Equity
-€145,905
Debts exceed assets in financial year 2025.
FNRCK Max
Lifetime
19 annual accounts with figures on one time axispeak €308,954 (2014)
€58,298▲ 49.2%
lowest -€450,824 (2019)
€39,884▲ 36.5%
peak €368,905 (2018)
-€145,905▲ €39,884
€194,635▼ 19.1%
peak 1 FTE (2013)
-not published
Board3 names since 2006
1 directorORDAS PELLITERO Maria Belen
Documentsfilings and deeds
26-09-2025127 days before the deadline
2025micro format
Gross margin from €39,071 to €58,298Result from €29,209 to €39,884Registered office moved from Oudenaarde to Waregem 01-08Equity from -€185,789 to -€145,905Debts from €240,479 to €194,635
Key points
from the 2025 annual accountsTurnover
≈ €270,000 estimated
The micro format states no turnover.
Debts
€194,635 399% of the balance sheet
Suppliers 0%Taxes and wages 4%Other 95%
Filings
19 annual accounts since 2007
Two of the last ten came late. The 2016 accounts came latest: 20 days after the end of the period.
Board
2 joined · 1 left
Board changed. Latest change 04-03-2026 · 2 in office.
Position in the sector
-299.4%
Lower solvency than 95% of companies in wholesale trade. Sector median 40.5% · 13,800 companies.
Checked score
49
Fair
Financially stronger than 56% of micro companies in wholesale trade (NACE 46)
Probability in this band: 1.5% to 4.2%
Bankruptcy probability within 12 months
4.2% Elevated
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.4% across 26,888 companies (NACE 46, micro).
About 4 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.5%
01-2025: 0.5%● unchanged vs 12-2024
02-2025: 0.5%● unchanged vs 01-2025
03-2025: 0.5%● unchanged vs 02-2025
04-2025: 0.5%● unchanged vs 03-2025
05-2025: 0.5%● unchanged vs 04-2025
06-2025: 0.5%● unchanged vs 05-2025
07-2025: 0.5%● unchanged vs 06-2025lowest value
08-2025: 0.5%● unchanged vs 07-2025lowest value
09-2025: 1.1%▲ +0.6 percentage points vs 08-2025
10-2025: 1.1%● unchanged vs 09-2025
11-2025: 1.1%● unchanged vs 10-2025
12-2025: 1.1%● unchanged vs 11-2025
01-2026: 1.1%● unchanged vs 12-2025
02-2026: 1.1%● unchanged vs 01-2026
03-2026: 1.1%● unchanged vs 02-2026
04-2026: 3.7%▲ +2.6 percentage points vs 03-2026
05-2026: 3.7%● unchanged vs 04-2026
06-2026: 3.7%● unchanged vs 05-2026
07-2026: 3.7%● unchanged vs 06-2026
08-2026: 3.7%● unchanged vs 07-2026
09-2026: 3.7%● unchanged vs 08-2026
10-2026: 4.2%▲ +0.5 percentage points vs 09-2026highest value
11-2026: 4.2%● unchanged vs 10-2026highest value
Financial strengthAverage
Score breakdown
raises risk
2 changes of registered office in 24 months
Negative equity -€145,905
lowers risk
Founded in 2006
Liquidity: current ratio 0.25, cash €17,940
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 46, micro). It does better than 6% of them on solvency, 45% on liquidity, 95% on profitability and 77% on growth.
The bankruptcy probability was computed on 08-11-2026 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 30-06-2025.
Of the companies with a bankruptcy probability in the elevated class on 30-06-2025, 6.3% 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, 3,794 companies had the same profile as FNRCK Max has now. Each dot stands for 10 companies, two years later.
91.5%
were still trading
5.3%
stopped another way
2.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of FNRCK Max itself is higher: 4.2% within 12 months. It rests on far more data about FNRCK Max than the profile alone.
Test of the method
The method was tested on the 497,447 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 3,794 companies, not a prediction for FNRCK Max. 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 insufficient, with a current ratio of 0.25 (0.22 in 2024), below 1. Short-term debt is 399.4% and cash 36.8% of total assets. 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 13800 sector peers (2025).
NBB · sector comparisonPosition among 13800 sector peers
Solvency
better than 5%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 26-09-2025, 127 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
127 days early
2024
74 days early
2023
135 days early
2022
120 days early
2021
70 days early
2020
40 days early
2019
53 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 88 days before the deadline. In the sector (NACE 46), the median for financial year 2024 was 3 days before the deadline, and 39% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The financial year that closed on 30-06-2026 is due by 31-01-2027. Nothing is late today. The company usually files around 3 October (4 of the last 5 accounts filed within 46 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
30-06-2026 year end09-11-2026 today31-01-2027 deadline
Recent changes
New establishment in Etterbeek
Witte Patersstraat 4
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0881017148
Company renamed from PEPPER CONSULTING to FNRCK Max
Registered office moved from Waregem to Ghent · New registered office: Gelukstraat 34, 9000 Gent · Previous registered office: Albert Saverysstraat 2 bus 13, 8790 Waregem · General meeting of 26-02-2026 · Gazette deed
Registered office moved from Oudenaarde to Waregem
New registered office: Albert Saverysstraat nr.2 bus 13, 8790 Waregem · Previous registered office: Ravensdal 4, 9700 Oudenaarde · Board meeting of 07-07-2025 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| FNRCK Max Ghent | €48,730 | €58,298 | -299.4% | - |
| HUVI Sint-Martens-Latem | €48,976 | €47,925 | 58.8% | - |
| AVANT GARDE DECO Ingelmunster | €39,105 | €57,452 | -298.2% | - |
| RICOBEL Ghent | €37,137 | €32,968 | -118.3% | - |
| KAMEL MARKET Ixelles | €49,497 | €42,081 | 43.3% | - |
| DGR IMMO Mouscron | €65,464 | €51,905 | 79.3% | - |
| SOPROBAT Genappe | €34,569 | €75,299 | 51.9% | - |
These companies have the same main activity as FNRCK Max: agents in non-specialised wholesale trade (NACE 46190). They are comparable in size and age: total assets between €34,600 and €65,500, founded between 2002 and 2010.
Official details
Source: KBO- Status
- Active since 28-04-2006Normal situation
- Activity
- Agents in non-specialised wholesale tradeNACE 46190and 2 others
- Establishment units
- 2.153.284.1929000 Ghent, since 04-05-2006
- 2.393.828.9501040 Etterbeek, since 03-09-2026
- Financial year end
- 30 June
- Peppol
- Reachable since 27-07-2026
Annual accounts to 30-06-2025
- €48,730▼ 10.9%
- Filing
- Filed on 26-09-2025, 127 days before the end of the filing period
Insights on FNRCK Max
FNRCK Max files the micro format. That format states no turnover. The gross margin rose from -€43,218 in 2007 to €58,298 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 FNRCK Max
- What is the company number of FNRCK Max?
- The company number of FNRCK Max is 0881.017.148. The VAT number is the same number with BE in front: BE 0881.017.148.
- Where is FNRCK Max based?
- The registered office is at Gelukstraat 34, 9000 Ghent.Company details
- What does FNRCK Max do?
- According to the KBO register, the main activity is agents in non-specialised wholesale trade (NACE 46190).
- What is the legal form of FNRCK Max?
- FNRCK Max is a private limited company (BV).
- When was FNRCK Max founded?
- FNRCK Max was founded on 28-04-2006.
- Is FNRCK Max still active?
- Yes, FNRCK Max is an active enterprise in the KBO register.
- What is the turnover of FNRCK Max?
- The turnover in financial year 2025 is ≈ €270,000. This figure is estimated from the gross margin of €58,298 and 30 comparable companies (NACE 461). It probably lies between €140,000 and €630,000.Financials
- Is FNRCK Max profitable?
- In financial year 2025, FNRCK Max made a profit of €39,884.
- Where can I find the annual accounts of FNRCK Max?
- FNRCK Max filed 19 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of FNRCK Max due?
- FNRCK Max must file the annual accounts for financial year 2026 by 31-01-2027.Timeline
Next steps
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