Equity
-€120,232
Debts exceed assets in financial year 2025.
MAX-SIM
Lifetime
5 annual accounts with figures on one time axispeak €28,779 (2025)
€28,779▲ €78,979
lowest -€75,590 (2024)
€4,985▲ €80,575
peak €15,972 (2022)
-€120,232▲ €4,985
€293,058▼ 17.4%
Board2 names since 2018
1 directorDavy Verschelde
Documentsfilings and deeds
28-04-20262 days before the deadline
2025micro format
Gross margin from -€50,200 to €28,779Back to profit: €4,985Debts from €354,874 to €293,058Cash from €6,098 to €2,842
Key points
from the 2025 annual accountsResult
€4,985 €4,985
Back in profit in 2025, after a loss of €75,590 in 2024.
Turnover
≈ €130,000 estimated
The micro format states no turnover.
Debts
€293,058 170% of the balance sheet
Financial debts 89%Suppliers 2%Taxes and wages 0%Other 9%
Of this, €33,108 falls due within a year.
Filings
5 annual accounts 2 late
The 2024 accounts came latest: 28 days after the end of the period.
Position in the sector
-69.6%
Lower solvency than 95% of companies in specialised construction. Sector median 46.7% · 35,156 companies.
Checked score
51
Fair
Financially stronger than 32% of micro companies in specialised construction (NACE 43)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
2.5% Moderate
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.7% across 47,696 companies (NACE 43, micro).
About 3 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 1.8%
01-2025: 1.9%▲ +0.1 percentage points vs 12-2024
02-2025: 1.9%● unchanged vs 01-2025
03-2025: 1.7%▼ -0.2 percentage points vs 02-2025
04-2025: 1.9%▲ +0.2 percentage points vs 03-2025
05-2025: 2.4%▲ +0.5 percentage points vs 04-2025
06-2025: 2.6%▲ +0.2 percentage points vs 05-2025
07-2025: 2.3%▼ -0.3 percentage points vs 06-2025
08-2025: 2.3%● unchanged vs 07-2025
09-2025: 2.3%● unchanged vs 08-2025
10-2025: 2.3%● unchanged vs 09-2025
11-2025: 2.3%● unchanged vs 10-2025
12-2025: 2.3%● unchanged vs 11-2025
01-2026: 2.3%● unchanged vs 12-2025
02-2026: 2.2%▼ -0.1 percentage points vs 01-2026
03-2026: 2.1%▼ -0.1 percentage points vs 02-2026
04-2026: 2.2%▲ +0.1 percentage points vs 03-2026
05-2026: 2.8%▲ +0.6 percentage points vs 04-2026highest value
06-2026: 1.7%▼ -1.1 percentage points vs 05-2026
07-2026: 1.7%● unchanged vs 06-2026
08-2026: 1.6%▼ -0.1 percentage points vs 07-2026lowest value
09-2026: 2.6%▲ +1.0 percentage point vs 08-2026
10-2026: 2.5%▼ -0.1 percentage points vs 09-2026
11-2026: 2.5%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
1 change of registered office in 24 months
Negative equity -€120,232
Sector: Specialised construction activities (NACE 43)
lowers risk
Figures for financial year 2025 (filed on 06-05-2026)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 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% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 43, micro). It does better than 3% of them on solvency, 37% on liquidity, 43% on profitability and 45% on growth.
The bankruptcy probability was computed on 10-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 30-09-2025.
Of the companies with a bankruptcy probability in the moderate class on 30-06-2025, 2.4% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 906 companies had the same profile as MAX-SIM has now. Each dot stands for 3 companies, two years later.
89.4%
were still trading
4.1%
stopped another way
6.1%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MAX-SIM itself: 2.5% within 12 months.
Test of the method
The method was tested on the 497,448 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% | 0.9% |
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 906 companies, not a prediction for MAX-SIM. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
No credit on open account
Liquidity is ample, with a current ratio of 3.67 (3.57 in 2024), above the usual 1.5. Short-term debt is 19.2% and cash 1.6% of total assets. However, equity is negative.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 5% of 35156 sector peers (2025).
NBB · sector comparisonPosition among 35156 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 days early
2024
28 days late
2023
4 days early
2022
2 days late
2021
2 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 5 accounts on average 4 days after the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The financial year that closed on 30-09-2026 is due by 30-04-2027. Nothing is late today. The company usually files around 28 April (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
30-09-2026 year end11-11-2026 today30-04-2027 deadline
Recent changes
Registered office moved within Diksmuide
New registered office: Lekedorpstraat 128 te 8600 Diksmuide · Previous registered office: Woumenweg 151 te 8600 Diksmuide · General meeting of 12-05-2026 · Gazette deed
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0716712709
Resignation: Latré Shana (director)
Director discharge: Latré Shana · General meeting of 14-08-2024 · Gazette deed
Changes of role: Davy Verschelde (director) and Shana Latré (director)
Legal-form conversion: from general partnership to private limited company · Kind of shares: €100 · Director discharge: Davy Verschelde · General meeting of 21-12-2020 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MAX-SIM Diksmuide | €172,826 | €28,779 | -69.6% | - |
| TB ELECTRICS Torhout | €167,042 | €26,196 | 15.1% | - |
| Vandenweghe Stijn Kortemark | €184,469 | €25,361 | 60.1% | - |
| DM ELECTRO FLASH Harelbeke | €150,953 | €23,995 | 64.8% | - |
| T-LEKTRO Kortrijk | €143,388 | €24,723 | 37.9% | - |
| DAVY STYVEN ELECTRICITEITSWERKEN Bocholt | €160,832 | €27,508 | 82.8% | - |
| ELEVA Ans | €157,476 | €29,170 | 39.2% | - |
These companies have the same main activity as MAX-SIM: general electrical installation work (NACE 43211). They are comparable in size and age: total assets between €143,000 and €184,000, founded between 2017 and 2020.
Official details
Source: KBO- Status
- Active since 20-12-2018Normal situation
- Activity
- General electrical installation workNACE 43211and 4 others
- Establishment unit
- 2.283.566.8728600 Diksmuide, since 20-12-2018
- Financial year end
- 30 September
- Peppol
- Reachable since 15-12-2025
Annual accounts to 30-09-2025
- €172,826▼ 24.7%
- Filing
- Filed on 28-04-2026, 2 days before the end of the filing period
Insights on MAX-SIM
MAX-SIM files the micro format. That format states no turnover. The gross margin rose from €27,381 in 2021 to €28,779 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about MAX-SIM
- What is the company number of MAX-SIM?
- The company number of MAX-SIM is 0716.712.709. The VAT number is the same number with BE in front: BE 0716.712.709.
- Where is MAX-SIM based?
- The registered office is at Lekedorpstraat 128, 8600 Diksmuide.Company details
- What does MAX-SIM do?
- According to the KBO register, the main activity is general electrical installation work (NACE 43211).
- What is the legal form of MAX-SIM?
- MAX-SIM is a private limited company (BV).
- When was MAX-SIM founded?
- MAX-SIM was founded on 20-12-2018.
- Is MAX-SIM still active?
- Yes, MAX-SIM is an active enterprise in the KBO register.
- What is the turnover of MAX-SIM?
- The turnover in financial year 2025 is ≈ €130,000. This figure is estimated from the gross margin of €28,779 and 45 comparable companies (NACE 43211). It probably lies between €94,000 and €210,000.Financials
- Is MAX-SIM profitable?
- In financial year 2025, MAX-SIM made a profit of €4,985.
- Where can I find the annual accounts of MAX-SIM?
- MAX-SIM filed 5 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of MAX-SIM due?
- MAX-SIM must file the annual accounts for financial year 2026 by 30-04-2027.Timeline
Next steps
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