BIOXODES

Active

Public limited companyfounded 2010active for 16 yearsRue Santos - Dumont 1, 6041 Charleroi, BelgiumKBO/BCE: BE 0825.151.779

Summary

The computed 12-month bankruptcy probability of BIOXODES is 1.6% (moderate). The 2025 annual accounts show negative equity (-€1.7m) and a net result of -€3.4m. Equity has been shrinking by about 11% per year since 2018. Its solvency ranks better than 9% of 239 sector peers (NACE 72, financial year 2025). The company has been active since 2010 and the Belgian Official Gazette contains no insolvency or warning signals.

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BIOXODESActiveChecked score 53/100

Risk analysis Report Compare

Overview

Official details

Source: KBO

Status: Active since 20-04-2010 Normal situation
Activity: Research and development on biotechnology NACE 72101
Establishment unit: 2.187.055.535 6041 Charleroi, since 20-04-2010
Financial year end: 31 December
Peppol: Reachable since 21-10-2026

Company details

Board and ownership

Board

PHMBIO+Chair · permanent representative Philippe MONTEYNE
XMFManaging director · permanent representative Marc DECHAMPS
AJE ConsultingManaging director · permanent representative Edmond GODFROID

and 4 others

Auditor: PwC Reviseurs d'Entreprises

Shareholders

FEDERALE PARTICIPATIE- EN INVESTERINGSMAATSCHAPPIJ24.65%2025 annual accounts of FEDERALE PARTICIPATIE- EN INVESTERINGSMAATSCHAPPIJ
ORSA TECH13.96%· score 9330-06-2025 annual accounts of ORSA TECH

Board & ownership

Financial position

53 Fair Checked score 2025

Bankruptcy probabilitywithin 12 months: 1.6%

Annual accounts 2025

Gross margin: -€112,453; ▲ 87.3%
Loss: €3.4m; ▼ 14.4%
Equity: -€1.7m
Total assets: €7.7m; ▲ 9.9%
Employees on 31-12-2025: 7; ▼ 22.2%

Negative equity on 31-12-2025

Filed on 02-07-2026, 29 days before the deadline

Financials

Score breakdownraises riskCapped at 59: negative equityNegative equity -€1.7mLoss of €3.4m, the second in a row (financial year 2025)lowers riskLiquidity: current ratio 0.35, cash €2.0mSize: 7.7 FTE, total assets €7.7mShow the evidence

Checked score

Score 2025

53 / 100

Fair

Probability in this band: 1.5% to 4.2%

Financially stronger than 11% of micro companies in research and development (NACE 72)

Negative equity caps the score at 59. Every signal that counts is listed under Signals.

Financial strength · tick: 2024

Weak

Solvency 3-62

equity -21.6% of total assets

Liquidity 38-32

short-term debt 81.4% · cash 26.5%

Profitability 0=

return on assets -44.8%

Bankruptcy probability within 12 months

1.6% Moderate

0%0.5%1.5%4%10%≥ 25%

About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).

Sector median 0.1% (935 companies, NACE 72, micro)

Last 24 months 12-2024: 0.2%lowest value 01-2025: 0.2%● unchanged vs 12-2024lowest value 02-2025: 0.2%● unchanged vs 01-2025lowest value 03-2025: 0.2%● unchanged vs 02-2025lowest value 04-2025: 0.2%● unchanged vs 03-2025 05-2025: 0.2%● unchanged vs 04-2025 06-2025: 0.2%● unchanged vs 05-2025 07-2025: 0.3%▲ +0.1 percentage points vs 06-2025 08-2025: 0.4%▲ +0.1 percentage points vs 07-2025 09-2025: 0.4%● unchanged vs 08-2025 10-2025: 0.4%● unchanged vs 09-2025 11-2025: 0.4%● unchanged vs 10-2025 12-2025: 0.4%● unchanged vs 11-2025 01-2026: 0.4%● unchanged vs 12-2025 02-2026: 0.4%● unchanged vs 01-2026 03-2026: 0.4%● unchanged vs 02-2026 04-2026: 0.5%▲ +0.1 percentage points vs 03-2026 05-2026: 0.5%● unchanged vs 04-2026 06-2026: 0.5%● unchanged vs 05-2026 07-2026: 0.5%● unchanged vs 06-2026 08-2026: 1.6%▲ +1.1 percentage points vs 07-2026highest value 09-2026: 1.6%● unchanged vs 08-2026highest value 10-2026: 1.6%● unchanged vs 09-2026highest value 11-2026: 1.6%● unchanged vs 10-2026highest value

No credit on open account

Liquidity is insufficient, with a current ratio of 0.35 (2.0 in 2024), below 1. Short-term debt is 81.4% and cash 26.5% of total assets. Equity is negative.

Calculation

The band follows from the bankruptcy probability. 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 72, micro). It does better than 13% of them on solvency, 18% on liquidity, 10% on profitability and 4% on growth.

The bankruptcy probability was computed on 01-11-2026 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. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).

Credit check for an amount and term of your choice

Show the recommended maximum and see how the verdict changes with amount, term and advance.

The scores and ratios are Checked's own calculations, not a credit decision.

Signals

Six signals.

lowers riskraises riskneutral

Negative equity -€1.7m

NBB · annual accounts

Loss of €3.4m, the second in a row (financial year 2025)

NBB · annual accounts

Liquidity: current ratio 0.35, cash €2.0m

NBB · annual accounts

Size: 7.7 FTE, total assets €7.7m

Companies of this size fail less often. How much that weighs depends on the rest of the company's profile.

NBB · annual accounts

Negative equity

The 2025 annual accounts show negative equity and a net loss.

NBB · annual accounts 2025

Equity per financial year

1819202122232425

2018 to 2025 · latest year -€1.7m

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 02-07-2026, 29 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

29 days early

2024

15 days early

2023

8 days early

2022

17 days early

2021

23 days late

2020

18 days early

2019

4 days late

← before the deadline after the deadline →

tick = median of all Belgian filingsring = median in the sector

The company filed its last 7 accounts on average 9 days before the deadline. In the sector (NACE 72), the median for financial year 2024 was 13 days before the deadline, and 32% of those companies filed late.

Searched, nothing found (2)

Next filing not due yet

The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 16 July (4 of the last 5 accounts filed within 30 days either side of that date).

Companies Code · seven months

Where today falls in the filing period

01-11-2026 today31-12-2026 year end31-07-2027 deadline

No strike-offs in the KBO publications

That holds for every publication since 2021.

KBO publications

Financials

Financials · financial year 2025, full format

Annual accounts 2025 filed on 02-07-2026 at the NBB all 15 filings

Turnover

Not included in this filing

EBIT margin

Not included in this filing

Net result

-€3.4m▲ 14.4%

2024 · -€4.0m

Working capital

-€4.1m

2024 · €1.1m

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €7.7m

71.4%

28.6%

Fixed assets €5.5m ▲ 14.0%

Current assets €2.2m ▲ 0.7%

Equity and liabilities

Equity-€1.7m

Debt€9.3m

Equity is negative. Debt (€9.3m) exceeds the balance-sheet total (€7.7m).

Key figures and ratios

2025 value · change against 2024

EBITDA

-€1.3m▲

2024 · -€1.9m

Cash flow

-€1.5m▲

2024 · -€1.9m

Interest coverage

-4.83▲

2024 · -334.87

Debt ≤ 1 year

€6.3m▲

2024 · €1.1m

Debt > 1 year

€3.1m=

2024 · €3.1m

Income taxes

€1,359▼

2024 · €1,388

Staff costs

€1.1m▲

2024 · €987,021

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

social balance sheet

Item	31-12-2021	31-12-2022	31-12-2023	31-12-2024	31-12-2025
Employees at the balance-sheet date	9	9	9	9	7
full-time	7	8	7	7	6
part-time	2	1	2	2	1
in full-time equivalents	8.8	8.9	8.8	8.8	6.9
Average over the year, in full-time equivalents	6.9	8.8	8.8	8.8	7.7
On a permanent contract	9	9	9	9	7
Joined	4	-	-	0	0
Left	0	-	-	0	2

Source: social balance sheet in the 2021 to 2025 annual accounts

Securities and guarantees

on own assets and for others

Item	2021	2022	2023	2024	2025
Debts secured on the company's own assets	-	-	-	-	€0

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired

Item	2021	2022	2023	2024	2025
Tangible fixed assets	€5,721	€5,512	€1,661	€1,914	€3,126
Intangible fixed assets	€1.2m	€2.1m	€1.8m	€2.1m	€2.6m
Financial fixed assets	-	-	-	-	€0
Depreciation and write-downs of the year	€2.3m	€1.9m	€2.1m	€2.1m	€1.9m

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Comparable companies

These companies have the same main activity as BIOXODES: research and development on biotechnology (NACE 72101). They are comparable in size and age: total assets between €2.1m and €23m, founded between 2013 and 2018.

Company	Founded	Total assets	Equity	Gross margin	Net result	FTE	Financial year
BIOXODES Charleroi	2010	€7.7m	-€1.7m	-€0.1m	-€3.4m	7.7	2025
FYTEKO Anderlecht	2014	€11.7m	€10.0m	-€0.04m	-€2.4m	15.7	2025
DENDROGENIX Liège	2018	€5.3m	€3.3m	-€0.6m	-€2.3m	8	2025
Tools4Patient Mont-Saint-Guibert	2013	€23.1m	€19.5m	-€0.4m	-€3.7m	16.2	2025
ATB THERAPEUTICS Marche-en-Famenne	2017	€10.6m	€5.1m	-€0.5m	-€8.0m	17	2025
The Akkermansia Company Mont-Saint-Guibert	2016	€16.9m	-€3.4m	-€3.6m	-€9.4m	3	2025
ReWind Therapeutics Leuven	2017	€2.1m	-€2.6m	-€0.5m	-€4.6m	4.9	2025

They were chosen from the 498 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity

Companies with the same profile, two years later

Historical observation

In July 2024, 6,907 companies had the same profile as BIOXODES has now. Two years later, 5.8% had gone bankrupt and 85.5% were still going.

Micro
10 to 20 years old
negative equity
a loss of 10% of the balance sheet or more

5.8% went bankrupt

8.1% stopped otherwise

85.5% was still going

Another 0.6% stopped without a precise date, possibly only after those two years.

That fits the bankruptcy probability of BIOXODES itself: 1.6% within 12 months.

Test of the method

The method was tested on the 497,445 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 6,907 companies, not a prediction for BIOXODES. 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.

Annual accounts

OverviewIncome statement Balance sheet Cash flow

Last 5 years All years

Filed annual accounts As filed with the NBB · 2025 against 2024 · 55 lines

Source: Annual accounts 2025 at the NBB, filed on 02-07-2026.

Balance sheet Code20242025

Assets

Total assets20/58€7.0m€7.7m▲

Fixed assets21/28€4.8m€5.5m▲

Intangible fixed assets21€4.8m€5.5m▲

Tangible fixed assets22/27€0.01m€0.01m▼

Plant, machinery and equipment23€0-

Furniture and vehicles24€0.009m€0.009m▼

Other tangible fixed assets26€0.002m€0.002m▼

Financial fixed assets28€174€174=

Current assets29/58€2.2m€2.2m▲

Amounts receivable within one year40/41€0.8m€0.1m▼

Trade receivables40€0.002m€0.009m▲

Other amounts receivable41€0.8m€0.1m▼

Cash at bank and in hand54/58€1.3m€2.0m▲

Deferred charges and accrued income490/1€0.01m€0.02m▲

Equity and liabilities

Total equity and liabilities10/49€7.0m€7.7m▲

Equity10/15€2.8m-€1.7m▼

Contributions10/11€9.5m€0.4m▼

Capital10€1.1m€0.4m▼

Issued capital100€1.1m€0.4m▼

Contributions outside capital11€8.4m€0▼

Share premium1100/10€8.4m€0▼

Profit (loss) carried forward14-€9.1m-€3.4m▲

Investment grants15€2.4m€1.4m▼

Amounts payable17/49€4.2m€9.3m▲

Amounts payable after more than one year17€3.1m€3.1m=

Other amounts payable178/9€3.1m€3.1m=

Amounts payable within one year42/48€1.1m€6.3m▲

Financial debts43-€5.8m

Other loans439-€5.8m

Trade debts44€0.5m€0.4m▼

Suppliers440/4€0.5m€0.4m▼

Taxes, remuneration and social security45€0.2m€0.1m▼

Taxes450/3€0.03m€0.003m▼

Remuneration and social security454/9€0.2m€0.1m▼

Other amounts payable47/48€0.4m€0▼

Accrued charges and deferred income492/3€0.03m€0.02m▼

Income statement Code20242025

Non-recurring operating income76A-€270

Remuneration, social security and pensions62€1.0m€1.1m▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€2.1m€1.9m▼

Other operating charges640/8€0.001m€0.005m▲

Non-recurring operating charges66A€0.001m€0▼

Gross operating margin9900-€0.9m-€0.1m▲

Operating profit (loss)9901-€4.0m-€3.2m▲

Financial income75/76B€0.002m€0.006m▲

Recurring financial income75€0.002m€0.006m▲

Financial charges65/66B€0.006m€0.3m▲

Recurring financial charges65€0.006m€0.3m▲

Profit (loss) for the period before taxes9903-€4.0m-€3.4m▲

Income taxes67/77€0.001m€0.001m▼

Profit (loss) for the period9904-€4.0m-€3.4m▲

Profit (loss) for the period to be appropriated9905-€4.0m-€3.4m▲

Appropriation of the result

Profit (loss) to be appropriated9906-€9.1m-€12.5m▼

Profit (loss) brought forward from the previous period14P-€5.1m-€9.1m▼

Transfer from equity791/2-€9.1m

Social balance sheet

Average headcount (FTE)90878.87.7▼

The notes to these accounts have 26 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Line	2018	2019	2020	2021	2022	2023	2024	2025	Change
Non-recurring operating income76A	-	-	-	-	-	-	-	€270	-
Remuneration, social security and pensions62	-	-	-	€0.6m	€1.0m	€1.1m	€1.0m	€1.1m	▲ 16.0%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630	€0.9m	€1.3m	€2.0m	€2.3m	€1.9m	€2.1m	€2.1m	€1.9m	▼ 10.1%
Other operating charges640/8	-	-	-	€0.001m	€0.004m	€0.005m	€0.001m	€0.005m	▲ 371%
Non-recurring operating charges66A	-	-	-	-	-	-	€0.001m	€0	▼ 100%
Gross operating margin9900	€0.2m	€0.5m	€0.5m	€0.8m	€1.0m	-€1.7m	-€0.9m	-€0.1m	▲ 87.3%
Operating profit (loss)9901	-€1.3m	-€1.3m	-€2.0m	-€2.2m	-€2.0m	-€4.9m	-€4.0m	-€3.2m	▲ 20.7%
Financial income75/76B	-	-	-	€0	€45	€218	€0.002m	€0.006m	▲ 176%
Recurring financial income75	€0.003m	€0.001m	€187	€0	€45	€218	€0.002m	€0.006m	▲ 176%
Financial charges65/66B	-	-	-	€0.003m	€0.02m	€0.004m	€0.006m	€0.3m	▲ 47×
Recurring financial charges65	€0.001m	€0.001m	€0.004m	€0.003m	€0.02m	€0.004m	€0.006m	€0.3m	▲ 47×
Profit (loss) for the period before taxes9903	-€1.3m	-€1.3m	-€2.0m	-€2.2m	-€2.0m	-€4.9m	-€4.0m	-€3.4m	▲ 14.4%
Income taxes67/77	€0.001m	€309	€329	€413	€0.001m	€0.001m	€0.001m	€0.001m	▼ 2.1%
Profit (loss) for the period9904	-€1.3m	-€1.3m	-€2.0m	-€2.2m	-€2.0m	-€4.9m	-€4.0m	-€3.4m	▲ 14.4%
Profit (loss) for the period to be appropriated9905	-€1.3m	-€1.3m	-€2.0m	-€2.2m	-€2.0m	-€4.9m	-€4.0m	-€3.4m	▲ 14.4%

Line	2018	2019	2020	2021	2022	2023	2024	2025	Change
Assets
Total assets20/58	€5.2m	€10.3m	€8.6m	€11.4m	€9.0m	€10.3m	€7.0m	€7.7m	▲ 9.9%
Fixed assets21/28	€3.9m	€5.1m	€6.1m	€5.0m	€5.2m	€4.8m	€4.8m	€5.5m	▲ 14.0%
Intangible fixed assets21	€3.9m	€5.1m	€6.1m	€5.0m	€5.2m	€4.8m	€4.8m	€5.5m	▲ 14.1%
Tangible fixed assets22/27	€0.002m	€0.02m	€0.02m	€0.02m	€0.02m	€0.02m	€0.01m	€0.01m	▼ 3.7%
Plant, machinery and equipment23	-	-	-	€0.003m	€0.002m	€0.001m	€0	-	-
Furniture and vehicles24	-	-	-	€0.02m	€0.02m	€0.01m	€0.009m	€0.009m	▼ 0.7%
Other tangible fixed assets26	-	-	-	€0.002m	€0.001m	€0.002m	€0.002m	€0.002m	▼ 17.5%
Financial fixed assets28	€174	€174	€174	€174	€174	€174	€174	€174	=
Current assets29/58	€1.3m	€5.1m	€2.5m	€6.3m	€3.8m	€5.4m	€2.2m	€2.2m	▲ 0.7%
Amounts receivable within one year40/41	€0.1m	€0.6m	€0.2m	€0.1m	€0.1m	€0.5m	€0.8m	€0.1m	▼ 83.6%
Trade receivables40	-	-	-	€196	€0	€0.3m	€0.002m	€0.009m	▲ 476%
Other amounts receivable41	-	-	-	€0.1m	€0.1m	€0.1m	€0.8m	€0.1m	▼ 84.6%
Cash at bank and in hand54/58	€1.2m	€4.5m	€2.3m	€6.2m	€3.7m	€5.0m	€1.3m	€2.0m	▲ 54.5%
Deferred charges and accrued income490/1	-	-	-	€0.008m	€0.007m	€0.009m	€0.01m	€0.02m	▲ 66.0%
Equity and liabilities
Total equity and liabilities10/49	€5.2m	€10.3m	€8.6m	€11.4m	€9.0m	€10.3m	€7.0m	€7.7m	▲ 9.9%
Equity10/15	€2.1m	€7.9m	€6.6m	€9.2m	€6.7m	€6.9m	€2.8m	-€1.7m	-
Contributions10/11	€0.3m	€0.6m	€0.6m	€14.3m	€5.7m	€9.4m	€9.5m	€0.4m	▼ 95.8%
Capital10	-	-	-	€0.7m	€0.7m	€1.1m	€1.1m	€0.4m	▼ 62.9%
Issued capital100	-	-	-	€0.7m	€0.7m	€1.1m	€1.1m	€0.4m	▼ 62.9%
Contributions outside capital11	-	-	-	€13.6m	€5.0m	€8.4m	€8.4m	€0	▼ 100%
Share premium1100/10	-	-	-	€13.6m	€5.0m	€8.4m	€8.4m	€0	▼ 100%
Profit (loss) carried forward14	-€1.3m	-€2.6m	-€4.6m	-€6.7m	-€0.2m	-€5.1m	-€9.1m	-€3.4m	▲ 62.1%
Investment grants15	-	-	-	€1.7m	€1.2m	€2.5m	€2.4m	€1.4m	▼ 42.7%
Amounts payable17/49	€3.1m	€2.4m	€2.0m	€2.2m	€2.2m	€3.3m	€4.2m	€9.3m	▲ 123%
Amounts payable after more than one year17	€2.9m	€1.5m	€1.5m	€1.6m	€1.3m	€1.9m	€3.1m	€3.1m	=
Other amounts payable178/9	-	-	-	€1.6m	€1.3m	€1.9m	€3.1m	€3.1m	=
Amounts payable within one year42/48	€0.2m	€0.8m	€0.4m	€0.6m	€0.9m	€1.4m	€1.1m	€6.3m	▲ 473%
Current portion of amounts payable after more than one year42	-	-	-	€0.4m	€0.6m	€0.9m	-	-	-
Financial debts43	-	-	-	-	-	-	-	€5.8m	-
Other loans439	-	-	-	-	-	-	-	€5.8m	-
Trade debts44	€0.03m	€0.6m	€0.1m	€0.09m	€0.1m	€0.4m	€0.5m	€0.4m	▼ 25.7%
Suppliers440/4	-	-	-	€0.09m	€0.1m	€0.4m	€0.5m	€0.4m	▼ 25.7%
Taxes, remuneration and social security45	-	-	-	€0.07m	€0.1m	€0.2m	€0.2m	€0.1m	▼ 42.7%
Taxes450/3	-	-	-	€0.001m	€0.001m	€0.007m	€0.03m	€0.003m	▼ 89.9%
Remuneration and social security454/9	-	-	-	€0.07m	€0.1m	€0.1m	€0.2m	€0.1m	▼ 33.4%
Other amounts payable47/48	-	-	-	-	-	-	€0.4m	€0	▼ 100%
Accrued charges and deferred income492/3	-	-	-	€0.05m	€0.03m	€0.03m	€0.03m	€0.02m	▼ 8.9%

Line	2018	2019	2020	2021	2022	2023	2024	2025	Change
Profit (loss) for the period9904	-€1.3m	-€1.3m	-€2.0m	-€2.2m	-€2.0m	-€4.9m	-€4.0m	-€3.4m	▲ 14.4%
+ Depreciation and write-downs630	€0.9m	€1.3m	€2.0m	€2.3m	€1.9m	€2.1m	€2.1m	€1.9m	▼ 10.1%
Operating cash flow (approximation)	-€0.3m	€0.02m	-€0.02m	€0.2m	-€0.06m	-€2.8m	-€1.9m	-€1.5m	▲ 19.2%
Investment in fixed assets (approximation)	-	-€2.6m	-€3.0m	-€1.3m	-€2.1m	-€1.8m	-€2.1m	-€2.6m	▼ 22.5%
Change in cash	-	€3.3m	-€2.2m	€3.9m	-€2.6m	€1.3m	-€3.7m	€0.7m	-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

Download as CSV

Latest 10 of 15 filings with the National Bank

Financial year	Type	Filed	Reference	Document
31-12-2025	full format	02-07-2026	2026-00240421	NBB
31-12-2024	full format	16-07-2025	2025-00274086	PDF
31-12-2023	full format	23-07-2024	2024-00271025	PDF
31-12-2022	full format	14-07-2023	2023-00235430	PDF
31-12-2021	full format	23-08-2022	2022-20305384	PDF
31-12-2020	full format	13-07-2021	2021-34200330	PDF
31-12-2019	full format	04-08-2020	2020-37700413	PDF
31-12-2018	full format	25-06-2019	2019-21500537	PDF
31-12-2017	full format	31-07-2018	2018-40100346	PDF
31-12-2016	full format	08-08-2017	2017-41400415	PDF

Show all 15 filings

Board & ownership

Directors

6 directors, 2 in day-to-day management, last change in 2026

Board 6

PHMBIO+

Chair of the board · appointed in the act of 16-10-2025 · Director · appointed in the act of 16-10-2025 · 6-year term from 2026 · Private limited company · permanent representative: Philippe MONTEYNE

Current

XMF

Director · since 08-11-2022 · 6-year term from 2026 · Private limited company · permanent representative: Marc DECHAMPS · listed in the 2025 annual accounts, filed on 02-07-2026

Current

CAPITAL & CROISSANCE

Director · in office according to the act of 07-08-2026 · 6-year term from 2026 · Cooperative company · permanent representative: Pierre DETRIXHE · also on the board of 19 other companies · 3 other companies bankrupt

Current

SAS CROUGHS R&D CONSULTING

Director · in office according to the act of 07-08-2026 · 6-year term from 2026 · Legal entity · permanent representative: Thérèse CROUGHS

Current

SOCIETE FEDERALE DE PARTICIPATIONS ET D'INVESTISSEMENT

Director · in office according to the act of 07-08-2026 · 6-year term from 2026 · Public limited company · permanent representative: François FONTAINE · also on the board of 41 other companies · 2 other companies bankrupt

Current

SA S.F.P.I. (Société Fédérale de Participations et d'Investissements)

Director · in office according to the act of 07-08-2026 · Legal entity

Current

Day-to-day management 2

XMF

Co administrateur délégué · appointed in the act of 04-11-2022 · Private limited company · permanent representative: Marc DECHAMPS

Current

AJE Consulting

Co administrateur délégué · appointed in the act of 22-12-2022 · Legal entity · permanent representative: Edmond GODFROID

Current

Permanent representatives 6

Marc DECHAMPS

Permanent representative · appointed in the act of 22-12-2022 · for XMF

Current

Edmond GODFROID

Permanent representative · appointed in the act of 22-12-2022 · for AJE Consulting

Current

Philippe MONTEYNE

Permanent representative · appointed in the act of 16-10-2025 · for PHMBIO+

Current

François FONTAINE

Permanent representative · in office according to the act of 07-08-2026 · for SOCIETE FEDERALE DE PARTICIPATIONS ET D'INVESTISSEMENT

Current

Pierre DETRIXHE

Permanent representative · in office according to the act of 07-08-2026 · for CAPITAL & CROISSANCE

Current

Thérèse CROUGHS

Permanent representative · in office according to the act of 07-08-2026 · for SAS CROUGHS R&D CONSULTING

Current

Statutory auditor 2

SRL PwC Réviseurs d'Enreprises

Statutory auditor · appointed in the act of 07-08-2026 · 4-year term from 2025 · permanent representative: DIdier DELANOYE

Current

PwC Reviseurs d'Entreprises

Statutory auditor · current term since 27-06-2025 · permanent representative: Didier DELANOYE · listed in the 2025 annual accounts, filed on 02-07-2026

Current

Other functions 1

AJE Consulting

Chief operating officer et chief scientific officer · appointed in the act of 04-11-2022 · Legal entity · permanent representative: Edmond GODFROID

Current

Office holders in the KBO →

Owners and capital

Shareholders

2 owners

FEDERALE PARTICIPATIE- EN INVESTERINGSMAATSCHAPPIJ
Sourceaccounts FEDERALE PARTICIPATIE- EN INVESTERINGSMAATSCHAPPIJ 2025
Equity €11.45bn Profit of €290.9m in 2025 (profit of €315.2m in 2024)

24.65%
ORSA TECH
Sourceaccounts ORSA TECH 30-06-2025
Equity €12.9m Profit of €3.0m in 2025 (profit of €3.1m in 2024) Checked score 93

13.96%

Capital transactions

Capital over time

01-07-2025 Capital increase of €8,398,992.55 · to €9,465,050.19 · from reserves
01-07-2025 Capital reduction of €9,069,205.78 · to €395,844.41 · to absorb losses
11-01-2024 Capital increase of €2,456.50 · to €1,066,057.64 · 24,565 new shares · in cash
31-10-2023 Capital increase of €372,938.70 · to €1,063,601.14 · 1,070,307 new shares
03-01-2023 Capital increase of €8,561,218.28 · to €9,251,880.72 · no new shares · from reserves
03-01-2023 Capital reduction of €8,561,218.28 · to €690,662.44 · to absorb losses

The directors' other companies

2 current directors with another company that went bankrupt, was dissolved or struck off

CAPITAL & CROISSANCE

3 other companies of this director went bankrupt (2023, 2025).

PUNCH COMMUNICATION bankruptcy on 24-10-2025Official Gazettemandate until 2024
VEGEPACK bankruptcy on 28-03-2023Official Gazette
TRAITEX HOLDING bankruptcy according to the KBO register

SOCIETE FEDERALE DE PARTICIPATIONS ET D'INVESTISSEMENT

2 other companies of this director went bankrupt (2019, 2025).

Air Belgium bankruptcy on 30-04-2025Official Gazetteappointed in 2024, still in office
ELECTRAWINDS bankruptcy on 03-01-2019Official Gazetteappointed in 2009, still in office

Source: Belgian Official Gazette (bankruptcies, judicial dissolutions, board mandates), FPS Economy (strike-offs) and the KBO register. A bankruptcy, dissolution or strike-off says nothing about the director's part in it.

Mandate history

9 people, 9 in office

All 9 In office 9

Board
Day-to-day management
Statutory auditor
Other function
began earlier

Mandates per person, with start and end dates
Name	Functions and periods
XMF	Daily management delegate and cEO, appointed in the act of 04-11-2022, still in office Director, from 08-11-2022 to date
PHMBIO+	Chair of the board, appointed in the act of 16-10-2025, still in office Director, appointed in the act of 16-10-2025, still in office
CAPITAL & CROISSANCE	Director, since before 01-07-2026
SAS CROUGHS R&D CONSULTING	Director, since before 01-07-2026
SOCIETE FEDERALE DE PARTICIPATIONS ET D'INVESTISSEMENT	Director, since before 01-07-2026
SA S.F.P.I. (Société Fédérale de Participations et d'Investissements)	Director, since before 07-08-2026
AJE Consulting	Chief operating officer et chief scientific officer, appointed in the act of 04-11-2022, still in office Co administrateur délégué, appointed in the act of 22-12-2022, still in office Board, until 27-02-2025
SRL PwC Réviseurs d'Enreprises	Statutory auditor, appointed in the act of 07-08-2026, still in office
PwC Reviseurs d'Entreprises	Statutory auditor, appointed in the act of 27-02-2025, still in office

See the board, name and registered office on a given date →

Network & group

Connections & network

24 connected companies

Depth

Shared directorsBundled connections

This company Company Director Shareholding +N: links not shown yet

Linked via shared directors

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Shared corporate director

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BLC HOLDING

Shared corporate director

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BROPTIMIZE ENERGY

Shared corporate director

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Shared corporate director

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CIKISI

Shared corporate director

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COLONA

Shared corporate director

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COVERS TM

Shared corporate director

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CURVO

Shared corporate director

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DEEGITAL

Shared corporate director

→

DURLANG

Shared corporate director

→

ECLO

Shared corporate director

→

FUNNY MOUNTAIN

Shared corporate director

→

ITECH-WOOD

Shared corporate director

→

LTTB Invest

Shared corporate director

→

MEGAFORM

Shared corporate director

→

OWN18

Shared corporate director

→

SOCIETE COMMERCIALE ET INDUSTRIELLE

Shared corporate director

→

SOGECAM

Shared corporate director

→

SUPERPLASTIC

Shared corporate director

→

SYNERGIA MEDICAL

Shared corporate director

→

TRAITEX HOLDING

Shared corporate director

→

VEGEPACK

Shared corporate director

→

WDN Corporation

Shared corporate director

→

Timeline

Acts, filings and financial milestones

All 23Financial 2Gazette 11Filings 10

Deadline for the 2026 accounts: 31-07-2027

2026

07-08

Gazette deed Reappointments: SRL XMF, SRL PHMBIO+ and 3 others

Permanent representatives: Marc DECHAMPS, Philippe MONTEYNE and 4 others · Appointment: SRL PwC Réviseurs d'Enreprises (statutory auditor)17 points ▸

General meeting, 30-06-2026
Director reappointment, SRL XMF (director)
Permanent representative, Marc DECHAMPS
Director reappointment, SRL PHMBIO+ (director)
Permanent representative, Philippe MONTEYNE
Director reappointment, SC CAPITAL & CROISSANCE (director)
Permanent representative, Pierre DETRIXHE
Director reappointment, SA S.F.P.I. (Société Fédérale de Participations et d'Investissements) (director)
Permanent representative, François FONTAINE
Director reappointment, SAS CROUGHS R&D CONSULTING (director)
Permanent representative, Thérèse CROUGHS
Board meeting, 03-07-2026
The act holds 5 more points.

Open the act in the Belgian Official Gazette

02-07

NBB filing Annual accounts 2025 filedNBB

full format · 29 days before the deadline

2025

16-10

Gazette deed Appointment: PHMBIO+ (director)

Permanent representative: Philippe MONTEYNE5 points ▸

General meeting, 02-10-2025
Director appointment, PHMBIO+ (director)
Permanent representative, Philippe MONTEYNE
Board meeting, 02-10-2025
Director appointment, PHMBIO+ (chair of the board)

Open the act in the Belgian Official Gazette

16-07

NBB filing Annual accounts 2024 filedPDF

full format · 15 days before the deadline

01-07

Gazette deed Capital & shares

Power of attorney · Registered office clause · Capital increase8 points ▸

General meeting, 26-06-2025
Other provision, 16-04-2010
Other provision, 20-06-2013
Other provision, “unanimité, dispense de lecture du rapport spécial” (deed in French)
Power of attorney, Simon Wets
Registered office clause, “Parc d’activités Aéropole - rue Santos-Dumont,1,Charleroi(6041 Gosselies)” (deed in French)
Capital increase, €8,398,992.55
Capital decrease, €9,069,205.78

Open the act in the Belgian Official Gazette

27-02

Gazette deed Resignation: AJE CONSULTING SRL (director)

Permanent representatives: Edmond GODFROID and Didier DELANOYE · Appointment: PwC Réviseurs d'Entreprises (statutory auditor)5 points ▸

General meeting, 06-02-2025
Director resignation, AJE CONSULTING SRL
Permanent representative, Edmond GODFROID
Auditor appointment, PwC Réviseurs d'Entreprises (statutory auditor)
Permanent representative, Didier DELANOYE

Open the act in the Belgian Official Gazette

2024

23-07

NBB filing Annual accounts 2023 filedPDF

full format · 8 days before the deadline

02-07

Gazette deed Capital & shares

Incorporation · Legal-form conversion · Amendment of the articles14 points ▸

General meeting, 27-06-2024
Incorporation, 16-04-2010
Legal-form conversion, “société anonyme” (deed in French)
Amendment of the articles
Other provision, “unanimité, PREMIERE RESOLUTION-dispense de lecture” (deed in French)
Other provision, “accusé de réception rapports et Plans de Warrants, chaque actionnaire” (deed in French)
Other provision, “unanimité”, 493874 (deed in French)
Other provision, “accusé de réception Plans de Warrants, chaque actionnaire présent ou représenté” (deed in French)
Custody of records, “dossier du Notaire, Plans de Warrants” (deed in French)
Approval, “unanimité, approbation contenu 3 Plans de Warrants” (deed in French)
Financial instrument, “unanimité”, 493874 (deed in French)
Capital increase
The act holds 2 more points.

Open the act in the Belgian Official Gazette

11-01

Gazette deed Capital increase of €2,456.50 to €1,066,057.64

Permanent representative: GODFROID Edmond · Power of attorney · Financial instrument8 points ▸

Director in office, AJE CONSULTING (director)
Permanent representative, GODFROID Edmond
Board meeting, 05-01-2024
Power of attorney, AJE CONSULTING
Capital increase, €2,456.50
Financial instrument, “REGLEMENT DU PLAN DE WARRANTS 2013 DE LA SOCIETE BIOXODES, exercise” (deed in French)
Bank account, “BE36 0019 6704 2081, versements de souscription et prime” (deed in French)
Amendment of the articles, 5

Open the act in the Belgian Official Gazette

2023

31-12

Financial Weakest financial yearnet -€4.9m

The net result drops to -€4.9m, the lowest from 2018 to 2025. It recovers the following year.

31-10

Gazette deed Capital increase of €372,938.70 to €1,063,601.14

Auditor report · Approval · Amendment of the articles19 points ▸

General meeting, 26-10-2023
Other provision, “dispense de lecture première résolution, dispense Président lecture” (deed in French)
Auditor report, 10-10-2023
Approval, “ces rapports première résolution” (deed in French)
Capital increase, €372,938.70
Capital contribution
Capital, €1,063,601.14
Amendment of the articles, 5
Other provision, “dispense de lecture cinquième résolution warrants-options, dispense Président lecture” (deed in French)
Auditor report, 11-10-2023
Approval, “ces rapports warrants-options” (deed in French)
Financial instrument, “rapport spécial et annexes Conseil d’administration 2023-10-10 ci-annexé”, 118923 (deed in French)
The act holds 7 more points.

Open the act in the Belgian Official Gazette

14-07

NBB filing Annual accounts 2022 filedPDF

full format · 17 days before the deadline

Show earlier events

03-01

Gazette deed Capital & shares

Incorporation · Legal-form conversion · Capital increase8 points ▸

General meeting, 29-12-2022
Incorporation, 16-04-2010
Legal-form conversion, “société anonyme” (deed in French)
Other provision, “unanimité, dispense de lecture du rapport spécial” (deed in French)
Other provision, “compte de réserve indisponible, augmentations de capital réalisées par la société” (deed in French)
Capital increase, €8,561,218.28
Capital decrease, €8,561,218.28
Other provision, “Schaerbeek,en l'Etude, clôture et procès-verbal” (deed in French)

Open the act in the Belgian Official Gazette

2022

22-12

Gazette deed Appointments: XMF (director) and AJE Consulting (co administrateur délégué)

Permanent representative: Marc DECHAMPS6 points ▸

General meeting, 08-11-2022
Director appointment, XMF (director)
Permanent representative, Marc DECHAMPS
Director in office, XMF (day-to-day manager)
Director appointment, XMF (co administrateur délégué)
Director appointment, AJE Consulting (co administrateur délégué)

Open the act in the Belgian Official Gazette

04-11

Gazette deed Registered office moved from Marche-en-Famenne to Gosselies

Appointments: XMF (daily management delegate and cEO) and AJE CONSULTING (chief operating officer et chief scientific officer) · Permanent representatives: Marc Dechamps and Edmond Godfroid6 points ▸

Board meeting, 14-10-2022
Director appointment, XMF (daily management delegate and cEO)
Permanent representative, Marc Dechamps
Director appointment, AJE CONSULTING (chief operating officer et chief scientific officer)
Permanent representative, Edmond Godfroid
Registered-office move, rue Santos Dumont 1 à 6041 Gosselies

Open the act in the Belgian Official Gazette

23-08

NBB filing Annual accounts 2021 filedPDF

full format · 23 days late

2021

13-07

NBB filing Annual accounts 2020 filedPDF

full format · 18 days before the deadline

2020

04-08

NBB filing Annual accounts 2019 filedPDF

full format · 4 days late

2019

31-12

Financial Equity above €5mequity €7.9m ▲284%

Equity rises from €2.1m to €7.9m.

25-06

NBB filing Annual accounts 2018 filedPDF

full format · 36 days before the deadline

2018

31-07

NBB filing Annual accounts 2017 filedPDF

full format · on the deadline day

2017

08-08

NBB filing Annual accounts 2016 filedPDF

full format · 8 days late

2010

22-04

Gazette deed IncorporationPDF

Show all 15 filings

Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.

Sources:Publications in the Belgian Official Gazette Filings with the National Bank

History

BIOXODES was incorporated on 20 April 2010.¹ The registered office was moved to Gosselies in 2022.² Between 2023 and 2025 the capital was increased 4 times, most recently to €9.5m.³⁴⁵ Total assets rose from €5.2m in 2018 to €7.7m in 2025 and headcount from 5.7 to 7.7 full-time equivalents.⁶

Company details

Register details

Identity

KBO record

Name BIOXODES in French

Enterprise number 0825.151.779

Legal form Public limited company

Status Active, normale toestand

Founded 20-04-2010

Entity type Legal entity

Registered office and establishments

Registered office Rue Santos - Dumont 1, 6041 Charleroi, Belgium

Former registered office 6900 Marche-en-Famenne until the act of 04-11-2022

Establishment unit BIOXODES, Rue Santos - Dumont 1-7, 6041 Charleroi since 20-04-2010 · unit number 2.187.055.535

Activities

NACEBEL 2025

VAT activities

72101 Research and development on biotechnology main activity

Social security (RSZ) activities

72101 Research and development on biotechnology main activity

Codes under NACEBEL 2008

VAT activities

72110 Scientific research and development main activity

Social security (RSZ) activities

72110 Scientific research and development main activity

Invoicing and payment

VAT number BE 0825.151.779

E-invoicing via Peppol

Reachable via Peppol

Peppol ID 0208:0825151779

Registered 21-10-2026

Follow this company and you will hear the next morning if it leaves the Peppol register.

Financial year and general meeting

Accounts at the NBB

Financial year end 31-12

Sites & property

Location

Cannot be placed on the map

This address was not found in the Belgian address register (BOSA BEST).

Rue Santos - Dumont 16041 Charleroi

Overview

Overview

Official details

Board and ownership

Financial position

Checked score

Signals

Financials

Financials · financial year 2025, full format

Staff

Securities and guarantees

Investments

Comparable companies

Companies with the same profile, two years later

Board & ownership

Directors

Board 6

Day-to-day management 2

Statutory auditor 2

Other functions 1

Owners and capital

Shareholders

Owners 2

Capital transactions

The directors' other companies

Mandate history

Network & group

Connections & network

Timeline

Acts, filings and financial milestones

History

Company details

Register details

Identity

Registered office and establishments

Activities

Invoicing and payment

Financial year and general meeting

Sites & property