D.S. SYSTEMS
ActiveSummary
D.S. SYSTEMS has been active since 1989 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €10.05M and a net result of €178k. Equity is growing by ~6% per year across the filed fiscal years. Its solvency ranks better than 95% of 11389 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability71▼-1
Solvency100=
Growth78=
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €850k at 30 days acceptable
short-term debt: 0.7% and cash: 92% of total assets, and 1.5% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
98.5%
Return on assets
1.7%
Age of the figures
9 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 46
Relative position
BE, all sectors
reference
Wholesale trade (NACE 46)
about 21% more bankruptcies
← fewer bankruptcies
more bankruptcies →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 04-06-2026, 57 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
57 d early
2024
42 d early
2023
30 d early
2022
31 d late
2021
31 d early
2020
30 d late
2019
14 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, micro schema
Turnover
€779k
EBIT margin
48.4%
Net result
€178k▼ 24.3%
2024 · €236k
2018: €117klowest in 8 years
2019: €293k▲ +150% vs 2018
2020: €268k▼ -8.6% vs 2019
2021: €503k▲ +87.6% vs 2020
2022: €1.50M▲ +199% vs 2021highest in 8 years
2023: €132k▼ -91.2% vs 2022
2024: €236k▲ +78.4% vs 2023
2025: €178k▼ -24.3% vs 2024
2018 → 2025
Working capital
€9.55M▲ 2.5%
2024 · €9.32M
2018: €4.83Mlowest in 8 years
2019: €5.72M▲ +18.5% vs 2018
2020: €5.84M▲ +2.2% vs 2019
2021: €6.22M▲ +6.5% vs 2020
2022: €9.13M▲ +46.8% vs 2021
2023: €9.18M▲ +0.5% vs 2022
2024: €9.32M▲ +1.5% vs 2023
2025: €9.55M▲ +2.5% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€8.00M-€9.50M▲ 18.8%€9.63M▲ 1.4%€9.87M▲ 2.4%€10.05M▲ 1.8%
2021: €8.00Mlowest in 5 years
2022: €9.50M▲ +18.8% vs 2021
2023: €9.63M▲ +1.4% vs 2022
2024: €9.87M▲ +2.4% vs 2023
2025: €10.05M▲ +1.8% vs 2024highest in 5 years
Operating result€712k-€581k▼ 18.5%€149k▼ 74.4%€123k▼ 17.5%€45k▼ 63.7%
2021: €712khighest in 5 years
2022: €581k▼ -18.5% vs 2021
2023: €149k▼ -74.4% vs 2022
2024: €123k▼ -17.5% vs 2023
2025: €45k▼ -63.7% vs 2024lowest in 5 years
Net result€503k-€1.50M▲ 199%€132k▼ 91.2%€236k▲ 78.4%€178k▼ 24.3%
2021: €503k
2022: €1.50M▲ +199% vs 2021highest in 5 years
2023: €132k▼ -91.2% vs 2022lowest in 5 years
2024: €236k▲ +78.4% vs 2023
2025: €178k▼ -24.3% vs 2024
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has fallen four years in a row; 2025 is 64% below 2024 and is the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.20M
Fixed assets
€586k ▼ 7.8%
Current assets
€9.62M ▲ 2.6%
Equity and liabilities €10.20M
Equity
€10.05M ▲ 1.8%
Debt
€158k ▲ 8.9%
Debt's share of the balance-sheet total rises from 1.4% to 1.5%. Equity and debt are higher.
Key figures and ratios
EBITDA
€97k▼
2024 · €231k
Cash flow
€231k▼
2024 · €344k
Debt to equity
0.02▲
2024 · 0.01
ROE
1.8%▼
2024 · 2.4%
ROA
1.7%▼
2024 · 2.4%
Interest coverage
165.36▼
2024 · 171.69
Debt ≤ 1 year
€68k▲
2024 · €56k
Income taxes
€78k▼
2024 · €105k
A ratio outside any meaningful range has been withheld (balance sheet total €10.20M, equity €10.05M).
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 51 lines
Balance sheet
Code20242025
Assets
Total assets20/58€10.01M€10.20M▲
Fixed assets21/28€636k€586k▼
Tangible fixed assets22/27€636k€586k▼
Land and buildings22€424k€410k▼
Plant, machinery and equipment23€13k€6k▼
Furniture and vehicles24€48k€26k▼
Assets under construction and advance payments27€151k€144k▼
Current assets29/58€9.38M€9.62M▲
Amounts receivable within one year40/41€2k€21k▲
Trade receivables40€260€21k▲
Other amounts receivable41€1k-
Current investments50/53€138k€211k▲
Cash at bank and in hand54/58€9.23M€9.39M▲
Deferred charges and accrued income490/1€2k-
Equity and liabilities
Total equity and liabilities10/49€10.01M€10.20M▲
Equity10/15€9.87M€10.05M▲
Contributions10/11€1.80M€1.80M=
Capital10€1.80M€1.80M=
Issued capital100€1.80M€1.80M=
Reserves13€3.69M€3.87M▲
Non-distributable reserves130/1€180k€180k=
Legal reserve130€180k€180k=
Distributable reserves133€3.51M€3.69M▲
Profit (loss) carried forward14€4.37M€4.37M=
Amounts payable17/49€145k€158k▲
Amounts payable within one year42/48€56k€68k▲
Trade debts44€13k€8k▼
Suppliers440/4€13k€8k▼
Advances received on contracts in progress46€23k€21k▼
Taxes, remuneration and social security45€14k€31k▲
Taxes450/3€10k€31k▲
Remuneration and social security454/9€4k-
Other amounts payable47/48€5k€9k▲
Accrued charges and deferred income492/3€89k€89k▲
Income statement
Code20242025
Non-recurring operating income76A€200k€10k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€108k€52k▼
Other operating charges640/8€31k€50k▲
Gross operating margin9900€261k€147k▼
Operating profit (loss)9901€123k€45k▼
Financial income75/76B€219k€212k▼
Recurring financial income75€219k€212k▼
Financial charges65/66B€1k€587▼
Recurring financial charges65€1k€587▼
Profit (loss) for the period before taxes9903€341k€256k▼
Income taxes67/77€105k€78k▼
Profit (loss) for the period9904€236k€178k▼
Profit (loss) for the period to be appropriated9905€236k€178k▼
Appropriation of the result
Profit (loss) to be appropriated9906€4.61M€4.55M▼
Profit (loss) brought forward from the previous period14P€4.37M€4.37M=
Transfer to equity691/2€236k€178k▼
To other reserves6921€236k€178k▼
The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €425k | €192k | €200k | €10k | ▼ 95.0% |
| Remuneration, social security and pensions62 | €96k | €11k | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €114k | €114k | €110k | €108k | €52k | ▼ 51.4% |
| Other operating charges640/8 | €50k | €48k | €43k | €31k | €50k | ▲ 62.4% |
| Gross operating margin9900 | €973k | €754k | €302k | €261k | €147k | ▼ 43.8% |
| Operating profit (loss)9901 | €712k | €581k | €149k | €123k | €45k | ▼ 63.7% |
| Financial income75/76B | €2k | €1.12M | €46k | €219k | €212k | ▼ 3.3% |
| Recurring financial income75 | €2k | €2 | €46k | €219k | €212k | ▼ 3.3% |
| Non-recurring financial income76B | - | €1.12M | - | - | - | - |
| Financial charges65/66B | €2k | €6k | €7k | €1k | €587 | ▼ 56.3% |
| Recurring financial charges65 | €2k | €6k | €7k | €1k | €587 | ▼ 56.3% |
| Profit (loss) for the period before taxes9903 | €712k | €1.69M | €188k | €341k | €256k | ▼ 24.9% |
| Income taxes67/77 | €209k | €193k | €56k | €105k | €78k | ▼ 26.0% |
| Profit (loss) for the period9904 | €503k | €1.50M | €132k | €236k | €178k | ▼ 24.3% |
| Profit (loss) for the period to be appropriated9905 | €503k | €1.50M | €132k | €236k | €178k | ▼ 24.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €8.64M | €10.14M | €10.08M | €10.01M | €10.20M | ▲ 1.9% |
| Fixed assets21/28 | €2.29M | €855k | €744k | €636k | €586k | ▼ 7.8% |
| Tangible fixed assets22/27 | €930k | €855k | €744k | €636k | €586k | ▼ 7.8% |
| Land and buildings22 | €684k | €493k | €461k | €424k | €410k | ▼ 3.1% |
| Plant, machinery and equipment23 | €50k | €38k | €25k | €13k | €6k | ▼ 57.2% |
| Furniture and vehicles24 | €196k | €158k | €100k | €48k | €26k | ▼ 46.3% |
| Assets under construction and advance payments27 | - | €165k | €158k | €151k | €144k | ▼ 4.6% |
| Financial fixed assets28 | €1.36M | €62 | - | - | - | - |
| Current assets29/58 | €6.35M | €9.29M | €9.34M | €9.38M | €9.62M | ▲ 2.6% |
| Stocks and contracts in progress3 | €3k | €3k | - | - | - | - |
| Stocks30/36 | €3k | €3k | - | - | - | - |
| Amounts receivable within one year40/41 | €53k | €72k | €9k | €2k | €21k | ▲ 1,256% |
| Trade receivables40 | €12k | €31k | €9k | €260 | €21k | ▲ 7,810% |
| Other amounts receivable41 | €41k | €41k | - | €1k | - | - |
| Current investments50/53 | - | - | €66k | €138k | €211k | ▲ 52.9% |
| Cash at bank and in hand54/58 | €6.30M | €9.21M | €9.26M | €9.23M | €9.39M | ▲ 1.6% |
| Deferred charges and accrued income490/1 | - | €3k | €3k | €2k | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €8.64M | €10.14M | €10.08M | €10.01M | €10.20M | ▲ 1.9% |
| Equity10/15 | €8.00M | €9.50M | €9.63M | €9.87M | €10.05M | ▲ 1.8% |
| Contributions10/11 | €1.80M | €1.80M | €1.80M | €1.80M | €1.80M | = |
| Capital10 | €1.80M | €1.80M | €1.80M | €1.80M | €1.80M | = |
| Issued capital100 | €1.80M | €1.80M | €1.80M | €1.80M | €1.80M | = |
| Reserves13 | €1.82M | €3.32M | €3.45M | €3.69M | €3.87M | ▲ 4.8% |
| Non-distributable reserves130/1 | €132k | €180k | €180k | €180k | €180k | = |
| Legal reserve130 | €132k | €180k | €180k | €180k | €180k | = |
| Distributable reserves133 | €1.69M | €3.14M | €3.27M | €3.51M | €3.69M | ▲ 5.1% |
| Profit (loss) carried forward14 | €4.37M | €4.37M | €4.37M | €4.37M | €4.37M | = |
| Amounts payable17/49 | €645k | €645k | €450k | €145k | €158k | ▲ 8.9% |
| Amounts payable within one year42/48 | €133k | €157k | €155k | €56k | €68k | ▲ 22.8% |
| Trade debts44 | €18k | €29k | €18k | €13k | €8k | ▼ 42.4% |
| Suppliers440/4 | €18k | €29k | €18k | €13k | €8k | ▼ 42.4% |
| Advances received on contracts in progress46 | €47k | €24k | €3k | €23k | €21k | ▼ 10.9% |
| Taxes, remuneration and social security45 | €65k | €93k | €100k | €14k | €31k | ▲ 119% |
| Taxes450/3 | €26k | €77k | €94k | €10k | €31k | ▲ 203% |
| Remuneration and social security454/9 | €39k | €16k | €6k | €4k | - | - |
| Other amounts payable47/48 | €4k | €11k | €34k | €5k | €9k | ▲ 85.0% |
| Accrued charges and deferred income492/3 | €511k | €489k | €295k | €89k | €89k | ▲ 0.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €503k | €1.50M | €132k | €236k | €178k | ▼ 24.3% |
| + Depreciation and write-downs630 | €114k | €114k | €110k | €108k | €52k | ▼ 51.4% |
| Operating cash flow (approximation) | €617k | €1.62M | €243k | €344k | €231k | ▼ 32.8% |
| Investment in fixed assets (approximation) | - | €1.32M | €62 | €0 | €-3k | ▼ 25,809,200% |
| Change in cash | - | €2.91M | €46k | €-25k | €151k | ▲ 711% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
04-06
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
31-12
Financial
Equity above €10MEq €10.05M ▲1.8%
8 profitable years in a row build equity to €10.05M.
19-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Liquidity triplescurrent ratio 168.52
Current ratio from 60.29 to 168.52; short-term debt falls from €155k to €56k.
01-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
31-08
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema · 31 days late
2022
31-12
Financial
Highest result since 2018net €1.50M ▲199%
Net result €1.50M, the highest in the series.
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
30-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 30 days late
2020
17-07
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
19-06
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
28-06
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
23-06
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Kapelle-op-den-Bos · 2 establishment units since 1991
Ground area
5,917 m²
Building footprint
1,282 m²
Volume, LiDAR
6,871 m³
3 parcels, Flanders, Wallonia · tallest building 9.2 m, ±2 floors. Linked by address, not a title deed.
2 establishment units
D.S. SYSTEMS
since 19912.052.012.135
Rue de Tohogne 26, 6941 Durbuy
since 20082.192.814.266
3 parcels
Flanders
2
(66.7%)
Wallonia
1
(33.3%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23056B0311/00D002 | Flanders | 2,946 m² | 1 · 800 m² | 9.2 m · 2 fl. |
| 23056B0311/00E002 | Flanders | 1,716 m² | 1 · 218 m² | 7.9 m · 2 fl. |
| 83008A0595/00H000indicative | Wallonia | 1,256 m² | 1 · 264 m² | - |
Linked by address, not proof of ownership
Good to know
2 of 3 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 1,244 companies in sector 46643 we hold annual accounts for 953. 327 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded25-05-1989
Fiscal year end31-12
Activities, NACEBEL 2025
46643Wholesale of electrical equipment, including installation materials
55202Accommodation
55203Holiday cottages, homes and apartments
56111Full-service restaurants
56301Cafés and bars
Scores and ratios are computed by Checked and are not a credit decision.