d 4
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 15-06-2026 PDF all 25 filings
Turnover
≈ €120,000
Estimated: probably between €87,000 and €170,000
Total assets
€205,245=
2024 · €205,211
Net result
€21,222▼ 46.1%
2024 · €39,370
Working capital
€175,137▲ 22.5%
2024 · €142,959
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€22,518
▼ 48.9%
2025
20182025
Net result
€21,222
▼ 46.1%
2025
middle half of the sector
20182025
Equity
€187,428
▲ 12.8%
2025
highest quarter of the sector
20182025
Total assets
€205,245
=
2025
middle half of the sector
20182025
Debt
€17,817
▼ 54.3%
2025
20182025
Working capital
€175,137
▲ 22.5%
2025
highest quarter of the sector
20182025
Solvency
91.3%
▲ 10.3pp
2025
highest quarter of the sector
20182025
Current ratio
10.83
▲ 5.51
2025
highest quarter of the sector
20182025
Return on assets (ROA)
10.3%
▼ 8.8pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€30,610-€18,461€86,144▲ 367%-€12,038€91,732-€39,263€44,074€22,518▼ 48.9%
Net result-€32,242-€17,002€80,099above the sector's middle half▲ 371%-€12,865below the sector's middle half€72,699above the sector's middle half-€39,819below the sector's middle half€39,370within the sector's middle half€21,222within the sector's middle half▼ 46.1%
Equity€84,721-€101,723▲ 20.1%€156,822above the sector's middle half▲ 54.2%€143,957within the sector's middle half▼ 8.2%€166,656above the sector's middle half▲ 15.8%€126,837within the sector's middle half▼ 23.9%€166,207above the sector's middle half▲ 31.0%€187,428above the sector's middle half▲ 12.8%
Total assets€151,047-€161,464▲ 6.9%€237,156within the sector's middle half▲ 46.9%€184,332within the sector's middle half▼ 22.3%€298,651within the sector's middle half▲ 62.0%€175,638within the sector's middle half▼ 41.2%€205,211within the sector's middle half▲ 16.8%€205,245within the sector's middle half=
Debt€66,326-€59,741▼ 9.9%€80,334▲ 34.5%€40,375▼ 49.7%€131,996▲ 227%€48,802▼ 63.0%€39,004▼ 20.1%€17,817▼ 54.3%
Working capital-€7,806-€23,018€91,641within the sector's middle half▲ 298%€82,405within the sector's middle half▼ 10.1%€101,333within the sector's middle half▲ 23.0%€74,806within the sector's middle half▼ 26.2%€142,959above the sector's middle half▲ 91.1%€175,137above the sector's middle half▲ 22.5%
Solvency56.1%-63.0%▲ 6.9pp66.1%within the sector's middle half▲ 3.1pp78.1%above the sector's middle half▲ 12.0pp55.8%within the sector's middle half▼ 22.3pp72.2%within the sector's middle half▲ 16.4pp81.0%above the sector's middle half▲ 8.8pp91.3%above the sector's middle half▲ 10.3pp
Current ratio0.66-1.87▲ 1.212.74within the sector's middle half▲ 0.884.48above the sector's middle half▲ 1.742.09within the sector's middle half▼ 2.393.59within the sector's middle half▲ 1.505.32above the sector's middle half▲ 1.7210.83above the sector's middle half▲ 5.51
Return on assets (ROA)-21.3%-10.5%▲ 31.9pp33.8%above the sector's middle half▲ 23.2pp-7.0%below the sector's middle half▼ 40.8pp24.3%above the sector's middle half▲ 31.3pp-22.7%below the sector's middle half▼ 47.0pp19.2%within the sector's middle half▲ 41.9pp10.3%within the sector's middle half▼ 8.8pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 49% lower than in 2024.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €205,245
Fixed assets
€12,291 ▼ 57.8%
Current assets
€192,954 ▲ 9.6%
Equity and liabilities €205,245
Equity
€187,428 ▲ 12.8%
Debt
€17,817 ▼ 54.3%
Debt's share of the balance-sheet total falls from 19.0% to 8.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€39,378▼
2024 · €61,726
Cash flow
€38,082▼
2024 · €57,023
Debt to equity
0.10▼
2024 · 0.23
ROE
11.3%▼
2024 · 23.7%
Interest coverage
20.56▼
2024 · 76.01
Debt ≤ 1 year
€17,817▼
2024 · €33,101
Debt > 1 year
€0▼
2024 · €5,903
Income taxes
€8,816▲
2024 · €6,424
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €11,866 | €61,049 | €7,168 | - | - |
| Depreciation and write-downs of the year | €26,467 | €34,825 | €39,656 | €17,652 | €16,860 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €2,066 | €0 | €48,161 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €29,292 | €29,863 | €25,069 | €26,467 | €34,825 | €39,656 | €17,652 | €16,860 | ▼ 4.5% |
| Other operating charges640/8 | - | - | - | €1,630 | €1,787 | €1,975 | €2,228 | €1,616 | ▼ 27.5% |
| Gross operating margin9900 | €286 | €49,747 | €112,823 | €16,060 | €128,344 | €2,369 | €63,954 | €40,994 | ▼ 35.9% |
| Operating profit (loss)9901 | -€30,610 | €18,461 | €86,144 | -€12,038 | €91,732 | -€39,263 | €44,074 | €22,518 | ▼ 48.9% |
| Financial income75/76B | - | - | - | €5 | €5 | €1,001 | €2,533 | €9,435 | ▲ 272% |
| Recurring financial income75 | €4 | €24 | €430 | €5 | €5 | €1,001 | €2,533 | €9,435 | ▲ 272% |
| Financial charges65/66B | - | - | - | €700 | €1,295 | €1,244 | €812 | €1,915 | ▲ 136% |
| Recurring financial charges65 | €1,504 | €1,344 | €1,311 | €700 | €1,295 | €1,244 | €812 | €1,915 | ▲ 136% |
| Profit (loss) for the period before taxes9903 | -€32,110 | €17,141 | €85,263 | -€12,732 | €90,442 | -€39,505 | €45,795 | €30,038 | ▼ 34.4% |
| Income taxes67/77 | €132 | €139 | €5,164 | €133 | €17,744 | €314 | €6,424 | €8,816 | ▲ 37.2% |
| Profit (loss) for the period9904 | -€32,242 | €17,002 | €80,099 | -€12,865 | €72,699 | -€39,819 | €39,370 | €21,222 | ▼ 46.1% |
| Profit (loss) for the period to be appropriated9905 | -€32,242 | €17,002 | €80,099 | -€12,865 | €72,699 | -€39,819 | €39,370 | €21,222 | ▼ 46.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €151,047 | €161,464 | €237,156 | €184,332 | €298,651 | €175,638 | €205,211 | €205,245 | = |
| Fixed assets21/28 | €136,182 | €111,855 | €92,867 | €78,266 | €104,490 | €72,002 | €29,151 | €12,291 | ▼ 57.8% |
| Tangible fixed assets22/27 | €136,182 | €111,855 | €92,867 | €78,266 | €104,490 | €72,002 | €29,151 | €12,291 | ▼ 57.8% |
| Land and buildings22 | - | - | - | €69,126 | €47,162 | €25,198 | €0 | - | - |
| Plant, machinery and equipment23 | - | - | - | €7,437 | €5,720 | €10,605 | €8,362 | €6,558 | ▼ 21.6% |
| Furniture and vehicles24 | - | - | - | €1,703 | €51,608 | €36,199 | €20,789 | €5,733 | ▼ 72.4% |
| Current assets29/58 | €14,865 | €49,609 | €144,289 | €106,067 | €194,162 | €103,637 | €176,060 | €192,954 | ▲ 9.6% |
| Stocks and contracts in progress3 | - | - | - | €4,677 | €4,677 | €4,677 | €4,677 | €0 | ▼ 100% |
| Stocks30/36 | - | - | - | €4,677 | €4,677 | €4,677 | €4,677 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €4,291 | €8,295 | €40,136 | €27,694 | €45,248 | €8,864 | €77,206 | €95,974 | ▲ 24.3% |
| Trade receivables40 | - | - | - | €17,827 | €21,183 | €3,881 | €1,599 | €495 | ▼ 69.0% |
| Other amounts receivable41 | - | - | - | €9,867 | €24,065 | €4,983 | €75,608 | €95,479 | ▲ 26.3% |
| Cash at bank and in hand54/58 | €10,098 | €40,830 | €103,678 | €73,435 | €142,510 | €89,006 | €93,036 | €95,055 | ▲ 2.2% |
| Deferred charges and accrued income490/1 | - | - | - | €261 | €1,727 | €1,090 | €1,141 | €1,925 | ▲ 68.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €151,047 | €161,464 | €237,156 | €184,332 | €298,651 | €175,638 | €205,211 | €205,245 | = |
| Equity10/15 | €84,721 | €101,723 | €156,822 | €143,957 | €166,656 | €126,837 | €166,207 | €187,428 | ▲ 12.8% |
| Contributions10/11 | €6,197 | €6,197 | - | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Reserves13 | €78,524 | €95,526 | €150,625 | €137,760 | €160,458 | €120,639 | €160,010 | €181,231 | ▲ 13.3% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €135,900 | €158,599 | €120,639 | €160,010 | €181,231 | ▲ 13.3% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | - | - | - |
| Amounts payable17/49 | €66,326 | €59,741 | €80,334 | €40,375 | €131,996 | €48,802 | €39,004 | €17,817 | ▼ 54.3% |
| Amounts payable after more than one year17 | €43,639 | €33,081 | €27,610 | €16,687 | €39,102 | €19,853 | €5,903 | €0 | ▼ 100% |
| Financial debts170/4 | - | - | - | €16,687 | €39,102 | €19,853 | €5,903 | €0 | ▼ 100% |
| Amounts payable within one year42/48 | €22,671 | €26,591 | €52,648 | €23,661 | €92,829 | €28,831 | €33,101 | €17,817 | ▼ 46.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,923 | €24,435 | €19,249 | €13,950 | €5,903 | ▼ 57.7% |
| Trade debts44 | €3,326 | €1,248 | €4,825 | €3,381 | €3,948 | €3,135 | €2,021 | €10,560 | ▲ 423% |
| Suppliers440/4 | - | - | - | €3,381 | €3,948 | €3,135 | €2,021 | €10,560 | ▲ 423% |
| Taxes, remuneration and social security45 | - | - | - | €9,196 | €14,446 | €6,447 | €17,130 | €1,354 | ▼ 92.1% |
| Taxes450/3 | - | - | - | €9,196 | €14,446 | €6,447 | €17,130 | €1,354 | ▼ 92.1% |
| Other amounts payable47/48 | - | - | - | €162 | €50,000 | €0 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €27 | €65 | €118 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€32,242 | €17,002 | €80,099 | -€12,865 | €72,699 | -€39,819 | €39,370 | €21,222 | ▼ 46.1% |
| + Depreciation and write-downs630 | €29,292 | €29,863 | €25,069 | €26,467 | €34,825 | €39,656 | €17,652 | €16,860 | ▼ 4.5% |
| Operating cash flow (approximation) | -€2,950 | €46,865 | €105,168 | €13,602 | €107,524 | -€163 | €57,023 | €38,082 | ▼ 33.2% |
| Investment in fixed assets (approximation) | - | -€5,536 | -€6,081 | -€11,866 | -€61,049 | -€7,168 | €25,198 | €0 | ▼ 100% |
| Change in cash | - | €30,732 | €62,848 | -€30,243 | €69,076 | -€53,504 | €4,030 | €2,019 | ▼ 49.9% |
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, 31,368 companies had the same profile as d 4 has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of d 4 itself: 0.1% 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 31,368 companies, not a prediction for d 4. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 15-06-2026 | 2026-00160134 | |
| 31-12-2024 | micro format | 19-09-2025 | 2025-00496428 | |
| 31-12-2023 | micro format | 03-06-2024 | 2024-00105485 | |
| 31-12-2022 | micro format | 09-06-2023 | 2023-00120152 | |
| 31-12-2021 | micro format | 16-08-2022 | 2022-20289840 | |
| 31-12-2020 | micro format | 28-05-2021 | 2021-15700562 | |
| 31-12-2019 | micro format | 25-05-2020 | 2020-13700237 | |
| 31-12-2018 | micro format | 05-06-2019 | 2019-16800414 | |
| 31-12-2017 | micro format | 04-06-2018 | 2018-15400552 | |
| 31-12-2016 | micro format | 19-06-2017 | 2017-18700012 |