ACTIVE

ULEX

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Financial year 2025 · closed on 31/12/2025

Net result

783 k €

+50.2% YoY

Gross margin

2,4 M €

+19.7% YoY

Equity

2 M €

+16.1% YoY

Workforce

14,6 ETP

+0.7% YoY

What does ULEX do?

ULEX is a Private limited company incorporated in 2000. Its registered office is in Eupen. It employs on average 14,6 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0471.905.592

Incorporation

10/05/2000

Legal form

Private limited company

Registered office

Industriestrasse 12
4700 Eupen · WallonieSee on map

Contributed capital

170 000,00 €

Latest accounts

31/12/2025

Average workforce

14,6 ETP

Joint committees (2)

14003
226

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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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	2,4 M €	+19.7%	2 M €	+2.9%	2 M €	-8.5%	2,2 M €	+4.4%	2,1 M €	+54.9%	1,3 M €	+27.2%	1,1 M €	-6.2%	1,1 M €	+72.7%	649,3 k €	+57.8%	411,3 k €	+84.4%	223 k €	-2.4%	228,5 k €	+4.5%	218,8 k €	+48.1%	147,7 k €	-44.8%	267,7 k €	+14.6%	233,6 k €	-28.8%	328,1 k €	-12.9%	376,4 k €	+1.9%	369,6 k €	+1.2%	365,2 k €
EBITDA	1,2 M €	+51.5%	817,4 k €	-7.2%	881,1 k €	-22.6%	1,1 M €	+12.0%	1 M €	+110%	483,9 k €	+45.9%	331,8 k €	-38.6%	540,7 k €	+71.1%	316,1 k €	+8.4%	291,6 k €	+153%	115,2 k €	+17.0%	98,5 k €	-32.6%	146,3 k €	+101%	72,7 k €	-58.6%	175,5 k €	+87.0%	93,8 k €	-4.5%	98,3 k €	-26.7%	134,2 k €	-19.5%	166,6 k €	+34.3%	124 k €
Operating result	1,1 M €	+51.9%	714,8 k €	-13.5%	826,8 k €	-23.4%	1,1 M €	+13.1%	954,2 k €	+129%	416,9 k €	+54.5%	269,8 k €	-43.5%	477,3 k €	+73.4%	275,2 k €	+3.6%	265,6 k €	+129%	115,7 k €	+43.5%	80,7 k €	-21.9%	103,3 k €	+173%	37,8 k €	-70.5%	128,3 k €	+111%	60,8 k €	-31.6%	88,8 k €	+165%	33,6 k €	-48.0%	64,6 k €	+217%	20,4 k €
Net result	783 k €	+50.2%	521,4 k €	-11.8%	591,4 k €	-23.0%	768,6 k €	+20.1%	640 k €	+160%	246,1 k €	+85.0%	133 k €	-50.2%	267 k €	+150%	106,9 k €	-47.0%	201,7 k €	+162%	76,9 k €	+53.5%	50,1 k €	+1.5%	49,4 k €	+629%	6,8 k €	-91.0%	75,6 k €	+72.5%	43,8 k €	+37.6%	31,9 k €	+127%	14,1 k €	-70.0%	46,9 k €	+13544%	343,5 €
Balance sheet
Equity	2 M €	+16.1%	1,8 M €	-1.6%	1,8 M €	+19.5%	1,5 M €	+32.7%	1,1 M €	+5.2%	1,1 M €	+13.4%	943,8 k €	+7.8%	875,8 k €	+23.6%	708,8 k €	+17.8%	601,9 k €	+33.7%	450,2 k €	+20.6%	373,2 k €	+15.5%	323,1 k €	+11.9%	288,7 k €	+2.4%	281,9 k €	+26.7%	222,5 k €	+14.2%	194,9 k €	+130%	-651,2 k €	+2.1%	-665,3 k €	+6.6%	-712,2 k €
Total assets	4,2 M €	+4.9%	4 M €	+32.8%	3 M €	+0.2%	3 M €	+34.5%	2,3 M €	+15.8%	1,9 M €	-15.5%	2,3 M €	+19.2%	1,9 M €	+26.4%	1,5 M €	+12.5%	1,4 M €	+22.3%	1,1 M €	+11.8%	991,7 k €	+11.4%	890,5 k €	+12.4%	792,5 k €	-8.9%	870,3 k €	+9.2%	797,1 k €	+11.9%	712,2 k €	-19.7%	887,1 k €	-11.1%	998 k €	-6.7%	1,1 M €
Cash	616 k €	+200%	205,3 k €	-81.6%	1,1 M €	+29.7%	859,5 k €	+55.5%	552,5 k €	+293%	140,6 k €	-22.7%	181,9 k €	+572%	27,1 k €	-79.9%	135 k €	-14.6%	158 k €	+110%	75,3 k €	+45.2%	51,9 k €	+1.2%	51,2 k €	+212%	16,4 k €	-72.6%	60 k €	-39.8%	99,6 k €	-16.6%	119,3 k €	-53.8%	258,3 k €	+48.8%	173,5 k €	+149%	69,6 k €
Debts	2 M €	-10.5%	2,3 M €	+83.2%	1,2 M €	-19.0%	1,5 M €	+36.1%	1,1 M €	+29.4%	864,3 k €	-36.1%	1,4 M €	+29.1%	1 M €	+28.2%	817,2 k €	+8.3%	754,5 k €	+14.5%	659 k €	+6.6%	618,5 k €	+9.2%	566,4 k €	+13.0%	501,3 k €	-14.3%	584,9 k €	+1.8%	574,6 k €	+11.1%	517,3 k €	-66.4%	1,5 M €	-7.5%	1,7 M €	-6.6%	1,8 M €
Other
Workforce	14,6 ETP	+0.7%	14,5 ETP	+6.6%	13,6 ETP	-11.1%	15,3 ETP	0.0%	15,3 ETP	-2.5%	15,7 ETP	+33.1%	11,8 ETP	+13.5%	10,4 ETP	+62.5%	6,4 ETP	+56.1%	4,1 ETP	+20.6%	3,4 ETP	-10.5%	3,8 ETP	+52.0%	2,5 ETP	+4.2%	2,4 ETP	-20.0%	3,0 ETP	0.0%	3,0 ETP	-44.4%	5,4 ETP	-12.9%	6,2 ETP	+29.2%	4,8 ETP	-2.0%	4,9 ETP

Estimate

Indicative valuation

As an indication, this company is worth

between 5 M€ and 10 M€

See the valuation

Governance

Board of directors

Seen on filing of 31/12/2025 · 1 active · 11 ended

Active mandates

ULEX HOLDING

Director · 0699.948.238

Represented by Roger MÜLLER

Active

Ended mandates

ULEX HOLDING

Manager · since 01 novembre 2018 · 0699.948.238

Represented by ROGER MÜLLER

Ended

Hannelore JAHN

Manager · since 01 juillet 2015

Ended

ROGER MATHIEU JEAN MULLER

Manager · since 18 janvier 2010 · until 01 novembre 2018

Ended

ROGER MATHIEU JEAN MULLER

Manager · since 18 janvier 2010

Ended

At this address

Other companies at this address

Company	CBE no.
DALEM● Active	0402.389.652
EAST BELGIAN WAREHOUSING● Active	0741.778.202
ULEX HOLDING● Active	0699.948.238

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	08/04/2026	09/07/2025	24/07/2024	11/07/2023	27/06/2022	27/07/2021
General meeting	16/03/2026	26/05/2025	27/05/2024	30/05/2023	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
Abridged model	31/12/2025	16/03/2026	08/04/2026	German	PDF
Abridged model	31/12/2024	26/05/2025	09/07/2025	German	PDF
Abridged model	31/12/2023	27/05/2024	24/07/2024	German	PDF
Abridged model	31/12/2022	30/05/2023	11/07/2023	German	PDF
Abridged model	31/12/2021	30/05/2022	27/06/2022	German	PDF
Abridged model	31/12/2020	31/05/2021	27/07/2021	French	PDF
Abridged model	31/12/2019	25/05/2020	31/08/2020	French	PDF
Abridged model	31/12/2018	27/05/2019	30/09/2019	French	PDF
Abridged model	31/12/2017	28/05/2018	29/08/2018	French	PDF
Abridged model	31/12/2016	29/05/2017	29/09/2017	French	PDF
Abridged model	31/12/2015	30/05/2016	26/09/2016	French	PDF
Abridged model	31/12/2014	26/05/2015	30/10/2015	German	PDF
Abridged model	31/12/2013	26/05/2014	25/06/2014	Dutch	PDF
Abridged model	31/12/2012	27/06/2013	09/08/2013	Dutch	PDF
Abridged model	31/12/2011	18/09/2012	27/09/2012	Dutch	PDF
Abridged model	31/12/2010	12/03/2012	16/03/2012	German	PDF
Abridged model	31/12/2009	31/05/2010	29/07/2010	German	PDF
Abridged model	31/12/2008	25/05/2009	05/06/2009	German	PDF
Abridged model	31/12/2007	26/05/2008	11/06/2008	Dutch	PDF
Abridged model	31/12/2006	29/05/2007	29/06/2007	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 5 M€ and 10 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 · 1 active · 11 ended

Active mandates

ULEX HOLDING

Director · 0699.948.238

Represented by Roger MÜLLER

Active

Ended mandates

ULEX HOLDING

Manager · since 01 novembre 2018 · 0699.948.238

Represented by ROGER MÜLLER

Ended

Hannelore JAHN

Manager · since 01 juillet 2015

Ended

ROGER MATHIEU JEAN MULLER

Manager · since 18 janvier 2010 · until 01 novembre 2018

Ended

ROGER MATHIEU JEAN MULLER

Manager · since 18 janvier 2010

Ended

Shareholders

Ownership and network

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Belgian Official Gazette

Belgian Official Gazette publications

Mandates29/11/2023
AENDERUNG RECHTSFORM - ENTLASSUNG - ERNENNUNG
PDF
Mandates12/10/2020
ENTLASSUNG - ERNENNUNG
PDF
Mandates28/06/2017
ENTLASSUNG - ERNENNUNG
PDF
Mandates15/09/2016
ENTLASSUNG - ERNENNUNG
PDF
Capital / shares06/10/2015
KAPITAL - AKTIEN
PDF
Other30/09/2014
SATZUNGEN (UEBERSETZUNG, KOORDINATION, ANDERE AENDERUNGEN, )
PDF
Registered office31/08/2012
GESELLSCHAFTSSITZ
PDF
Other02/04/2010
GESELLSCHAFTSNAME
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 2025783 k €↑
2024
Annual accounts 2024521,4 k €↓
2023
Annual accounts 2023591,4 k €↓
2022
Annual accounts 2022768,6 k €↑
2021
Annual accounts 2021640 k €↑
2020
Annual accounts 2020246,1 k €↑
2019
Annual accounts 2019133 k €↓
2018
Annual accounts 2018267 k €↑
2017
Annual accounts 2017106,9 k €↓
2016
Annual accounts 2016201,7 k €↑
2015
Annual accounts 201576,9 k €↑
2014
Annual accounts 201450,1 k €↑
2013
Annual accounts 201349,4 k €↑
2012
Annual accounts 20126,8 k €↓
2011
Annual accounts 201175,6 k €↑
2010
Annual accounts 201043,8 k €↑
2009
Annual accounts 200931,9 k €↑
2008
Annual accounts 200814,1 k €↓
2007
Annual accounts 200746,9 k €↑
2006
Annual accounts 2006343,5 €
10/05/2000
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

ULEX

Overview

What does ULEX 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