IMAGEX
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 38 filings
Turnover
≈ €360,000
Estimated: probably between €160,000 and €920,000
Total assets
€2.9m▲ 2.8%
2024 · €2.8m
Net result
€83,791▼ 12.6%
2024 · €95,820
Working capital
€46,860
2024 · -€26,087
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€70,210
▼ 13.7%
2025
20182025
Net result
€83,791
▼ 12.6%
2025
middle half of the sector
20182025
Equity
€2.4m
▲ 2.3%
2025
highest quarter of the sector
20182025
Total assets
€2.9m
▲ 2.8%
2025
highest quarter of the sector
20182025
Debt
€494,835
▲ 5.6%
2025
20182025
Working capital
€46,860
2025
middle half of the sector
20182025
Solvency
82.9%
▼ 0.5pp
2025
highest quarter of the sector
20182025
Current ratio
1.09
▲ 0.15
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
2.9%
▼ 0.5pp
2025
middle half 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€0.05m-€0.03m▼ 24.4%€0.03m▼ 21.2%€0.06m▲ 137%€0.03m▼ 49.2%€0.003m▼ 92.0%€0.08m▲ 31×€0.07m▼ 13.7%
Net result€0.04m-€0.04m▼ 18.0%€0.03mwithin the sector's middle half▼ 7.8%€0.06mwithin the sector's middle half▲ 81.5%€0.04mwithin the sector's middle half▼ 37.7%-€0.006mbelow the sector's middle half€0.1mwithin the sector's middle half€0.08mwithin the sector's middle half▼ 12.6%
Equity€2.2m-€2.3m▲ 0.4%€2.3mabove the sector's middle half▲ 0.3%€2.3mabove the sector's middle half▲ 1.5%€2.3mabove the sector's middle half▲ 0.5%€2.3mabove the sector's middle half▼ 1.4%€2.3mabove the sector's middle half▲ 2.9%€2.4mabove the sector's middle half▲ 2.3%
Total assets€2.5m-€2.5m▲ 0.2%€2.5mabove the sector's middle half▲ 0.5%€2.8mabove the sector's middle half▲ 11.0%€2.8mabove the sector's middle half▼ 0.3%€2.7mabove the sector's middle half▼ 1.4%€2.8mabove the sector's middle half▲ 2.3%€2.9mabove the sector's middle half▲ 2.8%
Debt€0.3m-€0.2m▼ 1.6%€0.3m▲ 2.1%€0.5m▲ 95.8%€0.5m▼ 3.7%€0.5m▼ 1.3%€0.5m▼ 0.3%€0.5m▲ 5.6%
Working capital-€0.09m--€0.09m▲ 6.4%-€0.09mbelow the sector's middle half▲ 0.4%-€0.05mbelow the sector's middle half▲ 39.2%-€0.04mbelow the sector's middle half▲ 20.4%-€0.07mbelow the sector's middle half▼ 80.9%-€0.03mbelow the sector's middle half▲ 65.1%€0.05mwithin the sector's middle half
Solvency89.9%-90.1%▲ 0.2pp89.9%above the sector's middle half▼ 0.2pp82.3%above the sector's middle half▼ 7.7pp82.9%above the sector's middle half▲ 0.6pp82.9%above the sector's middle half=83.3%above the sector's middle half▲ 0.4pp82.9%above the sector's middle half▼ 0.5pp
Current ratio0.64-0.65▲ 0.020.66below the sector's middle half▲ 0.010.89below the sector's middle half▲ 0.230.91below the sector's middle half▲ 0.020.84below the sector's middle half▼ 0.070.94below the sector's middle half▲ 0.101.09below the sector's middle half▲ 0.15
Return on assets (ROA)1.8%-1.4%▼ 0.3pp1.3%within the sector's middle half▼ 0.1pp2.1%within the sector's middle half▲ 0.8pp1.3%within the sector's middle half▼ 0.8pp-0.2%below the sector's middle half▼ 1.6pp3.4%within the sector's middle half▲ 3.6pp2.9%within the sector's middle half▼ 0.5pp
Staff (FTE)1-1=1below the sector's middle half=1below the sector's middle half=1below the sector's middle half=1within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 14% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €2.9m
Fixed assets
€2.3m ▼ 0.8%
Current assets
€540,632 ▲ 22.5%
Equity and liabilities €2.9m
Equity
€2.4m ▲ 2.3%
Debt
€494,835 ▲ 5.6%
Debt's share of the balance-sheet total rises from 16.7% to 17.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€71,039▼
2024 · €86,589
Cash flow
€84,619▼
2024 · €101,069
Debt to equity
0.21▲
2024 · 0.20
ROE
3.5%▼
2024 · 4.1%
Interest coverage
3.80▼
2024 · 5.09
Debt ≤ 1 year
€493,772▲
2024 · €467,475
Income taxes
€24,043▼
2024 · €24,284
Staff costs
-€657▼
2024 · €1,622
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 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €15,900 | - | €2,486 | €21,841 | - |
| Depreciation and write-downs of the year | €1,379 | €768 | €1,073 | €5,249 | €829 |
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 | - | - | - | €4,412 | - | - | - | €11,084 | - |
| Remuneration, social security and pensions62 | - | - | - | €90,348 | €83,202 | €84,331 | €1,622 | -€657 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €3,373 | €1,014 | €1,379 | €768 | €1,073 | €5,249 | €829 | ▼ 84.2% |
| Other operating charges640/8 | - | - | - | €3,595 | €3,791 | €3,933 | €1,093 | €1,123 | ▲ 2.8% |
| Gross operating margin9900 | €125,618 | €120,593 | €107,650 | €158,985 | €120,115 | €91,927 | €89,303 | €71,506 | ▼ 19.9% |
| Operating profit (loss)9901 | €45,097 | €34,074 | €26,862 | €63,663 | €32,354 | €2,589 | €81,339 | €70,210 | ▼ 13.7% |
| Financial income75/76B | - | - | - | €29,348 | €31,385 | €9,389 | €55,761 | €56,327 | ▲ 1.0% |
| Recurring financial income75 | €22,998 | €22,998 | €22,998 | €29,348 | €31,385 | €9,389 | €55,761 | €56,327 | ▲ 1.0% |
| Financial charges65/66B | - | - | - | €15,370 | €17,856 | €17,518 | €16,996 | €18,703 | ▲ 10.0% |
| Recurring financial charges65 | €12,181 | €13,191 | €9,066 | €15,370 | €17,856 | €17,518 | €16,996 | €18,703 | ▲ 10.0% |
| Profit (loss) for the period before taxes9903 | €55,914 | €43,881 | €40,795 | €77,640 | €45,883 | -€5,539 | €120,104 | €107,833 | ▼ 10.2% |
| Income taxes67/77 | €12,264 | €8,099 | €7,790 | €17,750 | €8,562 | €347 | €24,284 | €24,043 | ▼ 1.0% |
| Profit (loss) for the period9904 | €43,650 | €35,782 | €33,005 | €59,890 | €37,322 | -€5,886 | €95,820 | €83,791 | ▼ 12.6% |
| Profit (loss) for the period to be appropriated9905 | €43,650 | €35,782 | €33,005 | €59,890 | €37,322 | -€5,886 | €95,820 | €83,791 | ▼ 12.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €2.5m | €2.5m | €2.5m | €2.8m | €2.8m | €2.7m | €2.8m | €2.9m | ▲ 2.8% |
| Fixed assets21/28 | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.4m | €2.3m | ▼ 0.8% |
| Tangible fixed assets22/27 | - | €0.004m | €0.002m | €0.002m | €0.002m | €0.003m | €0.02m | €331 | ▼ 98.3% |
| Plant, machinery and equipment23 | - | - | - | €0.002m | €0.002m | €0.001m | €0.001m | - | - |
| Furniture and vehicles24 | - | - | - | €413 | €111 | €0.002m | €0.02m | €331 | ▼ 98.3% |
| Financial fixed assets28 | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | = |
| Current assets29/58 | €0.2m | €0.2m | €0.2m | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | ▲ 22.5% |
| Amounts receivable within one year40/41 | €0.02m | €0.03m | €0.03m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 2.8% |
| Trade receivables40 | - | - | - | €0.04m | €0.03m | €0.08m | €0.06m | €306 | ▼ 99.5% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 27.7% |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.06m | €0.1m | €0.2m | ▲ 73.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.002m | €0.003m | - | €0.002m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €2.5m | €2.5m | €2.5m | €2.8m | €2.8m | €2.7m | €2.8m | €2.9m | ▲ 2.8% |
| Equity10/15 | €2.2m | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.3m | €2.4m | ▲ 2.3% |
| Contributions10/11 | €2.0m | €2.0m | - | €2.0m | €2.0m | €2.0m | €2.0m | €2.0m | = |
| Reserves13 | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 16.1% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.006m | €0.006m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 16.1% |
| Amounts payable17/49 | €0.3m | €0.2m | €0.3m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 5.6% |
| Amounts payable within one year42/48 | €0.3m | €0.2m | €0.3m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 5.6% |
| Trade debts44 | €0.005m | €0.005m | €0.006m | €0.008m | €0.007m | €0.006m | €0.002m | €0.002m | ▲ 28.1% |
| Suppliers440/4 | - | - | - | €0.008m | €0.007m | €0.006m | €0.002m | €0.002m | ▲ 28.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.02m | €0.02m | €0.02m | €0.009m | ▼ 40.5% |
| Taxes450/3 | - | - | - | €0.01m | €0.003m | €0.001m | €0.02m | €0.009m | ▼ 40.5% |
| Remuneration and social security454/9 | - | - | - | €0.03m | €0.02m | €0.02m | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.4m | €0.4m | €0.4m | €0.5m | €0.5m | ▲ 7.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 11.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €43,650 | €35,782 | €33,005 | €59,890 | €37,322 | -€5,886 | €95,820 | €83,791 | ▼ 12.6% |
| + Depreciation and write-downs630 | - | €3,373 | €1,014 | €1,379 | €768 | €1,073 | €5,249 | €829 | ▼ 84.2% |
| Operating cash flow (approximation) | €43,650 | €39,155 | €34,019 | €61,269 | €38,089 | -€4,813 | €101,069 | €84,619 | ▼ 16.3% |
| Investment in fixed assets (approximation) | - | -€7,568 | -€8,356 | -€2,328 | €0 | -€2,486 | -€21,841 | €18,563 | - |
| Change in cash | - | -€4,718 | -€3,599 | €66,334 | -€22,687 | -€112,181 | €63,261 | €88,398 | ▲ 39.7% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 25-06-2026 | 2026-00199228 | |
| 31-12-2024 | abbreviated format | 24-06-2025 | 2025-00171156 | |
| 31-12-2023 | abbreviated format | 19-06-2024 | 2024-00141010 | |
| 31-12-2022 | abbreviated format | 19-06-2023 | 2023-00135702 | |
| 31-12-2021 | abbreviated format | 29-06-2022 | 2022-20148495 | |
| 31-12-2020 | abbreviated format | 21-06-2021 | 2021-21800284 | |
| 31-12-2019 | abbreviated format | 22-06-2020 | 2020-18800545 | |
| 31-12-2018 | abbreviated format | 27-06-2019 | 2019-24400560 | |
| 31-12-2017 | abbreviated format | 25-06-2018 | 2018-24800053 | |
| 31-12-2016 | abbreviated format | 19-06-2017 | 2017-18600337 |