D & VD
Annual accounts 2025
full format, filed on 26-08-2026, 26 days late€141,122
▼ 45.3%
€85,562
▼ 57.6%
€118,755
▼ 49.7%
€2.4m
▲ 729%
87.6%
▼ 3.1 percentage points
9.30
▼ 11.99
The turnover shown is an estimate from the gross margin.
Turnover ≈ €230,000. Estimated: probably between €180,000 and €300,000.
Money flows
no detail for 2025Balance sheet
balance sheet total €5.7m on 31-12-2025What the company ownsHow it is paid for
in €m
in €m
Position in the sector
87.6%
Higher than 82% of 3,873 companies in 2025.
9.30
Higher than 88% of 3,727 companies in 2025.
40.7%
Higher than 95% of 3,849 companies in 2025.
D & VD
Middle half of the sector
80% of the sector
Full accounts in head offices and management consultancy (NACE 70)
Net result: top quarter · Equity: middle half · Balance sheet total: middle half · Working capital: top quarter
Filed annual accounts
as filed with the National Bank, click a year to choose it| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||||||||
20/58 |
5.7m | 3.0m | 2.7m | 2.6m | 2.5m | 2.5m | 2.2m | 2.1m | 2.0m | 1.8m | 1.6m | 1.5m | 1.5m | 1.4m | 1.8m | 1.7m | 1.8m | 1.8m | |
21/28 |
716,119 | 1.1m | 1.1m | 1.2m | 1.2m | 1.3m | 992,752 | 1.0m | 1.0m | 1.0m | 1.0m | 1.1m | 1.1m | 1.1m | 1.2m | 1.3m | 1.4m | 1.5m | |
22/27 |
716,119 | 749,311 | 779,792 | 818,136 | 856,480 | 932,159 | 630,559 | 642,379 | 669,854 | 641,281 | 665,471 | 689,382 | 713,705 | 738,463 | 828,240 | 920,540 | 1.0m | 1.1m | |
22 |
708,047 | 734,225 | 762,392 | 794,936 | 827,480 | 896,862 | 588,777 | 594,112 | 616,954 | 641,006 | 665,058 | 689,110 | 713,162 | 737,214 | 827,371 | 919,236 | 1.0m | 1.1m | |
23 |
236 | 340 | - | - | - | 497 | 1,182 | 1,866 | 699 | 275 | 412 | 272 | 543 | 1,249 | 869 | 1,304 | 1,738 | - | |
24 |
7,836 | 14,746 | 17,400 | 23,200 | 29,000 | 34,800 | 40,600 | 46,400 | 52,200 | - | - | - | - | - | - | - | - | - | |
28 |
- | 362,194 | 362,194 | 362,194 | 362,194 | 362,194 | 362,194 | 362,194 | 362,194 | 362,194 | 362,194 | 362,194 | 362,194 | 362,194 | 362,194 | 362,194 | 362,194 | 362,194 | |
29/58 |
5.0m | 1.8m | 1.6m | 1.4m | 1.3m | 1.2m | 1.2m | 1.1m | 1.0m | 813,628 | 589,118 | 459,633 | 456,159 | 293,036 | 586,071 | 451,426 | 394,495 | 290,452 | |
29 |
750,000 | 1.2m | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
291 |
750,000 | 1.2m | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
40/41 |
34,000 | 203,221 | 593,239 | 684,979 | 887,877 | 859,942 | 943,754 | 983,035 | 655,565 | 441,535 | 463,295 | 452,768 | 393,214 | 221,635 | 224,388 | 241,455 | 249,423 | 223,798 | |
40 |
- | 23 | - | 516 | - | - | 32 | 55 | - | - | - | 143 | - | - | - | 785 | 21,988 | 12,795 | |
41 |
34,000 | 203,198 | 593,239 | 684,464 | 887,877 | 859,942 | 943,722 | 982,980 | 655,565 | 441,535 | 463,295 | 452,625 | 393,214 | 221,635 | 224,388 | 240,670 | 227,434 | 211,003 | |
50/53 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 300,000 | - | - | - | |
54/58 |
4.1m | 431,591 | 960,836 | 723,908 | 432,962 | 363,792 | 261,706 | 159,331 | 348,949 | 301,823 | 125,542 | 6,587 | 62,678 | 71,078 | 61,540 | 209,814 | 144,830 | 65,082 | |
490/1 |
106,248 | 7,548 | 7,261 | 810 | 2,031 | 650 | 368 | 367 | 357 | 70,269 | 281 | 278 | 266 | 323 | 143 | 158 | 242 | 1,572 | |
| Balance sheet: equity and liabilities | |||||||||||||||||||
10/49 |
5.7m | 3.0m | 2.7m | 2.6m | 2.5m | 2.5m | 2.2m | 2.1m | 2.0m | 1.8m | 1.6m | 1.5m | 1.5m | 1.4m | 1.8m | 1.7m | 1.8m | 1.8m | |
10/15 |
5.0m | 2.7m | 2.4m | 2.2m | 2.2m | 2.2m | 2.1m | 2.0m | 1.9m | 1.8m | 1.6m | 1.3m | 1.1m | 1.1m | 1.1m | 1.3m | 1.2m | 1.1m | |
10/11 |
62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | |
10 |
62,000 | 62,000 | 62,000 | 62,000 | 62,000 | - | - | - | - | - | - | - | - | - | - | - | - | - | |
100 |
62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | 62,000 | |
13 |
2.6m | 256,666 | 6,966 | 6,966 | 6,966 | 6,966 | 6,966 | 6,966 | 6,966 | 6,966 | 6,966 | 6,966 | 6,966 | 6,965 | 6,966 | 6,966 | 6,966 | 6,966 | |
130/1 |
6,966 | 6,966 | 6,966 | 6,966 | 6,966 | 6,966 | - | - | - | - | - | - | - | - | - | - | - | - | |
130 |
6,966 | 6,966 | 6,966 | 6,966 | 6,966 | 6,966 | 6,966 | 6,966 | 6,966 | 6,966 | 6,966 | 6,966 | 6,966 | 6,965 | 6,966 | 6,966 | 6,966 | 6,966 | |
133 |
2.6m | 249,700 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
14 |
2.4m | 2.4m | 2.4m | 2.1m | 2.1m | 2.1m | 2.0m | 1.9m | 1.8m | 1.7m | 1.5m | 1.3m | 1.1m | 1.0m | 992,791 | 1.2m | 1.2m | 1.0m | |
17/49 |
707,103 | 273,781 | 272,963 | 413,239 | 365,225 | 348,351 | 102,796 | 142,430 | 133,178 | 65,959 | 64,317 | 170,013 | 385,479 | 293,211 | 714,748 | 430,696 | 532,218 | 644,486 | |
17 |
167,432 | 185,378 | 202,926 | 220,675 | 238,037 | 255,207 | - | - | - | - | - | - | - | 29,198 | 116,787 | 225,035 | 337,413 | 449,791 | |
170/4 |
167,432 | 185,378 | 202,926 | 220,675 | 238,037 | 255,207 | - | - | - | - | - | - | - | 29,198 | 116,787 | 225,035 | 337,413 | 449,791 | |
42/48 |
536,754 | 86,526 | 68,160 | 191,255 | 126,038 | 91,994 | 73,728 | 93,776 | 133,178 | 65,959 | 64,317 | 170,013 | 385,479 | 261,737 | 597,961 | 201,512 | 191,204 | 189,259 | |
42 |
34,771 | 17,749 | 17,749 | 17,361 | 17,171 | 16,982 | - | - | - | - | - | - | 29,198 | 87,589 | 108,248 | 112,378 | 112,378 | 112,378 | |
44 |
136,321 | 17,539 | 139 | 383 | 350 | 19,694 | 23,598 | 22,877 | 3,701 | 2,959 | 317 | 1,923 | 4,269 | 5,099 | 4,735 | 9,892 | 4,501 | 5,317 | |
440/4 |
136,321 | 17,539 | 139 | 383 | 350 | 19,694 | 23,598 | 22,877 | 3,701 | 2,959 | 317 | 1,923 | 4,269 | 5,099 | 4,735 | 9,892 | 4,501 | 5,317 | |
45 |
236,762 | 51,239 | 34,569 | - | - | 41,142 | 41,000 | 66,314 | 129,477 | 63,000 | 64,000 | 108,784 | 51,219 | 13,000 | - | 6,253 | 10,019 | 15,832 | |
450/3 |
236,762 | 51,239 | 34,569 | - | - | 41,142 | 41,000 | 66,314 | 129,477 | 63,000 | 64,000 | 108,784 | 51,219 | 13,000 | - | 6,253 | 10,019 | 15,832 | |
47/48 |
128,900 | - | 15,703 | 173,510 | 108,517 | 14,175 | 9,130 | 4,585 | - | - | - | 59,307 | 300,794 | 156,049 | 484,978 | 72,989 | 64,306 | 55,731 | |
492/3 |
2,917 | 1,876 | 1,876 | 1,309 | 1,150 | 1,150 | 29,068 | 48,654 | - | - | - | - | - | 2,276 | - | 4,148 | 3,601 | 5,436 | |
| Income statement | |||||||||||||||||||
70 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 212,799 | 220,260 | 242,118 | 242,395 | |
76A |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 8,500 | - | |
9900 |
141,122 | 257,904 | 246,008 | 230,912 | 159,285 | 158,827 | 173,219 | 152,383 | 227,162 | 221,699 | 221,407 | 230,612 | 217,891 | 211,411 | 196,239 | 207,951 | 222,605 | 216,330 | |
60/61 |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | 16,560 | 12,309 | 19,513 | 26,065 | |
630 |
33,192 | 34,228 | 38,344 | 38,344 | 75,680 | 43,783 | 33,703 | 29,464 | 30,177 | 24,189 | 24,189 | 24,323 | 24,758 | 90,863 | 92,300 | 92,300 | 92,300 | 91,866 | |
640/8 |
22,367 | 21,950 | 21,136 | 19,359 | 18,924 | 18,194 | 16,970 | 16,527 | 16,208 | 15,912 | 16,030 | 15,661 | 12,868 | 12,726 | 12,973 | 11,464 | 13,490 | 12,839 | |
66A |
- | - | - | - | - | - | - | - | - | - | 272 | - | - | - | - | - | - | - | |
9901 |
85,562 | 201,726 | 186,528 | 173,209 | 64,681 | 96,850 | 122,546 | 106,392 | 180,777 | 181,598 | 181,188 | 190,628 | 180,264 | 107,822 | 90,965 | 104,187 | 116,815 | 111,625 | |
75/76B |
2.5m | 127,099 | 135,968 | 23,985 | 49,811 | 4,569 | 8,968 | 31,761 | 38,322 | 78,870 | 94,461 | 74,520 | 232,972 | 123,702 | 105,760 | 6,675 | 55,703 | 5,485 | |
75 |
7,856 | 127,099 | 135,968 | 23,985 | 49,811 | 4,569 | 8,968 | 31,761 | 38,322 | 78,870 | 94,461 | 74,520 | 232,972 | 123,702 | 105,760 | 6,675 | 55,703 | 5,485 | |
76B |
2.5m | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
65/66B |
2,968 | 2,862 | 3,256 | 2,860 | 3,224 | 1,673 | 34 | 205 | 24 | 9 | 137 | 309 | 3,416 | 9,795 | 16,881 | 21,691 | 26,304 | 31,062 | |
65 |
2,968 | 2,862 | 3,256 | 2,860 | 3,224 | 1,673 | 34 | 205 | 24 | 9 | 137 | 309 | 3,416 | 9,795 | 16,881 | 21,691 | 26,304 | 31,062 | |
9903 |
2.6m | 325,964 | 319,241 | 194,334 | 111,268 | 99,745 | 131,481 | 137,948 | 219,075 | 260,459 | 275,240 | 264,839 | 409,820 | 221,729 | 179,844 | 89,171 | 154,714 | 86,049 | |
67/77 |
255,292 | 76,239 | 65,669 | 28,864 | 15,336 | 25,142 | 40,573 | 36,814 | 66,478 | 61,779 | 63,970 | 70,222 | 63,724 | 33,003 | 21,552 | 23,017 | 28,531 | 27,983 | |
9904 |
2.3m | 249,725 | 253,571 | 165,470 | 95,932 | 74,603 | 90,908 | 101,134 | 152,597 | 198,679 | 211,270 | 194,617 | 346,096 | 188,726 | 158,292 | 66,154 | 126,183 | 58,066 | |
9905 |
2.3m | 249,725 | 253,571 | 165,470 | 95,932 | 74,603 | 90,908 | 101,134 | 152,597 | 198,679 | 211,270 | 194,617 | 346,096 | 188,726 | 158,292 | 66,154 | 126,183 | 58,066 | |
| Appropriation of the result | |||||||||||||||||||
9906 |
4.7m | 2.6m | 2.4m | 2.3m | 2.2m | 2.1m | 2.0m | 1.9m | 1.8m | 1.7m | 1.5m | 1.3m | 1.4m | 1.2m | 1.4m | 1.2m | 1.2m | 1.0m | |
14P |
2.4m | 2.4m | 2.1m | 2.1m | 2.1m | - | - | - | - | - | - | - | - | - | - | - | - | - | |
691/2 |
2.3m | 249,700 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
6921 |
2.3m | 249,700 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | |
694/7 |
- | - | - | 165,000 | 90,000 | - | - | - | - | - | - | - | 300,000 | 150,000 | 400,000 | - | - | - | |
694 |
- | - | - | 165,000 | 90,000 | - | - | - | - | - | - | - | 300,000 | 150,000 | 400,000 | - | - | - | |
| Document | |||||||||||||||||||
The accounts for 13 older financial years (1995-2007) were filed as documents without figures as data, scans for example.
The notes to these accounts have 15 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 26-08-2026.
Filings
each dot is a set of accounts, on the day it reached the National Bank2025 annual accounts filed 26 days after the deadline. Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00449166.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 26-08-2026 | 2026-00449166 | |
| 31-12-2024 | abbreviated format | 11-07-2025 | 2025-00266768 | |
| 31-12-2023 | abbreviated format | 24-06-2024 | 2024-00171638 | |
| 31-12-2022 | abbreviated format | 29-08-2023 | 2023-00418879 | |
| 31-12-2021 | abbreviated format | 04-07-2022 | 2022-20164769 | |
| 31-12-2020 | abbreviated format | 03-08-2021 | 2021-45700556 | |
| 31-12-2019 | abbreviated format | 14-07-2020 | 2020-30400215 | |
| 31-12-2018 | abbreviated format | 06-08-2019 | 2019-44400585 | |
| 31-12-2017 | micro format | 10-07-2018 | 2018-31700401 | |
| 31-12-2016 | micro format | 25-08-2017 | 2017-50800600 | |
| 31-12-2015 | abbreviated format | 12-08-2016 | 2016-42500496 | |
| 31-12-2014 | abbreviated format | 19-06-2015 | 2015-19800172 | |
| 31-12-2013 | abbreviated format | 15-07-2014 | 2014-32000137 | |
| 31-12-2012 | abbreviated format | 21-08-2013 | 2013-44900510 | |
| 31-12-2011 | abbreviated format | 13-09-2012 | 2012-56400580 | |
| 31-12-2010 | abbreviated format | 12-08-2011 | 2011-40600501 | |
| 31-12-2009 | abbreviated format | 13-08-2010 | 2010-42300493 | |
| 31-12-2008 | abbreviated format | 07-09-2010 | 2010-54000365 | |
| 31-12-2007 | abbreviated format | 26-06-2008 | 2008-27500366 | |
| 31-12-2006 | abbreviated format | 05-07-2007 | 2007-33900253 | |
| 31-12-2005 | abbreviated format | 19-06-2006 | 2006-25600172 | |
| 31-12-2004 | abbreviated format | 12-07-2005 | 2005-44600225 | |
| 31-12-2003 | abbreviated format | 23-08-2004 | 2004-60400191 | |
| 31-12-2002 | abbreviated format | 16-09-2003 | 2003-66200208 | |
| 31-12-2001 | abbreviated format | 26-08-2002 | 2002-49200229 | |
| 31-12-2000 | abbreviated format | 19-07-2001 | 2001-39000163 | |
| 31-12-1999 | abbreviated format | 17-07-2000 | 2000-40900037 | |
| 31-12-1998 | abbreviated format | 21-09-1999 | 1999-47602006 | |
| 31-12-1997 | abbreviated format | 02-09-1998 | 1998-43902818 | |
| 31-12-1996 | abbreviated format | 13-08-1997 | 1997-37304543 | |
| 31-12-1995 | abbreviated format | 12-07-1996 | 1996-30704710 |
Key figures and ratios
per financial year, computed from the annual accounts| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 118,755 | 235,955 | 224,872 | 211,553 | 140,361 | 140,633 | 156,249 | 135,856 | 210,954 | 205,787 | 205,377 | 214,951 | 205,023 | 198,685 | 183,266 | 196,487 | 209,115 | 203,491 | ||
| 2.4m | 283,953 | 291,915 | 203,813 | 171,612 | 118,386 | 124,611 | 130,598 | 182,774 | 222,869 | 235,459 | 218,940 | 370,854 | 279,589 | 250,592 | 158,454 | 218,483 | 149,932 | ||
| 860 | 3,747 | 0 | 0 | 0 | 345,384 | 21,883 | 1,989 | 58,749 | 0 | 550 | 0 | -0 | 1,087 | 0 | 0 | 2,173 | - | ||
| 3.7m | -529,245 | 236,928 | 290,946 | 69,170 | 102,086 | 102,375 | -189,618 | 47,126 | 176,281 | 118,955 | -56,091 | -8,400 | 9,538 | -148,274 | 64,983 | 79,748 | - | ||
| 4.5m | 1.8m | 1.5m | 1.2m | 1.2m | 1.1m | 1.1m | 1.0m | 871,694 | 747,669 | 524,801 | 289,620 | 70,680 | 31,299 | -11,890 | 249,914 | 203,291 | 101,194 | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | 42.7% | 47.3% | 48.2% | 46.1% | ||
| 87.6% | 90.7% | 89.9% | 84.0% | 85.6% | 86.2% | 95.3% | 93.4% | 93.5% | 96.4% | 96.0% | 88.7% | 74.8% | 79.0% | 59.8% | 75.2% | 69.9% | 63.3% | ||
| 9.30 | 21.29 | 22.91 | 7.37 | 10.50 | 13.31 | 16.36 | 12.19 | 7.55 | 12.34 | 9.16 | 2.70 | 1.18 | 1.12 | 0.98 | 2.24 | 2.06 | 1.53 | ||
| 0.14 | 0.10 | 0.11 | 0.19 | 0.17 | 0.16 | 0.05 | 0.07 | 0.07 | 0.04 | 0.04 | 0.13 | 0.34 | 0.27 | 0.67 | 0.33 | 0.43 | 0.58 | ||
| 46.4% | 9.3% | 10.4% | 7.6% | 4.4% | 3.4% | 4.3% | 5.0% | 8.0% | 11.3% | 13.6% | 14.5% | 30.2% | 17.1% | 14.9% | 5.1% | 10.2% | 5.2% | ||
| 40.7% | 8.5% | 9.4% | 6.4% | 3.8% | 3.0% | 4.1% | 4.7% | 7.5% | 10.9% | 13.1% | 12.9% | 22.6% | 13.5% | 8.9% | 3.8% | 7.1% | 3.3% | ||
| 40.01 | 82.44 | 69.07 | 73.97 | 43.54 | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | 385 days | 1 day | 33 days | 19 days | ||
| - | - | - | - | - | - | - | - | - | - | - | - | - | - | 104 days | 293 days | 84 days | 74 days |
EBIT margin: not included in this filing.
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
Securities and guarantees
on own assets and for others| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €202,203 | €203,128 | €220,675 | €238,037 | €255,207 |
| Mortgages, amount registered | €247,894 | €247,804 | €247,894 | €247,894 | €247,894 |
| €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | |
| Carrying value of the mortgaged assets | €252,851 | €257,784 | €252,851 | €252,851 | €252,851 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
fixed assets acquired| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €3,747 | - | - | - |
| Financial fixed assets | €860 | - | - | - | - |
| €33,192 | €34,228 | €38,344 | €38,344 | €75,680 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Insights on D & VD
The operating result for 2025 is 58% lower than in 2024 and the lowest since 2021.
Debt's share of the balance-sheet total rises from 9.3% to 12.4%. Equity and debt are higher.
Large changes and their cause
- 2025 Net result +830% on 2024. The 2025 profit included a one-off income of €2,486,946.