Equity
Debts exceed assets in financial year 2025.
Debts exceed assets in financial year 2025.
Back in profit in 2025, after a loss of €38,424 in 2024.
Of this, €564,106 falls due within a year.
The 2019 accounts came latest: 124 days after the end of the period.
Lower solvency than 95% of companies in retail trade. Sector median 36.6% · 12,838 companies.
The dashed line is the sector median: 0.6% across 40,280 companies (NACE 47, micro).
About 1 in 10 comparable companies go bankrupt within 12 months (an estimate).
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 47, micro). It does better than 6% of them on solvency, 7% on liquidity, 69% on profitability and 66% on growth.
The bankruptcy probability was computed on 06-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the high class on 30-06-2025, 14.6% went bankrupt within twelve months.
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).
In July 2024, 3,632 companies had the same profile as BOXIFY has now. Each dot stands for 10 companies, two years later.
Another 0.4% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of BOXIFY itself is higher: 10.0% within 12 months. It rests on far more data about BOXIFY than the profile alone.
The method was tested on the 497,447 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 3,632 companies, not a prediction for BOXIFY. 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.
Liquidity is insufficient, with a current ratio of 0.55 (0.61 in 2024), below 1. Short-term debt is 136.6% and cash 3.8% of total assets. Equity is negative.
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.
The company filed its last 7 accounts on average 30 days after the deadline. In the sector (NACE 47), the median for financial year 2024 was on the deadline day, and 47% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| BOXIFY Brussels | €413,055 | €329,817 | -67.0% | - |
| AU RAYON BIO Brussels | €310,804 | €353,449 | -14.1% | - |
| kussens-op-maat.be Sint-Lievens-Houtem | €331,549 | €220,809 | 35.5% | - |
| Délices du Marché Trooz | €553,989 | €366,411 | 13.6% | - |
| Leon Furrow Herk-de-Stad | €459,550 | €204,036 | 9.3% | - |
| L&W SERVICES Comblain-au-Pont | €446,303 | €217,856 | 40.6% | 2.3 |
| CATAWIKI SERVICES BE Saint-Josse-ten-Noode | €578,471 | €494,092 | 62.9% | 7.2 |
These companies have the same main activity as BOXIFY: other non-specialised retail sale (NACE 47120). They are comparable in size and age: total assets between €311,000 and €578,000, founded between 2014 and 2017.
BOXIFY files the abbreviated format. That format states no turnover. The gross margin rose from -€28,862 in 2016 to €329,817 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
The turnover shown is an estimate from the gross margin.
Turnover ≈ €3.1m. Estimated: probably between €2.4m and €4.2m.
Lower than 95% of 12,838 companies in 2025.
Higher than 10% of 12,628 companies in 2025.
Higher than 78% of 12,702 companies in 2025.
Net result: middle half · Equity: bottom quarter · Balance sheet total: middle half · Working capital: bottom quarter · Staff: middle half
Staff costs divided by the average number of full-time equivalents.
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||
20/58 |
413,055 | 505,871 | 381,681 | 379,317 | 193,832 | 201,293 | 264,372 | 193,924 | 86,047 | 68,377 | |
21/28 |
100,065 | 160,310 | 232,612 | 237,348 | 121,043 | 143,249 | 178,192 | 143,476 | 73,220 | 57,252 | |
21 |
57,473 | 97,381 | 149,153 | 125,296 | 84,674 | 106,643 | 125,777 | 133,663 | 58,500 | 37,625 | |
22/27 |
41,451 | 62,794 | 83,323 | 111,918 | 36,369 | 36,606 | 52,414 | 9,814 | 14,721 | 19,627 | |
23 |
- | 855 | 855 | 3,855 | 6,855 | 9,855 | 12,855 | - | - | - | |
24 |
9,012 | 14,676 | 17,683 | 21,051 | 19,514 | 26,751 | 39,559 | 9,814 | 14,721 | 19,627 | |
25 |
12,036 | 22,571 | 33,106 | 43,642 | - | - | - | - | - | - | |
26 |
20,402 | 24,692 | 31,679 | 43,370 | - | - | - | - | - | - | |
27 |
- | - | - | - | 10,000 | - | - | - | - | - | |
28 |
1,141 | 135 | 135 | 135 | - | - | - | - | - | - | |
29/58 |
312,990 | 345,561 | 149,070 | 141,968 | 72,789 | 58,044 | 86,181 | 50,447 | 12,827 | 11,125 | |
3 |
- | 5,541 | 5,541 | 5,541 | - | - | - | - | - | - | |
30/36 |
- | 5,541 | 5,541 | 5,541 | - | - | - | - | - | - | |
40/41 |
274,208 | 328,625 | 140,454 | 120,558 | 66,399 | 50,588 | 81,129 | 49,822 | 9,448 | 1,502 | |
40 |
274,208 | 328,602 | 140,443 | 119,942 | 66,399 | 50,588 | 80,937 | 45,797 | 9,448 | 1,417 | |
41 |
- | 23 | 11 | 616 | - | - | 192 | 4,025 | - | 85 | |
54/58 |
15,721 | 11,395 | 2,114 | 14,909 | 593 | 467 | 624 | - | 1,867 | 9,622 | |
490/1 |
23,062 | - | 960 | 960 | 5,796 | 6,989 | 4,428 | 626 | 1,512 | - | |
| Balance sheet: equity and liabilities | |||||||||||
10/49 |
413,055 | 505,871 | 381,681 | 379,317 | 193,832 | 201,293 | 264,372 | 193,924 | 86,047 | 68,377 | |
10/15 |
-276,778 | -321,545 | -276,620 | -57,035 | -2,108 | 15,863 | 48,994 | 28,779 | 20,333 | -265 | |
10/11 |
218,600 | 218,600 | 218,600 | 218,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | |
11 |
218,600 | 218,600 | 218,600 | 218,600 | - | - | - | - | - | - | |
1109/19 |
218,600 | 218,600 | 218,600 | 218,600 | - | - | - | - | - | - | |
13 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | |
130/1 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | - | - | |
1311 |
1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | |
14 |
-517,124 | -567,516 | -528,216 | -314,256 | -50,693 | -38,347 | -11,240 | 7,414 | 267 | -20,891 | |
15 |
19,886 | 25,511 | 31,136 | 36,761 | 28,125 | 33,750 | 39,774 | 905 | 1,466 | 2,027 | |
16 |
1,875 | 3,750 | 5,625 | 7,500 | 9,375 | 11,250 | 13,420 | 522 | 783 | 1,044 | |
168 |
1,875 | 3,750 | 5,625 | 7,500 | 9,375 | 11,250 | 13,420 | 522 | 783 | 1,044 | |
17/49 |
687,958 | 823,667 | 652,677 | 428,852 | 186,564 | 174,181 | 201,959 | 164,623 | 64,931 | 67,598 | |
17 |
123,672 | 260,050 | 233,753 | 273,990 | 56,985 | 70,248 | 68,514 | 59,146 | 54,413 | 42,619 | |
170/4 |
123,672 | 260,050 | 233,753 | 273,990 | 56,985 | 70,248 | 68,514 | 59,146 | 54,413 | 42,619 | |
42/48 |
564,106 | 563,617 | 414,199 | 137,851 | 129,579 | 99,350 | 133,445 | 105,476 | 10,518 | 24,979 | |
42 |
77,471 | 33,039 | 42,941 | 18,777 | 11,317 | 12,210 | 25,172 | 11,559 | 3,206 | 3,075 | |
43 |
54,089 | 99,671 | 99,835 | - | 3,714 | 31,766 | 31,414 | 35,055 | - | - | |
430/8 |
54,089 | 99,671 | 99,835 | - | 3,714 | 31,766 | 31,414 | 35,055 | - | - | |
44 |
371,150 | 315,044 | 181,507 | 86,800 | 72,003 | 23,318 | 52,034 | 54,028 | 3,208 | 1,816 | |
440/4 |
371,150 | 315,044 | 181,507 | 86,800 | 72,003 | 23,318 | 52,034 | 54,028 | 3,208 | 1,816 | |
45 |
46,451 | 91,407 | 69,020 | 22,935 | 27,324 | 32,057 | 10,954 | - | 930 | - | |
450/3 |
21,911 | 84,535 | 31,656 | 6,854 | 14,341 | 16,751 | 436 | - | - | - | |
454/9 |
24,540 | 6,873 | 37,364 | 16,081 | 12,982 | 15,306 | 10,517 | - | 930 | - | |
47/48 |
14,945 | 24,455 | 20,896 | 9,339 | 15,221 | - | 13,872 | 4,835 | 3,174 | 20,087 | |
492/3 |
181 | - | 4,725 | 17,010 | - | 4,582 | - | - | - | - | |
| Income statement | |||||||||||
76A |
- | 0 | - | 414 | - | - | 1,890 | - | - | - | |
9900 |
329,817 | 272,148 | 123,807 | -64,046 | 176,844 | 106,877 | 113,218 | 55,045 | 24,796 | -28,862 | |
62 |
193,352 | 218,435 | 234,535 | 126,957 | 152,911 | 92,512 | 96,845 | 32,850 | 8,967 | - | |
630 |
60,397 | 75,008 | 83,652 | 52,245 | 35,836 | 37,693 | 31,684 | 19,744 | 14,032 | 11,282 | |
640/8 |
8,622 | 6,573 | 813 | 8,891 | 576 | 622 | 549 | 993 | 149 | 496 | |
66A |
855 | - | - | - | 58 | - | - | - | - | - | |
9901 |
66,592 | -27,868 | -195,192 | -252,138 | -12,537 | -23,949 | -15,860 | 1,459 | 1,649 | -40,640 | |
75/76B |
5,655 | 5,639 | 5,791 | 5,625 | 9,578 | 6,073 | 8,672 | 15,561 | 20,561 | 20,507 | |
75 |
5,655 | 5,639 | 5,791 | 5,625 | 5,764 | 6,073 | 6,172 | 15,561 | 20,561 | 20,507 | |
76B |
- | - | - | - | 3,813 | - | 2,500 | - | - | - | |
65/66B |
23,493 | 17,831 | 27,072 | 18,766 | 11,261 | 11,401 | 13,568 | 8,274 | 1,312 | 1,019 | |
65 |
23,493 | 17,831 | 27,072 | 18,766 | 11,261 | 11,401 | 13,568 | 8,274 | 1,312 | 1,019 | |
9903 |
48,754 | -40,060 | -216,474 | -265,279 | -14,220 | -29,278 | -20,756 | 8,746 | 20,898 | -21,152 | |
780 |
1,875 | 1,875 | 1,875 | 1,875 | 1,875 | - | - | - | - | - | |
67/77 |
237 | 239 | 238 | 159 | - | - | - | - | - | - | |
9904 |
50,392 | -38,424 | -214,837 | -263,563 | -12,345 | -27,108 | -18,653 | 9,007 | 21,159 | -20,891 | |
9905 |
50,392 | -38,424 | -214,837 | -263,563 | -12,345 | -27,108 | -18,653 | 9,007 | 21,159 | -20,891 | |
| Appropriation of the result | |||||||||||
9906 |
-517,124 | -567,516 | -528,216 | -314,256 | -50,693 | -38,347 | -11,240 | 9,274 | 267 | -20,891 | |
14P |
-567,516 | -529,092 | -313,380 | -50,693 | -38,347 | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | 1,860 | - | - | |
6920 |
- | - | - | - | - | - | - | 1,860 | - | - | |
| Social balance sheet | |||||||||||
9087 |
4.8 | - | - | - | 4.4 | 3.3 | 4.5 | 1.5 | - | - | |
Hours worked1013 |
4,209 | - | - | - | 7,343 | 5,066 | 6,962 | 2,673 | - | - | |
| Document | |||||||||||
The notes to these accounts have 11 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.
Source: Annual accounts 2025 at the NBB, filed on 30-06-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-06-2026 | 2026-00225672 | |
| 31-12-2024 | micro format | 24-08-2025 | 2025-00396207 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00160908 | |
| 31-12-2022 | micro format | 28-08-2023 | 2023-00362347 | |
| 31-12-2021 | micro format | 12-10-2022 | 2022-20467458 | |
| 31-12-2020 | full format | 30-08-2021 | 2021-65800544 | |
| 31-12-2019 | micro format | 02-12-2020 | 2020-74200538 | |
| 31-12-2018 | micro format | 26-07-2019 | 2019-39900511 | |
| 31-12-2017 | full format | 31-07-2018 | 2018-42700523 | |
| 31-12-2016 | full format | 30-08-2017 | 2017-53900148 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 126,989 | 47,140 | -111,541 | -199,893 | 23,299 | 13,743 | 15,823 | 21,203 | 15,681 | -29,358 | ||
| 110,789 | 36,584 | -131,185 | -211,318 | 23,490 | 10,585 | 13,030 | 28,751 | 35,191 | -9,609 | ||
| 1,006 | 25,885 | 78,915 | 168,550 | 13,630 | 2,750 | 64,509 | 90,000 | 30,000 | 67,534 | ||
| 4,326 | 9,280 | -12,795 | 14,316 | 126 | -157 | - | - | -7,756 | - | ||
| -251,116 | -218,056 | -265,129 | 4,117 | -56,791 | -41,306 | -47,264 | -55,029 | 2,309 | -13,854 | ||
| -67.0% | -63.6% | -72.5% | -15.0% | -1.1% | 7.9% | 18.5% | 14.8% | 23.6% | -0.4% | ||
| 0.55 | 0.61 | 0.36 | 1.03 | 0.56 | 0.58 | 0.65 | 0.48 | 1.22 | 0.45 | ||
| 0.55 | 0.60 | 0.35 | 0.99 | 0.56 | 0.58 | 0.65 | 0.48 | 1.22 | 0.45 | ||
| - | - | - | - | - | 10.98 | 4.12 | 5.72 | 3.19 | - | ||
| - | - | - | - | - | -170.9% | -38.1% | 31.3% | 104.1% | - | ||
| 12.2% | -7.6% | -56.3% | -69.5% | -6.4% | -13.5% | -7.1% | 4.6% | 24.6% | -30.6% | ||
| 5.41 | 2.64 | -4.12 | -10.65 | 2.07 | - | - | - | - | - |
EBIT margin: not included in this filing.
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2021 |
|---|---|---|
| Employees at the balance-sheet date | - | 3 |
| full-time | - | 3 |
| in full-time equivalents | - | 3 |
| 4.8 | 4.4 | |
| On a permanent contract | - | 3 |
Source: social balance sheet in the 2021 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €25,885 | €2,239 | €96,743 | €13,630 |
| Intangible fixed assets | - | - | €76,676 | €71,672 | - |
| Financial fixed assets | €1,006 | - | - | €135 | - |
| €60,397 | €75,008 | €83,652 | €52,245 | €35,836 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a profit of €66,592, after a loss of €27,868 in 2024. It is the highest result since 2016.
Equity is negative. Debt (€687,958) exceeds the balance-sheet total (€413,055).
BOXIFY has no parent and no holdings in its annual accounts. BOXIFY shares no director with another company.
| LuckyWay
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total assets €119.2m (2025) 0835.562.552 |
| MOZZENO
registered office since 07-12-2015 · founded in 2015 |
24 FTE (2025) 0643.893.720 |
| ALIZEE INTERNATIONAL
registered office since 25-02-2008 · founded in 2008 |
total assets €83.7m (2025) 0895.960.789 |
| Equals Money Europe
registered office since 02-10-2012 · founded in 2012 |
24 FTE (2025) 0849.185.510 |
| European Medical Solutions
registered office since 05-06-1997 · founded in 1997 |
turnover €606,595 (2025) 0460.798.795 |
| FINANCIERE GABRIEL
registered office since 06-09-2010 · founded in 2010 |
total assets €45.9m (2025) 0829.017.923 |
| Europcar
registered office since 10-11-2016 · founded in 1973 · negative equity (2024) · accounts filed late |
81 FTE (2024) 0413.087.168 |
| THE SMILEY COMPANY
registered office since 25-02-2008 · founded in 2008 |
total assets €44.6m (2025) 0895.961.482 |
| SILVERSQUARE BELGIUM
establishment since 01-01-2020 · founded in 2008 · negative equity (2025) · group BROOKFIELD CORPORATION |
44 FTE (2025) 0806.423.356 |
| OGIMA INVEST
registered office since 08-09-1998 · founded in 1998 |
total assets €22.0m (2025) 0464.086.305 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Louizalaan 231 registered office 1050 Ixelles | 14-10-2015 | 2.246.517.624 |
| A. Vaucampslaan 42B 1654 Beersel | 16-04-2018 | 2.284.200.837 |
| Weihoek 3 1930 Zaventem | 01-01-2020 | 2.302.691.908 |
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 23057C0016/00B000 | Flanders | 1.8 ha | 1 · 6,151 m² | 11.3 m · 3 |
| 23035A0050/00Y005 | Flanders | 1.3 ha | 1 · 2,000 m² | 15.2 m · 4 |
| 21807G0131/00T000 | Brussels | 5,672 m² | 1 · 3,878 m² | 45.8 m · 8 |
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