ORAXIS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 12 filings
Turnover
≈ €130,000
Estimated: probably between €79,000 and €250,000
EBIT margin
Not included in this filing
Net result
€12,654▲ 588%
2024 · €1,839
Working capital
-€15,446▲ 45.0%
2024 · -€28,100
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€12,780
▲ 569%
2025
20182025
Net result
€12,654
▲ 588%
2025
middle half of the sector
20182025
Equity
-€15,446
▲ 45.0%
2025
lowest quarter of the sector
20182025
Total assets
€39,784
▼ 38.6%
2025
lowest quarter of the sector
20182025
Debt
€55,230
▼ 40.5%
2025
20182025
Working capital
-€15,446
▲ 45.0%
2025
lowest quarter of the sector
20182025
Solvency
-38.8%
▲ 4.6pp
2025
lowest quarter of the sector
20182025
Current ratio
0.72
▲ 0.02
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
31.8%
▲ 29.0pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€7,023--€21,149€5,995-€4,855€4,071-€25,137€1,910€12,780▲ 569%
Net result€4,400--€21,151€6,001within the sector's middle half-€5,005below the sector's middle half€3,949within the sector's middle half-€25,240below the sector's middle half€1,839within the sector's middle half€12,654within the sector's middle half▲ 588%
Equity€11,506--€9,645-€3,644below the sector's middle half▲ 62.2%-€8,649below the sector's middle half▼ 137%-€4,699below the sector's middle half▲ 45.7%-€29,939below the sector's middle half▼ 537%-€28,100below the sector's middle half▲ 6.1%-€15,446below the sector's middle half▲ 45.0%
Total assets€13,406-€758▼ 94.3%€3,138below the sector's middle half▲ 314%€1,205below the sector's middle half▼ 61.6%€188,306within the sector's middle half▲ 156×€136,883within the sector's middle half▼ 27.3%€64,746below the sector's middle half▼ 52.7%€39,784below the sector's middle half▼ 38.6%
Debt€1,899-€10,402▲ 448%€6,782▼ 34.8%€9,854▲ 45.3%€193,006▲ 20×€166,823▼ 13.6%€92,846▼ 44.3%€55,230▼ 40.5%
Working capital€9,607--€9,645-€3,644below the sector's middle half▲ 62.2%-€8,649below the sector's middle half▼ 137%-€4,699below the sector's middle half▲ 45.7%-€29,939below the sector's middle half▼ 537%-€28,100below the sector's middle half▲ 6.1%-€15,446below the sector's middle half▲ 45.0%
Solvency85.8%--2.5%below the sector's middle half-21.9%below the sector's middle half▼ 19.4pp-43.4%below the sector's middle half▼ 21.5pp-38.8%below the sector's middle half▲ 4.6pp
Current ratio6.06-0.98below the sector's middle half0.82below the sector's middle half▼ 0.160.70below the sector's middle half▼ 0.120.72below the sector's middle half▲ 0.02
Return on assets (ROA)32.8%-2.1%within the sector's middle half-18.4%below the sector's middle half▼ 20.5pp2.8%within the sector's middle half▲ 21.3pp31.8%above the sector's middle half▲ 29.0pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 6.7 times that of 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Key figures and ratios
Debt ≤ 1 year
€55,230▼
2024 · €92,846
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,289 | €1,899 | - | - | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €673 | €363 | €336 | €169 | - | - |
| Gross operating margin9900 | €9,312 | -€19,250 | €5,995 | -€4,183 | €4,434 | -€24,801 | €2,079 | €12,780 | ▲ 515% |
| Operating profit (loss)9901 | €7,023 | -€21,149 | €5,995 | -€4,855 | €4,071 | -€25,137 | €1,910 | €12,780 | ▲ 569% |
| Recurring financial income75 | €6 | €8 | €35 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €150 | €122 | €103 | €71 | €126 | ▲ 77.7% |
| Recurring financial charges65 | €190 | €9 | €28 | €150 | €122 | €103 | €71 | €126 | ▲ 77.7% |
| Profit (loss) for the period before taxes9903 | €6,839 | -€21,151 | €6,001 | -€5,005 | €3,949 | -€25,240 | €1,839 | €12,654 | ▲ 588% |
| Income taxes67/77 | €2,439 | - | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €4,400 | -€21,151 | €6,001 | -€5,005 | €3,949 | -€25,240 | €1,839 | €12,654 | ▲ 588% |
| Profit (loss) for the period to be appropriated9905 | €4,400 | -€21,151 | €6,001 | -€5,005 | €3,949 | -€25,240 | €1,839 | €12,654 | ▲ 588% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €13,406 | €758 | €3,138 | €1,205 | €188,306 | €136,883 | €64,746 | €39,784 | ▼ 38.6% |
| Fixed assets21/28 | €1,899 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €1,899 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €11,506 | €758 | €3,138 | €1,205 | €188,306 | €136,883 | €64,746 | €39,784 | ▼ 38.6% |
| Stocks and contracts in progress3 | - | - | - | - | €104,749 | €63,622 | €48,677 | - | - |
| Stocks30/36 | - | - | - | - | €104,749 | €63,622 | €48,677 | - | - |
| Amounts receivable within one year40/41 | - | - | €123 | €445 | €60,431 | €6,634 | €7,539 | €37,332 | ▲ 395% |
| Trade receivables40 | - | - | - | - | €60,359 | €6,095 | €6,974 | €36,095 | ▲ 418% |
| Other amounts receivable41 | - | - | - | €445 | €72 | €539 | €566 | €1,237 | ▲ 119% |
| Cash at bank and in hand54/58 | €11,506 | €758 | €3,014 | €760 | €23,126 | €66,628 | €8,530 | €1,064 | ▼ 87.5% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €1,388 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €13,406 | €758 | €3,138 | €1,205 | €188,306 | €136,883 | €64,746 | €39,784 | ▼ 38.6% |
| Equity10/15 | €11,506 | -€9,645 | -€3,644 | -€8,649 | -€4,699 | -€29,939 | -€28,100 | -€15,446 | ▲ 45.0% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Contributions outside capital11 | - | - | - | €12,400 | €12,400 | - | - | - | - |
| Share premium1100/10 | - | - | - | €12,400 | €12,400 | - | - | - | - |
| Profit (loss) carried forward14 | -€894 | -€22,045 | -€16,044 | -€21,049 | -€17,099 | -€42,339 | -€40,500 | -€27,846 | ▲ 31.2% |
| Amounts payable17/49 | €1,899 | €10,402 | €6,782 | €9,854 | €193,006 | €166,823 | €92,846 | €55,230 | ▼ 40.5% |
| Amounts payable within one year42/48 | €1,899 | €10,402 | €6,782 | €9,854 | €193,006 | €166,823 | €92,846 | €55,230 | ▼ 40.5% |
| Trade debts44 | €723 | - | €545 | €1,010 | €57,685 | €31,737 | €1,476 | €6,633 | ▲ 349% |
| Suppliers440/4 | - | - | - | €1,010 | €57,685 | €31,737 | €1,476 | €6,633 | ▲ 349% |
| Taxes, remuneration and social security45 | - | - | - | €1,320 | €7,924 | €11,590 | €121 | - | - |
| Taxes450/3 | - | - | - | €1,320 | €7,924 | €11,590 | €121 | - | - |
| Other amounts payable47/48 | - | - | - | €7,524 | €127,397 | €123,497 | €91,249 | €48,598 | ▼ 46.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,400 | -€21,151 | €6,001 | -€5,005 | €3,949 | -€25,240 | €1,839 | €12,654 | ▲ 588% |
| + Depreciation and write-downs630 | €2,289 | €1,899 | - | - | - | - | - | - | - |
| Operating cash flow (approximation) | €6,689 | -€19,252 | €6,001 | -€5,005 | €3,949 | -€25,240 | €1,839 | €12,654 | ▲ 588% |
| Change in cash | - | -€10,749 | €2,257 | -€2,254 | €22,366 | €43,502 | -€58,098 | -€7,466 | ▲ 87.1% |
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, 3,632 companies had the same profile as ORAXIS has now. Two years later, 91.8% were still going and 2.9% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a profit of 5% of the balance sheet or more
91.8%
was still going
4.8%
stopped otherwise
2.9%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of ORAXIS itself: 1.7% 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 3,632 companies, not a prediction for ORAXIS. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-07-2026 | 2026-00331287 | |
| 31-12-2024 | micro format | 22-08-2025 | 2025-00395953 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00428024 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00441114 | |
| 31-12-2021 | micro format | 01-08-2022 | 2022-20280678 | |
| 31-12-2020 | micro format | 21-09-2021 | 2021-68000325 | |
| 31-12-2019 | micro format | 30-10-2020 | 2020-68100253 | |
| 31-12-2018 | full format | 07-08-2019 | 2019-45600398 | |
| 31-12-2017 | full format | 15-06-2018 | 2018-18800024 | |
| 31-12-2016 | full format | 29-06-2017 | 2017-24200114 |