PYX
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 12 filings
Turnover
≈ €140,000
Estimated: probably between €80,000 and €190,000
Total assets
€188,700▼ 8.5%
2024 · €206,128
Net result
€29,175▼ 47.0%
2024 · €55,067
Working capital
€79,244▼ 25.3%
2024 · €106,069
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€46,234
▼ 39.3%
2025
20182025
Net result
€29,175
▼ 47.0%
2025
middle half of the sector
20182025
Equity
€79,244
▼ 25.3%
2025
middle half of the sector
20182025
Total assets
€188,700
▼ 8.5%
2025
middle half of the sector
20182025
Debt
€109,456
▲ 9.4%
2025
20182025
Working capital
€79,244
▼ 25.3%
2025
middle half of the sector
20182025
Solvency
42.0%
▼ 9.5pp
2025
middle half of the sector
20182025
Current ratio
1.72
▼ 0.34
2025
middle half of the sector
20182025
Return on assets (ROA)
15.5%
▼ 11.3pp
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€24,796-€13,988▼ 43.6%-€54,508-€32,989▲ 39.5%€63,180€89,346▲ 41.4%€76,151▼ 14.8%€46,234▼ 39.3%
Net result€17,691-€9,803▼ 44.6%-€54,697below the sector's middle half-€33,877below the sector's middle half▲ 38.1%€57,143within the sector's middle half€65,233above the sector's middle half▲ 14.2%€55,067within the sector's middle half▼ 15.6%€29,175within the sector's middle half▼ 47.0%
Equity€124,396-€115,699▼ 7.0%€61,003within the sector's middle half▼ 47.3%€13,126below the sector's middle half▼ 78.5%€11,769below the sector's middle half▼ 10.3%€60,002within the sector's middle half▲ 410%€106,069within the sector's middle half▲ 76.8%€79,244within the sector's middle half▼ 25.3%
Total assets€155,370-€139,060▼ 10.5%€64,696below the sector's middle half▼ 53.5%€29,596below the sector's middle half▼ 54.3%€112,130within the sector's middle half▲ 279%€167,103within the sector's middle half▲ 49.0%€206,128within the sector's middle half▲ 23.4%€188,700within the sector's middle half▼ 8.5%
Debt€30,974-€23,360▼ 24.6%€3,693▼ 84.2%€16,471▲ 346%€100,361▲ 509%€107,102▲ 6.7%€100,059▼ 6.6%€109,456▲ 9.4%
Working capital€123,661-€115,209▼ 6.8%€60,758within the sector's middle half▼ 47.3%€13,126within the sector's middle half▼ 78.4%€3,441within the sector's middle half▼ 73.8%€58,459within the sector's middle half▲ 17×€106,069within the sector's middle half▲ 81.4%€79,244within the sector's middle half▼ 25.3%
Solvency80.1%-83.2%▲ 3.1pp94.3%above the sector's middle half▲ 11.1pp44.3%within the sector's middle half▼ 49.9pp10.5%below the sector's middle half▼ 33.9pp35.9%within the sector's middle half▲ 25.4pp51.5%within the sector's middle half▲ 15.6pp42.0%within the sector's middle half▼ 9.5pp
Current ratio4.99-5.93▲ 0.9417.45above the sector's middle half▲ 11.521.80within the sector's middle half▼ 15.651.03below the sector's middle half▼ 0.761.55within the sector's middle half▲ 0.512.06within the sector's middle half▲ 0.511.72within the sector's middle half▼ 0.34
Return on assets (ROA)11.4%-7.0%▼ 4.3pp-84.5%below the sector's middle half▼ 91.6pp-114.5%below the sector's middle half▼ 29.9pp51.0%above the sector's middle half▲ 165.4pp39.0%above the sector's middle half▼ 11.9pp26.7%within the sector's middle half▼ 12.3pp15.5%within the sector's middle half▼ 11.3pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 39% lower than in 2024. It is the second fall in a row.
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
Equity and liabilities €188,700
Equity
€79,244 ▼ 25.3%
Debt
€109,456 ▲ 9.4%
Debt's share of the balance-sheet total rises from 48.5% to 58.0%. Equity is lower and debt is higher.
Key figures and ratios
Debt to equity
1.38▲
2024 · 0.94
ROE
36.8%▼
2024 · 51.9%
Debt ≤ 1 year
€109,456▲
2024 · €100,059
Income taxes
€14,646▼
2024 · €18,551
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 | - | €13,571 | - | - | - |
| Depreciation and write-downs of the year | €245 | €5,242 | €6,785 | €0 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €4,919 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €497 | €245 | €245 | €245 | €5,242 | €6,785 | €0 | - | - |
| Other operating charges640/8 | - | - | - | - | €867 | €497 | €5,884 | €928 | ▼ 84.2% |
| Gross operating margin9900 | €25,293 | €14,233 | -€54,264 | -€32,744 | €69,289 | €96,628 | €82,035 | €47,162 | ▼ 42.5% |
| Operating profit (loss)9901 | €24,796 | €13,988 | -€54,508 | -€32,989 | €63,180 | €89,346 | €76,151 | €46,234 | ▼ 39.3% |
| Financial income75/76B | - | - | - | €200 | €64 | €26 | €47 | €48 | ▲ 0.3% |
| Recurring financial income75 | €1,831 | €1,800 | €849 | €200 | €64 | €26 | €47 | €48 | ▲ 0.3% |
| Financial charges65/66B | - | - | - | €889 | €339 | €239 | €2,580 | €2,461 | ▼ 4.6% |
| Recurring financial charges65 | €850 | €896 | €879 | €889 | €339 | €239 | €2,580 | €2,461 | ▼ 4.6% |
| Profit (loss) for the period before taxes9903 | €25,777 | €14,892 | -€54,539 | -€33,678 | €62,905 | €89,133 | €73,618 | €43,821 | ▼ 40.5% |
| Income taxes67/77 | €8,086 | €5,089 | €158 | €199 | €5,762 | €23,901 | €18,551 | €14,646 | ▼ 21.1% |
| Profit (loss) for the period9904 | €17,691 | €9,803 | -€54,697 | -€33,877 | €57,143 | €65,233 | €55,067 | €29,175 | ▼ 47.0% |
| Profit (loss) for the period to be appropriated9905 | €17,691 | €9,803 | -€54,697 | -€33,877 | €57,143 | €65,233 | €55,067 | €29,175 | ▼ 47.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €155,370 | €139,060 | €64,696 | €29,596 | €112,130 | €167,103 | €206,128 | €188,700 | ▼ 8.5% |
| Fixed assets21/28 | €735 | €490 | €245 | - | €8,328 | €1,543 | €0 | - | - |
| Tangible fixed assets22/27 | €735 | €490 | €245 | - | €8,328 | €1,543 | €0 | - | - |
| Furniture and vehicles24 | - | - | - | - | €8,328 | €1,543 | €0 | - | - |
| Current assets29/58 | €154,635 | €138,570 | €64,451 | €29,596 | €103,802 | €165,560 | €206,128 | €188,700 | ▼ 8.5% |
| Amounts receivable within one year40/41 | €79,239 | €82,869 | €42,813 | €10,281 | €34,606 | €36,203 | €21,731 | €29,814 | ▲ 37.2% |
| Trade receivables40 | - | - | - | - | €34,606 | €36,203 | €21,731 | €29,814 | ▲ 37.2% |
| Other amounts receivable41 | - | - | - | €10,281 | - | - | - | - | - |
| Current investments50/53 | €9,896 | €9,896 | €9,896 | €9,896 | €9,960 | €9,986 | €10,034 | €10,081 | ▲ 0.5% |
| Cash at bank and in hand54/58 | €65,250 | €45,554 | €10,539 | €8,215 | €57,062 | €117,646 | €173,042 | €147,308 | ▼ 14.9% |
| Deferred charges and accrued income490/1 | - | - | - | €1,204 | €2,173 | €1,725 | €1,321 | €1,496 | ▲ 13.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €155,370 | €139,060 | €64,696 | €29,596 | €112,130 | €167,103 | €206,128 | €188,700 | ▼ 8.5% |
| Equity10/15 | €124,396 | €115,699 | €61,003 | €13,126 | €11,769 | €60,002 | €106,069 | €79,244 | ▼ 25.3% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Capital10 | - | - | - | €12,400 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | - | - | - | - | - |
| Uncalled capital101 | - | - | - | €6,200 | - | - | - | - | - |
| Reserves13 | €111,996 | €103,299 | €103,299 | €89,299 | €83,860 | €130,860 | €176,860 | €150,035 | ▼ 15.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Legal reserve130 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €87,439 | €82,000 | €130,860 | €176,860 | €150,035 | ▼ 15.2% |
| Profit (loss) carried forward14 | - | - | -€54,697 | -€88,574 | -€84,491 | -€83,258 | -€83,191 | -€83,191 | = |
| Amounts payable17/49 | €30,974 | €23,360 | €3,693 | €16,471 | €100,361 | €107,102 | €100,059 | €109,456 | ▲ 9.4% |
| Amounts payable within one year42/48 | €30,974 | €23,360 | €3,693 | €16,471 | €100,361 | €107,102 | €100,059 | €109,456 | ▲ 9.4% |
| Trade debts44 | €21,687 | €3,603 | €3,692 | €1,626 | €2,482 | €7,800 | €0 | €9,338 | - |
| Suppliers440/4 | - | - | - | €1,626 | €2,482 | €7,800 | €0 | €9,338 | - |
| Taxes, remuneration and social security45 | - | - | - | - | €10,631 | €16,298 | €5,359 | €20,796 | ▲ 288% |
| Taxes450/3 | - | - | - | - | €10,631 | €16,298 | €5,359 | €20,796 | ▲ 288% |
| Other amounts payable47/48 | - | - | - | €14,845 | €87,248 | €83,004 | €94,700 | €79,322 | ▼ 16.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,691 | €9,803 | -€54,697 | -€33,877 | €57,143 | €65,233 | €55,067 | €29,175 | ▼ 47.0% |
| + Depreciation and write-downs630 | €497 | €245 | €245 | €245 | €5,242 | €6,785 | €0 | - | - |
| Operating cash flow (approximation) | €18,188 | €10,048 | -€54,452 | -€33,632 | €62,386 | €72,018 | €55,067 | €29,175 | ▼ 47.0% |
| Investment in fixed assets (approximation) | - | €0 | €0 | - | - | €0 | €1,543 | - | - |
| Change in cash | - | -€19,695 | -€35,016 | -€2,324 | €48,847 | €60,584 | €55,396 | -€25,734 | - |
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, 34,693 companies had the same profile as PYX has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of PYX 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 34,693 companies, not a prediction for PYX. 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 | 30-07-2026 | 2026-00374175 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00474535 | |
| 31-12-2023 | micro format | 25-07-2024 | 2024-00299867 | |
| 31-12-2022 | micro format | 28-07-2023 | 2023-00308032 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20387789 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-62800510 | |
| 31-12-2019 | micro format | 28-08-2020 | 2020-48400479 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-56400547 | |
| 31-12-2017 | micro format | 29-08-2018 | 2018-55900186 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-59200222 |