FOx Biosystems
Open bankruptcyFinancials · financial year 2023, abbreviated format
Annual accounts 2023 filed on 09-07-2024 PDF all 8 filings
Equity
€1.3m▼ 47.9%
2022 · €2.5m
Total assets
€2.7m▼ 9.5%
2022 · €3.0m
Net result
-€2.8m▲ 16.4%
2022 · -€3.3m
Working capital
€602,681▼ 57.4%
2022 · €1.4m
Multi-year overview
2018 to 2023, 6 financial yearsOperating result
-€2.9m
▲ 11.1%
2023
20182023
Net result
-€2.8m
▲ 16.4%
2023
lowest quarter of the sector
20182023
Equity
€1.3m
▼ 47.9%
2023
middle half of the sector
20182023
Total assets
€2.7m
▼ 9.5%
2023
middle half of the sector
20182023
Debt
€1.4m
▲ 169%
2023
20182023
Working capital
€602,681
▼ 57.4%
2023
middle half of the sector
20182023
Solvency
47.5%
▼ 34.9pp
2023
middle half of the sector
20182023
Current ratio
1.99
▼ 2.65
2023
middle half of the sector
20182023
Return on assets (ROA)
-102.5%
▲ 8.5pp
2023
lowest quarter of the sector
20182023
Staff (FTE)
13.8
▲ 14.0%
2023
middle half of the sector
20182023
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201820192020202120222023
Operating result-€0.1m--€0.6m▼ 491%-€1.2m▼ 107%-€2.4m▼ 97.8%-€3.3m▼ 36.3%-€2.9m▲ 11.1%
Net result-€0.1m--€0.5m▼ 357%-€1.1mbelow the sector's middle half▼ 152%-€2.3mbelow the sector's middle half▼ 100%-€3.3mbelow the sector's middle half▼ 46.1%-€2.8mbelow the sector's middle half▲ 16.4%
Equity-€0.001m-€3.0m€3.7mabove the sector's middle half▲ 22.3%€1.3mwithin the sector's middle half▼ 63.9%€2.5mwithin the sector's middle half▲ 87.2%€1.3mwithin the sector's middle half▼ 47.9%
Total assets€0.1m-€3.2m▲ 21×€3.9mabove the sector's middle half▲ 23.7%€4.4mwithin the sector's middle half▲ 13.8%€3.0mwithin the sector's middle half▼ 32.4%€2.7mwithin the sector's middle half▼ 9.5%
Debt€0.2m-€0.2m▲ 11.6%€0.2m▲ 47.1%€3.1m▲ 13×€0.5m▼ 83.0%€1.4m▲ 169%
Working capital-€0.07m-€1.6m€1.9mabove the sector's middle half▲ 22.9%€2.4mabove the sector's middle half▲ 25.7%€1.4mwithin the sector's middle half▼ 42.0%€0.6mwithin the sector's middle half▼ 57.4%
Solvency-1.0%-94.7%▲ 95.7pp93.7%above the sector's middle half▼ 1.0pp29.7%within the sector's middle half▼ 64.0pp82.3%above the sector's middle half▲ 52.6pp47.5%within the sector's middle half▼ 34.9pp
Current ratio0.54-10.42▲ 9.889.00above the sector's middle half▼ 1.439.11above the sector's middle half▲ 0.124.65within the sector's middle half▼ 4.461.99within the sector's middle half▼ 2.65
Return on assets (ROA)-66.7%--14.3%▲ 52.4pp-29.2%below the sector's middle half▼ 14.9pp-51.4%below the sector's middle half▼ 22.2pp-111.0%below the sector's middle half▼ 59.6pp-102.5%below the sector's middle half▲ 8.5pp
Staff (FTE)1.76.7above the sector's middle half▲ 294%9within the sector's middle half▲ 34.3%12.1within the sector's middle half▲ 34.4%13.8within the sector's middle half▲ 14.0%
above
within
below
The sector band is the middle half of the companies in Scientific research and development (NACE 72). 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 2023 is a loss of €2.9m, smaller than the loss of €3.3m in 2022.
Large changes and their cause
- 2021 Net result -100% on 2020. The accounts now follow the abbreviated format, last year the micro format.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2023 in colour, 2022 as the grey bar beneath
Assets €2.7m
Fixed assets
€1.5m ▲ 25.7%
Current assets
€1.2m ▼ 33.0%
Equity and liabilities €2.7m
Equity
€1.3m ▼ 47.9%
Debt
€1.4m ▲ 169%
Debt's share of the balance-sheet total rises from 17.7% to 52.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€2.3m▲
2022 · -€2.6m
Cash flow
-€2.2m▲
2022 · -€2.7m
Quick ratio
1.59▼
2022 · 4.18
Debt to equity
1.11▲
2022 · 0.21
ROE
-216.0%▼
2022 · -134.8%
Interest coverage
-96.01▼
2022 · -17.06
Debt ≤ 1 year
€606,033▲
2022 · €388,294
Debt > 1 year
€33,024▲
2022 · €0
Income taxes
-€30,887▼
2022 · €17,745
Staff costs
€1.4m▲
2022 · €1.1m
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 |
|---|---|---|---|
| Employees at the balance-sheet date | 11 | 11 | 17 |
| full-time | 11 | 11 | 17 |
| part-time | 0 | 0 | 0 |
| in full-time equivalents | 11 | 11 | 17 |
| Average over the year, in full-time equivalents | 9 | 12.1 | 13.8 |
| On a permanent contract | 10 | 10 | 16 |
| Joined | 6 | 5 | 7 |
| Left | 2 | 5 | 1 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 |
|---|---|---|---|
| Tangible fixed assets | €73,255 | €8,451 | €253,508 |
| Intangible fixed assets | €508,041 | €137,945 | €731,938 |
| Financial fixed assets | €6,355 | €1,062 | €8,451 |
| Depreciation and write-downs of the year | €602,943 | €652,277 | €603,282 |
Source: notes to the 2021 to 2023 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 4 entries · €268,333 awarded · €268,333 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | -€234,000 | €0 |
| 2024 | 2 | €2,333 | €135,333 |
| 2023 | 1 | €500,000 | €133,000 |
European Union, budget
2023 · 2 entries · €2.5m in totalProjects
EV FOX - EXTRACELLULAR VESICLES FIBER OPTIC SURFACE PLASMON RESONANCE SELECTION AND ANALYSIS
European research
5 projects · 1 as coordinator · €2.7m EU contributionProgrammes
Projects
Extracellular Vesicles Fiber Optic Surface Plasmon Resonance selection and analysis
A game change in continuous biosensing: Molecularly engineered affinity-based nanoswitches for personal monitoring
Selective Plasmonic Sensors based on Quantum Electron Transfer
Protease‐guided tumor targeting tools to revolutionize cancer diagnosis and treatment.
Extracellular Vesicle Research Exchanges for Advanced Biomarkers and Therapeutics
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €0.7m | €1.1m | €1.4m | ▲ 22.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.2m | €0.4m | €0.6m | €0.7m | €0.6m | ▼ 7.5% |
| Other operating charges640/8 | - | - | - | €0.008m | €0.002m | €0.1m | ▲ 61× |
| Gross operating margin9900 | -€0.08m | -€0.3m | -€0.3m | -€1.0m | -€1.5m | -€0.8m | ▲ 47.7% |
| Operating profit (loss)9901 | -€0.1m | -€0.6m | -€1.2m | -€2.4m | -€3.3m | -€2.9m | ▲ 11.1% |
| Financial income75/76B | - | - | - | €0.1m | €0.1m | €0.1m | ▲ 10.1% |
| Recurring financial income75 | - | €0.1m | €0.07m | €0.1m | €0.1m | €0.1m | ▲ 10.1% |
| Financial charges65/66B | - | - | - | €0.007m | €0.2m | €0.02m | ▼ 84.4% |
| Recurring financial charges65 | €169 | €312 | €0.002m | €0.007m | €0.2m | €0.02m | ▼ 84.4% |
| Profit (loss) for the period before taxes9903 | -€0.1m | -€0.5m | -€1.1m | -€2.3m | -€3.3m | -€2.8m | ▲ 15.1% |
| Income taxes67/77 | - | €141 | €0.001m | €0.001m | €0.02m | -€0.03m | - |
| Profit (loss) for the period9904 | -€0.1m | -€0.5m | -€1.1m | -€2.3m | -€3.3m | -€2.8m | ▲ 16.4% |
| Profit (loss) for the period to be appropriated9905 | -€0.1m | -€0.5m | -€1.1m | -€2.3m | -€3.3m | -€2.8m | ▲ 16.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €0.1m | €3.2m | €3.9m | €4.4m | €3.0m | €2.7m | ▼ 9.5% |
| Fixed assets21/28 | €0.07m | €1.4m | €1.7m | €1.7m | €1.2m | €1.5m | ▲ 25.7% |
| Intangible fixed assets21 | €0.05m | €1.3m | €1.5m | €1.5m | €1.0m | €1.2m | ▲ 20.9% |
| Tangible fixed assets22/27 | €0.02m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 54.3% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.2m | €0.1m | ▼ 33.4% |
| Furniture and vehicles24 | - | - | - | €0.006m | €0.007m | €0.04m | ▲ 491% |
| Other tangible fixed assets26 | - | - | - | - | - | €0.1m | - |
| Financial fixed assets28 | - | €0.008m | €0.01m | €0.02m | €0.02m | €0.03m | ▲ 45.4% |
| Current assets29/58 | €0.08m | €1.7m | €2.2m | €2.7m | €1.8m | €1.2m | ▼ 33.0% |
| Stocks and contracts in progress3 | €0.02m | €0.05m | €0.01m | €0.2m | €0.2m | €0.2m | ▲ 33.6% |
| Stocks30/36 | - | - | - | €0.2m | €0.2m | €0.2m | ▲ 33.6% |
| Amounts receivable within one year40/41 | €0.007m | €0.5m | €0.4m | €0.1m | €0.2m | €0.3m | ▲ 38.8% |
| Trade receivables40 | - | - | - | €0.07m | €0.1m | €0.2m | ▲ 38.9% |
| Other amounts receivable41 | - | - | - | €0.06m | €0.09m | €0.1m | ▲ 38.7% |
| Cash at bank and in hand54/58 | €0.05m | €1.2m | €1.8m | €2.4m | €1.4m | €0.6m | ▼ 54.6% |
| Deferred charges and accrued income490/1 | - | - | - | €0.04m | €0.04m | €0.04m | ▲ 14.0% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €0.1m | €3.2m | €3.9m | €4.4m | €3.0m | €2.7m | ▼ 9.5% |
| Equity10/15 | -€0.001m | €3.0m | €3.7m | €1.3m | €2.5m | €1.3m | ▼ 47.9% |
| Contributions10/11 | €0.2m | €0.5m | €0.7m | €5.2m | €9.8m | €4.5m | ▼ 53.9% |
| Capital10 | - | - | - | €0.7m | €5.2m | €1.2m | ▼ 77.2% |
| Issued capital100 | - | - | - | €0.7m | €6.4m | €1.2m | ▼ 81.5% |
| Uncalled capital101 | - | - | - | - | €1.2m | €0 | ▼ 100% |
| Contributions outside capital11 | - | - | - | €4.6m | €4.6m | €3.3m | ▼ 27.2% |
| Share premium1100/10 | - | - | - | €4.6m | €4.6m | €3.3m | ▼ 27.2% |
| Profit (loss) carried forward14 | -€0.2m | -€0.6m | -€1.8m | -€4.1m | -€7.4m | -€3.7m | ▲ 50.1% |
| Investment grants15 | - | - | - | €0.2m | €0.06m | €0.5m | ▲ 714% |
| Amounts payable17/49 | €0.2m | €0.2m | €0.2m | €3.1m | €0.5m | €1.4m | ▲ 169% |
| Amounts payable after more than one year17 | - | - | - | €2.7m | €0 | €0.03m | - |
| Financial debts170/4 | - | - | - | €2.7m | €0 | - | - |
| Trade debts175 | - | - | - | - | - | €0.03m | - |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.6m | ▲ 56.1% |
| Financial debts43 | - | - | - | €0.003m | €0 | - | - |
| Credit institutions430/8 | - | - | - | €0.003m | €0 | - | - |
| Trade debts44 | €28 | €0.1m | €0.1m | €0.2m | €0.3m | €0.4m | ▲ 38.1% |
| Suppliers440/4 | - | - | - | €0.2m | €0.3m | €0.4m | ▲ 38.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.07m | €0.2m | ▲ 144% |
| Taxes450/3 | - | - | - | €0.01m | €0.003m | €0.07m | ▲ 28× |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.06m | €0.09m | ▲ 38.9% |
| Other amounts payable47/48 | - | - | - | - | €173 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €0.2m | €0.1m | €0.8m | ▲ 454% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.1m | -€0.5m | -€1.1m | -€2.3m | -€3.3m | -€2.8m | ▲ 16.4% |
| + Depreciation and write-downs630 | €0.02m | €0.2m | €0.4m | €0.6m | €0.7m | €0.6m | ▼ 7.5% |
| Operating cash flow (approximation) | -€0.08m | -€0.3m | -€0.8m | -€1.7m | -€2.7m | -€2.2m | ▲ 18.6% |
| Investment in fixed assets (approximation) | - | -€1.5m | -€0.7m | -€0.6m | -€0.1m | -€0.9m | ▼ 519% |
| Change in cash | - | €1.2m | €0.6m | €0.6m | -€1.0m | -€0.7m | ▲ 28.2% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2023 | abbreviated format | 09-07-2024 | 2024-00234612 | |
| 31-12-2022 | abbreviated format | 04-07-2023 | 2023-00206940 | |
| 31-12-2021 | abbreviated format | 08-07-2022 | 2022-20168367 | |
| 31-12-2020 | micro format | 08-07-2021 | 2021-33900525 | |
| 31-12-2019 | micro format | 15-07-2020 | 2020-29800315 | |
| 31-12-2018 | micro format | 10-07-2019 | 2019-31100277 | |
| 31-12-2017 | micro format | 16-07-2018 | 2018-32700461 | |
| 31-12-2016 | micro format | 12-06-2017 | 2017-17600359 |