BIO INX
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 3 filings
Equity
-€272,921
2024 · €49,332
Total assets
€1.2m▼ 28.9%
2024 · €1.7m
Net result
-€322,253▼ 9.3%
2024 · -€294,805
Working capital
€697,667▼ 38.5%
2024 · €1.1m
Multi-year overview
2023 to 2025, 3 financial yearsOperating result
-€298,587
▼ 6.8%
2025
20232025
Net result
-€322,253
▼ 9.3%
2025
lowest quarter of the sector
20232025
Equity
-€272,921
2025
lowest quarter of the sector
20232025
Total assets
€1.2m
▼ 28.9%
2025
middle half of the sector
20232025
Debt
€1.5m
▼ 10.6%
2025
20232025
Working capital
€697,667
▼ 38.5%
2025
middle half of the sector
20232025
Solvency
-22.1%
▼ 24.9pp
2025
lowest quarter of the sector
20232025
Current ratio
3.79
▼ 1.72
2025
middle half of the sector
20232025
Return on assets (ROA)
-26.1%
▼ 9.1pp
2025
lowest quarter of the sector
20232025
Staff (FTE)
4
▲ 42.9%
2025
middle half of the sector
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Operating result-€0.3m--€0.3m▲ 15.2%-€0.3m▼ 6.8%
Net result-€0.3mbelow the sector's middle half--€0.3mbelow the sector's middle half▲ 11.1%-€0.3mbelow the sector's middle half▼ 9.3%
Equity€0.2mwithin the sector's middle half-€0.05mbelow the sector's middle half▼ 74.6%-€0.3mbelow the sector's middle half
Total assets€0.4mwithin the sector's middle half-€1.7mwithin the sector's middle half▲ 332%€1.2mwithin the sector's middle half▼ 28.9%
Debt€0.2m-€1.7m▲ 711%€1.5m▼ 10.6%
Working capital€0.2mwithin the sector's middle half-€1.1mwithin the sector's middle half▲ 543%€0.7mwithin the sector's middle half▼ 38.5%
Solvency48.2%within the sector's middle half-2.8%below the sector's middle half▼ 45.4pp-22.1%below the sector's middle half▼ 24.9pp
Current ratio3.03within the sector's middle half-5.52above the sector's middle half▲ 2.483.79within the sector's middle half▼ 1.72
Return on assets (ROA)-82.4%below the sector's middle half--17.0%below the sector's middle half▲ 65.4pp-26.1%below the sector's middle half▼ 9.1pp
Staff (FTE)1.8-2.8within the sector's middle half▲ 55.6%4within the sector's middle half▲ 42.9%
above
within
below
The sector band is the middle half of the companies in Scientific research and development (NACE 72). 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 €298,587, larger than the loss of €279,697 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.2m
Fixed assets
€288,935 ▼ 18.0%
Current assets
€947,513 ▼ 31.7%
Equity and liabilities
Equity-€272,921
Debt€1.5m
Equity is negative. Debt (€1.5m) exceeds the balance-sheet total (€1.2m).
Key figures and ratios
EBITDA
-€205,657▼
2024 · -€194,169
Cash flow
-€229,323▼
2024 · -€209,278
Quick ratio
3.62▼
2024 · 5.44
Interest coverage
-8.68▲
2024 · -11.67
Debt ≤ 1 year
€249,846▼
2024 · €251,295
Debt > 1 year
€510,173▲
2024 · €196,626
Staff costs
€188,868▲
2024 · €126,554
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 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 2 | 3 | 5 |
| full-time | 2 | 2 | 4 |
| part-time | - | 1 | 1 |
| in full-time equivalents | 2 | 2.6 | 4.8 |
| Average over the year, in full-time equivalents | 1.8 | 2.8 | 4 |
| On a permanent contract | 2 | 2 | 3 |
| Joined | 2 | 4 | 4 |
| Left | 0 | 3 | 2 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €186,742 | €319,794 | €29,714 |
| Intangible fixed assets | €7,654 | €4,838 | - |
| Depreciation and write-downs of the year | €57,546 | €85,528 | €92,930 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 17 entries · €666,489 awarded · €567,780 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 8 | -€10,762 | €179,355 |
| 2024 | 2 | €0 | €153,000 |
| 2023 | 4 | €229,150 | €234,000 |
| 2022 | 3 | €448,101 | €1,425 |
European Union, budget
2024 · 2 entries · €696,498 in totalProjects
LUMINATE - LIGHTING THE WAY TOWARDS IN SITU OSTEOCHONDRAL REGENERATION THROUGH MICROEXTRUSION AND FILAMENTED LIGHT BIOPRINTING
European research
1 project · €696,500 EU contributionProgrammes
Projects
LIGHTING THE WAY TOWARDS IN SITU OSTEOCHONDRAL REGENERATION THROUGH MICROEXTRUSION AND FILAMENTED LIGHT BIOPRINTING
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Non-recurring operating income76A | €174 | €19,500 | - | - |
| Remuneration, social security and pensions62 | €149,994 | €126,554 | €188,868 | ▲ 49.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €57,546 | €85,528 | €92,930 | ▲ 8.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €2,315 | - |
| Other operating charges640/8 | €1,349 | €915 | €220 | ▼ 75.9% |
| Gross operating margin9900 | -€120,925 | -€66,700 | -€14,253 | ▲ 78.6% |
| Operating profit (loss)9901 | -€329,814 | -€279,697 | -€298,587 | ▼ 6.8% |
| Financial income75/76B | €96 | €1,537 | €26 | ▼ 98.3% |
| Recurring financial income75 | €96 | €1,537 | €26 | ▼ 98.3% |
| Financial charges65/66B | €1,745 | €16,645 | €23,693 | ▲ 42.3% |
| Recurring financial charges65 | €1,745 | €16,645 | €23,693 | ▲ 42.3% |
| Profit (loss) for the period before taxes9903 | -€331,463 | -€294,805 | -€322,253 | ▼ 9.3% |
| Profit (loss) for the period9904 | -€331,463 | -€294,805 | -€322,253 | ▼ 9.3% |
| Profit (loss) for the period to be appropriated9905 | -€331,463 | -€294,805 | -€322,253 | ▼ 9.3% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €0.4m | €1.7m | €1.2m | ▼ 28.9% |
| Fixed assets21/28 | €0.1m | €0.4m | €0.3m | ▼ 18.0% |
| Intangible fixed assets21 | €0.005m | €0.01m | €0.008m | ▼ 39.5% |
| Tangible fixed assets22/27 | €0.1m | €0.3m | €0.3m | ▼ 17.1% |
| Plant, machinery and equipment23 | €0.1m | €0.09m | €0.08m | ▼ 13.7% |
| Furniture and vehicles24 | €0.005m | €0.003m | €0.003m | ▼ 8.0% |
| Leasing and similar rights25 | - | €0.2m | €0.2m | ▼ 18.4% |
| Assets under construction and advance payments27 | €0.006m | - | - | - |
| Current assets29/58 | €0.3m | €1.4m | €0.9m | ▼ 31.7% |
| Amounts receivable after more than one year29 | - | €0.7m | €0.4m | ▼ 41.6% |
| Other amounts receivable291 | - | €0.7m | €0.4m | ▼ 41.6% |
| Stocks and contracts in progress3 | - | €0.02m | €0.04m | ▲ 119% |
| Stocks30/36 | - | €0.02m | €0.04m | ▲ 119% |
| Amounts receivable within one year40/41 | €0.2m | €0.3m | €0.3m | ▲ 7.8% |
| Trade receivables40 | €0.2m | €0.009m | €0.04m | ▲ 365% |
| Other amounts receivable41 | €0.001m | €0.3m | €0.3m | ▼ 3.4% |
| Cash at bank and in hand54/58 | €0.06m | €0.4m | €0.2m | ▼ 54.5% |
| Deferred charges and accrued income490/1 | €0.007m | €0.02m | €0.02m | ▼ 10.6% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €0.4m | €1.7m | €1.2m | ▼ 28.9% |
| Equity10/15 | €0.2m | €0.05m | -€0.3m | - |
| Contributions10/11 | €0.5m | €0.7m | €0.7m | = |
| Profit (loss) carried forward14 | -€0.3m | -€0.6m | -€0.9m | ▼ 51.5% |
| Amounts payable17/49 | €0.2m | €1.7m | €1.5m | ▼ 10.6% |
| Amounts payable after more than one year17 | - | €0.2m | €0.5m | ▲ 159% |
| Financial debts170/4 | - | €0.2m | €0.5m | ▲ 159% |
| Amounts payable within one year42/48 | €0.09m | €0.3m | €0.2m | ▼ 0.6% |
| Current portion of amounts payable after more than one year42 | - | €0.04m | €0.1m | ▲ 240% |
| Trade debts44 | €0.05m | €0.05m | €0.09m | ▲ 63.9% |
| Suppliers440/4 | €0.05m | €0.05m | €0.09m | ▲ 63.9% |
| Advances received on contracts in progress46 | - | - | €0.01m | - |
| Taxes, remuneration and social security45 | €0.04m | €0.01m | €0.02m | ▲ 93.8% |
| Taxes450/3 | €0.02m | - | - | - |
| Remuneration and social security454/9 | €0.02m | €0.01m | €0.02m | ▲ 93.8% |
| Other amounts payable47/48 | €0.004m | €0.2m | €393 | ▼ 99.7% |
| Accrued charges and deferred income492/3 | €0.1m | €1.2m | €0.7m | ▼ 39.6% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€331,463 | -€294,805 | -€322,253 | ▼ 9.3% |
| + Depreciation and write-downs630 | €57,546 | €85,528 | €92,930 | ▲ 8.7% |
| Operating cash flow (approximation) | -€273,917 | -€209,278 | -€229,323 | ▼ 9.6% |
| Investment in fixed assets (approximation) | - | -€298,546 | -€29,714 | ▲ 90.0% |
| Change in cash | - | €320,552 | -€208,225 | - |
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, 7,639 companies had the same profile as BIO INX has now. Two years later, 84.9% were still going and 8.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- negative equity
- a loss of 10% of the balance sheet or more
84.9%
was still going
5.6%
stopped otherwise
8.8%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of BIO INX itself is lower: 0.9% within 12 months. It rests on far more data about BIO INX 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 7,639 companies, not a prediction for BIO INX. 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.