A €1.2 million dividend appears in Maxwell Cremona's 2025 report, but financial records do not support such a payout. The discrepancy raises doubts about the accuracy of the company's filings. The issue involves the firm linked to Isabel Díaz Ayuso.
A significant discrepancy has emerged in the 2025 financial statements of Maxwell Cremona, the Madrid-based consultancy owned by Alberto González Amador, partner of regional president Isabel Díaz Ayuso. The company's annual report for 2025 includes a note stating that a €1,225,000 dividend was distributed from reserves. However, a detailed review of the balance sheet and profit and loss account reveals no evidence that such a payout was possible or actually occurred during that year.
According to the official accounts filed with the Madrid Mercantile Registry, Maxwell Cremona reported revenues of €709,739 in 2025 but closed the year with a loss of €26,235. The annual report is notably sparse, with most sections left blank, making the dividend note in section 10 stand out. The note claims a dividend was paid from reserves, yet the figures do not align: the company ended 2024 with just €499,405 in reserves and a net equity of €494,600, far short of the amount needed for a €1.2 million distribution.
In reality, the only year when Maxwell Cremona had sufficient reserves for such a large dividend was 2024. That year, the company started with €1.625 million in equity, posted a profit of nearly €100,000, and did distribute a €1,225,000 dividend, reducing its net equity to around half a million euros. By the end of 2024, the available reserves and undistributed profits had already been largely depleted. The 2025 accounts show no significant increase in reserves or profits that would allow for another major payout. Instead, the company recorded further losses, which reduced its equity even more.
This situation suggests that the dividend note in the 2025 report may have been mistakenly carried over from the previous year, rather than reflecting an actual transaction. While it is possible to reference past dividend distributions in the notes to annual accounts, best practice would require a clear explanation to avoid confusion. The lack of such clarification in Maxwell Cremona's filing has led to questions about the accuracy of its reporting.
Beyond the dividend issue, the company's financial health has deteriorated sharply. Turnover has dropped from €1.62 million in 2023 to €945,000 in 2024 and just under €710,000 in 2025. This decline in revenue has pushed the firm into losses after several years of strong profits, which had previously enabled the large 2024 dividend. The case has drawn attention in Madrid, especially given the political connections involved. For context, scrutiny of official property use in the region has also been in the spotlight, as seen when the government decided to sell a controversial penthouse after licensing issues, detailed in this recent report on Madrid's property management challenges.
Dividend distributions in Spain are subject to strict accounting rules. Companies can only pay dividends from accumulated profits or freely available reserves, and such payments must be clearly reflected in the accounts. Errors or ambiguities in financial statements can trigger regulatory scrutiny and undermine confidence in corporate governance. In this case, the apparent repetition of a previous year's dividend note without proper context has raised doubts about the reliability of Maxwell Cremona's filings. The episode highlights the importance of transparency and accuracy in corporate reporting, especially for firms linked to public figures.
