Virtus Max
ActiveSummary
Virtus Max has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€126,418) and a net result of -€29,755. Equity is shrinking by ~41.1% per year across the filed fiscal years. Its solvency ranks better than 12% of 18537 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.8% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability2▲+2
Solvency0=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.8%
Low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.11 against 0.14 in 2024; short-term debt: 156.4% and cash: 0.7% of total assets), and equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
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
-56.4%
Return on assets
-13.3%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Negative equity
The 2025 annual accounts show negative equity and a net loss.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year -€126,418
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 31-07-2026, 0 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
on the day
2024
16 d early
2023
14 d early
2022
35 d early
2021
34 d early
2020
30 d early
2019
7 d early
← 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 19 days before the deadline; the sector median for financial year 2024 is on the deadline day, and 46% of the sector filed late.
Checked, nothing found (2)
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
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
Equity
-€126,418▼ 30.8%
2024 · -€96,663
Total assets
€223,948▲ 2.0%
2024 · €219,486
Net result
-€29,755▲ 33.8%
2024 · -€44,919
Working capital
-€311,711▼ 17.0%
2024 · -€266,367
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-€117,688€45,327€2,175▼ 95.2%-€39,887-€28,571▲ 28.4%
Net result-€126,103€27,939-€4,795-€44,919▼ 837%-€29,755▲ 33.8%
Equity-€74,887-€46,949▲ 37.3%-€51,744▼ 10.2%-€96,663▼ 86.8%-€126,418▼ 30.8%
Total assets€458,362▼ 30.8%€456,262▼ 0.5%€483,787▲ 6.0%€219,486▼ 54.6%€223,948▲ 2.0%
Debt€533,250▼ 12.8%€503,211▼ 5.6%€535,530▲ 6.4%€316,149▼ 41.0%€350,366▲ 10.8%
Working capital-€225,333▼ 77.3%-€181,424▲ 19.5%-€194,702▼ 7.3%-€266,367▼ 36.8%-€311,711▼ 17.0%
Staff (FTE)1.5▼ 25.0%
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Why a figure moved sharply
- 2024 Total assets -55% on 2023. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €28,571 in 2025 against €39,887 in 2024; the loss shrinks.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €223,948
Fixed assets
€185,293 ▲ 4.7%
Current assets
€38,655 ▼ 9.1%
Key figures and ratios
EBITDA
-€5,918▲
2024 · -€18,354
Cash flow
-€7,102▲
2024 · -€23,387
Solvency
-56.4%▼
2024 · -44.0%
Current ratio
0.11▼
2024 · 0.14
Debt to equity
-2.77▲
2024 · -3.27
ROA
-13.3%▲
2024 · -20.5%
Interest coverage
-9.88▼
2024 · -4.23
Debt ≤ 1 year
€350,366▲
2024 · €308,881
Debt > 1 year
€0▼
2024 · €7,268
Income taxes
€666▼
2024 · €697
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,640 companies that looked in July 2024 the way this one looks now, 4.1% went bankrupt within 24 months and 84% are still going.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
4.1%
went bankrupt
9.9%
stopped otherwise
84%
still going
A further 2.0% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.8% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,640 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €250 | €0 | €69,937 | €6,782 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | €23,934 | -€11 | €0 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €45,097 | €44,154 | €31,831 | €21,533 | €22,653 | ▲ 5.2% |
| Other operating charges640/8 | €4,399 | €3,515 | €4,112 | €4,611 | €3,815 | ▼ 17.3% |
| Non-recurring operating charges66A | €4,562 | €0 | - | - | €463 | - |
| Gross operating margin9900 | -€39,696 | €92,986 | €38,118 | -€13,743 | -€1,639 | ▲ 88.1% |
| Operating profit (loss)9901 | -€117,688 | €45,327 | €2,175 | -€39,887 | -€28,571 | ▲ 28.4% |
| Financial income75/76B | €0 | €0 | €0 | €0 | €81 | - |
| Recurring financial income75 | €0 | €0 | €0 | €0 | €81 | - |
| Financial charges65/66B | €8,216 | €17,140 | €6,696 | €4,336 | €599 | ▼ 86.2% |
| Recurring financial charges65 | €8,216 | €17,140 | €6,696 | €4,336 | €599 | ▼ 86.2% |
| Profit (loss) for the period before taxes9903 | -€125,904 | €28,187 | -€4,521 | -€44,223 | -€29,089 | ▲ 34.2% |
| Income taxes67/77 | €199 | €249 | €274 | €697 | €666 | ▼ 4.4% |
| Profit (loss) for the period9904 | -€126,103 | €27,939 | -€4,795 | -€44,919 | -€29,755 | ▲ 33.8% |
| Profit (loss) for the period to be appropriated9905 | -€126,103 | €27,939 | -€4,795 | -€44,919 | -€29,755 | ▲ 33.8% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €458,362 | €456,262 | €483,787 | €219,486 | €223,948 | ▲ 2.0% |
| Fixed assets21/28 | €413,401 | €370,446 | €369,623 | €176,972 | €185,293 | ▲ 4.7% |
| Intangible fixed assets21 | €3,650 | €1,480 | €922 | €364 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €406,730 | €367,521 | €367,256 | €175,163 | €183,948 | ▲ 5.0% |
| Land and buildings22 | €276,993 | €255,000 | €238,000 | €110,500 | €131,760 | ▲ 19.2% |
| Plant, machinery and equipment23 | €125,156 | €109,973 | €100,526 | €44,765 | €39,266 | ▼ 12.3% |
| Furniture and vehicles24 | €4,581 | €2,549 | €28,730 | €19,899 | €12,922 | ▼ 35.1% |
| Leasing and similar rights25 | €0 | - | - | - | - | - |
| Financial fixed assets28 | €3,021 | €1,444 | €1,444 | €1,444 | €1,345 | ▼ 6.9% |
| Current assets29/58 | €44,961 | €85,817 | €114,164 | €42,514 | €38,655 | ▼ 9.1% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - |
| Stocks30/36 | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €35,678 | €69,354 | €113,753 | €36,609 | €37,027 | ▲ 1.1% |
| Trade receivables40 | €35,095 | €69,330 | €110,496 | €36,609 | €37,027 | ▲ 1.1% |
| Other amounts receivable41 | €583 | €24 | €3,257 | €0 | - | - |
| Cash at bank and in hand54/58 | €9,283 | €16,463 | €411 | €5,906 | €1,628 | ▼ 72.4% |
| Deferred charges and accrued income490/1 | €0 | - | - | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €458,362 | €456,262 | €483,787 | €219,486 | €223,948 | ▲ 2.0% |
| Equity10/15 | -€74,887 | -€46,949 | -€51,744 | -€96,663 | -€126,418 | ▼ 30.8% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €57,129 | €57,129 | €57,129 | €57,129 | €57,129 | = |
| Non-distributable reserves130/1 | €1,859 | €1,859 | €0 | - | - | - |
| Reserves not available under the articles1311 | €1,859 | €1,859 | €0 | - | - | - |
| Tax-exempt reserves132 | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Distributable reserves133 | €50,270 | €50,270 | €52,129 | €52,129 | €52,129 | = |
| Profit (loss) carried forward14 | -€150,608 | -€122,670 | -€127,465 | -€172,384 | -€202,139 | ▼ 17.3% |
| Amounts payable17/49 | €533,250 | €503,211 | €535,530 | €316,149 | €350,366 | ▲ 10.8% |
| Amounts payable after more than one year17 | €262,955 | €235,970 | €226,665 | €7,268 | €0 | ▼ 100% |
| Financial debts170/4 | €262,955 | €235,970 | €226,665 | €7,268 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €270,295 | €267,241 | €308,866 | €308,881 | €350,366 | ▲ 13.4% |
| Current portion of amounts payable after more than one year42 | €28,970 | €26,987 | €28,285 | €6,997 | €7,268 | ▲ 3.9% |
| Trade debts44 | €1,249 | €382 | €3,757 | €4,566 | €12,923 | ▲ 183% |
| Suppliers440/4 | €1,249 | €382 | €3,757 | €4,566 | €12,923 | ▲ 183% |
| Taxes, remuneration and social security45 | €2,402 | €6,258 | €3,095 | €4,384 | €7,225 | ▲ 64.8% |
| Taxes450/3 | €2,402 | €6,258 | €3,095 | €4,384 | €7,225 | ▲ 64.8% |
| Remuneration and social security454/9 | €0 | - | - | - | - | - |
| Other amounts payable47/48 | €237,674 | €233,615 | €273,729 | €292,933 | €322,950 | ▲ 10.2% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€126,103 | €27,939 | -€4,795 | -€44,919 | -€29,755 | ▲ 33.8% |
| + Depreciation and write-downs630 | €45,097 | €44,154 | €31,831 | €21,533 | €22,653 | ▲ 5.2% |
| Operating cash flow (approximation) | -€81,006 | €72,093 | €27,036 | -€23,387 | -€7,102 | ▲ 69.6% |
| Investment in fixed assets (approximation) | - | -€1,199 | -€31,008 | €171,118 | -€30,974 | ▼ 118% |
| Change in cash | - | €7,180 | -€16,051 | €5,494 | -€4,277 | ▼ 178% |
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
31-07
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
15-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
17-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
26-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €27,939
Net result €27,939 after one loss-making year.
27-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Weakest financial yearnet -€126,103
Net result drops to -€126,103, the lowest in the series; recovery starts the following year.
01-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Back to profitnet €77,562
Net result €77,562 after one loss-making year.
24-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
25-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema · 31 days late
2017
31-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 5 acts read
About the unread acts
We know of 5 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
5 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, Kuurne · 1 establishment unit since 1988
Ground area
232 m²
Building footprint
129 m²
Volume, LiDAR
668 m³
Parcel 34023B0764/00N004, Flanders · tallest building 11.0 m, ±1 floor. Linked by address, not a title deed.
1 establishment unit
KOPIE KORTRIJK
since 19882.039.775.782
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 34023B0764/00N004 | Flanders | 232 m² | 1 · 129 m² | 11.0 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 · 1 entry · 21,302 EUR awarded · 21,302 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 21,302 EUR | 21,302 EUR |
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Of 2,342 companies in sector 47621 we hold annual accounts for 1,244. 1,099 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
Founded17-08-1988
Fiscal year end31-12
Activities, NACEBEL 2025
47621Retail sale of newspapers and periodicals
70200Business and other management consultancy
Contact
E-mail
virtusbv@gmail.com
E-invoicing
Not found in the Peppol register
No Peppol card under this enterprise or VAT number. That proves nothing: publishing a card is voluntary.
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Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.