FULLBOX
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 3 filings
Turnover
≈ €370,000
Estimated: probably between €310,000 and €440,000
Total assets
€2.2m▲ 8.3%
2024 · €2.0m
Net result
-€112,369▲ 19.9%
2024 · -€140,265
Working capital
-€1.0m▼ 27.7%
2024 · -€795,087
In the rankings
#5 company by total assets in Gesves, Professional and technical services sector#10 company by equity in Gesves, Professional and technical services sector
Multi-year overview
2023 to 2025, 3 financial yearsOperating result
-€31,335
▲ 67.5%
2025
20232025
Net result
-€112,369
▲ 19.9%
2025
lowest quarter of the sector
20232025
Equity
€331,888
▼ 25.3%
2025
highest quarter of the sector
20232025
Total assets
€2.2m
▲ 8.3%
2025
highest quarter of the sector
20232025
Debt
€1.8m
▲ 17.9%
2025
20232025
Working capital
-€1.0m
▼ 27.7%
2025
lowest quarter of the sector
20232025
Solvency
15.4%
▼ 6.9pp
2025
lowest quarter of the sector
20232025
Current ratio
0.12
▼ 0.10
2025
lowest quarter of the sector
20232025
Return on assets (ROA)
-5.2%
▲ 1.8pp
2025
lowest quarter of the sector
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Operating result-€0.05m--€0.1m▼ 101%-€0.03m▲ 67.5%
Net result-€0.07mbelow the sector's middle half--€0.1mbelow the sector's middle half▼ 114%-€0.1mbelow the sector's middle half▲ 19.9%
Equity-€0.04mbelow the sector's middle half-€0.4mabove the sector's middle half€0.3mabove the sector's middle half▼ 25.3%
Total assets€0.4mwithin the sector's middle half-€2.0mabove the sector's middle half▲ 449%€2.2mabove the sector's middle half▲ 8.3%
Debt€0.4m-€1.5m▲ 284%€1.8m▲ 17.9%
Working capital-€0.2mbelow the sector's middle half--€0.8mbelow the sector's middle half▼ 348%-€1.0mbelow the sector's middle half▼ 27.7%
Solvency-11.2%below the sector's middle half-22.3%below the sector's middle half▲ 33.5pp15.4%below the sector's middle half▼ 6.9pp
Current ratio0.25below the sector's middle half-0.22below the sector's middle half▼ 0.030.12below the sector's middle half▼ 0.10
Return on assets (ROA)-18.0%below the sector's middle half--7.0%below the sector's middle half▲ 11.0pp-5.2%below the sector's middle half▲ 1.8pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 a loss of €31,335, smaller than the loss of €96,543 in 2024.
Large changes and their cause
- 2024 Total assets +449% on 2023. Capital increase of €625,000 (Official Gazette 02-05-2024).
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.2m
Fixed assets
€2.0m ▲ 14.0%
Current assets
€143,845 ▼ 36.6%
Equity and liabilities €2.2m
Equity
€331,888 ▼ 25.3%
Debt
€1.8m ▲ 17.9%
Debt's share of the balance-sheet total rises from 77.7% to 84.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€92,116▲
2024 · -€38,615
Cash flow
€11,082▲
2024 · -€82,337
Quick ratio
0.07▼
2024 · 0.18
Debt to equity
5.50▲
2024 · 3.48
ROE
-33.9%▼
2024 · -31.6%
Interest coverage
1.12▲
2024 · -0.89
Debt ≤ 1 year
€1.2m▲
2024 · €1.0m
Debt > 1 year
€612,141▲
2024 · €479,903
Income taxes
€384▲
2024 · €300
Staff costs
€122,637▲
2024 · €16,434
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Mortgages, amount registered | - | €100,000 | €100,000 |
| Mortgage mandates | - | €600,000 | €600,000 |
| Carrying value of the mortgaged assets | - | €1.5m | €1.7m |
Source: notes to the 2023 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €324,381 | €1.8m | €371,002 |
| Depreciation and write-downs of the year | €22,243 | €57,928 | €123,451 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Non-recurring operating income76A | - | €414 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | €16,434 | €122,637 | ▲ 646% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,243 | €57,928 | €123,451 | ▲ 113% |
| Other operating charges640/8 | €2,794 | €1,388 | €4,194 | ▲ 202% |
| Gross operating margin9900 | -€23,112 | -€20,794 | €218,948 | - |
| Operating profit (loss)9901 | -€48,149 | -€96,543 | -€31,335 | ▲ 67.5% |
| Financial income75/76B | €66 | €133 | €1,667 | ▲ 13× |
| Recurring financial income75 | €66 | €133 | €1,667 | ▲ 13× |
| Financial charges65/66B | €17,010 | €43,554 | €82,318 | ▲ 89.0% |
| Recurring financial charges65 | €17,010 | €43,554 | €82,318 | ▲ 89.0% |
| Profit (loss) for the period before taxes9903 | -€65,093 | -€139,965 | -€111,986 | ▲ 20.0% |
| Income taxes67/77 | €386 | €300 | €384 | ▲ 28.0% |
| Profit (loss) for the period9904 | -€65,478 | -€140,265 | -€112,369 | ▲ 19.9% |
| Profit (loss) for the period to be appropriated9905 | -€65,478 | -€140,265 | -€112,369 | ▲ 19.9% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €0.4m | €2.0m | €2.2m | ▲ 8.3% |
| Fixed assets21/28 | €0.3m | €1.8m | €2.0m | ▲ 14.0% |
| Tangible fixed assets22/27 | €0.3m | €1.8m | €2.0m | ▲ 14.0% |
| Land and buildings22 | €0.3m | €1.5m | €1.7m | ▲ 14.5% |
| Plant, machinery and equipment23 | €0.005m | €0.2m | €0.2m | ▲ 9.0% |
| Furniture and vehicles24 | €0.01m | €0.06m | €0.07m | ▲ 19.3% |
| Current assets29/58 | €0.06m | €0.2m | €0.1m | ▼ 36.6% |
| Stocks and contracts in progress3 | €0.05m | €0.04m | €0.06m | ▲ 38.6% |
| Stocks30/36 | €0.05m | €0.04m | €0.06m | ▲ 38.6% |
| Amounts receivable within one year40/41 | €0.003m | €0.04m | €0.02m | ▼ 47.5% |
| Trade receivables40 | €0.003m | €0.003m | €0.02m | ▲ 671% |
| Other amounts receivable41 | €107 | €0.04m | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €0.005m | €0.1m | €0.06m | ▼ 58.5% |
| Deferred charges and accrued income490/1 | €0.001m | €0.005m | €0.008m | ▲ 43.0% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €0.4m | €2.0m | €2.2m | ▲ 8.3% |
| Equity10/15 | -€0.04m | €0.4m | €0.3m | ▼ 25.3% |
| Contributions10/11 | €0.03m | €0.7m | €0.7m | = |
| Profit (loss) carried forward14 | -€0.07m | -€0.2m | -€0.3m | ▼ 54.6% |
| Amounts payable17/49 | €0.4m | €1.5m | €1.8m | ▲ 17.9% |
| Amounts payable after more than one year17 | €0.2m | €0.5m | €0.6m | ▲ 27.6% |
| Financial debts170/4 | €0.2m | €0.5m | €0.6m | ▲ 27.6% |
| Amounts payable within one year42/48 | €0.2m | €1.0m | €1.2m | ▲ 13.5% |
| Current portion of amounts payable after more than one year42 | €0.009m | €0.02m | €0.05m | ▲ 148% |
| Trade debts44 | €0.004m | €0.05m | €0.1m | ▲ 88.0% |
| Suppliers440/4 | €0.004m | €0.05m | €0.1m | ▲ 88.0% |
| Taxes, remuneration and social security45 | €0.001m | €0.006m | €0.02m | ▲ 224% |
| Taxes450/3 | €0.001m | €0.001m | €0.002m | ▲ 144% |
| Remuneration and social security454/9 | - | €0.005m | €0.02m | ▲ 235% |
| Other amounts payable47/48 | €0.2m | €0.9m | €1.0m | ▲ 5.4% |
| Accrued charges and deferred income492/3 | €0.009m | €0.05m | €0.05m | ▲ 15.5% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.07m | -€0.1m | -€0.1m | ▲ 19.9% |
| + Depreciation and write-downs630 | €0.02m | €0.06m | €0.1m | ▲ 113% |
| Operating cash flow (approximation) | -€0.04m | -€0.08m | €0.01m | - |
| Investment in fixed assets (approximation) | - | -€1.5m | -€0.4m | ▲ 75.6% |
| Change in cash | - | €0.1m | -€0.08m | - |
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, 440 companies had the same profile as FULLBOX has now. Two years later, 95.5% were still going and 1.6% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency 10 to 30%
- a small loss
95.5%
was still going
3.0%
stopped otherwise
1.6%
went bankrupt
That fits the bankruptcy probability of FULLBOX itself: 0.3% 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 440 companies, not a prediction for FULLBOX. 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.