MAX-SIM
ActiveSummary
The computed 12-month bankruptcy probability of MAX-SIM is 2.6% (moderate). The 2025 annual accounts show negative equity (-€120,232) and a net result of €4,985. Equity is shrinking by ~81.3% per year across the filed fiscal years. Its solvency ranks better than 5% of 28051 sector peers (fiscal year 2025). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability72▲+72
Solvency0=
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
2.6%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity ample (current ratio 3.67 against 3.57 in 2024; short-term debt: 19.2% and cash: 1.6% of total assets), but equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
+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
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-69.6%
Return on assets
2.9%
Age of the figures
12 mo
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 28051 sector peers (2025).
NBB · sector comparisonPosition among 28051 sector peers
Solvency
better than 5%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 28-04-2026, 2 days ahead of the deadline.
NBB · 5 filingsDeviation from the deadline
2025
2 d early
2024
28 d late
2023
4 d early
2022
2 d late
2021
2 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 5 accounts on average 4 days after the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (2)
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.
Companies Code · seven monthsPosition in the running window
26-09-2026 today30-09-2026 close30-04-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€120,232▲ 4.0%
2024 · -€125,217
Total assets
€172,826▼ 24.7%
2024 · €229,657
Net result
€4,985
2024 · -€75,590
Working capital
€88,432▼ 21.5%
2024 · €112,590
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€6,059-€2,450▼ 59.6%-€70,038-€75,357▼ 7.6%€5,745
Net result€4,521-€1,937▼ 57.2%-€65,599-€75,590▼ 15.2%€4,985
Equity€14,035-€15,972▲ 13.8%-€49,627-€125,217▼ 152%-€120,232▲ 4.0%
Total assets€102,369-€138,843▲ 35.6%€344,203▲ 148%€229,657▼ 33.3%€172,826▼ 24.7%
Debt€88,334-€122,870▲ 39.1%€393,830▲ 221%€354,874▼ 9.9%€293,058▼ 17.4%
Working capital-€8,144-€19,512€150,995▲ 674%€112,590▼ 25.4%€88,432▼ 21.5%
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result returns to profit in 2025: €5,745 after a loss of €75,357 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €172,826
Fixed assets
€51,286 ▼ 30.0%
Current assets
€121,540 ▼ 22.3%
Key figures and ratios
EBITDA
€27,700▲
2024 · -€53,103
Cash flow
€26,940▲
2024 · -€53,336
Solvency
-69.6%▼
2024 · -54.5%
Current ratio
3.67▲
2024 · 3.57
Quick ratio
1.38▲
2024 · 0.75
Debt to equity
-2.44▲
2024 · -2.83
ROA
2.9%▲
2024 · -32.9%
Interest coverage
12.52▲
2024 · -34.56
Debt ≤ 1 year
€33,108▼
2024 · €43,827
Debt > 1 year
€259,950▼
2024 · €311,048
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €761 | - | €7,552 | €2,000 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,529 | €21,666 | €19,461 | €22,254 | €21,955 | ▼ 1.3% |
| Other operating charges640/8 | €1,788 | €923 | €611 | €2,902 | €1,079 | ▼ 62.8% |
| Non-recurring operating charges66A | €5 | €0 | - | - | - | - |
| Gross operating margin9900 | €27,381 | €25,040 | -€49,966 | -€50,200 | €28,779 | ▲ 157% |
| Operating profit (loss)9901 | €6,059 | €2,450 | -€70,038 | -€75,357 | €5,745 | ▲ 108% |
| Financial income75/76B | €10 | €666 | €6,627 | €1,304 | €1,453 | ▲ 11.4% |
| Recurring financial income75 | €10 | €666 | €15 | €1,304 | €1,453 | ▲ 11.4% |
| Non-recurring financial income76B | - | - | €6,612 | €0 | - | - |
| Financial charges65/66B | €980 | €653 | €2,188 | €1,537 | €2,213 | ▲ 44.0% |
| Recurring financial charges65 | €980 | €653 | €2,188 | €1,537 | €2,213 | ▲ 44.0% |
| Profit (loss) for the period before taxes9903 | €5,090 | €2,464 | -€65,599 | -€75,590 | €4,985 | ▲ 107% |
| Income taxes67/77 | €568 | €526 | €0 | - | - | - |
| Profit (loss) for the period9904 | €4,521 | €1,937 | -€65,599 | -€75,590 | €4,985 | ▲ 107% |
| Profit (loss) for the period to be appropriated9905 | €4,521 | €1,937 | -€65,599 | -€75,590 | €4,985 | ▲ 107% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €102,369 | €138,843 | €344,203 | €229,657 | €172,826 | ▼ 24.7% |
| Fixed assets21/28 | €84,804 | €80,830 | €95,495 | €73,241 | €51,286 | ▼ 30.0% |
| Tangible fixed assets22/27 | €84,804 | €80,830 | €95,495 | €73,241 | €51,286 | ▼ 30.0% |
| Land and buildings22 | - | €8,002 | €7,201 | €6,401 | €5,600 | ▼ 12.5% |
| Plant, machinery and equipment23 | €56,901 | €50,577 | €52,007 | €32,019 | €20,350 | ▼ 36.4% |
| Furniture and vehicles24 | €27,903 | €22,252 | €36,287 | €34,821 | €25,336 | ▼ 27.2% |
| Current assets29/58 | €17,565 | €58,013 | €248,708 | €156,416 | €121,540 | ▼ 22.3% |
| Stocks and contracts in progress3 | €1,500 | €16,624 | €159,810 | €123,577 | €75,744 | ▼ 38.7% |
| Stocks30/36 | €1,500 | €16,624 | €159,810 | €123,577 | €75,744 | ▼ 38.7% |
| Amounts receivable within one year40/41 | €8,304 | €37,801 | €74,416 | €25,341 | €41,951 | ▲ 65.5% |
| Trade receivables40 | €6,014 | €3,425 | €10,175 | €871 | €6,903 | ▲ 693% |
| Other amounts receivable41 | €2,290 | €34,376 | €64,241 | €24,470 | €35,048 | ▲ 43.2% |
| Cash at bank and in hand54/58 | €5,729 | €1,795 | €13,082 | €6,098 | €2,842 | ▼ 53.4% |
| Deferred charges and accrued income490/1 | €2,032 | €1,793 | €1,401 | €1,401 | €1,004 | ▼ 28.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €102,369 | €138,843 | €344,203 | €229,657 | €172,826 | ▼ 24.7% |
| Equity10/15 | €14,035 | €15,972 | -€49,627 | -€125,217 | -€120,232 | ▲ 4.0% |
| Contributions10/11 | €100 | €100 | €100 | €100 | €100 | = |
| Reserves13 | €12,914 | €15,714 | €15,714 | €15,714 | €15,714 | = |
| Non-distributable reserves130/1 | €10 | €10 | €10 | €10 | €10 | = |
| Reserves not available under the articles1311 | €10 | €10 | €10 | €10 | €10 | = |
| Distributable reserves133 | €12,904 | €15,704 | €15,704 | €15,704 | €15,704 | = |
| Profit (loss) carried forward14 | €1,021 | €159 | -€65,441 | -€141,031 | -€136,046 | ▲ 3.5% |
| Amounts payable17/49 | €88,334 | €122,870 | €393,830 | €354,874 | €293,058 | ▼ 17.4% |
| Amounts payable after more than one year17 | €62,625 | €84,370 | €296,117 | €311,048 | €259,950 | ▼ 16.4% |
| Financial debts170/4 | €62,625 | €84,370 | €296,117 | €311,048 | €259,950 | ▼ 16.4% |
| Amounts payable within one year42/48 | €25,709 | €38,500 | €97,714 | €43,827 | €33,108 | ▼ 24.5% |
| Current portion of amounts payable after more than one year42 | €16,912 | €18,775 | €13,818 | €14,836 | €10,127 | ▼ 31.7% |
| Trade debts44 | €5,759 | €18,932 | €48,547 | €10,882 | €6,593 | ▼ 39.4% |
| Suppliers440/4 | €5,759 | €18,932 | €48,547 | €10,882 | €6,593 | ▼ 39.4% |
| Taxes, remuneration and social security45 | €3,039 | €793 | €35,348 | €3,109 | €1,388 | ▼ 55.4% |
| Taxes450/3 | €3,039 | €793 | €35,348 | €3,109 | €1,388 | ▼ 55.4% |
| Other amounts payable47/48 | - | - | - | €15,000 | €15,000 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,521 | €1,937 | -€65,599 | -€75,590 | €4,985 | ▲ 107% |
| + Depreciation and write-downs630 | €19,529 | €21,666 | €19,461 | €22,254 | €21,955 | ▼ 1.3% |
| Operating cash flow (approximation) | €24,050 | €23,603 | -€46,138 | -€53,336 | €26,940 | ▲ 151% |
| Investment in fixed assets (approximation) | - | -€17,692 | -€34,126 | €0 | €0 | - |
| Change in cash | - | -€3,934 | €11,286 | -€6,983 | -€3,256 | ▲ 53.4% |
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
04-08
State Gazette act
Registered officeRegistered-office move2 facts ▸
State Gazette act
Registered office
Registered-office move2 facts ▸
- Registered-office move, Lekedorpstraat 128, 8600 Diksmuide
- General meeting, 12/05/2026
28-04
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
Financial
Back to profitnet €4,985
Net result €4,985 after 2 loss-making years.
28-05
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 28 days late
2024
30-09
Financial
Weakest financial yearnet -€75,590
Net result drops to -€75,590, the lowest in the series; recovery starts the following year.
26-04
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
02-05
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 2 days late
2022
30-09
Financial
Liquidity doublescurrent ratio 1.51
Current ratio from 0.68 to 1.51.
28-04
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 4 acts read
About the unread acts
Of the 4 Belgian State Gazette acts we know for this company, 1 has been read. The other 3 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 1. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Diksmuide · 1 establishment unit since 2018
Ground area
1,040 m²
Building footprint
1,040 m²
Volume, LiDAR
4,693 m³
Parcel 32013B0019/00E000, Flanders · tallest building 9.6 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
MAX-SIM
since 20182.283.566.872
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 32013B0019/00E000 | Flanders | 1,040 m² | 1 · 1,040 m² | 9.6 m · 1 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.
Public money · subsidies and aid
Flemish government
2022 to 2023 · 2 entries · 4,200 EUR awarded · 4,770 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2023 | 1 | 1,560 EUR | 2,130 EUR |
| 2022 | 1 | 2,640 EUR | 2,640 EUR |
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Of 22,831 companies in sector 43211 we hold annual accounts for 10,327. 6,689 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
Founded20-12-2018
Fiscal year end30-09
Activities, NACEBEL 2025
01301Crop and animal production, hunting and related service activities
43211General electrical installation work
01309Crop and animal production, hunting and related service activities
46220Wholesale trade
66199Other activities auxiliary to financial services, excluding insurance and pension funding
81300Landscape service activities
96220Beauty care and other beauty treatments
Scores and ratios are computed by Checked and are not a credit decision.