MAXFLOW
ActiveSummary
MAXFLOW has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €8.09M and a net result of €9.34M. Equity is growing by ~28.4% per year across the filed fiscal years. Its solvency ranks better than 83% of 229 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2024
Axes · tick = 2023
Profitability100=
Solvency100=
Growth85=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €700k at 30 days acceptable
Liquidity ample (current ratio 3.96 against 8.45 in 2023; short-term debt: 22.1% and cash: 21.7% of total assets), and 22.2% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 63
Relative position
BE, all sectors
reference
Computing infrastructure, data processing, hosting and other information service activities (NACE 63)
about 52% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
77.8%
Return on assets
89.9%
Age of the figures
21 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 30-06-2025, 31 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
31 d early
2023
124 d early
2022
28 d early
2021
34 d early
2020
33 d early
2019
on the day
← before the deadline
after the deadline →
Checked, nothing found (1)
History
Go further with this company
How much credit can you give this customer, and on what term?Credit simulator What should you check before you do business with this company?Supplier due diligence Accepting this client? The AML file with identity, beneficial owners and sanctions lists.AML client file How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed Roughly what is this company worth?Value indication
Financials · fiscal year 2024, full schema
Turnover
€22.75M▲ 34.8%
2023 · €16.88M
EBIT margin
47.9%▼ 7.2pp
2023 · 55.1%
Net result
€9.34M▲ 12.2%
2023 · €8.33M
Working capital
€6.79M▼ 33.7%
2023 · €10.25M
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Turnover€12.49M€16.88M▲ 35.1%€22.75M▲ 34.8%
Operating result€2.03M▼ 19.0%€5.19M▲ 156%€8.01M▲ 54.2%€9.30M▲ 16.2%€10.89M▲ 17.1%
Net result€1.85M▼ 19.7%€4.57M▲ 148%€7.02M▲ 53.5%€8.33M▲ 18.7%€9.34M▲ 12.2%
EBIT margin64.1%55.1%▼ 9.0pp47.9%▼ 7.2pp
Equity€3.68M▲ 51.0%€4.37M▲ 19.0%€11.34M▲ 159%€11.20M▼ 1.2%€8.09M▼ 27.8%
Total assets€4.39M▲ 24.3%€6.75M▲ 53.9%€12.00M▲ 77.7%€12.58M▲ 4.8%€10.40M▼ 17.4%
Debt€712k▼ 35.1%€2.38M▲ 234%€660k▼ 72.2%€1.38M▲ 109%€2.30M▲ 67.3%
Working capital€3.52M▲ 53.3%€4.09M▲ 16.2%€10.72M▲ 162%€10.25M▼ 4.3%€6.79M▼ 33.7%
Staff (FTE)2▼ 20.0%1.3▼ 35.0%1.8▲ 38.5%2.6▲ 44.4%4.1▲ 57.7%
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2024 is 17% above 2023 and is the highest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €10.40M
Fixed assets
€1.30M ▲ 36.8%
Current assets
€9.09M ▼ 21.8%
Equity and liabilities €10.40M
Equity
€8.09M ▼ 27.8%
Debt
€2.30M ▲ 67.3%
Debt's share of the balance-sheet total rises from 11.0% to 22.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€11.46M▲
2023 · €9.68M
Cash flow
€9.91M▲
2023 · €8.71M
Current ratio
3.96▼
2023 · 8.45
Debt to equity
0.28▲
2023 · 0.12
ROE
115.5%▲
2023 · 74.4%
ROA
89.9%▲
2023 · 66.2%
Interest coverage
1428.27▼
2023 · 3280.42
Debt ≤ 1 year
€2.30M▲
2023 · €1.38M
Income taxes
€1.71M▲
2023 · €1.30M
Staff costs
€393k▲
2023 · €245k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €13.04M | €17.47M | €23.68M | ▲ 35.6% |
| Turnover70 | - | - | €12.49M | €16.88M | €22.75M | ▲ 34.8% |
| Own construction capitalised72 | - | - | €497k | €552k | €864k | ▲ 56.4% |
| Other operating income74 | - | - | €46k | €32k | €50k | ▲ 55.5% |
| Non-recurring operating income76A | - | - | - | - | €10k | - |
| Operating charges60/66A | - | - | €5.03M | €8.16M | €12.78M | ▲ 56.6% |
| Services and other goods61 | - | - | €4.55M | €7.02M | €11.82M | ▲ 68.5% |
| Remuneration, social security and pensions62 | - | €326k | €174k | €245k | €393k | ▲ 60.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €237k | €237k | €301k | €382k | €568k | ▲ 48.5% |
| Other operating charges640/8 | - | €1k | €4k | €3k | €3k | ▲ 8.4% |
| Non-recurring operating charges66A | - | - | - | €518k | - | - |
| Gross operating margin9900 | €2.45M | €5.76M | - | - | - | - |
| Operating profit (loss)9901 | €2.03M | €5.19M | €8.01M | €9.30M | €10.89M | ▲ 17.1% |
| Financial income75/76B | - | €11k | €248k | €689k | €418k | ▼ 39.4% |
| Recurring financial income75 | €55k | €10k | €248k | €689k | €418k | ▼ 39.4% |
| Income from financial fixed assets750 | - | - | €13k | - | - | - |
| Income from current assets751 | - | - | €82k | €532k | €83k | ▼ 84.4% |
| Other financial income752/9 | - | - | €154k | €158k | €334k | ▲ 112% |
| Non-recurring financial income76B | - | €1k | - | - | - | - |
| Financial charges65/66B | - | €20k | €91k | €365k | €254k | ▼ 30.3% |
| Recurring financial charges65 | €15k | €18k | €79k | €365k | €254k | ▼ 30.3% |
| Debt charges650 | - | - | €79k | €3k | €8k | ▲ 172% |
| Other financial charges652/9 | - | - | - | €362k | €246k | ▼ 32.0% |
| Non-recurring financial charges66B | - | €2k | €12k | - | - | - |
| Profit (loss) for the period before taxes9903 | €2.07M | €5.18M | €8.16M | €9.63M | €11.05M | ▲ 14.8% |
| Income taxes67/77 | €222k | €613k | €1.15M | €1.30M | €1.71M | ▲ 32.0% |
| Taxes670/3 | - | - | €1.15M | €1.30M | €1.71M | ▲ 32.0% |
| Profit (loss) for the period9904 | €1.85M | €4.57M | €7.02M | €8.33M | €9.34M | ▲ 12.2% |
| Transfer from tax-exempt reserves789 | - | - | - | - | €1.12M | - |
| Transfer to tax-exempt reserves689 | - | €421k | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €978k | €4.15M | €7.02M | €8.33M | €10.46M | ▲ 25.6% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.39M | €6.75M | €12.00M | €12.58M | €10.40M | ▼ 17.4% |
| Fixed assets21/28 | €267k | €396k | €657k | €953k | €1.30M | ▲ 36.8% |
| Intangible fixed assets21 | €250k | €380k | €629k | €927k | €1.28M | ▲ 38.3% |
| Tangible fixed assets22/27 | €17k | €16k | €28k | €26k | €22k | ▼ 15.2% |
| Plant, machinery and equipment23 | - | - | - | €18k | €22k | ▲ 20.0% |
| Furniture and vehicles24 | - | €16k | €28k | €8k | €370 | ▼ 95.3% |
| Current assets29/58 | €4.12M | €6.36M | €11.34M | €11.63M | €9.09M | ▼ 21.8% |
| Amounts receivable within one year40/41 | €1.09M | €2.42M | €2.58M | €4.36M | €5.92M | ▲ 35.7% |
| Trade receivables40 | - | €2.13M | €2.45M | €4.27M | €5.85M | ▲ 37.2% |
| Other amounts receivable41 | - | €295k | €129k | €94k | €65k | ▼ 30.8% |
| Current investments50/53 | €1.90M | €2.20M | €6.78M | €6.17M | €700k | ▼ 88.7% |
| Own shares50 | - | - | €669k | - | - | - |
| Other investments51/53 | - | - | €6.11M | €6.17M | €700k | ▼ 88.7% |
| Cash at bank and in hand54/58 | €857k | €1.58M | €1.90M | €885k | €2.25M | ▲ 154% |
| Deferred charges and accrued income490/1 | - | €157k | €78k | €207k | €222k | ▲ 7.0% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.39M | €6.75M | €12.00M | €12.58M | €10.40M | ▼ 17.4% |
| Equity10/15 | €3.68M | €4.37M | €11.34M | €11.20M | €8.09M | ▼ 27.8% |
| Contributions10/11 | - | €11k | €11k | €11k | €11k | = |
| Reserves13 | €3.66M | €4.36M | €11.33M | €11.19M | €8.08M | ▼ 27.8% |
| Non-distributable reserves130/1 | - | €671k | €669k | - | - | - |
| Reserves not available under the articles1311 | - | €2k | - | - | - | - |
| Own shares acquired1312 | - | €669k | €669k | - | - | - |
| Tax-exempt reserves132 | - | €1.29M | €1.29M | €1.29M | €168k | ▼ 86.9% |
| Distributable reserves133 | - | €2.40M | €9.37M | €9.90M | €7.91M | ▼ 20.1% |
| Amounts payable17/49 | €712k | €2.38M | €660k | €1.38M | €2.30M | ▲ 67.3% |
| Amounts payable after more than one year17 | €50k | €50k | - | - | - | - |
| Financial debts170/4 | - | €50k | - | - | - | - |
| Amounts payable within one year42/48 | €598k | €2.26M | €625k | €1.38M | €2.30M | ▲ 67.0% |
| Financial debts43 | - | - | €4k | - | - | - |
| Credit institutions430/8 | - | - | €4k | - | - | - |
| Trade debts44 | €202k | €421k | €486k | €1.02M | €1.83M | ▲ 79.8% |
| Suppliers440/4 | - | €421k | €486k | €1.02M | €1.83M | ▲ 79.8% |
| Taxes, remuneration and social security45 | - | €41k | €118k | €326k | €412k | ▲ 26.3% |
| Taxes450/3 | - | €1k | €85k | €286k | €318k | ▲ 11.3% |
| Remuneration and social security454/9 | - | €40k | €33k | €40k | €93k | ▲ 134% |
| Other amounts payable47/48 | - | €1.80M | €18k | €30k | €52k | ▲ 73.2% |
| Accrued charges and deferred income492/3 | - | €65k | €35k | €2k | €7k | ▲ 265% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.85M | €4.57M | €7.02M | €8.33M | €9.34M | ▲ 12.2% |
| + Depreciation and write-downs630 | €237k | €237k | €301k | €382k | €568k | ▲ 48.5% |
| Operating cash flow (approximation) | €2.08M | €4.81M | €7.32M | €8.71M | €9.91M | ▲ 13.8% |
| Investment in fixed assets (approximation) | - | €-366k | €-561k | €-679k | €-919k | ▼ 35.4% |
| Change in cash | - | €726k | €312k | €-1.01M | €1.37M | ▲ 235% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Highest result since 2018net €9.34M ▲12.2%
Operating result €10.89M, net result €9.34M, both a record.
29-03
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
03-07
NBB filing
Annual accounts filed
fiscal year 2022 · full schema
2022
31-12
Financial
Liquidity times 6current ratio 18.14
Current ratio from 2.81 to 18.14; short-term debt falls from €2.26M to €625k.
31-12
Financial
Equity above €10MEq €11.34M ▲159%
5 profitable years in a row build equity to €11.34M.
27-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
28-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Liquidity doublescurrent ratio 6.89
Current ratio from 3.34 to 6.89; short-term debt falls from €983k to €598k.
31-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Liquidity doublescurrent ratio 3.34
Current ratio from 1.39 to 3.34; short-term debt falls from €2.01M to €983k.
31-12
Financial
Equity above €2MEq €2.43M ▲175%
2 profitable years in a row build equity to €2.43M.
Show earlier events
17-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
31-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 31 days late
2017
31-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 31 days late
2016
26-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 26 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 10 acts read
About the unread acts
We know of 10 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
10 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Leuven · 1 establishment unit since 2014
Ground area
6,606 m²
Building footprint
2,028 m²
Volume, LiDAR
47,312 m³
Parcel 24433E0025/00C002, Flanders · tallest building 32.1 m, ±9 floors. Linked by address, not a title deed.
136
companies at this address
See who is registered here
1 establishment unit
CrazyGames
since 20142.230.460.956
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 24433E0025/00C002 | Flanders | 6,606 m² | 1 · 2,027 m² | 32.0 m · 9 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Public money · subsidies and aid
Flemish government
2023 to 2025 · 3 entries · 243,978 EUR awarded · 99,225 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 1 | 240,753 EUR | 96,000 EUR |
| 2024 | 1 | 1,350 EUR | 1,350 EUR |
| 2023 | 1 | 1,875 EUR | 1,875 EUR |
Schemes
Ontwikkelingsproject
Subsidies voor internationaal ondernemen
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Of 2,784 companies in sector 63910 we hold annual accounts for 698. 54 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded18-04-2014
Fiscal year end31-12
Activities, NACEBEL 2025
62100Computer programming
63910Web portal activities
Scores and ratios are computed by Checked and are not a credit decision.