ACTIVE

PAX

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Financial year 2025 · closed on 31/12/2025

Net result

68,9 k €

-62.9% YoY

Gross margin

16,9 k €

-49.2% YoY

Equity

2 M €

-3.8% YoY

Workforce

0,0 ETP

What does PAX do?

PAX is a Public limited company incorporated in 1973. Its main activity is: Management consultancy activities. Its registered office is in Herve.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0413.754.587

Incorporation

15/12/1973

Legal form

Public limited company

Registered office

La Fontaine 217
4654 Herve · WallonieSee on map

Contributed capital

250 000,00 €

Latest accounts

31/12/2025

Average workforce

0,0 ETP

Activities (NACE)

70200Management consultancy activities· main 70220Business and other management consultancy activities 62010Computer programming activities 62020Computer consultancy activities 62030Computer facilities management activities 62100Computer programming, consultancy and related activities+2

Joint committees (3)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDA

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✦ Verdict · Analyst summary

Financials

Trend over 20 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Gross margin	16,9 k €	-49.2%	33,2 k €	-62.4%	88,2 k €	+404%	17,5 k €	-82.1%	98 k €	-39.9%	163 k €		–		–		–		–		–		–		–		–		–		–		–		–		–		–
EBITDA	16,3 k €	-46.2%	30,3 k €	-65.6%	87,8 k €	+411%	17,2 k €	-81.9%	95,1 k €	-41.5%	162,7 k €	+514%	26,5 k €	+121%	12 k €	+115%	5,6 k €	-31.0%	8,1 k €	-59.8%	20,1 k €	-18.3%	24,6 k €	-23.7%	32,3 k €	-2.7%	33,1 k €	-43.9%	59,1 k €	+43.3%	41,3 k €	-4.6%	43,2 k €	-44.0%	77,2 k €	+15.7%	66,8 k €	+27.6%	52,3 k €
Operating result	428,4 €	-97.7%	18,3 k €	-75.5%	74,7 k €	+47565%	156,7 €	-99.8%	85,9 k €	-45.0%	156,1 k €	+641%	21,1 k €	+213%	6,7 k €	+1197%	519,1 €	-84.2%	3,3 k €	-54.9%	7,3 k €	-31.1%	10,6 k €	-12.6%	12,1 k €	+8.3%	11,2 k €	-68.7%	35,6 k €	+55.8%	22,9 k €	+16.4%	19,6 k €	-67.2%	59,9 k €	+13.5%	52,7 k €	+21.3%	43,5 k €
Net result	68,9 k €	-62.9%	185,7 k €	+188%	64,5 k €	+853%	6,8 k €	-98.0%	340,5 k €	+205%	111,7 k €	+5.3%	106,1 k €	-77.4%	469,4 k €	-2.0%	478,8 k €	+171%	176,7 k €	-53.2%	377,6 k €	+338%	86,2 k €	+74.1%	49,5 k €	+500%	8,3 k €	-86.8%	62,6 k €	-53.5%	134,5 k €	+40.8%	95,6 k €	-18.8%	117,7 k €	-18.4%	144,3 k €	-19.0%	178,1 k €
Balance sheet
Equity	2 M €	-3.8%	2,1 M €	+1.7%	2,1 M €	-1.7%	2,1 M €	-6.3%	2,3 M €	+9.2%	2,1 M €	-1.8%	2,1 M €	-2.0%	2,2 M €	+11.3%	1,9 M €	+16.8%	1,7 M €	+1.6%	1,6 M €	+14.2%	1,4 M €	+2.6%	1,4 M €	-3.5%	1,4 M €	-2.8%	1,5 M €	+0.9%	1,5 M €	+10.0%	1,3 M €	+7.7%	1,2 M €	+9.1%	1,1 M €	+14.5%	994,9 k €
Total assets	2,2 M €	-4.5%	2,3 M €	+4.0%	2,2 M €	-3.3%	2,3 M €	-8.0%	2,5 M €	+9.0%	2,3 M €	-2.4%	2,4 M €	-4.0%	2,4 M €	+12.7%	2,2 M €	+18.7%	1,8 M €	+0.5%	1,8 M €	+22.0%	1,5 M €	-0.6%	1,5 M €	-0.9%	1,5 M €	-5.6%	1,6 M €	+6.5%	1,5 M €	+5.6%	1,4 M €	-5.7%	1,5 M €	+5.3%	1,4 M €	-0.1%	1,4 M €
Cash	767,5 k €	+8.0%	710,6 k €	+121%	320,9 k €	-68.4%	1 M €	+1.4%	1 M €	+31.9%	759,8 k €	+96.7%	386,3 k €	-59.4%	951,2 k €	+287%	245,7 k €	+249%	70,3 k €	+54.1%	45,6 k €	-78.4%	211 k €	+24.1%	170 k €	+285%	44,1 k €	+38.1%	32 k €	-69.4%	104,3 k €	-3.2%	107,7 k €	+36.0%	79,2 k €	+532%	12,5 k €	-6.1%	13,4 k €
Debts	171,9 k €	-11.4%	193,9 k €	+38.6%	139,9 k €	-21.9%	179,2 k €	-24.1%	236,2 k €	+7.0%	220,9 k €	-7.2%	237,9 k €	-18.3%	291,1 k €	+23.6%	235,4 k €	+36.6%	172,4 k €	-9.3%	190 k €	+195%	64,4 k €	-41.3%	109,8 k €	+65.9%	66,2 k €	-42.3%	114,6 k €	+228%	34,9 k €	-60.8%	89,1 k €	-67.0%	269,8 k €	-9.5%	298 k €	-32.7%	443 k €
Other
Workforce	0,0 ETP		0,0 ETP		–		–		–		–		–		–		–		–		–		–		–		0,1 ETP	-90.0%	1,0 ETP	0.0%	1,0 ETP	-50.0%	2,0 ETP	0.0%	2,0 ETP	+42.9%	1,4 ETP	+40.0%	1,0 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 500 k€ and 1 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 21 ended

Active mandates

Anne DEPRESSEUX

Director · since 10 octobre 2023 · until 11 mai 2029

Active

Anne-Catherine ALDENHOFF

Director · since 10 octobre 2023 · until 11 mai 2029

Active

René Victor ALDENHOFF

Managing director · since 10 octobre 2023 · until 11 mai 2029

Active

Ended mandates

René Victor ALDENHOFF

Managing director · since 01 janvier 2023 · until 31 décembre 2028

Ended

SAMI DIFFUSION

Managing director · since 01 octobre 2018 · until 10 mai 2024 · 0431.271.502

Represented by René Victor ALDENHOFF

Ended

SAMI DIFFUSION

Managing director · since 01 octobre 2018 · until 31 décembre 2022 · 0431.271.502

Represented by René Victor ALDENHOFF

Ended

SAMI DIFFUSION

Managing director · since 01 octobre 2018 · until 10 mai 2024 · 0431.271.502

Represented by René Victor ALDENHOFF

Ended

At this address

Other companies at this address

Company	CBE no.
COMITE DE SOUTIEN DES FROMAGES DE WALLONIE● Active	0430.736.517

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model	Abridged model
Start of the financial year	01/01/2025	01/01/2024	01/01/2023	01/01/2022	01/01/2021	01/01/2020
Closing of the financial year	31/12/2025	31/12/2024	31/12/2023	31/12/2022	31/12/2021	31/12/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	09/06/2026	16/05/2025	05/08/2024	31/08/2023	13/06/2022	04/06/2021
General meeting	08/05/2026	09/05/2025	10/05/2024	02/06/2023	04/06/2022	14/05/2021
Currency of the financial year	EUR	EUR	EUR	EUR	EUR	EUR
NBB quality label	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls	Satisfying controls

Ratios

Financial ratios

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Filings

Annual accounts filings

20 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	31/12/2025	08/05/2026	09/06/2026	French	PDF
Abridged model	31/12/2024	09/05/2025	16/05/2025	French	PDF
Abridged model	31/12/2023	10/05/2024	05/08/2024	French	PDF
Abridged model	31/12/2022	02/06/2023	31/08/2023	French	PDF
Abridged model	31/12/2021	04/06/2022	13/06/2022	French	PDF
Abridged model	31/12/2020	14/05/2021	04/06/2021	French	PDF
Full model	31/12/2019	08/05/2020	19/05/2020	French	PDF
Full model	31/12/2018	10/05/2019	14/05/2019	French	PDF
Full model	31/12/2017	11/05/2018	14/05/2018	French	PDF
Full model	31/12/2016	30/05/2017	02/06/2017	French	PDF
Full model	31/12/2015	13/05/2016	19/05/2016	French	PDF
Full model	31/12/2014	22/05/2015	27/05/2015	French	PDF
Full model	31/12/2013	05/06/2014	13/06/2014	French	PDF
Full model	31/12/2012	07/06/2013	10/06/2013	French	PDF
Full model	31/12/2011	30/05/2012	04/06/2012	French	PDF
Full model	31/12/2010	26/05/2011	20/07/2011	French	PDF
Full model	31/12/2009	07/05/2010	08/06/2010	French	PDF
Full model	31/12/2008	08/05/2009	23/09/2009	French	PDF
Full model	31/12/2007	09/05/2008	06/06/2008	French	PDF
Full model	31/12/2006	11/05/2007	11/07/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 500 k€ and 1 M€

The detail comes with the Business plan: low and high bounds, the valuation bridge for each financial year, transaction multiples by sector and size, group valuation and exports.

Discover the Business plan

Disclaimer

Indicative estimate based on public sector multiples and the filed annual accounts. It is neither a certified valuation nor financial or investment advice.

Governance

Board of directors

Seen on filing of 31/12/2025 · 3 active · 21 ended

Active mandates

Anne DEPRESSEUX

Director · since 10 octobre 2023 · until 11 mai 2029

Active

Anne-Catherine ALDENHOFF

Director · since 10 octobre 2023 · until 11 mai 2029

Active

René Victor ALDENHOFF

Managing director · since 10 octobre 2023 · until 11 mai 2029

Active

Ended mandates

René Victor ALDENHOFF

Managing director · since 01 janvier 2023 · until 31 décembre 2028

Ended

SAMI DIFFUSION

Managing director · since 01 octobre 2018 · until 10 mai 2024 · 0431.271.502

Represented by René Victor ALDENHOFF

Ended

SAMI DIFFUSION

Managing director · since 01 octobre 2018 · until 31 décembre 2022 · 0431.271.502

Represented by René Victor ALDENHOFF

Ended

SAMI DIFFUSION

Managing director · since 01 octobre 2018 · until 10 mai 2024 · 0431.271.502

Represented by René Victor ALDENHOFF

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates31/10/2023
DENOMINATION - DEMISSIONS, NOMINATIONS
PDF
Mandates05/10/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates26/11/2018
DEMISSIONS, NOMINATIONS
PDF
Mandates31/05/2018
DEMISSIONS, NOMINATIONS
PDF
Mandates28/06/2017
DEMISSIONS, NOMINATIONS
PDF
Mandates18/06/2012
DEMISSIONS, NOMINATIONS
PDF
Mandates28/10/2011
DEMISSIONS, NOMINATIONS
PDF
Mandates19/02/2010
DEMISSIONS, NOMINATIONS
PDF

Source: Belgian Official Gazette

Competition

Similar companies

A company's peers, by sector and size, are included in the Business plan.

See the Business plan

2025
Annual accounts 202568,9 k €↓
2024
Annual accounts 2024185,7 k €↑
2023
Annual accounts 202364,5 k €↑
2022
Annual accounts 20226,8 k €↓
2021
Annual accounts 2021340,5 k €↑
2020
Annual accounts 2020111,7 k €↑
2019
Annual accounts 2019106,1 k €↓
2018
Annual accounts 2018469,4 k €↓
2017
Annual accounts 2017478,8 k €↑
2016
Annual accounts 2016176,7 k €↓
2015
Annual accounts 2015377,6 k €↑
2014
Annual accounts 201486,2 k €↑
2013
Annual accounts 201349,5 k €↑
2012
Annual accounts 20128,3 k €↓
2011
Annual accounts 201162,6 k €↓
2010
Annual accounts 2010134,5 k €↑
2009
Annual accounts 200995,6 k €↓
2008
Annual accounts 2008117,7 k €↓
2007
Annual accounts 2007144,3 k €↓
2006
Annual accounts 2006178,1 k €
15/12/1973
IncorporationPublic limited company

10/15	1 240 000	1 180 000	1 050 000
70	8 630 000	8 120 000	7 940 000
9904	412 000	388 000	301 000
17/49	2 970 000	3 140 000	3 380 000
9087	24,3	23,1	21,8

PAX

Overview

What does PAX do?

Trend over 20 financial years

Indicative valuation

Board of directors

Other companies at this address

Financials

Full financial information

Financial ratios

Annual accounts filings

Valuation

Indicative valuation

Directors & structure

Board of directors

Ownership and network

Publications

Belgian Official Gazette publications

Similar companies

Similar companies

Timeline