DACO PROJECTS
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 21 days after the deadline Filed on 21 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00413425.
Annual accounts 2025 filed on 21-08-2026 at the NBB all 18 filings
Turnover
≈ €1.3m
Estimated: probably between €1.1m and €1.6m
EBIT margin
Not included in this filing
Net result
€161,934▲ 30.4%
2024 · €124,155
Working capital
€422,756▲ 62.5%
2024 · €260,133
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€199,706
▲ 32.8%
2025
20182025
Net result
€161,934
▲ 30.4%
2025
middle half of the sector
20182025
Equity
€517,943
▲ 45.5%
2025
middle half of the sector
20182025
Total assets
€794,742
▼ 25.9%
2025
middle half of the sector
20182025
Debt
€276,799
▼ 61.4%
2025
20182025
Working capital
€422,756
▲ 62.5%
2025
middle half of the sector
20182025
Solvency
65.2%
▲ 32.0pp
2025
highest quarter of the sector
20182025
Current ratio
2.72
▲ 1.33
2025
middle half of the sector
20182025
Return on assets (ROA)
20.4%
▲ 8.8pp
2025
highest quarter of the sector
20182025
Staff (FTE)
3
▼ 33.3%
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€0.004m-€0.003m▼ 27.0%€0.05m▲ 15×€0.2m▲ 320%€0.08m▼ 63.3%€0.2m▲ 128%€0.2m▼ 11.9%€0.2m▲ 32.8%
Net result-€0.005m-€0.002m€0.03mwithin the sector's middle half▲ 14×€0.1mabove the sector's middle half▲ 455%€0.06mwithin the sector's middle half▼ 60.3%€0.1mabove the sector's middle half▲ 135%€0.1mwithin the sector's middle half▼ 10.4%€0.2mwithin the sector's middle half▲ 30.4%
Equity€0.08m-€0.08m▲ 2.3%€0.1mwithin the sector's middle half▲ 31.7%€0.3mwithin the sector's middle half▲ 134%€0.3mwithin the sector's middle half▲ 22.7%€0.5mwithin the sector's middle half▲ 43.6%€0.4mwithin the sector's middle half▼ 22.1%€0.5mwithin the sector's middle half▲ 45.5%
Total assets€0.3m-€0.4m▲ 18.0%€0.4mwithin the sector's middle half▲ 16.8%€0.7mwithin the sector's middle half▲ 57.2%€0.6mwithin the sector's middle half▼ 16.9%€0.8mwithin the sector's middle half▲ 37.4%€1.1mwithin the sector's middle half▲ 34.7%€0.8mwithin the sector's middle half▼ 25.9%
Debt€0.2m-€0.3m▲ 23.4%€0.3m▲ 12.6%€0.4m▲ 31.7%€0.3m▼ 40.3%€0.3m▲ 29.9%€0.7m▲ 111%€0.3m▼ 61.4%
Working capital-€0.03m--€0.04m▼ 31.4%-€0.007mbelow the sector's middle half▲ 79.3%€0.2mwithin the sector's middle half€0.2mwithin the sector's middle half▲ 37.4%€0.3mwithin the sector's middle half▲ 25.6%€0.3mwithin the sector's middle half▼ 17.1%€0.4mwithin the sector's middle half▲ 62.5%
Solvency25.6%-22.2%▼ 3.4pp25.0%within the sector's middle half▲ 2.8pp37.2%within the sector's middle half▲ 12.2pp54.9%within the sector's middle half▲ 17.7pp57.4%within the sector's middle half▲ 2.5pp33.2%within the sector's middle half▼ 24.2pp65.2%above the sector's middle half▲ 32.0pp
Current ratio0.85-0.86▲ 0.010.98below the sector's middle half▲ 0.121.45within the sector's middle half▲ 0.481.99within the sector's middle half▲ 0.532.04within the sector's middle half▲ 0.051.39within the sector's middle half▼ 0.652.72within the sector's middle half▲ 1.33
Return on assets (ROA)-1.6%-0.5%▲ 2.1pp6.0%within the sector's middle half▲ 5.5pp21.3%above the sector's middle half▲ 15.2pp10.2%within the sector's middle half▼ 11.1pp17.4%above the sector's middle half▲ 7.2pp11.6%within the sector's middle half▼ 5.8pp20.4%above the sector's middle half▲ 8.8pp
Staff (FTE)2.7-4.5▲ 66.7%3.9within the sector's middle half▼ 13.3%5.5within the sector's middle half▲ 41.0%5.4within the sector's middle half▼ 1.8%3.9within the sector's middle half▼ 27.8%4.5within the sector's middle half▲ 15.4%3below the sector's middle half▼ 33.3%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 33% higher than in 2024. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €794,742
Fixed assets
€126,378 ▼ 11.5%
Current assets
€668,364 ▼ 28.1%
Equity and liabilities €794,742
Equity
€517,943 ▲ 45.5%
Debt
€276,799 ▼ 61.4%
Debt's share of the balance-sheet total falls from 66.8% to 34.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€250,923▲
2024 · €211,229
Cash flow
€213,150▲
2024 · €184,999
Quick ratio
2.63▲
2024 · 1.36
Debt to equity
0.53▼
2024 · 2.01
ROE
31.3%▼
2024 · 34.9%
Interest coverage
39.45▼
2024 · 47.33
Debt ≤ 1 year
€245,608▼
2024 · €669,952
Debt > 1 year
€28,641▼
2024 · €43,924
Income taxes
€59,762▲
2024 · €48,088
Staff costs
€324,745▲
2024 · €279,951
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 6 | 4 | 4 | 5 | 4 |
| full-time | 5 | 4 | 4 | 5 | 4 |
| part-time | 1 | - | - | - | - |
| in full-time equivalents | 5.8 | 4 | 4 | 5 | 4 |
| Average over the year, in full-time equivalents | 5.5 | 5.4 | 3.9 | 4.4 | 4.5 |
| On a permanent contract | 6 | 4 | 4 | 5 | 4 |
| Joined | 4 | 1 | 2 | 1 | - |
| Left | 2 | 3 | 2 | 0 | - |
| Training hours | 32 | 20 | 16 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €20,892 | €7,075 | €199,869 | €27,681 | €34,768 |
| Intangible fixed assets | €2,500 | €2,500 | - | - | - |
| Depreciation and write-downs of the year | €49,488 | €47,856 | €54,489 | €60,843 | €51,216 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €14,675 awarded · €17,195 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €3,966 | €3,966 |
| 2024 | 1 | €2,850 | €2,850 |
| 2023 | 1 | €1,964 | €4,484 |
| 2022 | 1 | €5,895 | €5,895 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €3,013 | €861 | €53,739 | €178 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €278,749 | €274,389 | €198,492 | €279,951 | €324,745 | ▲ 16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €44,478 | €54,246 | €44,867 | €49,488 | €47,856 | €54,489 | €60,843 | €51,216 | ▼ 15.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €21,444 | - | - | -€21,444 | - |
| Other operating charges640/8 | - | - | - | €2,483 | €2,924 | €5,491 | €13,874 | €15,672 | ▲ 13.0% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €851 | - | - |
| Gross operating margin9900 | €189,960 | €280,546 | €302,208 | €535,209 | €421,643 | €429,228 | €505,906 | €569,896 | ▲ 12.6% |
| Operating profit (loss)9901 | €4,480 | €3,272 | €48,630 | €204,488 | €75,029 | €170,756 | €150,386 | €199,706 | ▲ 32.8% |
| Financial income75/76B | - | - | - | €4,395 | €12,583 | €19,381 | €26,320 | €28,350 | ▲ 7.7% |
| Recurring financial income75 | €10,529 | €6,000 | €6,960 | €4,395 | €12,583 | €19,381 | €26,320 | €28,350 | ▲ 7.7% |
| Financial charges65/66B | - | - | - | €5,682 | €2,835 | €2,541 | €4,463 | €6,361 | ▲ 42.5% |
| Recurring financial charges65 | €4,705 | €2,178 | €10,418 | €5,682 | €2,835 | €2,541 | €4,463 | €6,361 | ▲ 42.5% |
| Profit (loss) for the period before taxes9903 | €10,304 | €7,095 | €45,173 | €203,202 | €84,777 | €187,595 | €172,243 | €221,695 | ▲ 28.7% |
| Income taxes67/77 | €15,531 | €5,218 | €18,455 | €54,821 | €25,916 | €48,992 | €48,088 | €59,762 | ▲ 24.3% |
| Profit (loss) for the period9904 | -€5,226 | €1,876 | €26,718 | €148,381 | €58,861 | €138,603 | €124,155 | €161,934 | ▲ 30.4% |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | - | - | €96,830 | - |
| Transfer to tax-exempt reserves689 | - | - | - | €96,830 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€5,226 | €1,876 | €26,718 | €51,551 | €58,861 | €138,603 | €124,155 | €258,764 | ▲ 108% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.3m | €0.4m | €0.4m | €0.7m | €0.6m | €0.8m | €1.1m | €0.8m | ▼ 25.9% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.1m | €0.1m | €0.08m | €0.2m | €0.1m | €0.1m | ▼ 11.5% |
| Intangible fixed assets21 | €0.007m | €0.004m | €0.003m | €0.004m | €0.004m | €0.002m | €226 | - | - |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.1m | €0.1m | €0.07m | €0.2m | €0.1m | €0.1m | ▼ 11.4% |
| Plant, machinery and equipment23 | - | - | - | €0.02m | €0.02m | €0.01m | €0.006m | €0.009m | ▲ 49.3% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.02m | €0.1m | €0.1m | €0.09m | ▼ 26.4% |
| Other tangible fixed assets26 | - | - | - | €0.07m | €0.04m | €0.02m | €0.02m | €0.03m | ▲ 80.6% |
| Current assets29/58 | €0.2m | €0.2m | €0.3m | €0.6m | €0.5m | €0.6m | €0.9m | €0.7m | ▼ 28.1% |
| Stocks and contracts in progress3 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 1.4% |
| Stocks30/36 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 1.4% |
| Amounts receivable within one year40/41 | €0.1m | €0.2m | €0.3m | €0.2m | €0.3m | €0.4m | €0.3m | €0.3m | ▼ 7.2% |
| Trade receivables40 | - | - | - | €0.1m | €0.2m | €0.4m | €0.2m | €0.2m | ▼ 12.1% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.05m | €0.09m | €0.1m | €0.1m | ▲ 3.0% |
| Cash at bank and in hand54/58 | €0.01m | €0.02m | €0.01m | €0.4m | €0.2m | €0.1m | €0.6m | €0.3m | ▼ 42.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.009m | €0.01m | €0.01m | €0.01m | €0.02m | ▲ 45.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.3m | €0.4m | €0.4m | €0.7m | €0.6m | €0.8m | €1.1m | €0.8m | ▼ 25.9% |
| Equity10/15 | €0.08m | €0.08m | €0.1m | €0.3m | €0.3m | €0.5m | €0.4m | €0.5m | ▲ 45.5% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Contributions outside capital11 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Other1109/19 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.04m | €0.04m | €0.07m | €0.2m | €0.3m | €0.4m | €0.3m | €0.5m | ▲ 48.3% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | - | - |
| Distributable reserves133 | - | - | - | €0.1m | €0.2m | €0.3m | €0.2m | €0.5m | ▲ 108% |
| Profit (loss) carried forward14 | €0.02m | €0.02m | €0.02m | €0.02m | - | - | - | - | - |
| Amounts payable17/49 | €0.2m | €0.3m | €0.3m | €0.4m | €0.3m | €0.3m | €0.7m | €0.3m | ▼ 61.4% |
| Amounts payable after more than one year17 | €0.06m | €0.04m | €0.03m | €0.01m | €0.008m | €0.04m | €0.04m | €0.03m | ▼ 34.8% |
| Financial debts170/4 | - | - | - | €0.01m | €0.008m | €0.04m | €0.04m | €0.03m | ▼ 34.8% |
| Amounts payable within one year42/48 | €0.2m | €0.3m | €0.3m | €0.4m | €0.3m | €0.3m | €0.7m | €0.2m | ▼ 63.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.01m | €0.005m | €0.01m | €0.02m | €0.02m | ▼ 11.8% |
| Financial debts43 | - | - | - | - | - | - | - | €0.02m | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €0.02m | - |
| Trade debts44 | €0.1m | €0.2m | €0.3m | €0.3m | €0.2m | €0.3m | €0.4m | €0.2m | ▼ 54.4% |
| Suppliers440/4 | - | - | - | €0.3m | €0.2m | €0.3m | €0.4m | €0.2m | ▼ 54.4% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | - | €0.02m | - |
| Taxes, remuneration and social security45 | - | - | - | €0.09m | €0.03m | €0.03m | €0.1m | €0.02m | ▼ 82.0% |
| Taxes450/3 | - | - | - | €0.07m | €0.01m | €0.02m | €0.08m | - | - |
| Remuneration and social security454/9 | - | - | - | €0.02m | €0.02m | €0.01m | €0.02m | €0.02m | ▼ 19.3% |
| Other amounts payable47/48 | - | - | - | - | - | - | €0.2m | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | - | - | €0.003m | €0.003m | ▼ 15.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,226 | €1,876 | €26,718 | €148,381 | €58,861 | €138,603 | €124,155 | €161,934 | ▲ 30.4% |
| + Depreciation and write-downs630 | €44,478 | €54,246 | €44,867 | €49,488 | €47,856 | €54,489 | €60,843 | €51,216 | ▼ 15.8% |
| Operating cash flow (approximation) | €39,252 | €56,122 | €71,585 | €197,869 | €106,717 | €193,093 | €184,999 | €213,150 | ▲ 15.2% |
| Investment in fixed assets (approximation) | - | -€44,537 | -€30,005 | -€18,905 | -€9,575 | -€159,434 | -€22,284 | -€34,768 | ▼ 56.0% |
| Change in cash | - | €3,102 | -€5,712 | €389,926 | -€206,819 | -€55,450 | €441,204 | -€243,707 | - |
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 DACO PROJECTS 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 DACO PROJECTS 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 DACO PROJECTS. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 21-08-2026 | 2026-00413425 | |
| 31-12-2024 | abbreviated format | 21-07-2025 | 2025-00291458 | |
| 31-12-2023 | abbreviated format | 22-08-2024 | 2024-00360707 | |
| 31-12-2022 | abbreviated format | 31-08-2023 | 2023-00396847 | |
| 31-12-2021 | abbreviated format | 26-08-2022 | 2022-20324266 | |
| 31-12-2020 | abbreviated format | 30-07-2021 | 2021-43500282 | |
| 31-12-2019 | abbreviated format | 19-09-2020 | 2020-54300085 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-57300072 | |
| 31-12-2017 | micro format | 03-08-2018 | 2018-42600440 | |
| 31-12-2016 | micro format | 01-12-2017 | 2017-70700234 |