MAXFLOW
ActiveSummary
MAXFLOW has been active since 2014 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.7m and a net result of €9.3m. Equity is growing by about 23% per year across the filed financial years. Its solvency ranks better than 44% of 224 sector peers (NACE 63, financial year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Overview
- Staff
- 7.3 FTE
- Equity
- €5.7m
- Profit
- €9.3m
- Parent
- Next Level · 100%
- Board
- 5 members
- De Raaf BVChair · permanent representative Raf Mertens
Why 86raises risk1 change of registered office in 24 monthslowers riskSize: turnover €25.5m, 7.3 FTE, total assets €15.0mFigures for financial year 2025 (filed 18-06-2026)Profit of €9.3m (financial year 2025)Show the evidence
Checked score
About 3 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 63, micro): better than 37% on solvency, 13% on liquidity, 85% on profitability and 43% on growth.
The bankruptcy probability was computed on 26-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 7 accounts on average 42 days before the deadline; the sector median (NACE 63) for financial year 2024 is 9 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · full…
- Permanent representative: Raf MertensRegistered-office move
- Annual accounts filedfinancial year 2024 · full…
Financials · financial year 2025, full format
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result has risen four years in a row; 2025 is 4% above 2024 and is the highest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Average staff in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 63, Computing infrastructure, data processing, hosting and other information service activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
- 2022 Net result +54% on 2021. The accounts now follow the full format, last year the abbreviated format.
Peer companies
Historical observationOf the 34,695 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 95.3% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,475 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 34,695 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | €13.0m | €17.5m | €23.7m | €26.9m | ▲ 13.5% |
| Turnover70 | - | - | - | - | €12.5m | €16.9m | €22.8m | €25.5m | ▲ 11.9% |
| Own construction capitalised72 | - | - | - | - | €0.5m | €0.6m | €0.9m | €1.2m | ▲ 44.7% |
| Other operating income74 | - | - | - | - | €0.05m | €0.03m | €0.05m | €0.2m | ▲ 252% |
| Non-recurring operating income76A | - | - | - | - | - | - | €0.01m | - | - |
| Operating charges60/66A | - | - | - | - | €5.0m | €8.2m | €12.8m | €15.5m | ▲ 21.5% |
| Services and other goods61 | - | - | - | - | €4.6m | €7.0m | €11.8m | €13.9m | ▲ 17.4% |
| Remuneration, social security and pensions62 | - | - | - | €0.3m | €0.2m | €0.2m | €0.4m | €0.8m | ▲ 105% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.08m | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.6m | €0.8m | ▲ 39.9% |
| Other operating charges640/8 | - | - | - | €0.001m | €0.004m | €0.003m | €0.003m | €0.01m | ▲ 238% |
| Non-recurring operating charges66A | - | - | - | - | - | €0.5m | - | €0.05m | - |
| Gross operating margin9900 | €2.3m | €2.8m | €2.5m | €5.8m | - | - | - | - | - |
| Operating profit (loss)9901 | €2.1m | €2.5m | €2.0m | €5.2m | €8.0m | €9.3m | €10.9m | €11.3m | ▲ 4.2% |
| Financial income75/76B | - | - | - | €0.01m | €0.2m | €0.7m | €0.4m | €0.4m | ▼ 2.1% |
| Recurring financial income75 | €0.005m | €0.05m | €0.06m | €0.01m | €0.2m | €0.7m | €0.4m | €0.4m | ▼ 2.1% |
| Income from financial fixed assets750 | - | - | - | - | €0.01m | - | - | - | - |
| Income from current assets751 | - | - | - | - | €0.08m | €0.5m | €0.08m | €0.1m | ▲ 19.8% |
| Other financial income752/9 | - | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 7.6% |
| Non-recurring financial income76B | - | - | - | €0.001m | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.02m | €0.09m | €0.4m | €0.3m | €0.9m | ▲ 254% |
| Recurring financial charges65 | €0.02m | €0.005m | €0.01m | €0.02m | €0.08m | €0.4m | €0.3m | €0.9m | ▲ 254% |
| Debt charges650 | - | - | - | - | €0.08m | €0.003m | €0.008m | €0.02m | ▲ 188% |
| Other financial charges652/9 | - | - | - | - | - | €0.4m | €0.2m | €0.9m | ▲ 256% |
| Non-recurring financial charges66B | - | - | - | €0.002m | €0.01m | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €2.1m | €2.6m | €2.1m | €5.2m | €8.2m | €9.6m | €11.1m | €10.9m | ▼ 1.8% |
| Income taxes67/77 | €0.2m | €0.3m | €0.2m | €0.6m | €1.1m | €1.3m | €1.7m | €1.6m | ▼ 6.6% |
| Taxes670/3 | - | - | - | - | €1.1m | €1.3m | €1.7m | €1.7m | ▼ 1.7% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | - | - | €0.08m | - |
| Profit (loss) for the period9904 | €1.8m | €2.3m | €1.8m | €4.6m | €7.0m | €8.3m | €9.3m | €9.3m | ▼ 0.9% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | €1.1m | €0.2m | ▼ 85.0% |
| Transfer to tax-exempt reserves689 | - | - | - | €0.4m | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €1.8m | €2.3m | €1.0m | €4.1m | €7.0m | €8.3m | €10.5m | €9.4m | ▼ 9.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.9m | €3.5m | €4.4m | €6.8m | €12.0m | €12.6m | €10.4m | €15.0m | ▲ 44.2% |
| Fixed assets21/28 | €0.1m | €0.2m | €0.3m | €0.4m | €0.7m | €1.0m | €1.3m | €1.9m | ▲ 49.2% |
| Intangible fixed assets21 | €0.1m | €0.2m | €0.2m | €0.4m | €0.6m | €0.9m | €1.3m | €1.9m | ▲ 48.8% |
| Tangible fixed assets22/27 | €0.03m | €0.02m | €0.02m | €0.02m | €0.03m | €0.03m | €0.02m | €0.04m | ▲ 72.6% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0.02m | €0.02m | €0.04m | ▲ 75.6% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.03m | €0.008m | €370 | €0 | ▼ 100% |
| Financial fixed assets28 | - | - | - | - | - | - | - | €225 | - |
| Other financial fixed assets284/8 | - | - | - | - | - | - | - | €225 | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | - | - | - | €225 | - |
| Current assets29/58 | €2.8m | €3.3m | €4.1m | €6.4m | €11.3m | €11.6m | €9.1m | €13.0m | ▲ 43.4% |
| Amounts receivable within one year40/41 | €0.5m | €0.8m | €1.1m | €2.4m | €2.6m | €4.4m | €5.9m | €7.8m | ▲ 32.3% |
| Trade receivables40 | - | - | - | €2.1m | €2.5m | €4.3m | €5.9m | €7.4m | ▲ 25.7% |
| Other amounts receivable41 | - | - | - | €0.3m | €0.1m | €0.09m | €0.06m | €0.5m | ▲ 622% |
| Current investments50/53 | €0.2m | €1.3m | €1.9m | €2.2m | €6.8m | €6.2m | €0.7m | €3.7m | ▲ 422% |
| Own shares50 | - | - | - | - | €0.7m | - | - | - | - |
| Other investments51/53 | - | - | - | - | €6.1m | €6.2m | €0.7m | €3.7m | ▲ 422% |
| Cash at bank and in hand54/58 | €1.6m | €1.1m | €0.9m | €1.6m | €1.9m | €0.9m | €2.3m | €1.4m | ▼ 39.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.2m | €0.08m | €0.2m | €0.2m | €0.2m | ▼ 8.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.9m | €3.5m | €4.4m | €6.8m | €12.0m | €12.6m | €10.4m | €15.0m | ▲ 44.2% |
| Equity10/15 | €0.9m | €2.4m | €3.7m | €4.4m | €11.3m | €11.2m | €8.1m | €5.7m | ▼ 29.0% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.9m | €2.4m | €3.7m | €4.4m | €11.3m | €11.2m | €8.1m | €5.7m | ▼ 29.0% |
| Non-distributable reserves130/1 | - | - | - | €0.7m | €0.7m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | - | - | - | - | - |
| Own shares acquired1312 | - | - | - | €0.7m | €0.7m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €1.3m | €1.3m | €1.3m | €0.2m | - | - |
| Distributable reserves133 | - | - | - | €2.4m | €9.4m | €9.9m | €7.9m | €5.7m | ▼ 27.5% |
| Amounts payable17/49 | €2.1m | €1.1m | €0.7m | €2.4m | €0.7m | €1.4m | €2.3m | €9.2m | ▲ 301% |
| Amounts payable after more than one year17 | €0.05m | €0.05m | €0.05m | €0.05m | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €0.05m | - | - | - | - | - |
| Amounts payable within one year42/48 | €2.0m | €1.0m | €0.6m | €2.3m | €0.6m | €1.4m | €2.3m | €9.1m | ▲ 297% |
| Financial debts43 | - | - | - | - | €0.004m | - | - | - | - |
| Credit institutions430/8 | - | - | - | - | €0.004m | - | - | - | - |
| Trade debts44 | €0.08m | €0.1m | €0.2m | €0.4m | €0.5m | €1.0m | €1.8m | €1.9m | ▲ 4.8% |
| Suppliers440/4 | - | - | - | €0.4m | €0.5m | €1.0m | €1.8m | €1.9m | ▲ 4.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.1m | €0.3m | €0.4m | €0.09m | ▼ 78.9% |
| Taxes450/3 | - | - | - | €0.001m | €0.09m | €0.3m | €0.3m | - | - |
| Remuneration and social security454/9 | - | - | - | €0.04m | €0.03m | €0.04m | €0.09m | €0.09m | ▼ 6.9% |
| Other amounts payable47/48 | - | - | - | €1.8m | €0.02m | €0.03m | €0.05m | €7.1m | ▲ 138× |
| Accrued charges and deferred income492/3 | - | - | - | €0.06m | €0.04m | €0.002m | €0.007m | €0.1m | ▲ 19× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.8m | €2.3m | €1.8m | €4.6m | €7.0m | €8.3m | €9.3m | €9.3m | ▼ 0.9% |
| + Depreciation and write-downs630 | €0.08m | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.6m | €0.8m | ▲ 39.9% |
| Operating cash flow (approximation) | €1.9m | €2.5m | €2.1m | €4.8m | €7.3m | €8.7m | €9.9m | €10.1m | ▲ 1.4% |
| Investment in fixed assets (approximation) | - | -€0.3m | -€0.3m | -€0.4m | -€0.6m | -€0.7m | -€0.9m | -€1.4m | ▼ 56.3% |
| Change in cash | - | -€0.5m | -€0.3m | €0.7m | €0.3m | -€1.0m | €1.4m | -€0.9m | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 11 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | full format | 18-06-2026 | 2026-00173013 |
| 31-12-2024 | full format | 30-06-2025 | 2025-00240891 |
| 31-12-2023 | full format | 29-03-2024 | 2024-00053714 |
| 31-12-2022 | full format | 03-07-2023 | 2023-00193541 |
| 31-12-2021 | abbreviated format | 27-06-2022 | 2022-20093449 |
| 31-12-2020 | abbreviated format | 28-06-2021 | 2021-25600538 |
| 31-12-2019 | abbreviated format | 31-07-2020 | 2020-39500242 |
| 31-12-2018 | abbreviated format | 17-07-2019 | 2019-33800241 |
| 31-12-2017 | micro format | 31-08-2018 | 2018-62000452 |
| 31-12-2016 | micro format | 31-08-2017 | 2017-56400318 |
Similar companies · same sector, comparable size
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €243,978 awarded · €99,225 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €240,753 | €96,000 |
| 2024 | 1 | €1,350 | €1,350 |
| 2023 | 1 | €1,875 | €1,875 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Board 5
Day-to-day management 1
Permanent representatives 3
Statutory auditor 1
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- Day-to-day management
- Statutory auditor
- began earlier
| Name | Functions and periods |
|---|---|
| Blafkat BV |
|
| De Raaf BV |
|
| Harry Haeck |
|
| Le Loup BV |
|
| Thomas Depuydt |
|
| BDO Bedrijfsrevisoren bv |
|
| Raf Mertens |
|
Owners and capital
Owners
2 ownersChain of control
- Next Level
- MAXFLOW
Highest known parent: Next Level. The sources do not say who stands above it.
Owners 2
- Next LevelparentSourceown accounts 2025100%
-
23.58%
According to the 2025 annual accounts of MAXFLOW and those of the other companies, the acts in the Belgian Official Gazette and the LEI register. Annual accounts state the shareholders that notified the company under article 7:225 of the Code of Companies and Associations and the parent companies that consolidate it. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not include these statements in its annual accounts, or does not have to, is not listed.
Capital and shareholders
- Next Level BV all shares
The Belgian Official Gazette names shareholders only when an act mentions them; the share register itself is not published.
Group and network
Connections & network
5 current directorsThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
29-08
Gazette deed
Permanent representative: Raf MertensRegistered-office move4 facts ▸
- General meeting, 01-07-2025
- Registered-office move, Philipssite 5 bus 1 te 3001 Leuven, België
- Permanent representative, Raf Mertens
- Director in office, Raf Mertens (managing director)
16-02
Gazette deed
Appointment: BDO Bedrijfsrevisoren BV (statutory auditor)Permanent representative: Marlies Polfliet3 facts ▸
- General meeting, 20-12-2023
- Auditor appointment, BDO Bedrijfsrevisoren BV (statutory auditor)
- Permanent representative, Marlies Polfliet
04-10
Gazette deed
Resignation: Raf Mertens (director)Appointments: De Raaf BV, Blafkat BV and 3 others · Permanent representatives: Raf Mertens, Reinout Stevens and Jan-Carl Dewulf · Shareholding14 facts ▸
- General meeting, 31-08-2023
- Director resignation, Raf Mertens (director)
- Director appointment, De Raaf BV (director)
- Director appointment, Blafkat BV (director)
- Director appointment, Le Loup BV (director)
- Director appointment, Harry Haeck (director)
- Director appointment, Thomas Depuydt (director)
- Permanent representative, Raf Mertens
- Permanent representative, Reinout Stevens
- Permanent representative, Jan-Carl Dewulf
- Board meeting, 31-08-2023
- Shareholding, 31-08-2023, “datum van deze besluiten” (deed in Dutch)
- +2 further facts in this act
05-09
Gazette deed
Capital & sharesShare cancellation · Power of attorney5 facts ▸
- General meeting, 30-08-2023
- Share cancellation, “eigen aandelen, Artikel 5” (deed in Dutch)
- General meeting, 12-06-2024
- Power of attorney (2 times)
- Other provision, “aflevering uittreksel vóór registratie, artikel 173,1°bis Wetboek der Registratierechten” (deed in Dutch)
Show earlier events
About the unread acts
Of the 10 Belgian Official Gazette deeds we know for this company, 4 have been read. The other 6 have not been read yet: what they contain is neither established nor disproved here.
Register details
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 26 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 24433E0025/00C002 | Flanders | 6,606 m² | 1 · 2,027 m² | 32.0 m · 9 |
How the parcels are linked
Articles of association
- Annual meetingWhen the shareholders meet each year, among other things to approve the annual accounts.
- Second Wednesday of June at 09:00deed of 05-09-2023
- Other provisionsOther rules from the articles that fall under none of the themes above.
- Other provision: “Neerlegging vereniging alle aandelen in één hand en identiteit enige aandeelhouder in vennootschapsdossier, artikel 2:8,§4 Wetboek van…” (deed in Dutch)deed of 04-10-2023
Read from the deeds: 2 provisions, deed of 04-10-2023