ACTIVE

FELMAX

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Financial year 2025 · closed on 30/09/2025

Net result

292,9 k €

-12.3% YoY

Gross margin

520,8 k €

-29.4% YoY

Equity

2,5 M €

-4.4% YoY

Workforce

1,7 ETP

-34.6% YoY

What does FELMAX do?

FELMAX is a Private limited company incorporated in 2007. Its registered office is in Zwevegem. It employs on average 1,7 ETP workers (FTE).

Legal situation

● Normal situation

BCE/KBO no. / VAT

BE 0890.918.571

Incorporation

18/07/2007

Legal form

Private limited company

Registered office

Avelgemstraat(Z) 37
8550 Zwevegem · FlandreSee on map

Contributed capital

18 600,00 €

Latest accounts

30/09/2025

Average workforce

1,7 ETP

Joint committees (1)

Signals

ProfitableSolid equityLow riskGood liquidityPositive cashflowPositive EBITDAHealthy social debts

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Health score

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✦ Verdict · Analyst summary

Financials

Trend over 18 financial years

	2025		2024		2023		2022		2021		2020		2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009		2008
Income statement
Gross margin	520,8 k €	-29.4%	737,5 k €	+25.7%	586,6 k €	-13.9%	681,3 k €	-15.1%	802,8 k €	+10.5%	726,4 k €	+44.9%	501,4 k €	+50.7%	332,8 k €	+35.8%	245,1 k €	-6.0%	260,7 k €	-22.7%	337,3 k €	+59.8%	211,1 k €	-15.3%	249,1 k €	-16.9%	299,7 k €	+20.0%	249,7 k €	-6.1%	265,8 k €	+15.4%	230,4 k €	+28.8%	178,9 k €
EBITDA	450 k €	-26.7%	613,9 k €	+51.7%	404,7 k €	-27.6%	558,9 k €	-20.5%	703,4 k €	+6.5%	660,4 k €	+45.1%	455,1 k €	+58.4%	287,3 k €	+35.4%	212,3 k €	-3.1%	219,1 k €	-28.0%	304,4 k €	+56.6%	194,4 k €	-20.7%	245,1 k €	-11.7%	277,5 k €	+30.8%	212,1 k €	-17.6%	257,3 k €	+14.3%	225,1 k €	+27.6%	176,4 k €
Operating result	322,6 k €	-34.9%	495,3 k €	+84.4%	268,6 k €	-37.6%	430,2 k €	-28.2%	599,5 k €	-2.8%	616,8 k €	+52.5%	404,3 k €	+86.4%	216,9 k €	+90.9%	113,6 k €	-22.2%	145,9 k €	-35.2%	225,1 k €	+104%	110,4 k €	-3.0%	113,8 k €	-48.3%	220,1 k €	+59.7%	137,8 k €	-31.2%	200,2 k €	+20.5%	166,1 k €	+34.0%	123,9 k €
Net result	292,9 k €	-12.3%	333,9 k €	+82.6%	182,9 k €	-37.3%	291,7 k €	-31.8%	427,6 k €	+4.7%	408,5 k €	+59.1%	256,7 k €	+109%	123 k €	+95.4%	62,9 k €	-24.8%	83,7 k €	-37.0%	132,8 k €	+78.5%	74,4 k €	+2.0%	73 k €	-46.0%	135,1 k €	+61.3%	83,8 k €	-31.5%	122,3 k €	+21.8%	100,4 k €	+31.8%	76,2 k €
Balance sheet
Equity	2,5 M €	-4.4%	2,6 M €	+4.2%	2,5 M €	+1.4%	2,5 M €	+13.4%	2,2 M €	+24.4%	1,7 M €	+30.5%	1,3 M €	+23.5%	1,1 M €	+12.8%	963,2 k €	+7.0%	900,2 k €	+10.2%	816,5 k €	+19.4%	683,8 k €	+12.2%	609,4 k €	+13.6%	536,4 k €	+33.7%	401,3 k €	+26.4%	317,5 k €	+62.7%	195,2 k €	+106%	94,8 k €
Total assets	3,3 M €	-7.1%	3,5 M €	+13.7%	3,1 M €	-1.6%	3,2 M €	+0.5%	3,1 M €	+13.8%	2,8 M €	+30.2%	2,1 M €	+9.9%	1,9 M €	+15.1%	1,7 M €	+11.3%	1,5 M €	+3.7%	1,5 M €	+10.3%	1,3 M €	+19.1%	1,1 M €	+42.9%	772,9 k €	+13.9%	678,5 k €	+2.7%	660,5 k €	+14.7%	576 k €	+51.4%	380,4 k €
Cash	753 k €	+0.5%	749,2 k €	+42.8%	524,5 k €	+7.2%	489,4 k €	-53.3%	1 M €	+2.4%	1 M €	+42.8%	715,9 k €	+12.0%	639,3 k €	+27.8%	500 k €	+40.9%	355 k €	+16.7%	304,2 k €	+44.2%	210,9 k €	+21.5%	173,5 k €	-27.7%	240 k €	+175%	87,2 k €	+47.6%	59,1 k €	-1.8%	60,2 k €	+81.2%	33,2 k €
Debts	777,4 k €	-15.0%	915,2 k €	+55.7%	587,7 k €	-12.2%	669,3 k €	-28.5%	935,9 k €	-5.4%	989,2 k €	+30.6%	757,2 k €	-7.4%	817,7 k €	+14.6%	713,7 k €	+18.6%	601,7 k €	-5.4%	636 k €	+0.8%	630,8 k €	+27.7%	494,1 k €	+110%	235,3 k €	-14.5%	275,2 k €	-18.8%	338,8 k €	-10.1%	377 k €	+33.8%	281,7 k €
Other
Workforce	1,7 ETP	-34.6%	2,6 ETP	-29.7%	3,7 ETP	+48.0%	2,5 ETP	+25.0%	2,0 ETP	+33.3%	1,5 ETP		–		–		–		0,4 ETP	-33.3%	0,6 ETP		–		–		0,3 ETP	-66.7%	0,9 ETP	-10.0%	1,0 ETP		–		–

Estimate

Indicative valuation

As an indication, this company is worth

between 2,5 M€ and 5 M€

See the valuation

Governance

Board of directors

Seen on filing of 30/09/2025 · 2 active · 6 ended

Active mandates

Karen Vanhoutte

Director · since 01 janvier 2008

Active

Vincent Desmet

Director · since 18 juillet 2007

Active

Ended mandates

Karen Vanhoutte

Manager · since 01 janvier 2008

Ended

Vincent Desmet

Manager · since 16 juillet 2007

Ended

KAREN VANHOUTTE

Director

Ended

KAREN VANHOUTTE

Manager

Ended

At this address

Other companies at this address

Company	CBE no.
DE HOUTSNIPPER● Active	0819.482.427
Group Yvimat● Active	1022.867.275
Vereniging van mede-eigenaars, Gemeente Zwevegem, Avelgemstraat 37 "De Stenen Molen"● Liquidation	0818.071.670
VINKAR● Active	0782.665.779
YVIMAT● Active	1021.485.125

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	01/10/2024	01/10/2023	01/10/2022	01/10/2021	01/10/2020	01/10/2019
Closing of the financial year	30/09/2025	30/09/2024	30/09/2023	30/09/2022	30/09/2021	30/09/2020
Length of the financial year	12 months	12 months	12 months	12 months	12 months	12 months
Filing date	18/12/2025	19/12/2024	11/04/2024	03/04/2023	31/03/2022	16/03/2021
General meeting	12/12/2025	10/12/2024	28/03/2024	30/03/2023	28/03/2022	19/02/2021
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

18 filings with the NBB

Model	Closing	General meeting	Filed	Language	Document
Abridged model	30/09/2025	12/12/2025	18/12/2025	Dutch	PDF
Abridged model	30/09/2024	10/12/2024	19/12/2024	Dutch	PDF
Abridged model	30/09/2023	28/03/2024	11/04/2024	Dutch	PDF
Abridged model	30/09/2022	30/03/2023	03/04/2023	Dutch	PDF
Abridged model	30/09/2021	28/03/2022	31/03/2022	Dutch	PDF
Abridged model	30/09/2020	19/02/2021	16/03/2021	Dutch	PDF
Micro model	30/09/2019	21/02/2020	24/02/2020	Dutch	PDF
Micro model	30/09/2018	15/02/2019	13/03/2019	Dutch	PDF
Micro model	30/09/2017	16/02/2018	01/03/2018	Dutch	PDF
Abridged model	30/09/2016	03/03/2017	28/03/2017	Dutch	PDF
Abridged model	30/09/2015	19/02/2016	23/02/2016	Dutch	PDF
Abridged model	30/09/2014	20/02/2015	24/02/2015	Dutch	PDF
Abridged model	30/09/2013	21/02/2014	24/02/2014	Dutch	PDF
Abridged model	30/09/2012	15/02/2013	22/02/2013	Dutch	PDF
Abridged model	30/09/2011	17/02/2012	24/02/2012	Dutch	PDF
Abridged model	30/09/2010	18/02/2011	15/03/2011	Dutch	PDF
Abridged model	30/09/2009	19/02/2010	16/03/2010	Dutch	PDF
Abridged model	30/09/2008	20/02/2009	26/02/2009	Dutch	PDF

Estimate

Indicative valuation

Order of magnitude

As an indication, this company is worth

between 2,5 M€ and 5 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 30/09/2025 · 2 active · 6 ended

Active mandates

Karen Vanhoutte

Director · since 01 janvier 2008

Active

Vincent Desmet

Director · since 18 juillet 2007

Active

Ended mandates

Karen Vanhoutte

Manager · since 01 janvier 2008

Ended

Vincent Desmet

Manager · since 16 juillet 2007

Ended

KAREN VANHOUTTE

Director

Ended

KAREN VANHOUTTE

Manager

Ended

Shareholders

Ownership and network

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Try for 7 days

Belgian Official Gazette

Belgian Official Gazette publications

Other27/03/2025
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - BENAMING
PDF
Mandates21/02/2024
STATUTEN (VERTALING, COÖRDINATIE, OVERIGE WIJZIGINGEN, ) - WIJZIGING RECHTSVORM - ONTSLAGEN - BENOEMINGEN
PDF
Mandates12/02/2008
ONTSLAGEN - BENOEMINGEN
PDF
Other26/07/2007
RUBRIEK OPRICHTING (NIEUWE RECHTSPERSOON, OPENING BIJKANTOOR, ENZ...)
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 2025292,9 k €↓
2025
Name changeFelmax
2024
Annual accounts 2024333,9 k €↑
2023
Annual accounts 2023182,9 k €↓
2022
Annual accounts 2022291,7 k €↓
2022
Name changeYvimat
2021
Annual accounts 2021427,6 k €↑
2020
Annual accounts 2020408,5 k €↑
2019
Annual accounts 2019256,7 k €↑
2018
Annual accounts 2018123 k €↑
2017
Annual accounts 201762,9 k €↓
2016
Annual accounts 201683,7 k €↓
2015
Annual accounts 2015132,8 k €↑
2014
Annual accounts 201474,4 k €↑
2013
Annual accounts 201373 k €↓
2012
Annual accounts 2012135,1 k €↑
2011
Annual accounts 201183,8 k €↓
2010
Annual accounts 2010122,3 k €↑
2009
Annual accounts 2009100,4 k €↑
2008
Annual accounts 200876,2 k €
18/07/2007
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

FELMAX

Overview

What does FELMAX do?

Trend over 18 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