REFLEX DESIGN
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 18-09-2026 at the NBB all 31 filings
Equity
€3,652▼ 55.0%
2025 · €8,116
Total assets
€16,705▼ 21.6%
2025 · €21,306
Net result
-€4,464▲ 70.7%
2025 · -€15,232
Working capital
€3,652▼ 55.0%
2025 · €8,116
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
-€4,390
▲ 69.9%
2026
20192026
Net result
-€4,464
▲ 70.7%
2026
20192026
Equity
€3,652
▼ 55.0%
2026
20192026
Total assets
€16,705
▼ 21.6%
2026
20192026
Debt
€13,053
▼ 1.0%
2026
20192026
Working capital
€3,652
▼ 55.0%
2026
20192026
Solvency
21.9%
▼ 16.2pp
2026
20192026
Current ratio
1.28
▼ 0.34
2026
20192026
Return on assets (ROA)
-26.7%
▲ 44.8pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€5,586-€8,521▲ 52.6%-€24,023-€76,561▼ 219%€1,957€3,368▲ 72.1%-€14,577-€4,390▲ 69.9%
Net result€3,592-€6,199▲ 72.6%-€28,579below the sector's middle half-€77,240below the sector's middle half▼ 170%€4,195within the sector's middle half€2,557within the sector's middle half▼ 39.1%-€15,232below the sector's middle half-€4,464▲ 70.7%
Equity€116,217-€122,416▲ 5.3%€93,837within the sector's middle half▼ 23.3%€16,597below the sector's middle half▼ 82.3%€20,791within the sector's middle half▲ 25.3%€23,348within the sector's middle half▲ 12.3%€8,116below the sector's middle half▼ 65.2%€3,652▼ 55.0%
Total assets€166,888-€185,545▲ 11.2%€160,085within the sector's middle half▼ 13.7%€35,483below the sector's middle half▼ 77.8%€40,408below the sector's middle half▲ 13.9%€33,731below the sector's middle half▼ 16.5%€21,306below the sector's middle half▼ 36.8%€16,705▼ 21.6%
Debt€50,671-€63,129▲ 24.6%€66,248▲ 4.9%€18,886▼ 71.5%€19,617▲ 3.9%€10,383▼ 47.1%€13,190▲ 27.0%€13,053▼ 1.0%
Working capital€114,813-€133,443▲ 16.2%€92,356within the sector's middle half▼ 30.8%€14,529within the sector's middle half▼ 84.3%€20,413within the sector's middle half▲ 40.5%€22,659within the sector's middle half▲ 11.0%€8,116within the sector's middle half▼ 64.2%€3,652▼ 55.0%
Solvency69.6%-66.0%▼ 3.7pp58.6%within the sector's middle half▼ 7.4pp46.8%within the sector's middle half▼ 11.8pp51.5%within the sector's middle half▲ 4.7pp69.2%within the sector's middle half▲ 17.8pp38.1%within the sector's middle half▼ 31.1pp21.9%▼ 16.2pp
Current ratio3.27-3.75▲ 0.492.39within the sector's middle half▼ 1.361.77within the sector's middle half▼ 0.622.10within the sector's middle half▲ 0.333.18within the sector's middle half▲ 1.091.62within the sector's middle half▼ 1.571.28▼ 0.34
Return on assets (ROA)2.2%-3.3%▲ 1.2pp-17.9%below the sector's middle half▼ 21.2pp-217.7%below the sector's middle half▼ 199.8pp10.4%within the sector's middle half▲ 228.1pp7.6%within the sector's middle half▼ 2.8pp-71.5%below the sector's middle half▼ 79.1pp-26.7%▲ 44.8pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 2026 is a loss of €4,390, smaller than the loss of €14,577 in 2025.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Equity and liabilities €16,705
Equity
€3,652 ▼ 55.0%
Debt
€13,053 ▼ 1.0%
Debt's share of the balance-sheet total rises from 61.9% to 78.1%. Equity and debt are lower.
Key figures and ratios
Debt to equity
3.57▲
2025 · 1.63
ROE
-122.2%▲
2025 · -187.7%
Debt ≤ 1 year
€13,053▼
2025 · €13,190
Income taxes
€7▼
2025 · €10
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,068 | - | - | - | - |
| Depreciation and write-downs of the year | €1,481 | €689 | €689 | €689 | - |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €906 | €2,199 | €2,167 | €1,481 | €689 | €689 | €689 | - | - |
| Other operating charges640/8 | - | - | - | €348 | €348 | €384 | - | €387 | - |
| Gross operating margin9900 | €6,839 | €11,143 | -€21,509 | -€74,733 | €2,994 | €4,442 | -€13,888 | -€4,002 | ▲ 71.2% |
| Operating profit (loss)9901 | €5,586 | €8,521 | -€24,023 | -€76,561 | €1,957 | €3,368 | -€14,577 | -€4,390 | ▲ 69.9% |
| Financial income75/76B | - | - | - | €26 | €3,013 | €21 | €33 | €447 | ▲ 13× |
| Recurring financial income75 | €22 | €1 | €2 | €26 | €3,013 | €21 | €33 | €447 | ▲ 13× |
| Financial charges65/66B | - | - | - | €702 | €776 | €712 | €678 | €514 | ▼ 24.2% |
| Recurring financial charges65 | €964 | €874 | €2,409 | €702 | €776 | €712 | €678 | €514 | ▼ 24.2% |
| Profit (loss) for the period before taxes9903 | €4,644 | €7,648 | -€26,431 | -€77,237 | €4,195 | €2,677 | -€15,222 | -€4,457 | ▲ 70.7% |
| Income taxes67/77 | €1,052 | €1,449 | €2,148 | €3 | - | €120 | €10 | €7 | ▼ 29.0% |
| Profit (loss) for the period9904 | €3,592 | €6,199 | -€28,579 | -€77,240 | €4,195 | €2,557 | -€15,232 | -€4,464 | ▲ 70.7% |
| Profit (loss) for the period to be appropriated9905 | €3,592 | €6,199 | -€28,579 | -€77,240 | €4,195 | €2,557 | -€15,232 | -€4,464 | ▲ 70.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €166,888 | €185,545 | €160,085 | €35,483 | €40,408 | €33,731 | €21,306 | €16,705 | ▼ 21.6% |
| Fixed assets21/28 | €1,404 | €3,648 | €1,481 | €2,068 | €1,379 | €689 | - | - | - |
| Tangible fixed assets22/27 | €1,404 | €3,648 | €1,481 | €2,068 | €1,379 | €689 | - | - | - |
| Furniture and vehicles24 | - | - | - | €2,068 | €1,379 | €689 | - | - | - |
| Current assets29/58 | €165,484 | €181,897 | €158,604 | €33,415 | €39,030 | €33,042 | €21,306 | €16,705 | ▼ 21.6% |
| Amounts receivable within one year40/41 | €62,097 | €63,456 | €62,842 | €16,714 | €17,018 | €7,754 | €3,142 | €2,740 | ▼ 12.8% |
| Trade receivables40 | - | - | - | €13,745 | €17,018 | €7,754 | €3,142 | €2,740 | ▼ 12.8% |
| Other amounts receivable41 | - | - | - | €2,969 | - | - | - | - | - |
| Current investments50/53 | - | - | €20,059 | €5,077 | €5,076 | €5,087 | €5,110 | €5,126 | ▲ 0.3% |
| Cash at bank and in hand54/58 | €103,387 | €118,441 | €75,703 | €11,624 | €16,935 | €19,812 | €12,655 | €8,839 | ▼ 30.2% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €388 | €399 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €166,888 | €185,545 | €160,085 | €35,483 | €40,408 | €33,731 | €21,306 | €16,705 | ▼ 21.6% |
| Equity10/15 | €116,217 | €122,416 | €93,837 | €16,597 | €20,791 | €23,348 | €8,116 | €3,652 | ▼ 55.0% |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €20,451 | €20,451 | €20,451 | = |
| Reserves13 | €97,625 | €103,824 | €1,859 | €1,859 | €1,859 | - | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Profit (loss) carried forward14 | - | - | €73,386 | -€3,855 | €340 | €2,897 | -€12,335 | -€16,799 | ▼ 36.2% |
| Amounts payable17/49 | €50,671 | €63,129 | €66,248 | €18,886 | €19,617 | €10,383 | €13,190 | €13,053 | ▼ 1.0% |
| Amounts payable within one year42/48 | €50,671 | €48,454 | €66,248 | €18,886 | €18,617 | €10,383 | €13,190 | €13,053 | ▼ 1.0% |
| Trade debts44 | €9,898 | €12,655 | €3,291 | €5,500 | €8,558 | €1,649 | €750 | €416 | ▼ 44.6% |
| Suppliers440/4 | - | - | - | €5,500 | €8,558 | €1,649 | €750 | €416 | ▼ 44.6% |
| Taxes, remuneration and social security45 | - | - | - | €5,873 | €3,282 | €3,384 | €190 | €687 | ▲ 262% |
| Taxes450/3 | - | - | - | €5,873 | €3,282 | €3,384 | €190 | €687 | ▲ 262% |
| Other amounts payable47/48 | - | - | - | €7,513 | €6,777 | €5,349 | €12,249 | €11,949 | ▼ 2.4% |
| Accrued charges and deferred income492/3 | - | - | - | - | €1,000 | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,592 | €6,199 | -€28,579 | -€77,240 | €4,195 | €2,557 | -€15,232 | -€4,464 | ▲ 70.7% |
| + Depreciation and write-downs630 | €906 | €2,199 | €2,167 | €1,481 | €689 | €689 | €689 | - | - |
| Operating cash flow (approximation) | €4,498 | €8,399 | -€26,412 | -€75,759 | €4,884 | €3,246 | -€14,542 | -€4,464 | ▲ 69.3% |
| Investment in fixed assets (approximation) | - | -€4,443 | €0 | -€2,068 | €0 | €0 | - | - | - |
| Change in cash | - | €15,054 | -€42,738 | -€64,079 | €5,311 | €2,878 | -€7,158 | -€3,816 | ▲ 46.7% |
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, 1,221 companies had the same profile as REFLEX DESIGN has now. Two years later, 88.6% were still going and 3.8% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
88.6%
was still going
7.4%
stopped otherwise
3.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of REFLEX DESIGN itself is lower: 0.2% within 12 months. It rests on far more data about REFLEX DESIGN 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 1,221 companies, not a prediction for REFLEX DESIGN. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 18-09-2026 | 2026-00516956 | |
| 31-03-2025 | micro format | 15-10-2025 | 2025-00542727 | |
| 31-03-2024 | micro format | 04-10-2024 | 2024-00492957 | |
| 31-03-2023 | micro format | 26-10-2023 | 2023-00492550 | |
| 31-03-2022 | micro format | 29-09-2022 | 2022-20446294 | |
| 31-03-2021 | micro format | 25-10-2021 | 2021-72800567 | |
| 31-03-2020 | micro format | 03-11-2020 | 2020-67900385 | |
| 31-03-2019 | micro format | 21-10-2019 | 2019-70900156 | |
| 31-03-2018 | micro format | 11-10-2018 | 2018-69200317 | |
| 31-03-2017 | micro format | 30-09-2017 | 2017-66500136 |