D. BLAISE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-03-2026 PDF all 6 filings
Turnover
≈ €190,000
Estimated: probably between €140,000 and €240,000
Total assets
€374,824▼ 13.3%
2024 · €432,074
Net result
€17,915▼ 79.5%
2024 · €87,206
Working capital
€276,029▼ 16.7%
2024 · €331,485
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€27,066
▼ 77.8%
2025
20202025
Net result
€17,915
▼ 79.5%
2025
middle half of the sector
20202025
Equity
€318,581
▼ 13.7%
2025
highest quarter of the sector
20202025
Total assets
€374,824
▼ 13.3%
2025
middle half of the sector
20202025
Debt
€56,243
▼ 10.4%
2025
20202025
Working capital
€276,029
▼ 16.7%
2025
highest quarter of the sector
20202025
Solvency
85.0%
▼ 0.5pp
2025
highest quarter of the sector
20202025
Current ratio
5.91
▼ 0.37
2025
highest quarter of the sector
20202025
Return on assets (ROA)
4.8%
▼ 15.4pp
2025
middle half of the sector
20202025
Staff (FTE)
1
=
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€30,682-€71,639▲ 133%€51,417▼ 28.2%€76,794▲ 49.4%€121,699▲ 58.5%€27,066▼ 77.8%
Net result€20,629within the sector's middle half-€45,074within the sector's middle half▲ 119%€36,357within the sector's middle half▼ 19.3%€54,900within the sector's middle half▲ 51.0%€87,206above the sector's middle half▲ 58.8%€17,915within the sector's middle half▼ 79.5%
Equity€175,752within the sector's middle half-€218,826within the sector's middle half▲ 24.5%€253,183above the sector's middle half▲ 15.7%€306,083above the sector's middle half▲ 20.9%€369,289above the sector's middle half▲ 20.7%€318,581above the sector's middle half▼ 13.7%
Total assets€276,273within the sector's middle half-€295,730within the sector's middle half▲ 7.0%€322,350within the sector's middle half▲ 9.0%€376,169within the sector's middle half▲ 16.7%€432,074within the sector's middle half▲ 14.9%€374,824within the sector's middle half▼ 13.3%
Debt€100,521-€76,903▼ 23.5%€69,167▼ 10.1%€70,086▲ 1.3%€62,785▼ 10.4%€56,243▼ 10.4%
Working capital€130,170above the sector's middle half-€168,342above the sector's middle half▲ 29.3%€222,148above the sector's middle half▲ 32.0%€286,114above the sector's middle half▲ 28.8%€331,485above the sector's middle half▲ 15.9%€276,029above the sector's middle half▼ 16.7%
Solvency63.6%within the sector's middle half-74.0%within the sector's middle half▲ 10.4pp78.5%above the sector's middle half▲ 4.5pp81.4%above the sector's middle half▲ 2.8pp85.5%above the sector's middle half▲ 4.1pp85.0%above the sector's middle half▼ 0.5pp
Current ratio2.34within the sector's middle half-3.20within the sector's middle half▲ 0.864.27within the sector's middle half▲ 1.075.08above the sector's middle half▲ 0.816.28above the sector's middle half▲ 1.205.91above the sector's middle half▼ 0.37
Return on assets (ROA)7.5%within the sector's middle half-15.2%within the sector's middle half▲ 7.8pp11.3%within the sector's middle half▼ 4.0pp14.6%within the sector's middle half▲ 3.3pp20.2%within the sector's middle half▲ 5.6pp4.8%within the sector's middle half▼ 15.4pp
Staff (FTE)1.2within the sector's middle half-1▼ 16.7%1=1=1=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 2025 is 78% lower than in 2024 and the lowest since 2021.
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 €374,824
Fixed assets
€42,552 ▲ 12.6%
Current assets
€332,272 ▼ 15.7%
Equity and liabilities €374,824
Equity
€318,581 ▼ 13.7%
Debt
€56,243 ▼ 10.4%
Debt's share of the balance-sheet total rises from 14.5% to 15.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€42,065▼
2024 · €133,238
Cash flow
€32,913▼
2024 · €98,746
Quick ratio
4.61▼
2024 · 5.55
Debt to equity
0.18▲
2024 · 0.17
ROE
5.6%▼
2024 · 23.6%
Interest coverage
62.41▼
2024 · over 100
Debt ≤ 1 year
€56,243▼
2024 · €62,785
Income taxes
€8,478▼
2024 · €34,646
Staff costs
€44,855▲
2024 · €42,959
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| part-time | - | - | - | 0 | 0 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €25,181 | €7,606 | €533 | €29,375 | €10,053 |
| Intangible fixed assets | - | - | - | - | €9,693 |
| Depreciation and write-downs of the year | €23,035 | €26,249 | €12,849 | €11,540 | €14,999 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €40,922 | €44,758 | €42,312 | €42,959 | €44,855 | ▲ 4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €28,528 | €23,035 | €26,249 | €12,849 | €11,540 | €14,999 | ▲ 30.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €2,000 | - |
| Other operating charges640/8 | - | €1,626 | €1,427 | €1,766 | €1,646 | €2,120 | ▲ 28.8% |
| Gross operating margin9900 | €79,794 | €137,222 | €123,851 | €133,721 | €177,844 | €91,039 | ▼ 48.8% |
| Operating profit (loss)9901 | €30,682 | €71,639 | €51,417 | €76,794 | €121,699 | €27,066 | ▼ 77.8% |
| Financial income75/76B | - | €1,252 | €551 | €3 | €640 | €0 | ▼ 100% |
| Recurring financial income75 | €768 | €1,252 | €551 | €3 | €640 | €0 | ▼ 100% |
| Financial charges65/66B | - | €509 | €620 | €447 | €486 | €674 | ▲ 38.6% |
| Recurring financial charges65 | €1,298 | €509 | €620 | €447 | €486 | €674 | ▲ 38.6% |
| Profit (loss) for the period before taxes9903 | €30,152 | €72,382 | €51,348 | €76,350 | €121,852 | €26,392 | ▼ 78.3% |
| Income taxes67/77 | €9,523 | €27,308 | €14,992 | €21,450 | €34,646 | €8,478 | ▼ 75.5% |
| Profit (loss) for the period9904 | €20,629 | €45,074 | €36,357 | €54,900 | €87,206 | €17,915 | ▼ 79.5% |
| Transfer from tax-exempt reserves789 | - | €37,500 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €20,629 | €82,574 | €36,357 | €54,900 | €87,206 | €17,915 | ▼ 79.5% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €276,273 | €295,730 | €322,350 | €376,169 | €432,074 | €374,824 | ▼ 13.3% |
| Fixed assets21/28 | €48,783 | €50,928 | €32,285 | €19,969 | €37,804 | €42,552 | ▲ 12.6% |
| Intangible fixed assets21 | €11,047 | €6,484 | €1,921 | - | - | €9,401 | - |
| Tangible fixed assets22/27 | €37,736 | €44,444 | €30,363 | €19,969 | €37,804 | €33,151 | ▼ 12.3% |
| Plant, machinery and equipment23 | - | €6,162 | €8,660 | €6,726 | €14,225 | €16,596 | ▲ 16.7% |
| Furniture and vehicles24 | - | €38,282 | €21,703 | €13,243 | €23,579 | €16,555 | ▼ 29.8% |
| Current assets29/58 | €227,490 | €244,801 | €290,065 | €356,200 | €394,270 | €332,272 | ▼ 15.7% |
| Stocks and contracts in progress3 | €53,157 | €29,830 | €49,700 | €50,280 | €45,585 | €73,071 | ▲ 60.3% |
| Stocks30/36 | - | €29,830 | €49,700 | €50,280 | €45,585 | €73,071 | ▲ 60.3% |
| Amounts receivable within one year40/41 | €78,675 | €74,236 | €94,123 | €30,239 | €64,210 | €114,424 | ▲ 78.2% |
| Trade receivables40 | - | €66,544 | €79,115 | €30,239 | €60,938 | €77,018 | ▲ 26.4% |
| Other amounts receivable41 | - | €7,692 | €15,008 | - | €3,272 | €37,406 | ▲ 11× |
| Cash at bank and in hand54/58 | €95,547 | €140,623 | €145,971 | €269,721 | €282,614 | €138,685 | ▼ 50.9% |
| Deferred charges and accrued income490/1 | - | €113 | €271 | €5,960 | €1,861 | €6,092 | ▲ 227% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €276,273 | €295,730 | €322,350 | €376,169 | €432,074 | €374,824 | ▼ 13.3% |
| Equity10/15 | €175,752 | €218,826 | €253,183 | €306,083 | €369,289 | €318,581 | ▼ 13.7% |
| Contributions10/11 | - | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Reserves13 | €150,752 | €193,826 | €228,183 | €281,083 | €344,289 | €293,581 | ▼ 14.7% |
| Distributable reserves133 | - | €193,826 | €228,183 | €281,083 | €344,289 | €293,581 | ▼ 14.7% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €100,521 | €76,903 | €69,167 | €70,086 | €62,785 | €56,243 | ▼ 10.4% |
| Amounts payable after more than one year17 | €3,201 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €97,320 | €76,459 | €67,917 | €70,086 | €62,785 | €56,243 | ▼ 10.4% |
| Current portion of amounts payable after more than one year42 | - | €3,201 | - | - | - | - | - |
| Trade debts44 | €22,260 | €33,943 | €17,760 | €11,274 | €723 | €19,838 | ▲ 27× |
| Suppliers440/4 | - | €33,943 | €17,760 | €11,274 | €723 | €19,838 | ▲ 27× |
| Taxes, remuneration and social security45 | - | €28,131 | €25,644 | €40,089 | €42,358 | €28,457 | ▼ 32.8% |
| Taxes450/3 | - | €16,262 | €9,828 | €31,095 | €33,344 | €18,145 | ▼ 45.6% |
| Remuneration and social security454/9 | - | €11,870 | €15,816 | €8,993 | €9,014 | €10,311 | ▲ 14.4% |
| Other amounts payable47/48 | - | €11,184 | €24,514 | €18,723 | €19,705 | €7,948 | ▼ 59.7% |
| Accrued charges and deferred income492/3 | - | €444 | €1,250 | - | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,629 | €45,074 | €36,357 | €54,900 | €87,206 | €17,915 | ▼ 79.5% |
| + Depreciation and write-downs630 | €28,528 | €23,035 | €26,249 | €12,849 | €11,540 | €14,999 | ▲ 30.0% |
| Operating cash flow (approximation) | €49,157 | €68,110 | €62,606 | €67,749 | €98,746 | €32,913 | ▼ 66.7% |
| Investment in fixed assets (approximation) | - | -€25,181 | -€7,606 | -€533 | -€29,375 | -€19,746 | ▲ 32.8% |
| Change in cash | - | €45,076 | €5,348 | €123,750 | €12,893 | -€143,929 | - |
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, 17,041 companies had the same profile as D. BLAISE has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
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 D. BLAISE 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 17,041 companies, not a prediction for D. BLAISE. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 16-03-2026 | 2026-00055934 | |
| 30-09-2024 | micro format | 21-03-2025 | 2025-00052781 | |
| 30-09-2023 | micro format | 22-03-2024 | 2024-00048890 | |
| 30-09-2022 | micro format | 14-03-2023 | 2023-00040624 | |
| 30-09-2021 | micro format | 07-04-2022 | 2022-20002437 | |
| 30-09-2020 | micro format | 15-03-2021 | 2021-07800100 |