D&V
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 01-12-2025 PDF all 7 filings
Turnover
≈ €140,000
Estimated: probably between €100,000 and €220,000
Total assets
€3.1m▲ 131%
2024 · €1.4m
Net result
€57,351▼ 0.5%
2024 · €57,616
Working capital
€66,976▲ 938%
2024 · €6,453
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€66,880
▼ 3.3%
2025
20192025
Net result
€57,351
▼ 0.5%
2025
middle half of the sector
20192025
Equity
€75,118
▲ 304%
2025
middle half of the sector
20192025
Total assets
€3.1m
▲ 131%
2025
highest quarter of the sector
20192025
Debt
€3.1m
▲ 128%
2025
20192025
Working capital
€66,976
▲ 938%
2025
middle half of the sector
20192025
Solvency
2.4%
▲ 1.0pp
2025
lowest quarter of the sector
20192025
Current ratio
1.02
▲ 0.02
2025
middle half of the sector
20192025
Return on assets (ROA)
1.8%
▼ 2.4pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.2m-€1.3m▲ 512%€1.7m▲ 37.8%€1.2m▼ 31.3%€0.7m▼ 44.4%€0.07m▼ 89.5%€0.07m▼ 3.3%
Net result€0.2m-€0.9mabove the sector's middle half▲ 481%€1.3mabove the sector's middle half▲ 45.9%€0.9mabove the sector's middle half▼ 31.4%€0.5mabove the sector's middle half▼ 44.0%€0.06mwithin the sector's middle half▼ 88.5%€0.06mwithin the sector's middle half▼ 0.5%
Equity€0.2m-€1.1mwithin the sector's middle half▲ 518%€1.4mabove the sector's middle half▲ 28.2%€1.1mwithin the sector's middle half▼ 22.6%€1.1mwithin the sector's middle half▲ 8.9%€0.02mbelow the sector's middle half▼ 98.4%€0.08mwithin the sector's middle half▲ 304%
Total assets€0.3m-€1.6mwithin the sector's middle half▲ 514%€2.2mwithin the sector's middle half▲ 40.8%€1.4mwithin the sector's middle half▼ 38.3%€1.6mwithin the sector's middle half▲ 15.9%€1.4mwithin the sector's middle half▼ 14.7%€3.1mabove the sector's middle half▲ 131%
Debt€0.09m-€0.5m▲ 506%€0.9m▲ 66.4%€0.3m▼ 62.8%€0.4m▲ 38.6%€1.3m▲ 199%€3.1m▲ 128%
Working capital€0.2m-€1.1mabove the sector's middle half▲ 517%€1.3mabove the sector's middle half▲ 24.9%€1.0mabove the sector's middle half▼ 21.0%€1.1mabove the sector's middle half▲ 9.1%€0.006mwithin the sector's middle half▼ 99.4%€0.07mwithin the sector's middle half▲ 938%
Solvency66.5%-67.0%within the sector's middle half▲ 0.4pp61.0%within the sector's middle half▼ 6.0pp76.5%within the sector's middle half▲ 15.5pp71.9%within the sector's middle half▼ 4.6pp1.4%below the sector's middle half▼ 70.5pp2.4%below the sector's middle half▲ 1.0pp
Current ratio3.00-3.03within the sector's middle half▲ 0.032.52within the sector's middle half▼ 0.514.23above the sector's middle half▲ 1.713.54within the sector's middle half▼ 0.691.00within the sector's middle half▼ 2.541.02within the sector's middle half▲ 0.02
Return on assets (ROA)59.3%-56.1%above the sector's middle half▼ 3.2pp58.2%above the sector's middle half▲ 2.0pp64.7%above the sector's middle half▲ 6.5pp31.2%above the sector's middle half▼ 33.4pp4.2%within the sector's middle half▼ 27.0pp1.8%within the sector's middle half▼ 2.4pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 3% lower than in 2024 and the lowest since 2021. It is the fourth fall in a row.
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 €3.1m
Fixed assets
€8,142 ▼ 33.0%
Current assets
€3.1m ▲ 132%
Equity and liabilities €3.1m
Equity
€75,118 ▲ 304%
Debt
€3.1m ▲ 128%
Debt's share of the balance-sheet total falls from 98.6% to 97.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€70,885▼
2024 · €71,908
Cash flow
€61,356▲
2024 · €60,391
Quick ratio
0.41▼
2024 · 1.00
Debt to equity
40.92▼
2024 · 72.34
ROE
76.3%▼
2024 · 309.8%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€3.1m▲
2024 · €1.3m
Income taxes
€15,258▼
2024 · €15,592
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €10,849 | - |
| Depreciation and write-downs of the year | €2,298 | €1,835 | €2,774 | €4,005 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.003m | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.001m | - | €0.007m | €0.002m | €0.002m | €0.003m | €0.004m | ▲ 44.4% |
| Other operating charges640/8 | - | - | - | €0.002m | €0.001m | €0.002m | €0.002m | ▲ 2.3% |
| Gross operating margin9900 | €0.2m | €1.3m | €1.7m | €1.2m | €0.7m | €0.07m | €0.07m | ▼ 1.3% |
| Operating profit (loss)9901 | €0.2m | €1.3m | €1.7m | €1.2m | €0.7m | €0.07m | €0.07m | ▼ 3.3% |
| Financial income75/76B | - | - | - | - | - | €0.005m | €0.006m | ▲ 38.7% |
| Recurring financial income75 | - | - | €0 | - | - | €0.005m | €0.006m | ▲ 38.7% |
| Financial charges65/66B | - | - | - | €0.001m | €452 | €483 | €0.001m | ▲ 22.3% |
| Recurring financial charges65 | €54 | €72 | €131 | €0.001m | €452 | €483 | €0.001m | ▲ 22.3% |
| Profit (loss) for the period before taxes9903 | €0.2m | €1.3m | €1.7m | €1.2m | €0.7m | €0.07m | €0.07m | ▼ 0.8% |
| Income taxes67/77 | €0.05m | €0.4m | €0.4m | €0.3m | €0.2m | €0.02m | €0.02m | ▼ 2.1% |
| Profit (loss) for the period9904 | €0.2m | €0.9m | €1.3m | €0.9m | €0.5m | €0.06m | €0.06m | ▼ 0.5% |
| Profit (loss) for the period to be appropriated9905 | €0.2m | €0.9m | €1.3m | €0.9m | €0.5m | €0.06m | €0.06m | ▼ 0.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.3m | €1.6m | €2.2m | €1.4m | €1.6m | €1.4m | €3.1m | ▲ 131% |
| Fixed assets21/28 | - | - | €0.04m | €0.006m | €0.004m | €0.01m | €0.008m | ▼ 33.0% |
| Tangible fixed assets22/27 | - | - | €0.04m | €0.006m | €0.004m | €0.01m | €0.008m | ▼ 33.0% |
| Furniture and vehicles24 | - | - | - | €0.006m | €0.004m | €0.01m | €0.008m | ▼ 33.0% |
| Current assets29/58 | €0.3m | €1.6m | €2.2m | €1.4m | €1.6m | €1.4m | €3.1m | ▲ 132% |
| Amounts receivable after more than one year29 | - | - | - | - | - | €0.6m | €0.6m | = |
| Other amounts receivable291 | - | - | - | - | - | €0.6m | €0.6m | = |
| Stocks and contracts in progress3 | - | - | - | - | - | - | €1.9m | - |
| Stocks30/36 | - | - | - | - | - | - | €1.9m | - |
| Amounts receivable within one year40/41 | €0.001m | €0.05m | - | €0.08m | €0.4m | €0.5m | €0.3m | ▼ 36.8% |
| Trade receivables40 | - | - | - | €0.006m | €0.4m | €0.5m | €0.3m | ▼ 36.1% |
| Other amounts receivable41 | - | - | - | €0.08m | €0.007m | €0.02m | €0.009m | ▼ 53.6% |
| Cash at bank and in hand54/58 | €0.3m | €1.5m | €2.2m | €1.3m | €1.2m | €0.2m | €0.3m | ▲ 51.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.05m | €0.05m | €0.03m | ▼ 31.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.3m | €1.6m | €2.2m | €1.4m | €1.6m | €1.4m | €3.1m | ▲ 131% |
| Equity10/15 | €0.2m | €1.1m | €1.4m | €1.1m | €1.1m | €0.02m | €0.08m | ▲ 304% |
| Contributions10/11 | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.002m | €0.002m | €1.3m | €1.0m | €1.1m | - | €0.06m | - |
| Distributable reserves133 | - | - | - | €1.0m | €1.1m | - | €0.06m | - |
| Profit (loss) carried forward14 | €0.2m | €1.0m | - | - | - | - | - | - |
| Amounts payable17/49 | €0.09m | €0.5m | €0.9m | €0.3m | €0.4m | €1.3m | €3.1m | ▲ 128% |
| Amounts payable within one year42/48 | €0.09m | €0.5m | €0.9m | €0.3m | €0.4m | €1.3m | €3.1m | ▲ 128% |
| Trade debts44 | - | €0.008m | - | €0.02m | €0.1m | €0.1m | €0.008m | ▼ 92.4% |
| Suppliers440/4 | - | - | - | €0.02m | €0.1m | €0.1m | €0.008m | ▼ 92.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.06m | €0.02m | €0.005m | €0.001m | ▼ 77.3% |
| Taxes450/3 | - | - | - | €0.06m | €0.02m | €0.005m | €0.001m | ▼ 77.3% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.3m | €1.2m | €3.1m | ▲ 148% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.2m | €0.9m | €1.3m | €0.9m | €0.5m | €0.06m | €0.06m | ▼ 0.5% |
| + Depreciation and write-downs630 | €0.001m | - | €0.007m | €0.002m | €0.002m | €0.003m | €0.004m | ▲ 44.4% |
| Operating cash flow (approximation) | €0.2m | €0.9m | €1.3m | €0.9m | €0.5m | €0.06m | €0.06m | ▲ 1.6% |
| Investment in fixed assets (approximation) | - | - | - | €0.03m | €0 | -€0.01m | €0 | - |
| Change in cash | - | €1.3m | €0.7m | -€0.9m | -€0.1m | -€0.9m | €0.1m | - |
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, 1,603 companies had the same profile as D&V has now. Two years later, 96.1% were still going and 1.9% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency under 10%
- a profit under 5% of the balance sheet
96.1%
was still going
1.8%
stopped otherwise
1.9%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of D&V itself is lower: < 0.1% within 12 months. It rests on far more data about D&V 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 1,603 companies, not a prediction for D&V. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 01-12-2025 | 2025-00578061 | |
| 30-09-2024 | abbreviated format | 07-11-2024 | 2024-00532906 | |
| 30-09-2023 | abbreviated format | 18-10-2023 | 2023-00487998 | |
| 30-09-2022 | abbreviated format | 31-10-2022 | 2022-20484030 | |
| 30-06-2021 | abbreviated format | 04-08-2021 | 2021-46100339 | |
| 30-06-2020 | abbreviated format | 23-12-2020 | 2020-76800307 | |
| 30-06-2019 | abbreviated format | 23-12-2019 | 2019-77400189 |