D.C. Developments (0837.413.965): financials and annual accounts

Annual accounts 2025

abbreviated format, filed on 26-10-2026, 87 days late

Gross margin

-€23,386

▲ €129,277

Operating result

-€24,528

▲ €47,612

Loss

-€36,402

▲ €60,151

Working capital

-€23,189

▼ €31,736

Solvency

-13.1%

▼ 2.7 percentage points

Current ratio

0.98

▼ 0.02

Turnover and EBIT margin are not published. The abbreviated format does not require them.

Balance sheet

balance sheet total €1.3m on 31-12-2025

What the company ownsHow it is paid for

Change in equityin euro

Change in cashin euro

Position in the sector

Compare with sector

Solvency-13.1%

Higher than 10% of 11,288 companies in 2025.

Current ratio0.98

Higher than 43% of 10,839 companies in 2025.

Return on assets-2.8%

Higher than 20% of 11,173 companies in 2025.

D.C. Developments Middle half of the sector 80% of the sector Abbreviated accounts in real estate (NACE 68)

Net result: bottom quarter · Equity: bottom quarter · Balance sheet total: middle half · Working capital: middle half

Staff

Staff cost per FTE

Staff costs divided by the average number of full-time equivalents.

Joined and left

Filed annual accounts

as filed with the National Bank, click a year to choose it

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
Balance sheet: assets
Total assets`20/58`	1.3m	1.3m	2.2m	2.1m	1.4m	596,701	629,083	72,144	14,920	59,165	75,363	73,881	119,403	77,743
Fixed assets`21/28`	-	-	-	-	-	-	-	-	-	-	16,477	15,346	19,653	3,576
Tangible fixed assets`22/27`	-	-	-	-	-	-	-	-	-	-	16,477	15,346	19,653	3,576
Land and buildings`22`	-	-	-	-	-	-	-	-	-	-	12,822	12,083	15,882	2,794
Plant, machinery and equipment`23`	-	-	-	-	-	-	-	-	-	-	3,655	3,263	3,592	424
Furniture and vehicles`24`	-	-	-	-	-	-	-	-	-	-	-	-	179	358
Current assets`29/58`	1.3m	1.3m	2.2m	2.1m	1.4m	596,701	629,083	72,144	14,920	59,165	58,886	58,535	99,750	74,167
Stocks and contracts in progress`3`	1.3m	1.1m	1.9m	1.9m	1.1m	425,208	615,042	33,894	-	-	1,467	1,280	3,625	4,125
Stocks`30/36`	1.3m	1.1m	1.6m	1.3m	1.1m	425,208	615,042	33,894	-	-	1,467	1,280	-	4,125
Contracts in progress`37`	-	-	308,991	580,706	-	-	-	-	-	-	-	-	3,625	-
Amounts receivable within one year`40/41`	24,092	90,393	116,619	127,658	221,428	170,369	12,595	16,838	14,013	56,902	54,482	54,282	96,125	4,176
Trade receivables`40`	22,375	60,772	16,271	102,247	12,048	42,162	-	162	-	78	560	19	2,653	-
Other amounts receivable`41`	1,718	29,621	100,348	25,412	209,379	128,207	12,595	16,677	14,013	56,824	53,922	54,263	93,472	4,176
Cash at bank and in hand`54/58`	4,936	98,862	166,065	474	9,877	973	1,345	21,261	907	2,263	2,937	2,973	-	-
Deferred charges and accrued income`490/1`	621	979	48,282	12,962	15,873	151	100	151	-	-	-	-	-	65,866
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	1.3m	1.3m	2.2m	2.1m	1.4m	596,701	629,083	72,144	14,920	59,165	75,363	73,881	119,403	77,743
Equity`10/15`	-169,169	-132,767	-36,214	-18,779	20,547	31,772	28,681	20,099	14,920	20,854	21,012	21,048	19,179	13,680
Contributions`10/11`	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600	6,200	6,200	6,200	6,200	6,200	6,200
Issued capital`100`	-	-	-	-	-	-	18,600	18,600	18,600	18,600	18,600	18,600	18,600	18,600
Uncalled capital`101`	-	-	-	-	-	-	-	-	12,400	12,400	12,400	12,400	12,400	12,400
Reserves`13`	12,979	12,979	12,979	12,979	12,979	12,979	12,979	12,979	12,978	12,979	7,480	1,860	1,860	1,860
Non-distributable reserves`130/1`	12,979	12,979	12,979	12,979	12,979	12,979	11,119	11,119	-	-	-	-	-	-
Legal reserve`130`	-	-	-	-	-	-	1,860	1,860	1,860	1,860	1,860	1,860	1,860	1,860
Reserves not available under the articles`1311`	-	-	-	1,860	1,860	1,860	-	-	-	-	-	-	-	-
Other`1319`	12,979	12,979	12,979	11,119	11,119	11,119	11,119	11,119	-	-	-	-	-	-
Distributable reserves`133`	-	-	-	-	-	-	-	-	11,118	11,119	5,620	-	-	-
Profit (loss) carried forward`14`	-200,748	-164,346	-67,793	-50,358	-11,032	193	-2,897	-11,480	-4,258	1,675	7,332	12,988	11,119	5,620
Provisions and deferred taxes`16`	-	-	85,626	36,300	42,876	100,000	-	-	-	-	-	-	-	-
Provisions for liabilities and charges`160/5`	-	-	85,626	36,300	42,876	100,000	-	-	-	-	-	-	-	-
Other liabilities and charges`164/5`	-	-	85,626	36,300	42,876	100,000	-	-	-	-	-	-	-	-
Amounts payable`17/49`	1.5m	1.4m	2.1m	2.0m	1.3m	464,929	600,402	52,045	-	38,311	54,351	52,833	100,224	64,063
Amounts payable after more than one year`17`	120,000	120,000	120,000	-	825,000	-	-	-	-	-	-	4,839	10,086	13,189
Financial debts`170/4`	120,000	120,000	120,000	-	825,000	-	-	-	-	-	-	4,839	10,086	13,189
Amounts payable within one year`42/48`	1.3m	1.3m	2.0m	2.0m	492,212	462,282	598,030	52,044	-	38,311	54,351	47,994	90,138	50,874
Current portion of amounts payable after more than one year`42`	-	-	-	595,980	-	-	-	-	-	-	4,839	5,642	6,397	3,720
Financial debts`43`	665,000	665,000	1.0m	395,000	150,000	150,000	400,000	700	-	24,748	23,547	25,231	22,524	19,893
Credit institutions`430/8`	665,000	665,000	1.0m	395,000	150,000	150,000	400,000	700	-	24,748	23,547	25,231	22,524	19,893
Trade debts`44`	165,032	248,310	598,431	487,599	28,892	76,254	15,847	26,021	-	12,256	23,651	13,917	57,528	24,631
Suppliers`440/4`	165,032	248,310	598,431	487,599	28,892	76,254	15,847	26,021	-	12,256	23,651	13,917	57,528	24,631
Advances received on contracts in progress`46`	-	-	-	21,250	84,150	-	-	-	-	-	-	-	-	-
Taxes, remuneration and social security`45`	-	8,951	52,151	11,190	2,629	-	-	-	-	1,307	1,574	3,204	3,689	2,630
Taxes`450/3`	-	8,951	52,151	11,190	2,629	-	-	-	-	768	768	2,942	3,463	2,430
Remuneration and social security`454/9`	-	-	-	-	-	-	-	-	-	539	806	262	226	200
Other amounts payable`47/48`	483,682	350,220	340,352	455,377	226,540	236,028	182,184	25,323	-	-	740	-	-	-
Accrued charges and deferred income`492/3`	25,980	21,315	18,986	67,543	2,529	2,647	2,372	1	-	-	-	-	-	-
Income statement
Gross operating margin`9900`	-23,386	-152,663	44,092	-35,493	-47,531	107,754	18,471	-4,425	-2,029	45,488	48,201	50,017	56,380	68,142
Remuneration, social security and pensions`62`	-	-	-	-	-	-	-	-	-	7,711	10,590	4,578	8,132	17,439
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	-	-	-	-	-	-	-	-	-	24,107	5,743	5,051	4,903	595
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	-	-	-	-	-	-	-	-	1,467	-	-	-	-
Provisions for liabilities and charges: additions (uses and reversals)`635/8`	-	-85,626	-	-6,576	-57,124	100,000	-	-	-	-	-	-	-	-
Other operating charges`640/8`	1,143	1,108	1,307	781	792	467	480	2,209	642	718	763	2,799	804	3,263
Non-recurring operating charges`66A`	-	3,995	53,016	-	-	-	-	-	-	-	-	-	-	-
Operating profit (loss)`9901`	-24,528	-72,140	-10,231	-29,698	8,802	7,287	17,991	-6,634	-2,671	11,485	31,105	37,589	42,541	46,845
Financial income`75/76B`	29	3,002	672	1,980	1,449	1,972	350	169	2,936	-	2	1	-	15
Recurring financial income`75`	29	3,002	672	1,980	1,449	1,972	350	169	2,936	-	2	1	-	15
Financial charges`65/66B`	11,903	22,439	7,876	11,607	21,476	6,169	9,758	756	6,198	4,018	4,266	4,462	5,359	6,950
Recurring financial charges`65`	11,903	22,439	7,876	11,607	21,476	6,169	9,758	756	6,198	4,018	4,266	4,462	5,359	6,950
Profit (loss) for the period before taxes`9903`	-36,402	-91,577	-17,435	-39,326	-11,225	3,090	8,582	-7,221	-5,933	7,467	26,841	33,128	37,182	39,910
Income taxes`67/77`	-	4,976	-	-	-	-	-	-	-	500	879	1,259	1,683	2,430
Profit (loss) for the period`9904`	-36,402	-96,553	-17,435	-39,326	-11,225	3,090	8,582	-7,221	-5,933	6,967	25,962	31,869	35,499	37,480
Profit (loss) for the period to be appropriated`9905`	-36,402	-96,553	-17,435	-39,326	-11,225	3,090	8,582	-7,221	-5,933	6,967	25,962	31,869	35,499	37,480
Appropriation of the result
Profit (loss) to be appropriated`9906`	-200,748	-164,346	-67,793	-50,358	-11,032	193	-2,897	-11,480	-4,258	14,299	38,950	42,988	41,119	37,480
Profit (loss) brought forward from the previous period`14P`	-164,346	-67,793	-50,358	-11,032	193	-	-	-	-	-	-	-	-	-
Transfer to equity`691/2`	-	-	-	-	-	-	-	-	-	5,499	5,618	-	-	1,860
To the legal reserve`6920`	-	-	-	-	-	-	-	-	-	-	-	-	-	1,860
To other reserves`6921`	-	-	-	-	-	-	-	-	-	5,499	5,618	-	-	-
Profit to be distributed`694/7`	-	-	-	-	-	-	-	-	-	7,125	26,000	30,000	30,000	30,000
Directors or managers`695`	-	-	-	-	-	-	-	-	-	7,125	26,000	30,000	30,000	30,000
Social balance sheet
Average staff (FTE)`9087`	-	-	-	-	-	-	-	-	-	0.3	0.1	0.2	0.2	0.3
Hours worked`1013`	-	-	-	-	-	-	-	-	-	456	425	319	550	1,100
Document	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF	PDF

The notes to these accounts have 11 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 26-10-2026.

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Filings

each dot is a set of accounts, on the day it reached the National Bank

2025 annual accounts filed 87 days after the deadline. Filed on 26 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00570092.

Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	26-10-2026	2026-00570092	PDF
31-12-2024	abbreviated format	20-10-2025	2025-00550596	PDF
31-12-2023	abbreviated format	07-10-2024	2024-00502443	PDF
31-12-2022	abbreviated format	09-10-2023	2023-00484570	PDF
31-12-2021	abbreviated format	17-10-2022	2022-20469742	PDF
31-12-2020	abbreviated format	20-10-2021	2021-72300384	PDF
31-12-2019	abbreviated format	07-10-2020	2020-59800502	PDF
31-12-2018	abbreviated format	22-08-2019	2019-48900123	PDF
31-12-2017	abbreviated format	30-07-2018	2018-42700356	PDF
31-12-2016	abbreviated format	28-07-2017	2017-39800414	PDF
31-12-2015	abbreviated format	30-09-2016	2016-64000019	PDF
31-12-2014	abbreviated format	31-07-2015	2015-39800289	PDF
31-12-2013	abbreviated format	31-08-2014	2014-56700567	PDF
31-12-2012	abbreviated format	31-07-2013	2013-39600115	PDF

Key figures and ratios

per financial year, computed from the annual accounts

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
EBITDA	-	-	-	-	-	-	-	-	-	35,592	36,848	42,640	47,444	47,440
Cash flow	-	-	-	-	-	-	-	-	-	31,074	31,705	36,920	40,402	38,075
Investment in fixed assets (approximation)	-	-	-	-	-	-	-	-	-	7,630	6,874	744	20,980	4,171
Change in cash	-93,927	-67,203	165,591	-9,402	8,904	-373	-19,915	20,354	-1,356	-674	-36	-	-	-
Working capital	-23,189	8,548	188,398	85,064	890,952	134,419	31,053	20,100	-	20,854	4,535	10,541	9,612	23,293
Solvency	-13.1%	-10.4%	-1.7%	-0.9%	1.5%	5.3%	4.6%	27.9%	100.0%	35.2%	27.9%	28.5%	16.1%	17.6%
Current ratio	0.98	1.01	1.09	1.04	2.81	1.29	1.05	1.39	-	1.54	1.08	1.22	1.11	1.46
Quick ratio	0.02	0.15	0.16	0.07	0.50	0.37	0.02	0.73	-	1.54	1.06	1.19	1.07	1.38
Debt to equity	-	-	-	-	64.23	14.63	20.93	2.59	-	1.84	2.59	2.51	5.23	4.68
ROE	-	-	-	-	-54.6%	9.7%	29.9%	-35.9%	-39.8%	33.4%	123.6%	151.4%	185.1%	274.0%
ROA	-2.8%	-7.5%	-0.8%	-1.9%	-0.8%	0.5%	1.4%	-10.0%	-39.8%	11.8%	34.4%	43.1%	29.7%	48.2%

Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.

A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.

Overdue debts

tax and social security

Item	2025	2024	2023	2022	2021
Overdue tax debts	-	€4,796	-	€687	-

Source: notes to the 2021 to 2025 annual accounts (statement of debts)

Securities and guarantees

on own assets and for others

Item	2025	2024	2023	2022	2021
Debts secured on the company's own assets	€665,000	€665,000	€1.0m	€990,980	€975,000
Mortgages, amount registered	€50,000	€50,000	€75,000	€55,500	€30,500
Mortgage mandates	€2.0m	€2.0m	€2.9m	€1.2m	€950,000
Carrying value of the mortgaged assets	€1.2m	€1.1m	€1.5m	€1.3m	€1.1m
Carrying value of the other pledged assets	€25,344	€35,370	€165,998	-	-

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Insights on D.C. Developments

The operating result for 2025 is a loss of €24,528, smaller than the loss of €72,140 in 2024.

Equity is negative. Debt (€1.5m) exceeds the balance-sheet total (€1.3m).