BLIXEN DEVELOPMENT
ActiveSummary
BLIXEN DEVELOPMENT has been active since 1993 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €142,716 and a net result of -€4,637. Equity remains stable across the filed fiscal years (±2.1% per year). Its solvency ranks better than 47% of 7081 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.4% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability33▼-13
Solvency75▼-5
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.4%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €9,000 at 30 days acceptable
Liquidity short (current ratio 0.27 against 0.09 in 2024; short-term debt: 48.4% of total assets), and 49.7% of the assets are financed with debt.
Credit check for your own amount and term
Show the recommended maximum : and see how the verdict changes with amount, term and advance.
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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 · 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
50.3%
Return on assets
-1.6%
Age of the figures
15 mo
neutral · Latest accounts filed on time
The financial year that closed on 30-06-2025 was due by 31-01-2026 and was filed on 23-10-2025, 100 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
100 d early
2024
35 d early
2023
37 d early
2022
42 d early
2021
42 d early
2020
31 d early
2019
42 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 47 days before the deadline; the sector median for financial year 2024 is 6 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-06-2026 and is due by 31-01-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
30-06-2026 close27-09-2026 today31-01-2027 deadline
History
Go further with this company
How much credit can you give this customer, and on what term?Credit check What should you check before you do business with this company?Supplier due diligence Can you accept this company as a client under the anti-money-laundering law?AML client file Which of your other customers can you e-invoice via Peppol?Peppol check How does this company compare with its sector?Sector benchmark What changed in the latest annual accounts?What changed
Is this your company? See how customers and banks see it.
Investigating this company? Keep it with today's facts in a case file.
Financials · fiscal year 2025, micro schema
Equity
€142,716▼ 3.1%
2024 · €147,352
Total assets
€283,694▲ 6.3%
2024 · €266,789
Net result
-€4,637▼ 193%
2024 · -€1,580
Working capital
-€99,737▲ 5.1%
2024 · -€105,102
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€18,127▲ 155%€21,309▲ 17.6%€3,287▼ 84.6%€4,043▲ 23.0%€5,191▲ 28.4%
Net result€11,101within the sector's middle half▲ 8,295%€13,439within the sector's middle half▲ 21.1%-€3,102below the sector's middle half-€1,580below the sector's middle half▲ 49.1%-€4,637below the sector's middle half▼ 193%
Equity€138,596within the sector's middle half▲ 8.7%€152,035within the sector's middle half▲ 9.7%€148,933within the sector's middle half▼ 2.0%€147,352within the sector's middle half▼ 1.1%€142,716within the sector's middle half▼ 3.1%
Total assets€285,756within the sector's middle half▼ 0.6%€287,171within the sector's middle half▲ 0.5%€282,035within the sector's middle half▼ 1.8%€266,789within the sector's middle half▼ 5.4%€283,694within the sector's middle half▲ 6.3%
Debt€147,160▼ 8.1%€135,136▼ 8.2%€133,102▼ 1.5%€119,437▼ 10.3%€140,978▲ 18.0%
Working capital-€117,474▲ 8.8%-€95,232▲ 18.9%-€105,506▼ 10.8%-€105,102▲ 0.4%-€99,737▲ 5.1%
Solvency48.5%within the sector's middle half▲ 4.2pp52.9%within the sector's middle half▲ 4.4pp52.8%within the sector's middle half▼ 0.1pp55.2%within the sector's middle half▲ 2.4pp50.3%within the sector's middle half▼ 4.9pp
above
within
below
the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 28% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €283,694
Fixed assets
€246,011 ▼ 3.9%
Current assets
€37,683 ▲ 249%
Equity and liabilities €283,694
Equity
€142,716 ▼ 3.1%
Debt
€140,978 ▲ 18.0%
Debt's share of the balance-sheet total rises from 44.8% to 49.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€20,226▲
2024 · €18,760
Cash flow
€10,399▼
2024 · €13,136
Current ratio
0.27▲
2024 · 0.09
Debt to equity
0.99▲
2024 · 0.81
ROE
-3.2%▼
2024 · -1.1%
ROA
-1.6%▼
2024 · -0.6%
Interest coverage
1.98▼
2024 · 3.34
Debt ≤ 1 year
€137,420▲
2024 · €115,886
Debt > 1 year
€3,359=
2024 · €3,359
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 12,304 companies that looked in July 2024 the way this one looks now, 0.6% went bankrupt within 24 months and 90% are still going.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
0.6%
went bankrupt
8.6%
stopped otherwise
90%
still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.4% 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 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% 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 12,304 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.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,169 | €12,895 | €13,416 | €14,717 | €15,035 | ▲ 2.2% |
| Other operating charges640/8 | - | €3,930 | €4,175 | €2,922 | €3,005 | ▲ 2.8% |
| Gross operating margin9900 | €32,592 | €38,134 | €20,877 | €21,682 | €23,231 | ▲ 7.1% |
| Operating profit (loss)9901 | €18,127 | €21,309 | €3,287 | €4,043 | €5,191 | ▲ 28.4% |
| Financial income75/76B | - | €0 | - | - | €366 | - |
| Recurring financial income75 | €4 | €0 | - | - | €366 | - |
| Financial charges65/66B | - | €6,570 | €6,389 | €5,624 | €10,194 | ▲ 81.3% |
| Recurring financial charges65 | €6,521 | €6,570 | €6,389 | €5,624 | €10,194 | ▲ 81.3% |
| Profit (loss) for the period before taxes9903 | €11,610 | €14,739 | -€3,102 | -€1,580 | -€4,637 | ▼ 193% |
| Income taxes67/77 | €509 | €1,300 | - | - | - | - |
| Profit (loss) for the period9904 | €11,101 | €13,439 | -€3,102 | -€1,580 | -€4,637 | ▼ 193% |
| Profit (loss) for the period to be appropriated9905 | €11,101 | €13,439 | -€3,102 | -€1,580 | -€4,637 | ▼ 193% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €285,756 | €287,171 | €282,035 | €266,789 | €283,694 | ▲ 6.3% |
| Fixed assets21/28 | €269,686 | €261,057 | €263,190 | €256,005 | €246,011 | ▼ 3.9% |
| Tangible fixed assets22/27 | €181,403 | €172,774 | €174,908 | €167,723 | €157,728 | ▼ 6.0% |
| Land and buildings22 | - | €144,625 | €135,966 | €127,307 | €118,648 | ▼ 6.8% |
| Plant, machinery and equipment23 | - | €10,812 | €19,428 | €16,895 | €19,308 | ▲ 14.3% |
| Furniture and vehicles24 | - | €2,648 | €1,202 | €3,390 | €2,380 | ▼ 29.8% |
| Other tangible fixed assets26 | - | €14,690 | €18,311 | €20,132 | €17,392 | ▼ 13.6% |
| Financial fixed assets28 | €88,283 | €88,283 | €88,283 | €88,283 | €88,283 | = |
| Current assets29/58 | €16,070 | €26,114 | €18,845 | €10,784 | €37,683 | ▲ 249% |
| Amounts receivable within one year40/41 | €14,122 | €24,796 | €17,864 | €9,627 | €36,622 | ▲ 280% |
| Trade receivables40 | - | €24,796 | €17,645 | €7,627 | €25,220 | ▲ 231% |
| Other amounts receivable41 | - | - | €219 | €2,000 | €11,403 | ▲ 470% |
| Deferred charges and accrued income490/1 | - | €1,318 | €981 | €1,157 | €1,061 | ▼ 8.3% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €285,756 | €287,171 | €282,035 | €266,789 | €283,694 | ▲ 6.3% |
| Equity10/15 | €138,596 | €152,035 | €148,933 | €147,352 | €142,716 | ▼ 3.1% |
| Contributions10/11 | - | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Reserves13 | €44,790 | €57,790 | €57,790 | €57,790 | €57,790 | = |
| Non-distributable reserves130/1 | - | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Reserves not available under the articles1311 | - | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Tax-exempt reserves132 | - | €8,592 | €8,592 | €8,592 | €8,592 | = |
| Distributable reserves133 | - | €43,000 | €43,000 | €43,000 | €43,000 | = |
| Profit (loss) carried forward14 | €31,833 | €32,272 | €29,170 | €27,590 | €22,953 | ▼ 16.8% |
| Amounts payable17/49 | €147,160 | €135,136 | €133,102 | €119,437 | €140,978 | ▲ 18.0% |
| Amounts payable after more than one year17 | €13,616 | €13,616 | €8,752 | €3,359 | €3,359 | = |
| Other amounts payable178/9 | - | €13,616 | €8,752 | €3,359 | €3,359 | = |
| Amounts payable within one year42/48 | €133,544 | €121,346 | €124,351 | €115,886 | €137,420 | ▲ 18.6% |
| Financial debts43 | - | €58,790 | €50,012 | €42,429 | €18,814 | ▼ 55.7% |
| Credit institutions430/8 | - | €58,790 | €50,012 | €42,429 | €18,814 | ▼ 55.7% |
| Trade debts44 | €1,479 | €1,989 | €3,629 | €2,169 | €1,511 | ▼ 30.3% |
| Suppliers440/4 | - | €1,989 | €3,629 | €2,169 | €1,511 | ▼ 30.3% |
| Taxes, remuneration and social security45 | - | €1,533 | €165 | €815 | €771 | ▼ 5.4% |
| Taxes450/3 | - | €1,533 | €165 | €815 | €771 | ▼ 5.4% |
| Other amounts payable47/48 | - | €59,034 | €70,545 | €70,474 | €116,325 | ▲ 65.1% |
| Accrued charges and deferred income492/3 | - | €174 | - | €192 | €200 | ▲ 4.0% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,101 | €13,439 | -€3,102 | -€1,580 | -€4,637 | ▼ 193% |
| + Depreciation and write-downs630 | €12,169 | €12,895 | €13,416 | €14,717 | €15,035 | ▲ 2.2% |
| Operating cash flow (approximation) | €23,270 | €26,334 | €10,314 | €13,136 | €10,399 | ▼ 20.8% |
| Investment in fixed assets (approximation) | - | -€4,266 | -€15,549 | -€7,532 | -€5,041 | ▲ 33.1% |
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
2025
23-10
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
30-06
Financial
Weakest financial yearnet -€4,637
Net result drops to -€4,637, the lowest in the series.
2024
27-12
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2023
25-12
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2022
20-12
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
30-06
Financial
Highest result since 2019net €13,439 ▲21.1%
Operating result €21,309, net result €13,439, both a record.
30-06
Financial
Equity above €150,000Eq €152,035 ▲9.7%
3 profitable years in a row build equity to €152,035.
2021
20-12
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2020
31-12
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
30-06
Financial
Back to profitnet €132
Net result €132 after one loss-making year.
2019
20-12
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
09-01
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2017
22-12
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
12-01
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
Have them read with priority
Sign in to place this company at the front of the reading queue.
Directors · office · real estate
Directors
7 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, Walhain · 1 establishment unit since 1994
Ground area
2,940 m²
Building footprint
80 m²
Volume, LiDAR
495 m³
Parcel 25109B0354/00S000, Wallonia · tallest building 7.4 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
BLIXEN DEVELOPMENT
since 19942.065.004.888
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25109B0354/00S000 | Wallonia | 2,940 m² | 1 · 80 m² | 7.4 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
NEW ACE ADVERTISING
BE 0478.750.230
Brugge · Eq €142,448
TRANSPARENT
BE 0825.787.724
Houthalen-Helchteren · Eq €142,375
MBH CONSULT
BE 0471.519.077
Linkebeek · Eq €142,246
Liberty Tourism
BE 0892.433.256
Tongeren-Borgloon · Eq €143,328
KRYPTON
BE 0455.409.555
Sprimont · Eq €143,481
Of 9,864 companies in sector 73110 we hold annual accounts for 3,752. 2,944 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded19-11-1993
Fiscal year end30-06
Abbreviation FR
BLIXEN
Activities, NACEBEL 2025
73110Advertising agencies
Contact
Phone
0475/669960Walhain
E-invoicing
Reachable via Peppol
Peppol ID
0208:0451446116
Also
9925:BE0451446116
Registered
17-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.