MILMAX
ActiveSummary
MILMAX has been active since 2014 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (€-252k) and a net result of €34k. Equity is shrinking by ~20.6% per year across the filed fiscal years. Its solvency ranks better than 9% of 3489 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability76▲+26
Solvency0=
Growth58▲+26
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity ample (current ratio 1.86 against 1.7 in 2024; short-term debt: 39.7% and cash: 39.9% of total assets), but equity is negative.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 74
Relative position
BE, all sectors
reference
Other professional, scientific and technical activities (NACE 74)
about 48% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
-40.3%
Return on assets
5.5%
Age of the figures
9 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
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 9% of 3489 sector peers (2025).
NBB · sector comparisonPosition among 3489 sector peers
Solvency
better than 9%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
30 d late
2023
5 d late
2022
7 d early
2021
46 d early
2020
40 d early
2019
31 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€-252k▲ 12.0%
2024 · €-286k
2018: €137k
2019: €110k▼ -20.0% vs 2018
2020: €87k▼ -20.9% vs 2019
2021: €61k▼ -29.4% vs 2020
2022: €75k▲ +22.9% vs 2021
2023: €152k▲ +102% vs 2022highest in 8 years
2024: €-286k▼ -288% vs 2023lowest in 8 years
2025: €-252k▲ +12.0% vs 2024
2018 → 2025
Total assets
€625k▲ 4.0%
2024 · €601k
2018: €885k
2019: €877k▼ -0.9% vs 2018
2020: €857k▼ -2.2% vs 2019
2021: €837k▼ -2.4% vs 2020
2022: €865k▲ +3.4% vs 2021
2023: €966k▲ +11.7% vs 2022highest in 8 years
2024: €601k▼ -37.8% vs 2023lowest in 8 years
2025: €625k▲ +4.0% vs 2024
2018 → 2025
Net result
€34k
2024 · €-437k
2018: €10k
2019: €-28k▼ -384% vs 2018
2020: €-23k▲ +16.6% vs 2019
2021: €-24k▼ -6.8% vs 2020
2022: €15k▲ +161% vs 2021
2023: €78k▲ +419% vs 2022highest in 8 years
2024: €-437k▼ -661% vs 2023lowest in 8 years
2025: €34k▲ +108% vs 2024
2018 → 2025
Working capital
€214k▲ 18.5%
2024 · €181k
2018: €178k
2019: €158k▼ -11.1% vs 2018
2020: €115k▼ -27.2% vs 2019
2021: €90k▼ -22.2% vs 2020lowest in 8 years
2022: €114k▲ +26.9% vs 2021
2023: €201k▲ +77.1% vs 2022
2024: €181k▼ -10.2% vs 2023
2025: €214k▲ +18.5% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€61k-€75k▲ 22.9%€152k▲ 102%€-286k€-252k▲ 12.0%
2021: €61k
2022: €75k▲ +22.9% vs 2021
2023: €152k▲ +102% vs 2022highest in 5 years
2024: €-286k▼ -288% vs 2023lowest in 5 years
2025: €-252k▲ +12.0% vs 2024
Operating result€-22k-€17k€84k▲ 382%€164k▲ 95.8%€46k▼ 72.0%
2021: €-22klowest in 5 years
2022: €17k▲ +179% vs 2021
2023: €84k▲ +382% vs 2022
2024: €164k▲ +95.8% vs 2023highest in 5 years
2025: €46k▼ -72.0% vs 2024
Net result€-24k-€15k€78k▲ 419%€-437k€34k
2021: €-24k
2022: €15k▲ +161% vs 2021
2023: €78k▲ +419% vs 2022highest in 5 years
2024: €-437k▼ -661% vs 2023lowest in 5 years
2025: €34k▲ +108% vs 2024
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 72% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €625k
Fixed assets
€163k ▼ 0.4%
Current assets
€462k ▲ 5.7%
Key figures and ratios
EBITDA
€47k▼
2024 · €165k
Cash flow
€35k▲
2024 · €-436k
Solvency
-40.3%▲
2024 · -47.6%
Current ratio
1.86▲
2024 · 1.70
Debt to equity
-3.48▼
2024 · -3.10
ROA
5.5%▲
2024 · -72.8%
Interest coverage
20.56▼
2024 · 76.19
Debt
€876k▼
2024 · €886k
Debt ≤ 1 year
€248k▼
2024 · €257k
Debt > 1 year
€625k=
2024 · €625k
Income taxes
€14k▼
2024 · €45k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 44 lines
Balance sheet
Code20242025
Assets
Total assets20/58€601k€625k▲
Fixed assets21/28€163k€163k▼
Tangible fixed assets22/27€4k€3k▼
Furniture and vehicles24€2k€1k▼
Other tangible fixed assets26€2k€2k▼
Financial fixed assets28€160k€160k=
Current assets29/58€437k€462k▲
Amounts receivable within one year40/41€101k€212k▲
Trade receivables40€100k€180k▲
Other amounts receivable41€811€32k▲
Current investments50/53€100k-
Cash at bank and in hand54/58€236k€249k▲
Deferred charges and accrued income490/1€486€278▼
Equity and liabilities
Total equity and liabilities10/49€601k€625k▲
Equity10/15€-286k€-252k▲
Contributions10/11€20k€20k=
Profit (loss) carried forward14€-306k€-272k▲
Amounts payable17/49€886k€876k▼
Amounts payable after more than one year17€625k€625k=
Financial debts170/4€625k€625k=
Amounts payable within one year42/48€257k€248k▼
Trade debts44€2k€1k▼
Suppliers440/4€2k€1k▼
Taxes, remuneration and social security45€48k€600▼
Taxes450/3€48k€600▼
Other amounts payable47/48€206k€246k▲
Accrued charges and deferred income492/3€5k€3k▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€881€694▼
Other operating charges640/8€2k€2k▲
Gross operating margin9900€167k€49k▼
Operating profit (loss)9901€164k€46k▼
Financial income75/76B€4k€5k▲
Recurring financial income75€4k€5k▲
Financial charges65/66B€561k€2k▼
Recurring financial charges65€2k€2k▲
Non-recurring financial charges66B€558k-
Profit (loss) for the period before taxes9903€-392k€48k▲
Income taxes67/77€45k€14k▼
Profit (loss) for the period9904€-437k€34k▲
Profit (loss) for the period to be appropriated9905€-437k€34k▲
Appropriation of the result
Profit (loss) to be appropriated9906€-305k€-272k▲
Profit (loss) brought forward from the previous period14P€132k€-306k▼
Profit to be distributed694/7€1k-
Return on contributions (dividend)694€1k-
The notes to these accounts (8 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11k | €11k | €1k | €881 | €694 | ▼ 21.2% |
| Other operating charges640/8 | €3k | €2k | €2k | €2k | €2k | ▲ 23.7% |
| Non-recurring operating charges66A | - | - | €838 | - | - | - |
| Gross operating margin9900 | €-8k | €30k | €88k | €167k | €49k | ▼ 70.9% |
| Operating profit (loss)9901 | €-22k | €17k | €84k | €164k | €46k | ▼ 72.0% |
| Financial income75/76B | - | - | €513 | €4k | €5k | ▲ 5.9% |
| Recurring financial income75 | - | - | €513 | €4k | €5k | ▲ 5.9% |
| Financial charges65/66B | €2k | €2k | €2k | €561k | €2k | ▼ 99.6% |
| Recurring financial charges65 | €2k | €2k | €2k | €2k | €2k | ▲ 4.6% |
| Non-recurring financial charges66B | - | - | - | €558k | - | - |
| Profit (loss) for the period before taxes9903 | €-24k | €15k | €82k | €-392k | €48k | ▲ 112% |
| Income taxes67/77 | €265 | €257 | €4k | €45k | €14k | ▼ 68.7% |
| Profit (loss) for the period9904 | €-24k | €15k | €78k | €-437k | €34k | ▲ 108% |
| Profit (loss) for the period to be appropriated9905 | €-24k | €15k | €78k | €-437k | €34k | ▲ 108% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €837k | €865k | €966k | €601k | €625k | ▲ 4.0% |
| Fixed assets21/28 | €601k | €590k | €579k | €163k | €163k | ▼ 0.4% |
| Tangible fixed assets22/27 | €26k | €15k | €4k | €4k | €3k | ▼ 19.8% |
| Furniture and vehicles24 | €21k | €14k | €2k | €2k | €1k | ▼ 28.1% |
| Other tangible fixed assets26 | €5k | €685 | €2k | €2k | €2k | ▼ 11.4% |
| Financial fixed assets28 | €575k | €575k | €575k | €160k | €160k | = |
| Current assets29/58 | €236k | €275k | €386k | €437k | €462k | ▲ 5.7% |
| Amounts receivable within one year40/41 | €7k | €13k | €77k | €101k | €212k | ▲ 111% |
| Trade receivables40 | €6k | €13k | €76k | €100k | €180k | ▲ 80.9% |
| Other amounts receivable41 | €185 | €226 | €1k | €811 | €32k | ▲ 3,864% |
| Current investments50/53 | - | - | - | €100k | - | - |
| Cash at bank and in hand54/58 | €229k | €262k | €309k | €236k | €249k | ▲ 5.5% |
| Deferred charges and accrued income490/1 | - | - | €253 | €486 | €278 | ▼ 42.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €837k | €865k | €966k | €601k | €625k | ▲ 4.0% |
| Equity10/15 | €61k | €75k | €152k | €-286k | €-252k | ▲ 12.0% |
| Contributions10/11 | €20k | €20k | €20k | €20k | €20k | = |
| Reserves13 | €2k | €2k | - | - | - | - |
| Non-distributable reserves130/1 | €2k | €2k | - | - | - | - |
| Reserves not available under the articles1311 | €2k | €2k | - | - | - | - |
| Profit (loss) carried forward14 | €39k | €53k | €132k | €-306k | €-272k | ▲ 11.2% |
| Amounts payable17/49 | €775k | €790k | €814k | €886k | €876k | ▼ 1.1% |
| Amounts payable after more than one year17 | €625k | €625k | €625k | €625k | €625k | = |
| Financial debts170/4 | €625k | €625k | €625k | €625k | €625k | = |
| Amounts payable within one year42/48 | €146k | €162k | €185k | €257k | €248k | ▼ 3.4% |
| Trade debts44 | €2k | €3k | €4k | €2k | €1k | ▼ 21.0% |
| Suppliers440/4 | €2k | €3k | €4k | €2k | €1k | ▼ 21.0% |
| Taxes, remuneration and social security45 | €1k | €1k | €4k | €48k | €600 | ▼ 98.8% |
| Taxes450/3 | €1k | €1k | €4k | €48k | €600 | ▼ 98.8% |
| Other amounts payable47/48 | €143k | €158k | €177k | €206k | €246k | ▲ 19.2% |
| Accrued charges and deferred income492/3 | €4k | €3k | €3k | €5k | €3k | ▼ 28.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €-24k | €15k | €78k | €-437k | €34k | ▲ 108% |
| + Depreciation and write-downs630 | €11k | €11k | €1k | €881 | €694 | ▼ 21.2% |
| Operating cash flow (approximation) | €-13k | €27k | €79k | €-436k | €35k | ▲ 108% |
| Investment in fixed assets (approximation) | - | €25 | €9k | €415k | €0 | ▼ 100% |
| Change in cash | - | €33k | €47k | €-73k | €13k | ▲ 118% |
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
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
31-12
Financial
Back to profitnet €34k
Net result €34k after one loss-making year.
30-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 30 days late
2024
31-12
Financial
Weakest financial yearnet €-437k
Net result drops to €-437k, the lowest in the series; recovery starts the following year.
05-08
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 5 days late
2023
31-12
Financial
Highest result since 2018net €78k ▲419%
Net result €78k, the highest in the series.
31-12
Financial
Equity above €150kEq €152k ▲102%
2 profitable years in a row build equity to €152k.
24-07
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €15k
Net result €15k after 3 loss-making years.
15-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
21-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
31-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 31 days late
Show earlier events
2019
22-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 22 days late
2018
30-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 30 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 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
3 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, Gent · 2 establishment units since 2014
Ground area
1,977 m²
Building footprint
467 m²
Volume, LiDAR
5,881 m³
2 parcels, Brussels, Flanders · tallest building 29.0 m, ±8 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
2 establishment units
Milmax
since 20142.229.644.473
Milmax
since 20152.243.421.146
2 parcels
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44017A1109/00X003 | Flanders | 1,630 m² | 1 · 270 m² | 13.3 m · 1 fl. |
| 21007A0046/00G006 | Brussels | 347 m² | 1 · 197 m² | 28.9 m · 8 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 3,838 companies in sector 74111 we hold annual accounts for 1,005. 800 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
Founded18-02-2014
Fiscal year end31-12
Activities, NACEBEL 2025
74111Design of textile patterns, clothing, jewellery, furniture and decorative items
46160Agents in the wholesale of textiles, clothing, fur, footwear and leather goods
46425Wholesale trade
47721Retail sale of footwear
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.