Maxwell Cremona, the consultant of Alberto González Amador (partner of the president of the Community of Madrid, Isabel Díaz Ayuso), had an income of 709,739 euros and losses of 26,235 euros in the fiscal year 2025, according to the accounts filed by the company in the Madrid Mercantile Registry. The company’s annual accounts are sparse in explanations. Most of the sections and boxes are blank, which is why a note in section 10 stands out especially. Other information states: “Dividends have been distributed charged to reserves amounting to 1,225,000 euros.” Although this note is included in the information about the year 2025, everything seems to indicate that it was simply repeated there by mistake from the previous year’s accounts.
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In 2024, Maxwell Cremona started the year with equity of 1.625 million euros; it had a profit close to 100,000 euros, and did distribute, that year indeed, a dividend of 1.225 million, so it closed the year with net assets of half a million euros. That year it had accumulated reserves and undistributed profits that it could distribute. However, that situation no longer applied in 2025.
The company of Isabel Díaz Ayuso’s partner closed its 2024 balance sheet with reserves of 499,405 euros, which were added to a capital of 3,000 euros. In addition, it had pending distribution of the 2024 fiscal year result, about 93,700 euros, and losses from previous years of about 101,500 euros. With all this, at the end of that year, it had equity of 494,600 euros.
What happened in 2025? During that year, the expenses declared by González Amador were higher than the income, so the company closed with losses of 26,235 euros. These losses reduce equity, they do not increase it. Maxwell Cremona declares that it closed 2025 with equity of 471,772 euros and reserves of 596,500 euros, that is, the sum of those it had at the end of 2024 plus the profits of that year, which, according to the accounts themselves, were allocated during 2025 to freely available reserves.
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Therefore, the accounts do not show a variation in reserves compatible with the distribution of a new dividend of 1.2 million. There were neither that many reserves at the end of 2024, nor have they increased through profits in 2025, nor has there been a variation in the balances indicating it. Rather, it seems that the note from the previous year was left repeated, which would be a million-euro error.
Strictly speaking, the information about the distribution of reserves via dividend made in 2024 could be maintained as information in the notes accompanying the 2025 annual accounts, but to prevent that repetition from causing confusion, it should be clarified that it is a note referring to another fiscal year.
Beyond the phantom dividend of 1.2 million euros, the accounts reflect a sharp drop in Maxwell Cremona’s turnover. From 1.62 million in 2023 to 945,000 euros in 2024 and 709,800 euros in 2025. This drop in income has caused the company to incur losses after several years of strong profits that allowed Amador to accumulate reserves to distribute that 1.2 million dividend in 2024.
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