D.B. PROJECTS
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 09-10-2026 at the NBB all 16 filings
Turnover
≈ €110,000
Estimated: probably between €54,000 and €220,000
Total assets
€547,789▲ 77.7%
2025 · €308,210
Net result
-€1,754▲ 63.4%
2025 · -€4,795
Working capital
-€154,921▼ 251%
2025 · -€44,101
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€7,350
▼ 38.3%
2026
20192026
Net result
-€1,754
▲ 63.4%
2026
20192026
Equity
€52,115
▼ 3.3%
2026
20192026
Total assets
€547,789
▲ 77.7%
2026
20192026
Debt
€495,674
▲ 94.9%
2026
20192026
Working capital
-€154,921
▼ 251%
2026
20192026
Solvency
9.5%
▼ 8.0pp
2026
20192026
Current ratio
0.18
▼ 0.49
2026
20192026
Return on assets (ROA)
-0.3%
▲ 1.2pp
2026
20192026
Staff (FTE)
1
=
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€13,150-€9,073▼ 31.0%€13,250▲ 46.0%€69,805▲ 427%€18,170▼ 74.0%€2,660▼ 85.4%€11,920▲ 348%€7,350▼ 38.3%
Net result€5,154-€1,633▼ 68.3%€2,661within the sector's middle half▲ 62.9%€49,371within the sector's middle half▲ 19×€7,949within the sector's middle half▼ 83.9%-€6,136below the sector's middle half-€4,795below the sector's middle half▲ 21.9%-€1,754▲ 63.4%
Equity€23,636-€25,269▲ 6.9%€27,930within the sector's middle half▲ 10.5%€56,851within the sector's middle half▲ 104%€64,799within the sector's middle half▲ 14.0%€58,664within the sector's middle half▼ 9.5%€53,869within the sector's middle half▼ 8.2%€52,115▼ 3.3%
Total assets€273,658-€504,362▲ 84.3%€486,942within the sector's middle half▼ 3.5%€351,559within the sector's middle half▼ 27.8%€360,541within the sector's middle half▲ 2.6%€335,108within the sector's middle half▼ 7.1%€308,210within the sector's middle half▼ 8.0%€547,789▲ 77.7%
Debt€250,022-€479,092▲ 91.6%€459,012▼ 4.2%€294,708▼ 35.8%€295,741▲ 0.4%€276,444▼ 6.5%€254,341▼ 8.0%€495,674▲ 94.9%
Working capital-€236,889--€447,256▼ 88.8%-€444,146below the sector's middle half▲ 0.7%-€187,599below the sector's middle half▲ 57.8%-€172,570below the sector's middle half▲ 8.0%-€161,462below the sector's middle half▲ 6.4%-€44,101below the sector's middle half▲ 72.7%-€154,921▼ 251%
Solvency8.6%-5.0%▼ 3.6pp5.7%below the sector's middle half▲ 0.7pp16.2%below the sector's middle half▲ 10.4pp18.0%below the sector's middle half▲ 1.8pp17.5%below the sector's middle half▼ 0.5pp17.5%below the sector's middle half=9.5%▼ 8.0pp
Current ratio0.05-0.07▲ 0.010.03below the sector's middle half▼ 0.040.36below the sector's middle half▲ 0.330.37below the sector's middle half▲ 0.010.40below the sector's middle half▲ 0.030.66below the sector's middle half▲ 0.270.18▼ 0.49
Return on assets (ROA)1.9%-0.3%▼ 1.6pp0.5%below the sector's middle half▲ 0.2pp14.0%within the sector's middle half▲ 13.5pp2.2%within the sector's middle half▼ 11.8pp-1.8%below the sector's middle half▼ 4.0pp-1.6%below the sector's middle half▲ 0.3pp-0.3%▲ 1.2pp
Staff (FTE)11=1=
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 2026 is 38% lower than in 2025.
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
2026 in colour, 2025 as the grey bar beneath
Assets €547,789
Fixed assets
€514,536 ▲ 133%
Current assets
€33,253 ▼ 62.0%
Equity and liabilities €547,789
Equity
€52,115 ▼ 3.3%
Debt
€495,674 ▲ 94.9%
Debt's share of the balance-sheet total rises from 82.5% to 90.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€15,714▼
2025 · €20,284
Cash flow
€6,610▲
2025 · €3,569
Debt to equity
9.51▲
2025 · 4.72
ROE
-3.4%▲
2025 · -8.9%
Interest coverage
1.75▲
2025 · 1.22
Debt ≤ 1 year
€188,174▲
2025 · €131,511
Debt > 1 year
€307,500▲
2025 · €122,500
Income taxes
€119▼
2025 · €123
Staff costs
€4,052▲
2025 · €4,033
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 |
| in full-time equivalents | 0.1 | 0.1 | 0.1 |
| Average over the year, in full-time equivalents | 0.1 | 0.1 | 0.1 |
| On a permanent contract | 1 | 1 | 1 |
| Joined | 1 | - | - |
| Left | 0 | - | - |
Source: social balance sheet in the 2024 to 2026 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €41,820 | - | - | €302,100 |
| Financial fixed assets | - | - | €85 | - | - |
| Depreciation and write-downs of the year | - | €4,377 | €8,364 | €8,364 | €8,364 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | €112 | €3,658 | €4,033 | €4,052 | ▲ 0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €8,230 | - | - | €4,377 | €8,364 | €8,364 | €8,364 | = |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €12,000 | - | - | - | - | - |
| Other operating charges640/8 | - | - | - | €1,499 | €1,747 | €1,815 | €2,001 | €3,665 | ▲ 83.1% |
| Gross operating margin9900 | €14,329 | €18,786 | €14,739 | €83,303 | €24,405 | €16,497 | €26,319 | €23,430 | ▼ 11.0% |
| Operating profit (loss)9901 | €13,150 | €9,073 | €13,250 | €69,805 | €18,170 | €2,660 | €11,920 | €7,350 | ▼ 38.3% |
| Financial income75/76B | - | - | - | €0 | - | - | - | - | - |
| Recurring financial income75 | - | - | €0 | €0 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €10,296 | €5,912 | €8,538 | €16,592 | €8,985 | ▼ 45.8% |
| Recurring financial charges65 | €7,996 | €7,292 | €10,444 | €10,296 | €5,912 | €8,538 | €16,592 | €8,985 | ▼ 45.8% |
| Profit (loss) for the period before taxes9903 | €5,154 | €1,781 | €2,806 | €59,508 | €12,257 | -€5,878 | -€4,672 | -€1,635 | ▲ 65.0% |
| Income taxes67/77 | - | €148 | €145 | €10,138 | €4,309 | €257 | €123 | €119 | ▼ 3.6% |
| Profit (loss) for the period9904 | €5,154 | €1,633 | €2,661 | €49,371 | €7,949 | -€6,136 | -€4,795 | -€1,754 | ▲ 63.4% |
| Profit (loss) for the period to be appropriated9905 | €5,154 | €1,633 | €2,661 | €49,371 | €7,949 | -€6,136 | -€4,795 | -€1,754 | ▲ 63.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €273,658 | €504,362 | €486,942 | €351,559 | €360,541 | €335,108 | €308,210 | €547,789 | ▲ 77.7% |
| Fixed assets21/28 | €260,526 | €472,526 | €472,526 | €244,910 | €259,898 | €229,164 | €220,800 | €514,536 | ▲ 133% |
| Tangible fixed assets22/27 | €260,526 | €472,526 | €472,526 | €244,910 | €259,898 | €229,079 | €220,715 | €514,451 | ▲ 133% |
| Land and buildings22 | - | - | - | €244,910 | €222,455 | €200,000 | €200,000 | €502,100 | ▲ 151% |
| Furniture and vehicles24 | - | - | - | - | - | - | - | €12,351 | - |
| Leasing and similar rights25 | - | - | - | - | €37,443 | €29,079 | €20,715 | - | - |
| Financial fixed assets28 | - | - | - | - | - | €85 | €85 | €85 | = |
| Current assets29/58 | €13,132 | €31,836 | €14,416 | €106,649 | €100,643 | €105,943 | €87,410 | €33,253 | ▼ 62.0% |
| Amounts receivable within one year40/41 | €12,133 | - | €545 | €81,235 | €62,690 | €68,147 | €62,435 | - | - |
| Trade receivables40 | - | - | - | €12,669 | €12,720 | €6,077 | €399 | - | - |
| Other amounts receivable41 | - | - | - | €68,565 | €49,970 | €62,070 | €62,036 | - | - |
| Cash at bank and in hand54/58 | €802 | €31,441 | €13,461 | €24,995 | €35,664 | €35,456 | €22,489 | €31,716 | ▲ 41.0% |
| Deferred charges and accrued income490/1 | - | - | - | €419 | €2,289 | €2,339 | €2,486 | €1,537 | ▼ 38.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €273,658 | €504,362 | €486,942 | €351,559 | €360,541 | €335,108 | €308,210 | €547,789 | ▲ 77.7% |
| Equity10/15 | €23,636 | €25,269 | €27,930 | €56,851 | €64,799 | €58,664 | €53,869 | €52,115 | ▼ 3.3% |
| Contributions10/11 | €20,000 | - | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €5,794 | €5,794 | €5,794 | €36,851 | €44,799 | €38,664 | €33,869 | €32,115 | ▼ 5.2% |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | - | - | - | - |
| Distributable reserves133 | - | - | - | €34,851 | €42,799 | €38,664 | €33,869 | €32,115 | ▼ 5.2% |
| Profit (loss) carried forward14 | -€17,608 | -€15,975 | -€13,314 | - | - | - | - | - | - |
| Amounts payable17/49 | €250,022 | €479,092 | €459,012 | €294,708 | €295,741 | €276,444 | €254,341 | €495,674 | ▲ 94.9% |
| Amounts payable after more than one year17 | - | - | - | - | €22,017 | €8,515 | €122,500 | €307,500 | ▲ 151% |
| Financial debts170/4 | - | - | - | - | €22,017 | €8,515 | €122,500 | €307,500 | ▲ 151% |
| Amounts payable within one year42/48 | €250,022 | €479,092 | €458,562 | €294,248 | €273,212 | €267,406 | €131,511 | €188,174 | ▲ 43.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €171,681 | €163,261 | €163,502 | €23,515 | €15,000 | ▼ 36.2% |
| Trade debts44 | €81 | - | €2,268 | €2,502 | €1,597 | €1,763 | €1,813 | €559 | ▼ 69.1% |
| Suppliers440/4 | - | - | - | €2,502 | €1,597 | €1,763 | €1,813 | €559 | ▼ 69.1% |
| Taxes, remuneration and social security45 | - | - | - | €16,162 | €7,638 | €5,278 | €6,377 | €5,149 | ▼ 19.3% |
| Taxes450/3 | - | - | - | €16,162 | €7,638 | €4,560 | €5,563 | €4,216 | ▼ 24.2% |
| Remuneration and social security454/9 | - | - | - | - | - | €718 | €814 | €933 | ▲ 14.7% |
| Other amounts payable47/48 | - | - | - | €103,904 | €100,716 | €96,863 | €99,806 | €167,466 | ▲ 67.8% |
| Accrued charges and deferred income492/3 | - | - | - | €460 | €512 | €523 | €330 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,154 | €1,633 | €2,661 | €49,371 | €7,949 | -€6,136 | -€4,795 | -€1,754 | ▲ 63.4% |
| + Depreciation and write-downs630 | - | €8,230 | - | - | €4,377 | €8,364 | €8,364 | €8,364 | = |
| Operating cash flow (approximation) | €5,154 | €9,863 | €2,661 | €49,371 | €12,325 | €2,228 | €3,569 | €6,610 | ▲ 85.2% |
| Investment in fixed assets (approximation) | - | -€220,230 | €0 | €227,616 | -€19,365 | €22,370 | €0 | -€302,100 | - |
| Change in cash | - | €30,639 | -€17,979 | €11,533 | €10,669 | -€207 | -€12,968 | €9,227 | - |
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, 1,037 companies had the same profile as D.B. PROJECTS has now. Two years later, 93.8% were still going and 2.9% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a small loss
93.8%
was still going
2.9%
stopped otherwise
2.9%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of D.B. PROJECTS itself is lower: 0.1% within 12 months. It rests on far more data about D.B. PROJECTS than the profile alone.
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 1,037 companies, not a prediction for D.B. PROJECTS. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 09-10-2026 | 2026-00552589 | |
| 31-03-2025 | micro format | 15-09-2025 | 2025-00491593 | |
| 31-03-2024 | micro format | 29-11-2024 | 2024-00606897 | |
| 31-03-2023 | micro format | 23-10-2023 | 2023-00490212 | |
| 31-03-2022 | micro format | 10-10-2022 | 2022-20458253 | |
| 31-03-2021 | micro format | 29-10-2021 | 2021-74800160 | |
| 31-03-2020 | micro format | 31-10-2020 | 2020-68300317 | |
| 31-03-2019 | micro format | 28-10-2019 | 2019-71500510 | |
| 31-03-2018 | micro format | 27-09-2018 | 2018-65400258 | |
| 31-03-2017 | micro format | 29-11-2017 | 2017-70500402 |