BOTEX
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 04-06-2026 PDF all 19 filings
Turnover
≈ €590,000
Estimated: probably between €300,000 and €1.1m
Total assets
€1.5m▲ 10.4%
2024 · €1.4m
Net result
€122,701▲ 5.1%
2024 · €116,758
Working capital
€1.2m▲ 1.3%
2024 · €1.2m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€112,134
▼ 4.1%
2025
20182025
Net result
€122,701
▲ 5.1%
2025
highest quarter of the sector
20182025
Equity
€1.2m
▲ 1.1%
2025
highest quarter of the sector
20182025
Total assets
€1.5m
▲ 10.4%
2025
highest quarter of the sector
20182025
Debt
€289,041
▲ 79.0%
2025
20182025
Working capital
€1.2m
▲ 1.3%
2025
highest quarter of the sector
20182025
Solvency
80.7%
▼ 7.4pp
2025
highest quarter of the sector
20182025
Current ratio
5.15
▼ 3.18
2025
highest quarter of the sector
20182025
Return on assets (ROA)
8.2%
▼ 0.4pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.1m-€0.1m▲ 31.9%€0.4m▲ 170%€0.3m▼ 28.6%€0.1m▼ 58.6%€0.06m▼ 37.8%€0.1m▲ 80.0%€0.1m▼ 4.1%
Net result€0.09m-€0.1m▲ 25.7%€0.3mabove the sector's middle half▲ 146%€0.2mabove the sector's middle half▼ 21.9%€0.1mabove the sector's middle half▼ 53.3%€0.08mabove the sector's middle half▼ 16.5%€0.1mabove the sector's middle half▲ 43.7%€0.1mabove the sector's middle half▲ 5.1%
Equity€0.5m-€0.6m▲ 22.8%€0.8mabove the sector's middle half▲ 45.6%€1.1mabove the sector's middle half▲ 24.4%€1.2mabove the sector's middle half▲ 9.1%€1.2mabove the sector's middle half▲ 0.7%€1.2mabove the sector's middle half▲ 2.9%€1.2mabove the sector's middle half▲ 1.1%
Total assets€0.6m-€0.7m▲ 15.3%€1.0mabove the sector's middle half▲ 41.6%€1.1mabove the sector's middle half▲ 16.5%€1.3mabove the sector's middle half▲ 9.9%€1.3mabove the sector's middle half▲ 0.3%€1.4mabove the sector's middle half▲ 7.1%€1.5mabove the sector's middle half▲ 10.4%
Debt€0.1m-€0.1m▼ 12.5%€0.1m▲ 21.3%€0.09m▼ 32.3%€0.1m▲ 18.5%€0.1m▼ 4.0%€0.2m▲ 53.1%€0.3m▲ 79.0%
Working capital€0.5m-€0.6m▲ 28.1%€0.8mabove the sector's middle half▲ 45.3%€1.0mabove the sector's middle half▲ 24.3%€1.1mabove the sector's middle half▲ 9.4%€1.1mabove the sector's middle half▲ 0.2%€1.2mabove the sector's middle half▲ 3.4%€1.2mabove the sector's middle half▲ 1.3%
Solvency78.6%-83.8%▲ 5.1pp86.1%above the sector's middle half▲ 2.3pp91.9%above the sector's middle half▲ 5.8pp91.3%above the sector's middle half▼ 0.6pp91.7%above the sector's middle half▲ 0.4pp88.1%above the sector's middle half▼ 3.6pp80.7%above the sector's middle half▼ 7.4pp
Current ratio5.76-8.33▲ 2.588.15above the sector's middle half▼ 0.1912.42above the sector's middle half▲ 4.2711.41above the sector's middle half▼ 1.0111.86above the sector's middle half▲ 0.468.33above the sector's middle half▼ 3.535.15above the sector's middle half▼ 3.18
Return on assets (ROA)14.3%-15.5%▲ 1.3pp27.0%above the sector's middle half▲ 11.5pp18.1%above the sector's middle half▼ 8.9pp7.7%within the sector's middle half▼ 10.4pp6.4%within the sector's middle half▼ 1.3pp8.6%within the sector's middle half▲ 2.2pp8.2%within the sector's middle half▼ 0.4pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 4% lower than in 2024.
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 €1.5m
Fixed assets
€8,231 ▼ 19.9%
Current assets
€1.5m ▲ 10.6%
Equity and liabilities €1.5m
Equity
€1.2m ▲ 1.1%
Debt
€289,041 ▲ 79.0%
Debt's share of the balance-sheet total rises from 11.9% to 19.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€116,786▼
2024 · €121,678
Cash flow
€127,353▲
2024 · €121,512
Debt to equity
0.24▲
2024 · 0.14
ROE
10.2%▲
2024 · 9.8%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€289,041▲
2024 · €161,464
Income taxes
€53,686▲
2024 · €50,374
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,019 | - | €9,621 | - | €2,606 |
| Depreciation and write-downs of the year | €21,932 | €3,469 | €3,191 | €4,754 | €4,652 |
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 | - | - | - | €2,893 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €21,340 | €19,751 | €19,468 | €21,932 | €3,469 | €3,191 | €4,754 | €4,652 | ▼ 2.2% |
| Other operating charges640/8 | - | - | - | €625 | €1,184 | €1,311 | €1,290 | €1,506 | ▲ 16.7% |
| Gross operating margin9900 | €120,982 | €151,226 | €373,661 | €274,881 | €109,003 | €69,454 | €122,968 | €118,292 | ▼ 3.8% |
| Operating profit (loss)9901 | €99,047 | €130,632 | €353,252 | €252,323 | €104,351 | €64,951 | €116,924 | €112,134 | ▼ 4.1% |
| Financial income75/76B | - | - | - | €48,143 | €33,504 | €49,819 | €50,375 | €64,349 | ▲ 27.7% |
| Recurring financial income75 | €24,022 | €28,516 | €33,005 | €48,143 | €33,504 | €49,819 | €50,375 | €64,349 | ▲ 27.7% |
| Financial charges65/66B | - | - | - | €520 | €287 | €93 | €167 | €96 | ▼ 42.8% |
| Recurring financial charges65 | €1,131 | €928 | €687 | €520 | €287 | €93 | €167 | €96 | ▼ 42.8% |
| Profit (loss) for the period before taxes9903 | €121,938 | €158,220 | €385,570 | €299,947 | €137,567 | €114,678 | €167,132 | €176,388 | ▲ 5.5% |
| Income taxes67/77 | €35,855 | €50,036 | €119,214 | €91,854 | €40,314 | €33,425 | €50,374 | €53,686 | ▲ 6.6% |
| Profit (loss) for the period9904 | €86,083 | €108,184 | €266,357 | €208,093 | €97,253 | €81,252 | €116,758 | €122,701 | ▲ 5.1% |
| Profit (loss) for the period to be appropriated9905 | €82,208 | €108,184 | €266,357 | €208,093 | €97,253 | €81,252 | €116,758 | €122,701 | ▲ 5.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €0.7m | €1.0m | €1.1m | €1.3m | €1.3m | €1.4m | €1.5m | ▲ 10.4% |
| Fixed assets21/28 | €0.06m | €0.04m | €0.03m | €0.01m | €0.009m | €0.02m | €0.01m | €0.008m | ▼ 19.9% |
| Tangible fixed assets22/27 | €0.06m | €0.04m | €0.03m | €0.01m | €0.009m | €0.02m | €0.01m | €0.008m | ▼ 19.9% |
| Plant, machinery and equipment23 | - | - | - | €0.003m | €0.002m | €0.001m | €0.001m | €207 | ▼ 71.5% |
| Furniture and vehicles24 | - | - | - | €0.009m | €0.007m | €0.01m | €0.01m | €0.008m | ▼ 16.0% |
| Financial fixed assets28 | €5 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €0.5m | €0.7m | €1.0m | €1.1m | €1.3m | €1.3m | €1.3m | €1.5m | ▲ 10.6% |
| Amounts receivable after more than one year29 | - | - | - | €0.006m | €0.01m | - | - | - | - |
| Other amounts receivable291 | - | - | - | €0.006m | €0.01m | - | - | - | - |
| Amounts receivable within one year40/41 | €0.2m | €0.5m | €54 | €0.9m | €0.8m | €0.8m | €0.7m | €0.5m | ▼ 19.2% |
| Trade receivables40 | - | - | - | €0.04m | - | €0.02m | - | - | - |
| Other amounts receivable41 | - | - | - | €0.8m | €0.8m | €0.8m | €0.7m | €0.5m | ▼ 19.2% |
| Cash at bank and in hand54/58 | €0.3m | €0.2m | €1.0m | €0.2m | €0.4m | €0.4m | €0.7m | €1.0m | ▲ 38.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.05m | - | - | - | €0.001m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €0.7m | €1.0m | €1.1m | €1.3m | €1.3m | €1.4m | €1.5m | ▲ 10.4% |
| Equity10/15 | €0.5m | €0.6m | €0.8m | €1.1m | €1.2m | €1.2m | €1.2m | €1.2m | ▲ 1.1% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.5m | €0.6m | €0.8m | €1.0m | €1.1m | €1.1m | €1.2m | €1.2m | ▲ 1.2% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.009m | €0.009m | €0.009m | €0.009m | €0.009m | = |
| Distributable reserves133 | - | - | - | €1.0m | €1.1m | €1.1m | €1.2m | €1.2m | ▲ 1.2% |
| Amounts payable17/49 | €0.1m | €0.1m | €0.1m | €0.09m | €0.1m | €0.1m | €0.2m | €0.3m | ▲ 79.0% |
| Amounts payable after more than one year17 | €0.03m | €0.03m | €0.02m | €0.001m | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €0.001m | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.09m | €0.08m | €0.1m | €0.09m | €0.1m | €0.1m | €0.2m | €0.3m | ▲ 79.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.002m | €0.001m | - | - | - | - |
| Trade debts44 | €0.002m | €0.004m | €0.002m | €0.002m | €0.005m | €0.03m | €0.003m | €0.001m | ▼ 75.2% |
| Suppliers440/4 | - | - | - | €0.002m | €0.005m | €0.03m | €0.003m | €0.001m | ▼ 75.2% |
| Taxes, remuneration and social security45 | - | - | - | €0.09m | €0.1m | €0.02m | €0.02m | €0.06m | ▲ 133% |
| Taxes450/3 | - | - | - | €0.09m | €0.1m | €0.02m | €0.02m | €0.06m | ▲ 133% |
| Other amounts payable47/48 | - | - | - | €0.001m | €0.001m | €0.06m | €0.1m | €0.2m | ▲ 73.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €86,083 | €108,184 | €266,357 | €208,093 | €97,253 | €81,252 | €116,758 | €122,701 | ▲ 5.1% |
| + Depreciation and write-downs630 | €21,340 | €19,751 | €19,468 | €21,932 | €3,469 | €3,191 | €4,754 | €4,652 | ▼ 2.2% |
| Operating cash flow (approximation) | €107,423 | €127,935 | €285,825 | €230,025 | €100,722 | €84,444 | €121,512 | €127,353 | ▲ 4.8% |
| Investment in fixed assets (approximation) | - | -€1,065 | -€8,170 | -€7,019 | €0 | -€9,621 | €0 | -€2,606 | - |
| Change in cash | - | -€164,978 | €776,683 | -€739,999 | €203,163 | -€11,738 | €283,350 | €267,708 | ▼ 5.5% |
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, 17,811 companies had the same profile as BOTEX has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of BOTEX itself: < 0.1% 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 17,811 companies, not a prediction for BOTEX. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 04-06-2026 | 2026-00136470 | |
| 31-12-2024 | micro format | 07-07-2025 | 2025-00237528 | |
| 31-12-2023 | micro format | 04-07-2024 | 2024-00206645 | |
| 31-12-2022 | micro format | 15-06-2023 | 2023-00130645 | |
| 31-12-2021 | micro format | 22-08-2022 | 2022-20300247 | |
| 31-12-2020 | micro format | 17-08-2021 | 2021-49300373 | |
| 31-12-2019 | micro format | 02-09-2020 | 2020-50800265 | |
| 31-12-2018 | micro format | 23-08-2019 | 2019-50200433 | |
| 31-12-2017 | micro format | 27-07-2018 | 2018-38900236 | |
| 31-12-2016 | abbreviated format | 30-08-2017 | 2017-57500108 |