D-STUDIO
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 22-06-2026 at the NBB all 22 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€816,052▲ 10.1%
2022 · €741,194
EBIT margin
2.5%▼ 2.3pp
2022 · 4.8%
Net result
€30,604▲ 261%
2024 · €8,474
Working capital
€373,101▲ 5.7%
2024 · €352,821
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€40,112
▲ 118%
2025
20182025
Net result
€30,604
▲ 261%
2025
middle half of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€386,059
▲ 8.6%
2025
middle half of the sector
20182025
Total assets
€644,966
▲ 2.0%
2025
middle half of the sector
20182025
Debt
€258,907
▼ 6.6%
2025
20182025
Working capital
€373,101
▲ 5.7%
2025
highest quarter of the sector
20182025
Solvency
59.9%
▲ 3.7pp
2025
middle half of the sector
20182025
Current ratio
2.58
▲ 0.02
2025
middle half of the sector
20182025
Return on assets (ROA)
4.7%
▲ 3.4pp
2025
middle half of the sector
20182025
Staff (FTE)
7.1
▼ 10.1%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€1.1m-€2.2m▲ 109%€0.7m€0.8m▲ 10.1%
Operating result€0.09m-€0.2m▲ 129%-€0.06m€0.1m€0.04m▼ 70.1%€0.02m▼ 42.7%€0.02m▼ 10.3%€0.04m▲ 118%
Net result€0.06m-€0.1m▲ 119%-€0.07mbelow the sector's middle half€0.1mwithin the sector's middle half€0.03mwithin the sector's middle half▼ 72.2%€0.01mwithin the sector's middle half▼ 67.3%€0.008mwithin the sector's middle half▼ 16.2%€0.03mwithin the sector's middle half▲ 261%
EBIT margin8.6%-9.4%▲ 0.8pp4.8%2.5%▼ 2.3pp
Equity€0.3m-€0.4m▲ 46.4%€0.4mwithin the sector's middle half▼ 16.2%€0.5mwithin the sector's middle half▲ 30.1%€0.5mwithin the sector's middle half▲ 1.7%€0.4mwithin the sector's middle half▼ 18.4%€0.4mwithin the sector's middle half▼ 10.9%€0.4mwithin the sector's middle half▲ 8.6%
Total assets€0.5m-€1.0m▲ 110%€0.6mwithin the sector's middle half▼ 36.5%€0.6mwithin the sector's middle half▲ 5.1%€0.8mwithin the sector's middle half▲ 27.6%€0.7mwithin the sector's middle half▼ 9.5%€0.6mwithin the sector's middle half▼ 14.1%€0.6mwithin the sector's middle half▲ 2.0%
Debt€0.2m-€0.5m▲ 235%€0.2m▼ 53.8%€0.2m▼ 33.8%€0.3m▲ 106%€0.3m▲ 3.8%€0.3m▼ 17.9%€0.3m▼ 6.6%
Working capital€0.3m-€0.4m▲ 45.5%€0.3mwithin the sector's middle half▼ 19.7%€0.5mabove the sector's middle half▲ 56.1%€0.5mabove the sector's middle half▲ 12.0%€0.4mwithin the sector's middle half▼ 21.0%€0.4mwithin the sector's middle half▼ 13.8%€0.4mabove the sector's middle half▲ 5.7%
Solvency66.1%-46.1%▼ 20.1pp60.8%within the sector's middle half▲ 14.7pp75.3%above the sector's middle half▲ 14.5pp60.0%within the sector's middle half▼ 15.2pp54.2%within the sector's middle half▼ 5.9pp56.2%within the sector's middle half▲ 2.0pp59.9%within the sector's middle half▲ 3.7pp
Current ratio2.65-1.72▼ 0.922.25within the sector's middle half▲ 0.523.95above the sector's middle half▲ 1.703.30above the sector's middle half▼ 0.642.55within the sector's middle half▼ 0.762.56within the sector's middle half▲ 0.012.58within the sector's middle half▲ 0.02
Return on assets (ROA)14.0%-14.6%▲ 0.6pp-11.8%below the sector's middle half▼ 26.4pp17.4%within the sector's middle half▲ 29.2pp3.8%within the sector's middle half▼ 13.6pp1.4%within the sector's middle half▼ 2.4pp1.3%within the sector's middle half=4.7%within the sector's middle half▲ 3.4pp
Staff (FTE)3.4-7▲ 106%8.5within the sector's middle half▲ 21.4%8.7within the sector's middle half▲ 2.4%6.5within the sector's middle half▼ 25.3%6.6within the sector's middle half▲ 1.5%7.9within the sector's middle half▲ 19.7%7.1within the sector's middle half▼ 10.1%
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 118% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €644,966
Fixed assets
€35,294 ▼ 34.4%
Current assets
€609,672 ▲ 5.4%
Equity and liabilities €644,966
Equity
€386,059 ▲ 8.6%
Debt
€258,907 ▼ 6.6%
Debt's share of the balance-sheet total falls from 43.8% to 40.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€59,357▲
2024 · €39,659
Cash flow
€49,848▲
2024 · €29,756
Quick ratio
2.27▼
2024 · 2.35
Debt to equity
0.67▼
2024 · 0.78
ROE
7.9%▲
2024 · 2.4%
Interest coverage
6.29▲
2024 · 4.26
Debt ≤ 1 year
€236,571▲
2024 · €225,865
Debt > 1 year
€22,336▼
2024 · €51,197
Income taxes
€860▼
2024 · €991
Staff costs
€581,614▲
2024 · €576,693
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 8 | 7 | 9 | 9 | 7 |
| full-time | 8 | 6 | 8 | 7 | 5 |
| part-time | - | 1 | 1 | 2 | 2 |
| in full-time equivalents | 8 | 6.6 | 8.4 | 8.2 | 6.4 |
| Average over the year, in full-time equivalents | 8.7 | 6.5 | 6.6 | 7.9 | 7.1 |
| On a permanent contract | 8 | 7 | 6 | 7 | 6 |
| Joined | 0 | 2 | 4 | 2 | 1 |
| Left | 1 | 3 | 2 | 2 | 3 |
| Training hours | - | - | 1,272 | 1,176 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 30-12-2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,750 | €64,588 | €9,311 | €12,071 | €2,776 |
| Depreciation and write-downs of the year | €13,388 | €9,252 | €17,664 | €21,282 | €19,244 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 6 entries · €447,773 awarded · €238,858 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €0 | €118,000 |
| 2024 | 1 | €0 | €118,000 |
| 2023 | 3 | €447,773 | €2,858 |
Federal government
2023 to 2025 · 3 entries · €310,042 in total| Year | Department | Transactions | Amount |
|---|---|---|---|
| 2025 | FOD Mobiliteit | 1 | €135,582 |
| 2024 | FOD Mobiliteit | 1 | €113,216 |
| 2023 | FOD Mobiliteit | 1 | €61,244 |
Public contracts
4 awards · 2020 to 2024
Raamovereenkomsten BIM-ondersteuning: 2023/HFB/MPMO/115106 - 1
Raamovereenkomsten BIM-ondersteuning: 2023/HFB/MPMO/115106 - 2
7.1.4.102. Accord-Cadre Conseil et soutien BIM: Beliris-7.1.4.102. - 1
7.1.4.101. Assistance au maitre d’ouvrage — contrat cadre conseiller BIM — accord-cadre — marché de services — procédure ouverte: Assistance au maitre d’ouvrage — contrat cadre conseiller BIM — accord-cadre
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €1.1m | €2.2m | - | - | €0.7m | €0.8m | - | - | - |
| Non-recurring operating income76A | - | - | - | €0.005m | €0.007m | €0.001m | - | €0.02m | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €0.6m | €0.4m | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.5m | €0.4m | €0.5m | €0.6m | €0.6m | ▲ 0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.02m | €0.02m | €0.01m | €0.009m | €0.02m | €0.02m | €0.02m | ▼ 9.6% |
| Other operating charges640/8 | - | - | - | €0.03m | €0.001m | €0.002m | €0.001m | €0.001m | ▼ 11.0% |
| Gross operating margin9900 | €0.3m | €0.7m | €0.5m | €0.7m | €0.5m | €0.5m | €0.6m | €0.6m | ▲ 4.0% |
| Operating profit (loss)9901 | €0.09m | €0.2m | -€0.06m | €0.1m | €0.04m | €0.02m | €0.02m | €0.04m | ▲ 118% |
| Financial income75/76B | - | - | - | €0.003m | €0.003m | €194 | €388 | €0.001m | ▲ 104% |
| Recurring financial income75 | €0.003m | €0.009m | €454 | €0.003m | €0.003m | €194 | €388 | €0.001m | ▲ 104% |
| Financial charges65/66B | - | - | - | €0.01m | €0.007m | €0.01m | €0.009m | €0.009m | ▲ 1.5% |
| Recurring financial charges65 | €0.001m | €0.004m | €0.01m | €0.01m | €0.007m | €0.01m | €0.009m | €0.009m | ▲ 1.5% |
| Profit (loss) for the period before taxes9903 | €0.09m | €0.2m | -€0.07m | €0.1m | €0.03m | €0.01m | €0.009m | €0.03m | ▲ 232% |
| Income taxes67/77 | €0.03m | €0.07m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | ▼ 13.2% |
| Profit (loss) for the period9904 | €0.06m | €0.1m | -€0.07m | €0.1m | €0.03m | €0.01m | €0.008m | €0.03m | ▲ 261% |
| Profit (loss) for the period to be appropriated9905 | €0.06m | €0.1m | -€0.07m | €0.1m | €0.03m | €0.01m | €0.008m | €0.03m | ▲ 261% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €454,966 | €956,204 | €607,253 | €638,133 | €814,133 | €736,492 | €632,517 | €644,966 | ▲ 2.0% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €47,324 | €77,670 | €73,624 | €18,650 | €71,395 | €63,042 | €53,831 | €35,294 | ▼ 34.4% |
| Intangible fixed assets21 | €0 | €0 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €42,856 | €45,098 | €31,052 | €18,522 | €71,267 | €62,914 | €53,703 | €35,166 | ▼ 34.5% |
| Plant, machinery and equipment23 | - | - | - | €16,143 | €12,099 | €15,841 | €10,866 | €6,171 | ▼ 43.2% |
| Furniture and vehicles24 | - | - | - | €2,379 | €1,174 | €609 | €261 | - | - |
| Leasing and similar rights25 | - | - | - | - | €38,638 | €29,119 | €27,242 | €15,672 | ▼ 42.5% |
| Other tangible fixed assets26 | - | - | - | - | €19,356 | €17,345 | €15,334 | €13,322 | ▼ 13.1% |
| Financial fixed assets28 | €4,468 | €32,572 | €42,572 | €128 | €128 | €128 | €128 | €128 | = |
| Current assets29/58 | €407,642 | €878,534 | €533,629 | €619,483 | €742,738 | €673,450 | €578,686 | €609,672 | ▲ 5.4% |
| Stocks and contracts in progress3 | €0 | €0 | €0 | - | €45,860 | €42,155 | €48,322 | €71,735 | ▲ 48.5% |
| Contracts in progress37 | - | - | - | - | €45,860 | €42,155 | €48,322 | €71,735 | ▲ 48.5% |
| Amounts receivable within one year40/41 | €160,495 | €598,204 | €396,274 | €538,760 | €514,701 | €517,766 | €453,538 | €499,208 | ▲ 10.1% |
| Trade receivables40 | - | - | - | €462,951 | €410,728 | €340,162 | €264,273 | €270,964 | ▲ 2.5% |
| Other amounts receivable41 | - | - | - | €75,809 | €103,974 | €177,604 | €189,266 | €228,245 | ▲ 20.6% |
| Current investments50/53 | €0 | €0 | €0 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €218,206 | €280,330 | €134,915 | €75,099 | €180,637 | €113,529 | €76,826 | €38,729 | ▼ 49.6% |
| Deferred charges and accrued income490/1 | - | - | - | €5,624 | €1,540 | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €454,966 | €956,204 | €607,253 | €638,133 | €814,133 | €736,492 | €632,517 | €644,966 | ▲ 2.0% |
| Equity10/15 | €300,938 | €440,631 | €369,227 | €480,490 | €488,870 | €398,981 | €355,455 | €386,059 | ▲ 8.6% |
| Contributions10/11 | €33,000 | €33,000 | €0 | €33,000 | €36,300 | €36,300 | €36,300 | €36,300 | = |
| Contributions outside capital11 | - | - | - | €33,000 | - | - | - | - | - |
| Other1109/19 | - | - | - | €33,000 | - | - | - | - | - |
| Reserves13 | €267,938 | €407,631 | €335,300 | €445,300 | €452,000 | €360,000 | €319,155 | €349,759 | ▲ 9.6% |
| Non-distributable reserves130/1 | - | - | - | €3,300 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €3,300 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €442,000 | €452,000 | €360,000 | €319,155 | €349,759 | ▲ 9.6% |
| Profit (loss) carried forward14 | €0 | €0 | €927 | €2,190 | €570 | €2,681 | - | - | - |
| Amounts payable17/49 | €154,028 | €515,574 | €238,026 | €157,643 | €325,264 | €337,511 | €277,062 | €258,907 | ▼ 6.6% |
| Amounts payable after more than one year17 | - | €2,528 | - | - | €100,312 | €73,231 | €51,197 | €22,336 | ▼ 56.4% |
| Financial debts170/4 | - | - | - | - | €100,312 | €73,231 | €51,197 | €22,336 | ▼ 56.4% |
| Amounts payable within one year42/48 | €154,028 | €509,491 | €237,276 | €156,893 | €224,804 | €264,280 | €225,865 | €236,571 | ▲ 4.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €27,551 | €27,080 | €29,772 | €28,860 | ▼ 3.1% |
| Financial debts43 | - | - | - | €6,033 | €6,037 | €6,139 | - | €50,332 | - |
| Credit institutions430/8 | - | - | - | €6,033 | €6,037 | €6,139 | - | - | - |
| Other loans439 | - | - | - | - | - | - | - | €50,332 | - |
| Trade debts44 | €69,471 | €299,651 | €79,027 | €55,166 | €50,009 | €4,928 | €19,061 | €18,819 | ▼ 1.3% |
| Suppliers440/4 | - | - | - | €55,166 | €50,009 | €4,928 | €19,061 | €18,819 | ▼ 1.3% |
| Taxes, remuneration and social security45 | - | - | - | €95,187 | €117,610 | €124,748 | €124,075 | €110,657 | ▼ 10.8% |
| Taxes450/3 | - | - | - | €22,934 | €54,358 | €50,027 | €35,429 | €45,557 | ▲ 28.6% |
| Remuneration and social security454/9 | - | - | - | €72,252 | €63,253 | €74,721 | €88,646 | €65,100 | ▼ 26.6% |
| Other amounts payable47/48 | - | - | - | €507 | €23,596 | €101,385 | €52,956 | €27,902 | ▼ 47.3% |
| Accrued charges and deferred income492/3 | - | - | - | €750 | €148 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €63,650 | €139,692 | -€71,403 | €111,263 | €30,880 | €10,111 | €8,474 | €30,604 | ▲ 261% |
| + Depreciation and write-downs630 | €11,017 | €24,887 | €15,415 | €13,388 | €9,252 | €17,664 | €21,282 | €19,244 | ▼ 9.6% |
| Operating cash flow (approximation) | €74,667 | €164,579 | -€55,988 | €124,651 | €40,131 | €27,775 | €29,756 | €49,848 | ▲ 67.5% |
| Investment in fixed assets (approximation) | - | -€55,234 | -€11,369 | €41,586 | -€61,997 | -€9,311 | -€12,071 | -€708 | ▲ 94.1% |
| Change in cash | - | €62,124 | -€145,415 | -€59,817 | €105,538 | -€67,108 | -€36,703 | -€38,097 | ▼ 3.8% |
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, 17,041 companies had the same profile as D-STUDIO has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of D-STUDIO itself: 0.2% 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 17,041 companies, not a prediction for D-STUDIO. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 22-06-2026 | 2026-00180476 | |
| 31-12-2024 | abbreviated format | 30-06-2025 | 2025-00198626 | |
| 31-12-2023 | abbreviated format | 17-06-2024 | 2024-00133441 | |
| 31-12-2022 | abbreviated format | 27-06-2023 | 2023-00185684 | |
| 30-12-2021 | abbreviated format | 17-06-2022 | 2022-20069670 | |
| 30-12-2020 | abbreviated format | 24-06-2021 | 2021-23300360 | |
| 30-12-2019 | abbreviated format | 26-06-2020 | 2020-20700271 | |
| 30-12-2018 | abbreviated format | 24-06-2019 | 2019-21000550 | |
| 30-12-2017 | micro format | 09-07-2018 | 2018-30800211 | |
| 30-12-2016 | abbreviated format | 11-07-2017 | 2017-30000232 |