ACTIVE

MAKKAR

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Financial year 2025 · closed on 31/12/2025

Net result

37,5 k €

+63.5% YoY

Gross margin

100,1 k €

+24.9% YoY

Equity

197 k €

+23.5% YoY

What does MAKKAR do?

MAKKAR is a Private limited company incorporated in 1999. Its registered office is in Liège.

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0465.630.979

Incorporation

02/04/1999

Legal form

Private limited company

Registered office

Rue Saint-Laurent 156
4000 Liège · WallonieSee on map

Contributed capital

18 592,01 €

Latest accounts

31/12/2025

Joint committees (1)

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	100,1 k €	+24.9%	80,2 k €	-1.0%	81 k €	+8.8%	74,5 k €	+30.4%	57,1 k €	-37.0%	90,7 k €	+48.6%	61 k €	+29.5%	47,1 k €	-0.2%	47,2 k €	-40.2%	78,9 k €	-7.2%	85 k €	+65.3%	51,4 k €	+48.2%	34,7 k €	+35.5%	25,6 k €	-27.1%	35,1 k €	-37.9%	56,6 k €	+26.2%	44,8 k €	+156%	17,5 k €	-41.6%	30 k €	+642%	4 k €
EBITDA	61,5 k €	+35.2%	45,5 k €	+0.5%	45,3 k €	+31.5%	34,4 k €	-35.9%	53,7 k €	-28.3%	74,8 k €	+152%	29,7 k €	+121%	13,4 k €	+38.7%	9,7 k €	+8.1%	9 k €	+132%	3,9 k €	-18.3%	4,7 k €	-41.5%	8,1 k €	-16.8%	9,7 k €	+12.3%	8,6 k €	+16.5%	7,4 k €	+485%	-1,9 k €	+53.3%	-4,1 k €	-127%	15,5 k €	+593%	2,2 k €
Operating result	57,1 k €	+48.4%	38,4 k €	+0.6%	38,2 k €	+70.4%	22,4 k €	-43.6%	39,8 k €	-39.3%	65,5 k €	+184%	23,1 k €	+1787%	1,2 k €	-62.4%	3,3 k €	+118%	1,5 k €	+151%	-2,9 k €	-72.1%	-1,7 k €	-210%	1,5 k €	+48.0%	1 k €	+177%	-1,4 k €	+40.0%	-2,3 k €	+80.7%	-11,7 k €	-45.2%	-8,1 k €	-159%	13,7 k €	+1737%	745,7 €
Net result	37,5 k €	+63.5%	23 k €	-2.7%	23,6 k €	+109%	11,3 k €	-30.1%	16,2 k €	-60.6%	41 k €	+107%	19,8 k €	+10439%	187,8 €	-89.4%	1,8 k €	+559%	269 €	+105%	-4,9 k €	-27.3%	-3,9 k €	-509%	945,4 €	+238%	279,5 €	+114%	-2,1 k €	+36.3%	-3,2 k €	+78.4%	-15 k €	-326%	6,6 k €	-49.3%	13,1 k €	+1709%	722,6 €
Balance sheet
Equity	197 k €	+23.5%	159,5 k €	+16.8%	136,6 k €	+20.9%	113 k €	+11.1%	101,7 k €	+18.9%	85,5 k €	+91.9%	44,6 k €	+79.9%	24,8 k €	+0.8%	24,6 k €	+7.8%	22,8 k €	+1.2%	22,6 k €	-17.9%	27,5 k €	-12.3%	31,4 k €	+3.1%	30,4 k €	+0.9%	30,1 k €	-6.4%	32,2 k €	-9.1%	35,4 k €	-29.7%	50,4 k €	+15.2%	43,8 k €	+147%	17,7 k €
Total assets	327,2 k €	-8.4%	357,1 k €	+0.9%	353,8 k €	+9.6%	322,9 k €	+24.6%	259 k €	+24.9%	207,4 k €	+210%	66,9 k €	-5.9%	71,1 k €	-8.9%	78 k €	+52.6%	51,1 k €	-0.9%	51,6 k €	-7.0%	55,4 k €	+21.6%	45,6 k €	+5.4%	43,3 k €	-10.3%	48,2 k €	-25.2%	64,5 k €	-0.8%	65 k €	+15.3%	56,4 k €	+7.2%	52,6 k €	+120%	24 k €
Cash	95,3 k €	+128%	41,7 k €	-1.9%	42,5 k €	-30.8%	61,5 k €	+26.4%	48,6 k €	-18.0%	59,3 k €	+630%	8,1 k €	-22.6%	10,5 k €	-63.0%	28,4 k €	+79.2%	15,8 k €	+385%	3,3 k €	-52.5%	6,9 k €	+12.1%	6,1 k €	-34.0%	9,3 k €	+1375%	630,3 €	-88.8%	5,6 k €	+54.8%	3,6 k €	+24.5%	2,9 k €	-51.9%	6 k €	+313%	1,5 k €
Debts	130,2 k €	-34.1%	197,6 k €	-9.0%	217,2 k €	+3.5%	209,9 k €	+33.4%	157,3 k €	+29.1%	121,9 k €	+446%	22,3 k €	-51.7%	46,3 k €	+2.0%	45,4 k €	+60.3%	28,3 k €	-2.5%	29 k €	+3.8%	28 k €	+96.4%	14,2 k €	+10.7%	12,9 k €	-29.0%	18,1 k €	-44.0%	32,3 k €	+9.2%	29,6 k €	+392%	6 k €	-32.2%	8,9 k €	+42.7%	6,2 k €
Other
Workforce	–		–		–		–		–		–		–		–		–		–		2,9 ETP	+45.0%	2,0 ETP	+100%	1,0 ETP	+100%	0,5 ETP	-50.0%	1,0 ETP	-47.4%	1,9 ETP	-5.0%	2,0 ETP	+81.8%	1,1 ETP	+57.1%	0,7 ETP		–

Estimate

Indicative valuation

As an indication, this company is worth

between 250 k€ and 500 k€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 2 ended

Active mandates

PAL SURINDER

Mandate

Active

Ended mandates

Pal Singh Surinder

Administrator - manager

Ended

PAL SINGH SURINDER

Manager

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Micro model	Micro model	Micro model	Micro model	Micro model	Micro 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	21/08/2026	06/09/2025	28/10/2024	19/09/2023	06/09/2022	18/08/2021
General meeting	25/05/2026	05/09/2025	27/05/2024	29/05/2023	30/05/2022	31/05/2021
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
Micro model	31/12/2025	25/05/2026	21/08/2026	French	PDF
Micro model	31/12/2024	05/09/2025	06/09/2025	French	PDF
Micro model	31/12/2023	27/05/2024	28/10/2024	French	PDF
Micro model	31/12/2022	29/05/2023	19/09/2023	French	PDF
Micro model	31/12/2021	30/05/2022	06/09/2022	French	PDF
Micro model	31/12/2020	31/05/2021	18/08/2021	French	PDF
Micro model	31/12/2019	27/07/2020	07/10/2020	French	PDF
Micro model	31/12/2018	20/06/2019	29/08/2019	French	PDF
Micro model	31/12/2017	21/06/2018	24/08/2018	French	PDF
Micro model	31/12/2016	15/06/2017	25/08/2017	French	PDF
Abridged model	31/12/2015	16/06/2016	22/08/2016	French	PDF
Abridged model	31/12/2014	25/05/2015	27/08/2015	French	PDF
Abridged model	31/12/2013	26/05/2014	27/08/2014	French	PDF
Abridged model	31/12/2012	27/05/2013	28/08/2013	French	PDF
Abridged model	31/12/2011	29/05/2012	30/08/2012	French	PDF
Abridged model	31/12/2010	30/05/2011	27/08/2011	French	PDF
Abridged model	31/12/2009	31/05/2010	11/08/2010	French	PDF
Abridged model	31/12/2008	25/05/2009	31/07/2009	French	PDF
Abridged model	31/12/2007	26/05/2008	28/08/2008	French	PDF
Abridged model	31/12/2006	28/05/2007	29/08/2007	French	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 250 k€ and 500 k€

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 · 1 active · 2 ended

Active mandates

PAL SURINDER

Mandate

Active

Ended mandates

Pal Singh Surinder

Administrator - manager

Ended

PAL SINGH SURINDER

Manager

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates02/10/2025
DEMISSIONS, NOMINATIONS
PDF
Mandates15/01/2024
MODIFICATION FORME JURIDIQUE - DEMISSIONS, NOMINATIONS
PDF
Mandates31/07/2023
DEMISSIONS, NOMINATIONS
PDF
Mandates11/04/2022
CAPITAL, ACTIONS - DEMISSIONS, NOMINATIONS
PDF
Mandates13/07/2020
DEMISSIONS, NOMINATIONS
PDF
Registered office18/01/2018
SIEGE SOCIAL
PDF
Other10/08/2007
OBJET - STATUTS (TRADUCTION, COORDINATION, AUTRES MODIFICATIONS, )
PDF
Mandates03/05/2004
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 202537,5 k €↑
2024
Annual accounts 202423 k €↓
2023
Annual accounts 202323,6 k €↑
2022
Annual accounts 202211,3 k €↓
2021
Annual accounts 202116,2 k €↓
2020
Annual accounts 202041 k €↑
2019
Annual accounts 201919,8 k €↑
2018
Annual accounts 2018187,8 €↓
2017
Annual accounts 20171,8 k €↑
2016
Annual accounts 2016269 €↑
2015
Annual accounts 2015-4,9 k €↓
2014
Annual accounts 2014-3,9 k €↓
2013
Annual accounts 2013945,4 €↑
2012
Annual accounts 2012279,5 €↑
2011
Annual accounts 2011-2,1 k €↑
2010
Annual accounts 2010-3,2 k €↑
2009
Annual accounts 2009-15 k €↓
2008
Annual accounts 20086,6 k €↓
2007
Annual accounts 200713,1 k €↑
2006
Annual accounts 2006722,6 €
02/04/1999
IncorporationPrivate 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

MAKKAR

Overview

What does MAKKAR do?

Trend over 20 financial years

Indicative valuation

Board of directors

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