doxy
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-01-2026 PDF all 36 filings
Turnover
≈ €150,000
Estimated: probably between €120,000 and €210,000
Total assets
€374,106▲ 53.0%
2024 · €244,440
Net result
€128▼ 99.6%
2024 · €32,964
Working capital
€53,329▼ 71.5%
2024 · €187,312
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€5,585
▼ 88.2%
2025
20192025
Net result
€128
▼ 99.6%
2025
lowest quarter of the sector
20192025
Equity
€212,606
▲ 0.1%
2025
highest quarter of the sector
20192025
Total assets
€374,106
▲ 53.0%
2025
highest quarter of the sector
20192025
Debt
€161,500
▲ 405%
2025
20192025
Working capital
€53,329
▼ 71.5%
2025
middle half of the sector
20192025
Solvency
56.8%
▼ 30.1pp
2025
middle half of the sector
20192025
Current ratio
2.34
▼ 8.71
2025
middle half of the sector
20192025
Return on assets (ROA)
0.0%
▼ 13.5pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
0.1
▼ 90.0%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€320--€161▲ 49.7%€219€56,959▲ 260×€44,744▼ 21.4%€47,253▲ 5.6%€5,585▼ 88.2%
Net result€193--€528within the sector's middle half€133within the sector's middle half€47,643above the sector's middle half▲ 358×€30,913within the sector's middle half▼ 35.1%€32,964within the sector's middle half▲ 6.6%€128below the sector's middle half▼ 99.6%
Equity€101,353-€100,825within the sector's middle half▼ 0.5%€100,958within the sector's middle half▲ 0.1%€148,601within the sector's middle half▲ 47.2%€179,514above the sector's middle half▲ 20.8%€212,478above the sector's middle half▲ 18.4%€212,606above the sector's middle half▲ 0.1%
Total assets€102,012-€102,826within the sector's middle half▲ 0.8%€101,961within the sector's middle half▼ 0.8%€162,477within the sector's middle half▲ 59.4%€211,312within the sector's middle half▲ 30.1%€244,440within the sector's middle half▲ 15.7%€374,106above the sector's middle half▲ 53.0%
Debt€659-€2,001▲ 204%€1,003▼ 49.9%€13,876▲ 14×€31,798▲ 129%€31,962▲ 0.5%€161,500▲ 405%
Working capital€100,233-€100,233above the sector's middle half=€100,367above the sector's middle half▲ 0.1%€129,685above the sector's middle half▲ 29.2%€134,858above the sector's middle half▲ 4.0%€187,312above the sector's middle half▲ 38.9%€53,329within the sector's middle half▼ 71.5%
Solvency99.4%-98.1%above the sector's middle half▼ 1.3pp99.0%above the sector's middle half▲ 1.0pp91.5%above the sector's middle half▼ 7.6pp85.0%above the sector's middle half▼ 6.5pp86.9%above the sector's middle half▲ 2.0pp56.8%within the sector's middle half▼ 30.1pp
Current ratio57.53above the sector's middle half10.50above the sector's middle half13.23above the sector's middle half▲ 2.7211.05above the sector's middle half▼ 2.172.34within the sector's middle half▼ 8.71
Return on assets (ROA)0.2%--0.5%within the sector's middle half▼ 0.7pp0.1%within the sector's middle half▲ 0.6pp29.3%above the sector's middle half▲ 29.2pp14.6%within the sector's middle half▼ 14.7pp13.5%within the sector's middle half▼ 1.1pp0.0%below the sector's middle half▼ 13.5pp
Staff (FTE)0.71▲ 42.9%0.1▼ 90.0%
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 88% 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 €374,106
Fixed assets
€280,945 ▲ 630%
Current assets
€93,161 ▼ 54.8%
Equity and liabilities €374,106
Equity
€212,606 ▲ 0.1%
Debt
€161,500 ▲ 405%
Debt's share of the balance-sheet total rises from 13.1% to 43.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€87,972▲
2024 · €61,955
Cash flow
€82,515▲
2024 · €47,666
Debt to equity
0.76▲
2024 · 0.15
ROE
0.1%▼
2024 · 15.5%
Interest coverage
21.07▼
2024 · 55.82
Debt ≤ 1 year
€39,832▲
2024 · €18,635
Debt > 1 year
€121,405▲
2024 · €13,076
Income taxes
€1,281▼
2024 · €13,181
Staff costs
€3,286▼
2024 · €5,840
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | - |
| part-time | 1 | 1 | - |
| in full-time equivalents | 0.1 | 0.1 | - |
| Average over the year, in full-time equivalents | 0.1 | 0.1 | 0.1 |
| On a permanent contract | 1 | 1 | - |
| Joined | 1 | - | 0 |
| Left | 0 | - | 1 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €22,452 | €57,487 | - | €324,839 |
| Depreciation and write-downs of the year | €4,127 | €11,208 | €14,702 | €82,387 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €3,730 | €5,840 | €3,286 | ▼ 43.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €439 | €300 | - | €4,127 | €11,208 | €14,702 | €82,387 | ▲ 460% |
| Other operating charges640/8 | - | - | - | €1,580 | €10,811 | €10,795 | €11,011 | ▲ 2.0% |
| Non-recurring operating charges66A | - | - | - | - | €23 | - | - | - |
| Gross operating margin9900 | €428 | €1,003 | €969 | €62,666 | €70,516 | €78,590 | €102,269 | ▲ 30.1% |
| Operating profit (loss)9901 | -€320 | -€161 | €219 | €56,959 | €44,744 | €47,253 | €5,585 | ▼ 88.2% |
| Financial income75/76B | - | - | - | - | - | €2 | - | - |
| Recurring financial income75 | €731 | - | - | - | - | €2 | - | - |
| Financial charges65/66B | - | - | - | €144 | €604 | €1,110 | €4,176 | ▲ 276% |
| Recurring financial charges65 | €110 | €111 | €136 | €144 | €604 | €1,110 | €4,176 | ▲ 276% |
| Profit (loss) for the period before taxes9903 | €301 | -€272 | €83 | €56,815 | €44,140 | €46,145 | €1,409 | ▼ 96.9% |
| Income taxes67/77 | €108 | €256 | -€50 | €9,172 | €13,227 | €13,181 | €1,281 | ▼ 90.3% |
| Profit (loss) for the period9904 | €193 | -€528 | €133 | €47,643 | €30,913 | €32,964 | €128 | ▼ 99.6% |
| Profit (loss) for the period to be appropriated9905 | €193 | -€528 | €133 | €47,643 | €30,913 | €32,964 | €128 | ▼ 99.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €102,012 | €102,826 | €101,961 | €162,477 | €211,312 | €244,440 | €374,106 | ▲ 53.0% |
| Fixed assets21/28 | €1,120 | €820 | €820 | €19,145 | €65,424 | €38,493 | €280,945 | ▲ 630% |
| Tangible fixed assets22/27 | €300 | - | - | €18,325 | €64,604 | €37,673 | €280,125 | ▲ 644% |
| Land and buildings22 | - | - | - | - | - | - | €256,667 | - |
| Furniture and vehicles24 | - | - | - | €18,325 | €64,604 | €37,673 | €23,458 | ▼ 37.7% |
| Financial fixed assets28 | €820 | €820 | €820 | €820 | €820 | €820 | €820 | = |
| Current assets29/58 | €100,892 | €102,006 | €101,141 | €143,332 | €145,888 | €205,947 | €93,161 | ▼ 54.8% |
| Amounts receivable within one year40/41 | €6,647 | €1,433 | €901 | €11,956 | €12,153 | €4,215 | €22,289 | ▲ 429% |
| Trade receivables40 | - | - | - | €11,906 | €12,103 | €3,979 | €11,519 | ▲ 189% |
| Other amounts receivable41 | - | - | - | €50 | €50 | €236 | €10,770 | ▲ 46× |
| Current investments50/53 | €93,674 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | - | €100,221 | €99,838 | €130,969 | €131,510 | €201,256 | €69,244 | ▼ 65.6% |
| Deferred charges and accrued income490/1 | - | - | - | €407 | €2,225 | €476 | €1,628 | ▲ 242% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €102,012 | €102,826 | €101,961 | €162,477 | €211,312 | €244,440 | €374,106 | ▲ 53.0% |
| Equity10/15 | €101,353 | €100,825 | €100,958 | €148,601 | €179,514 | €212,478 | €212,606 | ▲ 0.1% |
| Contributions10/11 | €18,600 | - | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €82,560 | €82,560 | €82,560 | €130,001 | €160,911 | €193,861 | €193,861 | = |
| Non-distributable reserves130/1 | - | - | - | €1,950 | €1,950 | €1,950 | €1,950 | = |
| Other1319 | - | - | - | €1,950 | €1,950 | €1,950 | €1,950 | = |
| Distributable reserves133 | - | - | - | €128,051 | €158,961 | €191,911 | €191,911 | = |
| Profit (loss) carried forward14 | €193 | -€335 | -€202 | - | €3 | €17 | €145 | ▲ 753% |
| Amounts payable17/49 | €659 | €2,001 | €1,003 | €13,876 | €31,798 | €31,962 | €161,500 | ▲ 405% |
| Amounts payable after more than one year17 | - | - | - | - | €20,520 | €13,076 | €121,405 | ▲ 828% |
| Financial debts170/4 | - | - | - | - | €20,520 | €13,076 | €121,405 | ▲ 828% |
| Amounts payable within one year42/48 | €659 | €1,773 | €774 | €13,647 | €11,030 | €18,635 | €39,832 | ▲ 114% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €7,156 | €7,444 | €29,171 | ▲ 292% |
| Trade debts44 | €518 | €337 | €670 | €1,237 | €374 | €289 | €344 | ▲ 19.0% |
| Suppliers440/4 | - | - | - | €1,237 | €374 | €289 | €344 | ▲ 19.0% |
| Taxes, remuneration and social security45 | - | - | - | €12,304 | €2,541 | €5,129 | €2,599 | ▼ 49.3% |
| Taxes450/3 | - | - | - | €12,304 | €2,439 | €2,241 | €2,599 | ▲ 16.0% |
| Remuneration and social security454/9 | - | - | - | - | €102 | €2,888 | - | - |
| Other amounts payable47/48 | - | - | - | €106 | €959 | €5,773 | €7,718 | ▲ 33.7% |
| Accrued charges and deferred income492/3 | - | - | - | €229 | €248 | €251 | €263 | ▲ 4.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €193 | -€528 | €133 | €47,643 | €30,913 | €32,964 | €128 | ▼ 99.6% |
| + Depreciation and write-downs630 | €439 | €300 | - | €4,127 | €11,208 | €14,702 | €82,387 | ▲ 460% |
| Operating cash flow (approximation) | €632 | -€228 | €133 | €51,770 | €42,121 | €47,666 | €82,515 | ▲ 73.1% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€22,452 | -€57,487 | €12,229 | -€324,839 | - |
| Change in cash | - | - | -€383 | €31,131 | €541 | €69,746 | -€132,012 | - |
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 doxy 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 doxy 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 doxy. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 24-01-2026 | 2026-00012947 | |
| 30-06-2024 | micro format | 27-01-2025 | 2025-00010894 | |
| 30-06-2023 | micro format | 29-12-2023 | 2023-00539278 | |
| 30-06-2022 | micro format | 29-12-2022 | 2022-20548813 | |
| 30-06-2021 | micro format | 28-12-2021 | 2021-81900370 | |
| 30-06-2020 | micro format | 25-01-2021 | 2021-01700359 | |
| 30-06-2019 | micro format | 22-01-2020 | 2020-02000522 | |
| 30-06-2018 | micro format | 14-01-2019 | 2019-01300332 | |
| 30-06-2017 | micro format | 22-12-2017 | 2017-73000359 | |
| 30-06-2016 | abbreviated format | 06-01-2017 | 2017-00500221 |