ACTIVE

MAXFLOW

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Financial year 2025 · closed on 31/12/2025
Net result
9,3 M €
-0.9% YoY
Revenue
25,5 M €
+11.9% YoY
Equity
5,7 M €
-29.0% YoY
Workforce
7,3 ETP
+78.0% YoY

What does MAXFLOW do?

MAXFLOW is a Private limited company incorporated in 2014. Its main activity is: Computer programming activities. Its registered office is in Leuven. It employs on average 7,3 ETP workers (FTE).

Legal situation
● Normal situation
BCE/KBO no. / VAT
BE 0550.758.377
Incorporation
18/04/2014
Legal form
Private limited company
Registered office
Philipssite 5 box 1
3001 Leuven · FlandreSee on map
Contributed capital
11 160,00 €
Latest accounts
31/12/2025
Average workforce
7,3 ETP
Activities (NACE)
62010Computer programming activities· main62100Computer programming, consultancy and related activities63120Web portals63910News agency activities
Signals
ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue
View the BCE/KBO Public Search record →
Health score
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Recommended credit limit
✦ Verdict · Analyst summary
Financials

Trend over 11 financial years

20252024202320222021202020192018201720162015
Income statement
Revenue25,5 M €22,8 M €16,9 M €12,5 M €–––––––
EBITDA12,1 M €11,5 M €9,7 M €8,3 M €5,4 M €2,3 M €2,7 M €2,2 M €761,6 k €85,8 k €231,2 k €
Operating result11,3 M €10,9 M €9,3 M €8 M €5,2 M €2 M €2,5 M €2,1 M €747,6 k €78,5 k €220,4 k €
Net result9,3 M €9,3 M €8,3 M €7 M €4,6 M €1,8 M €2,3 M €1,8 M €455,2 k €49,5 k €131,3 k €
Balance sheet
Equity5,7 M €8,1 M €11,2 M €11,3 M €4,4 M €3,7 M €2,4 M €884,5 k €654,5 k €199,4 k €149,9 k €
Total assets15 M €10,4 M €12,6 M €12 M €6,8 M €4,4 M €3,5 M €2,9 M €1,1 M €331,1 k €290,1 k €
Cash1,4 M €2,3 M €884,9 k €1,9 M €1,6 M €857,3 k €1,1 M €1,6 M €645 k €313,9 k €269,9 k €
Debts9,1 M €2,3 M €1,4 M €625,2 k €2,3 M €648,4 k €1 M €2,1 M €424,3 k €99,4 k €139,3 k €
Other
Workforce7,3 ETP4,1 ETP2,6 ETP1,8 ETP1,3 ETP2,0 ETP2,5 ETP2,2 ETP–––
Estimate

Indicative valuation

As an indication, this company is worth

between 100 M€ and 250 M€
See the valuation
Governance

Board of directors

Seen on filing of 31/12/2025 · 5 active · 4 ended

Active mandates

BLAFKAT

Director · since 31 août 2023 · 0805.249.755

Represented by Reinout Stevens

Active
De Raaf

Managing director · since 31 août 2023 · 0805.300.928

Represented by Raf Mertens

Active
Harry Haeck

Director · since 31 août 2023

Active
LE LOUP

Director · since 31 août 2023 · 0769.663.524

Represented by Jan-Carl Dewulf

Active
Thomas Depuydt

Director · since 31 août 2023

Active

Ended mandates

Raf Mertens

Director · since 08 avril 2014

Ended
Raf Mertens

Manager · since 08 avril 2014

Ended
Raf Mertens

Manager

Ended
Tomas Mertens

Manager · until 01 septembre 2015

Ended
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Annual accounts

Full financial information

202520242023202220212020
Type of accountFull modelFull modelFull modelFull modelAbridged modelAbridged model
Start of the financial year01/01/202501/01/202401/01/202301/01/202201/01/202101/01/2020
Closing of the financial year31/12/202531/12/202431/12/202331/12/202231/12/202131/12/2020
Length of the financial year12 months12 months12 months12 months12 months12 months
Filing date18/06/202630/06/202529/03/202412/07/202327/06/202228/06/2021
General meeting29/05/202627/05/202528/02/202430/06/202318/05/202215/06/2021
Currency of the financial yearEUREUREUREUREUREUR
NBB quality labelSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controlsSatisfying controls
Ratios

Financial ratios

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Filings

Annual accounts filings

12 filings with the NBB

ModelClosingGeneral meetingFiledLanguageDocument
Full model31/12/202529/05/202618/06/2026DutchPDF
Full model31/12/202427/05/202530/06/2025DutchPDF
Full model31/12/202328/02/202429/03/2024DutchPDF
Full modelCorrection31/12/202230/06/202312/07/2023DutchPDF
Full model31/12/202230/06/202303/07/2023DutchPDF
Abridged model31/12/202118/05/202227/06/2022DutchPDF
Abridged model31/12/202015/06/202128/06/2021DutchPDF
Abridged model31/12/201915/06/202031/07/2020DutchPDF
Abridged model31/12/201818/06/201917/07/2019DutchPDF
Micro model31/12/201719/06/201831/08/2018DutchPDF
Micro model31/12/201620/06/201731/08/2017DutchPDF
Abridged model31/12/201521/06/201626/08/2016DutchPDF
Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 100 M€ and 250 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 · 5 active · 4 ended

Active mandates

BLAFKAT

Director · since 31 août 2023 · 0805.249.755

Represented by Reinout Stevens

Active
De Raaf

Managing director · since 31 août 2023 · 0805.300.928

Represented by Raf Mertens

Active
Harry Haeck

Director · since 31 août 2023

Active
LE LOUP

Director · since 31 août 2023 · 0769.663.524

Represented by Jan-Carl Dewulf

Active
Thomas Depuydt

Director · since 31 août 2023

Active

Ended mandates

Raf Mertens

Director · since 08 avril 2014

Ended
Raf Mertens

Manager · since 08 avril 2014

Ended
Raf Mertens

Manager

Ended
Tomas Mertens

Manager · until 01 septembre 2015

Ended
Shareholders

Ownership and network

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Try for 7 days
Belgian Official Gazette

Belgian Official Gazette publications

  • Registered office29/08/2025
    MAATSCHAPPELIJKE ZETEL
    PDF
  • Mandates16/02/2024
    ONTSLAGEN - BENOEMINGEN
    PDF
  • Mandates04/10/2023
    KAPITAAL - AANDELEN - ONTSLAGEN - BENOEMINGEN
    PDF
  • Capital / shares05/09/2023
    KAPITAAL - AANDELEN
    PDF
  • Capital / shares24/09/2021
    KAPITAAL - AANDELEN
    PDF
  • Registered office10/08/2020
    MAATSCHAPPELIJKE ZETEL
    PDF
  • Mandates13/11/2019
    STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, …) - WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
    PDF
  • Registered office09/12/2016
    MAATSCHAPPELIJKE ZETEL
    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

Timeline

  1. 2025
    Annual accounts 20259,3 M €↓
  2. 2024
    Annual accounts 20249,3 M €↑
  3. 2023
    Annual accounts 20238,3 M €↑
  4. 2022
    Annual accounts 20227 M €↑
  5. 2021
    Annual accounts 20214,6 M €↑
  6. 2020
    Annual accounts 20201,8 M €↓
  7. 2019
    Annual accounts 20192,3 M €↑
  8. 2018
    Annual accounts 20181,8 M €↑
  9. 2017
    Annual accounts 2017455,2 k €↑
  10. 2016
    Annual accounts 201649,5 k €↓
  11. 2015
    Annual accounts 2015131,3 k €
  12. 18/04/2014
    IncorporationPrivate limited company