FOx Biosystems
Annual accounts 2023
abbreviated format, filed on 09-07-2024, 22 days before the deadlineGross margin
-€763,895
▲ €695,513
Operating result
-€2.9m
▲ €361,320
Loss
-€2.8m
▲ €548,812
Working capital
€602,681
▼ 57.4%
Solvency
47.5%
▼ 34.9 percentage points
Current ratio
1.99
▼ 2.65
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance sheet
balance sheet total €2.7m on 31-12-2023What the company ownsHow it is paid for
Change in equityin €m
Change in cashin €m
Position in the sector
Solvency47.5%
Higher than 50% of 199 companies in 2023.
Current ratio1.99
Higher than 45% of 191 companies in 2023.
Return on assets-102.5%
Higher than 7% of 199 companies in 2023.
FOx Biosystems
Middle half of the sector
80% of the sector
Abbreviated accounts in research and development (NACE 72)
Net result: bottom quarter · Equity: middle half · Balance sheet total: middle half · Working capital: middle half · Staff: middle half
Staff
Staff cost per FTE€101,996
Staff costs divided by the average number of full-time equivalents.
Joined and left+6
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||
Total assets20/58 |
2.7m | 3.0m | 4.4m | 3.9m | 3.2m | 148,690 | 118,469 | 17,143 | |
Fixed assets21/28 |
1.5m | 1.2m | 1.7m | 1.7m | 1.4m | 67,246 | 45,908 | - | |
Intangible fixed assets21 |
1.2m | 1.0m | 1.5m | 1.5m | 1.3m | 45,633 | 45,908 | - | |
Tangible fixed assets22/27 |
243,614 | 157,838 | 222,592 | 218,846 | 101,712 | 21,612 | - | - | |
Plant, machinery and equipment23 |
100,403 | 150,796 | 216,094 | 204,326 | 81,038 | 20,505 | - | - | |
Furniture and vehicles24 |
41,630 | 7,041 | 6,498 | 14,521 | 20,674 | 1,107 | - | - | |
Other tangible fixed assets26 |
101,582 | - | - | - | - | - | - | - | |
Financial fixed assets28 |
27,070 | 18,619 | 17,558 | 11,223 | 7,860 | - | - | - | |
Current assets29/58 |
1.2m | 1.8m | 2.7m | 2.2m | 1.7m | 81,444 | 72,561 | 17,143 | |
Stocks and contracts in progress3 |
244,034 | 182,672 | 170,324 | 14,962 | 47,167 | 24,300 | - | - | |
Stocks30/36 |
244,034 | 182,672 | 170,324 | 14,962 | 47,167 | 24,300 | - | - | |
Amounts receivable within one year40/41 |
299,109 | 215,439 | 129,955 | 394,482 | 494,431 | 7,356 | 12,667 | 149 | |
Trade receivables40 |
176,635 | 127,157 | 73,246 | 73,272 | 111,194 | 1,945 | - | - | |
Other amounts receivable41 |
122,473 | 88,282 | 56,709 | 321,210 | 383,237 | 5,411 | 12,667 | 149 | |
Cash at bank and in hand54/58 |
620,854 | 1.4m | 2.4m | 1.8m | 1.2m | 49,788 | 59,893 | 16,994 | |
Deferred charges and accrued income490/1 |
44,718 | 39,221 | 35,016 | 13,777 | 847 | - | - | - | |
| Balance sheet: equity and liabilities | |||||||||
Total equity and liabilities10/49 |
2.7m | 3.0m | 4.4m | 3.9m | 3.2m | 148,690 | 118,469 | 17,143 | |
Equity10/15 |
1.3m | 2.5m | 1.3m | 3.7m | 3.0m | -1,439 | 97,714 | 17,143 | |
Contributions10/11 |
4.5m | 9.8m | 5.2m | 5.2m | 496,704 | 193,609 | 193,609 | 18,600 | |
Capital10 |
1.2m | 5.2m | 662,655 | - | - | - | - | - | |
Issued capital100 |
1.2m | 6.4m | 662,655 | 662,655 | 496,704 | 193,609 | 193,609 | 18,600 | |
Uncalled capital101 |
0 | 1.2m | - | - | - | - | - | - | |
Contributions outside capital11 |
3.3m | 4.6m | 4.6m | 4.6m | 2.9m | - | - | - | |
Share premium1100/10 |
3.3m | 4.6m | 4.6m | 4.6m | 2.9m | - | - | - | |
Profit (loss) carried forward14 |
-3.7m | -7.4m | -4.1m | -1.8m | -647,813 | -195,048 | -95,895 | -1,457 | |
Investment grants15 |
460,764 | 56,638 | 152,747 | 206,982 | 197,000 | - | - | - | |
Amounts payable17/49 |
1.4m | 530,890 | 3.1m | 246,382 | 167,522 | 150,129 | 20,755 | - | |
Amounts payable after more than one year17 |
33,024 | 0 | 2.7m | - | - | - | - | - | |
Financial debts170/4 |
- | 0 | 2.7m | - | - | - | - | - | |
Trade debts175 |
33,024 | - | - | - | - | - | - | - | |
Amounts payable within one year42/48 |
606,033 | 388,294 | 300,852 | 242,729 | 167,522 | 150,129 | 20,755 | - | |
Current portion of amounts payable after more than one year42 |
- | - | - | - | - | 150,000 | - | - | |
Financial debts43 |
- | 0 | 2,776 | - | - | - | - | - | |
Credit institutions430/8 |
- | 0 | 2,776 | - | - | - | - | - | |
Trade debts44 |
444,948 | 322,105 | 157,139 | 125,888 | 132,267 | 28 | 20,755 | - | |
Suppliers440/4 |
444,948 | 322,105 | 157,139 | 125,888 | 132,267 | 28 | 20,755 | - | |
Taxes, remuneration and social security45 |
161,085 | 66,016 | 140,936 | 116,841 | 35,154 | - | - | - | |
Taxes450/3 |
73,058 | 2,634 | 11,468 | 15,217 | 141 | - | - | - | |
Remuneration and social security454/9 |
88,027 | 63,382 | 129,468 | 101,625 | 35,013 | - | - | - | |
Other amounts payable47/48 |
0 | 173 | - | - | 101 | 101 | - | - | |
Accrued charges and deferred income492/3 |
789,927 | 142,596 | 174,420 | 3,653 | - | - | - | - | |
| Income statement | |||||||||
Gross operating margin9900 |
-763,895 | -1.5m | -1.0m | -298,906 | -303,434 | -82,008 | -92,374 | -1,109 | |
Remuneration, social security and pensions62 |
1.4m | 1.1m | 739,127 | 520,615 | 118,474 | - | - | - | |
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 |
603,282 | 652,277 | 602,943 | 389,225 | 162,610 | 16,374 | 1,302 | - | |
Other operating charges640/8 |
126,776 | 2,069 | 7,629 | 1,704 | 818 | 603 | 726 | 348 | |
Operating profit (loss)9901 |
-2.9m | -3.3m | -2.4m | -1.2m | -585,336 | -98,985 | -94,402 | -1,457 | |
Financial income75/76B |
105,874 | 96,133 | 117,577 | 72,251 | 133,025 | - | - | - | |
Recurring financial income75 |
105,874 | 96,133 | 117,577 | 72,251 | 133,025 | - | - | - | |
Financial charges65/66B |
23,936 | 153,055 | 6,859 | 2,322 | 312 | 169 | 36 | - | |
Recurring financial charges65 |
23,936 | 153,055 | 6,859 | 2,322 | 312 | 169 | 36 | - | |
Profit (loss) for the period before taxes9903 |
-2.8m | -3.3m | -2.3m | -1.1m | -452,623 | -99,154 | -94,438 | -1,457 | |
Income taxes67/77 |
-30,887 | 17,745 | 1,053 | 687 | 141 | - | - | - | |
Profit (loss) for the period9904 |
-2.8m | -3.3m | -2.3m | -1.1m | -452,764 | -99,154 | -94,438 | -1,457 | |
Profit (loss) for the period to be appropriated9905 |
-2.8m | -3.3m | -2.3m | -1.1m | -452,764 | -99,154 | -94,438 | -1,457 | |
| Appropriation of the result | |||||||||
Profit (loss) to be appropriated9906 |
-10.2m | -7.4m | -4.1m | -1.8m | -647,813 | -195,048 | -95,895 | -1,457 | |
Profit (loss) brought forward from the previous period14P |
-7.4m | -4.1m | -1.8m | - | - | - | - | - | |
Transfer from equity791/2 |
6.5m | - | - | - | - | - | - | - | |
| Social balance sheet | |||||||||
Average staff (FTE)9087 |
13.8 | 12.1 | 9 | 6.7 | 1.7 | - | - | - | |
Hours worked1013 |
24,556 | 21,307 | 14,830 | 11,656 | 2,770 | - | - | - | |
| Document | |||||||||
The notes to these accounts have 17 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2023 (PDF), filed on 09-07-2024.
Filings
each dot is a set of accounts, on the day it reached the National Bank| 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 |
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 2023, 2 entries, €2.5m in total
European research 5 projects, 1 as coordinator, €2.7m EU contribution
Projects
- Extracellular Vesicles Fiber Optic Surface Plasmon Resonance selection and analysisHorizon Europe, coordinator, 01-07-2023 to 30-06-2025, €2.5m, EV FOx
- A game change in continuous biosensing: Molecularly engineered affinity-based nanoswitches for personal monitoringHorizon 2020, participant, 01-03-2021 to 31-08-2025, €226,202, CONSENSE
- Selective Plasmonic Sensors based on Quantum Electron TransferHorizon Europe, associated partner, 01-12-2022 to 30-11-2024, SENQET
- Protease‐guided tumor targeting tools to revolutionize cancer diagnosis and treatment.Horizon Europe, associated partner, 01-09-2022 to 31-08-2026, OncoProTools
- Extracellular Vesicle Research Exchanges for Advanced Biomarkers and TherapeuticsHorizon Europe, associated partner, 01-01-2025 to 31-12-2028, EVEREST
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA | -2.3m | -2.6m | -1.8m | -821,225 | -422,726 | -82,611 | -93,100 | - | |
| Cash flow | -2.2m | -2.7m | -1.7m | -751,983 | -290,154 | -82,780 | -93,136 | - | |
| Investment in fixed assets | 993,897 | 147,458 | 587,651 | 701,869 | 1.5m | 62,012 | 47,210 | - | |
| Change in cash | -746,087 | -1.0m | 645,437 | 556,492 | 1.2m | -10,105 | 42,899 | - | |
| Working capital | 602,681 | 1.4m | 2.4m | 1.9m | 1.6m | -68,685 | 51,806 | - | |
| Solvency | 47.5% | 82.3% | 29.7% | 93.7% | 94.7% | -1.0% | 82.5% | 100.0% | |
| Current ratio | 1.99 | 4.65 | 9.11 | 9.00 | 10.42 | 0.54 | 3.50 | - | |
| Quick ratio | 1.59 | 4.18 | 8.54 | 8.93 | 10.14 | 0.38 | 3.50 | - | |
| Debt to equity | 1.11 | 0.21 | 2.36 | 0.07 | 0.06 | - | 0.21 | - | |
| ROE | -216.0% | -134.8% | -172.8% | -31.2% | -15.1% | - | -96.6% | -8.5% | |
| ROA | -102.5% | -111.0% | -51.4% | -29.2% | -14.3% | -66.7% | -79.7% | -8.5% | |
| Interest coverage | -96.01 | -17.06 | -261.21 | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Social balance sheet
| Item | 31-12-2023 | 31-12-2022 | 31-12-2021 |
|---|---|---|---|
| Employees at the balance-sheet date | 17 | 11 | 11 |
| full-time | 17 | 11 | 11 |
| part-time | 0 | 0 | 0 |
| in full-time equivalents | 17 | 11 | 11 |
| Average over the year, in full-time equivalents | 13.8 | 12.1 | 9 |
| On a permanent contract | 16 | 10 | 10 |
| Joined | 7 | 5 | 6 |
| Left | 1 | 5 | 2 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
fixed assets acquired| Item | 2023 | 2022 | 2021 |
|---|---|---|---|
| Tangible fixed assets | €253,508 | €8,451 | €73,255 |
| Intangible fixed assets | €731,938 | €137,945 | €508,041 |
| Financial fixed assets | €8,451 | €1,062 | €6,355 |
| Depreciation and write-downs of the year | €603,282 | €652,277 | €602,943 |
Source: notes to the 2021 to 2023 annual accounts (statement of fixed assets)
Insights on FOx Biosystems
The operating result for 2023 is a loss of €2.9m, smaller than the loss of €3.3m in 2022.
Debt's share of the balance-sheet total rises from 17.7% to 52.5%. Equity is lower and debt is higher.
Large changes and their cause
- 2021 Net result -100% on 2020. The accounts now follow the abbreviated format, last year the micro format.