DALCON
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-06-2026 at the NBB all 7 filings
Turnover
≈ €370,000
Estimated: probably between €310,000 and €430,000
Total assets
€769,220▲ 5.5%
2024 · €729,128
Net result
€35,439▲ 53.0%
2024 · €23,157
Working capital
-€91,591▲ 2.7%
2024 · -€94,174
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€62,783
▲ 49.5%
2025
20192025
Net result
€35,439
▲ 53.0%
2025
middle half of the sector
20192025
Equity
€77,760
▲ 83.7%
2025
middle half of the sector
20192025
Total assets
€769,220
▲ 5.5%
2025
highest quarter of the sector
20192025
Debt
€691,460
▲ 0.7%
2025
20192025
Working capital
-€91,591
▲ 2.7%
2025
lowest quarter of the sector
20192025
Solvency
10.1%
▲ 4.3pp
2025
lowest quarter of the sector
20192025
Current ratio
0.73
▼ 0.02
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
4.6%
▲ 1.4pp
2025
middle half of the sector
20192025
Staff (FTE)
1.8
▲ 80.0%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€13,268-€4,777▼ 64.0%€48,348▲ 912%-€38,129€9,025€41,984▲ 365%€62,783▲ 49.5%
Net result€10,926-€1,810within the sector's middle half▼ 83.4%€32,945within the sector's middle half▲ 18×-€49,644below the sector's middle half€4,527within the sector's middle half€23,157within the sector's middle half▲ 411%€35,439within the sector's middle half▲ 53.0%
Equity€29,526-€31,336within the sector's middle half▲ 6.1%€64,281within the sector's middle half▲ 105%€14,637below the sector's middle half▼ 77.2%€19,164below the sector's middle half▲ 30.9%€42,321within the sector's middle half▲ 121%€77,760within the sector's middle half▲ 83.7%
Total assets€194,856-€658,096above the sector's middle half▲ 238%€671,740above the sector's middle half▲ 2.1%€754,701above the sector's middle half▲ 12.4%€747,300above the sector's middle half▼ 1.0%€729,128above the sector's middle half▼ 2.4%€769,220above the sector's middle half▲ 5.5%
Debt€165,330-€626,760▲ 279%€607,459▼ 3.1%€740,064▲ 21.8%€728,136▼ 1.6%€686,807▼ 5.7%€691,460▲ 0.7%
Working capital-€14,359--€123,364below the sector's middle half▼ 759%-€60,881below the sector's middle half▲ 50.6%-€109,099below the sector's middle half▼ 79.2%-€103,064below the sector's middle half▲ 5.5%-€94,174below the sector's middle half▲ 8.6%-€91,591below the sector's middle half▲ 2.7%
Solvency15.2%-4.8%below the sector's middle half▼ 10.4pp9.6%below the sector's middle half▲ 4.8pp1.9%below the sector's middle half▼ 7.6pp2.6%below the sector's middle half▲ 0.6pp5.8%below the sector's middle half▲ 3.2pp10.1%below the sector's middle half▲ 4.3pp
Current ratio0.89-0.56below the sector's middle half▼ 0.340.77below the sector's middle half▲ 0.210.74below the sector's middle half▼ 0.030.74below the sector's middle half▲ 0.010.74below the sector's middle half=0.73below the sector's middle half▼ 0.02
Return on assets (ROA)5.6%-0.3%below the sector's middle half▼ 5.3pp4.9%within the sector's middle half▲ 4.6pp-6.6%below the sector's middle half▼ 11.5pp0.6%below the sector's middle half▲ 7.2pp3.2%within the sector's middle half▲ 2.6pp4.6%within the sector's middle half▲ 1.4pp
Staff (FTE)1-2above the sector's middle half▲ 100%2=2.2▲ 10.0%1.1▼ 50.0%1▼ 9.1%1.8▲ 80.0%
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 50% higher than in 2024 and the highest since 2019. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The 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 €769,220
Fixed assets
€527,619 ▲ 14.7%
Current assets
€241,600 ▼ 10.2%
Equity and liabilities €769,220
Equity
€77,760 ▲ 83.7%
Debt
€691,460 ▲ 0.7%
Debt's share of the balance-sheet total falls from 94.2% to 89.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€118,333▲
2024 · €91,940
Cash flow
€90,989▲
2024 · €73,113
Quick ratio
0.48▼
2024 · 0.52
Debt to equity
8.89▼
2024 · 16.23
ROE
45.6%▼
2024 · 54.7%
Interest coverage
7.83▲
2024 · 4.44
Debt ≤ 1 year
€333,191▼
2024 · €363,363
Debt > 1 year
€354,438▲
2024 · €322,120
Income taxes
€12,661▲
2024 · €151
Staff costs
€93,032▲
2024 · €46,797
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 | 2 | 2 | 1 | 1 | 2 |
| full-time | 2 | 2 | 1 | 1 | 2 |
| part-time | 0 | 0 | 0 | 0 | 0 |
| in full-time equivalents | 2 | 2 | 1 | 1 | 2 |
| Average over the year, in full-time equivalents | 2 | 2.2 | 1.1 | 1 | 1.8 |
| On a permanent contract | 2 | 2 | 1 | 1 | 2 |
| Joined | 9 | 4 | 1 | - | 1 |
| Left | 9 | 4 | 2 | - | 0 |
| Training hours | 53 | - | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €55,000 | - | - | - | - |
| Carrying value of the mortgaged assets | €402,587 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €17,115 | €25,466 | €52,219 | €61,842 | €2,231 |
| Financial fixed assets | - | - | - | - | €121,000 |
| Depreciation and write-downs of the year | €40,349 | €48,522 | €54,129 | €49,957 | €55,550 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €595 awarded · €1,810 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €0 | €1,215 |
| 2022 | 1 | €595 | €595 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €50,682 | €85,953 | €48,107 | €46,797 | €93,032 | ▲ 98.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,855 | €22,707 | €40,349 | €48,522 | €54,129 | €49,957 | €55,550 | ▲ 11.2% |
| Other operating charges640/8 | - | - | €6,638 | €8,132 | €6,520 | €22,538 | €3,990 | ▼ 82.3% |
| Non-recurring operating charges66A | - | - | €7,239 | €0 | - | - | - | - |
| Gross operating margin9900 | €63,493 | €76,923 | €153,256 | €104,478 | €117,780 | €161,275 | €215,356 | ▲ 33.5% |
| Operating profit (loss)9901 | €13,268 | €4,777 | €48,348 | -€38,129 | €9,025 | €41,984 | €62,783 | ▲ 49.5% |
| Financial income75/76B | - | - | €65 | €7,341 | €13,906 | €2,027 | €431 | ▼ 78.7% |
| Recurring financial income75 | €270 | €234 | €65 | €7,341 | €13,906 | €2,027 | €431 | ▼ 78.7% |
| Financial charges65/66B | - | - | €7,799 | €18,856 | €18,403 | €20,703 | €15,114 | ▼ 27.0% |
| Recurring financial charges65 | €946 | €3,200 | €7,799 | €18,856 | €18,403 | €20,703 | €15,114 | ▼ 27.0% |
| Profit (loss) for the period before taxes9903 | €12,592 | €1,810 | €40,614 | -€49,644 | €4,527 | €23,308 | €48,100 | ▲ 106% |
| Income taxes67/77 | €1,665 | €0 | €7,668 | €0 | - | €151 | €12,661 | ▲ 84× |
| Profit (loss) for the period9904 | €10,926 | €1,810 | €32,945 | -€49,644 | €4,527 | €23,157 | €35,439 | ▲ 53.0% |
| Profit (loss) for the period to be appropriated9905 | €10,926 | €1,810 | €32,945 | -€49,644 | €4,527 | €23,157 | €35,439 | ▲ 53.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €194,856 | €658,096 | €671,740 | €754,701 | €747,300 | €729,128 | €769,220 | ▲ 5.5% |
| Fixed assets21/28 | €75,451 | €503,808 | €473,335 | €450,278 | €448,368 | €459,939 | €527,619 | ▲ 14.7% |
| Intangible fixed assets21 | €4,187 | €3,140 | €2,093 | €1,047 | €0 | - | - | - |
| Tangible fixed assets22/27 | €71,264 | €500,668 | €471,241 | €449,232 | €448,368 | €459,939 | €406,619 | ▼ 11.6% |
| Land and buildings22 | - | - | €402,587 | €376,297 | €366,187 | €339,568 | €311,107 | ▼ 8.4% |
| Plant, machinery and equipment23 | - | - | €58,026 | €60,394 | €73,669 | €58,973 | €44,816 | ▼ 24.0% |
| Furniture and vehicles24 | - | - | €10,629 | €12,541 | €8,513 | €61,398 | €50,696 | ▼ 17.4% |
| Other tangible fixed assets26 | - | - | €0 | - | - | - | - | - |
| Financial fixed assets28 | - | - | - | - | - | - | €121,000 | - |
| Current assets29/58 | €119,405 | €154,288 | €198,405 | €304,423 | €298,932 | €269,190 | €241,600 | ▼ 10.2% |
| Stocks and contracts in progress3 | €22,350 | €31,840 | €31,840 | €34,078 | €62,693 | €80,045 | €80,224 | ▲ 0.2% |
| Stocks30/36 | - | - | €31,840 | €34,078 | €62,693 | €61,752 | €58,665 | ▼ 5.0% |
| Contracts in progress37 | - | - | - | - | - | €18,293 | €21,559 | ▲ 17.9% |
| Amounts receivable within one year40/41 | €82,758 | €92,647 | €161,963 | €240,028 | €182,663 | €139,697 | €99,288 | ▼ 28.9% |
| Trade receivables40 | - | - | €141,938 | €205,438 | €170,073 | €129,199 | €90,783 | ▼ 29.7% |
| Other amounts receivable41 | - | - | €20,025 | €34,591 | €12,590 | €10,498 | €8,504 | ▼ 19.0% |
| Cash at bank and in hand54/58 | €13,636 | €29,800 | €2,081 | €24,398 | €33,537 | €44,562 | €50,863 | ▲ 14.1% |
| Deferred charges and accrued income490/1 | - | - | €2,521 | €5,919 | €20,040 | €4,886 | €11,226 | ▲ 130% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €194,856 | €658,096 | €671,740 | €754,701 | €747,300 | €729,128 | €769,220 | ▲ 5.5% |
| Equity10/15 | €29,526 | €31,336 | €64,281 | €14,637 | €19,164 | €42,321 | €77,760 | ▲ 83.7% |
| Contributions10/11 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €45,681 | €0 | - | - | €35,439 | - |
| Non-distributable reserves130/1 | - | - | €1,860 | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €0 | - | - | - | - |
| Distributable reserves133 | - | - | €43,821 | €0 | - | - | €35,439 | - |
| Profit (loss) carried forward14 | €9,066 | €10,876 | €0 | -€3,963 | €564 | €23,721 | €23,721 | = |
| Amounts payable17/49 | €165,330 | €626,760 | €607,459 | €740,064 | €728,136 | €686,807 | €691,460 | ▲ 0.7% |
| Amounts payable after more than one year17 | €31,566 | €349,107 | €346,952 | €325,602 | €323,446 | €322,120 | €354,438 | ▲ 10.0% |
| Financial debts170/4 | - | - | €346,952 | €325,602 | €323,446 | €322,120 | €354,438 | ▲ 10.0% |
| Amounts payable within one year42/48 | €133,764 | €277,652 | €259,286 | €413,522 | €401,996 | €363,363 | €333,191 | ▼ 8.3% |
| Current portion of amounts payable after more than one year42 | - | - | €32,156 | €35,193 | €39,314 | €49,941 | €56,914 | ▲ 14.0% |
| Financial debts43 | - | - | €50,780 | €100,000 | €50,000 | €30,000 | €25,000 | ▼ 16.7% |
| Credit institutions430/8 | - | - | €50,780 | €100,000 | €50,000 | €30,000 | €25,000 | ▼ 16.7% |
| Trade debts44 | €48,877 | €101,445 | €102,249 | €91,558 | €101,865 | €78,375 | €31,876 | ▼ 59.3% |
| Suppliers440/4 | - | - | €102,249 | €91,558 | €101,865 | €78,375 | €31,876 | ▼ 59.3% |
| Taxes, remuneration and social security45 | - | - | €14,927 | €22,231 | €5,354 | €4,999 | €12,440 | ▲ 149% |
| Taxes450/3 | - | - | €8,743 | €7,861 | €91 | €154 | €2,812 | ▲ 18× |
| Remuneration and social security454/9 | - | - | €6,184 | €14,371 | €5,263 | €4,845 | €9,628 | ▲ 98.7% |
| Other amounts payable47/48 | - | - | €59,174 | €164,540 | €205,463 | €200,048 | €206,961 | ▲ 3.5% |
| Accrued charges and deferred income492/3 | - | - | €1,221 | €940 | €2,694 | €1,324 | €3,831 | ▲ 189% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,926 | €1,810 | €32,945 | -€49,644 | €4,527 | €23,157 | €35,439 | ▲ 53.0% |
| + Depreciation and write-downs630 | €12,855 | €22,707 | €40,349 | €48,522 | €54,129 | €49,957 | €55,550 | ▲ 11.2% |
| Operating cash flow (approximation) | €23,781 | €24,517 | €73,294 | -€1,122 | €58,656 | €73,113 | €90,989 | ▲ 24.4% |
| Investment in fixed assets (approximation) | - | -€451,065 | -€9,876 | -€25,466 | -€52,219 | -€61,527 | -€123,231 | ▼ 100% |
| Change in cash | - | €16,164 | -€27,719 | €22,317 | €9,139 | €11,025 | €6,301 | ▼ 42.8% |
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, 3,274 companies had the same profile as DALCON has now. Two years later, 94.7% were still going and 2.5% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
94.7%
was still going
2.5%
stopped otherwise
2.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DALCON itself: 0.6% 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 3,274 companies, not a prediction for DALCON. 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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-06-2026 | 2026-00192370 | |
| 31-12-2024 | micro format | 10-07-2025 | 2025-00251999 | |
| 31-12-2023 | micro format | 17-06-2024 | 2024-00137101 | |
| 31-12-2022 | micro format | 07-07-2023 | 2023-00213647 | |
| 31-12-2021 | micro format | 09-08-2022 | 2022-20277332 | |
| 31-12-2020 | micro format | 01-07-2021 | 2021-31000407 | |
| 31-12-2019 | micro format | 19-11-2020 | 2020-71100262 |