INTREX
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 21 filings
Turnover
≈ €49,000
Estimated: probably between €30,000 and €110,000
Total assets
€92,229▼ 15.7%
2024 · €109,389
Net result
€2,040▼ 70.5%
2024 · €6,914
Working capital
€8,189
2023 · -€19,992
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€2,130
▼ 69.6%
2025
20182025
Net result
€2,040
▼ 70.5%
2025
middle half of the sector
20182025
Equity
€60,229
▲ 3.5%
2025
middle half of the sector
20182025
Total assets
€92,229
▼ 15.7%
2025
lowest quarter of the sector
20182025
Debt
€32,000
▼ 37.5%
2025
20182025
Working capital
no figure
2025
20182025
Solvency
65.3%
▲ 12.1pp
2025
middle half of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
2.2%
▼ 4.1pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€296--€762-€645▲ 15.4%€356-€801-€72,278▼ 8,923%€7,004€2,130▼ 69.6%
Net result€289--€826-€701below the sector's middle half▲ 15.1%€300below the sector's middle half-€884below the sector's middle half-€72,368below the sector's middle half▼ 8,086%€6,914within the sector's middle half€2,040within the sector's middle half▼ 70.5%
Equity€125,754-€124,928▼ 0.7%€124,227within the sector's middle half▼ 0.6%€124,527within the sector's middle half▲ 0.2%€123,643within the sector's middle half▼ 0.7%€51,275within the sector's middle half▼ 58.5%€58,189within the sector's middle half▲ 13.5%€60,229within the sector's middle half▲ 3.5%
Total assets€190,814-€200,170▲ 4.9%€157,782within the sector's middle half▼ 21.2%€142,132within the sector's middle half▼ 9.9%€131,908within the sector's middle half▼ 7.2%€108,940within the sector's middle half▼ 17.4%€109,389within the sector's middle half▲ 0.4%€92,229below the sector's middle half▼ 15.7%
Debt€65,060-€75,242▲ 15.7%€33,555▼ 55.4%€17,605▼ 47.5%€8,265▼ 53.1%€57,665▲ 598%€51,200▼ 11.2%€32,000▼ 37.5%
Working capital-€2,526-€3,051€8,752within the sector's middle half▲ 187%€15,455within the sector's middle half▲ 76.6%€20,973within the sector's middle half▲ 35.7%-€19,992below the sector's middle half€8,189within the sector's middle half
Solvency65.9%-62.4%▼ 3.5pp78.7%above the sector's middle half▲ 16.3pp87.6%above the sector's middle half▲ 8.9pp93.7%above the sector's middle half▲ 6.1pp47.1%within the sector's middle half▼ 46.7pp53.2%within the sector's middle half▲ 6.1pp65.3%within the sector's middle half▲ 12.1pp
Current ratio0.96-1.04▲ 0.081.26within the sector's middle half▲ 0.221.88within the sector's middle half▲ 0.623.54within the sector's middle half▲ 1.660.39below the sector's middle half▼ 3.151.73within the sector's middle half▲ 1.34
Return on assets (ROA)0.2%--0.4%▼ 0.6pp-0.4%below the sector's middle half=0.2%below the sector's middle half▲ 0.7pp-0.7%below the sector's middle half▼ 0.9pp-66.4%below the sector's middle half▼ 65.8pp6.3%within the sector's middle half▲ 72.7pp2.2%within the sector's middle half▼ 4.1pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 70% lower than in 2024.
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
2025 in colour, 2024 as the grey bar beneath
Assets €92,229
Fixed assets
€83,760 ▼ 6.9%
Current assets
€8,469 ▼ 56.3%
Equity and liabilities €92,229
Equity
€60,229 ▲ 3.5%
Debt
€32,000 ▼ 37.5%
Debt's share of the balance-sheet total falls from 46.8% to 34.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€8,370▼
2024 · €13,271
Cash flow
€8,280▼
2024 · €13,181
Debt to equity
0.53▼
2024 · 0.88
ROE
3.4%▼
2024 · 11.9%
Interest coverage
93.00▼
2024 · over 100
Debt > 1 year
€32,000▼
2024 · €40,000
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €14,820 | €3,600 | €5,860 | €6,380 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,153 | €6,403 | €6,403 | €6,403 | €6,402 | €6,403 | €6,267 | €6,240 | ▼ 0.4% |
| Other operating charges640/8 | - | - | - | €921 | €943 | €1,036 | - | €1,110 | - |
| Gross operating margin9900 | €18,953 | €10,525 | €23,052 | €22,500 | €10,144 | -€58,979 | €19,651 | €9,480 | ▼ 51.8% |
| Operating profit (loss)9901 | €296 | -€762 | -€645 | €356 | -€801 | -€72,278 | €7,004 | €2,130 | ▼ 69.6% |
| Financial charges65/66B | - | - | - | €56 | €83 | €90 | €90 | €90 | = |
| Recurring financial charges65 | €7 | €64 | €56 | €56 | €83 | €90 | €90 | €90 | = |
| Profit (loss) for the period before taxes9903 | €289 | -€826 | -€701 | €300 | -€884 | -€72,368 | €6,914 | €2,040 | ▼ 70.5% |
| Profit (loss) for the period9904 | €289 | -€826 | -€701 | €300 | -€884 | -€72,368 | €6,914 | €2,040 | ▼ 70.5% |
| Profit (loss) for the period to be appropriated9905 | €289 | -€826 | -€701 | €300 | -€884 | -€72,368 | €6,914 | €2,040 | ▼ 70.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €190,814 | €200,170 | €157,782 | €142,132 | €131,908 | €108,940 | €109,389 | €92,229 | ▼ 15.7% |
| Fixed assets21/28 | €128,280 | €121,877 | €115,475 | €109,072 | €102,670 | €96,267 | €90,000 | €83,760 | ▼ 6.9% |
| Tangible fixed assets22/27 | €128,280 | €121,877 | €115,475 | €109,072 | €102,670 | €96,267 | €90,000 | €83,760 | ▼ 6.9% |
| Land and buildings22 | - | - | - | €109,072 | €102,670 | €96,267 | €90,000 | €83,760 | ▼ 6.9% |
| Current assets29/58 | €62,534 | €78,293 | €42,307 | €33,060 | €29,238 | €12,673 | €19,389 | €8,469 | ▼ 56.3% |
| Amounts receivable within one year40/41 | €42,881 | €66,667 | €35,903 | €27,839 | €4,354 | €6,092 | €466 | €685 | ▲ 47.0% |
| Trade receivables40 | - | - | - | €17,500 | €452 | €1,964 | €452 | - | - |
| Other amounts receivable41 | - | - | - | €10,339 | €3,902 | €4,128 | €14 | €685 | ▲ 49× |
| Cash at bank and in hand54/58 | €19,591 | €11,563 | €6,342 | €5,159 | €24,838 | €6,535 | €18,923 | €7,784 | ▼ 58.9% |
| Deferred charges and accrued income490/1 | - | - | - | €62 | €46 | €46 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €190,814 | €200,170 | €157,782 | €142,132 | €131,908 | €108,940 | €109,389 | €92,229 | ▼ 15.7% |
| Equity10/15 | €125,754 | €124,928 | €124,227 | €124,527 | €123,643 | €51,275 | €58,189 | €60,229 | ▲ 3.5% |
| Reserves13 | €68,200 | €68,200 | €68,200 | €68,200 | €68,200 | €68,200 | €68,200 | €68,200 | = |
| Non-distributable reserves130/1 | - | - | - | €68,200 | €68,200 | €68,200 | €68,200 | €68,200 | = |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Other1319 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Profit (loss) carried forward14 | €57,554 | €56,728 | €56,027 | €56,327 | €55,443 | -€16,925 | -€10,011 | -€7,971 | ▲ 20.4% |
| Amounts payable17/49 | €65,060 | €75,242 | €33,555 | €17,605 | €8,265 | €57,665 | €51,200 | €32,000 | ▼ 37.5% |
| Amounts payable after more than one year17 | - | - | - | - | - | €25,000 | €40,000 | €32,000 | ▼ 20.0% |
| Financial debts170/4 | - | - | - | - | - | €25,000 | €40,000 | €32,000 | ▼ 20.0% |
| Amounts payable within one year42/48 | €65,060 | €75,242 | €33,555 | €17,605 | €8,265 | €32,665 | €11,200 | - | - |
| Trade debts44 | €65,060 | €75,242 | €33,555 | €17,605 | €8,265 | €29,665 | €8,200 | - | - |
| Suppliers440/4 | - | - | - | €17,605 | €8,265 | €29,665 | €8,200 | - | - |
| Other amounts payable47/48 | - | - | - | - | - | €3,000 | €3,000 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €289 | -€826 | -€701 | €300 | -€884 | -€72,368 | €6,914 | €2,040 | ▼ 70.5% |
| + Depreciation and write-downs630 | €15,153 | €6,403 | €6,403 | €6,403 | €6,402 | €6,403 | €6,267 | €6,240 | ▼ 0.4% |
| Operating cash flow (approximation) | €15,442 | €5,577 | €5,702 | €6,703 | €5,518 | -€65,965 | €13,181 | €8,280 | ▼ 37.2% |
| Investment in fixed assets (approximation) | - | €0 | -€1 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€8,028 | -€5,221 | -€1,183 | €19,679 | -€18,303 | €12,388 | -€11,139 | - |
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, 17,041 companies had the same profile as INTREX has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of INTREX itself: 0.4% 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 17,041 companies, not a prediction for INTREX. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 13-07-2026 | 2026-00303360 | |
| 31-12-2024 | micro format | 04-07-2025 | 2025-00241205 | |
| 31-12-2023 | micro format | 24-08-2024 | 2024-00385066 | |
| 31-12-2022 | micro format | 23-08-2023 | 2023-00393321 | |
| 31-12-2021 | micro format | 23-08-2022 | 2022-20325881 | |
| 31-12-2020 | micro format | 25-07-2021 | 2021-40900428 | |
| 31-12-2019 | micro format | 18-08-2020 | 2020-42500064 | |
| 31-12-2018 | micro format | 05-07-2019 | 2019-30100399 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-56200134 | |
| 31-12-2016 | abbreviated format | 16-06-2017 | 2017-19000327 |