Oxalys
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 14 filings
Turnover
€122,594▲ 35.6%
2024 · €90,406
EBIT margin
-10.7%▲ 11.7pp
2024 · -22.4%
Net result
-€12,503▲ 34.5%
2024 · -€19,076
Working capital
€172,935▼ 6.0%
2024 · €184,038
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€122,594
▲ 35.6%
2025
20182025
Operating result
-€13,135
▲ 35.2%
2025
20182025
Net result
-€12,503
▲ 34.5%
2025
lowest quarter of the sector
20182025
EBIT margin
-10.7%
▲ 11.7pp
2025
20182025
Equity
€178,408
▼ 6.5%
2025
highest quarter of the sector
20182025
Total assets
€223,837
▼ 7.2%
2025
middle half of the sector
20182025
Debt
€45,429
▼ 9.6%
2025
20182025
Working capital
€172,935
▼ 6.0%
2025
highest quarter of the sector
20182025
Solvency
79.7%
▲ 0.5pp
2025
highest quarter of the sector
20182025
Current ratio
4.81
▲ 0.15
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-5.6%
▲ 2.3pp
2025
lowest quarter 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
Turnover€110,694-€75,660▼ 31.6%€41,695▼ 44.9%€56,250▲ 34.9%€81,502▲ 44.9%€111,746▲ 37.1%€90,406▼ 19.1%€122,594▲ 35.6%
Operating result€9,373-€28,901▲ 208%€19,254▼ 33.4%€9,420▼ 51.1%-€9,402€2,544-€20,273-€13,135▲ 35.2%
Net result€9,053-€28,868▲ 219%€18,940within the sector's middle half▼ 34.4%€9,221within the sector's middle half▼ 51.3%-€10,290below the sector's middle half€2,626within the sector's middle half-€19,076below the sector's middle half-€12,503below the sector's middle half▲ 34.5%
EBIT margin8.5%-38.2%▲ 29.7pp46.2%▲ 8.0pp16.7%▼ 29.4pp-11.5%▼ 28.3pp2.3%▲ 13.8pp-22.4%▼ 24.7pp-10.7%▲ 11.7pp
Equity€160,622-€189,490▲ 18.0%€208,430within the sector's middle half▲ 10.0%€217,651within the sector's middle half▲ 4.4%€207,361above the sector's middle half▼ 4.7%€209,987above the sector's middle half▲ 1.3%€190,911above the sector's middle half▼ 9.1%€178,408above the sector's middle half▼ 6.5%
Total assets€211,368-€244,486▲ 15.7%€261,469within the sector's middle half▲ 6.9%€268,188within the sector's middle half▲ 2.6%€260,176within the sector's middle half▼ 3.0%€263,076within the sector's middle half▲ 1.1%€241,180within the sector's middle half▼ 8.3%€223,837within the sector's middle half▼ 7.2%
Debt€50,746-€54,996▲ 8.4%€53,039▼ 3.6%€50,537▼ 4.7%€52,815▲ 4.5%€53,089▲ 0.5%€50,269▼ 5.3%€45,429▼ 9.6%
Working capital€159,349-€184,473▲ 15.8%€205,285within the sector's middle half▲ 11.3%€216,378within the sector's middle half▲ 5.4%€206,088above the sector's middle half▼ 4.8%€204,504above the sector's middle half▼ 0.8%€184,038above the sector's middle half▼ 10.0%€172,935above the sector's middle half▼ 6.0%
Solvency76.0%-77.5%▲ 1.5pp79.7%above the sector's middle half▲ 2.2pp81.2%above the sector's middle half▲ 1.4pp79.7%above the sector's middle half▼ 1.5pp79.8%above the sector's middle half▲ 0.1pp79.2%above the sector's middle half▼ 0.7pp79.7%above the sector's middle half▲ 0.5pp
Current ratio4.14-4.35▲ 0.214.87above the sector's middle half▲ 0.525.28above the sector's middle half▲ 0.414.90above the sector's middle half▼ 0.384.85above the sector's middle half▼ 0.054.66above the sector's middle half▼ 0.194.81above the sector's middle half▲ 0.15
Return on assets (ROA)4.3%-11.8%▲ 7.5pp7.2%within the sector's middle half▼ 4.6pp3.4%within the sector's middle half▼ 3.8pp-4.0%below the sector's middle half▼ 7.4pp1.0%within the sector's middle half▲ 5.0pp-7.9%below the sector's middle half▼ 8.9pp-5.6%below the sector's middle half▲ 2.3pp
Staff (FTE)4.3-2.8▼ 34.9%3within the sector's middle half▲ 7.1%2.6within the sector's middle half▼ 13.3%
above
within
below
The sector band is the middle half of the companies in Arts creation and performing arts activities (NACE 90). 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 €13,135, smaller than the loss of €20,273 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €223,837
Fixed assets
€5,473 ▼ 20.4%
Current assets
€218,364 ▼ 6.8%
Equity and liabilities €223,837
Equity
€178,408 ▼ 6.5%
Debt
€45,429 ▼ 9.6%
Debt's share of the balance-sheet total falls from 20.8% to 20.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€11,735▲
2024 · -€14,663
Cash flow
-€11,103▲
2024 · -€13,466
Debt to equity
0.25▼
2024 · 0.26
ROE
-7.0%▲
2024 · -10.0%
Interest coverage
-64.83▲
2024 · -124.26
Debt ≤ 1 year
€45,429▼
2024 · €50,269
Customer credit
30 days▼
2024 · 77 days
Supplier credit
18 days▼
2024 · 49 days
Staff costs
€177,355▲
2024 · €174,978
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 | - | - | - | €7,000 | - |
| Intangible fixed assets | - | - | €8,420 | - | - |
| Depreciation and write-downs of the year | €1,872 | - | €4,210 | €5,610 | €1,400 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 5 entries · €946,832 awarded · €922,706 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €242,966 | €241,330 |
| 2024 | 1 | €237,276 | €235,698 |
| 2023 | 2 | €232,648 | €234,449 |
| 2022 | 1 | €233,942 | €211,229 |
Wallonia-Brussels Federation
2023 · 1 entry · €1,756 in totalAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €110,694 | €75,660 | €41,695 | €56,250 | €81,502 | €111,746 | €90,406 | €122,594 | ▲ 35.6% |
| Membership fees, donations, legacies and grants73 | - | - | - | €228,683 | €237,803 | €238,004 | €243,057 | €247,402 | ▲ 1.8% |
| Non-recurring operating income76A | - | - | - | €375 | - | €5,825 | €3,205 | €1,611 | ▼ 49.7% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €117,408 | €152,038 | €175,534 | €170,397 | €195,768 | ▲ 14.9% |
| Remuneration, social security and pensions62 | - | - | - | €156,984 | €178,505 | €172,843 | €174,978 | €177,355 | ▲ 1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €1,872 | €1,872 | €1,872 | - | €4,210 | €5,610 | €1,400 | ▼ 75.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €5,402 | - |
| Other operating charges640/8 | - | - | - | - | - | - | - | €43 | - |
| Non-recurring operating charges66A | - | - | - | €926 | - | €1,804 | €6,656 | €30 | ▼ 99.5% |
| Gross operating margin9900 | €183,118 | €185,577 | €158,494 | €169,202 | €169,103 | €181,401 | €166,971 | €171,095 | ▲ 2.5% |
| Operating profit (loss)9901 | €9,373 | €28,901 | €19,254 | €9,420 | -€9,402 | €2,544 | -€20,273 | -€13,135 | ▲ 35.2% |
| Financial income75/76B | - | - | - | - | - | €437 | €1,315 | €813 | ▼ 38.2% |
| Recurring financial income75 | €96 | €553 | €52 | - | - | €437 | €1,315 | €813 | ▼ 38.2% |
| Financial charges65/66B | - | - | - | €199 | €888 | €355 | €118 | €181 | ▲ 53.4% |
| Recurring financial charges65 | €314 | €585 | €366 | €199 | €888 | €355 | €118 | €181 | ▲ 53.4% |
| Profit (loss) for the period before taxes9903 | €9,155 | €28,869 | €18,940 | €9,221 | -€10,290 | €2,626 | -€19,076 | -€12,503 | ▲ 34.5% |
| Profit (loss) for the period9904 | €9,053 | €28,868 | €18,940 | €9,221 | -€10,290 | €2,626 | -€19,076 | -€12,503 | ▲ 34.5% |
| Profit (loss) for the period to be appropriated9905 | €9,053 | €28,868 | €18,940 | €9,221 | -€10,290 | €2,626 | -€19,076 | -€12,503 | ▲ 34.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €211,368 | €244,486 | €261,469 | €268,188 | €260,176 | €263,076 | €241,180 | €223,837 | ▼ 7.2% |
| Fixed assets21/28 | €1,273 | €5,017 | €3,145 | €1,273 | €1,273 | €5,483 | €6,873 | €5,473 | ▼ 20.4% |
| Intangible fixed assets21 | - | - | - | - | - | €4,210 | - | - | - |
| Tangible fixed assets22/27 | - | €3,744 | €1,872 | - | - | - | €5,600 | €4,200 | ▼ 25.0% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €5,600 | €4,200 | ▼ 25.0% |
| Financial fixed assets28 | €1,273 | €1,273 | €1,273 | €1,273 | €1,273 | €1,273 | €1,273 | €1,273 | = |
| Current assets29/58 | €210,095 | €239,469 | €258,324 | €266,915 | €258,903 | €257,593 | €234,307 | €218,364 | ▼ 6.8% |
| Amounts receivable within one year40/41 | €38,852 | €39,502 | €44,279 | €45,441 | €66,852 | €59,495 | €54,774 | €43,677 | ▼ 20.3% |
| Trade receivables40 | - | - | - | €12,465 | €33,114 | €24,441 | €19,000 | €10,024 | ▼ 47.2% |
| Other amounts receivable41 | - | - | - | €32,976 | €33,738 | €35,054 | €35,774 | €33,653 | ▼ 5.9% |
| Cash at bank and in hand54/58 | €171,243 | €199,867 | €214,045 | €221,474 | €192,051 | €198,098 | €179,533 | €174,475 | ▼ 2.8% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €212 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €211,368 | €244,486 | €261,469 | €268,188 | €260,176 | €263,076 | €241,180 | €223,837 | ▼ 7.2% |
| Equity10/15 | €160,622 | €189,490 | €208,430 | €217,651 | €207,361 | €209,987 | €190,911 | €178,408 | ▼ 6.5% |
| Reserves13 | - | - | - | €154,666 | €154,666 | €154,666 | €154,666 | €154,666 | = |
| Profit (loss) carried forward14 | €64,982 | €40,546 | €53,764 | €62,985 | €52,695 | €55,321 | €36,245 | €23,742 | ▼ 34.5% |
| Amounts payable17/49 | €50,746 | €54,996 | €53,039 | €50,537 | €52,815 | €53,089 | €50,269 | €45,429 | ▼ 9.6% |
| Amounts payable within one year42/48 | €50,746 | €54,996 | €53,039 | €50,537 | €52,815 | €53,089 | €50,269 | €45,429 | ▼ 9.6% |
| Trade debts44 | €33,600 | €41,744 | €36,020 | €33,625 | €33,698 | €18,311 | €23,036 | €9,597 | ▼ 58.3% |
| Suppliers440/4 | - | - | - | €33,625 | €33,698 | €18,311 | €23,036 | €9,597 | ▼ 58.3% |
| Taxes, remuneration and social security45 | - | - | - | €16,912 | €19,117 | €34,778 | €27,233 | €35,832 | ▲ 31.6% |
| Taxes450/3 | - | - | - | - | €1,046 | €4,561 | €4,444 | €3,812 | ▼ 14.2% |
| Remuneration and social security454/9 | - | - | - | €16,912 | €18,071 | €30,217 | €22,789 | €32,020 | ▲ 40.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,053 | €28,868 | €18,940 | €9,221 | -€10,290 | €2,626 | -€19,076 | -€12,503 | ▲ 34.5% |
| + Depreciation and write-downs630 | - | €1,872 | €1,872 | €1,872 | - | €4,210 | €5,610 | €1,400 | ▼ 75.0% |
| Operating cash flow (approximation) | €9,053 | €30,740 | €20,812 | €11,093 | -€10,290 | €6,836 | -€13,466 | -€11,103 | ▲ 17.5% |
| Investment in fixed assets (approximation) | - | -€5,616 | €0 | €0 | €0 | -€8,420 | -€7,000 | €0 | - |
| Change in cash | - | €28,624 | €14,178 | €7,429 | -€29,423 | €6,047 | -€18,565 | -€5,058 | ▲ 72.8% |
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, 12,322 companies had the same profile as Oxalys has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Oxalys itself: < 0.1% 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 12,322 companies, not a prediction for Oxalys. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00233391 | |
| 31-12-2024 | micro format | 17-07-2025 | 2025-00295994 | |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00201925 | |
| 31-12-2022 | micro format | 07-09-2023 | 2023-00444947 | |
| 31-12-2021 | abbreviated format | 23-08-2022 | 2022-20331425 | |
| 31-12-2020 | abbreviated format | 18-07-2021 | 2021-37700526 | |
| 31-12-2019 | abbreviated format | 26-05-2020 | 2020-14100420 | |
| 31-12-2018 | abbreviated format | 14-05-2019 | 2019-13300221 | |
| 31-12-2017 | abbreviated format | 01-06-2018 | 2018-16200339 | |
| 31-12-2016 | abbreviated format | 05-07-2017 | 2017-27800278 |