WEX
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-12-2025 PDF all 4 filings
Turnover
€9.1m▲ 25.1%
2023 · €7.3m
EBIT margin
6.0%▼ 2.2pp
2023 · 8.3%
Net result
€102,994▼ 75.9%
2024 · €427,925
Working capital
€2.8m▲ 73.8%
2024 · €1.6m
In the rankings
#1 company by total assets in Marche-en-Famenne, Administrative and support services sector#3 company by equity in the province of Luxembourg, Office administrative support sector
Multi-year overview
2022 to 2025, 4 financial yearsTurnover
no figure
2025
20222025
Operating result
€157,617
▼ 71.4%
2025
20222025
Net result
€102,994
▼ 75.9%
2025
middle half of the sector
20222025
EBIT margin
no figure
2025
20222025
Equity
€3.7m
▲ 3.1%
2025
middle half of the sector
20222025
Total assets
€9.0m
▲ 11.2%
2025
middle half of the sector
20222025
Debt
€5.2m
▲ 17.7%
2025
20222025
Working capital
€2.8m
▲ 73.8%
2025
highest quarter of the sector
20222025
Solvency
41.5%
▼ 3.2pp
2025
middle half of the sector
20222025
Current ratio
2.58
▲ 0.82
2025
middle half of the sector
20222025
Return on assets (ROA)
1.1%
▼ 4.2pp
2025
middle half of the sector
20222025
Staff (FTE)
14.4
▼ 14.8%
2025
middle half of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Turnover€7.3m€9.1m▲ 25.1%
Operating result€4.1m-€0.6m▼ 85.3%€0.6m▼ 8.9%€0.2m▼ 71.4%
Net result€2.9mabove the sector's middle half-€0.5mabove the sector's middle half▼ 84.5%€0.4mabove the sector's middle half▼ 5.2%€0.1mwithin the sector's middle half▼ 75.9%
EBIT margin8.3%6.0%▼ 2.2pp
Equity€3.0mabove the sector's middle half-€3.3mabove the sector's middle half▲ 11.2%€3.6mabove the sector's middle half▲ 9.3%€3.7mwithin the sector's middle half▲ 3.1%
Total assets€7.3mabove the sector's middle half-€6.4mabove the sector's middle half▼ 12.8%€8.1mabove the sector's middle half▲ 26.3%€9.0mwithin the sector's middle half▲ 11.2%
Debt€4.3m-€3.1m▼ 29.1%€4.5m▲ 44.5%€5.2m▲ 17.7%
Working capital€1.3mabove the sector's middle half-€1.5mabove the sector's middle half▲ 12.6%€1.6mabove the sector's middle half▲ 10.4%€2.8mabove the sector's middle half▲ 73.8%
Solvency40.6%within the sector's middle half-51.7%within the sector's middle half▲ 11.1pp44.8%within the sector's middle half▼ 7.0pp41.5%within the sector's middle half▼ 3.2pp
Current ratio1.35within the sector's middle half-1.60within the sector's middle half▲ 0.251.77within the sector's middle half▲ 0.172.58within the sector's middle half▲ 0.82
Return on assets (ROA)39.9%above the sector's middle half-7.1%within the sector's middle half▼ 32.8pp5.3%within the sector's middle half▼ 1.8pp1.1%within the sector's middle half▼ 4.2pp
Staff (FTE)13.9within the sector's middle half-15.3within the sector's middle half▲ 10.1%16.9within the sector's middle half▲ 10.5%14.4within the sector's middle half▼ 14.8%
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 71% lower than in 2024 and the lowest since 2022. It is the third fall in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €9.0m
Fixed assets
€4.4m ▲ 0.9%
Current assets
€4.6m ▲ 23.0%
Equity and liabilities €9.0m
Equity
€3.7m ▲ 3.1%
Debt
€5.2m ▲ 17.7%
Debt's share of the balance-sheet total rises from 55.2% to 58.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.1m▼
2024 · €1.1m
Cash flow
€1.0m▲
2024 · €970,365
Debt to equity
1.41▲
2024 · 1.23
ROE
2.8%▼
2024 · 11.8%
Interest coverage
7.85▼
2024 · 75.16
Debt ≤ 1 year
€1.8m▼
2024 · €2.1m
Debt > 1 year
€2.3m▲
2024 · €1.4m
Income taxes
€28,663▼
2024 · €129,761
Staff costs
€904,929▼
2024 · €1.0m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-05-2022 | 31-05-2023 | 31-05-2024 | 31-05-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 15 | 18 | 20 | 18 |
| full-time | 11 | 11 | 12 | 9 |
| part-time | 4 | 7 | 8 | 9 |
| in full-time equivalents | 13.7 | 16.2 | 17.9 | 15.7 |
| Average over the year, in full-time equivalents | 13.9 | 15.3 | 16.9 | 14.4 |
| On a permanent contract | 14 | 17 | 19 | 18 |
| Joined | 19 | 5 | 8 | 7 |
| Left | 4 | 2 | 6 | 9 |
| Agency workers, average number | - | 2.7 | 4.4 | - |
| Training hours | 56 | 1,213 | 833 | 290 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Securities and guarantees
| Item | 31-05-2022 | 31-05-2023 | 31-05-2024 | 31-05-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | €1.2m | €2.4m |
| Pledge on other assets, amount secured | - | - | €1.0m | €1.0m |
| Carrying value of the other pledged assets | - | - | €6.0m | €6.9m |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 31-05-2022 | 31-05-2023 | 31-05-2024 | 31-05-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2.2m | €599,933 | €2.2m | €804,846 |
| Intangible fixed assets | €1.1m | - | €45,563 | €55,653 |
| Financial fixed assets | €158,400 | - | €120,000 | €119,901 |
| Depreciation and write-downs of the year | €202,418 | €432,400 | €542,440 | €933,418 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Public contracts
2 awards · 2025 to 2026
Location Infrastructure pour l'évènement Startech's Days 2026: 2026/Skills/STD-2026 - 1
Location Infrastructure pour l'évènement Startech's Days 2025: 2025/Skills/STD-2025 - 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 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Operating income70/76A | - | €7.4m | €9.3m | - | - |
| Turnover70 | - | €7.3m | €9.1m | - | - |
| Other operating income74 | - | €0.1m | €0.2m | - | - |
| Operating charges60/66A | - | €6.8m | €8.7m | - | - |
| Goods for resale, raw materials and consumables60 | - | €1.1m | €1.9m | - | - |
| Purchases600/8 | - | €1.1m | €1.9m | - | - |
| Services and other goods61 | - | €4.4m | €5.2m | - | - |
| Remuneration, social security and pensions62 | €0.7m | €0.8m | €1.0m | €0.9m | ▼ 12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.4m | €0.5m | €0.9m | ▲ 72.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | -€0.007m | -€0.03m | -€0.03m | €0.006m | - |
| Other operating charges640/8 | €0.02m | €0.1m | €0.07m | €0.1m | ▲ 82.9% |
| Non-recurring operating charges66A | - | €0.001m | €0.001m | - | - |
| Gross operating margin9900 | €5.1m | - | - | €2.1m | - |
| Operating profit (loss)9901 | €4.1m | €0.6m | €0.6m | €0.2m | ▼ 71.4% |
| Financial income75/76B | €0.02m | €0.007m | €0.2m | €0.1m | ▼ 48.0% |
| Recurring financial income75 | €0.02m | €0.007m | €0.06m | €0.1m | ▲ 92.6% |
| Income from current assets751 | - | €0.001m | €0.06m | - | - |
| Other financial income752/9 | - | €0.007m | €0.001m | - | - |
| Non-recurring financial income76B | - | - | €0.2m | - | - |
| Financial charges65/66B | €0.2m | €0.03m | €0.2m | €0.1m | ▼ 33.8% |
| Recurring financial charges65 | €0.03m | €0.03m | €0.05m | €0.1m | ▲ 170% |
| Debt charges650 | - | €0.006m | €0.01m | - | - |
| Other financial charges652/9 | - | €0.02m | €0.04m | - | - |
| Non-recurring financial charges66B | €0.2m | - | €0.2m | - | - |
| Profit (loss) for the period before taxes9903 | €3.9m | €0.6m | €0.6m | €0.1m | ▼ 76.4% |
| Income taxes67/77 | €1.0m | €0.1m | €0.1m | €0.03m | ▼ 77.9% |
| Taxes670/3 | - | €0.1m | €0.1m | - | - |
| Tax adjustments and reversals of tax provisions77 | - | €0.005m | - | - | - |
| Profit (loss) for the period9904 | €2.9m | €0.5m | €0.4m | €0.1m | ▼ 75.9% |
| Profit (loss) for the period to be appropriated9905 | €2.9m | €0.5m | €0.4m | €0.1m | ▼ 75.9% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €7.3m | €6.4m | €8.1m | €9.0m | ▲ 11.2% |
| Fixed assets21/28 | €2.3m | €2.5m | €4.3m | €4.4m | ▲ 0.9% |
| Intangible fixed assets21 | €1.1m | €0.8m | €0.7m | €0.5m | ▼ 25.8% |
| Tangible fixed assets22/27 | €0.6m | €1.0m | €2.9m | €3.0m | ▲ 3.2% |
| Plant, machinery and equipment23 | €0.3m | €0.5m | €0.8m | €0.9m | ▲ 8.6% |
| Furniture and vehicles24 | €0.04m | €0.1m | €0.1m | €0.1m | ▼ 2.6% |
| Leasing and similar rights25 | €0.3m | €0.2m | €0.1m | €0.3m | ▲ 108% |
| Other tangible fixed assets26 | €0.07m | €0.1m | €0.8m | €1.7m | ▲ 95.9% |
| Assets under construction and advance payments27 | - | €0.1m | €1.0m | €0.04m | ▼ 96.2% |
| Financial fixed assets28 | €0.6m | €0.6m | €0.7m | €0.9m | ▲ 16.2% |
| Affiliated companies280/1 | - | €0.6m | €0.7m | - | - |
| Participating interests280 | - | €0.6m | €0.7m | - | - |
| Other financial fixed assets284/8 | - | €0.03m | €0.03m | - | - |
| Shares284 | - | €0.03m | €0.03m | - | - |
| Amounts receivable and cash guarantees285/8 | - | €0.002m | €0.001m | - | - |
| Current assets29/58 | €5.0m | €3.9m | €3.7m | €4.6m | ▲ 23.0% |
| Amounts receivable within one year40/41 | €1.9m | €0.5m | €2.5m | €3.9m | ▲ 59.5% |
| Trade receivables40 | €1.1m | €0.3m | €0.6m | €0.8m | ▲ 32.1% |
| Other amounts receivable41 | €0.8m | €0.1m | €1.8m | €3.1m | ▲ 68.7% |
| Cash at bank and in hand54/58 | €3.1m | €3.4m | €1.2m | €0.6m | ▼ 50.3% |
| Deferred charges and accrued income490/1 | €0.02m | €0.05m | €0.1m | €0.1m | ▼ 16.1% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €7.3m | €6.4m | €8.1m | €9.0m | ▲ 11.2% |
| Equity10/15 | €3.0m | €3.3m | €3.6m | €3.7m | ▲ 3.1% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Issued capital100 | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Reserves13 | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Non-distributable reserves130/1 | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Legal reserve130 | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Distributable reserves133 | €0.008m | €0.008m | €0.008m | €0.008m | = |
| Profit (loss) carried forward14 | €2.8m | €3.1m | €3.4m | €3.5m | ▲ 3.0% |
| Investment grants15 | - | - | - | €0.009m | - |
| Amounts payable17/49 | €4.3m | €3.1m | €4.5m | €5.2m | ▲ 17.7% |
| Amounts payable after more than one year17 | €0.1m | €0.08m | €1.4m | €2.3m | ▲ 63.1% |
| Financial debts170/4 | €0.1m | €0.08m | €1.4m | €2.3m | ▲ 63.1% |
| Leasing and similar obligations172 | - | €0.03m | €0.2m | - | - |
| Credit institutions173 | - | €0.05m | €1.2m | - | - |
| Amounts payable within one year42/48 | €3.7m | €2.5m | €2.1m | €1.8m | ▼ 15.9% |
| Current portion of amounts payable after more than one year42 | €0.1m | €0.1m | €0.2m | €0.3m | ▲ 94.8% |
| Financial debts43 | - | €0.03m | €0.09m | €0.06m | ▼ 34.9% |
| Credit institutions430/8 | - | €0.03m | €0.09m | €0.06m | ▼ 34.9% |
| Trade debts44 | €2.2m | €0.7m | €1.5m | €1.2m | ▼ 21.7% |
| Suppliers440/4 | €2.2m | €0.7m | €1.5m | €1.2m | ▼ 21.7% |
| Advances received on contracts in progress46 | €0.02m | - | - | - | - |
| Taxes, remuneration and social security45 | €1.2m | €1.3m | €0.2m | €0.2m | ▼ 17.9% |
| Taxes450/3 | €1.0m | €1.1m | €0.05m | €0.03m | ▼ 44.3% |
| Remuneration and social security454/9 | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 10.2% |
| Other amounts payable47/48 | €0.2m | €0.3m | €0.1m | €0.02m | ▼ 83.1% |
| Accrued charges and deferred income492/3 | €0.5m | €0.5m | €0.9m | €1.1m | ▲ 24.8% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2.9m | €0.5m | €0.4m | €0.1m | ▼ 75.9% |
| + Depreciation and write-downs630 | €0.2m | €0.4m | €0.5m | €0.9m | ▲ 72.1% |
| Operating cash flow (approximation) | €3.1m | €0.9m | €1.0m | €1.0m | ▲ 6.8% |
| Investment in fixed assets (approximation) | - | -€0.6m | -€2.4m | -€1.0m | ▲ 59.5% |
| Change in cash | - | €0.3m | -€2.3m | -€0.6m | ▲ 74.3% |
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, 1,639 companies had the same profile as WEX has now. Two years later, 95.5% were still going and 0.5% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.5%
was still going
3.7%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of WEX itself: 0.3% 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 1,639 companies, not a prediction for WEX. 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.