D-Cloud
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-03-2026 PDF all 8 filings
Turnover
≈ €210,000
Estimated: probably between €190,000 and €260,000
Total assets
€218,689▲ 18.8%
2024 · €184,145
Net result
€27,575▲ 50.3%
2024 · €18,341
Working capital
€47,613▲ 25.0%
2024 · €38,085
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€44,387
▲ 60.7%
2025
20192025
Net result
€27,575
▲ 50.3%
2025
middle half of the sector
20192025
Equity
€90,584
▲ 43.8%
2025
middle half of the sector
20192025
Total assets
€218,689
▲ 18.8%
2025
middle half of the sector
20192025
Debt
€128,105
▲ 5.8%
2025
20192025
Working capital
€47,613
▲ 25.0%
2025
middle half of the sector
20192025
Solvency
41.4%
▲ 7.2pp
2025
middle half of the sector
20192025
Current ratio
1.37
▼ 0.17
2025
middle half of the sector
20192025
Return on assets (ROA)
12.6%
▲ 2.6pp
2025
middle half of the sector
20192025
Staff (FTE)
1
▲ 233%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€22--€2,271-€2,402▼ 5.8%€12,661€47,990▲ 279%€27,629▼ 42.4%€44,387▲ 60.7%
Net result€6--€2,285below the sector's middle half-€3,191below the sector's middle half▼ 39.6%€10,554within the sector's middle half€31,238within the sector's middle half▲ 196%€18,341within the sector's middle half▼ 41.3%€27,575within the sector's middle half▲ 50.3%
Equity€13,352-€11,067below the sector's middle half▼ 17.1%€7,876below the sector's middle half▼ 28.8%€18,430below the sector's middle half▲ 134%€44,668within the sector's middle half▲ 142%€63,009within the sector's middle half▲ 41.1%€90,584within the sector's middle half▲ 43.8%
Total assets€24,905-€18,711below the sector's middle half▼ 24.9%€15,457below the sector's middle half▼ 17.4%€186,226within the sector's middle half▲ 12×€179,839within the sector's middle half▼ 3.4%€184,145within the sector's middle half▲ 2.4%€218,689within the sector's middle half▲ 18.8%
Debt€11,553-€7,644▼ 33.8%€7,581▼ 0.8%€167,796▲ 22×€135,171▼ 19.4%€121,136▼ 10.4%€128,105▲ 5.8%
Working capital€1,809--€852below the sector's middle half€7,671below the sector's middle half-€88,436below the sector's middle half€10,668below the sector's middle half€38,085within the sector's middle half▲ 257%€47,613within the sector's middle half▲ 25.0%
Solvency53.6%-59.1%within the sector's middle half▲ 5.5pp51.0%within the sector's middle half▼ 8.2pp9.9%below the sector's middle half▼ 41.1pp24.8%below the sector's middle half▲ 14.9pp34.2%within the sector's middle half▲ 9.4pp41.4%within the sector's middle half▲ 7.2pp
Current ratio1.37-0.89below the sector's middle half▼ 0.492.01within the sector's middle half▲ 1.120.36below the sector's middle half▼ 1.651.16below the sector's middle half▲ 0.801.54within the sector's middle half▲ 0.381.37within the sector's middle half▼ 0.17
Return on assets (ROA)0.0%--12.2%below the sector's middle half▼ 12.2pp-20.6%below the sector's middle half▼ 8.4pp5.7%within the sector's middle half▲ 26.3pp17.4%within the sector's middle half▲ 11.7pp10.0%within the sector's middle half▼ 7.4pp12.6%within the sector's middle half▲ 2.6pp
Staff (FTE)0.31▲ 233%
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 61% higher than in 2024. It is a recovery after the fall 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 €218,689
Fixed assets
€43,900 ▼ 42.2%
Current assets
€174,789 ▲ 61.5%
Equity and liabilities €218,689
Equity
€90,584 ▲ 43.8%
Debt
€128,105 ▲ 5.8%
Debt's share of the balance-sheet total falls from 65.8% to 58.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€76,387▲
2024 · €59,629
Cash flow
€59,575▲
2024 · €50,341
Debt to equity
1.41▼
2024 · 1.92
ROE
30.4%▲
2024 · 29.1%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€127,176▲
2024 · €70,160
Income taxes
€16,113▲
2024 · €9,267
Staff costs
€55,641▲
2024 · €13,173
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2024 | 30-09-2025 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 1 |
| full-time | 1 | 1 |
| in full-time equivalents | 1 | 1 |
| Average over the year, in full-time equivalents | 0.3 | 1 |
| On a permanent contract | 1 | 1 |
| Joined | 1 | - |
| Left | 0 | - |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Intangible fixed assets | €160,000 | - | - | - |
| Financial fixed assets | - | - | €3,900 | - |
| Depreciation and write-downs of the year | €24,205 | €32,000 | €32,000 | €32,000 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | €13,173 | €55,641 | ▲ 322% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,340 | €6,340 | €966 | €24,205 | €32,000 | €32,000 | €32,000 | = |
| Other operating charges640/8 | - | - | - | €111 | €122 | €272 | €1,814 | ▲ 567% |
| Gross operating margin9900 | €6,469 | €4,178 | -€1,176 | €36,977 | €80,112 | €73,074 | €133,842 | ▲ 83.2% |
| Operating profit (loss)9901 | €22 | -€2,271 | -€2,402 | €12,661 | €47,990 | €27,629 | €44,387 | ▲ 60.7% |
| Financial income75/76B | - | - | - | - | €94 | €208 | €36 | ▼ 82.7% |
| Recurring financial income75 | - | - | - | - | €94 | €208 | €36 | ▼ 82.7% |
| Financial charges65/66B | - | - | - | €72 | €90 | €229 | €735 | ▲ 221% |
| Recurring financial charges65 | €14 | €14 | €38 | €72 | €90 | €229 | €735 | ▲ 221% |
| Profit (loss) for the period before taxes9903 | €8 | -€2,285 | -€3,189 | €12,589 | €47,994 | €27,608 | €43,688 | ▲ 58.2% |
| Income taxes67/77 | €2 | - | €2 | €2,035 | €16,756 | €9,267 | €16,113 | ▲ 73.9% |
| Profit (loss) for the period9904 | €6 | -€2,285 | -€3,191 | €10,554 | €31,238 | €18,341 | €27,575 | ▲ 50.3% |
| Profit (loss) for the period to be appropriated9905 | €6 | -€2,285 | -€3,191 | €10,554 | €31,238 | €18,341 | €27,575 | ▲ 50.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €24,905 | €18,711 | €15,457 | €186,226 | €179,839 | €184,145 | €218,689 | ▲ 18.8% |
| Formation expenses20 | €616 | €410 | €205 | - | - | - | - | - |
| Fixed assets21/28 | €17,645 | €11,509 | - | €136,000 | €104,000 | €75,900 | €43,900 | ▼ 42.2% |
| Intangible fixed assets21 | - | - | - | €136,000 | €104,000 | €72,000 | €40,000 | ▼ 44.4% |
| Tangible fixed assets22/27 | €17,645 | €11,509 | - | - | - | - | - | - |
| Financial fixed assets28 | - | - | - | - | - | €3,900 | €3,900 | = |
| Current assets29/58 | €6,644 | €6,792 | €15,252 | €50,226 | €75,839 | €108,245 | €174,789 | ▲ 61.5% |
| Amounts receivable within one year40/41 | €5,443 | €4,711 | - | €16,645 | €38,510 | €49,053 | €94,578 | ▲ 92.8% |
| Trade receivables40 | - | - | - | €16,645 | €38,510 | €45,855 | €80,055 | ▲ 74.6% |
| Other amounts receivable41 | - | - | - | - | - | €3,198 | €14,523 | ▲ 354% |
| Cash at bank and in hand54/58 | €1,201 | €2,081 | €15,252 | €33,581 | €37,329 | €58,965 | €79,984 | ▲ 35.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €227 | €227 | = |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €24,905 | €18,711 | €15,457 | €186,226 | €179,839 | €184,145 | €218,689 | ▲ 18.8% |
| Equity10/15 | €13,352 | €11,067 | €7,876 | €18,430 | €44,668 | €63,009 | €90,584 | ▲ 43.8% |
| Contributions10/11 | €6,200 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €6,860 | €6,860 | €6,860 | €6,860 | €31,860 | €49,860 | €77,360 | ▲ 55.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €5,000 | €30,000 | €48,000 | €75,500 | ▲ 57.3% |
| Profit (loss) carried forward14 | €292 | -€1,993 | -€5,184 | €5,370 | €6,608 | €6,949 | €7,024 | ▲ 1.1% |
| Amounts payable17/49 | €11,553 | €7,644 | €7,581 | €167,796 | €135,171 | €121,136 | €128,105 | ▲ 5.8% |
| Amounts payable after more than one year17 | €6,718 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €4,835 | €7,644 | €7,581 | €138,662 | €65,171 | €70,160 | €127,176 | ▲ 81.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €2,168 | - | - | €1,319 | - |
| Trade debts44 | €936 | €1,266 | €2,005 | €125,642 | €40,442 | €61,809 | €109,634 | ▲ 77.4% |
| Suppliers440/4 | - | - | - | €125,642 | €40,442 | €61,809 | €109,634 | ▲ 77.4% |
| Taxes, remuneration and social security45 | - | - | - | €9,381 | €17,468 | €6,351 | €15,966 | ▲ 151% |
| Taxes450/3 | - | - | - | €9,381 | €17,468 | €1,900 | €5,502 | ▲ 190% |
| Remuneration and social security454/9 | - | - | - | - | - | €4,451 | €10,464 | ▲ 135% |
| Other amounts payable47/48 | - | - | - | €1,471 | €7,261 | €2,000 | €257 | ▼ 87.2% |
| Accrued charges and deferred income492/3 | - | - | - | €29,134 | €70,000 | €50,976 | €929 | ▼ 98.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6 | -€2,285 | -€3,191 | €10,554 | €31,238 | €18,341 | €27,575 | ▲ 50.3% |
| + Depreciation and write-downs630 | €6,340 | €6,340 | €966 | €24,205 | €32,000 | €32,000 | €32,000 | = |
| Operating cash flow (approximation) | €6,346 | €4,055 | -€2,225 | €34,759 | €63,238 | €50,341 | €59,575 | ▲ 18.3% |
| Investment in fixed assets (approximation) | - | -€204 | - | - | €0 | -€3,900 | €0 | - |
| Change in cash | - | €880 | €13,171 | €18,329 | €3,748 | €21,636 | €21,019 | ▼ 2.9% |
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, 26,972 companies had the same profile as D-Cloud has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of D-Cloud itself is lower: < 0.1% within 12 months. It rests on far more data about D-Cloud 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 26,972 companies, not a prediction for D-Cloud. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 31-03-2026 | 2026-00069148 | |
| 30-09-2024 | micro format | 28-03-2025 | 2025-00056570 | |
| 30-09-2023 | micro format | 22-03-2024 | 2024-00047477 | |
| 30-09-2022 | micro format | 23-03-2023 | 2023-00043622 | |
| 30-09-2021 | micro format | 25-03-2022 | 2022-08600435 | |
| 30-09-2020 | micro format | 23-03-2021 | 2021-08100292 | |
| 30-09-2019 | micro format | 24-03-2020 | 2020-07300584 | |
| 30-09-2018 | micro format | 27-03-2019 | 2019-08100008 |