DNXcorp: Revenue Up 5% in 2025, Operating Income Declines
In 2025, DNXcorp achieved a revenue of 24.2 million euros, a 5.0% increase from 2024. This growth, driven by advertising investments and sales in the American market, is accompanied by a decrease in operational and net profitability, affected by increased marketing expenses and a loss of 711,000 euros in Bitcoin value.
Revenue Growth Does Not Offset Margin Deterioration
The group generated a revenue of 24.2 million euros in 2025, marking a 5.0% increase from the 23.0 million euros in 2024. In the second half of 2025, revenue amounted to 12.3 million euros, up 5.2% from the same period in 2024. This growth primarily stems from sustained advertising investments and increased sales in the American market, although the growth rate has slowed down due to competition. The historic markets (Netherlands and Belgium) show slight progress. The operating result before crypto asset impairment reached 7.0 million euros, nearly stable compared to 2024 (-1.0%). The operational profitability before crypto assets fell to 29.0% of revenue from 30.7% the previous year, reflecting the impact of commercial conquest expenses.
Impact of Bitcoin Depreciation and Pressure on Net Income
A loss of value of 711,000 euros is recorded on the Bitcoin reserve established during 2025, in accordance with IAS 38 standard. This depreciation, due to the decrease in value between the acquisition date and the closing, results in an operating income of 6.3 million euros, down 11.1% from 2024. The net income from continuing operations decreased to 4.7 million euros (19.4% of revenue) from 5.6 million euros in 2024 (24.4%), marking a decline of 16.6%. The net income attributable to the group stands at 4.7 million euros, slightly up by 2.1%, an effect entirely attributed to the exceptional brand depreciation recorded in 2024. The financial result worsened, moving from -110,000 euros to -181,000 euros, mainly due to an increase in exchange losses.
Strengthened Cash Position and Resources Despite Operational Deterioration
As of December 31, 2025, DNXcorp has a net cash position of 4.8 million euros, free of any bank debt. Beyond this cash reserve, the group has additional resources: a Bitcoin reserve valued at 3.7 million euros, equivalent to 50 BTC, as of the date of the release, and a short-term loan of 3.0 million euros granted to PM Equity, the majority shareholder. The total mobilizable financial resources of the group thus reach 11.5 million euros. DNXcorp will propose a dividend of 2.50 euros per share for the fiscal year 2025, to be distributed in July 2026 subject to the completion of audit work. The consolidated accounts as of December 31, 2025, are still under audit, with the figures presented being provisional and subject to this finalization.
