Fynix
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 30-09-2026 at the NBB all 22 filings
Turnover
≈ €320,000
Estimated: probably between €250,000 and €430,000
Total assets
€2.4m▼ 4.2%
2025 · €2.5m
Net result
€11,345
2025 · -€15,020
Working capital
-€553,783▲ 0.2%
2025 · -€554,867
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€37,151
▲ 57×
2026
20192026
Net result
€11,345
2026
20192026
Equity
€634,703
▲ 1.8%
2026
20192026
Total assets
€2.4m
▼ 4.2%
2026
20192026
Debt
€1.4m
▼ 6.6%
2026
20192026
Working capital
-€553,783
▲ 0.2%
2026
20192026
Solvency
26.8%
▲ 1.6pp
2026
20192026
Current ratio
0.01
▼ 0.01
2026
20192026
Return on assets (ROA)
0.5%
▲ 1.1pp
2026
20192026
Staff (FTE)
no figure
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result-€0.03m--€0.1m▼ 342%€0.04m-€0.5m-€0.07m▲ 86.1%-€0.1m▼ 55.8%€0.001m€0.04m▲ 57×
Net result-€0.05m--€0.2m▼ 217%€0.02mwithin the sector's middle half-€0.5mbelow the sector's middle half-€0.1mbelow the sector's middle half▲ 78.9%-€0.1mbelow the sector's middle half▼ 23.5%-€0.02mbelow the sector's middle half▲ 87.3%€0.01m
Equity€1.4m-€1.2m▼ 11.0%€1.2mwithin the sector's middle half▲ 1.3%€0.9mwithin the sector's middle half▼ 31.6%€0.8mwithin the sector's middle half▼ 11.2%€0.6mwithin the sector's middle half▼ 15.6%€0.6mabove the sector's middle half▼ 2.4%€0.6m▲ 1.8%
Total assets€4.6m-€5.0m▲ 9.1%€4.5mwithin the sector's middle half▼ 10.3%€3.3mwithin the sector's middle half▼ 26.4%€3.1mwithin the sector's middle half▼ 6.0%€2.6mwithin the sector's middle half▼ 15.1%€2.5mabove the sector's middle half▼ 6.5%€2.4m▼ 4.2%
Debt€2.7m-€3.3m▲ 21.7%€2.8m▼ 15.8%€2.1m▼ 25.2%€2.0m▼ 4.2%€1.7m▼ 16.9%€1.5m▼ 8.5%€1.4m▼ 6.6%
Working capital€0.7m-€0.09m▼ 86.8%-€0.6mbelow the sector's middle half-€1.1mbelow the sector's middle half▼ 68.8%-€0.6mbelow the sector's middle half▲ 43.6%-€0.5mbelow the sector's middle half▲ 10.4%-€0.6mbelow the sector's middle half▼ 3.2%-€0.6m▲ 0.2%
Solvency30.0%-24.5%▼ 5.5pp27.6%within the sector's middle half▲ 3.2pp25.7%within the sector's middle half▼ 2.0pp24.3%within the sector's middle half▼ 1.4pp24.1%within the sector's middle half▼ 0.1pp25.2%within the sector's middle half▲ 1.1pp26.8%▲ 1.6pp
Current ratio2.02-1.06▼ 0.960.63within the sector's middle half▼ 0.430.04below the sector's middle half▼ 0.580.02below the sector's middle half▼ 0.020.05below the sector's middle half▲ 0.030.03below the sector's middle half▼ 0.020.01▼ 0.01
Return on assets (ROA)-1.0%--3.0%▼ 2.0pp0.4%within the sector's middle half▲ 3.4pp-13.6%below the sector's middle half▼ 14.0pp-3.1%below the sector's middle half▲ 10.5pp-4.5%below the sector's middle half▼ 1.4pp-0.6%within the sector's middle half▲ 3.8pp0.5%▲ 1.1pp
Staff (FTE)0within the sector's middle half0within the sector's middle half
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 2026 is nearly 57 times that of 2025 and the highest since 2022. It is the second rise in a row, after the fall in 2024.
Large changes and their cause
- 2025 Net result +87% on 2024. The accounts now follow the micro format, last year the abbreviated format.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €2.4m
Fixed assets
€2.4m ▼ 3.9%
Current assets
€7,299 ▼ 53.4%
Equity and liabilities €2.4m
Equity
€634,703 ▲ 1.8%
Provisions
€311,068 ▼ 4.7%
Debt
€1.4m ▼ 6.6%
Debt's share of the balance-sheet total falls from 61.6% to 60.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€195,496▲
2025 · €175,908
Cash flow
€169,690▲
2025 · €160,231
Debt to equity
2.25▼
2025 · 2.45
ROE
1.8%▲
2025 · -2.4%
Interest coverage
4.77▼
2025 · 5.70
Debt ≤ 1 year
€561,081▼
2025 · €570,539
Debt > 1 year
€853,635▼
2025 · €948,105
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €17,549 | €30,539 | €11,245 | €15,237 | €62,002 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €197,743 | €194,806 | €193,638 | €175,251 | €158,345 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €8,092 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €151,022 | €131,122 | €148,943 | €197,743 | €194,806 | €193,638 | €175,251 | €158,345 | ▼ 9.6% |
| Other operating charges640/8 | - | - | - | €15,521 | €10,072 | €13,587 | €13,320 | €24,282 | ▲ 82.3% |
| Non-recurring operating charges66A | - | - | - | €390,524 | €0 | €38,583 | €0 | - | - |
| Gross operating margin9900 | €129,983 | €151,348 | €203,640 | €143,843 | €139,788 | €144,380 | €189,227 | €219,778 | ▲ 16.1% |
| Operating profit (loss)9901 | -€31,440 | -€138,879 | €41,014 | -€468,037 | -€65,091 | -€101,428 | €657 | €37,151 | ▲ 57× |
| Financial income75/76B | - | - | - | €10,162 | €1 | €1 | €4 | €7 | ▲ 60.7% |
| Recurring financial income75 | €15,529 | €3,250 | €0 | €10,162 | €1 | €1 | €4 | €7 | ▲ 60.7% |
| Financial charges65/66B | - | - | - | €24,245 | €45,500 | €31,588 | €30,874 | €41,006 | ▲ 32.8% |
| Recurring financial charges65 | €52,419 | €37,632 | €34,870 | €24,245 | €45,500 | €31,588 | €30,874 | €41,006 | ▲ 32.8% |
| Profit (loss) for the period before taxes9903 | -€68,330 | -€173,261 | €6,144 | -€482,120 | -€110,591 | -€133,016 | -€30,212 | -€3,848 | ▲ 87.3% |
| Transfer from deferred taxes780 | - | - | - | €30,984 | €15,193 | €15,193 | €15,193 | €15,193 | = |
| Income taxes67/77 | €508 | - | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€48,182 | -€152,605 | €16,472 | -€451,136 | -€95,398 | -€117,823 | -€15,020 | €11,345 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €131,444 | €116,850 | €45,578 | €45,578 | €45,578 | = |
| Transfer to tax-exempt reserves689 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€8,067 | -€112,491 | -€302,256 | -€319,692 | €21,452 | -€72,245 | €30,558 | €56,923 | ▲ 86.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.6m | €5.0m | €4.5m | €3.3m | €3.1m | €2.6m | €2.5m | €2.4m | ▼ 4.2% |
| Fixed assets21/28 | €3.2m | €3.3m | €3.5m | €3.3m | €3.1m | €2.6m | €2.5m | €2.4m | ▼ 3.9% |
| Intangible fixed assets21 | - | - | €0.3m | €0.3m | €0.2m | €0.1m | €0.05m | €0 | ▼ 100% |
| Tangible fixed assets22/27 | €3.2m | €3.2m | €3.1m | €3.0m | €2.9m | €2.5m | €2.4m | €2.3m | ▼ 1.8% |
| Land and buildings22 | - | - | - | €2.8m | €2.7m | €2.3m | €2.3m | €2.3m | ▼ 0.5% |
| Plant, machinery and equipment23 | - | - | - | €0.2m | €0.2m | €0.1m | €0.1m | €0.08m | ▼ 27.2% |
| Furniture and vehicles24 | - | - | - | €0.003m | €0.002m | €0.001m | €0.001m | €220 | ▼ 72.3% |
| Financial fixed assets28 | €0.02m | €0.09m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Current assets29/58 | €1.4m | €1.7m | €1.1m | €0.05m | €0.01m | €0.03m | €0.02m | €0.007m | ▼ 53.4% |
| Stocks and contracts in progress3 | - | €1.1m | €0 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.5m | €0.4m | €0.6m | €0.01m | €0.003m | €0.001m | €0.001m | €0.001m | ▼ 46.0% |
| Trade receivables40 | - | - | - | €0.01m | €0.002m | €0 | - | €0.001m | - |
| Other amounts receivable41 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0 | ▼ 100% |
| Current investments50/53 | €0.3m | €0.05m | €0.3m | €0 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.6m | €0.2m | €0.2m | €0.03m | €0.006m | €0.02m | €0.01m | €0.005m | ▼ 56.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.002m | €0.002m | €0.002m | €0.001m | ▼ 41.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.6m | €5.0m | €4.5m | €3.3m | €3.1m | €2.6m | €2.5m | €2.4m | ▼ 4.2% |
| Equity10/15 | €1.4m | €1.2m | €1.2m | €0.9m | €0.8m | €0.6m | €0.6m | €0.6m | ▲ 1.8% |
| Contributions10/11 | €0.05m | €0.05m | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Reserves13 | €1.3m | €1.3m | €1.6m | €1.5m | €1.4m | €1.4m | €1.3m | €1.3m | ▼ 3.4% |
| Non-distributable reserves130/1 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Reserves not available under the articles1311 | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Tax-exempt reserves132 | - | - | - | €1.4m | €1.3m | €1.2m | €1.2m | €1.1m | ▼ 3.9% |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | -€0.008m | -€0.1m | -€0.4m | -€0.7m | -€0.7m | -€0.8m | -€0.8m | -€0.7m | ▲ 7.4% |
| Provisions and deferred taxes16 | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 4.7% |
| Deferred taxes168 | - | - | - | €0.4m | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 4.7% |
| Amounts payable17/49 | €2.7m | €3.3m | €2.8m | €2.1m | €2.0m | €1.7m | €1.5m | €1.4m | ▼ 6.6% |
| Amounts payable after more than one year17 | €2.0m | €1.7m | €1.1m | €1.0m | €1.4m | €1.1m | €0.9m | €0.9m | ▼ 10.0% |
| Financial debts170/4 | - | - | - | €1.0m | €1.4m | €1.1m | €0.9m | €0.9m | ▼ 10.0% |
| Amounts payable within one year42/48 | €0.7m | €1.6m | €1.7m | €1.1m | €0.6m | €0.6m | €0.6m | €0.6m | ▼ 1.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.7m | €0.2m | €0.1m | €0.1m | €0.1m | ▲ 3.5% |
| Financial debts43 | - | - | - | €444 | €36 | €0 | - | - | - |
| Credit institutions430/8 | - | - | - | €444 | €36 | €0 | - | - | - |
| Trade debts44 | - | €182 | €0.003m | €0.001m | €63 | €0.003m | €0.003m | €0.004m | ▲ 25.4% |
| Suppliers440/4 | - | - | - | €0.001m | €63 | €0.003m | €0.003m | €0.004m | ▲ 25.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.001m | €96 | €96 | €96 | €96 | = |
| Taxes450/3 | - | - | - | €96 | €96 | €96 | €96 | €96 | = |
| Remuneration and social security454/9 | - | - | - | €0.001m | €0 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 3.6% |
| Accrued charges and deferred income492/3 | - | - | - | €0.007m | €0.007m | €0.01m | €0.007m | €0.01m | ▲ 46.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€48,182 | -€152,605 | €16,472 | -€451,136 | -€95,398 | -€117,823 | -€15,020 | €11,345 | - |
| + Depreciation and write-downs630 | €151,022 | €131,122 | €148,943 | €197,743 | €194,806 | €193,638 | €175,251 | €158,345 | ▼ 9.6% |
| Operating cash flow (approximation) | €102,840 | -€21,483 | €165,416 | -€253,393 | €99,408 | €75,815 | €160,231 | €169,690 | ▲ 5.9% |
| Investment in fixed assets (approximation) | - | -€224,092 | -€288,038 | -€17,549 | -€30,539 | €293,807 | -€15,237 | -€62,002 | ▼ 307% |
| Change in cash | - | -€405,926 | €3,310 | -€147,793 | -€22,599 | €18,699 | -€12,367 | -€6,996 | ▲ 43.4% |
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, 4,685 companies had the same profile as Fynix has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.9%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of Fynix itself: 0.2% 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 4,685 companies, not a prediction for Fynix. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 30-09-2026 | 2026-00544853 | |
| 31-03-2025 | micro format | 24-10-2025 | 2025-00548706 | |
| 31-03-2024 | abbreviated format | 31-10-2024 | 2024-00522477 | |
| 31-03-2023 | abbreviated format | 18-10-2023 | 2023-00487853 | |
| 31-03-2022 | abbreviated format | 18-10-2022 | 2022-20464929 | |
| 31-03-2021 | abbreviated format | 20-12-2021 | 2021-80800352 | |
| 31-03-2020 | abbreviated format | 28-10-2020 | 2020-63600448 | |
| 31-03-2019 | abbreviated format | 28-10-2019 | 2019-71400324 | |
| 31-03-2018 | micro format | 30-10-2018 | 2018-70500208 | |
| 31-03-2017 | micro format | 30-10-2017 | 2017-68500444 |