Result
The result rose in 2025 from €140,474 to €302,782.
The result rose in 2025 from €140,474 to €302,782.
The micro format states no turnover.
Of this, €919,702 falls due within a year.
Green is investment, beige is depreciation.
Higher net result than 95% of companies in head offices and management consultancy. Sector median €27,138 · 39,380 companies.
The dashed line is the sector median: 0.1% across 4,522 companies (NACE 70, small).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 70, small). It does better than 29% of them on solvency, 38% on liquidity, 41% on profitability and 86% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Liquidity is insufficient, with a current ratio of 0.27 (0.14 in 2024), below 1. Short-term debt is 26.7% and cash 6.5% of total assets. 70.9% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 2 accounts on average 24 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| CGMAX Waremme | €3.4m | €238,547 | 29.1% | - |
| CoThrive Management Verlaine | €3.5m | €283,056 | 30.6% | - |
| SODIPROJECT Chaudfontaine | €3.2m | €295,200 | 8.0% | - |
| CAFA INVEST Berchem-Sainte-Agathe | €3.6m | €250,012 | 47.4% | - |
| TILIA GROEP Sint-Katelijne-Waver | €3.1m | €217,551 | 30.3% | - |
| Demacho Sint-Martens-Latem | €2.9m | €258,877 | 69.1% | - |
| AQUASIMCO Sambreville | €3.9m | €191,981 | 96.8% | - |
These companies have the same main activity as CGMAX: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €2.9m and €3.9m, founded in 2023.
CGMAX has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.0m and a net result of €302,782.
Its solvency ranks better than 29% of 39,364 sector peers (NACE 70, financial year 2025). The computed 12-month bankruptcy probability is below 0.1% (very low).
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €410,000. Estimated: probably between €340,000 and €480,000.
Higher than 29% of 39,364 companies in 2025.
Higher than 7% of 38,048 companies in 2025.
Higher than 39% of 38,520 companies in 2025.
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: bottom quarter
| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| Balance sheet: assets | |||
20/58 |
3.4m | 3.3m | |
21/28 |
3.2m | 3.2m | |
22/27 |
7,613 | 4,782 | |
24 |
7,613 | 4,782 | |
28 |
3.2m | 3.2m | |
29/58 |
249,504 | 120,303 | |
40/41 |
22,819 | 15,229 | |
40 |
22,683 | 15,000 | |
41 |
136 | 229 | |
54/58 |
223,741 | 104,571 | |
490/1 |
2,944 | 503 | |
| Balance sheet: equity and liabilities | |||
10/49 |
3.4m | 3.3m | |
10/15 |
1.0m | 700,581 | |
10/11 |
560,107 | 560,107 | |
13 |
443,256 | 140,474 | |
133 |
443,256 | 140,474 | |
17/49 |
2.4m | 2.6m | |
17 |
1.5m | 1.7m | |
170/4 |
1.5m | 1.7m | |
42/48 |
919,702 | 838,731 | |
42 |
248,665 | 242,439 | |
44 |
9,407 | 1,894 | |
440/4 |
9,407 | 1,894 | |
45 |
126,085 | 56,347 | |
450/3 |
122,032 | 52,294 | |
454/9 |
4,053 | 4,053 | |
47/48 |
535,545 | 538,050 | |
492/3 |
17,430 | 38,092 | |
| Income statement | |||
9900 |
238,547 | 125,213 | |
630 |
1,664 | 793 | |
640/8 |
4,014 | 197 | |
9901 |
232,869 | 124,223 | |
75/76B |
224,926 | 111,452 | |
75 |
224,926 | 111,452 | |
65/66B |
84,099 | 63,823 | |
65 |
84,099 | 63,823 | |
9903 |
373,697 | 171,853 | |
67/77 |
70,915 | 31,379 | |
9904 |
302,782 | 140,474 | |
9905 |
302,782 | 140,474 | |
| Appropriation of the result | |||
9906 |
302,782 | 140,474 | |
691/2 |
302,782 | 140,474 | |
6921 |
302,782 | 140,474 | |
| Document | |||
The notes to these accounts have 9 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 15-06-2026.
| Line | Trend | 2025 | 2024 |
|---|---|---|---|
| 234,533 | 125,016 | ||
| 304,446 | 141,266 | ||
| 4,495 | 3.2m | ||
| 119,170 | - | ||
| -670,198 | -718,427 | ||
| 29.1% | 21.1% | ||
| 0.27 | 0.14 | ||
| 2.43 | 3.73 | ||
| 30.2% | 20.1% | ||
| 8.8% | 4.2% | ||
| 2.79 | 1.96 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 |
|---|---|---|
| Pledge on other assets, amount secured | €2.0m | €2.0m |
| Carrying value of the other pledged assets | €3.2m | €3.2m |
Source: notes to the 2024 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
| Item | 2025 | 2024 |
|---|---|---|
| Tangible fixed assets | €4,495 | €5,575 |
| Financial fixed assets | - | €3.2m |
| €1,664 | €793 |
Source: notes to the 2024 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 87% higher than in 2024.
Debt's share of the balance-sheet total falls from 78.9% to 70.9%. Equity is higher and debt is lower.
Source: list of holdings in its own 2025 accounts. Every holding stands with its own latest accounts.
| HARPIE
registered office since 28-05-2021 · founded in 2021 |
total assets €198,727 (2025) 0768.863.372 |
The connected companies are in the list below.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Avenue Guillaume Joachim 32 registered office 4300 Waremme | 18-07-2023 | 2.347.655.366 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 64074C0496/00L002 | 941 m² | 1 · 90 m² | 12.6 m · 4 |
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