DR. E. COX
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 20 filings
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result for 2025 is 91% lower than in 2024 and the lowest since 2021.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
Use the arrow keys on the chart for the figures per year.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €48,658 | - |
| Depreciation and write-downs of the year | €7,224 | €7,224 | €6,915 | €4,813 | €9,732 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €5,301 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,725 | €7,725 | €1,208 | €7,224 | €7,224 | €6,915 | €4,813 | €9,732 | ▲ 102% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | €34,014 | - | - |
| Other operating charges640/8 | - | - | - | €115 | €62 | €62 | €181 | €1,835 | ▲ 914% |
| Gross operating margin9900 | €183,249 | €256,053 | €219,631 | €208,846 | €321,026 | €235,542 | €375,436 | €42,298 | ▼ 88.7% |
| Operating profit (loss)9901 | €175,040 | €247,837 | €217,924 | €201,507 | €313,741 | €228,566 | €336,428 | €30,731 | ▼ 90.9% |
| Financial income75/76B | - | - | - | €0 | €9,961 | €3,084 | €45,997 | €19,732 | ▼ 57.1% |
| Recurring financial income75 | €257 | €374 | €423 | €0 | €9,961 | €3,084 | €45,997 | €19,732 | ▼ 57.1% |
| Financial charges65/66B | - | - | - | €65 | €49 | €45 | €45 | €45 | = |
| Recurring financial charges65 | €55 | €54 | €56 | €65 | €49 | €45 | €45 | €45 | = |
| Profit (loss) for the period before taxes9903 | €175,243 | €248,158 | €218,290 | €201,442 | €323,653 | €231,605 | €382,381 | €50,417 | ▼ 86.8% |
| Income taxes67/77 | €55,635 | €83,001 | €72,767 | €59,982 | €97,165 | €68,822 | €112,592 | €14,366 | ▼ 87.2% |
| Profit (loss) for the period9904 | €119,608 | €165,156 | €145,524 | €141,460 | €226,488 | €162,783 | €269,789 | €36,051 | ▼ 86.6% |
| Profit (loss) for the period to be appropriated9905 | €119,608 | €165,156 | €178,804 | €141,460 | €226,488 | €162,783 | €269,789 | €36,051 | ▼ 86.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.8m | €1.0m | €1.2m | €1.3m | €1.6m | €1.7m | €2.0m | €2.0m | ▼ 2.2% |
| Fixed assets21/28 | €0.01m | €0.002m | €0.04m | €0.03m | €0.02m | €0.01m | €0.05m | €0.03m | ▼ 24.4% |
| Tangible fixed assets22/27 | €0.009m | €0.001m | €0.03m | €0.03m | €0.02m | €0.01m | €0.04m | €0.03m | ▼ 22.2% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.02m | €0.01m | €0.04m | €0.03m | ▼ 22.2% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.002m | €0.002m | €0.001m | €0.001m | €0.001m | - | - |
| Current assets29/58 | €0.8m | €1.0m | €1.1m | €1.3m | €1.5m | €1.7m | €2.0m | €2.0m | ▼ 1.7% |
| Amounts receivable within one year40/41 | €0.004m | €0.009m | €0.009m | €0.004m | €0.003m | €0.003m | €0.003m | €0.003m | ▼ 6.9% |
| Other amounts receivable41 | - | - | - | €0.004m | €0.003m | €0.003m | €0.003m | €0.003m | ▼ 6.9% |
| Current investments50/53 | - | - | - | €1.0m | €1.1m | €1.5m | €1.8m | €1.8m | ▲ 0.7% |
| Cash at bank and in hand54/58 | €0.8m | €1.0m | €1.1m | €0.2m | €0.4m | €0.2m | €0.2m | €0.1m | ▼ 25.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €0.001m | €0.002m | €0.002m | ▼ 2.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.8m | €1.0m | €1.2m | €1.3m | €1.6m | €1.7m | €2.0m | €2.0m | ▼ 2.2% |
| Equity10/15 | €0.8m | €1.0m | €1.2m | €1.3m | €1.5m | €1.7m | €2.0m | €2.0m | ▲ 1.8% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.8m | €1.0m | €1.1m | €1.3m | €1.5m | €1.7m | €1.9m | €2.0m | ▲ 1.9% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €1.3m | €1.5m | €1.7m | €1.9m | €2.0m | ▲ 1.9% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €0.03m | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | €0.03m | - | - |
| Pensions and similar obligations160 | - | - | - | - | - | - | €0.03m | - | - |
| Amounts payable17/49 | €0.002m | €0.008m | €0.02m | €0.01m | €0.05m | €0.02m | €0.05m | €0.001m | ▼ 97.5% |
| Amounts payable within one year42/48 | €0.002m | €0.008m | €0.02m | €0.01m | €0.05m | €0.02m | €0.05m | €0.001m | ▼ 97.5% |
| Trade debts44 | €0.001m | €0.001m | €0.001m | €0.002m | €0.002m | €0.002m | €0.001m | €0.001m | ▼ 14.4% |
| Suppliers440/4 | - | - | - | €0.002m | €0.002m | €0.002m | €0.001m | €0.001m | ▼ 14.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.04m | €0.02m | €0.05m | €417 | ▼ 99.1% |
| Taxes450/3 | - | - | - | €0.01m | €0.04m | €0.02m | €0.05m | €417 | ▼ 99.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €119,608 | €165,156 | €145,524 | €141,460 | €226,488 | €162,783 | €269,789 | €36,051 | ▼ 86.6% |
| + Depreciation and write-downs630 | €7,725 | €7,725 | €1,208 | €7,224 | €7,224 | €6,915 | €4,813 | €9,732 | ▲ 102% |
| Operating cash flow (approximation) | €127,333 | €172,881 | €146,731 | €148,684 | €233,711 | €169,697 | €274,601 | €45,783 | ▼ 83.3% |
| Investment in fixed assets (approximation) | - | €0 | -€35,823 | €0 | €620 | €0 | -€35,301 | €1,250 | - |
| Change in cash | - | €178,163 | €126,865 | -€884,494 | €188,134 | -€258,650 | €4,377 | -€45,874 | - |
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, 14,766 companies had the same profile as DR. E. COX has now. Two years later, 0.2% had gone bankrupt and 96.2% were still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DR. E. COX 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 14,766 companies, not a prediction for DR. E. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00251195 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00242523 | |
| 31-12-2023 | micro format | 04-07-2024 | 2024-00218165 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00275989 | |
| 31-12-2021 | micro format | 01-07-2022 | 2022-20131355 | |
| 31-12-2020 | micro format | 01-07-2021 | 2021-28800261 | |
| 31-12-2019 | micro format | 27-07-2020 | 2020-35400180 | |
| 31-12-2018 | micro format | 01-08-2019 | 2019-43000020 | |
| 31-12-2017 | micro format | 26-07-2018 | 2018-38100395 | |
| 31-12-2016 | micro format | 09-08-2017 | 2017-42400177 |