D-SOLVE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 14 filings
Turnover
≈ €140,000
Estimated: probably between €59,000 and €230,000
Total assets
€125,910▲ 2.8%
2024 · €122,479
Net result
€11,196▼ 48.4%
2024 · €21,687
Working capital
€56,427▼ 36.9%
2024 · €89,483
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€19,727
▼ 40.2%
2025
20182025
Net result
€11,196
▼ 48.4%
2025
middle half of the sector
20182025
Equity
€107,760
▲ 5.6%
2025
middle half of the sector
20182025
Total assets
€125,910
▲ 2.8%
2025
lowest quarter of the sector
20182025
Debt
€18,149
▼ 11.1%
2025
20182025
Working capital
€56,427
▼ 36.9%
2025
middle half of the sector
20182025
Solvency
85.6%
▲ 2.3pp
2025
highest quarter of the sector
20182025
Current ratio
4.21
▼ 1.30
2025
highest quarter of the sector
20182025
Return on assets (ROA)
8.9%
▼ 8.8pp
2025
middle half of the sector
20182025
Staff (FTE)
0
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€17,509-€4,704▼ 73.1%€8,327▲ 77.0%€14,655▲ 76.0%€37,471▲ 156%€16,786▼ 55.2%€33,004▲ 96.6%€19,727▼ 40.2%
Net result€11,890-€10,406▼ 12.5%€5,504within the sector's middle half▼ 47.1%€9,554within the sector's middle half▲ 73.6%€25,895within the sector's middle half▲ 171%€10,523within the sector's middle half▼ 59.4%€21,687within the sector's middle half▲ 106%€11,196within the sector's middle half▼ 48.4%
Equity€73,216-€83,625▲ 14.2%€78,255within the sector's middle half▼ 6.4%€77,679within the sector's middle half▼ 0.7%€86,548within the sector's middle half▲ 11.4%€85,178within the sector's middle half▼ 1.6%€102,068within the sector's middle half▲ 19.8%€107,760within the sector's middle half▲ 5.6%
Total assets€107,134-€100,181▼ 6.5%€93,165below the sector's middle half▼ 7.0%€108,523below the sector's middle half▲ 16.5%€117,682below the sector's middle half▲ 8.4%€128,903below the sector's middle half▲ 9.5%€122,479below the sector's middle half▼ 5.0%€125,910below the sector's middle half▲ 2.8%
Debt€33,918-€16,556▼ 51.2%€14,911▼ 9.9%€30,844▲ 107%€31,134▲ 0.9%€43,725▲ 40.4%€20,412▼ 53.3%€18,149▼ 11.1%
Working capital€37,831-€22,771▼ 39.8%€64,171within the sector's middle half▲ 182%€66,492within the sector's middle half▲ 3.6%€76,442within the sector's middle half▲ 15.0%€76,134within the sector's middle half▼ 0.4%€89,483within the sector's middle half▲ 17.5%€56,427within the sector's middle half▼ 36.9%
Solvency68.3%-83.5%▲ 15.1pp84.0%above the sector's middle half▲ 0.5pp71.6%above the sector's middle half▼ 12.4pp73.5%above the sector's middle half▲ 2.0pp66.1%within the sector's middle half▼ 7.5pp83.3%above the sector's middle half▲ 17.3pp85.6%above the sector's middle half▲ 2.3pp
Current ratio2.13-2.38▲ 0.255.30above the sector's middle half▲ 2.933.16within the sector's middle half▼ 2.153.46above the sector's middle half▲ 0.302.76within the sector's middle half▼ 0.695.51above the sector's middle half▲ 2.754.21above the sector's middle half▼ 1.30
Return on assets (ROA)11.1%-10.4%▼ 0.7pp5.9%within the sector's middle half▼ 4.5pp8.8%within the sector's middle half▲ 2.9pp22.0%above the sector's middle half▲ 13.2pp8.2%within the sector's middle half▼ 13.8pp17.7%above the sector's middle half▲ 9.5pp8.9%within the sector's middle half▼ 8.8pp
Staff (FTE)0below the sector's middle half0below the sector's middle half0below the sector's middle half0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 40% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €125,910
Fixed assets
€51,921 ▲ 294%
Current assets
€73,988 ▼ 32.3%
Equity and liabilities €125,910
Equity
€107,760 ▲ 5.6%
Debt
€18,149 ▼ 11.1%
Debt's share of the balance-sheet total falls from 16.7% to 14.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€22,044▼
2024 · €34,095
Cash flow
€13,513▼
2024 · €22,779
Debt to equity
0.17▼
2024 · 0.20
ROE
10.4%▼
2024 · 21.2%
Interest coverage
8.94▼
2024 · 31.12
Debt ≤ 1 year
€17,561▼
2024 · €19,824
Income taxes
€6,064▼
2024 · €10,221
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €21,704 | €41,224 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €2,897 | €1,081 | €474 | €1,092 | €2,317 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €1,280 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,548 | €3,120 | €2,141 | €2,897 | €1,081 | €474 | €1,092 | €2,317 | ▲ 112% |
| Other operating charges640/8 | - | - | - | €348 | €348 | €442 | €450 | €589 | ▲ 30.8% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €6,072 | €0 | ▼ 100% |
| Gross operating margin9900 | €20,227 | €8,172 | €10,816 | €17,899 | €38,899 | €17,702 | €40,618 | €22,633 | ▼ 44.3% |
| Operating profit (loss)9901 | €17,509 | €4,704 | €8,327 | €14,655 | €37,471 | €16,786 | €33,004 | €19,727 | ▼ 40.2% |
| Financial income75/76B | - | - | - | €529 | €197 | €198 | €0 | €0 | ▼ 100% |
| Recurring financial income75 | €732 | €691 | €693 | €529 | €197 | €198 | €0 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €672 | €609 | €1,284 | €1,096 | €2,466 | ▲ 125% |
| Recurring financial charges65 | €98 | €1,192 | €982 | €672 | €609 | €1,284 | €1,096 | €2,466 | ▲ 125% |
| Profit (loss) for the period before taxes9903 | €18,143 | €13,203 | €8,039 | €14,512 | €37,058 | €15,700 | €31,908 | €17,260 | ▼ 45.9% |
| Income taxes67/77 | €6,253 | €2,797 | €2,535 | €4,958 | €11,163 | €5,177 | €10,221 | €6,064 | ▼ 40.7% |
| Profit (loss) for the period9904 | €11,890 | €10,406 | €5,504 | €9,554 | €25,895 | €10,523 | €21,687 | €11,196 | ▼ 48.4% |
| Profit (loss) for the period to be appropriated9905 | €11,890 | €4,798 | €5,504 | €9,554 | €25,895 | €10,523 | €21,687 | €11,196 | ▼ 48.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €107,134 | €100,181 | €93,165 | €108,523 | €117,682 | €128,903 | €122,479 | €125,910 | ▲ 2.8% |
| Fixed assets21/28 | €35,704 | €60,854 | €14,084 | €11,187 | €10,106 | €9,632 | €13,172 | €51,921 | ▲ 294% |
| Tangible fixed assets22/27 | €704 | €4,854 | €5,084 | €2,187 | €1,106 | €632 | €4,172 | €42,921 | ▲ 929% |
| Plant, machinery and equipment23 | - | - | - | €606 | €0 | - | - | €2,705 | - |
| Furniture and vehicles24 | - | - | - | €1,581 | €1,106 | €632 | €4,172 | €40,217 | ▲ 864% |
| Financial fixed assets28 | €35,000 | €56,000 | €9,000 | €9,000 | €9,000 | €9,000 | €9,000 | €9,000 | = |
| Current assets29/58 | €71,429 | €39,327 | €79,081 | €97,336 | €107,576 | €119,271 | €109,307 | €73,988 | ▼ 32.3% |
| Amounts receivable after more than one year29 | - | - | - | €42,000 | €32,000 | €32,000 | €0 | - | - |
| Other amounts receivable291 | - | - | - | €42,000 | €32,000 | €32,000 | €0 | - | - |
| Amounts receivable within one year40/41 | €27,888 | €22,276 | €24,133 | €26,675 | €22,566 | €4,823 | €39,354 | €46,314 | ▲ 17.7% |
| Trade receivables40 | - | - | - | €22,627 | €18,525 | €0 | €24,206 | €26,508 | ▲ 9.5% |
| Other amounts receivable41 | - | - | - | €4,048 | €4,042 | €4,823 | €15,147 | €19,806 | ▲ 30.8% |
| Cash at bank and in hand54/58 | €35,177 | €13,451 | €5,671 | €19,946 | €49,243 | €81,817 | €67,772 | €25,274 | ▼ 62.7% |
| Deferred charges and accrued income490/1 | - | - | - | €8,716 | €3,767 | €631 | €2,182 | €2,400 | ▲ 10.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €107,134 | €100,181 | €93,165 | €108,523 | €117,682 | €128,903 | €122,479 | €125,910 | ▲ 2.8% |
| Equity10/15 | €73,216 | €83,625 | €78,255 | €77,679 | €86,548 | €85,178 | €102,068 | €107,760 | ▲ 5.6% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €51,774 | €62,184 | €56,813 | €56,238 | €65,107 | €63,737 | €80,626 | €86,319 | ▲ 7.1% |
| Non-distributable reserves130/1 | - | - | - | €1,855 | €1,855 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,855 | €1,855 | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €5,608 | €5,608 | €5,608 | €5,608 | €5,608 | = |
| Distributable reserves133 | - | - | - | €48,774 | €57,643 | €58,128 | €75,018 | €80,711 | ▲ 7.6% |
| Profit (loss) carried forward14 | €9,041 | €9,041 | €9,041 | €9,041 | €9,041 | €9,041 | €9,041 | €9,041 | = |
| Amounts payable17/49 | €33,918 | €16,556 | €14,911 | €30,844 | €31,134 | €43,725 | €20,412 | €18,149 | ▼ 11.1% |
| Amounts payable within one year42/48 | €33,598 | €16,556 | €14,911 | €30,844 | €31,134 | €43,137 | €19,824 | €17,561 | ▼ 11.4% |
| Financial debts43 | - | - | - | - | - | - | €2,366 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | - | - | - | €2,366 | €0 | ▼ 100% |
| Trade debts44 | €29,031 | €14,459 | €11,764 | €14,612 | €2,686 | €4,644 | €4,009 | €8,727 | ▲ 118% |
| Suppliers440/4 | - | - | - | €14,612 | €2,686 | €4,644 | €4,009 | €8,727 | ▲ 118% |
| Taxes, remuneration and social security45 | - | - | - | €4,327 | €8,806 | €8,584 | €8,651 | €3,330 | ▼ 61.5% |
| Taxes450/3 | - | - | - | €4,327 | €8,806 | €8,584 | €8,651 | €3,330 | ▼ 61.5% |
| Other amounts payable47/48 | - | - | - | €11,905 | €19,642 | €29,909 | €4,798 | €5,504 | ▲ 14.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €588 | €588 | €588 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,890 | €10,406 | €5,504 | €9,554 | €25,895 | €10,523 | €21,687 | €11,196 | ▼ 48.4% |
| + Depreciation and write-downs630 | €1,548 | €3,120 | €2,141 | €2,897 | €1,081 | €474 | €1,092 | €2,317 | ▲ 112% |
| Operating cash flow (approximation) | €13,438 | €13,526 | €7,645 | €12,451 | €26,975 | €10,998 | €22,779 | €13,513 | ▼ 40.7% |
| Investment in fixed assets (approximation) | - | -€28,270 | €44,629 | €0 | €0 | €0 | -€4,632 | -€41,066 | ▼ 787% |
| Change in cash | - | -€21,726 | -€7,780 | €14,275 | €29,298 | €32,573 | -€14,045 | -€42,498 | ▼ 203% |
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, 34,693 companies had the same profile as D-SOLVE has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of D-SOLVE 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 34,693 companies, not a prediction for D-SOLVE. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-07-2026 | 2026-00375549 | |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00354299 | |
| 31-12-2023 | abbreviated format | 29-07-2024 | 2024-00326640 | |
| 31-12-2022 | abbreviated format | 28-07-2023 | 2023-00309353 | |
| 31-12-2021 | abbreviated format | 29-07-2022 | 2022-20261458 | |
| 31-12-2020 | abbreviated format | 16-07-2021 | 2021-35800463 | |
| 31-12-2019 | abbreviated format | 28-07-2020 | 2020-34600088 | |
| 31-12-2018 | abbreviated format | 29-07-2019 | 2019-38100117 | |
| 31-12-2017 | abbreviated format | 16-07-2018 | 2018-32700310 | |
| 31-12-2016 | abbreviated format | 18-07-2017 | 2017-31900601 |