BLIXEN DEVELOPMENT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-10-2025 PDF all 31 filings
Turnover
≈ €130,000
Estimated: probably between €69,000 and €240,000
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
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€5,191
▲ 28.4%
2025
20192025
Net result
-€4,637
▼ 193%
2025
lowest quarter of the sector
20192025
Equity
€142,716
▼ 3.1%
2025
middle half of the sector
20192025
Total assets
€283,694
▲ 6.3%
2025
middle half of the sector
20192025
Debt
€140,978
▲ 18.0%
2025
20192025
Working capital
-€99,737
▲ 5.1%
2025
lowest quarter of the sector
20192025
Solvency
50.3%
▼ 4.9pp
2025
middle half of the sector
20192025
Current ratio
0.27
▲ 0.18
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-1.6%
▼ 1.0pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€2,331-€7,119▲ 205%€18,127▲ 155%€21,309▲ 17.6%€3,287▼ 84.6%€4,043▲ 23.0%€5,191▲ 28.4%
Net result-€4,397-€132within the sector's middle half€11,101within the sector's middle half▲ 84×€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€127,363-€127,495within the sector's middle half▲ 0.1%€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€284,785-€287,545within the sector's middle half▲ 1.0%€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€157,423-€160,050▲ 1.7%€147,160▼ 8.1%€135,136▼ 8.2%€133,102▼ 1.5%€119,437▼ 10.3%€140,978▲ 18.0%
Working capital-€113,575--€128,805below the sector's middle half▼ 13.4%-€117,474below the sector's middle half▲ 8.8%-€95,232below the sector's middle half▲ 18.9%-€105,506below the sector's middle half▼ 10.8%-€105,102below the sector's middle half▲ 0.4%-€99,737below the sector's middle half▲ 5.1%
Solvency44.7%-44.3%within the sector's middle half▼ 0.4pp48.5%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
Current ratio0.14-0.12below the sector's middle half▼ 0.020.12below the sector's middle half=0.22below the sector's middle half▲ 0.090.15below the sector's middle half▼ 0.060.09below the sector's middle half▼ 0.060.27below the sector's middle half▲ 0.18
Return on assets (ROA)-1.5%-0.0%within the sector's middle half▲ 1.6pp3.9%within the sector's middle half▲ 3.8pp4.7%within the sector's middle half▲ 0.8pp-1.1%below the sector's middle half▼ 5.8pp-0.6%below the sector's middle half▲ 0.5pp-1.6%below the sector's middle half▼ 1.0pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 28% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
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
Debt to equity
0.99▲
2024 · 0.81
ROE
-3.2%▼
2024 · -1.1%
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.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €4,266 | €16,607 | €7,532 | €5,041 |
| Depreciation and write-downs of the year | €12,895 | €13,416 | €14,717 | €15,035 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,825 | €10,638 | €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 | €19,470 | €21,166 | €32,592 | €38,134 | €20,877 | €21,682 | €23,231 | ▲ 7.1% |
| Operating profit (loss)9901 | €2,331 | €7,119 | €18,127 | €21,309 | €3,287 | €4,043 | €5,191 | ▲ 28.4% |
| Financial income75/76B | - | - | - | €0 | - | - | €366 | - |
| Recurring financial income75 | €20 | €0 | €4 | €0 | - | - | €366 | - |
| Financial charges65/66B | - | - | - | €6,570 | €6,389 | €5,624 | €10,194 | ▲ 81.3% |
| Recurring financial charges65 | €6,368 | €6,627 | €6,521 | €6,570 | €6,389 | €5,624 | €10,194 | ▲ 81.3% |
| Profit (loss) for the period before taxes9903 | -€4,018 | €492 | €11,610 | €14,739 | -€3,102 | -€1,580 | -€4,637 | ▼ 193% |
| Income taxes67/77 | €379 | €359 | €509 | €1,300 | - | - | - | - |
| Profit (loss) for the period9904 | -€4,397 | €132 | €11,101 | €13,439 | -€3,102 | -€1,580 | -€4,637 | ▼ 193% |
| Profit (loss) for the period to be appropriated9905 | -€4,397 | €132 | €11,101 | €13,439 | -€3,102 | -€1,580 | -€4,637 | ▼ 193% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €284,785 | €287,545 | €285,756 | €287,171 | €282,035 | €266,789 | €283,694 | ▲ 6.3% |
| Fixed assets21/28 | €265,938 | €270,103 | €269,686 | €261,057 | €263,190 | €256,005 | €246,011 | ▼ 3.9% |
| Tangible fixed assets22/27 | €177,655 | €181,820 | €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 | €88,283 | €88,283 | = |
| Current assets29/58 | €18,848 | €17,443 | €16,070 | €26,114 | €18,845 | €10,784 | €37,683 | ▲ 249% |
| Amounts receivable within one year40/41 | €16,389 | €15,154 | €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 | €284,785 | €287,545 | €285,756 | €287,171 | €282,035 | €266,789 | €283,694 | ▲ 6.3% |
| Equity10/15 | €127,363 | €127,495 | €138,596 | €152,035 | €148,933 | €147,352 | €142,716 | ▼ 3.1% |
| Contributions10/11 | €61,973 | €61,973 | - | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Reserves13 | €44,790 | €44,790 | €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 | €20,600 | €20,732 | €31,833 | €32,272 | €29,170 | €27,590 | €22,953 | ▼ 16.8% |
| Amounts payable17/49 | €157,423 | €160,050 | €147,160 | €135,136 | €133,102 | €119,437 | €140,978 | ▲ 18.0% |
| Amounts payable after more than one year17 | €25,000 | €13,803 | €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 | €132,423 | €146,247 | €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 | €3,420 | €11,589 | €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 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,397 | €132 | €11,101 | €13,439 | -€3,102 | -€1,580 | -€4,637 | ▼ 193% |
| + Depreciation and write-downs630 | €13,825 | €10,638 | €12,169 | €12,895 | €13,416 | €14,717 | €15,035 | ▲ 2.2% |
| Operating cash flow (approximation) | €9,429 | €10,770 | €23,270 | €26,334 | €10,314 | €13,136 | €10,399 | ▼ 20.8% |
| Investment in fixed assets (approximation) | - | -€14,803 | -€11,753 | -€4,266 | -€15,549 | -€7,532 | -€5,041 | ▲ 33.1% |
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, 12,322 companies had the same profile as BLIXEN DEVELOPMENT has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of BLIXEN DEVELOPMENT itself: 0.2% within 12 months.
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 12,322 companies, not a prediction for BLIXEN DEVELOPMENT. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 23-10-2025 | 2025-00552672 | |
| 30-06-2024 | micro format | 27-12-2024 | 2024-00625623 | |
| 30-06-2023 | micro format | 25-12-2023 | 2023-00537086 | |
| 30-06-2022 | micro format | 20-12-2022 | 2022-20540642 | |
| 30-06-2021 | micro format | 20-12-2021 | 2021-80900440 | |
| 30-06-2020 | micro format | 31-12-2020 | 2020-77800409 | |
| 30-06-2019 | micro format | 20-12-2019 | 2019-77200401 | |
| 30-06-2018 | micro format | 09-01-2019 | 2019-00900158 | |
| 30-06-2017 | micro format | 22-12-2017 | 2017-73000542 | |
| 30-06-2016 | full format | 12-01-2017 | 2017-01300574 |