DAFRE
Absorbed by Vedeka IIFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-10-2025 PDF all 28 filings
Turnover
≈ €320,000
Estimated: probably between €190,000 and €590,000
Total assets
€2.4m▼ 1.0%
2024 · €2.4m
Net result
€35,935▼ 4.6%
2024 · €37,657
Working capital
-€155,902▼ 185%
2024 · -€54,634
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€61,625
▼ 0.8%
2025
20192025
Net result
€35,935
▼ 4.6%
2025
20192025
Equity
€1.1m
▼ 8.6%
2025
20192025
Total assets
€2.4m
▼ 1.0%
2025
20192025
Debt
€1.3m
▲ 6.5%
2025
20192025
Working capital
-€155,902
▼ 185%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€0.06m-€0.008m€0.04m▲ 413%-€0.002m€0.2m€0.06m▼ 65.7%€0.06m▼ 0.8%
Net result-€0.06m-€0.3m€0.03m▼ 90.7%-€0.004m€0.04m€0.04m▲ 7.1%€0.04m▼ 4.6%
Equity€0.8m-€1.1m▲ 37.8%€1.1m▲ 2.6%€1.1m▼ 0.4%€1.1m▲ 3.2%€1.2m▲ 3.4%€1.1m▼ 8.6%
Total assets€2.8m-€2.3m▼ 16.6%€2.3m▼ 2.1%€2.8m▲ 21.5%€2.6m▼ 6.4%€2.4m▼ 6.0%€2.4m▼ 1.0%
Debt€1.9m-€1.2m▼ 38.7%€1.1m▼ 6.1%€1.6m▲ 44.7%€1.4m▼ 12.9%€1.2m▼ 13.5%€1.3m▲ 6.5%
Working capital-€0.3m--€0.3m▲ 8.7%-€0.2m▲ 39.3%-€0.2m▼ 61.6%-€0.2m▲ 16.7%-€0.05m▲ 73.7%-€0.2m▼ 185%
The operating result for 2025 is 1% lower than in 2024 and the lowest since 2022. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or micro 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 €2.4m
Fixed assets
€2.4m ▼ 2.0%
Current assets
€51,702 ▲ 84.3%
Equity and liabilities €2.4m
Equity
€1.1m ▼ 8.6%
Provisions
€63,612 ▼ 5.8%
Debt
€1.3m ▲ 6.5%
Debt's share of the balance-sheet total rises from 49.8% to 53.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€110,930▼
2024 · €129,647
Cash flow
€85,240▼
2024 · €105,185
Current ratio
0.25▼
2024 · 0.34
Debt to equity
1.22▲
2024 · 1.05
ROE
3.4%▲
2024 · 3.3%
ROA
1.5%▼
2024 · 1.5%
Interest coverage
over 100▲
2024 · 11.50
Debt ≤ 1 year
€207,604▲
2024 · €82,685
Debt > 1 year
€1.1m▼
2024 · €1.1m
Income taxes
€29,117▲
2024 · €17,117
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €744,785 | - | - | €600 |
| Depreciation and write-downs of the year | €124,342 | €56,117 | €67,528 | €49,305 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €133,344 | €56,492 | €52,643 | €124,342 | €56,117 | €67,528 | €49,305 | ▼ 27.0% |
| Other operating charges640/8 | - | - | - | €11,332 | €11,646 | €19,324 | €13,360 | ▼ 30.9% |
| Gross operating margin9900 | €83,132 | €75,671 | €101,711 | €133,584 | €248,680 | €148,971 | €124,290 | ▼ 16.6% |
| Operating profit (loss)9901 | -€58,305 | €7,817 | €40,077 | -€2,089 | €180,916 | €62,119 | €61,625 | ▼ 0.8% |
| Recurring financial income75 | €3,818 | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €3,880 | €133,439 | €11,278 | €506 | ▼ 95.5% |
| Recurring financial charges65 | €5,060 | €4,373 | €3,667 | €3,880 | €9,694 | €11,278 | €506 | ▼ 95.5% |
| Non-recurring financial charges66B | - | - | - | - | €123,745 | - | - | - |
| Profit (loss) for the period before taxes9903 | -€59,546 | €327,322 | €36,410 | -€5,970 | €47,478 | €50,840 | €61,118 | ▲ 20.2% |
| Transfer from deferred taxes780 | - | - | - | €3,933 | €3,933 | €3,933 | €3,933 | = |
| Income taxes67/77 | - | €40,333 | €13,266 | €1,983 | €16,247 | €17,117 | €29,117 | ▲ 70.1% |
| Profit (loss) for the period9904 | -€55,613 | €290,922 | €27,078 | -€4,019 | €35,165 | €37,657 | €35,935 | ▼ 4.6% |
| Transfer from tax-exempt reserves789 | - | - | - | €9,364 | €9,364 | €9,364 | €9,364 | = |
| Profit (loss) for the period to be appropriated9905 | -€46,248 | €300,287 | €36,442 | €5,346 | €44,529 | €47,021 | €45,299 | ▼ 3.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.8m | €2.3m | €2.3m | €2.8m | €2.6m | €2.4m | €2.4m | ▼ 1.0% |
| Fixed assets21/28 | €2.6m | €2.2m | €2.1m | €2.7m | €2.6m | €2.4m | €2.4m | ▼ 2.0% |
| Tangible fixed assets22/27 | €2.2m | €1.7m | €1.6m | €2.3m | €2.1m | €1.9m | €1.9m | ▼ 2.5% |
| Land and buildings22 | - | - | - | €2.3m | €2.1m | €1.9m | €1.9m | ▼ 2.5% |
| Financial fixed assets28 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Current assets29/58 | €0.2m | €0.2m | €0.2m | €0.02m | €0.03m | €0.03m | €0.05m | ▲ 84.3% |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.1m | €0.006m | €0.006m | - | €284 | - |
| Other amounts receivable41 | - | - | - | €0.006m | €0.006m | - | €284 | - |
| Cash at bank and in hand54/58 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.03m | €0.05m | ▲ 83.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.8m | €2.3m | €2.3m | €2.8m | €2.6m | €2.4m | €2.4m | ▼ 1.0% |
| Equity10/15 | €0.8m | €1.1m | €1.1m | €1.1m | €1.1m | €1.2m | €1.1m | ▼ 8.6% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.07m | ▼ 66.3% |
| Capital10 | - | - | - | - | - | - | €0.07m | - |
| Issued capital100 | - | - | - | - | - | - | €0.1m | - |
| Uncalled capital101 | - | - | - | - | - | - | €0.03m | - |
| Reserves13 | €0.6m | €0.9m | €0.9m | €0.9m | €0.9m | €1.0m | €1.0m | ▲ 3.8% |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves not available under the articles1311 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Tax-exempt reserves132 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 5.8% |
| Distributable reserves133 | - | - | - | €0.7m | €0.7m | €0.8m | €0.8m | ▲ 5.9% |
| Provisions and deferred taxes16 | €0.09m | €0.08m | €0.08m | €0.08m | €0.07m | €0.07m | €0.06m | ▼ 5.8% |
| Deferred taxes168 | - | - | - | €0.08m | €0.07m | €0.07m | €0.06m | ▼ 5.8% |
| Amounts payable17/49 | €1.9m | €1.2m | €1.1m | €1.6m | €1.4m | €1.2m | €1.3m | ▲ 6.5% |
| Amounts payable after more than one year17 | €1.4m | €0.7m | €0.7m | €1.2m | €1.1m | €1.1m | €1.1m | ▼ 4.1% |
| Financial debts170/4 | - | - | - | €0.4m | €0.4m | €0.3m | €0.3m | = |
| Other amounts payable178/9 | - | - | - | €0.8m | €0.7m | €0.8m | €0.8m | ▼ 5.8% |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.3m | €0.3m | €0.2m | €0.08m | €0.2m | ▲ 151% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.04m | €0.04m | €0.006m | ▼ 85.7% |
| Financial debts43 | - | - | - | €0.2m | €0.2m | - | - | - |
| Credit institutions430/8 | - | - | - | €0.2m | €0.2m | - | - | - |
| Trade debts44 | €0.008m | €0.007m | €0.003m | €0.004m | €0.02m | €0.02m | €0.04m | ▲ 68.9% |
| Suppliers440/4 | - | - | - | €0.004m | €0.02m | €0.02m | €0.04m | ▲ 68.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.002m | €0.02m | €0.02m | €0.03m | ▲ 71.3% |
| Taxes450/3 | - | - | - | €0.002m | €0.02m | €0.02m | €0.03m | ▲ 71.3% |
| Other amounts payable47/48 | - | - | - | - | - | - | €0.1m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.09m | €0.09m | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€55,613 | €290,922 | €27,078 | -€4,019 | €35,165 | €37,657 | €35,935 | ▼ 4.6% |
| + Depreciation and write-downs630 | €133,344 | €56,492 | €52,643 | €124,342 | €56,117 | €67,528 | €49,305 | ▼ 27.0% |
| Operating cash flow (approximation) | €77,731 | €347,415 | €79,720 | €120,323 | €91,282 | €105,185 | €85,240 | ▼ 19.0% |
| Investment in fixed assets (approximation) | - | €400,522 | -€3,275 | -€744,785 | €123,745 | €89,914 | -€600 | - |
| Change in cash | - | -€3,029 | €2,978 | -€2,290 | €2,145 | €7,872 | €23,367 | ▲ 197% |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 28 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2025 | abbreviated format | 29-10-2025 | 2025-00552059 | |
| 31-03-2024 | micro format | 31-10-2024 | 2024-00521628 | |
| 31-03-2023 | micro format | 31-10-2023 | 2023-00499368 | |
| 31-03-2022 | micro format | 04-11-2022 | 2022-20516459 | |
| 31-03-2021 | abbreviated format | 03-11-2021 | 2021-76000591 | |
| 31-03-2020 | abbreviated format | 30-10-2020 | 2020-67000117 | |
| 31-03-2019 | abbreviated format | 30-10-2019 | 2019-72200548 | |
| 31-03-2018 | abbreviated format | 31-10-2018 | 2018-71200227 | |
| 31-03-2017 | abbreviated format | 30-10-2017 | 2017-68600317 | |
| 31-03-2016 | abbreviated format | 03-11-2016 | 2016-67400112 |