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MAX 35

Active
Coöperatieve vennootschap met beperkte aansprakelijkheidfounded 200422 yrs activeAvenue du Manoir 40, 1410 Waterloo, BelgiumKBO/BCE: BE 0864.969.091
Summary

The computed 12-month bankruptcy probability of MAX 35 is 2.7% (moderate). The 2025 annual accounts show negative equity (-€32,411) and a net result of €7,030. Equity is growing by ~11.3% per year across the filed fiscal years. Its solvency ranks better than 10% of 8521 sector peers (fiscal year 2025). The company has been active since 2004 and the Belgian State Gazette contains no insolvency or warning signals.

Risk analysisWatch ReportCompare
MAX 35ActiveChecked score 51/100
Risk analysis ReportCompare

Overview

Activity
Advertising agencies
NACE 73110NACE 74401
1 site
Size
€241,733total assets 2025
Equity
-€32,411
Profit
€7,030
Turnover not published (abridged schema)
Financial health
51 Fair Checked score 2025
Bankruptcy chance 12 m
2.7%
Structure
Accounts filed 35 d late1 of 5 deeds read
Why 51- 1 change of registered office in 24 months- Liquidity: current ratio 1.40, cash €677, halved- Negative equity -€32,411- Latest accounts 35 days late; 1 of the last 3 lateShow the evidence

Checked score

Score 2025
51 / 100
Fair
Probability in this band: 1.5% to 4.2%
Better than 30% of its sector peers (NACE 73, micro)
Performance against the sector, not lower risk
Every signal that weighs is under Signals.
Financial strength · tick = 2024
Weak
Solvency 12+9
equity -13.4% of total assets
Liquidity 28-9
short-term debt 45.8% · cash 0.3%
Profitability 45+8
return on assets 2.9%
Bankruptcy probability, 12 months
2.7% Moderate
0%0.5%1.5%4%10%≥ 25%

About 3 in 100 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.2% (11,215 companies)
Last 24 months 11-2024: 1.0% 12-2024: 0.6%▼ -34.5% vs 11-2024 01-2025: 0.6%● 0.0% vs 12-2024 02-2025: 0.6%● 0.0% vs 01-2025 03-2025: 0.6%● 0.0% vs 02-2025 04-2025: 0.6%▼ -1.1% vs 03-2025 05-2025: 0.6%● 0.0% vs 04-2025 06-2025: 0.6%● 0.0% vs 05-2025 07-2025: 0.6%▲ +1.9% vs 06-2025 08-2025: 0.6%▼ -3.0% vs 07-2025 09-2025: 0.6%▼ -1.6% vs 08-2025lowest value 10-2025: 0.7%▲ +21.0% vs 09-2025 11-2025: 1.1%▲ +50.3% vs 10-2025 12-2025: 1.2%▲ +10.4% vs 11-2025 01-2026: 1.2%▲ +2.1% vs 12-2025 02-2026: 1.2%● 0.0% vs 01-2026 03-2026: 2.6%▲ +108% vs 02-2026 04-2026: 2.6%● 0.0% vs 03-2026 05-2026: 2.6%● 0.0% vs 04-2026 06-2026: 2.6%● 0.0% vs 05-2026 07-2026: 2.5%▼ -2.0% vs 06-2026 08-2026: 2.6%▲ +1.5% vs 07-2026 09-2026: 2.5%▼ -4.2% vs 08-2026 10-2026: 2.7%▲ +9.0% vs 09-2026highest value
  • 1 change of registered office in 24 months raises the probability
  • Liquidity: current ratio 1.40, cash €677, halved raises the probability
  • Negative equity -€32,411 raises the probability
  • Latest accounts 35 days late; 1 of the last 3 late raises the probability
No credit on open account
Liquidity tight (current ratio 1.4 against 0.93 in 2024; short-term debt: 45.8% and cash: 0.3% of total assets), and equity is negative.
How it is calculated

The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.

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%

Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (NACE 73, micro). Better than this share of them on solvency 11%, liquidity 15%, profitability 27%, growth against the median 68%. That is performance, not lower risk; the band itself always comes from the probability.

Bankruptcy probability: model pd-v3.202610021621, computed on 04-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.

Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.

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Signals

Six signals. The signal on the left, the evidence on the right.
+raises risk○neutral
raises risk · 1 change of registered office in 24 months
In the bankruptcy model this factor raises the probability.
Belgian State Gazette
raises risk · Liquidity: current ratio 1.40, cash €677, halved
In the bankruptcy model this factor raises the probability.
NBB · annual accounts
raises risk · Negative equity -€32,411
In the bankruptcy model this factor raises the probability.
NBB · annual accounts
raises risk · Latest accounts 35 days late; 1 of the last 3 late
In the bankruptcy model this factor raises the probability.
NBB · filings
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 10% of 8521 sector peers (2025).
NBB · sector comparison
Position among 8521 sector peers
Solvency
better than 10%
← weakest strongest →
neutral · Filed after the deadline
The financial year that closed on 31-03-2025 was due by 31-10-2025 and was filed on 05-12-2025, 35 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 filings
Deviation from the deadline
2025
35 d late
2024
18 d late
2023
26 d late
2022
30 d late
2021
23 d late
2020
46 d late
2019
27 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 29 days after the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% of the sector filed late.

Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-03-2026 and is due by 31-10-2026. Nothing is late today. Usually files around 26 November (5 of the last 5 filed years within 30 days of that day).
Companies Code · seven months
Position in the running window
31-03-2026 close05-10-2026 today31-10-2026 deadline
neutral · No strike-offs in the KBO publications
We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.
KBO publications · our coverage
  1. Registered office · Legal-form changeRegistered-office move
  2. Annual accounts filedfiscal year 2025 · micro…
  3. Back to profitnet €7,030

Key points

  • Risk: Negative equityfiscal year 2025: debts exceed assets -€32,411 View
  • Caution: Among the weakest 5% on equitysector median €58,751 · 8,529 companies -€32,411 View
  • Total assets 20256 fiscal years filed €241,733 View

By topic

Financials

Fiscal year
2025
Total assets
€241,733
Profit
€7,030
Solvency
-13.4%
Total assets▲ 35.1%
Net result
20192025
Go to Financials

Timeline

Events
15
Since
2016
Next accounts
by 31-10-2026
  1. 12-02-2026Registered office · Legal-form change
  2. 05-12-2025Annual accounts filed
  3. 31-03-2025Back to profit
Go to Timeline

Company details

Sites
1
Legal form
Coöperatieve vennootschap met beperkte aansprakelijkheid
Activity
Advertising agenciesNACE 73110
Founded
27-04-2004
Year ends
31-03
Peppol
Reachable for e-invoices
Go to Company details

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