Fisca M@x
ActiveSummary
Fisca M@x has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €96,805 and a net result of €41,874. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 18% of 3342 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability74=
Solvency35▼-9
Growth32▼-26
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €6,000 at 30 days acceptable
Liquidity tight (current ratio 1.09 against 1.05 in 2024; short-term debt: 39.7% and cash: 8.6% of total assets), and 90.4% of the assets are financed with debt.
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Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
about 77% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
9.6%
Return on assets
4.1%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 18% of 3342 sector peers (2025).
NBB · sector comparisonPosition among 3342 sector peers
Solvency
better than 18%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
147 d early
2023
2 d early
2022
9 d late
2021
2 d early
2020
37 d early
2019
1 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 25 days before the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 30 July (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€96,805▼ 52.8%
2024 · €204,931
Total assets
€1.0m▼ 4.5%
2024 · €1.1m
Net result
€41,874▼ 79.2%
2024 · €201,395
Working capital
€37,419▲ 79.2%
2024 · €20,883
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 69, Legal and accounting activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€75,666▲ 1,146%€163,148▲ 116%€207,263▲ 27.0%€321,093▲ 54.9%€91,961▼ 71.4%
Net result-€9,736below the sector's middle half▲ 10.0%€46,136within the sector's middle half€61,169within the sector's middle half▲ 32.6%€201,395above the sector's middle half▲ 229%€41,874within the sector's middle half▼ 79.2%
Equity€66,731within the sector's middle half▼ 12.7%€20,367below the sector's middle half▼ 69.5%€3,535below the sector's middle half▼ 82.6%€204,931within the sector's middle half▲ 5,697%€96,805within the sector's middle half▼ 52.8%
Total assets€1.0mabove the sector's middle half▼ 15.0%€1.0mabove the sector's middle half▲ 1.1%€1.1mabove the sector's middle half▲ 1.7%€1.1mabove the sector's middle half▲ 0.6%€1.0mwithin the sector's middle half▼ 4.5%
Debt€883,645▼ 16.1%€920,901▲ 4.2%€943,850▲ 2.5%€856,368▼ 9.3%€789,407▼ 7.8%
Working capital-€26,571below the sector's middle half▲ 51.8%-€66,233below the sector's middle half▼ 149%-€76,486below the sector's middle half▼ 15.5%€20,883within the sector's middle half€37,419within the sector's middle half▲ 79.2%
Solvency6.5%below the sector's middle half▲ 0.2pp2.0%below the sector's middle half▼ 4.5pp0.3%below the sector's middle half▼ 1.6pp19.3%below the sector's middle half▲ 19.0pp9.6%below the sector's middle half▼ 9.8pp
Current ratio0.92below the sector's middle half▲ 0.040.83below the sector's middle half▼ 0.080.84below the sector's middle half=1.05below the sector's middle half▲ 0.211.09within the sector's middle half▲ 0.04
Return on assets (ROA)-0.9%below the sector's middle half▼ 0.1pp4.4%within the sector's middle half▲ 5.4pp5.8%within the sector's middle half▲ 1.4pp19.0%within the sector's middle half▲ 13.2pp4.1%within the sector's middle half▼ 14.8pp
Staff (FTE)5.2▲ 23.8%5.8▲ 11.5%6.6▲ 13.8%7.6▲ 15.2%6within the sector's middle half▼ 21.1%
above
within
below
the middle half (P25 to P75) of NACE 69, Legal and accounting activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2025 Net result -79% on 2024. The accounts now follow the abbreviated schema, last year the micro schema.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 71% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.0m
Fixed assets
€573,477 ▼ 6.5%
Current assets
€440,190 ▼ 1.8%
Equity and liabilities €1.0m
Equity
€96,805 ▼ 52.8%
Provisions
€127,454
Debt
€789,407 ▼ 7.8%
Debt's share of the balance-sheet total falls from 80.7% to 77.9%. Equity and debt are lower.
Key figures and ratios
EBITDA
€137,953▼
2024 · €368,672
Cash flow
€87,866▼
2024 · €248,975
Debt to equity
8.15▲
2024 · 4.18
ROE
43.3%▼
2024 · 98.3%
Interest coverage
13.52▲
2024 · 3.76
Debt ≤ 1 year
€402,771▼
2024 · €427,296
Debt > 1 year
€386,636▼
2024 · €429,072
Income taxes
€41,917▲
2024 · €24,655
Staff costs
€232,816▼
2024 · €271,812
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,375 companies that looked in July 2024 the way this one looks now, 2.2% went bankrupt within 24 months and 96% are still going.
- Micro
- 10 to 20 years old
- solvency under 10%
- a profit under 5% of the balance sheet
2.2%
went bankrupt
1.6%
stopped otherwise
96%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.1% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,375 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €182,443 | €196,551 | €247,513 | €271,812 | €232,816 | ▼ 14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €121,838 | €64,173 | €53,058 | €47,579 | €45,992 | ▼ 3.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€8,841 | €3,599 | -€5,647 | €2,525 | -€2,506 | ▼ 199% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | -€903 | €20,337 | €11,610 | -€107,407 | €127,454 | ▲ 219% |
| Other operating charges640/8 | €8,735 | €7,000 | €13,891 | €6,168 | €91,961 | ▲ 1,391% |
| Gross operating margin9900 | €378,937 | €454,808 | €527,688 | €541,770 | €587,678 | ▲ 8.5% |
| Operating profit (loss)9901 | €75,666 | €163,148 | €207,263 | €321,093 | €91,961 | ▼ 71.4% |
| Financial income75/76B | €450 | €423 | €684 | €3,099 | €2,034 | ▼ 34.3% |
| Recurring financial income75 | €450 | €423 | €684 | €3,099 | €2,034 | ▼ 34.3% |
| Financial charges65/66B | €84,305 | €98,057 | €125,953 | €98,141 | €10,204 | ▼ 89.6% |
| Recurring financial charges65 | €84,305 | €98,057 | €125,953 | €98,141 | €10,204 | ▼ 89.6% |
| Profit (loss) for the period before taxes9903 | -€8,189 | €65,514 | €81,994 | €226,050 | €83,791 | ▼ 62.9% |
| Income taxes67/77 | €1,546 | €19,378 | €20,826 | €24,655 | €41,917 | ▲ 70.0% |
| Profit (loss) for the period9904 | -€9,736 | €46,136 | €61,169 | €201,395 | €41,874 | ▼ 79.2% |
| Profit (loss) for the period to be appropriated9905 | -€9,736 | €46,136 | €61,169 | €201,395 | €41,874 | ▼ 79.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.0m | €1.0m | €1.1m | €1.1m | €1.0m | ▼ 4.5% |
| Fixed assets21/28 | €735,091 | €702,665 | €660,700 | €613,120 | €573,477 | ▼ 6.5% |
| Intangible fixed assets21 | €18,072 | €3,250 | - | - | - | - |
| Tangible fixed assets22/27 | €717,019 | €699,415 | €660,700 | €613,120 | €573,477 | ▼ 6.5% |
| Land and buildings22 | €697,863 | €678,028 | €639,438 | €600,849 | €562,260 | ▼ 6.4% |
| Furniture and vehicles24 | €19,156 | €21,387 | €21,261 | €12,271 | €11,217 | ▼ 8.6% |
| Current assets29/58 | €290,746 | €334,401 | €394,093 | €448,179 | €440,190 | ▼ 1.8% |
| Amounts receivable within one year40/41 | €116,579 | €123,958 | €137,338 | €154,894 | €184,162 | ▲ 18.9% |
| Trade receivables40 | €62,175 | €68,933 | €128,474 | €149,702 | €181,751 | ▲ 21.4% |
| Other amounts receivable41 | €54,404 | €55,025 | €8,864 | €5,192 | €2,411 | ▼ 53.6% |
| Current investments50/53 | - | - | - | - | €151,500 | - |
| Cash at bank and in hand54/58 | €171,262 | €198,324 | €236,707 | €270,730 | €86,807 | ▼ 67.9% |
| Deferred charges and accrued income490/1 | €2,906 | €12,119 | €20,048 | €22,554 | €17,721 | ▼ 21.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.0m | €1.0m | €1.1m | €1.1m | €1.0m | ▼ 4.5% |
| Equity10/15 | €66,731 | €20,367 | €3,535 | €204,931 | €96,805 | ▼ 52.8% |
| Contributions10/11 | €20,000 | €20,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | €2,000 | - | - | - | - | - |
| Non-distributable reserves130/1 | €2,000 | - | - | - | - | - |
| Reserves not available under the articles1311 | €2,000 | - | - | - | - | - |
| Profit (loss) carried forward14 | €44,731 | €367 | €1,535 | €202,931 | €94,805 | ▼ 53.3% |
| Provisions and deferred taxes16 | €75,461 | €95,798 | €107,407 | - | €127,454 | - |
| Provisions for liabilities and charges160/5 | €75,461 | €95,798 | €107,407 | - | €127,454 | - |
| Other liabilities and charges164/5 | €75,461 | €95,798 | €107,407 | - | €127,454 | - |
| Amounts payable17/49 | €883,645 | €920,901 | €943,850 | €856,368 | €789,407 | ▼ 7.8% |
| Amounts payable after more than one year17 | €566,327 | €520,081 | €473,271 | €429,072 | €386,636 | ▼ 9.9% |
| Financial debts170/4 | €566,327 | €520,081 | €473,271 | €429,072 | €386,636 | ▼ 9.9% |
| Amounts payable within one year42/48 | €317,318 | €400,634 | €470,579 | €427,296 | €402,771 | ▼ 5.7% |
| Current portion of amounts payable after more than one year42 | €51,219 | €46,246 | €46,810 | €44,198 | €42,436 | ▼ 4.0% |
| Trade debts44 | €7,308 | €18,012 | €22,540 | €19,838 | €25,967 | ▲ 30.9% |
| Suppliers440/4 | €7,308 | €18,012 | €22,540 | €19,838 | €25,967 | ▲ 30.9% |
| Taxes, remuneration and social security45 | €28,622 | €49,746 | €65,013 | €51,352 | €67,055 | ▲ 30.6% |
| Taxes450/3 | €4,865 | €24,940 | €28,728 | €16,405 | €40,737 | ▲ 148% |
| Remuneration and social security454/9 | €23,756 | €24,806 | €36,285 | €34,948 | €26,318 | ▼ 24.7% |
| Other amounts payable47/48 | €230,168 | €286,630 | €336,216 | €311,908 | €267,313 | ▼ 14.3% |
| Accrued charges and deferred income492/3 | - | €186 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,736 | €46,136 | €61,169 | €201,395 | €41,874 | ▼ 79.2% |
| + Depreciation and write-downs630 | €121,838 | €64,173 | €53,058 | €47,579 | €45,992 | ▼ 3.3% |
| Operating cash flow (approximation) | €112,102 | €110,309 | €114,227 | €248,975 | €87,866 | ▼ 64.7% |
| Investment in fixed assets (approximation) | - | -€31,747 | -€11,093 | €0 | -€6,349 | - |
| Change in cash | - | €27,062 | €38,383 | €34,023 | -€183,924 | ▼ 641% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
06-07
State Gazette act
Board rule · Representation rule
Other statement · Annual general meeting
2025
06-03
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Highest result since 2018net €201,395 ▲229%
Operating result €321,093, net result €201,395, both a record.
31-12
Financial
Equity above €200,000Eq €204,931 ▲5,697%
3 profitable years in a row build equity to €204,931.
29-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
09-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 9 days late
2022
31-12
Financial
Back to profitnet €46,136
Net result €46,136 after 2 loss-making years.
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
24-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-12
Financial
Weakest financial yearnet -€10,813
Net result drops to -€10,813, the lowest in the series; recovery starts the following year.
01-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 1 day late
Show earlier events
2019
01-03
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
08-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 8 days late
2017
02-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 2 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
No directors read yet: 0 of 6 Gazette acts processed. See the function holders in the CBE →
Location & real-estate footprint
Registered office, Manhay · 1 establishment unit since 2012
Ground area
1,241 m²
Building footprint
198 m²
Parcel 83051A2250/00G000, Wallonia. Linked by address, not a title deed.
1 establishment unit
Fisca M@x
since 20122.209.377.215
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 83051A2250/00G000 | Wallonia | 1,241 m² | 1 · 198 m² | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerOwners 1
- Sourceaccounts FIGEXCO 202328%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Recognitions · licences · registrations
Legal Entity Identifier
254900JN6D77TVJ71O29
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Of 12,173 companies in this sector we hold annual accounts for 7,643. 6,470 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Company details
Identification
Legal formPrivate limited company
Founded20-03-2012
Fiscal year end31-12
Activities, NACEBEL 2025
69201Certified accountants and tax accountants
E-invoicing
Reachable via Peppol
Peppol ID
0208:0844532775
Registered
16-03-2024
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.