DIXIT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 21 filings
Turnover
≈ €62,000
Estimated: probably between €28,000 and €150,000
Total assets
€113,534▲ 23.7%
2024 · €91,756
Net result
€703
2024 · -€8,773
Working capital
€55,459▼ 27.0%
2024 · €75,929
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1,070
2025
20182025
Net result
€703
2025
middle half of the sector
20182025
Equity
€81,718
▲ 0.9%
2025
middle half of the sector
20182025
Total assets
€113,534
▲ 23.7%
2025
middle half of the sector
20182025
Debt
€31,816
▲ 196%
2025
20182025
Working capital
€55,459
▼ 27.0%
2025
middle half of the sector
20182025
Solvency
72.0%
▼ 16.3pp
2025
middle half of the sector
20182025
Current ratio
3.21
▼ 20.07
2025
middle half of the sector
20182025
Return on assets (ROA)
0.6%
▲ 10.2pp
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€26,025--€5,699€22,688-€3,173€4,456-€16,816-€8,401▲ 50.0%€1,070
Net result€18,570--€6,105€15,522within the sector's middle half-€3,554below the sector's middle half€2,780within the sector's middle half-€17,170below the sector's middle half-€8,773below the sector's middle half▲ 48.9%€703within the sector's middle half
Equity€108,314-€102,210▼ 5.6%€117,731above the sector's middle half▲ 15.2%€114,177within the sector's middle half▼ 3.0%€106,957within the sector's middle half▼ 6.3%€89,787within the sector's middle half▼ 16.1%€81,014within the sector's middle half▼ 9.8%€81,718within the sector's middle half▲ 0.9%
Total assets€129,395-€125,364▼ 3.1%€144,074within the sector's middle half▲ 14.9%€123,586within the sector's middle half▼ 14.2%€125,106within the sector's middle half▲ 1.2%€104,672within the sector's middle half▼ 16.3%€91,756within the sector's middle half▼ 12.3%€113,534within the sector's middle half▲ 23.7%
Debt€21,080-€23,155▲ 9.8%€26,343▲ 13.8%€9,409▼ 64.3%€18,149▲ 92.9%€14,885▼ 18.0%€10,741▼ 27.8%€31,816▲ 196%
Working capital€92,087-€98,103▲ 6.5%€106,582above the sector's middle half▲ 8.6%€102,290above the sector's middle half▼ 4.0%€95,075within the sector's middle half▼ 7.1%€84,189within the sector's middle half▼ 11.4%€75,929within the sector's middle half▼ 9.8%€55,459within the sector's middle half▼ 27.0%
Solvency83.7%-81.5%▼ 2.2pp81.7%above the sector's middle half▲ 0.2pp92.4%above the sector's middle half▲ 10.7pp85.5%above the sector's middle half▼ 6.9pp85.8%above the sector's middle half▲ 0.3pp88.3%above the sector's middle half▲ 2.5pp72.0%within the sector's middle half▼ 16.3pp
Current ratio5.37-17.40▲ 12.036.53above the sector's middle half▼ 10.8725.51above the sector's middle half▲ 18.988.05above the sector's middle half▼ 17.4613.37above the sector's middle half▲ 5.3223.28above the sector's middle half▲ 9.913.21within the sector's middle half▼ 20.07
Return on assets (ROA)14.4%--4.9%▼ 19.2pp10.8%within the sector's middle half▲ 15.6pp-2.9%below the sector's middle half▼ 13.6pp2.2%within the sector's middle half▲ 5.1pp-16.4%below the sector's middle half▼ 18.6pp-9.6%below the sector's middle half▲ 6.8pp0.6%within the sector's middle half▲ 10.2pp
above
within
below
The sector band is the middle half of the companies in Programming, broadcasting, news agency and other content distribution activities (NACE 60). 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 profit of €1,070, after a loss of €8,401 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 €113,534
Fixed assets
€32,925 ▲ 165%
Current assets
€80,609 ▲ 1.6%
Equity and liabilities €113,534
Equity
€81,718 ▲ 0.9%
Debt
€31,816 ▲ 196%
Debt's share of the balance-sheet total rises from 11.7% to 28.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€7,206▲
2024 · -€7,142
Cash flow
€6,840▲
2024 · -€7,514
Debt to equity
0.39▲
2024 · 0.13
ROE
0.9%▲
2024 · -10.8%
Interest coverage
65.27▲
2024 · -67.02
Debt ≤ 1 year
€25,150▲
2024 · €3,408
Income taxes
€269▼
2024 · €278
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 | €3,804 | €2,454 | €524 | - | €26,643 |
| Depreciation and write-downs of the year | €4,903 | €3,029 | €3,395 | €1,259 | €6,137 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,145 | €5,886 | €5,094 | €4,903 | €3,029 | €3,395 | €1,259 | €6,137 | ▲ 387% |
| Other operating charges640/8 | - | - | - | €2,505 | €755 | €2,612 | €1,786 | €929 | ▼ 48.0% |
| Gross operating margin9900 | €32,262 | €2,575 | €29,298 | €4,235 | €8,240 | -€10,809 | -€5,356 | €8,135 | - |
| Operating profit (loss)9901 | €26,025 | -€5,699 | €22,688 | -€3,173 | €4,456 | -€16,816 | -€8,401 | €1,070 | - |
| Financial income75/76B | - | - | - | - | - | €31 | €13 | €13 | ▲ 0.3% |
| Recurring financial income75 | - | - | €11 | - | - | €31 | €13 | €13 | ▲ 0.3% |
| Financial charges65/66B | - | - | - | €104 | €123 | €111 | €107 | €110 | ▲ 3.6% |
| Recurring financial charges65 | €108 | €130 | €94 | €104 | €123 | €111 | €107 | €110 | ▲ 3.6% |
| Profit (loss) for the period before taxes9903 | €25,917 | -€5,829 | €22,605 | -€3,277 | €4,333 | -€16,896 | -€8,495 | €972 | - |
| Income taxes67/77 | €7,347 | €276 | €7,083 | €277 | €1,554 | €274 | €278 | €269 | ▼ 3.3% |
| Profit (loss) for the period9904 | €18,570 | -€6,105 | €15,522 | -€3,554 | €2,780 | -€17,170 | -€8,773 | €703 | - |
| Profit (loss) for the period to be appropriated9905 | €18,570 | -€6,105 | €15,522 | -€3,554 | €2,780 | -€17,170 | -€8,773 | €703 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €129,395 | €125,364 | €144,074 | €123,586 | €125,106 | €104,672 | €91,756 | €113,534 | ▲ 23.7% |
| Fixed assets21/28 | €16,228 | €21,278 | €18,222 | €17,123 | €16,549 | €13,678 | €12,419 | €32,925 | ▲ 165% |
| Tangible fixed assets22/27 | €16,228 | €21,278 | €18,222 | €17,123 | €16,549 | €13,678 | €12,419 | €32,925 | ▲ 165% |
| Plant, machinery and equipment23 | - | - | - | €11,574 | €13,280 | €12,690 | €11,799 | €10,943 | ▼ 7.3% |
| Furniture and vehicles24 | - | - | - | €5,549 | €3,268 | €988 | €620 | €21,982 | ▲ 35× |
| Current assets29/58 | €113,167 | €104,086 | €125,852 | €106,463 | €108,557 | €90,994 | €79,337 | €80,609 | ▲ 1.6% |
| Amounts receivable within one year40/41 | €37,454 | €38,458 | €35,637 | €46,381 | €26,186 | €20,834 | €19,923 | €33,795 | ▲ 69.6% |
| Trade receivables40 | - | - | - | €44,558 | €26,175 | €20,705 | €19,918 | €30,064 | ▲ 50.9% |
| Other amounts receivable41 | - | - | - | €1,823 | €11 | €129 | €4 | €3,731 | ▲ 838× |
| Cash at bank and in hand54/58 | €75,030 | €64,508 | €89,119 | €58,901 | €81,150 | €69,399 | €58,252 | €46,281 | ▼ 20.5% |
| Deferred charges and accrued income490/1 | - | - | - | €1,180 | €1,221 | €761 | €1,162 | €533 | ▼ 54.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €129,395 | €125,364 | €144,074 | €123,586 | €125,106 | €104,672 | €91,756 | €113,534 | ▲ 23.7% |
| Equity10/15 | €108,314 | €102,210 | €117,731 | €114,177 | €106,957 | €89,787 | €81,014 | €81,718 | ▲ 0.9% |
| Contributions10/11 | €6,500 | €6,500 | - | €6,500 | €6,500 | €6,500 | €6,500 | €6,500 | = |
| Reserves13 | €101,814 | €95,710 | €111,231 | €107,677 | €100,457 | €83,287 | €74,514 | €75,218 | ▲ 0.9% |
| Non-distributable reserves130/1 | - | - | - | €45,860 | €35,860 | €34,000 | €34,000 | €34,000 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Other1319 | - | - | - | €44,000 | €34,000 | €34,000 | €34,000 | €34,000 | = |
| Distributable reserves133 | - | - | - | €61,817 | €64,597 | €49,287 | €40,514 | €41,218 | ▲ 1.7% |
| Amounts payable17/49 | €21,080 | €23,155 | €26,343 | €9,409 | €18,149 | €14,885 | €10,741 | €31,816 | ▲ 196% |
| Amounts payable within one year42/48 | €21,080 | €5,983 | €19,271 | €4,173 | €13,482 | €6,805 | €3,408 | €25,150 | ▲ 638% |
| Trade debts44 | - | €350 | - | - | €213 | - | - | - | - |
| Suppliers440/4 | - | - | - | - | €213 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €4,173 | €9,333 | €652 | €2,693 | €2,006 | ▼ 25.5% |
| Taxes450/3 | - | - | - | €4,173 | €6,333 | €652 | €2,693 | €2,006 | ▼ 25.5% |
| Remuneration and social security454/9 | - | - | - | - | €3,000 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | - | €3,937 | €6,153 | €715 | €23,144 | ▲ 32× |
| Accrued charges and deferred income492/3 | - | - | - | €5,236 | €4,667 | €8,080 | €7,333 | €6,667 | ▼ 9.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,570 | -€6,105 | €15,522 | -€3,554 | €2,780 | -€17,170 | -€8,773 | €703 | - |
| + Depreciation and write-downs630 | €4,145 | €5,886 | €5,094 | €4,903 | €3,029 | €3,395 | €1,259 | €6,137 | ▲ 387% |
| Operating cash flow (approximation) | €22,715 | -€219 | €20,616 | €1,348 | €5,808 | -€13,775 | -€7,514 | €6,840 | - |
| Investment in fixed assets (approximation) | - | -€10,936 | -€2,038 | -€3,804 | -€2,454 | -€524 | €0 | -€26,643 | - |
| Change in cash | - | -€10,522 | €24,612 | -€30,219 | €22,249 | -€11,751 | -€11,148 | -€11,971 | ▼ 7.4% |
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, 17,041 companies had the same profile as DIXIT has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DIXIT 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 17,041 companies, not a prediction for DIXIT. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 03-07-2026 | 2026-00263299 | |
| 31-12-2024 | micro format | 08-07-2025 | 2025-00261264 | |
| 31-12-2023 | micro format | 05-07-2024 | 2024-00232723 | |
| 31-12-2022 | micro format | 03-07-2023 | 2023-00204319 | |
| 31-12-2021 | micro format | 01-07-2022 | 2022-20136627 | |
| 31-12-2020 | micro format | 02-07-2021 | 2021-32100366 | |
| 31-12-2019 | micro format | 08-07-2020 | 2020-27900459 | |
| 31-12-2018 | micro format | 05-07-2019 | 2019-29700449 | |
| 31-12-2017 | micro format | 03-07-2018 | 2018-29300043 | |
| 31-12-2016 | micro format | 05-07-2017 | 2017-28800009 |