Maclear project performance: repayment records and company filings

Maclear has financed more than 2,100 projects that have successfully repaid their loans. A loan's repayment status and the borrower's later business performance are two different things. This article looks at six borrowers and their most recent registry filings, and explains how Maclear tracks financial performance for each borrower listed on the platform.

Loan-use restrictions and registry access during a project

Any funding issued through Maclear AG is governed by two documents: the loan agreement between Maclear and the borrower, and the Investment Project Acceptance and Confirmation Agreement, which covers the information the project discloses on the platform. Together they limit how the borrower can dispose of the funds, as described in Maclear's client policy: the borrower “may use the loan amount solely for the purposes defined in the Loan Agreement and Investment Project Acceptance and Confirmation Agreement and disclosed on the platform.” Maclear therefore restricts how a company can use the borrowed funds for the duration of the project, that is, until the loan is fully repaid.

The same policy states that the borrower “shall provide access to, and entitles Maclear to access, any registers, third-party databases and other sources to collect further information on the borrower and the project for the entire duration of a project.” A project is considered finalised once the company has repaid a loan in full.

Quarterly credit review after funding is issued

Maclear assigns each project a weighted score based on financial ratios, credit history, and the Loan-to-Value (LTV) ratio on pledged collateral, as described in the underwriting article. Once the loan is funded, Maclear reviews the borrower every quarter (see the risk-scoring criteria) to assess financial performance, business developments, management changes, and macroeconomic conditions. The score can be downgraded and further action taken if the review reveals signals such as:

• deteriorating debt coverage,
• a sharp drop in profitability,
• liquidity strain,
• a management change,
• worsening industry conditions,
• a missed payment.

The purpose of the quarterly review is to verify whether the borrower can still repay on the agreed terms. It is not a line-by-line audit of whether every disbursed euro was used as planned. A business can earn a strong Maclear score, repay its debt on schedule, and still miss its revenue projection the following year.

Why a filed loss does not automatically mean a missed payment

A company's annual profit-and-loss filing and its ability to keep repaying a loan measure two different things. A profit and loss statement reports an accounting result for a fixed period (revenue minus recognised expenses), while repayment draws on cash flow from money already collected on earlier invoices. The same company's result for a single month, a quarter and a full year can fluctuate considerably. A loss filed over a specific period is therefore not a prediction of whether a loan gets repaid.

Most start-ups and small companies take several years to reach sustained profitability, and a business can post a full-year accounting loss while meeting every scheduled payment, in the same way that a profitable one can still miss a payment.

Six Maclear borrowers and their registry filings

Investors in Maclear's community sometimes ask how specific companies perform after a loan is repaid. Six companies were selected for this overview: JS Production, VLAD SERVICES LIMITED, Estlat, TLMET, CRYPTON and Black Ocean. All six cleared Maclear's credit-review standard and received funding. Four of the six loans — JS Production's most recent stage, Estlat's, TLMET's and Black Ocean's — have already been repaid in full. The financial results each company reported in its registry filings differ widely. Available data varies by country; the table summarises the most recent filings.

JS Production OÜ

JS Production OÜ is a powder-coating and metal-surface-treatment business registered in Estonia. It is a repeat borrower on Maclear, and its filed financials show growth: revenue rose from €45,984 in 2022 to €182,683 in 2024 and €743,274 in 2025. The company moved from a €158,106 loss in 2024 to a €119,242 profit in 2025, after the Stage 8 loan was repaid on Maclear.

VLAD SERVICES LIMITED (now VLAD LTD)

VLAD SERVICES LIMITED, renamed VLAD LTD in January 2026, is registered in the United Kingdom under the passenger land transport category. Its most recent balance sheet shows retained earnings roughly doubling, from £60,977 to £145,753 over 12 months, alongside investment in equipment: tangible fixed assets grew from £188,812 to £389,506, largely financed through new finance leases rather than cash reserves. Short-term liabilities grew alongside that investment, and the Maclear loan has been repaid on schedule.

Estlat Building Co OÜ

Maclear's PJ202 project listing for Estlat Building Co OÜ, an Estonian prefab housing manufacturer, carried the borrower's own sales forecast of €1,653,952 for 2023 and €1,970,400 for 2024. Registry filings show actual 2024 revenue of €20,450 with €418 in profit. Figures published in a project listing are the borrower's projections rather than a Maclear estimate, and the credit score and collateral requirements are not derived from them. The 2025 filing, submitted on 30 June 2026, shows revenue of €663,312 and profit of €118,041.

TLMET OÜ (now MetalBoy Constructions OÜ)

TLMET OÜ, now MetalBoy Constructions OÜ in Estonia's e-Business Register, manufactures metal structures. Its most recent filed accounts show a smaller, less profitable business than the pitch described when the project was listed: €405,000 in revenue against a net loss. The loan was repaid in full and on schedule. Maclear has no way to enforce specific use of funds beyond the duration of an investment project.

CRYPTON s.r.o.

CRYPTON s.r.o. is a cryptocurrency-mining company registered in the Czech Republic and a repeat borrower on Maclear with ten financed projects. Each loan is backed by collateral, as with all projects on the platform. The company's Czech filings show a CZK 260,000 loss (around €10,700) in 2025, a difficult year for the crypto-mining sector, while every payment across all ten projects has been made on schedule in 2026.

Black Ocean s.r.o.

Black Ocean s.r.o. is registered in the Czech Republic (IČO 24226891) as a real estate rental firm. It repaid its Maclear loan in full, and its most recently filed accounts show revenue nearly tripling, from CZK 569,000 to CZK 1,598,000. Costs rose almost in step with revenue, and profit fell from CZK 75,000 to CZK 8,000, just above break-even. It is a mixed example: a business that raised funds on Maclear and grew revenue, but has not yet translated that growth into profit.

How to check a funded project's registry filing

The same check can be run on any project funded by Maclear or any other crowdlending platform through the relevant national business register.

Estonian filings are available in the e-Business Register at ariregister.rik.ee, searchable by name or registration code, with annual reports as free downloads that include a full profit and loss account. Czech filings are stored in the ARES register at ares.gov.cz and in the document collection at or.justice.cz. UK filings are available at Companies House. Disclosure rules differ by country: Estonia requires every registered company to file a profit and loss account regardless of size, while the Czech small-company regime requires disclosure of profit, loss and equity without a standalone revenue line. Under UK rules a small company can omit the profit and loss account altogether and file only a balance sheet. Filing deadlines differ too: Estonia allows six months after the financial year end, the United Kingdom nine months for a private company.

The constant across six different outcomes

The six cases cover businesses with real trading growth, such as VLAD SERVICES and JS Production; one where revenue grew sharply but profit barely moved, Black Ocean; and one that missed a revenue forecast and later recovered, Estlat.

One thing stayed constant. The matured loans on Maclear — TLMET, Estlat, JS Production's most recent stage and Black Ocean — were repaid in full, and those still active, VLAD SERVICES and CRYPTON, are being serviced on schedule. Later financial performance is the most direct public evidence of how a business is doing, and it is separate from the loan repayment record: Maclear reviews a borrower's ability to keep repaying throughout a project, but cannot verify or enforce how the funds are spent, or influence the business once a loan is repaid and the project is closed.

Key takeaways

• Loan repayment and later business performance are separate measures: four of the six borrowers repaid in full, while their filed results range from a €119,242 profit to a net loss with negative equity.
• Use of funds is contractually restricted for the duration of a project, but Maclear cannot enforce it once the loan is repaid.
• Every funded borrower is re-reviewed quarterly, and the score can be downgraded on signals such as deteriorating debt coverage or a missed payment.
• Sales figures shown in a project listing are the borrower's own projections, not a Maclear estimate.
• Any investor can verify a borrower's filings independently through the national business register of its home country.

FAQ

Does Maclear restrict how a borrower can use the funds?

Yes. The Loan Agreement and the project's Acceptance and Confirmation Agreement tie the disbursed amount to the purpose described on the Investor Portal.

Does Maclear check that the money was spent that way?

Not directly. The quarterly credit review assesses whether the borrower can keep repaying; spending itself is not separately audited. Once a project's loan term ends, Maclear has no further way to confirm or enforce fund usage. A borrower's own registry filing is a separate, independent record published under that country's disclosure rules.

If a funded company struggles after the loan is repaid, does that affect investors?

No. A company's later financial performance and its loan repayment are different things. TLMET's 2024 filing shows a net loss, for example, and the loan was repaid in full.

Why can a project rating change after a loan is funded?

Maclear reviews every funded project quarterly, and a sharp shift in the borrower's financial position, legal status or operating environment can prompt a score change.

Why do some filings show revenue and profit while others do not?

Each country sets its own public-disclosure rules. Estonia requires a profit and loss account from every registered company; the Czech small-company filing class does not; UK rules let a small company file only a balance sheet.

How many Maclear projects have defaulted?

Maclear has had one confirmed default, covered in a separate article, out of 2,142 projects financed on the platform as of 31 August 2026 (based on Maclear internal data, 2026). Past performance is not indicative of future results.

About Maclear

Maclear AG is a Swiss-based P2P lending and crowdlending platform headquartered in Switzerland. The company operates as a financial intermediary in the non-banking sector and is a member of PolyReg SRO, in compliance with Swiss financial regulations including AML, KYC, and GDPR. Maclear offers retail and qualified investors access to vetted business loan opportunities, with built-in risk assessment, a Provision Fund, and a Secondary Market for liquidity.

The content of this article is provided for informational and educational purposes only. It does not constitute investment, financial, tax, or legal advice. P2P lending and crowdlending investments carry a risk of partial or total capital loss. Past performance is not indicative of future results. Liquidity on a secondary market is not guaranteed. Readers should conduct independent research and consult qualified advisors before making any financial decisions. Availability of products and services may be restricted in certain jurisdictions.