COX
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 13-06-2026 PDF all 37 filings
Turnover
≈ €170,000
Estimated: probably between €82,000 and €430,000
Total assets
€6,854▲ 36.0%
2024 · €5,039
Net result
€12,886▼ 35.9%
2024 · €20,098
Working capital
-€3,887▲ 76.8%
2024 · -€16,773
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€12,938
▼ 35.8%
2025
20182025
Net result
€12,886
▼ 35.9%
2025
middle half of the sector
20182025
Equity
-€678,887
▲ 1.9%
2025
lowest quarter of the sector
20182025
Total assets
€6,854
▲ 36.0%
2025
lowest quarter of the sector
20182025
Debt
€685,741
▼ 1.6%
2025
20182025
Working capital
-€3,887
▲ 76.8%
2025
middle half of the sector
20182025
Current ratio
0.64
▲ 0.41
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
188.0%
▼ 210.8pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€10,437-€7,817▼ 25.1%€7,219▼ 7.6%€8,163▲ 13.1%€12,328▲ 51.0%€6,926▼ 43.8%€20,159▲ 191%€12,938▼ 35.8%
Net result€10,380-€7,745▼ 25.4%€7,161within the sector's middle half▼ 7.5%€8,096within the sector's middle half▲ 13.0%€12,254within the sector's middle half▲ 51.4%€6,839within the sector's middle half▼ 44.2%€20,098within the sector's middle half▲ 194%€12,886within the sector's middle half▼ 35.9%
Equity-€753,967--€746,222▲ 1.0%-€739,060below the sector's middle half▲ 1.0%-€730,965below the sector's middle half▲ 1.1%-€718,710below the sector's middle half▲ 1.7%-€711,871below the sector's middle half▲ 1.0%-€691,773below the sector's middle half▲ 2.8%-€678,887below the sector's middle half▲ 1.9%
Total assets€10,279-€7,589▼ 26.2%€9,447below the sector's middle half▲ 24.5%€10,202below the sector's middle half▲ 8.0%€7,511below the sector's middle half▼ 26.4%€8,816below the sector's middle half▲ 17.4%€5,039below the sector's middle half▼ 42.8%€6,854below the sector's middle half▲ 36.0%
Debt€764,246-€753,810▼ 1.4%€748,507▼ 0.7%€741,166▼ 1.0%€726,221▼ 2.0%€720,687▼ 0.8%€696,812▼ 3.3%€685,741▼ 1.6%
Working capital-€754,966--€746,721▲ 1.1%-€739,060below the sector's middle half▲ 1.0%-€730,965below the sector's middle half▲ 1.1%-€18,710below the sector's middle half▲ 97.4%-€11,871below the sector's middle half▲ 36.6%-€16,773below the sector's middle half▼ 41.3%-€3,887within the sector's middle half▲ 76.8%
Current ratio0.01-0.01=0.01below the sector's middle half=0.01below the sector's middle half=0.29below the sector's middle half▲ 0.270.43below the sector's middle half▲ 0.140.23below the sector's middle half▼ 0.200.64below the sector's middle half▲ 0.41
Return on assets (ROA)101.0%-102.1%▲ 1.1pp75.8%above the sector's middle half▼ 26.3pp79.4%above the sector's middle half▲ 3.5pp163.2%above the sector's middle half▲ 83.8pp77.6%above the sector's middle half▼ 85.6pp398.9%above the sector's middle half▲ 321.3pp188.0%above the sector's middle half▼ 210.8pp
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 36% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Key figures and ratios
Quick ratio
0.48▲
2024 · 0.17
Debt ≤ 1 year
€10,741▼
2024 · €21,812
Debt > 1 year
€675,000=
2024 · €675,000
A ratio outside any meaningful range has been withheld (balance sheet total €6,854, equity -€678,887).
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.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €499 | €499 | €499 | €0 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €503 | €785 | €557 | €569 | €673 | ▲ 18.3% |
| Gross operating margin9900 | €11,519 | €8,718 | €8,221 | €8,666 | €13,113 | €7,484 | €20,728 | €13,611 | ▼ 34.3% |
| Operating profit (loss)9901 | €10,437 | €7,817 | €7,219 | €8,163 | €12,328 | €6,926 | €20,159 | €12,938 | ▼ 35.8% |
| Financial income75/76B | - | - | - | - | - | €0 | - | - | - |
| Recurring financial income75 | - | - | €5 | - | - | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €67 | €74 | €87 | €61 | €53 | ▼ 14.2% |
| Recurring financial charges65 | €56 | €72 | €64 | €67 | €74 | €87 | €61 | €53 | ▼ 14.2% |
| Non-recurring financial charges66B | - | - | - | - | - | €0 | - | - | - |
| Profit (loss) for the period before taxes9903 | €10,380 | €7,745 | €7,161 | €8,096 | €12,254 | €6,839 | €20,098 | €12,886 | ▼ 35.9% |
| Profit (loss) for the period9904 | €10,380 | €7,745 | €7,161 | €8,096 | €12,254 | €6,839 | €20,098 | €12,886 | ▼ 35.9% |
| Profit (loss) for the period to be appropriated9905 | €10,380 | €7,745 | €7,161 | €8,096 | €12,254 | €6,839 | €20,098 | €12,886 | ▼ 35.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €10,279 | €7,589 | €9,447 | €10,202 | €7,511 | €8,816 | €5,039 | €6,854 | ▲ 36.0% |
| Fixed assets21/28 | €999 | €499 | - | - | €0 | €0 | €0 | - | - |
| Tangible fixed assets22/27 | €999 | €499 | - | - | €0 | €0 | €0 | - | - |
| Plant, machinery and equipment23 | - | - | - | €0 | €0 | €0 | €0 | - | - |
| Current assets29/58 | €9,280 | €7,089 | €9,447 | €10,202 | €7,511 | €8,816 | €5,039 | €6,854 | ▲ 36.0% |
| Stocks and contracts in progress3 | €3,521 | €3,937 | €2,933 | €2,908 | €2,980 | €4,138 | €1,440 | €1,664 | ▲ 15.5% |
| Stocks30/36 | - | - | - | €2,908 | €2,980 | €4,138 | €1,440 | €1,664 | ▲ 15.5% |
| Amounts receivable within one year40/41 | €4,522 | €1,976 | €2,822 | €5,506 | €2,819 | €3,352 | €2,091 | €1,996 | ▼ 4.5% |
| Trade receivables40 | - | - | - | €5,506 | €2,819 | €3,352 | €2,091 | €1,996 | ▼ 4.5% |
| Cash at bank and in hand54/58 | €1,237 | €1,175 | €3,692 | €1,787 | €1,711 | €1,326 | €1,508 | €3,194 | ▲ 112% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €10,279 | €7,589 | €9,447 | €10,202 | €7,511 | €8,816 | €5,039 | €6,854 | ▲ 36.0% |
| Equity10/15 | -€753,967 | -€746,222 | -€739,060 | -€730,965 | -€718,710 | -€711,871 | -€691,773 | -€678,887 | ▲ 1.9% |
| Contributions10/11 | €123,947 | €123,947 | €123,947 | €123,947 | €123,947 | €123,947 | €123,947 | €123,947 | = |
| Capital10 | - | - | - | - | €123,947 | €123,947 | €123,947 | €123,947 | = |
| Issued capital100 | - | - | - | - | €123,947 | €123,947 | €123,947 | €123,947 | = |
| Reserves13 | €14,839 | €14,839 | €14,839 | €14,839 | €14,839 | €14,839 | €14,839 | €14,839 | = |
| Non-distributable reserves130/1 | - | - | - | €12,395 | €12,395 | €12,395 | €12,395 | €12,395 | = |
| Legal reserve130 | - | - | - | - | €12,395 | €12,395 | €12,395 | €12,395 | = |
| Reserves not available under the articles1311 | - | - | - | €12,395 | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €1,884 | €1,884 | €1,884 | €1,884 | €1,884 | = |
| Distributable reserves133 | - | - | - | €560 | €560 | €560 | €560 | €560 | = |
| Profit (loss) carried forward14 | -€892,753 | -€885,007 | -€877,846 | -€869,750 | -€857,496 | -€850,657 | -€830,559 | -€817,673 | ▲ 1.6% |
| Amounts payable17/49 | €764,246 | €753,810 | €748,507 | €741,166 | €726,221 | €720,687 | €696,812 | €685,741 | ▼ 1.6% |
| Amounts payable after more than one year17 | - | - | - | - | €700,000 | €700,000 | €675,000 | €675,000 | = |
| Other amounts payable178/9 | - | - | - | - | €700,000 | €700,000 | €675,000 | €675,000 | = |
| Amounts payable within one year42/48 | €764,246 | €753,810 | €748,507 | €741,166 | €26,221 | €20,687 | €21,812 | €10,741 | ▼ 50.8% |
| Trade debts44 | €6,757 | €3,309 | €1,531 | €3,973 | €4,118 | €5,312 | €1,048 | €1,352 | ▲ 29.0% |
| Suppliers440/4 | - | - | - | €3,973 | €4,118 | €5,312 | €1,048 | €1,352 | ▲ 29.0% |
| Taxes, remuneration and social security45 | - | - | - | €588 | €375 | €731 | €731 | €564 | ▼ 22.9% |
| Taxes450/3 | - | - | - | €588 | €375 | €731 | €731 | €441 | ▼ 39.7% |
| Remuneration and social security454/9 | - | - | - | - | - | - | - | €123 | - |
| Other amounts payable47/48 | - | - | - | €736,605 | €21,728 | €14,644 | €20,033 | €8,825 | ▼ 55.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,380 | €7,745 | €7,161 | €8,096 | €12,254 | €6,839 | €20,098 | €12,886 | ▼ 35.9% |
| + Depreciation and write-downs630 | €499 | €499 | €499 | €0 | - | - | - | - | - |
| Operating cash flow (approximation) | €10,880 | €8,245 | €7,661 | €8,096 | €12,254 | €6,839 | €20,098 | €12,886 | ▼ 35.9% |
| Investment in fixed assets (approximation) | - | €0 | - | - | - | €0 | €0 | - | - |
| Change in cash | - | -€62 | €2,517 | -€1,905 | -€76 | -€385 | €182 | €1,686 | ▲ 825% |
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, 3,794 companies had the same profile as COX has now. Two years later, 91.5% were still going and 2.7% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
91.5%
was still going
5.3%
stopped otherwise
2.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of COX itself is lower: 0.2% within 12 months. It rests on far more data about COX than the profile alone.
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 3,794 companies, not a prediction for COX. 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 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 13-06-2026 | 2026-00158275 | |
| 31-12-2024 | abbreviated format | 07-06-2025 | 2025-00125179 | |
| 31-12-2024 | micro format | 07-06-2025 | 2025-00125299 | |
| 31-12-2023 | micro format | 08-06-2024 | 2024-00116795 | |
| 31-12-2022 | micro format | 05-06-2023 | 2023-00106002 | |
| 31-12-2021 | micro format | 21-06-2022 | 2022-20077073 | |
| 31-12-2020 | micro format | 16-06-2021 | 2021-20800419 | |
| 31-12-2019 | micro format | 19-06-2020 | 2020-18700499 | |
| 31-12-2018 | micro format | 25-06-2019 | 2019-22900371 | |
| 31-12-2017 | micro format | 20-06-2018 | 2018-20800295 |