AXIS-ONE
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 60 days after the deadline Filed on 29 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00528671.
Annual accounts 2025 filed on 29-09-2026 at the NBB all 22 filings
Turnover
≈ €260,000
Estimated: probably between €150,000 and €430,000
EBIT margin
Not included in this filing
Net result
-€75,965▲ 76.2%
2024 · -€318,518
Working capital
-€623,562▼ 9.7%
2024 · -€568,319
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€44,510
▲ 84.5%
2025
20182025
Net result
-€75,965
▲ 76.2%
2025
lowest quarter of the sector
20182025
Equity
-€617,872
▼ 14.0%
2025
lowest quarter of the sector
20182025
Total assets
€305,665
▼ 25.6%
2025
middle half of the sector
20182025
Debt
€923,537
▼ 3.0%
2025
20182025
Working capital
-€623,562
▼ 9.7%
2025
lowest quarter of the sector
20182025
Solvency
-202.1%
▼ 70.2pp
2025
lowest quarter of the sector
20182025
Current ratio
0.32
▼ 0.08
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-24.9%
▲ 52.7pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1
▼ 56.5%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€32,751--€45,470€31,604€37,940▲ 20.0%-€117,297-€147,842▼ 26.0%-€287,653▼ 94.6%-€44,510▲ 84.5%
Net result€16,262--€61,345€3,281within the sector's middle half€17,911within the sector's middle half▲ 446%-€137,616below the sector's middle half-€184,384below the sector's middle half▼ 34.0%-€318,518below the sector's middle half▼ 72.7%-€75,965below the sector's middle half▲ 76.2%
Equity€138,765-€77,420▼ 44.2%€80,701within the sector's middle half▲ 4.2%€98,612within the sector's middle half▲ 22.2%-€39,004below the sector's middle half-€223,388below the sector's middle half▼ 473%-€541,906below the sector's middle half▼ 143%-€617,872below the sector's middle half▼ 14.0%
Total assets€721,669-€772,651▲ 7.1%€590,836within the sector's middle half▼ 23.5%€936,463within the sector's middle half▲ 58.5%€524,025within the sector's middle half▼ 44.0%€653,394within the sector's middle half▲ 24.7%€410,654above the sector's middle half▼ 37.2%€305,665within the sector's middle half▼ 25.6%
Debt€582,905-€695,231▲ 19.3%€510,135▼ 26.6%€837,851▲ 64.2%€563,029▼ 32.8%€876,782▲ 55.7%€952,561▲ 8.6%€923,537▼ 3.0%
Working capital€173,054-€87,545▼ 49.4%€99,077within the sector's middle half▲ 13.2%€81,246within the sector's middle half▼ 18.0%-€73,605below the sector's middle half-€244,893below the sector's middle half▼ 233%-€568,319below the sector's middle half▼ 132%-€623,562below the sector's middle half▼ 9.7%
Solvency19.2%-10.0%▼ 9.2pp13.7%within the sector's middle half▲ 3.6pp10.5%below the sector's middle half▼ 3.1pp-7.4%below the sector's middle half▼ 18.0pp-34.2%below the sector's middle half▼ 26.7pp-132.0%below the sector's middle half▼ 97.8pp-202.1%below the sector's middle half▼ 70.2pp
Current ratio1.38-1.14▼ 0.241.22within the sector's middle half▲ 0.081.10within the sector's middle half▼ 0.120.87below the sector's middle half▼ 0.230.72below the sector's middle half▼ 0.150.40below the sector's middle half▼ 0.320.32below the sector's middle half▼ 0.08
Return on assets (ROA)2.3%--7.9%▼ 10.2pp0.6%within the sector's middle half▲ 8.5pp1.9%within the sector's middle half▲ 1.4pp-26.3%below the sector's middle half▼ 28.2pp-28.2%below the sector's middle half▼ 2.0pp-77.6%below the sector's middle half▼ 49.3pp-24.9%below the sector's middle half▲ 52.7pp
Staff (FTE)2.6-2.6=2.6within the sector's middle half=3.4within the sector's middle half▲ 30.8%3.6within the sector's middle half▲ 5.9%3.6within the sector's middle half=2.3▼ 36.1%1▼ 56.5%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a loss of €44,510, smaller than the loss of €287,653 in 2024.
Large changes and their cause
- 2024 Net result -73% on 2023. The accounts now follow the micro format, last year the full format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €305,665
Fixed assets
€8,927 ▼ 71.0%
Current assets
€296,738 ▼ 21.9%
Equity and liabilities
Equity-€617,872
Debt€923,537
Equity is negative. Debt (€923,537) exceeds the balance-sheet total (€305,665).
Key figures and ratios
EBITDA
-€40,851▲
2024 · -€273,416
Cash flow
-€72,307▲
2024 · -€304,281
Quick ratio
0.19▼
2024 · 0.26
Interest coverage
-1.33▲
2024 · -9.24
Debt ≤ 1 year
€920,299▼
2024 · €948,163
Income taxes
€939▼
2024 · €1,371
Staff costs
€63,882▼
2024 · €183,532
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | 4 | 1 | 1 |
| full-time | 2 | 2 | 2 | 0 | 0 |
| part-time | 2 | 2 | 2 | 1 | 1 |
| in full-time equivalents | 3.6 | 3.6 | 3.6 | 0.8 | 0.8 |
| Average over the year, in full-time equivalents | 3.4 | 3.6 | 3.6 | 2.3 | 0.8 |
| On a permanent contract | 4 | 4 | 4 | 1 | 1 |
| Joined | 1 | - | - | 0 | 1 |
| Left | 0 | - | - | 3 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €11,663 | €11,561 | €3,452 | €21,010 | - |
| Financial fixed assets | - | €3,800 | - | - | €0 |
| Depreciation and write-downs of the year | €17,779 | €19,465 | €12,616 | €14,237 | €3,659 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €331 | €0 | - | €30,059 | - |
| Remuneration, social security and pensions62 | - | - | - | €184,929 | €237,542 | €260,589 | €183,532 | €63,882 | ▼ 65.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €48,612 | €44,003 | €46,311 | €17,779 | €19,465 | €12,616 | €14,237 | €3,659 | ▼ 74.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €8,541 | €2,595 | €1,957 | €3,379 | €1,444 | ▼ 57.3% |
| Non-recurring operating charges66A | - | - | - | -€6,250 | €10,860 | €21,955 | €10,124 | €3,530 | ▼ 65.1% |
| Gross operating margin9900 | €305,816 | €188,552 | €221,799 | €242,939 | €153,164 | €149,274 | -€76,381 | €28,005 | - |
| Operating profit (loss)9901 | €32,751 | -€45,470 | €31,604 | €37,940 | -€117,297 | -€147,842 | -€287,653 | -€44,510 | ▲ 84.5% |
| Financial income75/76B | - | - | - | €1,773 | €1,743 | €898 | €102 | €147 | ▲ 43.7% |
| Recurring financial income75 | €299 | €902 | €2,721 | €1,773 | €1,743 | €898 | €102 | €147 | ▲ 43.7% |
| Financial charges65/66B | - | - | - | €20,364 | €20,894 | €36,259 | €29,596 | €30,663 | ▲ 3.6% |
| Recurring financial charges65 | €7,708 | €14,927 | €29,873 | €20,364 | €20,894 | €36,259 | €29,596 | €30,663 | ▲ 3.6% |
| Profit (loss) for the period before taxes9903 | €25,343 | -€59,494 | €4,453 | €19,349 | -€136,449 | -€183,203 | -€317,147 | -€75,026 | ▲ 76.3% |
| Income taxes67/77 | €9,081 | €1,850 | €1,171 | €1,438 | €1,168 | €1,181 | €1,371 | €939 | ▼ 31.5% |
| Profit (loss) for the period9904 | €16,262 | -€61,345 | €3,281 | €17,911 | -€137,616 | -€184,384 | -€318,518 | -€75,965 | ▲ 76.2% |
| Profit (loss) for the period to be appropriated9905 | €16,262 | -€61,345 | €3,281 | €17,911 | -€137,616 | -€184,384 | -€318,518 | -€75,965 | ▲ 76.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €721,669 | €772,651 | €590,836 | €936,463 | €524,025 | €653,394 | €410,654 | €305,665 | ▼ 25.6% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €98,205 | €75,391 | €47,222 | €41,105 | €37,001 | €24,037 | €30,811 | €8,927 | ▼ 71.0% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €97,945 | €75,131 | €46,962 | €40,845 | €32,941 | €23,777 | €30,551 | €8,667 | ▼ 71.6% |
| Plant, machinery and equipment23 | - | - | - | €24,948 | €23,628 | €18,465 | €13,393 | €416 | ▼ 96.9% |
| Furniture and vehicles24 | - | - | - | €10,153 | €4,379 | €1,189 | €13,845 | €8,252 | ▼ 40.4% |
| Other tangible fixed assets26 | - | - | - | €5,745 | €4,934 | €4,123 | €3,312 | €0 | ▼ 100% |
| Financial fixed assets28 | €260 | €260 | €260 | €260 | €4,060 | €260 | €260 | €260 | = |
| Current assets29/58 | €623,464 | €697,260 | €543,615 | €895,358 | €487,023 | €629,356 | €379,844 | €296,738 | ▼ 21.9% |
| Stocks and contracts in progress3 | €121,577 | €126,257 | €143,978 | €217,993 | €193,846 | €178,847 | €130,460 | €119,722 | ▼ 8.2% |
| Stocks30/36 | - | - | - | €217,993 | €193,846 | €178,847 | €130,460 | €119,722 | ▼ 8.2% |
| Amounts receivable within one year40/41 | €491,485 | €524,745 | €393,156 | €671,319 | €280,704 | €432,289 | €242,969 | €175,044 | ▼ 28.0% |
| Trade receivables40 | - | - | - | €642,784 | €250,210 | €420,679 | €238,035 | €174,654 | ▼ 26.6% |
| Other amounts receivable41 | - | - | - | €28,535 | €30,494 | €11,610 | €4,934 | €390 | ▼ 92.1% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €2,270 | €24,049 | €794 | €824 | €3,056 | €4,767 | €2,362 | €1,549 | ▼ 34.4% |
| Deferred charges and accrued income490/1 | - | - | - | €5,222 | €9,417 | €13,454 | €4,053 | €422 | ▼ 89.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €721,669 | €772,651 | €590,836 | €936,463 | €524,025 | €653,394 | €410,654 | €305,665 | ▼ 25.6% |
| Equity10/15 | €138,765 | €77,420 | €80,701 | €98,612 | -€39,004 | -€223,388 | -€541,906 | -€617,872 | ▼ 14.0% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €118,305 | €56,960 | €60,241 | €78,152 | -€59,464 | -€243,848 | -€562,366 | -€638,332 | ▼ 13.5% |
| Amounts payable17/49 | €582,905 | €695,231 | €510,135 | €837,851 | €563,029 | €876,782 | €952,561 | €923,537 | ▼ 3.0% |
| Amounts payable after more than one year17 | €128,902 | €83,419 | €63,006 | €21,300 | €0 | - | - | - | - |
| Financial debts170/4 | - | - | - | €21,300 | €0 | - | - | - | - |
| Amounts payable within one year42/48 | €450,410 | €609,716 | €444,537 | €814,112 | €560,628 | €874,250 | €948,163 | €920,299 | ▼ 2.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €45,127 | €24,821 | €0 | - | - | - |
| Financial debts43 | - | - | - | €100,878 | €93,171 | €99,179 | €99,075 | €126,548 | ▲ 27.7% |
| Credit institutions430/8 | - | - | - | €100,878 | €93,171 | €99,179 | €99,075 | €126,548 | ▲ 27.7% |
| Trade debts44 | €224,319 | €442,521 | €208,074 | €504,815 | €263,555 | €332,678 | €298,991 | €263,697 | ▼ 11.8% |
| Suppliers440/4 | - | - | - | €504,815 | €263,555 | €332,678 | €298,991 | €263,697 | ▼ 11.8% |
| Advances received on contracts in progress46 | - | - | - | - | - | €10,000 | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €163,292 | €179,081 | €250,616 | €326,094 | €293,262 | ▼ 10.1% |
| Taxes450/3 | - | - | - | €140,002 | €140,293 | €188,833 | €254,650 | €220,438 | ▼ 13.4% |
| Remuneration and social security454/9 | - | - | - | €23,290 | €38,788 | €61,783 | €71,444 | €72,825 | ▲ 1.9% |
| Other amounts payable47/48 | - | - | - | €0 | - | €181,776 | €224,002 | €236,792 | ▲ 5.7% |
| Accrued charges and deferred income492/3 | - | - | - | €2,439 | €2,401 | €2,532 | €4,398 | €3,238 | ▼ 26.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,262 | -€61,345 | €3,281 | €17,911 | -€137,616 | -€184,384 | -€318,518 | -€75,965 | ▲ 76.2% |
| + Depreciation and write-downs630 | €48,612 | €44,003 | €46,311 | €17,779 | €19,465 | €12,616 | €14,237 | €3,659 | ▼ 74.3% |
| Operating cash flow (approximation) | €64,874 | -€17,342 | €49,592 | €35,690 | -€118,151 | -€171,768 | -€304,281 | -€72,307 | ▲ 76.2% |
| Investment in fixed assets (approximation) | - | -€21,189 | -€18,142 | -€11,663 | -€15,361 | €348 | -€21,010 | €18,225 | - |
| Change in cash | - | €21,779 | -€23,255 | €29 | €2,233 | €1,711 | -€2,405 | -€812 | ▲ 66.2% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 6,619 companies had the same profile as AXIS-ONE has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of AXIS-ONE itself is higher: 20.2% within 12 months. It rests on far more data about AXIS-ONE than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| 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% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,619 companies, not a prediction for AXIS-ONE. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-09-2026 | 2026-00528671 | |
| 31-12-2024 | micro format | 29-09-2025 | 2025-00509443 | |
| 31-12-2023 | full format | 09-09-2024 | 2024-00455910 | |
| 31-12-2022 | full format | 04-08-2023 | 2023-00311866 | |
| 31-12-2021 | full format | 19-09-2022 | 2022-20430748 | |
| 31-12-2020 | full format | 30-07-2021 | 2021-42500159 | |
| 31-12-2019 | full format | 13-08-2020 | 2020-40700239 | |
| 31-12-2018 | full format | 02-07-2019 | 2019-26200128 | |
| 31-12-2017 | full format | 26-07-2018 | 2018-37600231 | |
| 31-12-2016 | full format | 27-09-2017 | 2017-63100134 |