MAX PAVAGE
ActiveThe computed 12-month bankruptcy probability of MAX PAVAGE is 2.3% (moderate). The 2025 annual accounts show equity of €56k and a net result of €34k. Equity is growing by ~12.4% per year across the filed fiscal years. Its solvency ranks better than 19% of 27319 sector peers (fiscal year 2025). The company has been active since 2021 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency20▲+12
Growth78▲+26
Stability94
Bankruptcy probability, 12 months
2.3%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €3k at 30 days acceptable
Liquidity short (current ratio 0.92 against 0.63 in 2024), and 83.4% of the assets are financed with debt.
Credit advice for your own amount and term
Signals
Eight signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Sector 43
higher
← 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
16.6%
Return on assets
10.1%
Age of the figures
8 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 19% of 27319 sector peers (2025).
NBB · sector comparisonPosition among 27319 sector peers
Solvency
better than 19%
← 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 01-06-2026, 60 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
60 d early
2024
52 d late
2023
61 d early
2022
31 d late
2021
31 d late
← before the deadline
after the deadline →
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.
Companies Code · seven monthsPosition in the running window
13-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€56k▲ 168%
2024 · €21k
2021: €20k
2022: €20k
2023: €16k
2024: €21k
2021 → 2025
Total assets
€337k▲ 31.3%
2024 · €257k
2021: €146k
2022: €182k
2023: €156k
2024: €257k
2021 → 2025
Net result
€34k▲ 619%
2024 · €5k
2021: €10k
2022: €63
2023: €-4k
2024: €5k
2021 → 2025
Working capital
€-11k▲ 82.3%
2024 · €-64k
2021: €-75k
2022: €-41k
2023: €-31k
2024: €-64k
2021 → 2025
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€20k-€20k▲ 0.3%€16k▼ 20.3%€21k▲ 29.2%€56k▲ 168%
Operating result€14k-€2k▼ 86.6%€-1k€8k€36k▲ 363%
Net result€10k-€63▼ 99.4%€-4k€5k€34k▲ 619%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 363% above 2024 and is the highest year so far.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €337k
Fixed assets
€208k▲ 41.6%
Current assets
€129k▲ 17.5%
Equity and liabilities €337k
Equity
€56k▲ 168%
Debt
€281k▲ 19.2%
The debt ratio falls from 91.9% to 83.4%: equity grows faster than debt.
Key figures and ratios
EBITDA
€112k▲
2024 · €56k
Cash flow
€110k▲
2024 · €53k
Solvency
16.6%▲
2024 · 8.1%
Current ratio
0.92▲
2024 · 0.63
Quick ratio
0.92▲
2024 · 0.60
Debt / equity
5.03▼
2024 · 11.30
ROE
60.7%▲
2024 · 22.6%
ROA
10.1%▲
2024 · 1.8%
Interest coverage
16.00▼
2024 · 18.02
Debt
€281k▲
2024 · €236k
Debt ≤ 1 year
€141k▼
2024 · €174k
Debt > 1 year
€141k▲
2024 · €62k
Income taxes
€0=
2024 · €0
Staff costs
€235k▲
2024 · €153k
Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.
Filed annual accounts
As filed with the NBB · 2025 against 2024
Balance sheet
Code20242025
Assets
Total assets20/58€257k€337k▲
Fixed assets21/28€147k€208k▲
Tangible fixed assets22/27€146k€208k▲
Plant, machinery and equipment23€55k€52k▼
Furniture and vehicles24€87k€152k▲
Other tangible fixed assets26€4k€3k▼
Financial fixed assets28€335€335=
Current assets29/58€110k€129k▲
Stocks and contracts in progress3€6k-
Stocks30/36€6k-
Amounts receivable within one year40/41€74k€103k▲
Trade receivables40€57k€79k▲
Other amounts receivable41€17k€24k▲
Cash at bank and in hand54/58€30k€26k▼
Deferred charges and accrued income490/1€311€224▼
Equity and liabilities
Total equity and liabilities10/49€257k€337k▲
Equity10/15€21k€56k▲
Contributions10/11€10k€10k=
Reserves13€10k€44k▲
Distributable reserves133€10k€44k▲
Profit (loss) carried forward14€894€845▼
Investment grants15-€1k
Amounts payable17/49€236k€281k▲
Amounts payable after more than one year17€62k€141k▲
Financial debts170/4€62k€141k▲
Amounts payable within one year42/48€174k€141k▼
Current portion of amounts payable after more than one year42€24k€46k▲
Trade debts44€99k€49k▼
Suppliers440/4€99k€49k▼
Taxes, remuneration and social security45€28k€25k▼
Taxes450/3€5k€4k▼
Remuneration and social security454/9€22k€21k▼
Other amounts payable47/48€24k€20k▼
Income statement
Code20242025
Remuneration, social security and pensions62€153k€235k▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€48k€76k▲
Other operating charges640/8€3k€3k▼
Gross operating margin9900€212k€350k▲
Operating profit (loss)9901€8k€36k▲
Financial income75/76B€17€5k▲
Recurring financial income75€17€5k▲
Financial charges65/66B€3k€7k▲
Recurring financial charges65€3k€7k▲
Profit (loss) for the period before taxes9903€5k€34k▲
Income taxes67/77€0€0=
Profit (loss) for the period9904€5k€34k▲
Profit (loss) for the period to be appropriated9905€5k€34k▲
Appropriation of the result
Profit (loss) to be appropriated9906€894€35k▲
Profit (loss) brought forward from the previous period14P€-4k€894▲
Transfer to equity691/2-€34k
To other reserves6921-€34k
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
01-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Highest result since 2021net €34k ▲619%
Operating result €36k, net result €34k, both a record.
21-09
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 52 days late
2024
31-12
Financial
Back to profitnet €5k
Net result €5k after one loss-making year.
31-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet €-4k ▼6638%
Net result drops to €-4k, the lowest in the series; recovery starts the following year.
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 31 days late
2022
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
Directors · office · real estate
Directors
3 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, Welkenraedt · 1 establishment unit since 2021
Cannot be placed on the map
This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.
Rue Saint-Paul 2434841 WelkenraedtGround area
1,810 m²
Building footprint
346 m²
Volume, LiDAR
2,744 m³
Parcel 63032C0152/00B000, Wallonia · tallest building 11.0 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Max Pavage SRL
since 20212.317.236.958
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 63032C0152/00B000 | Wallonia | 1,810 m² | 1 · 346 m² | 10.9 m · 3 fl. |
Linked by address, not proof of ownership
Methodology
via registered seat: 1
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Recognitions · licences · registrations
Recognised contractor
6 categoriesMAX PAVAGE SRL45608
Similar companies · same sector, comparable size
David Philtjens
BE 0677.638.832
Herk-de-Stad · Eq €56k
ABORO BOUW
BE 0821.204.473
Lebbeke · Eq €56k
VLOER- EN TEGELWERKEN VAN DIJCK
BE 0751.649.238
Wuustwezel · Eq €56k
BEDIC
BE 0737.501.292
Ganshoren · Eq €56k
Van de walle John
BE 0505.685.249
Knokke-Heist · Eq €56k
Of 3,937 companies in sector 43331 we hold annual accounts for 1,777. 1,543 are within a factor 10 of this equity.See the whole sector
Company data · Crossroads Bank
Identification
Legal formPrivate limited company
Founded10-05-2021
Fiscal year end31-12
Activities, NACEBEL
43331Floor and wall tiling
43350Other building finishing work
43120Site preparation
43240Other construction installation
43299Specialised construction activities
43990Other specialised construction activities
43992Specialised construction activities
43999Specialised construction activities
46831Wholesale of construction materials, general range
49410Freight transport by road
81220Other building cleaning and industrial cleaning
81300Landscape service activities
Sources
Crossroads Bank for EnterprisesNational Bank · 5 filingsAddress and cadastre registers
Data from official sources, last processed on 12-09-2026. Scores and ratios are computed by Checked and are not a credit decision.