 21.9pp100.0%above the sector's middle half▲ 10.7pp77.6%within the sector's middle half▼ 22.4pp77.9%within the sector's middle half▲ 0.3pp
Current ratio32.46-4.75▼ 27.723.02within the sector's middle half▼ 1.732.52within the sector's middle half▼ 0.508.94above the sector's middle half▲ 6.41
Return on assets (ROA)-4.4%--14.1%▼ 9.8pp-8.4%below the sector's middle half▲ 5.8pp-3.8%below the sector's middle half▲ 4.6pp38.0%above the sector's middle half▲ 41.8pp-11.6%below the sector's middle half▼ 49.6pp65.8%above the sector's middle half▲ 77.4pp1.9%within the sector's middle half▼ 63.9pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 €7,990, after a profit of €404,378 in 2024. It is the lowest result since 2021.
Large changes and their cause
- 2025 Net result -97% on 2024. The accounts now follow the abbreviated format, last year the micro format.
- 2023 Equity -74%, Total assets -77% on 2022. Capital reduction of €149,829 (Official Gazette 04-10-2023).
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
Assets €478,278
Fixed assets
€58,525
Current assets
€419,753
Equity and liabilities €478,278
Equity
€372,803
Provisions
€104,850
Debt
€625
Debt's share of the balance-sheet total is 0.1%.
Key figures and ratios
EBITDA
€2,937▼
2024 · €404,378
Cash flow
€19,813▼
2024 · €308,370
Debt to equity
0.00
ROE
2.4%▼
2024 · 84.7%
Interest coverage
14.65▼
2024 · over 100
Debt ≤ 1 year
€625
A ratio outside any meaningful range has been withheld (balance sheet total €478,278, equity €372,803).
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 | €1,299 | - | €14,096 | - | €69,452 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €595 | €240 | €1,402 | €0 | €10,927 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €288,520 | €0 | €419,398 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,948 | €3,058 | €723 | €595 | €240 | €1,402 | €0 | €10,927 | - |
| Other operating charges640/8 | - | - | - | €5,373 | €5,579 | €3,847 | €1,752 | €907 | ▼ 48.2% |
| Non-recurring operating charges66A | - | - | - | - | €156,620 | €0 | - | - | - |
| Gross operating margin9900 | -€2,652 | -€19,724 | -€10,754 | -€911 | €266,824 | -€1,110 | €406,130 | €3,844 | ▼ 99.1% |
| Operating profit (loss)9901 | -€10,569 | -€27,826 | -€16,723 | -€6,879 | €104,384 | -€6,359 | €404,378 | -€7,990 | - |
| Financial income75/76B | - | - | - | €2,026 | €0 | €7 | €8,992 | €17,076 | ▲ 89.9% |
| Recurring financial income75 | €2,426 | €2,124 | €2,174 | €2,026 | €0 | €7 | €8,992 | €17,076 | ▲ 89.9% |
| Financial charges65/66B | - | - | - | €2,583 | €2,234 | €112 | €150 | €200 | ▲ 33.4% |
| Recurring financial charges65 | €28 | €810 | €1,747 | €2,583 | €2,234 | €112 | €150 | €200 | ▲ 33.4% |
| Profit (loss) for the period before taxes9903 | -€8,171 | -€26,513 | -€16,297 | -€7,435 | €102,150 | -€6,464 | €413,220 | €8,885 | ▼ 97.8% |
| Transfer to deferred taxes680 | - | - | - | - | - | - | €104,850 | €0 | ▼ 100% |
| Income taxes67/77 | - | - | - | - | €12,091 | €0 | - | - | - |
| Profit (loss) for the period9904 | -€8,171 | -€26,513 | -€16,297 | -€7,435 | €90,059 | -€6,464 | €308,370 | €8,885 | ▼ 97.1% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €314,549 | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | -€8,171 | -€26,513 | -€16,297 | -€7,435 | €90,059 | -€6,464 | -€6,178 | €8,885 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €186,358 | €187,524 | €194,772 | €195,083 | €237,103 | €55,548 | €468,768 | €478,278 | ▲ 2.0% |
| Fixed assets21/28 | €36,777 | €34,268 | €33,923 | €34,628 | €27,908 | €40,602 | €0 | €58,525 | - |
| Tangible fixed assets22/27 | €35,955 | €33,447 | €33,923 | €34,628 | €27,908 | €40,602 | €0 | €58,525 | - |
| Land and buildings22 | - | - | - | €33,354 | €27,908 | €40,602 | €0 | €58,525 | - |
| Plant, machinery and equipment23 | - | - | - | €1,274 | €0 | - | - | - | - |
| Financial fixed assets28 | €822 | €822 | - | - | - | - | - | - | - |
| Current assets29/58 | €149,581 | €153,256 | €160,849 | €160,455 | €209,195 | €14,946 | €468,768 | €419,753 | ▼ 10.5% |
| Amounts receivable within one year40/41 | €147,871 | €151,599 | €154,594 | €156,620 | €0 | €1,006 | €1,444 | €283,136 | ▲ 196× |
| Other amounts receivable41 | - | - | - | €156,620 | €0 | €1,006 | €1,444 | €283,136 | ▲ 196× |
| Current investments50/53 | - | - | - | - | - | - | €460,000 | €125,000 | ▼ 72.8% |
| Cash at bank and in hand54/58 | €928 | €1,657 | €1,785 | €777 | €207,892 | €12,564 | €6,253 | €11,618 | ▲ 85.8% |
| Deferred charges and accrued income490/1 | - | - | - | €3,058 | €1,302 | €1,376 | €1,070 | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €186,358 | €187,524 | €194,772 | €195,083 | €237,103 | €55,548 | €468,768 | €478,278 | ▲ 2.0% |
| Equity10/15 | €181,751 | €155,238 | €138,941 | €131,506 | €211,841 | €55,548 | €363,918 | €372,803 | ▲ 2.4% |
| Contributions10/11 | €211,329 | €211,329 | €211,329 | €211,329 | €211,329 | €61,500 | €61,500 | €61,500 | = |
| Capital10 | - | - | - | €211,329 | €211,329 | €61,500 | €61,500 | €61,500 | = |
| Issued capital100 | - | - | - | €211,329 | €211,329 | €61,500 | €61,500 | €61,500 | = |
| Reserves13 | - | - | - | - | €512 | €512 | €315,060 | €315,060 | = |
| Non-distributable reserves130/1 | - | - | - | - | €512 | €512 | €512 | €512 | = |
| Legal reserve130 | - | - | - | - | €512 | €512 | €512 | €512 | = |
| Tax-exempt reserves132 | - | - | - | - | - | - | €314,549 | €314,549 | = |
| Profit (loss) carried forward14 | -€29,578 | -€56,091 | -€72,388 | -€79,823 | €0 | -€6,464 | -€12,642 | -€3,757 | ▲ 70.3% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €104,850 | €104,850 | = |
| Deferred taxes168 | - | - | - | - | - | - | €104,850 | €104,850 | = |
| Amounts payable17/49 | €4,607 | €32,286 | €55,831 | €63,577 | €25,262 | €0 | - | €625 | - |
| Amounts payable within one year42/48 | €4,607 | €32,286 | €53,247 | €63,577 | €23,408 | €0 | - | €625 | - |
| Trade debts44 | €4,607 | - | - | €59 | €1,593 | €0 | - | €625 | - |
| Suppliers440/4 | - | - | - | €59 | €1,593 | €0 | - | €625 | - |
| Taxes, remuneration and social security45 | - | - | - | €743 | €12,091 | €0 | - | - | - |
| Taxes450/3 | - | - | - | €743 | €12,091 | €0 | - | - | - |
| Other amounts payable47/48 | - | - | - | €62,775 | €9,724 | €0 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €1,854 | €0 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,171 | -€26,513 | -€16,297 | -€7,435 | €90,059 | -€6,464 | €308,370 | €8,885 | ▼ 97.1% |
| + Depreciation and write-downs630 | €2,948 | €3,058 | €723 | €595 | €240 | €1,402 | €0 | €10,927 | - |
| Operating cash flow (approximation) | -€5,223 | -€23,455 | -€15,574 | -€6,841 | €90,299 | -€5,062 | €308,370 | €19,813 | ▼ 93.6% |
| Investment in fixed assets (approximation) | - | -€549 | -€378 | -€1,299 | €6,480 | -€14,096 | €40,602 | -€69,452 | - |
| Change in cash | - | €729 | €128 | -€1,009 | €207,116 | -€195,329 | -€6,311 | €5,365 | - |
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, 14,766 companies had the same profile as Maxxccel has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Maxxccel 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 14,766 companies, not a prediction for Maxxccel. 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 45 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-07-2026 | 2026-00345856 | |
| 31-12-2024 | micro format | 24-07-2025 | 2025-00313626 | |
| 31-12-2023 | micro format | 25-07-2024 | 2024-00284779 | |
| 31-12-2022 | micro format | 24-05-2023 | 2023-00093381 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20245864 | |
| 31-12-2020 | micro format | 25-07-2021 | 2021-39800004 | |
| 31-12-2019 | micro format | 28-06-2020 | 2020-22000197 | |
| 31-12-2018 | micro format | 27-06-2019 | 2019-23600494 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-42200510 | |
| 31-12-2016 | micro format | 30-06-2017 | 2017-25300362 |