FOXMANGO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 10 filings
Turnover
≈ €670,000
Estimated: probably between €450,000 and €890,000
EBIT margin
Not included in this filing
Net result
€75,861▲ 452%
2024 · €13,734
Working capital
€400,216▲ 43.1%
2024 · €279,727
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€76,236
▲ 438%
2025
20182025
Net result
€75,861
▲ 452%
2025
highest quarter of the sector
20182025
Equity
€283,448
▲ 36.5%
2025
middle half of the sector
20182025
Total assets
€482,497
▲ 56.1%
2025
middle half of the sector
20182025
Debt
€199,049
▲ 96.0%
2025
20182025
Working capital
€400,216
▲ 43.1%
2025
highest quarter of the sector
20182025
Solvency
58.7%
▼ 8.4pp
2025
middle half of the sector
20182025
Current ratio
8.81
▼ 4.10
2025
highest quarter of the sector
20182025
Return on assets (ROA)
15.7%
▲ 11.3pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€85,511-€66,020€295,072▲ 347%€200,263▼ 32.1%-€181,768€55,337€14,158▼ 74.4%€76,236▲ 438%
Net result-€85,665-€65,829€228,338above the sector's middle half▲ 247%€142,711above the sector's middle half▼ 37.5%-€181,561below the sector's middle half€55,020within the sector's middle half€13,734within the sector's middle half▼ 75.0%€75,861above the sector's middle half▲ 452%
Equity-€116,484--€50,655▲ 56.5%€177,683above the sector's middle half€320,394above the sector's middle half▲ 80.3%€138,833within the sector's middle half▼ 56.7%€193,853within the sector's middle half▲ 39.6%€207,587within the sector's middle half▲ 7.1%€283,448within the sector's middle half▲ 36.5%
Total assets€83,354-€125,463▲ 50.5%€385,111above the sector's middle half▲ 207%€520,890above the sector's middle half▲ 35.3%€378,334above the sector's middle half▼ 27.4%€384,444within the sector's middle half▲ 1.6%€309,158within the sector's middle half▼ 19.6%€482,497within the sector's middle half▲ 56.1%
Debt€199,837-€176,118▼ 11.9%€207,428▲ 17.8%€200,496▼ 3.3%€239,501▲ 19.5%€190,590▼ 20.4%€101,572▼ 46.7%€199,049▲ 96.0%
Working capital€42,201-€99,935▲ 137%€265,321above the sector's middle half▲ 165%€310,888above the sector's middle half▲ 17.2%€180,105above the sector's middle half▼ 42.1%€265,634within the sector's middle half▲ 47.5%€279,727within the sector's middle half▲ 5.3%€400,216above the sector's middle half▲ 43.1%
Solvency-139.7%--40.4%▲ 99.4pp46.1%within the sector's middle half▲ 86.5pp61.5%within the sector's middle half▲ 15.4pp36.7%within the sector's middle half▼ 24.8pp50.4%within the sector's middle half▲ 13.7pp67.1%within the sector's middle half▲ 16.7pp58.7%within the sector's middle half▼ 8.4pp
Current ratio2.26-6.36▲ 4.103.41within the sector's middle half▼ 2.952.55within the sector's middle half▼ 0.861.95within the sector's middle half▼ 0.603.37above the sector's middle half▲ 1.4212.91above the sector's middle half▲ 9.548.81above the sector's middle half▼ 4.10
Return on assets (ROA)-102.8%-52.5%▲ 155.2pp59.3%above the sector's middle half▲ 6.8pp27.4%above the sector's middle half▼ 31.9pp-48.0%below the sector's middle half▼ 75.4pp14.3%above the sector's middle half▲ 62.3pp4.4%within the sector's middle half▼ 9.9pp15.7%above the sector's middle half▲ 11.3pp
Staff (FTE)0.1-0.5▲ 400%
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 5.4 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €482,497
Fixed assets
€31,004 ▲ 422%
Current assets
€451,492 ▲ 48.9%
Equity and liabilities €482,497
Equity
€283,448 ▲ 36.5%
Debt
€199,049 ▲ 96.0%
Debt's share of the balance-sheet total rises from 32.9% to 41.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€78,012▲
2024 · €15,031
Cash flow
€77,637▲
2024 · €14,607
Debt to equity
0.70▲
2024 · 0.49
ROE
26.8%▲
2024 · 6.6%
Interest coverage
over 100▲
2024 · 35.44
Debt ≤ 1 year
€51,277▲
2024 · €23,492
Debt > 1 year
€144,189▲
2024 · €78,080
Staff costs
€251,715▲
2024 · €190,809
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,900 | €1,578 | - | - | €26,841 |
| Depreciation and write-downs of the year | €3,001 | €3,010 | €1,261 | €873 | €1,776 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €14,000 | - | €7,510 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €77,123 | €143,091 | €201,590 | €190,809 | €251,715 | ▲ 31.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,699 | €760 | €2,509 | €3,001 | €3,010 | €1,261 | €873 | €1,776 | ▲ 103% |
| Other operating charges640/8 | - | - | - | €2,916 | €1,900 | €2,064 | €1,562 | €3,432 | ▲ 120% |
| Gross operating margin9900 | -€72,032 | €99,690 | €326,319 | €283,302 | -€33,766 | €260,252 | €207,402 | €333,159 | ▲ 60.6% |
| Operating profit (loss)9901 | -€85,511 | €66,020 | €295,072 | €200,263 | -€181,768 | €55,337 | €14,158 | €76,236 | ▲ 438% |
| Financial income75/76B | - | - | - | €1,464 | - | - | - | - | - |
| Recurring financial income75 | - | - | - | €1,464 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €195 | €327 | €187 | €424 | €375 | ▼ 11.7% |
| Recurring financial charges65 | €154 | €191 | €1,109 | €195 | €327 | €187 | €424 | €375 | ▼ 11.7% |
| Profit (loss) for the period before taxes9903 | -€85,665 | €65,829 | €293,963 | €201,532 | -€182,095 | €55,150 | €13,734 | €75,861 | ▲ 452% |
| Income taxes67/77 | - | - | €65,625 | €58,821 | -€534 | €130 | - | - | - |
| Profit (loss) for the period9904 | -€85,665 | €65,829 | €228,338 | €142,711 | -€181,561 | €55,020 | €13,734 | €75,861 | ▲ 452% |
| Profit (loss) for the period to be appropriated9905 | -€85,665 | €65,829 | €228,338 | €142,711 | -€181,561 | €55,020 | €13,734 | €75,861 | ▲ 452% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €83,354 | €125,463 | €385,111 | €520,890 | €378,334 | €384,444 | €309,158 | €482,497 | ▲ 56.1% |
| Fixed assets21/28 | €7,628 | €6,868 | €9,606 | €9,506 | €8,073 | €6,812 | €5,939 | €31,004 | ▲ 422% |
| Tangible fixed assets22/27 | €2,036 | €1,276 | €4,015 | €3,914 | €2,482 | €1,221 | €348 | €25,413 | ▲ 73× |
| Furniture and vehicles24 | - | - | - | €3,914 | €2,482 | €1,221 | €348 | €25,413 | ▲ 73× |
| Financial fixed assets28 | €5,591 | €5,591 | €5,591 | €5,591 | €5,591 | €5,591 | €5,591 | €5,591 | = |
| Current assets29/58 | €75,726 | €118,595 | €375,505 | €511,384 | €370,261 | €377,631 | €303,219 | €451,492 | ▲ 48.9% |
| Amounts receivable after more than one year29 | - | - | - | €127,424 | - | - | - | - | - |
| Trade receivables290 | - | - | - | €127,424 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €40,200 | €70,919 | €107,551 | €162,765 | €130,652 | €208,980 | €53,855 | €196,463 | ▲ 265% |
| Trade receivables40 | - | - | - | €162,765 | €130,652 | €208,980 | €53,855 | €196,463 | ▲ 265% |
| Cash at bank and in hand54/58 | €35,527 | €47,348 | €267,953 | €221,195 | €239,608 | €168,651 | €249,364 | €238,172 | ▼ 4.5% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €16,858 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €83,354 | €125,463 | €385,111 | €520,890 | €378,334 | €384,444 | €309,158 | €482,497 | ▲ 56.1% |
| Equity10/15 | -€116,484 | -€50,655 | €177,683 | €320,394 | €138,833 | €193,853 | €207,587 | €283,448 | ▲ 36.5% |
| Contributions10/11 | €44,600 | €44,600 | - | €44,600 | €44,600 | €44,600 | €44,600 | €44,600 | = |
| Reserves13 | - | - | €2,230 | €2,230 | €2,230 | €2,230 | €2,230 | €2,230 | = |
| Non-distributable reserves130/1 | - | - | - | €2,230 | €2,230 | €2,230 | €2,230 | €2,230 | = |
| Reserves not available under the articles1311 | - | - | - | €2,230 | €2,230 | €2,230 | €2,230 | €2,230 | = |
| Profit (loss) carried forward14 | -€161,084 | -€95,255 | €130,853 | €273,564 | €92,003 | €147,023 | €160,757 | €236,618 | ▲ 47.2% |
| Amounts payable17/49 | €199,837 | €176,118 | €207,428 | €200,496 | €239,501 | €190,590 | €101,572 | €199,049 | ▲ 96.0% |
| Amounts payable after more than one year17 | €166,313 | €157,458 | €97,245 | - | €49,346 | €78,593 | €78,080 | €144,189 | ▲ 84.7% |
| Advances received on contracts in progress176 | - | - | - | - | €49,346 | - | - | - | - |
| Other amounts payable178/9 | - | - | - | - | - | €78,593 | €78,080 | €144,189 | ▲ 84.7% |
| Amounts payable within one year42/48 | €33,525 | €18,661 | €110,183 | €200,496 | €190,155 | €111,997 | €23,492 | €51,277 | ▲ 118% |
| Trade debts44 | €31,799 | €13,736 | €7,979 | €8,175 | €64,411 | €27,409 | €2,978 | €4,613 | ▲ 54.9% |
| Suppliers440/4 | - | - | - | €8,175 | €64,411 | €27,409 | €2,978 | €4,613 | ▲ 54.9% |
| Taxes, remuneration and social security45 | - | - | - | €192,321 | €125,745 | €84,589 | €20,514 | €46,664 | ▲ 127% |
| Taxes450/3 | - | - | - | €192,321 | €112,880 | €59,905 | €14,361 | €40,265 | ▲ 180% |
| Remuneration and social security454/9 | - | - | - | - | €12,865 | €24,684 | €6,152 | €6,398 | ▲ 4.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €3,583 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€85,665 | €65,829 | €228,338 | €142,711 | -€181,561 | €55,020 | €13,734 | €75,861 | ▲ 452% |
| + Depreciation and write-downs630 | €1,699 | €760 | €2,509 | €3,001 | €3,010 | €1,261 | €873 | €1,776 | ▲ 103% |
| Operating cash flow (approximation) | -€83,965 | €66,589 | €230,847 | €145,712 | -€178,551 | €56,281 | €14,607 | €77,637 | ▲ 432% |
| Investment in fixed assets (approximation) | - | €0 | -€5,247 | -€2,900 | -€1,578 | €0 | €0 | -€26,841 | - |
| Change in cash | - | €11,821 | €220,606 | -€46,758 | €18,413 | -€70,957 | €80,713 | -€11,193 | - |
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, 17,811 companies had the same profile as FOXMANGO has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of FOXMANGO 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 17,811 companies, not a prediction for FOXMANGO. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 01-07-2026 | 2026-00250898 | |
| 31-12-2024 | full format | 15-07-2025 | 2025-00275274 | |
| 31-12-2023 | full format | 26-06-2024 | 2024-00203408 | |
| 31-12-2022 | micro format | 14-07-2023 | 2023-00236585 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20264762 | |
| 31-12-2020 | micro format | 08-07-2021 | 2021-34300147 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-22800187 | |
| 31-12-2018 | micro format | 17-07-2019 | 2019-33700399 | |
| 31-12-2017 | micro format | 24-03-2018 | 2018-08000113 | |
| 31-12-2016 | full format | 27-07-2017 | 2017-38000504 |