Foxaco
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 49 filings
Turnover
≈ €6.5m
Estimated: probably between €5.4m and €7.6m
EBIT margin
Not included in this filing
Net result
€1.5m▼ 34.0%
2024 · €2.2m
Working capital
€3.2m▼ 13.5%
2024 · €3.7m
In the rankings
#6 company by equity in Ukkel, Real estate sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1.9m
▼ 34.7%
2025
20182025
Net result
€1.5m
▼ 34.0%
2025
highest quarter of the sector
20182025
Equity
€31.1m
▲ 5.0%
2025
highest quarter of the sector
20182025
Total assets
€32.1m
▲ 4.5%
2025
highest quarter of the sector
20182025
Debt
€632,918
▼ 8.9%
2025
20182025
Working capital
€3.2m
▼ 13.5%
2025
highest quarter of the sector
20182025
Solvency
97.0%
▲ 0.4pp
2025
highest quarter of the sector
20182025
Current ratio
15.06
▼ 1.54
2025
highest quarter of the sector
20182025
Return on assets (ROA)
4.6%
▼ 2.7pp
2025
highest quarter of the sector
20182025
Staff (FTE)
1.2
▼ 20.0%
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€2.0m-€2.3m▲ 16.0%€3.6m▲ 53.5%€0.3m▼ 90.4%€2.2m▲ 545%€3.4m▲ 54.4%€2.9m▼ 14.0%€1.9m▼ 34.7%
Net result€1.4m-€1.6m▲ 16.5%€2.7mabove the sector's middle half▲ 63.6%€0.3mabove the sector's middle half▼ 90.3%€1.6mabove the sector's middle half▲ 533%€2.5mabove the sector's middle half▲ 50.0%€2.2mabove the sector's middle half▼ 9.9%€1.5mabove the sector's middle half▼ 34.0%
Equity€18.7m-€20.4m▲ 8.8%€23.1mabove the sector's middle half▲ 13.2%€23.3mabove the sector's middle half▲ 1.1%€25.0mabove the sector's middle half▲ 7.1%€27.4mabove the sector's middle half▲ 9.9%€29.7mabove the sector's middle half▲ 8.1%€31.1mabove the sector's middle half▲ 5.0%
Total assets€19.2m-€20.9m▲ 8.8%€23.9mabove the sector's middle half▲ 14.6%€30.2mabove the sector's middle half▲ 26.4%€29.3mabove the sector's middle half▼ 3.1%€29.8mabove the sector's middle half▲ 1.7%€30.7mabove the sector's middle half▲ 3.0%€32.1mabove the sector's middle half▲ 4.5%
Debt€0.5m-€0.5m▲ 9.6%€0.4m▼ 13.0%€6.5m▲ 15×€3.9m▼ 39.3%€2.0m▼ 49.4%€0.7m▼ 65.2%€0.6m▼ 8.9%
Working capital€1.7m-€4.2m▲ 148%€3.9mabove the sector's middle half▼ 6.2%-€5.8mbelow the sector's middle half-€3.4mbelow the sector's middle half▲ 40.7%€0.02mwithin the sector's middle half€3.7mabove the sector's middle half▲ 176×€3.2mabove the sector's middle half▼ 13.5%
Solvency97.6%-97.6%=96.4%above the sector's middle half▼ 1.2pp77.1%above the sector's middle half▼ 19.2pp85.2%above the sector's middle half▲ 8.1pp92.1%above the sector's middle half▲ 6.9pp96.6%above the sector's middle half▲ 4.5pp97.0%above the sector's middle half▲ 0.4pp
Current ratio5.42-10.88▲ 5.4612.81above the sector's middle half▲ 1.920.08below the sector's middle half▼ 12.730.05below the sector's middle half▼ 0.031.01within the sector's middle half▲ 0.9616.61above the sector's middle half▲ 15.5915.06above the sector's middle half▼ 1.54
Return on assets (ROA)7.3%-7.9%▲ 0.5pp11.2%above the sector's middle half▲ 3.4pp0.9%within the sector's middle half▼ 10.4pp5.6%above the sector's middle half▲ 4.8pp8.3%above the sector's middle half▲ 2.7pp7.2%above the sector's middle half▼ 1.0pp4.6%above the sector's middle half▼ 2.7pp
Staff (FTE)1.5-1.5=1.5within the sector's middle half=1.5within the sector's middle half=1.5within the sector's middle half=1.5within the sector's middle half=1.5within the sector's middle half=1.2within the sector's middle half▼ 20.0%
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 35% lower than in 2024. It is the second fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €32.1m
Fixed assets
€28.7m ▲ 7.1%
Current assets
€3.4m ▼ 12.9%
Equity and liabilities €32.1m
Equity
€31.1m ▲ 5.0%
Provisions
€323,492 ▼ 6.4%
Debt
€632,918 ▼ 8.9%
Debt's share of the balance-sheet total falls from 2.3% to 2.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€4.2m▼
2024 · €4.8m
Cash flow
€3.8m▼
2024 · €4.1m
Debt to equity
0.02▼
2024 · 0.02
ROE
4.7%▼
2024 · 7.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€227,146▼
2024 · €236,690
Debt > 1 year
€357,334▼
2024 · €402,809
Income taxes
€545,917▼
2024 · €770,571
Staff costs
€85,849▲
2024 · €84,054
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 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 2 | 2 |
| full-time | 1 | 1 | 1 | 1 | 2 |
| part-time | 1 | 1 | 1 | 1 | - |
| in full-time equivalents | 1.5 | 1.5 | 1.5 | 1.5 | 2 |
| Average over the year, in full-time equivalents | 1.5 | 1.5 | 1.5 | 1.5 | 1.2 |
| On a permanent contract | 2 | 2 | 2 | 2 | 2 |
| Joined | - | - | - | - | 1 |
| Left | - | - | - | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €12.8m | €1.3m | €952,756 | €492,237 | €4.2m |
| Depreciation and write-downs of the year | €2.7m | €1.9m | €1.9m | €1.9m | €2.3m |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €0.07m | €0.08m | €0.08m | €0.08m | €0.09m | ▲ 2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.1m | €1.2m | €1.7m | €2.7m | €1.9m | €1.9m | €1.9m | €2.3m | ▲ 23.5% |
| Other operating charges640/8 | - | - | - | €0.8m | €0.9m | €1.0m | €1.0m | €1.0m | ▲ 3.9% |
| Gross operating margin9900 | €3.8m | €4.3m | €6.0m | €3.9m | €5.1m | €6.4m | €5.9m | €5.4m | ▼ 9.2% |
| Operating profit (loss)9901 | €2.0m | €2.3m | €3.6m | €0.3m | €2.2m | €3.4m | €2.9m | €1.9m | ▼ 34.7% |
| Financial income75/76B | - | - | - | €0.008m | €0.002m | €0.005m | €0.06m | €0.08m | ▲ 31.9% |
| Recurring financial income75 | €2 | €0.002m | €23 | €0.008m | €0.002m | €0.005m | €0.06m | €0.08m | ▲ 31.9% |
| Financial charges65/66B | - | - | - | €0.002m | €0.002m | €0.1m | €0.03m | €0.007m | ▼ 78.5% |
| Recurring financial charges65 | €0.001m | €0.002m | €0.002m | €0.002m | €0.002m | €0.1m | €0.03m | €0.007m | ▼ 78.5% |
| Profit (loss) for the period before taxes9903 | €2.0m | €2.3m | €3.6m | €0.4m | €2.2m | €3.3m | €3.0m | €2.0m | ▼ 33.0% |
| Transfer from deferred taxes780 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Income taxes67/77 | €0.6m | €0.7m | €0.5m | €0.1m | €0.6m | €0.9m | €0.8m | €0.5m | ▼ 29.2% |
| Profit (loss) for the period9904 | €1.4m | €1.6m | €2.7m | €0.3m | €1.6m | €2.5m | €2.2m | €1.5m | ▼ 34.0% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.07m | €0.07m | €0.07m | €0.07m | €0.07m | = |
| Profit (loss) for the period to be appropriated9905 | €1.4m | €1.6m | €1.4m | €0.3m | €1.7m | €2.5m | €2.3m | €1.5m | ▼ 33.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €19.2m | €20.9m | €23.9m | €30.2m | €29.3m | €29.8m | €30.7m | €32.1m | ▲ 4.5% |
| Fixed assets21/28 | €17.1m | €16.3m | €19.7m | €29.7m | €29.1m | €28.1m | €26.8m | €28.7m | ▲ 7.1% |
| Tangible fixed assets22/27 | €17.1m | €16.3m | €19.7m | €29.7m | €29.1m | €28.1m | €26.8m | €28.7m | ▲ 7.1% |
| Land and buildings22 | - | - | - | €28.7m | €28.1m | €27.3m | €26.0m | €27.9m | ▲ 7.3% |
| Plant, machinery and equipment23 | - | - | - | €1.0m | €1.0m | €0.8m | €0.7m | €0.6m | ▼ 10.8% |
| Furniture and vehicles24 | - | - | - | €0.008m | €0.04m | €0.06m | €0.04m | €0.1m | ▲ 158% |
| Current assets29/58 | €2.1m | €4.6m | €4.2m | €0.5m | €0.2m | €1.7m | €3.9m | €3.4m | ▼ 12.9% |
| Amounts receivable within one year40/41 | €1.9m | €0.06m | €0.1m | €0.07m | €0.005m | €0.005m | €0.03m | €0.1m | ▲ 238% |
| Trade receivables40 | - | - | - | €0.002m | €0.005m | €0.005m | €0.008m | €0.008m | ▼ 8.8% |
| Other amounts receivable41 | - | - | - | €0.07m | - | - | €0.02m | €0.1m | ▲ 328% |
| Current investments50/53 | - | - | - | - | - | €1.0m | €1.9m | €3.0m | ▲ 62.2% |
| Cash at bank and in hand54/58 | €0.1m | €4.5m | €4.1m | €0.4m | €0.1m | €0.5m | €2.0m | €0.3m | ▼ 86.9% |
| Deferred charges and accrued income490/1 | - | - | - | €0.04m | €0.05m | €0.1m | €0.05m | €0.05m | ▲ 2.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €19.2m | €20.9m | €23.9m | €30.2m | €29.3m | €29.8m | €30.7m | €32.1m | ▲ 4.5% |
| Equity10/15 | €18.7m | €20.4m | €23.1m | €23.3m | €25.0m | €27.4m | €29.7m | €31.1m | ▲ 5.0% |
| Contributions10/11 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Capital10 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Issued capital100 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Reserves13 | €7.9m | €7.9m | €9.2m | €9.2m | €9.1m | €9.0m | €9.0m | €9.1m | ▲ 1.5% |
| Non-distributable reserves130/1 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Legal reserve130 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Tax-exempt reserves132 | - | - | - | €1.2m | €1.2m | €1.1m | €1.0m | €1.0m | ▼ 6.4% |
| Distributable reserves133 | - | - | - | €7.9m | €7.9m | €7.9m | €7.9m | €8.1m | ▲ 2.5% |
| Profit (loss) carried forward14 | €10.2m | €11.8m | €13.2m | €13.6m | €15.3m | €17.8m | €20.1m | €21.4m | ▲ 6.6% |
| Provisions and deferred taxes16 | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 6.4% |
| Deferred taxes168 | - | - | - | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 6.4% |
| Amounts payable17/49 | €0.5m | €0.5m | €0.4m | €6.5m | €3.9m | €2.0m | €0.7m | €0.6m | ▼ 8.9% |
| Amounts payable after more than one year17 | €0.07m | €0.08m | €0.1m | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | ▼ 11.3% |
| Other amounts payable178/9 | - | - | - | €0.2m | €0.3m | €0.3m | €0.4m | €0.4m | ▼ 11.3% |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.3m | €6.3m | €3.6m | €1.6m | €0.2m | €0.2m | ▼ 4.0% |
| Trade debts44 | €0.1m | €0.3m | €0.2m | €0.4m | €0.2m | €0.09m | €0.1m | €0.1m | ▼ 8.8% |
| Suppliers440/4 | - | - | - | €0.4m | €0.2m | €0.09m | €0.1m | €0.1m | ▼ 8.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.3m | €0.6m | €0.02m | €0.02m | ▲ 44.7% |
| Taxes450/3 | - | - | - | €0.002m | €0.3m | €0.6m | - | €0.004m | - |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.009m | €0.01m | €0.02m | €0.02m | ▲ 20.7% |
| Other amounts payable47/48 | - | - | - | €5.9m | €3.1m | €0.9m | €0.1m | €0.09m | ▼ 5.5% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.02m | €0.04m | €0.06m | €0.05m | ▼ 12.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.4m | €1.6m | €2.7m | €0.3m | €1.6m | €2.5m | €2.2m | €1.5m | ▼ 34.0% |
| + Depreciation and write-downs630 | €1.1m | €1.2m | €1.7m | €2.7m | €1.9m | €1.9m | €1.9m | €2.3m | ▲ 23.5% |
| Operating cash flow (approximation) | €2.5m | €2.8m | €4.3m | €3.0m | €3.5m | €4.4m | €4.1m | €3.8m | ▼ 7.8% |
| Investment in fixed assets (approximation) | - | -€0.3m | -€5.1m | -€12.8m | -€1.3m | -€1.0m | -€0.5m | -€4.2m | ▼ 752% |
| Change in cash | - | €4.4m | -€0.4m | -€3.7m | -€0.3m | €0.4m | €1.5m | -€1.7m | - |
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 Foxaco 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 Foxaco 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 Foxaco. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 13-07-2026 | 2026-00285545 | |
| 31-12-2024 | full format | 21-07-2025 | 2025-00290192 | |
| 31-12-2023 | full format | 04-07-2024 | 2024-00206232 | |
| 31-12-2022 | full format | 29-06-2023 | 2023-00172873 | |
| 31-12-2021 | full format | 08-07-2022 | 2022-20163720 | |
| 31-12-2020 | full format | 23-06-2021 | 2021-23600370 | |
| 31-12-2019 | full format | 23-07-2020 | 2020-32900336 | |
| 31-12-2018 | full format | 28-06-2019 | 2019-25800541 | |
| 31-12-2017 | full format | 12-07-2018 | 2018-32300377 | |
| 31-12-2016 | full format | 24-07-2017 | 2017-35000295 |