Visual Arx
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 3 filings
Every figure per financial year
The operating result for 2025 is 35% lower than in 2024 and the lowest since 2023. 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.
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €15,786 | €2,564 | €10,284 |
| Depreciation and write-downs of the year | €5,461 | €4,884 | €5,820 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,461 | €4,884 | €5,820 | ▲ 19.2% |
| Other operating charges640/8 | €1,568 | €1,005 | €795 | ▼ 20.9% |
| Gross operating margin9900 | €39,203 | €33,650 | €24,555 | ▼ 27.0% |
| Operating profit (loss)9901 | €32,175 | €27,761 | €17,939 | ▼ 35.4% |
| Financial income75/76B | €184 | €0 | €0 | ▼ 100% |
| Recurring financial income75 | €184 | €0 | €0 | ▼ 100% |
| Financial charges65/66B | €1,685 | €237 | €255 | ▲ 7.9% |
| Recurring financial charges65 | €1,685 | €237 | €255 | ▲ 7.9% |
| Profit (loss) for the period before taxes9903 | €30,674 | €27,525 | €17,684 | ▼ 35.8% |
| Income taxes67/77 | €7,615 | €6,646 | €3,859 | ▼ 41.9% |
| Profit (loss) for the period9904 | €23,058 | €20,879 | €13,825 | ▼ 33.8% |
| Profit (loss) for the period to be appropriated9905 | €23,058 | €20,879 | €13,825 | ▼ 33.8% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €46,978 | €64,995 | €71,847 | ▲ 10.5% |
| Fixed assets21/28 | €10,326 | €8,006 | €12,470 | ▲ 55.8% |
| Tangible fixed assets22/27 | €10,326 | €8,006 | €12,470 | ▲ 55.8% |
| Plant, machinery and equipment23 | €7,411 | €4,204 | €10,318 | ▲ 145% |
| Furniture and vehicles24 | €2,915 | €3,802 | €2,152 | ▼ 43.4% |
| Current assets29/58 | €36,653 | €56,989 | €59,377 | ▲ 4.2% |
| Amounts receivable within one year40/41 | €30,482 | €53,812 | €50,502 | ▼ 6.2% |
| Trade receivables40 | €22,066 | €39,105 | €18,993 | ▼ 51.4% |
| Other amounts receivable41 | €8,416 | €14,707 | €31,510 | ▲ 114% |
| Cash at bank and in hand54/58 | €5,608 | €1,184 | €6,749 | ▲ 470% |
| Deferred charges and accrued income490/1 | €562 | €1,993 | €2,126 | ▲ 6.7% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €46,978 | €64,995 | €71,847 | ▲ 10.5% |
| Equity10/15 | €25,558 | €46,437 | €60,262 | ▲ 29.8% |
| Contributions10/11 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | €23,058 | €43,937 | €57,762 | ▲ 31.5% |
| Distributable reserves133 | €23,058 | €43,937 | €57,762 | ▲ 31.5% |
| Amounts payable17/49 | €21,420 | €18,558 | €11,585 | ▼ 37.6% |
| Amounts payable within one year42/48 | €21,420 | €18,558 | €11,585 | ▼ 37.6% |
| Trade debts44 | €2,402 | €963 | €2,326 | ▲ 142% |
| Suppliers440/4 | €2,402 | €963 | €2,326 | ▲ 142% |
| Advances received on contracts in progress46 | €250 | €0 | - | - |
| Taxes, remuneration and social security45 | €18,768 | €17,595 | €9,259 | ▼ 47.4% |
| Taxes450/3 | €18,768 | €14,992 | €9,259 | ▼ 38.2% |
| Remuneration and social security454/9 | - | €2,603 | €0 | ▼ 100% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €23,058 | €20,879 | €13,825 | ▼ 33.8% |
| + Depreciation and write-downs630 | €5,461 | €4,884 | €5,820 | ▲ 19.2% |
| Operating cash flow (approximation) | €28,519 | €25,762 | €19,645 | ▼ 23.7% |
| Investment in fixed assets (approximation) | - | -€2,564 | -€10,284 | ▼ 301% |
| Change in cash | - | -€4,424 | €5,565 | - |
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, 39,278 companies had the same profile as Visual Arx has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Visual Arx itself: 0.7% 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 39,278 companies, not a prediction for Visual Arx. 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.