CX-COM
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 07-07-2026 at the NBB all 10 filings
Turnover
≈ €1.4m
Estimated: probably between €920,000 and €1.8m
EBIT margin
Not included in this filing
Net result
-€135,814▲ 17.7%
2024 · -€164,968
Working capital
-€198,454▼ 236%
2024 · -€59,140
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€92,195
▲ 29.2%
2025
20182025
Net result
-€135,814
▲ 17.7%
2025
lowest quarter of the sector
20182025
Equity
-€55,561
2025
lowest quarter of the sector
20182025
Total assets
€1.3m
▼ 10.4%
2025
middle half of the sector
20182025
Debt
€1.3m
▼ 0.8%
2025
20182025
Working capital
-€198,454
▼ 236%
2025
lowest quarter of the sector
20182025
Solvency
-4.4%
▼ 10.2pp
2025
lowest quarter of the sector
20182025
Current ratio
0.67
▼ 0.21
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-10.7%
▲ 0.9pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
12.7
▲ 41.1%
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€0.06m-€0.02m▼ 74.5%€0.04m▲ 162%€0.2m▲ 327%€0.07m▼ 62.5%-€0.01m-€0.1m▼ 977%-€0.09m▲ 29.2%
Net result€0.05m-€0.01m▼ 76.8%€0.03mwithin the sector's middle half▲ 127%€0.2mabove the sector's middle half▲ 538%€0.05mwithin the sector's middle half▼ 72.1%-€0.04mbelow the sector's middle half-€0.2mbelow the sector's middle half▼ 347%-€0.1mbelow the sector's middle half▲ 17.7%
Equity€0.04m-€0.05m▲ 30.2%€0.1mwithin the sector's middle half▲ 92.8%€0.3mwithin the sector's middle half▲ 156%€0.3mwithin the sector's middle half▲ 11.7%€0.2mwithin the sector's middle half▼ 13.5%€0.08mwithin the sector's middle half▼ 67.0%-€0.06mbelow the sector's middle half
Total assets€0.2m-€0.7m▲ 283%€0.8mwithin the sector's middle half▲ 16.8%€1.2mwithin the sector's middle half▲ 45.1%€1.2mwithin the sector's middle half▼ 0.6%€1.1mwithin the sector's middle half▼ 8.5%€1.4mwithin the sector's middle half▲ 29.3%€1.3mwithin the sector's middle half▼ 10.4%
Debt€0.1m-€0.7m▲ 353%€0.7m▲ 10.8%€0.9m▲ 29.9%€0.9m▼ 3.9%€0.8m▼ 6.9%€1.3m▲ 57.5%€1.3m▼ 0.8%
Working capital-€0.04m-€0.2m€0.09mwithin the sector's middle half▼ 49.4%-€0.02mbelow the sector's middle half-€0.06mbelow the sector's middle half▼ 158%€0.01mwithin the sector's middle half-€0.06mbelow the sector's middle half-€0.2mbelow the sector's middle half▼ 236%
Solvency21.6%-7.3%▼ 14.3pp12.1%below the sector's middle half▲ 4.8pp21.4%within the sector's middle half▲ 9.2pp24.0%within the sector's middle half▲ 2.6pp22.7%within the sector's middle half▼ 1.3pp5.8%below the sector's middle half▼ 16.9pp-4.4%below the sector's middle half▼ 10.2pp
Current ratio0.67-2.32▲ 1.651.68within the sector's middle half▼ 0.630.94within the sector's middle half▼ 0.740.85below the sector's middle half▼ 0.091.03within the sector's middle half▲ 0.180.88below the sector's middle half▼ 0.160.67below the sector's middle half▼ 0.21
Return on assets (ROA)28.1%-1.7%▼ 26.4pp3.3%within the sector's middle half▲ 1.6pp14.6%above the sector's middle half▲ 11.3pp4.1%within the sector's middle half▼ 10.5pp-3.4%below the sector's middle half▼ 7.5pp-11.6%below the sector's middle half▼ 8.3pp-10.7%below the sector's middle half▲ 0.9pp
Staff (FTE)11.5below the sector's middle half▲ 50.0%3.7within the sector's middle half▲ 147%5.2within the sector's middle half▲ 40.5%6.6within the sector's middle half▲ 26.9%9within the sector's middle half▲ 36.4%12.7above the sector's middle half▲ 41.1%
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 a loss of €92,195, smaller than the loss of €130,153 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€874,751 ▼ 12.2%
Current assets
€395,601 ▼ 6.2%
Equity and liabilities
Equity-€55,561
Debt€1.3m
Equity is negative. Debt (€1.3m) exceeds the balance-sheet total (€1.3m).
Key figures and ratios
EBITDA
€85,193▼
2024 · €101,862
Cash flow
€41,575▼
2024 · €67,047
Quick ratio
0.62▼
2024 · 0.79
Interest coverage
1.54▼
2024 · 2.58
Debt ≤ 1 year
€594,055▲
2024 · €481,090
Debt > 1 year
€722,406▼
2024 · €855,330
Income taxes
€1,932▲
2024 · €1,211
Staff costs
€589,604▲
2024 · €478,275
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.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 6 | 8 | 10 | - |
| full-time | 4 | 5 | 7 | 9 | - |
| part-time | 1 | 1 | 1 | 1 | - |
| in full-time equivalents | 4.5 | 5.5 | 7.5 | - | - |
| Average over the year, in full-time equivalents | 3.7 | 5.2 | 6.6 | 9 | 12.7 |
| On a permanent contract | 5 | 6 | 8 | 9 | 15 |
| Joined | 7 | 3 | 3 | 6 | 12 |
| Left | 4 | 2 | 1 | 4 | 7 |
| Training hours | - | - | - | 274 | 3,447 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €644,237 | €417,232 | €389,399 | €581,629 | €530,057 |
| Debts guaranteed by Belgian public bodies | - | €214,087 | €212,569 | €353,060 | €349,920 |
| Mortgages, amount registered | €200,000 | €132,000 | €132,000 | €182,000 | €182,000 |
| Mortgage mandates | - | - | - | €131,250 | €131,250 |
| Carrying value of the mortgaged assets | €501,096 | €489,625 | €463,902 | €672,422 | €725,166 |
| Pledge on other assets, amount secured | €89,298 | €89,298 | €89,298 | €89,298 | - |
| Carrying value of the other pledged assets | €74,981 | €44,144 | €32,118 | €10,686 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €369,499 | €196,376 | €82,829 | €496,185 | €55,890 |
| Financial fixed assets | - | €363 | - | - | - |
| Depreciation and write-downs of the year | €93,397 | €159,432 | €209,341 | €232,015 | €177,388 |
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 | - | - | - | €246 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €132,677 | €211,674 | €296,013 | €478,275 | €589,604 | ▲ 23.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,306 | €51,693 | €62,988 | €93,397 | €159,432 | €209,341 | €232,015 | €177,388 | ▼ 23.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €10,570 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €64,544 | €6,652 | €14,372 | €26,365 | €8,164 | ▼ 69.0% |
| Gross operating margin9900 | €103,527 | €92,564 | €164,640 | €473,512 | €456,929 | €507,638 | €606,503 | €682,962 | ▲ 12.6% |
| Operating profit (loss)9901 | €64,088 | €16,334 | €42,820 | €182,893 | €68,600 | -€12,088 | -€130,153 | -€92,195 | ▲ 29.2% |
| Financial income75/76B | - | - | - | €17,836 | €5,486 | €3,849 | €5,952 | €13,740 | ▲ 131% |
| Recurring financial income75 | €2,352 | €2,486 | €2,220 | €17,836 | €5,486 | €3,849 | €5,952 | €13,740 | ▲ 131% |
| Financial charges65/66B | - | - | - | €19,767 | €20,293 | €27,809 | €39,556 | €55,426 | ▲ 40.1% |
| Recurring financial charges65 | €4,572 | €6,699 | €17,367 | €19,767 | €20,293 | €27,809 | €39,556 | €55,426 | ▲ 40.1% |
| Profit (loss) for the period before taxes9903 | €61,868 | €12,122 | €27,673 | €180,962 | €53,793 | -€36,048 | -€163,757 | -€133,882 | ▲ 18.2% |
| Income taxes67/77 | €9,632 | - | €107 | €5,209 | €4,677 | €876 | €1,211 | €1,932 | ▲ 59.5% |
| Profit (loss) for the period9904 | €52,235 | €12,122 | €27,566 | €175,753 | €49,115 | -€36,924 | -€164,968 | -€135,814 | ▲ 17.7% |
| Profit (loss) for the period to be appropriated9905 | €52,235 | €12,122 | €27,566 | €175,753 | €49,115 | -€36,924 | -€164,968 | -€135,814 | ▲ 17.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.2m | €0.7m | €0.8m | €1.2m | €1.2m | €1.1m | €1.4m | €1.3m | ▼ 10.4% |
| Fixed assets21/28 | €0.1m | €0.4m | €0.6m | €0.8m | €0.9m | €0.7m | €1.0m | €0.9m | ▼ 12.2% |
| Tangible fixed assets22/27 | €0.1m | €0.4m | €0.6m | €0.8m | €0.9m | €0.7m | €1.0m | €0.9m | ▼ 12.2% |
| Land and buildings22 | - | - | - | €0.5m | €0.5m | €0.5m | €0.7m | €0.7m | ▼ 2.4% |
| Plant, machinery and equipment23 | - | - | - | €0.02m | €0.01m | €0.01m | €0.03m | €0.03m | ▼ 8.7% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.3m | €0.2m | €0.3m | €0.2m | ▼ 30.2% |
| Leasing and similar rights25 | - | - | - | €0.07m | €0.05m | €0.03m | €0.01m | - | - |
| Assets under construction and advance payments27 | - | - | - | - | - | €0.02m | €0.02m | - | - |
| Financial fixed assets28 | - | €0.001m | - | - | €363 | €363 | €363 | €0 | ▼ 100% |
| Current assets29/58 | €0.08m | €0.3m | €0.2m | €0.4m | €0.3m | €0.4m | €0.4m | €0.4m | ▼ 6.2% |
| Stocks and contracts in progress3 | - | €0.02m | €0.01m | €0.02m | €0.04m | €0.04m | €0.04m | €0.03m | ▼ 30.9% |
| Stocks30/36 | - | - | - | €0.02m | €0.04m | €0.04m | €0.04m | €0.03m | ▼ 30.9% |
| Amounts receivable within one year40/41 | €0.04m | €0.3m | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | €0.2m | ▼ 18.3% |
| Trade receivables40 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 10.8% |
| Other amounts receivable41 | - | - | - | €0.01m | €0.04m | €0.02m | €0.1m | €0.03m | ▼ 74.0% |
| Cash at bank and in hand54/58 | €0.04m | €0.03m | €0.09m | €0.2m | €0.09m | €0.06m | €0.08m | €0.1m | ▲ 42.1% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.02m | €0.01m | €0.02m | €0.02m | ▲ 30.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.2m | €0.7m | €0.8m | €1.2m | €1.2m | €1.1m | €1.4m | €1.3m | ▼ 10.4% |
| Equity10/15 | €0.04m | €0.05m | €0.1m | €0.3m | €0.3m | €0.2m | €0.08m | -€0.06m | - |
| Contributions10/11 | €0.006m | €0.006m | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.2m | €0.2m | €0.2m | €0.05m | - | - |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | - | - | - |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.05m | - | - |
| Profit (loss) carried forward14 | €0.03m | €0.04m | €0.06m | - | - | - | - | -€0.09m | - |
| Investment grants15 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 6.7% |
| Amounts payable17/49 | €0.1m | €0.7m | €0.7m | €0.9m | €0.9m | €0.8m | €1.3m | €1.3m | ▼ 0.8% |
| Amounts payable after more than one year17 | €0.03m | €0.4m | €0.6m | €0.5m | €0.5m | €0.5m | €0.9m | €0.7m | ▼ 15.5% |
| Financial debts170/4 | - | - | - | €0.5m | €0.5m | €0.5m | €0.9m | €0.7m | ▼ 15.5% |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.1m | €0.4m | €0.4m | €0.4m | €0.5m | €0.6m | ▲ 23.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▼ 17.0% |
| Financial debts43 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 86.9% |
| Credit institutions430/8 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 86.9% |
| Trade debts44 | €0.01m | €0.02m | €0.03m | €0.1m | €0.1m | €0.06m | €0.1m | €0.1m | ▲ 9.8% |
| Suppliers440/4 | - | - | - | €0.1m | €0.1m | €0.06m | €0.1m | €0.1m | ▲ 9.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.03m | €0.06m | €0.05m | €0.07m | ▲ 42.2% |
| Taxes450/3 | - | - | - | €0.02m | €0.02m | €0.04m | €0.006m | €0.02m | ▲ 285% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.01m | €0.03m | €0.04m | €0.04m | ▲ 9.3% |
| Other amounts payable47/48 | - | - | - | €0.02m | €0.02m | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | - | €0.02m | - | €0.009m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €52,235 | €12,122 | €27,566 | €175,753 | €49,115 | -€36,924 | -€164,968 | -€135,814 | ▲ 17.7% |
| + Depreciation and write-downs630 | €35,306 | €51,693 | €62,988 | €93,397 | €159,432 | €209,341 | €232,015 | €177,388 | ▼ 23.5% |
| Operating cash flow (approximation) | €87,542 | €63,815 | €90,555 | €269,150 | €208,547 | €172,417 | €67,047 | €41,575 | ▼ 38.0% |
| Investment in fixed assets (approximation) | - | -€348,863 | -€270,880 | -€308,924 | -€191,215 | -€79,379 | -€496,185 | -€55,527 | ▲ 88.8% |
| Change in cash | - | -€10,115 | €66,530 | €60,354 | -€62,635 | -€30,265 | €20,596 | €33,659 | ▲ 63.4% |
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, 598 companies had the same profile as CX-COM has now. Two years later, 83.4% were still going and 9.4% had gone bankrupt.
- Small
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.4%
was still going
6.0%
stopped otherwise
9.4%
went bankrupt
Another 1.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of CX-COM itself: 2.8% 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 598 companies, not a prediction for CX-COM. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 07-07-2026 | 2026-00265907 | |
| 31-12-2024 | full format | 01-07-2025 | 2025-00207253 | |
| 31-12-2023 | full format | 09-07-2024 | 2024-00255804 | |
| 31-12-2022 | full format | 27-07-2023 | 2023-00278232 | |
| 31-12-2021 | full format | 27-06-2022 | 2022-20098836 | |
| 31-12-2020 | full format | 29-06-2021 | 2021-27500433 | |
| 31-12-2019 | micro format | 01-07-2020 | 2020-24900003 | |
| 31-12-2018 | micro format | 01-07-2019 | 2019-26500417 | |
| 31-12-2017 | micro format | 05-07-2018 | 2018-29500496 | |
| 31-12-2016 | full format | 25-07-2017 | 2017-36100218 |