D CONCEPT
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 13-10-2026 at the NBB all 20 filings
Turnover
≈ €110,000
Estimated: probably between €86,000 and €170,000
Total assets
€853,532▲ 49.8%
2025 · €569,916
Net result
-€67,245
2025 · €14,722
Working capital
-€598,677▼ 632%
2025 · -€81,775
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
-€49,675
2026
20192026
Net result
-€67,245
2026
20192026
Equity
€76,109
▼ 77.7%
2026
20192026
Total assets
€853,532
▲ 49.8%
2026
20192026
Debt
€777,423
▲ 240%
2026
20192026
Working capital
-€598,677
▼ 632%
2026
20192026
Solvency
8.9%
▼ 51.0pp
2026
20192026
Current ratio
0.08
=
2026
20192026
Return on assets (ROA)
-7.9%
▼ 10.5pp
2026
20192026
Staff (FTE)
no figure
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€28,986-€30,768▲ 6.1%€15,479▼ 49.7%€10,104▼ 34.7%€42,921▲ 325%€50,633▲ 18.0%€22,883▼ 54.8%-€49,675
Net result€13,902-€50,646▲ 264%€5,081within the sector's middle half▼ 90.0%€1,410below the sector's middle half▼ 72.3%€28,202within the sector's middle half▲ 20×€31,961within the sector's middle half▲ 13.3%€14,722within the sector's middle half▼ 53.9%-€67,245
Equity€209,332-€259,979▲ 24.2%€265,060within the sector's middle half▲ 2.0%€266,470within the sector's middle half▲ 0.5%€294,671within the sector's middle half▲ 10.6%€326,632within the sector's middle half▲ 10.8%€341,354within the sector's middle half▲ 4.5%€76,109▼ 77.7%
Total assets€355,097-€361,152▲ 1.7%€338,942within the sector's middle half▼ 6.1%€551,263within the sector's middle half▲ 62.6%€543,948within the sector's middle half▼ 1.3%€583,947within the sector's middle half▲ 7.4%€569,916within the sector's middle half▼ 2.4%€853,532▲ 49.8%
Debt€145,765-€101,174▼ 30.6%€73,882▼ 27.0%€284,794▲ 285%€249,276▼ 12.5%€257,315▲ 3.2%€228,562▼ 11.2%€777,423▲ 240%
Working capital-€136,280--€80,288▲ 41.1%-€71,350below the sector's middle half▲ 11.1%-€102,409below the sector's middle half▼ 43.5%-€82,961below the sector's middle half▲ 19.0%-€103,544below the sector's middle half▼ 24.8%-€81,775below the sector's middle half▲ 21.0%-€598,677▼ 632%
Solvency59.0%-72.0%▲ 13.0pp78.2%above the sector's middle half▲ 6.2pp48.3%within the sector's middle half▼ 29.9pp54.2%within the sector's middle half▲ 5.8pp55.9%within the sector's middle half▲ 1.8pp59.9%within the sector's middle half▲ 4.0pp8.9%▼ 51.0pp
Current ratio0.07-0.21▲ 0.140.03below the sector's middle half▼ 0.170.04below the sector's middle half▲ 0.010.02below the sector's middle half▼ 0.020.02below the sector's middle half▼ 0.010.08below the sector's middle half▲ 0.060.08=
Return on assets (ROA)3.9%-14.0%▲ 10.1pp1.5%within the sector's middle half▼ 12.5pp0.3%below the sector's middle half▼ 1.2pp5.2%within the sector's middle half▲ 4.9pp5.5%within the sector's middle half▲ 0.3pp2.6%within the sector's middle half▼ 2.9pp-7.9%▼ 10.5pp
Staff (FTE)0below the sector's middle half0below the sector's middle half
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 2026 is a loss of €49,675, after a profit of €22,883 in 2025. It is the lowest result since 2022.
Large changes and their cause
- 2026 Equity -78% on 2025. Demerger with FN CONCEPT, effective 14-10-2025.
Turnover and EBIT margin are not published. The abbreviated or 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 €853,532
Fixed assets
€801,048 ▲ 42.3%
Current assets
€52,485 ▲ 664%
Equity and liabilities €853,532
Equity
€76,109 ▼ 77.7%
Debt
€777,423 ▲ 240%
Debt's share of the balance-sheet total rises from 40.1% to 91.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€37,616▼
2025 · €44,826
Cash flow
€20,047▼
2025 · €36,665
Debt to equity
10.21▲
2025 · 0.67
ROE
-88.4%▼
2025 · 4.3%
Interest coverage
2.54▼
2025 · 13.30
Debt ≤ 1 year
€651,161▲
2025 · €88,649
Debt > 1 year
€126,199▼
2025 · €139,038
Income taxes
€2,767▼
2025 · €4,791
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €249,650 | €6,576 | €64,743 | €4,714 | €523,298 |
| Depreciation and write-downs of the year | €39,402 | €11,334 | €24,363 | €21,943 | €87,292 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €19,632 | - | - | €6,577 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,346 | €5,346 | €3,857 | €39,402 | €11,334 | €24,363 | €21,943 | €87,292 | ▲ 298% |
| Other operating charges640/8 | - | - | - | €2,068 | €2,317 | €2,056 | €2,228 | €3,019 | ▲ 35.5% |
| Gross operating margin9900 | €37,293 | €37,810 | €21,287 | €51,575 | €56,572 | €77,052 | €47,055 | €40,635 | ▼ 13.6% |
| Operating profit (loss)9901 | €28,986 | €30,768 | €15,479 | €10,104 | €42,921 | €50,633 | €22,883 | -€49,675 | - |
| Financial income75/76B | - | - | - | €15 | - | - | - | - | - |
| Recurring financial income75 | €505 | €31,878 | - | €15 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €4,585 | €4,151 | €3,345 | €3,370 | €14,802 | ▲ 339% |
| Recurring financial charges65 | €4,071 | €4,885 | €3,194 | €4,585 | €4,151 | €3,345 | €3,370 | €14,802 | ▲ 339% |
| Profit (loss) for the period before taxes9903 | €25,420 | €57,761 | €12,285 | €5,535 | €38,770 | €47,288 | €19,513 | -€64,477 | - |
| Income taxes67/77 | €11,518 | €7,114 | €7,204 | €4,125 | €10,568 | €15,327 | €4,791 | €2,767 | ▼ 42.2% |
| Profit (loss) for the period9904 | €13,902 | €50,646 | €5,081 | €1,410 | €28,202 | €31,961 | €14,722 | -€67,245 | - |
| Profit (loss) for the period to be appropriated9905 | €13,902 | €50,646 | €5,081 | €1,410 | €28,202 | €31,961 | €14,722 | -€67,245 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €355,097 | €361,152 | €338,942 | €551,263 | €543,948 | €583,947 | €569,916 | €853,532 | ▲ 49.8% |
| Fixed assets21/28 | €345,613 | €340,267 | €336,409 | €546,657 | €541,899 | €582,278 | €563,042 | €801,048 | ▲ 42.3% |
| Tangible fixed assets22/27 | €147,413 | €142,067 | €138,209 | €348,457 | €343,699 | €384,078 | €365,042 | €801,048 | ▲ 119% |
| Land and buildings22 | - | - | - | €348,457 | €338,000 | €327,543 | €319,422 | €769,565 | ▲ 141% |
| Furniture and vehicles24 | - | - | - | - | €5,699 | €33,315 | €28,018 | €19,498 | ▼ 30.4% |
| Other tangible fixed assets26 | - | - | - | - | - | €23,220 | €17,602 | €11,985 | ▼ 31.9% |
| Financial fixed assets28 | €198,200 | €198,200 | €198,200 | €198,200 | €198,200 | €198,200 | €198,000 | €0 | ▼ 100% |
| Current assets29/58 | €9,485 | €20,886 | €2,533 | €4,606 | €2,049 | €1,669 | €6,874 | €52,485 | ▲ 664% |
| Stocks and contracts in progress3 | - | €10,085 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €1,517 | €3,957 | - | - | - | - | €5,209 | €49,928 | ▲ 859% |
| Other amounts receivable41 | - | - | - | - | - | - | €5,209 | €49,928 | ▲ 859% |
| Cash at bank and in hand54/58 | €7,968 | €4,404 | €57 | €3,261 | €1,214 | €1,669 | €928 | €1,911 | ▲ 106% |
| Deferred charges and accrued income490/1 | - | - | - | €1,345 | €835 | €0 | €738 | €646 | ▼ 12.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €355,097 | €361,152 | €338,942 | €551,263 | €543,948 | €583,947 | €569,916 | €853,532 | ▲ 49.8% |
| Equity10/15 | €209,332 | €259,979 | €265,060 | €266,470 | €294,671 | €326,632 | €341,354 | €76,109 | ▼ 77.7% |
| Contributions10/11 | €12,500 | €12,500 | - | €12,500 | €12,500 | €12,500 | €12,500 | €5,249 | ▼ 58.0% |
| Reserves13 | €67,702 | €67,702 | €67,702 | €67,702 | €67,702 | €99,202 | €113,924 | €47,843 | ▼ 58.0% |
| Non-distributable reserves130/1 | - | - | - | €1,900 | €1,900 | €1,900 | €1,900 | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | - | €1,900 | €1,900 | €1,900 | €1,900 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | €65,802 | €65,802 | €97,302 | €112,024 | €47,843 | ▼ 57.3% |
| Profit (loss) carried forward14 | €129,130 | €179,776 | €184,858 | €186,268 | €214,469 | €214,930 | €214,930 | €23,017 | ▼ 89.3% |
| Amounts payable17/49 | €145,765 | €101,174 | €73,882 | €284,794 | €249,276 | €257,315 | €228,562 | €777,423 | ▲ 240% |
| Amounts payable after more than one year17 | - | - | - | €176,660 | €164,266 | €151,726 | €139,038 | €126,199 | ▼ 9.2% |
| Financial debts170/4 | - | - | - | €176,660 | €164,266 | €151,726 | €139,038 | €126,199 | ▼ 9.2% |
| Amounts payable within one year42/48 | €145,765 | €101,174 | €73,882 | €107,015 | €85,010 | €105,213 | €88,649 | €651,161 | ▲ 635% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,248 | €20,764 | €12,540 | €12,688 | €462,839 | ▲ 36× |
| Financial debts43 | - | - | - | - | - | €8,262 | €0 | €16,802 | - |
| Credit institutions430/8 | - | - | - | - | - | €8,262 | €0 | €16,802 | - |
| Trade debts44 | €824 | €3,374 | €2,866 | €2,512 | €589 | €199 | €468 | €720 | ▲ 53.9% |
| Suppliers440/4 | - | - | - | €2,512 | €589 | €199 | €468 | €720 | ▲ 53.9% |
| Taxes, remuneration and social security45 | - | - | - | €15,447 | €6,109 | €10,296 | €3,311 | €3,057 | ▼ 7.7% |
| Taxes450/3 | - | - | - | €15,447 | €6,109 | €10,296 | €3,311 | €3,057 | ▼ 7.7% |
| Other amounts payable47/48 | - | - | - | €76,807 | €57,548 | €73,916 | €72,182 | €167,744 | ▲ 132% |
| Accrued charges and deferred income492/3 | - | - | - | €1,119 | - | €376 | €876 | €62 | ▼ 92.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,902 | €50,646 | €5,081 | €1,410 | €28,202 | €31,961 | €14,722 | -€67,245 | - |
| + Depreciation and write-downs630 | €5,346 | €5,346 | €3,857 | €39,402 | €11,334 | €24,363 | €21,943 | €87,292 | ▲ 298% |
| Operating cash flow (approximation) | €19,248 | €55,992 | €8,938 | €40,812 | €39,536 | €56,324 | €36,665 | €20,047 | ▼ 45.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€249,650 | -€6,576 | -€64,743 | -€2,707 | -€325,298 | ▼ 11,918% |
| Change in cash | - | -€3,564 | -€4,347 | €3,205 | -€2,047 | €455 | -€741 | €983 | - |
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, 1,104 companies had the same profile as D CONCEPT has now. Two years later, 94.3% were still going and 1.8% had gone bankrupt.
- Small
- 20 years or older
- solvency under 10%
- a small loss
94.3%
was still going
3.5%
stopped otherwise
1.8%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of D CONCEPT itself: 0.5% 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 1,104 companies, not a prediction for D CONCEPT. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 13-10-2026 | 2026-00555142 | |
| 31-03-2025 | abbreviated format | 30-09-2025 | 2025-00520910 | |
| 31-03-2024 | abbreviated format | 17-10-2024 | 2024-00509754 | |
| 31-03-2023 | abbreviated format | 19-10-2023 | 2023-00489608 | |
| 31-03-2022 | abbreviated format | 20-10-2022 | 2022-20469758 | |
| 31-03-2021 | abbreviated format | 05-10-2021 | 2021-71300224 | |
| 31-03-2020 | abbreviated format | 10-11-2020 | 2020-69600311 | |
| 31-03-2019 | abbreviated format | 22-10-2019 | 2019-71300077 | |
| 31-03-2018 | abbreviated format | 28-11-2018 | 2018-73100116 | |
| 31-03-2017 | micro format | 17-10-2017 | 2017-67300482 |