MIXEL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 5 filings
Turnover
≈ €17,000
Estimated: probably between €10,000 and €38,000
Total assets
€23,356▼ 10.5%
2024 · €26,083
Net result
€659▼ 74.5%
2024 · €2,585
Working capital
€5,212▲ 90.6%
2024 · €2,734
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€2,207
▼ 51.4%
2025
20212025
Net result
€659
▼ 74.5%
2025
middle half of the sector
20212025
Equity
€6,803
▲ 10.7%
2025
lowest quarter of the sector
20212025
Total assets
€23,356
▼ 10.5%
2025
lowest quarter of the sector
20212025
Debt
€16,553
▼ 17.0%
2025
20212025
Working capital
€5,212
▲ 90.6%
2025
middle half of the sector
20212025
Solvency
29.1%
▲ 5.6pp
2025
middle half of the sector
20212025
Current ratio
1.31
▲ 0.18
2025
middle half of the sector
20212025
Return on assets (ROA)
2.8%
▼ 7.1pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€2,576-€1,671▼ 35.1%€1,424▼ 14.8%€4,540▲ 219%€2,207▼ 51.4%
Net result€1,421within the sector's middle half-€78within the sector's middle half▼ 94.5%€59within the sector's middle half▼ 23.7%€2,585within the sector's middle half▲ 44×€659within the sector's middle half▼ 74.5%
Equity€3,421below the sector's middle half-€3,499below the sector's middle half▲ 2.3%€3,558below the sector's middle half▲ 1.7%€6,143below the sector's middle half▲ 72.7%€6,803below the sector's middle half▲ 10.7%
Total assets€28,551below the sector's middle half-€24,827below the sector's middle half▼ 13.0%€25,653below the sector's middle half▲ 3.3%€26,083below the sector's middle half▲ 1.7%€23,356below the sector's middle half▼ 10.5%
Debt€25,130-€21,328▼ 15.1%€22,095▲ 3.6%€19,940▼ 9.8%€16,553▼ 17.0%
Working capital-€6,201below the sector's middle half--€4,547below the sector's middle half▲ 26.7%-€2,003within the sector's middle half▲ 56.0%€2,734within the sector's middle half€5,212within the sector's middle half▲ 90.6%
Solvency12.0%below the sector's middle half-14.1%below the sector's middle half▲ 2.1pp13.9%below the sector's middle half▼ 0.2pp23.6%within the sector's middle half▲ 9.7pp29.1%within the sector's middle half▲ 5.6pp
Current ratio0.74below the sector's middle half-0.79below the sector's middle half▲ 0.040.91below the sector's middle half▲ 0.121.14within the sector's middle half▲ 0.231.31within the sector's middle half▲ 0.18
Return on assets (ROA)5.0%within the sector's middle half-0.3%within the sector's middle half▼ 4.7pp0.2%within the sector's middle half▼ 0.1pp9.9%within the sector's middle half▲ 9.7pp2.8%within the sector's middle half▼ 7.1pp
above
within
below
The sector band is the middle half of the companies in Motion picture, video and television programme production, sound recording and music publishing activities (NACE 59). 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 51% lower than in 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 €23,356
Fixed assets
€1,591 ▼ 53.3%
Current assets
€21,765 ▼ 4.0%
Equity and liabilities €23,356
Equity
€6,803 ▲ 10.7%
Debt
€16,553 ▼ 17.0%
Debt's share of the balance-sheet total falls from 76.4% to 70.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€4,026▼
2024 · €6,692
Cash flow
€2,478▼
2024 · €4,737
Debt to equity
2.43▼
2024 · 3.25
ROE
9.7%▼
2024 · 42.1%
Interest coverage
10.06▼
2024 · 17.70
Debt ≤ 1 year
€16,553▼
2024 · €19,940
Income taxes
€1,148▼
2024 · €1,577
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €11,091 | - | - | - | - |
| Depreciation and write-downs of the year | €561 | €2,485 | €2,485 | €2,152 | €1,818 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €561 | €2,485 | €2,485 | €2,152 | €1,818 | ▼ 15.5% |
| Other operating charges640/8 | €2,773 | €602 | €719 | €673 | €1,064 | ▲ 58.2% |
| Gross operating margin9900 | €5,910 | €4,758 | €4,628 | €7,365 | €5,090 | ▼ 30.9% |
| Operating profit (loss)9901 | €2,576 | €1,671 | €1,424 | €4,540 | €2,207 | ▼ 51.4% |
| Financial charges65/66B | €203 | €543 | €454 | €378 | €400 | ▲ 5.9% |
| Recurring financial charges65 | €203 | €543 | €454 | €378 | €400 | ▲ 5.9% |
| Profit (loss) for the period before taxes9903 | €2,373 | €1,128 | €970 | €4,162 | €1,807 | ▼ 56.6% |
| Income taxes67/77 | €952 | €1,050 | €911 | €1,577 | €1,148 | ▼ 27.2% |
| Profit (loss) for the period9904 | €1,421 | €78 | €59 | €2,585 | €659 | ▼ 74.5% |
| Profit (loss) for the period to be appropriated9905 | €1,421 | €78 | €59 | €2,585 | €659 | ▼ 74.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €28,551 | €24,827 | €25,653 | €26,083 | €23,356 | ▼ 10.5% |
| Fixed assets21/28 | €10,531 | €8,046 | €5,561 | €3,409 | €1,591 | ▼ 53.3% |
| Tangible fixed assets22/27 | €10,531 | €8,046 | €5,561 | €3,409 | €1,591 | ▼ 53.3% |
| Furniture and vehicles24 | €10,531 | €8,046 | €5,561 | €3,409 | €1,591 | ▼ 53.3% |
| Current assets29/58 | €18,021 | €16,781 | €20,092 | €22,674 | €21,765 | ▼ 4.0% |
| Amounts receivable within one year40/41 | €6,167 | €6,219 | €7,452 | €6,480 | €6,294 | ▼ 2.9% |
| Trade receivables40 | €5,167 | €6,219 | €6,452 | €5,391 | €5,294 | ▼ 1.8% |
| Other amounts receivable41 | €1,000 | - | €1,000 | €1,089 | €1,000 | ▼ 8.2% |
| Cash at bank and in hand54/58 | €11,854 | €10,562 | €12,640 | €16,194 | €15,471 | ▼ 4.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €28,551 | €24,827 | €25,653 | €26,083 | €23,356 | ▼ 10.5% |
| Equity10/15 | €3,421 | €3,499 | €3,558 | €6,143 | €6,803 | ▲ 10.7% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Profit (loss) carried forward14 | €1,421 | €1,499 | €1,558 | €4,143 | €4,803 | ▲ 15.9% |
| Amounts payable17/49 | €25,130 | €21,328 | €22,095 | €19,940 | €16,553 | ▼ 17.0% |
| Amounts payable within one year42/48 | €24,222 | €21,328 | €22,095 | €19,940 | €16,553 | ▼ 17.0% |
| Trade debts44 | €1,599 | €949 | €709 | €1,046 | €1,115 | ▲ 6.6% |
| Suppliers440/4 | €1,599 | €949 | €709 | €1,046 | €1,115 | ▲ 6.6% |
| Taxes, remuneration and social security45 | €4,041 | €6,004 | €7,260 | €7,207 | €6,691 | ▼ 7.2% |
| Taxes450/3 | €2,741 | €4,604 | €5,960 | €5,907 | €5,255 | ▼ 11.0% |
| Remuneration and social security454/9 | €1,300 | €1,400 | €1,300 | €1,300 | €1,436 | ▲ 10.5% |
| Other amounts payable47/48 | €18,582 | €14,374 | €14,126 | €11,686 | €8,747 | ▼ 25.1% |
| Accrued charges and deferred income492/3 | €908 | - | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,421 | €78 | €59 | €2,585 | €659 | ▼ 74.5% |
| + Depreciation and write-downs630 | €561 | €2,485 | €2,485 | €2,152 | €1,818 | ▼ 15.5% |
| Operating cash flow (approximation) | €1,981 | €2,563 | €2,544 | €4,737 | €2,478 | ▼ 47.7% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€1,292 | €2,078 | €3,555 | -€723 | - |
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, 3,274 companies had the same profile as MIXEL has now. Two years later, 94.7% were still going and 2.5% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
94.7%
was still going
2.5%
stopped otherwise
2.5%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MIXEL itself is lower: 0.2% within 12 months. It rests on far more data about MIXEL than the profile alone.
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 3,274 companies, not a prediction for MIXEL. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-07-2026 | 2026-00331708 | |
| 31-12-2024 | micro format | 22-07-2025 | 2025-00306281 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00185056 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00283733 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20342258 |