Project Fox
ActiveFrom the official registers: KBO 2 annual accounts at the National Bank publications in the Belgian Official Gazette
Summary
Project Fox has been active since 2018 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €53,042 and a net result of €1,726. Its solvency ranks better than 33% of 13,716 sector peers (NACE 46, financial year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Financials · financial year 2025, micro format
Annual accounts 2025
- Financial year ended
- 31-12-2025
- Filed on
- 23-07-2026
- Format
- micro format
- Reference
- 2026-00320157
2024 to 2025, 2 financial years
The operating result for 2025 is 58% lower than in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Average staff per financial year, in full-time equivalents (FTE).
Use the arrow keys on the chart for the figures per year.
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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Companies with the same profile, two years later
Historical observationIn July 2024, 3,274 companies had the same profile as Project Fox has now. Two years later, 2.5% had gone bankrupt and 94.7% were still going.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Project Fox itself is lower: 0.5% within 12 months. It rests on far more data about Project Fox than the profile alone.
Test of the method
The method was tested on the 497,445 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 Project Fox. 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.
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Remuneration, social security and pensions62 | €21,911 | €39,297 | ▲ 79.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,055 | €3,472 | ▲ 229% |
| Other operating charges640/8 | €1,413 | €788 | ▼ 44.2% |
| Gross operating margin9900 | €71,159 | €63,077 | ▼ 11.4% |
| Operating profit (loss)9901 | €46,780 | €19,520 | ▼ 58.3% |
| Financial income75/76B | €5,902 | €2,064 | ▼ 65.0% |
| Recurring financial income75 | €5,902 | €2,064 | ▼ 65.0% |
| Financial charges65/66B | €7,881 | €19,448 | ▲ 147% |
| Recurring financial charges65 | €7,881 | €19,448 | ▲ 147% |
| Profit (loss) for the period before taxes9903 | €44,801 | €2,136 | ▼ 95.2% |
| Income taxes67/77 | €10,106 | €409 | ▼ 95.9% |
| Profit (loss) for the period9904 | €34,695 | €1,726 | ▼ 95.0% |
| Profit (loss) for the period to be appropriated9905 | €34,695 | €1,726 | ▼ 95.0% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Assets | |||
| Total assets20/58 | €252,298 | €286,113 | ▲ 13.4% |
| Fixed assets21/28 | €2,723 | €25,351 | ▲ 831% |
| Intangible fixed assets21 | - | €7,575 | - |
| Tangible fixed assets22/27 | €2,723 | €17,775 | ▲ 553% |
| Plant, machinery and equipment23 | €1,269 | €9,759 | ▲ 669% |
| Furniture and vehicles24 | €759 | €7,891 | ▲ 939% |
| Other tangible fixed assets26 | €695 | €125 | ▼ 82.0% |
| Current assets29/58 | €249,575 | €260,762 | ▲ 4.5% |
| Stocks and contracts in progress3 | €103,200 | €209,941 | ▲ 103% |
| Stocks30/36 | €103,200 | €209,941 | ▲ 103% |
| Amounts receivable within one year40/41 | €56,553 | €16,606 | ▼ 70.6% |
| Trade receivables40 | €56,325 | €5,128 | ▼ 90.9% |
| Other amounts receivable41 | €228 | €11,478 | ▲ 50× |
| Cash at bank and in hand54/58 | €85,325 | €31,428 | ▼ 63.2% |
| Deferred charges and accrued income490/1 | €4,497 | €2,787 | ▼ 38.0% |
| Equity and liabilities | |||
| Total equity and liabilities10/49 | €252,298 | €286,113 | ▲ 13.4% |
| Equity10/15 | €51,316 | €53,042 | ▲ 3.4% |
| Contributions10/11 | €1,000 | €1,000 | = |
| Reserves13 | €50,316 | €52,042 | ▲ 3.4% |
| Non-distributable reserves130/1 | €0 | - | - |
| Reserves not available under the articles1311 | €0 | - | - |
| Distributable reserves133 | €50,316 | €52,042 | ▲ 3.4% |
| Profit (loss) carried forward14 | €0 | - | - |
| Amounts payable17/49 | €200,983 | €233,071 | ▲ 16.0% |
| Amounts payable within one year42/48 | €196,370 | €227,599 | ▲ 15.9% |
| Trade debts44 | €36,528 | €14,634 | ▼ 59.9% |
| Suppliers440/4 | €36,528 | €14,634 | ▼ 59.9% |
| Taxes, remuneration and social security45 | €51,754 | €35,204 | ▼ 32.0% |
| Taxes450/3 | €48,312 | €26,547 | ▼ 45.1% |
| Remuneration and social security454/9 | €3,442 | €8,657 | ▲ 151% |
| Other amounts payable47/48 | €108,088 | €177,761 | ▲ 64.5% |
| Accrued charges and deferred income492/3 | €4,613 | €5,472 | ▲ 18.6% |
| Line | 2024 | 2025 | Change |
|---|---|---|---|
| Profit (loss) for the period9904 | €34,695 | €1,726 | ▼ 95.0% |
| + Depreciation and write-downs630 | €1,055 | €3,472 | ▲ 229% |
| Operating cash flow (approximation) | €35,750 | €5,198 | ▼ 85.5% |
| Investment in fixed assets (approximation) | - | -€26,099 | - |
| Change in cash | - | -€53,897 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Comparable companies
These companies have the same main activity as Project Fox: wholesale of perfume and cosmetics (NACE 46450). They are comparable in size and age: total assets between €166,000 and €446,000, founded between 2016 and 2019.
| Company | Founded | Total assets | Equity | Gross margin | Turnover | Net result | FTE | Financial year |
|---|---|---|---|---|---|---|---|---|
| Project Fox Ieper | 2018 | €286,113 | €53,042 | €63,077 | - | €1,726 | - | 2025 |
| AP SERVICES CONSULTING Honnelles | 2017 | €235,748 | €112,246 | €53,712 | - | €34,170 | - | 2025 |
| Ansa Haircosmetic Brugge | 2019 | €358,877 | -€87,638 | €45,346 | - | €9,106 | - | 2025 |
| Desix Knokke-Heist | 2019 | €165,986 | -€178,249 | €56,416 | - | -€9,068 | - | 2025 |
| YALEMY Wommelgem | 2016 | €319,419 | €144,543 | €73,543 | - | -€54,737 | - | 2025 |
| MED & SKIN Etterbeek | 2017 | €445,547 | €72,909 | €62,265 | €831,755 | -€46,407 | 4 | 2025 |
| Defrahair Lochristi | 2019 | €229,047 | -€59,500 | €42,484 | - | €21,086 | - | 2025 |
They were chosen from the 481 other active companies with that main activity and annual accounts from the past two years. All companies with this main activity
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.