ACTIVE

TRAX

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Financial year 2025 · closed on 31/12/2025

Net result

4,5 M €

-67.3% YoY

Revenue

4,9 M €

+76.7% YoY

Equity

21,5 M €

+26.7% YoY

Workforce

54,4 ETP

+2.4% YoY

What does TRAX do?

TRAX is a Private limited company incorporated in 2004. Its main activity is: Computer programming activities. Its registered office is in Machelen (Brab.). It employs on average 54,4 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0869.630.833

Incorporation

25/10/2004

Legal form

Private limited company

Registered office

De Kleetlaan 6a
1831 Machelen (Brab.) · FlandreSee on map

Contributed capital

2 862 620,00 €

Latest accounts

31/12/2025

Average workforce

54,4 ETP

Activities (NACE)

62010Computer programming activities· main 62020Computer consultancy activities 62100Computer programming, consultancy and related activities 62200Computer programming, consultancy and related activities 72100Research and experimental development on natural sciences and engineering 72220Research and experimental development on social sciences and humanities+3

Joint committees (2)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debtsHigh revenue

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008		2007		2006
Income statement
Revenue	4,9 M €	+76.7%	2,8 M €	-3.7%	2,9 M €	-5.8%	3,0 M €	-6.4%	3,2 M €	+26.1%	2,6 M €	+12.4%	2,3 M €	-12.9%	2,6 M €	-82.4%	15,0 M €	+12.5%	13,3 M €	+0.2%	13,3 M €	+46.7%	9,1 M €	+7.3%	8,4 M €	-6.7%	9,1 M €	+5.9%	8,6 M €	+14.1%	7,5 M €	-2.9%	7,7 M €	+92.1%	4,0 M €
EBITDA	6,5 M €	-67.3%	19,8 M €	+86.7%	10,6 M €	+27.2%	8,3 M €	-43.6%	14,8 M €	+50.1%	9,9 M €	+51.2%	6,5 M €	-21.8%	8,3 M €	+106%	4,0 M €	+354%	890,5 k €	-64.4%	2,5 M €	+66.6%	1,5 M €	+36.7%	1,1 M €	-11.8%	1,2 M €	+202%	-1,2 M €	+68.5%	-3,9 M €	-1343%	311,4 k €	+231%	-238,3 k €
Operating result	6,5 M €	-65.5%	18,7 M €	+96.2%	9,6 M €	+30.4%	7,3 M €	-46.8%	13,8 M €	+40.7%	9,8 M €	+51.2%	6,5 M €	-21.8%	8,3 M €	+106%	4,0 M €	+393%	813,5 k €	-65.7%	2,4 M €	+4.5%	2,3 M €	+125%	1,0 M €	+34.9%	748,9 k €	+139%	-1,9 M €	+55.3%	-4,3 M €	-3140%	-131,8 k €	+86.4%	-967,3 k €
Net result	4,5 M €	-67.3%	13,8 M €	+98.8%	7,0 M €	+39.8%	5,0 M €	-52.9%	10,6 M €	+44.3%	7,3 M €	+70.3%	4,3 M €	-20.7%	5,4 M €	+122%	2,4 M €	+396%	493,2 k €	-77.6%	2,2 M €	+1.0%	2,2 M €	+122%	982,8 k €	-65.7%	2,9 M €	+228%	-2,2 M €	+52.0%	-4,7 M €	-3094%	-146,3 k €	+86.7%	-1,1 M €
Balance sheet
Equity	21,5 M €	+26.7%	17,0 M €	+440%	3,1 M €	-62.7%	8,4 M €	-69.3%	27,5 M €	+25.1%	22,0 M €	+50.1%	14,6 M €	+41.7%	10,3 M €	+111%	4,9 M €	+100%	2,4 M €	+25.3%	1,9 M €	+852%	-258,7 k €	+89.4%	-2,4 M €	+28.7%	-3,4 M €	+45.5%	-6,3 M €	+3.9%	-6,5 M €	-250%	-1,9 M €	-8.5%	-1,7 M €
Total assets	29,6 M €	+28.0%	23,2 M €	+6.7%	21,7 M €	+40.8%	15,4 M €	-69.8%	50,9 M €	+106%	24,7 M €	+42.7%	17,3 M €	+26.5%	13,7 M €	+55.1%	8,8 M €	+44.8%	6,1 M €	-13.4%	7,0 M €	+115%	3,3 M €	+78.9%	1,8 M €	-53.4%	3,9 M €	-18.6%	4,8 M €	+10.7%	4,4 M €	-16.8%	5,2 M €	+46.9%	3,6 M €
Cash	2,8 k €	-98.0%	143,3 k €	+124074%	115,4 €	-99.9%	180,8 k €	-54.3%	395,1 k €	+189124%	208,8 €		–		–		–		–		–		70,3 €	-33.9%	106,3 €	-100.0%	1,6 M €	+3977%	38,2 k €	-82.6%	219,6 k €	-56.8%	508,4 k €	+61.5%	314,8 k €
Debts	7,0 M €	+34.9%	5,2 M €	-70.4%	17,6 M €	+197%	5,9 M €	-73.7%	22,5 M €	+809%	2,5 M €	-1.3%	2,5 M €	-23.0%	3,3 M €	-6.2%	3,5 M €	+7.7%	3,2 M €	-18.4%	4,0 M €	+38.4%	2,9 M €	-8.9%	3,1 M €	-50.9%	6,4 M €	-39.3%	10,5 M €	+1.7%	10,3 M €	+65.7%	6,2 M €	+36.7%	4,6 M €
Other
Workforce	54,4 ETP	+2.4%	53,1 ETP	-5.0%	55,9 ETP	+5.3%	53,1 ETP	+5.1%	50,5 ETP	+41.1%	35,8 ETP	+4.4%	34,3 ETP	-7.3%	37,0 ETP	-11.7%	41,9 ETP	-4.1%	43,7 ETP	+20.4%	36,3 ETP	+21.0%	30,0 ETP	+2.0%	29,4 ETP	-19.2%	36,4 ETP	-7.6%	39,4 ETP	-4.6%	41,3 ETP	+41.9%	29,1 ETP	+91.4%	15,2 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 · 2 active · 46 ended

Active mandates

Arthur Huat Keong Lim

Director · since 18 décembre 2023

Active

Jerry Brent Puzey

Director · since 18 décembre 2023

Active

Ended mandates

Charles Harrisson Keller

Director · since 01 mai 2021 · until 31 janvier 2024

Ended

Charles Harrisson Keller

Director · since 01 mai 2021

Ended

Charles Harrisson Keller

Managing director · since 01 mai 2021

Ended

Marc M. Mayo

Managing director · since 15 février 2018 · until 01 mai 2021

Ended

Annual accounts

Full financial information

	2025	2024	2023	2022	2021	2020
Type of account	Full model	Full model	Full model	Full model	Full model	Full 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	01/07/2026	07/07/2025	18/09/2024	12/10/2023	14/07/2022	12/07/2021
General meeting	27/06/2026	27/06/2025	30/08/2024	06/10/2023	30/06/2022	01/07/2021
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
Full model	31/12/2025	27/06/2026	01/07/2026	Dutch	PDF
Full model	31/12/2024	27/06/2025	07/07/2025	Dutch	PDF
Full model	31/12/2023	30/08/2024	18/09/2024	Dutch	PDF
Full model	31/12/2022	06/10/2023	12/10/2023	Dutch	PDF
Full model	31/12/2021	30/06/2022	14/07/2022	Dutch	PDF
Full model	31/12/2020	01/07/2021	12/07/2021	Dutch	PDF
Full model	31/12/2019	30/06/2020	15/07/2020	Dutch	PDF
Full model	31/12/2018	28/06/2019	28/06/2019	Dutch	PDF
Full model	31/12/2017	29/06/2018	11/07/2018	Dutch	PDF
Full model	31/12/2016	30/06/2017	20/07/2017	Dutch	PDF
Full model	31/12/2015	30/06/2016	26/07/2016	Dutch	PDF
Full model	31/12/2014	30/06/2015	17/07/2015	Dutch	PDF
Full model	31/12/2013	06/06/2014	28/07/2014	Dutch	PDF
Full model	31/12/2012	20/06/2013	04/07/2013	Dutch	PDF
Full model	31/12/2011	28/06/2012	30/07/2012	Dutch	PDF
Full model	31/12/2010	01/06/2011	07/07/2011	Dutch	PDF
Full model	31/12/2009	30/06/2010	09/07/2010	Dutch	PDF
Full model	31/12/2008	30/06/2009	28/08/2009	Dutch	PDF
Full model	31/12/2007	15/09/2008	23/09/2008	Dutch	PDF
Full model	31/12/2006	31/03/2008	14/04/2008	Dutch	PDF

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 · 2 active · 46 ended

Active mandates

Arthur Huat Keong Lim

Director · since 18 décembre 2023

Active

Jerry Brent Puzey

Director · since 18 décembre 2023

Active

Ended mandates

Charles Harrisson Keller

Director · since 01 mai 2021 · until 31 janvier 2024

Ended

Charles Harrisson Keller

Director · since 01 mai 2021

Ended

Charles Harrisson Keller

Managing director · since 01 mai 2021

Ended

Marc M. Mayo

Managing director · since 15 février 2018 · until 01 mai 2021

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Mandates05/11/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates15/10/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates11/06/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates06/05/2025
ONTSLAGEN - BENOEMINGEN
PDF
Mandates21/05/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates26/04/2024
ONTSLAGEN - BENOEMINGEN
PDF
Mandates28/07/2022
ONTSLAGEN - BENOEMINGEN
PDF
Mandates15/06/2021
ONTSLAGEN - BENOEMINGEN
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 20254,5 M €↓
2024
Annual accounts 202413,8 M €↑
2023
Annual accounts 20237,0 M €↑
2022
Annual accounts 20225,0 M €↓
2021
Annual accounts 202110,6 M €↑
2018
Annual accounts 20187,3 M €↑
2017
Annual accounts 20174,3 M €↓
2016
Annual accounts 20165,4 M €↑
2015
Annual accounts 20152,4 M €↑
2014
Annual accounts 2014493,2 k €↓
2013
Annual accounts 20132,2 M €↑
2012
Annual accounts 20122,2 M €↑
2011
Annual accounts 2011982,8 k €↓
2010
Annual accounts 20102,9 M €↑
2009
Annual accounts 2009-2,2 M €↑
2008
Annual accounts 2008-4,7 M €↓
2007
Annual accounts 2007-146,3 k €↑
2006
Annual accounts 2006-1,1 M €
25/10/2004
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

TRAX

Overview

What does TRAX do?

Trend over 18 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