HYPERFOX
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 3 filings
Equity
€416,239▼ 49.7%
2024 · €826,787
Total assets
€724,615▼ 52.6%
2024 · €1.5m
Net result
-€1.4m▼ 84.6%
2024 · -€764,451
Working capital
€558,418▼ 55.1%
2024 · €1.2m
Multi-year overview
2023 to 2025, 3 financial yearsOperating result
-€1.4m
▼ 96.7%
2025
20232025
Net result
-€1.4m
▼ 84.6%
2025
lowest quarter of the sector
20232025
Equity
€416,239
▼ 49.7%
2025
highest quarter of the sector
20232025
Total assets
€724,615
▼ 52.6%
2025
highest quarter of the sector
20232025
Debt
€308,376
▼ 56.0%
2025
20232025
Working capital
€558,418
▼ 55.1%
2025
highest quarter of the sector
20232025
Solvency
57.4%
▲ 3.3pp
2025
middle half of the sector
20232025
Current ratio
4.71
▼ 0.81
2025
middle half of the sector
20232025
Return on assets (ROA)
-194.8%
▼ 144.7pp
2025
lowest quarter of the sector
20232025
Staff (FTE)
2.9
▲ 45.0%
2025
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Operating result-€0.5m--€0.7m▼ 57.1%-€1.4m▼ 96.7%
Net result-€0.5mbelow the sector's middle half--€0.8mbelow the sector's middle half▼ 60.2%-€1.4mbelow the sector's middle half▼ 84.6%
Equity-€0.5mbelow the sector's middle half-€0.8mabove the sector's middle half€0.4mabove the sector's middle half▼ 49.7%
Total assets€0.7mabove the sector's middle half-€1.5mabove the sector's middle half▲ 120%€0.7mabove the sector's middle half▼ 52.6%
Debt€1.2m-€0.7m▼ 40.1%€0.3m▼ 56.0%
Working capital€0.5mabove the sector's middle half-€1.2mabove the sector's middle half▲ 136%€0.6mabove the sector's middle half▼ 55.1%
Solvency-68.2%below the sector's middle half-54.1%within the sector's middle half▲ 122.3pp57.4%within the sector's middle half▲ 3.3pp
Current ratio4.25within the sector's middle half-5.51above the sector's middle half▲ 1.264.71within the sector's middle half▼ 0.81
Return on assets (ROA)-68.6%below the sector's middle half--50.0%below the sector's middle half▲ 18.5pp-194.8%below the sector's middle half▼ 144.7pp
Staff (FTE)1.3-2▲ 53.8%2.9▲ 45.0%
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 €1.4m, larger than the loss of €717,024 in 2024. It is the lowest result since 2023.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €724,615
Fixed assets
€15,505 ▲ 72.0%
Current assets
€709,110 ▼ 53.3%
Equity and liabilities €724,615
Equity
€416,239 ▼ 49.7%
Debt
€308,376 ▼ 56.0%
Debt's share of the balance-sheet total falls from 45.9% to 42.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€1.4m▼
2024 · -€710,430
Cash flow
-€1.4m▼
2024 · -€757,856
Debt to equity
0.74▼
2024 · 0.85
ROE
-339.1%▼
2024 · -92.5%
Interest coverage
-522.26▼
2024 · -13.75
Debt ≤ 1 year
€150,692▼
2024 · €275,530
Debt > 1 year
€0▼
2024 · €169,290
Income taxes
€194▲
2024 · €2
Staff costs
€208,449▲
2024 · €109,601
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 3 |
| full-time | 2 | 2 | 3 |
| part-time | 0 | 0 | 0 |
| in full-time equivalents | 2 | 2 | 3 |
| Average over the year, in full-time equivalents | 1.3 | 2 | 2.9 |
| On a permanent contract | 2 | 2 | 3 |
| Joined | 2 | 1 | 2 |
| Left | 0 | 1 | 1 |
| Training hours | - | - | 50 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €1,528 | €8,340 | €12,085 |
| Intangible fixed assets | €12,011 | - | - |
| Financial fixed assets | - | - | €740 |
| Depreciation and write-downs of the year | €6,272 | €6,594 | €6,332 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 10 entries · €689,819 awarded · €282,375 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 5 | €350,000 | €192,500 |
| 2024 | 3 | €281,819 | €68,875 |
| 2023 | 2 | €58,000 | €21,000 |
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Remuneration, social security and pensions62 | €0.06m | €0.1m | €0.2m | ▲ 90.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.006m | €0.007m | €0.006m | ▼ 4.0% |
| Other operating charges640/8 | - | €0.001m | €0.003m | ▲ 185% |
| Non-recurring operating charges66A | €0.02m | €0 | - | - |
| Gross operating margin9900 | -€0.4m | -€0.6m | -€1.2m | ▼ 98.8% |
| Operating profit (loss)9901 | -€0.5m | -€0.7m | -€1.4m | ▼ 96.7% |
| Financial income75/76B | €4 | €0.004m | €0.002m | ▼ 60.2% |
| Recurring financial income75 | €4 | €0.004m | €0.002m | ▼ 60.2% |
| Financial charges65/66B | €0.02m | €0.05m | €0.003m | ▼ 94.8% |
| Recurring financial charges65 | €0.02m | €0.05m | €0.003m | ▼ 94.8% |
| Profit (loss) for the period before taxes9903 | -€0.5m | -€0.8m | -€1.4m | ▼ 84.6% |
| Income taxes67/77 | - | €2 | €194 | ▲ 100× |
| Profit (loss) for the period9904 | -€0.5m | -€0.8m | -€1.4m | ▼ 84.6% |
| Profit (loss) for the period to be appropriated9905 | -€0.5m | -€0.8m | -€1.4m | ▼ 84.6% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €0.7m | €1.5m | €0.7m | ▼ 52.6% |
| Fixed assets21/28 | €0.007m | €0.009m | €0.02m | ▲ 72.0% |
| Intangible fixed assets21 | €0.006m | €0 | - | - |
| Tangible fixed assets22/27 | €0.001m | €0.009m | €0.01m | ▲ 63.8% |
| Plant, machinery and equipment23 | - | - | €0.002m | - |
| Furniture and vehicles24 | €0.001m | €0.009m | €0.01m | ▲ 45.3% |
| Financial fixed assets28 | - | - | €0.001m | - |
| Current assets29/58 | €0.7m | €1.5m | €0.7m | ▼ 53.3% |
| Amounts receivable within one year40/41 | €0.5m | €0.4m | €0.3m | ▼ 36.9% |
| Trade receivables40 | €0.4m | €0.1m | €0.2m | ▲ 29.1% |
| Other amounts receivable41 | €0.08m | €0.3m | €0.1m | ▼ 64.5% |
| Cash at bank and in hand54/58 | €0.2m | €1.1m | €0.4m | ▼ 60.9% |
| Deferred charges and accrued income490/1 | €0.003m | €0.005m | €0.02m | ▲ 235% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €0.7m | €1.5m | €0.7m | ▼ 52.6% |
| Equity10/15 | -€0.5m | €0.8m | €0.4m | ▼ 49.7% |
| Contributions10/11 | €0.003m | €2.1m | €3.1m | ▲ 48.4% |
| Profit (loss) carried forward14 | -€0.5m | -€1.2m | -€2.7m | ▼ 114% |
| Amounts payable17/49 | €1.2m | €0.7m | €0.3m | ▼ 56.0% |
| Amounts payable after more than one year17 | €0.7m | €0.2m | €0 | ▼ 100% |
| Financial debts170/4 | €0.7m | €0.2m | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €0.2m | €0.3m | €0.2m | ▼ 45.3% |
| Financial debts43 | - | €3 | €21 | ▲ 504% |
| Credit institutions430/8 | - | €3 | €21 | ▲ 504% |
| Trade debts44 | €0.1m | €0.3m | €0.1m | ▼ 50.2% |
| Suppliers440/4 | €0.1m | €0.3m | €0.1m | ▼ 50.2% |
| Taxes, remuneration and social security45 | €0.007m | €0.01m | €0.02m | ▲ 50.9% |
| Taxes450/3 | - | - | €0.001m | - |
| Remuneration and social security454/9 | €0.007m | €0.01m | €0.02m | ▲ 40.8% |
| Other amounts payable47/48 | €0.01m | €0 | - | - |
| Accrued charges and deferred income492/3 | €0.3m | €0.3m | €0.2m | ▼ 38.5% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.5m | -€0.8m | -€1.4m | ▼ 84.6% |
| + Depreciation and write-downs630 | €0.006m | €0.007m | €0.006m | ▼ 4.0% |
| Operating cash flow (approximation) | -€0.5m | -€0.8m | -€1.4m | ▼ 85.4% |
| Investment in fixed assets (approximation) | - | -€0.008m | -€0.01m | ▼ 53.8% |
| Change in cash | - | €0.9m | -€0.7m | - |
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, 3,223 companies had the same profile as HYPERFOX has now. Two years later, 87.7% were still going and 3.4% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
87.7%
was still going
8.7%
stopped otherwise
3.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HYPERFOX itself: 1.2% 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 3,223 companies, not a prediction for HYPERFOX. 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.