HerrMax
ActiveSummary
HerrMax has been active since 2015 and the Belgian State Gazette contains no insolvency signals. The CBE does carry 1 administrative register entry (see administrative flags). The 2025 annual accounts show equity of €226,873 and a net result of €147. Equity is growing by ~23% per year across the filed fiscal years. Its solvency ranks better than 85% of 177 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 1.5% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability69▼-9
Solvency100▲+43
Growth68▼-17
Track record92
Bankruptcy probability, 12 months
1.5%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €15,000 at 30 days acceptable
Liquidity ample (current ratio 5.88 against 1.49 in 2024; short-term debt: 16.6% and cash: 0.1% of total assets), and 19.8% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
80.2%
Return on assets
0.1%
Age of the figures
12 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 38
Relative position
BE, all sectors
reference
Waste collection, recovery and disposal activities (NACE 38)
about 10% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Filed after the deadline
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 11-05-2026, 11 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
11 d late
2024
on the day
2023
on the day
2022
2 d late
2021
6 d late
2020
47 d late
2019
63 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 18 days after the deadline; the sector median for financial year 2024 is 8 days before the deadline, and 32% of the sector filed late.
raises risk · Administrative warnings in the KBO publications
1 publication by the FPS Economy about this company, such as a strike-off for address, accounts or UBO, or its withdrawal.
KBO publicationsPublications
Address struck
Checked, nothing found (1)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today. Usually files around 2 May (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
28-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Turnover
€1.4m▲ 33.1%
2020 · €1.0m
EBIT margin
3.9%▲ 1.1pp
2020 · 2.8%
Net result
€147▼ 99.7%
2024 · €51,822
Working capital
€229,660▲ 0.5%
2024 · €228,480
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 38, Waste collection, recovery and disposal activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Turnover€1.4m▲ 33.1%
Operating result€54,190▲ 84.5%€44,640▼ 17.6%€71,187▲ 59.5%€60,221▼ 15.4%€1,986▼ 96.7%
Net result€36,394within the sector's middle half▲ 36.8%€15,991within the sector's middle half▼ 56.1%€41,772above the sector's middle half▲ 161%€51,822within the sector's middle half▲ 24.1%€147within the sector's middle half▼ 99.7%
EBIT margin3.9%▲ 1.1pp
Equity€117,141within the sector's middle half▲ 45.1%€133,132within the sector's middle half▲ 13.7%€174,904within the sector's middle half▲ 31.4%€226,726below the sector's middle half▲ 29.6%€226,873above the sector's middle half▲ 0.1%
Total assets€254,574within the sector's middle half▲ 42.0%€278,117within the sector's middle half▲ 9.2%€303,113within the sector's middle half▲ 9.0%€698,054below the sector's middle half▲ 130%€282,931within the sector's middle half▼ 59.5%
Debt€128,433▲ 43.4%€135,985▲ 5.9%€119,209▼ 12.3%€462,328▲ 288%€47,057▼ 89.8%
Working capital€122,149above the sector's middle half▲ 40.6%€129,382above the sector's middle half▲ 5.9%€171,700above the sector's middle half▲ 32.7%€228,480within the sector's middle half▲ 33.1%€229,660above the sector's middle half▲ 0.5%
Solvency46.0%within the sector's middle half▲ 1.0pp47.9%within the sector's middle half▲ 1.9pp57.7%within the sector's middle half▲ 9.8pp32.5%within the sector's middle half▼ 25.2pp80.2%above the sector's middle half▲ 47.7pp
Current ratio1.95within the sector's middle half▼ 0.081.95within the sector's middle half=2.44within the sector's middle half▲ 0.491.49within the sector's middle half▼ 0.955.88above the sector's middle half▲ 4.39
Return on assets (ROA)14.3%within the sector's middle half▼ 0.5pp5.7%within the sector's middle half▼ 8.5pp13.8%within the sector's middle half▲ 8.0pp7.4%within the sector's middle half▼ 6.4pp0.1%within the sector's middle half▼ 7.4pp
above
within
below
the middle half (P25 to P75) of NACE 38, Waste collection, recovery and disposal activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result has fallen two years in a row; 2025 is 97% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €282,931
Fixed assets
€6,213 ▼ 14.3%
Current assets
€276,717 ▼ 59.9%
Equity and liabilities €282,931
Equity
€226,873 ▲ 0.1%
Provisions
€9,000 =
Debt
€47,057 ▼ 89.8%
Debt's share of the balance-sheet total falls from 66.2% to 16.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€7,810▼
2024 · €69,161
Cash flow
€5,971▼
2024 · €60,762
Debt to equity
0.21▼
2024 · 2.04
ROE
0.1%▼
2024 · 22.9%
Interest coverage
16.69▼
2024 · 147.78
Debt ≤ 1 year
€47,057▼
2024 · €462,328
Income taxes
€1,371▼
2024 · €20,884
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 10,905 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
0.6%
went bankrupt
4.0%
stopped otherwise
95%
still going
A further 0.3% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a higher bankruptcy probability: 1.5% 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 497,662 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.7% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 75% 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 10,905 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 |
|---|---|---|---|---|---|---|
| Turnover70 | €1.4m | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | €1.3m | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,193 | €3,692 | €9,245 | €8,940 | €5,824 | ▼ 34.9% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€53 | - | - |
| Other operating charges640/8 | €1,962 | €233 | €2,472 | - | €1,173 | - |
| Gross operating margin9900 | €57,345 | €48,565 | €82,904 | €69,108 | €8,983 | ▼ 87.0% |
| Operating profit (loss)9901 | €54,190 | €44,640 | €71,187 | €60,221 | €1,986 | ▼ 96.7% |
| Financial income75/76B | - | - | - | €12,953 | - | - |
| Recurring financial income75 | - | - | - | €12,953 | - | - |
| Financial charges65/66B | €443 | €837 | €702 | €468 | €468 | = |
| Recurring financial charges65 | €443 | €837 | €702 | €468 | €468 | = |
| Profit (loss) for the period before taxes9903 | €53,747 | €43,803 | €70,484 | €72,706 | €1,518 | ▼ 97.9% |
| Income taxes67/77 | €17,353 | €27,812 | €28,712 | €20,884 | €1,371 | ▼ 93.4% |
| Profit (loss) for the period9904 | €36,394 | €15,991 | €41,772 | €51,822 | €147 | ▼ 99.7% |
| Profit (loss) for the period to be appropriated9905 | €36,394 | €15,991 | €41,772 | €51,822 | €147 | ▼ 99.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €254,574 | €278,117 | €303,113 | €698,054 | €282,931 | ▼ 59.5% |
| Fixed assets21/28 | €3,992 | €12,750 | €12,204 | €7,247 | €6,213 | ▼ 14.3% |
| Tangible fixed assets22/27 | €3,992 | €12,750 | €12,204 | €7,247 | €6,213 | ▼ 14.3% |
| Plant, machinery and equipment23 | - | €1,760 | €704 | €955 | €477 | ▼ 50.0% |
| Furniture and vehicles24 | €3,992 | €10,990 | €11,501 | €6,292 | €5,736 | ▼ 8.8% |
| Current assets29/58 | €250,582 | €265,367 | €290,908 | €690,808 | €276,717 | ▼ 59.9% |
| Amounts receivable within one year40/41 | €234,845 | €250,292 | €283,237 | €665,839 | €276,566 | ▼ 58.5% |
| Trade receivables40 | €143,951 | €84,175 | €68,787 | €403,911 | €23,728 | ▼ 94.1% |
| Other amounts receivable41 | €90,894 | €166,117 | €214,450 | €261,929 | €252,839 | ▼ 3.5% |
| Cash at bank and in hand54/58 | €15,736 | €15,075 | €7,671 | €24,968 | €151 | ▼ 99.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €254,574 | €278,117 | €303,113 | €698,054 | €282,931 | ▼ 59.5% |
| Equity10/15 | €117,141 | €133,132 | €174,904 | €226,726 | €226,873 | ▲ 0.1% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €42,860 | €42,860 | €42,860 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | €41,000 | €42,860 | €42,860 | = |
| Profit (loss) carried forward14 | €109,081 | €125,072 | €125,844 | €177,666 | €177,813 | ▲ 0.1% |
| Provisions and deferred taxes16 | €9,000 | €9,000 | €9,000 | €9,000 | €9,000 | = |
| Provisions for liabilities and charges160/5 | €9,000 | €9,000 | €9,000 | €9,000 | €9,000 | = |
| Other liabilities and charges164/5 | €9,000 | €9,000 | €9,000 | €9,000 | €9,000 | = |
| Amounts payable17/49 | €128,433 | €135,985 | €119,209 | €462,328 | €47,057 | ▼ 89.8% |
| Amounts payable within one year42/48 | €128,433 | €135,985 | €119,209 | €462,328 | €47,057 | ▼ 89.8% |
| Trade debts44 | €99,114 | €116,849 | €93,903 | €441,444 | €30,023 | ▼ 93.2% |
| Suppliers440/4 | €41,958 | €50,180 | €31,481 | €46,624 | €25,080 | ▼ 46.2% |
| Bills of exchange payable441 | €57,156 | €66,669 | €62,422 | €394,819 | €4,943 | ▼ 98.7% |
| Taxes, remuneration and social security45 | €29,319 | €19,135 | €25,305 | €20,884 | €17,034 | ▼ 18.4% |
| Taxes450/3 | €29,319 | €19,135 | €25,305 | €20,884 | €17,034 | ▼ 18.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €36,394 | €15,991 | €41,772 | €51,822 | €147 | ▼ 99.7% |
| + Depreciation and write-downs630 | €1,193 | €3,692 | €9,245 | €8,940 | €5,824 | ▼ 34.9% |
| Operating cash flow (approximation) | €37,586 | €19,683 | €51,018 | €60,762 | €5,971 | ▼ 90.2% |
| Investment in fixed assets (approximation) | - | -€12,450 | -€8,700 | -€3,982 | -€4,791 | ▼ 20.3% |
| Change in cash | - | -€662 | -€7,403 | €17,297 | -€24,818 | ▼ 243% |
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
11-05
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 11 days late
11-02
KBO administration
Address struck
event 26-09-2025
2025
30-09
Financial
Weakest financial yearnet €147 ▼99.7%
Net result drops to €147, the lowest in the series.
30-09
Financial
Liquidity quadruplescurrent ratio 5.88
Current ratio from 1.49 to 5.88; short-term debt falls from €462,328 to €47,057.
30-04
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
30-09
Financial
Highest result since 2018net €51,822 ▲24.1%
Net result €51,822, the highest in the series.
30-09
Financial
Equity above €200,000Eq €226,726 ▲29.6%
7 profitable years in a row build equity to €226,726.
30-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
30-09
Financial
Equity above €150,000Eq €174,904 ▲31.4%
6 profitable years in a row build equity to €174,904.
02-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 2 days late
2022
06-05
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 6 days late
2021
30-09
Financial
Equity above €100,000Eq €117,141 ▲45.1%
4 profitable years in a row build equity to €117,141.
Show earlier events
16-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 47 days late
2020
02-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 63 days late
2019
10-05
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 10 days late
2018
25-05
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 25 days late
2017
19-06
NBB filing
Annual accounts filed
fiscal year 2016 · full schema · 50 days late
SignalFinancial milestoneNBB 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
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Brussel · 1 establishment unit since 2015
Ground area
68 m²
Building footprint
56 m²
Volume, LiDAR
739 m³
Parcel 21805E0006/00K000, Brussels · tallest building 16.1 m, ±4 floors. Linked by address, not a title deed.
8
companies at this address
See who is registered here
1 establishment unit
Establishment
since 20152.248.111.986
1 parcel
Brussels
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 21805E0006/00K000 | Brussels | 68 m² | 1 · 56 m² | 16.1 m · 4 fl. |
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.
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Of 978 companies in sector 38210 we hold annual accounts for 587. 364 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded16-10-2015
Fiscal year end30-09
Activities, NACEBEL 2025
38210Materials recovery from waste
38330Waste collection, recovery and disposal activities
39000Remediation activities and other waste management service activities
Contact
E-mail
valeriucatanoiuherrmax@gmail.com
E-mail
chris@herrmax.be
E-invoicing
Reachable via Peppol
Peppol ID
0208:0641661037
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 28 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.