VISIX
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 30 filings
Turnover
≈ €5.6m
Estimated: probably between €3.8m and €9.2m
EBIT margin
Not included in this filing
Net result
-€364,645
2024 · €204,390
Working capital
€584,961▲ 2.0%
2024 · €573,510
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€158,944
2025
20192025
Net result
-€364,645
2025
lowest quarter of the sector
20192025
Equity
€1.4m
▼ 20.5%
2025
middle half of the sector
20192025
Total assets
€4.3m
▼ 20.0%
2025
middle half of the sector
20192025
Debt
€2.9m
▼ 19.9%
2025
20192025
Working capital
€584,961
▲ 2.0%
2025
middle half of the sector
20192025
Solvency
32.8%
▼ 0.2pp
2025
middle half of the sector
20192025
Current ratio
1.34
▲ 0.09
2025
middle half of the sector
20192025
Return on assets (ROA)
-8.4%
▼ 12.2pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
36.7
▼ 2.9%
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.3m-€0.3m▲ 22.0%-€0.1m€0.2m€0.2m▲ 28.9%€0.4m▲ 81.6%-€0.2m
Net result€0.3m-€0.2mabove the sector's middle half▼ 22.6%-€0.1mbelow the sector's middle half€0.09mwithin the sector's middle half€0.1mwithin the sector's middle half▲ 17.4%€0.2mwithin the sector's middle half▲ 94.3%-€0.4mbelow the sector's middle half
Equity€1.0m-€1.6mabove the sector's middle half▲ 61.1%€1.5mwithin the sector's middle half▼ 6.1%€1.5mwithin the sector's middle half▲ 3.0%€1.6mwithin the sector's middle half▲ 3.5%€1.8mwithin the sector's middle half▲ 13.0%€1.4mwithin the sector's middle half▼ 20.5%
Total assets€3.9m-€5.3mabove the sector's middle half▲ 36.2%€4.8mabove the sector's middle half▼ 8.6%€4.7mabove the sector's middle half▼ 2.7%€4.7mabove the sector's middle half▲ 0.8%€5.4mabove the sector's middle half▲ 14.2%€4.3mwithin the sector's middle half▼ 20.0%
Debt€2.9m-€3.7m▲ 27.9%€3.3m▼ 9.7%€3.2m▼ 5.3%€3.1m▼ 0.5%€3.6m▲ 13.8%€2.9m▼ 19.9%
Working capital€0.3m-€1.0mwithin the sector's middle half▲ 232%€0.8mwithin the sector's middle half▼ 13.5%€0.8mwithin the sector's middle half▼ 2.4%€0.7mwithin the sector's middle half▼ 17.0%€0.6mwithin the sector's middle half▼ 14.6%€0.6mwithin the sector's middle half▲ 2.0%
Solvency25.3%-29.9%within the sector's middle half▲ 4.6pp30.7%within the sector's middle half▲ 0.8pp32.5%within the sector's middle half▲ 1.8pp33.4%within the sector's middle half▲ 0.9pp33.0%within the sector's middle half▼ 0.4pp32.8%within the sector's middle half▼ 0.2pp
Current ratio1.15-1.36within the sector's middle half▲ 0.211.34within the sector's middle half▼ 0.021.32within the sector's middle half▼ 0.021.27within the sector's middle half▼ 0.061.25within the sector's middle half▼ 0.021.34within the sector's middle half▲ 0.09
Return on assets (ROA)7.2%-4.1%within the sector's middle half▼ 3.1pp-2.0%below the sector's middle half▼ 6.1pp1.9%within the sector's middle half▲ 3.9pp2.2%within the sector's middle half▲ 0.3pp3.8%within the sector's middle half▲ 1.6pp-8.4%below the sector's middle half▼ 12.2pp
Staff (FTE)23.3-33.3above the sector's middle half▲ 42.9%34.8above the sector's middle half▲ 4.5%36.3above the sector's middle half▲ 4.3%36.7above the sector's middle half▲ 1.1%37.8above the sector's middle half▲ 3.0%36.7within the sector's middle half▼ 2.9%
above
within
below
The sector band is the middle half of the companies in Manufacture of textiles (NACE 13). 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 €158,944, after a profit of €359,502 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.3m
Fixed assets
€2.0m ▼ 20.0%
Current assets
€2.3m ▼ 20.1%
Equity and liabilities €4.3m
Equity
€1.4m ▼ 20.5%
Provisions
€28,773 ▼ 14.3%
Debt
€2.9m ▼ 19.9%
Debt's share of the balance-sheet total rises from 66.4% to 66.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€296,799▼
2024 · €648,111
Cash flow
€91,098▼
2024 · €492,998
Quick ratio
0.69▲
2024 · 0.67
Debt to equity
2.02▲
2024 · 2.01
ROE
-25.7%▼
2024 · 11.5%
Interest coverage
1.89▼
2024 · 4.74
Debt ≤ 1 year
€1.7m▼
2024 · €2.3m
Debt > 1 year
€1.2m▼
2024 · €1.3m
Income taxes
€2,102▼
2024 · €25,121
Staff costs
€2.4m▲
2024 · €2.3m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 34 | 38 | 33 | 38 | 34 |
| full-time | 26 | 30 | 25 | 34 | 28 |
| part-time | 8 | 8 | 8 | 4 | 6 |
| in full-time equivalents | 32.7 | 36.8 | 31.8 | 37.4 | 33.1 |
| Average over the year, in full-time equivalents | 34.8 | 36.3 | 36.7 | 37.8 | 36.7 |
| On a permanent contract | 34 | 38 | 33 | 38 | 34 |
| Joined | 1 | 16 | 15 | 19 | 5 |
| Left | 6 | 12 | 20 | 14 | 9 |
| Training hours | 186 | 297 | 421 | 308 | 310 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 30-09-2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €1.6m | €1.6m | €1.6m | €925,904 | €812,696 |
| Pledge on the business | €739,680 | €739,680 | €739,680 | €739,680 | €739,680 |
| Mandates to pledge the business | €935,000 | €935,000 | €935,000 | €935,000 | €935,000 |
| Pledge on other assets, amount secured | - | - | - | €350,000 | €350,000 |
| Carrying value of the other pledged assets | - | - | - | €350,000 | €350,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €58,404 | €264,108 | €498,623 | €1.3m | €156,991 |
| Intangible fixed assets | €276,433 | €62,680 | €69,764 | €11,614 | €7,002 |
| Financial fixed assets | €40,880 | €4,662 | - | - | - |
| Depreciation and write-downs of the year | €454,317 | €525,380 | €377,133 | €288,609 | €455,743 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 12 entries · €88,699 awarded · €59,478 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €34,114 | €9,526 |
| 2024 | 3 | €17,749 | €20,388 |
| 2023 | 3 | €25,340 | €23,608 |
| 2022 | 3 | €11,496 | €5,956 |
Public contracts
3 awards · 2025 to 2026
Raamovereenkomst voor het aanleveren en plaatsen van maatwerk display- en promotiemateriaal: AKD-2024/155 - 1
Fourniture de matériel publicitaire événementiel divers: FIN/PRO/2024.45 - 1
Raamovereenkomst voor het leveren van feesttenten 3m x 3m: GAC_2024_03182 - 1
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €0.02m | €0.05m | €0.03m | €0.1m | €0.02m | ▼ 88.4% |
| Remuneration, social security and pensions62 | - | - | €1.7m | €2.6m | €2.3m | €2.3m | €2.4m | ▲ 6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.4m | €0.5m | €0.5m | €0.4m | €0.3m | €0.5m | ▲ 57.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €0.03m | €0.07m | -€0.05m | €0.04m | €0.5m | ▲ 12× |
| Other operating charges640/8 | - | - | €0.01m | €0.01m | €0.01m | €0.009m | €0.006m | ▼ 33.6% |
| Non-recurring operating charges66A | - | - | €0.002m | €0 | €0.03m | €0.02m | €0.009m | ▼ 55.9% |
| Gross operating margin9900 | €1.8m | €2.8m | €2.1m | €3.4m | €2.9m | €3.0m | €3.2m | ▲ 7.2% |
| Operating profit (loss)9901 | €0.3m | €0.3m | -€0.1m | €0.2m | €0.2m | €0.4m | -€0.2m | - |
| Financial income75/76B | - | - | €0.06m | €0.05m | €0.04m | €0.04m | €0.03m | ▼ 33.3% |
| Recurring financial income75 | €0.09m | €0.03m | €0.06m | €0.04m | €0.04m | €0.04m | €0.03m | ▼ 33.3% |
| Non-recurring financial income76B | - | - | €0 | €0.01m | €0 | - | - | - |
| Financial charges65/66B | - | - | €0.06m | €0.07m | €0.08m | €0.1m | €0.2m | ▲ 72.1% |
| Recurring financial charges65 | €0.04m | €0.06m | €0.05m | €0.06m | €0.08m | €0.1m | €0.2m | ▲ 14.6% |
| Non-recurring financial charges66B | - | - | €0.01m | €0.01m | €0 | - | €0.08m | - |
| Profit (loss) for the period before taxes9903 | €0.3m | €0.3m | -€0.09m | €0.1m | €0.2m | €0.3m | -€0.4m | - |
| Transfer from deferred taxes780 | - | - | €0 | - | - | €105 | €0.005m | ▲ 46× |
| Transfer to deferred taxes680 | - | - | - | - | - | €0.03m | €0 | ▼ 100% |
| Income taxes67/77 | €0.05m | €0.1m | €0.005m | €0.04m | €0.06m | €0.03m | €0.002m | ▼ 91.6% |
| Profit (loss) for the period9904 | €0.3m | €0.2m | -€0.1m | €0.09m | €0.1m | €0.2m | -€0.4m | - |
| Transfer from tax-exempt reserves789 | - | - | €0.02m | €0 | - | €316 | €0.01m | ▲ 46× |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €0.1m | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | €0.3m | €0.2m | -€0.08m | €0.09m | €0.1m | €0.1m | -€0.4m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €3.9m | €5.3m | €4.8m | €4.7m | €4.7m | €5.4m | €4.3m | ▼ 20.0% |
| Fixed assets21/28 | €1.7m | €1.7m | €1.6m | €1.4m | €1.5m | €2.5m | €2.0m | ▼ 20.0% |
| Intangible fixed assets21 | €0.01m | €0.1m | €0.3m | €0.2m | €0.2m | €0.1m | €0.07m | ▼ 52.7% |
| Tangible fixed assets22/27 | €1.2m | €1.1m | €0.8m | €0.6m | €0.8m | €1.9m | €1.6m | ▼ 12.4% |
| Plant, machinery and equipment23 | - | - | €0.4m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 12.8% |
| Furniture and vehicles24 | - | - | €0.03m | €0.04m | €0.03m | €0.04m | €0.03m | ▼ 33.0% |
| Leasing and similar rights25 | - | - | €0.01m | €0.1m | €0.2m | €1.2m | €1.0m | ▼ 18.1% |
| Other tangible fixed assets26 | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 9.6% |
| Financial fixed assets28 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.3m | ▼ 38.2% |
| Current assets29/58 | €2.2m | €3.6m | €3.2m | €3.3m | €3.2m | €2.9m | €2.3m | ▼ 20.1% |
| Stocks and contracts in progress3 | €0.7m | €1.3m | €1.3m | €1.4m | €1.4m | €1.3m | €1.1m | ▼ 16.2% |
| Stocks30/36 | - | - | €1.3m | €1.4m | €1.4m | €1.3m | €1.1m | ▼ 16.2% |
| Amounts receivable within one year40/41 | €1.4m | €1.7m | €1.7m | €1.6m | €1.4m | €1.5m | €0.8m | ▼ 43.7% |
| Trade receivables40 | - | - | €1.6m | €1.6m | €1.3m | €1.0m | €0.7m | ▼ 29.8% |
| Other amounts receivable41 | - | - | €0.06m | €0.06m | €0.1m | €0.5m | €0.2m | ▼ 68.8% |
| Cash at bank and in hand54/58 | €0.1m | €0.4m | €0.1m | €0.2m | €0.4m | €0.02m | €0.3m | ▲ 11× |
| Deferred charges and accrued income490/1 | - | - | €0.1m | €0.09m | €0.07m | €0.03m | €0.06m | ▲ 136% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €3.9m | €5.3m | €4.8m | €4.7m | €4.7m | €5.4m | €4.3m | ▼ 20.0% |
| Equity10/15 | €1.0m | €1.6m | €1.5m | €1.5m | €1.6m | €1.8m | €1.4m | ▼ 20.5% |
| Contributions10/11 | €0.05m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Capital10 | - | - | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Issued capital100 | - | - | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Reserves13 | €0.1m | €0.6m | €0.6m | €0.6m | €0.6m | €0.7m | €0.7m | ▼ 2.1% |
| Non-distributable reserves130/1 | - | - | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | = |
| Legal reserve130 | - | - | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | = |
| Tax-exempt reserves132 | - | - | €35 | €35 | €35 | €0.1m | €0.09m | ▼ 14.4% |
| Distributable reserves133 | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Profit (loss) carried forward14 | €0.8m | €0.9m | €0.8m | €0.9m | €0.9m | €1.0m | €0.7m | ▼ 34.2% |
| Provisions and deferred taxes16 | €0.001m | €0 | - | - | - | €0.03m | €0.03m | ▼ 14.3% |
| Deferred taxes168 | - | - | - | - | - | €0.03m | €0.03m | ▼ 14.3% |
| Amounts payable17/49 | €2.9m | €3.7m | €3.3m | €3.2m | €3.1m | €3.6m | €2.9m | ▼ 19.9% |
| Amounts payable after more than one year17 | €1.0m | €1.1m | €0.9m | €0.5m | €0.5m | €1.3m | €1.2m | ▼ 9.6% |
| Financial debts170/4 | - | - | €0.9m | €0.5m | €0.5m | €1.3m | €1.2m | ▼ 9.6% |
| Amounts payable within one year42/48 | €1.9m | €2.6m | €2.4m | €2.5m | €2.5m | €2.3m | €1.7m | ▼ 25.6% |
| Current portion of amounts payable after more than one year42 | - | - | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▲ 11.7% |
| Financial debts43 | - | - | €0.7m | €0.9m | €0.9m | €0.6m | €0.4m | ▼ 34.7% |
| Credit institutions430/8 | - | - | €0.7m | €0.9m | €0.9m | €0.6m | €0.4m | ▼ 34.7% |
| Trade debts44 | €0.6m | €0.6m | €0.9m | €0.8m | €0.8m | €0.9m | €0.3m | ▼ 60.8% |
| Suppliers440/4 | - | - | €0.9m | €0.8m | €0.8m | €0.9m | €0.3m | ▼ 60.8% |
| Advances received on contracts in progress46 | - | - | €0.04m | €0.02m | €0.01m | €0.3m | €0.3m | ▲ 6.3% |
| Taxes, remuneration and social security45 | - | - | €0.3m | €0.4m | €0.3m | €0.3m | €0.4m | ▲ 27.3% |
| Taxes450/3 | - | - | €0.1m | €0.1m | €0.08m | €0.06m | €0.1m | ▲ 140% |
| Remuneration and social security454/9 | - | - | €0.2m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 1.0% |
| Other amounts payable47/48 | - | - | €0 | €0.05m | €0.06m | €140 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | €0.005m | €0.1m | €0.09m | €0.003m | €0.001m | ▼ 71.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.3m | €0.2m | -€0.1m | €0.09m | €0.1m | €0.2m | -€0.4m | - |
| + Depreciation and write-downs630 | €0.3m | €0.4m | €0.5m | €0.5m | €0.4m | €0.3m | €0.5m | ▲ 57.9% |
| Operating cash flow (approximation) | €0.6m | €0.6m | €0.4m | €0.6m | €0.5m | €0.5m | €0.09m | ▼ 81.5% |
| Investment in fixed assets (approximation) | - | -€0.4m | -€0.4m | -€0.3m | -€0.5m | -€1.3m | €0.05m | - |
| Change in cash | - | €0.3m | -€0.3m | €0.07m | €0.2m | -€0.3m | €0.3m | - |
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, 8,617 companies had the same profile as VISIX has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of VISIX itself: 0.4% 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 8,617 companies, not a prediction for VISIX. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 23-06-2026 | 2026-00207008 | |
| 31-12-2024 | abbreviated format | 08-07-2025 | 2025-00265913 | |
| 31-12-2023 | abbreviated format | 08-07-2024 | 2024-00230815 | |
| 31-12-2022 | abbreviated format | 12-07-2023 | 2023-00238148 | |
| 30-09-2021 | abbreviated format | 07-04-2022 | 2022-20002930 | |
| 30-09-2020 | abbreviated format | 19-04-2021 | 2021-10600587 | |
| 30-09-2019 | abbreviated format | 18-03-2020 | 2020-06900471 | |
| 30-09-2018 | abbreviated format | 26-04-2019 | 2019-10900011 | |
| 30-09-2017 | abbreviated format | 19-03-2018 | 2018-07000510 | |
| 30-09-2016 | abbreviated format | 21-03-2017 | 2017-06700514 |