Losses
-€4.4m in three years
Every financial year from 2023 to 2025 closed with a loss. 2023 was the heaviest.
DAO
Lifetime
19 annual accounts with figures on one time axis, 46 filings since 1979peak €13.4m (2006)
-not published
lowest -€4.2m (2017)
-€1.3m▼ €489,944
peak €7.2m (2023)
€5.1m▼ 20.5%
€1.5m▼ 64.3%
peak 96.7 FTE (2009)
-not published
Board9 names since 2019
6 directorsNOSHAQ SA and 5 others
Owners
99.98%DELTA GROUP
Documentsfilings and deeds
13-07-202618 days before the deadline
2025financial year
Gross margin from -€767,026 to -€64,715Loss of €1.3mEquity from €6.4m to €5.1mDebts from €4.2m to €1.5m
Key points
from the 2025 annual accountsLiquidity
8.35 was 3.53 in 2024
Short-term debts fell from €3.7m to €1.1m.
Position in the sector
-€1.3m
Lower net result than 95% of companies in specialised construction. Sector median €42,671 · 2,464 companies.
Net result -60%: 12-month year
Checked score
87
Excellent
Financially stronger than 43% of medium-sized companies in specialised construction (NACE 43)
Probability in this band: under 0.55%
Bankruptcy probability within 12 months
0.2% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.3% across 241 companies (NACE 43, medium-sized).
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 2.5%
01-2025: 2.6%▲ +0.1 percentage points vs 12-2024
02-2025: 3.2%▲ +0.6 percentage points vs 01-2025highest value
03-2025: 0.7%▼ -2.5 percentage points vs 02-2025
04-2025: 1.0%▲ +0.3 percentage points vs 03-2025
05-2025: 1.0%● unchanged vs 04-2025
06-2025: 1.3%▲ +0.3 percentage points vs 05-2025
07-2025: 2.2%▲ +0.9 percentage points vs 06-2025
08-2025: 0.2%▼ -2.0 percentage points vs 07-2025lowest value
09-2025: 0.2%● unchanged vs 08-2025lowest value
10-2025: 0.2%● unchanged vs 09-2025lowest value
11-2025: 0.2%● unchanged vs 10-2025lowest value
12-2025: 0.2%● unchanged vs 11-2025lowest value
01-2026: 0.2%● unchanged vs 12-2025lowest value
02-2026: 0.2%● unchanged vs 01-2026lowest value
03-2026: 0.2%● unchanged vs 02-2026
04-2026: 0.2%● unchanged vs 03-2026
05-2026: 0.2%● unchanged vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026
07-2026: 0.2%● unchanged vs 06-2026
08-2026: 0.2%● unchanged vs 07-2026
09-2026: 0.2%● unchanged vs 08-2026
10-2026: 0.2%● unchanged vs 09-2026
11-2026: 0.2%● unchanged vs 10-2026
Financial strengthWeak
Score breakdown
raises risk
Loss of €1.3m, the second in a row (financial year 2025)
Sector: Specialised construction activities (NACE 43)
Liquidity: current ratio 8.35, cash €183,600
lowers risk
Size: total assets €10.5m
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 43, medium-sized). It does better than 73% of them on solvency, 78% on liquidity, 6% on profitability and 14% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 147 companies had the same profile as DAO has now. Each dot is one company, two years later.
91.8%
were still trading
5.4%
stopped another way
2.0%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of DAO itself is lower: 0.2% within 12 months. It rests on far more data about DAO than the profile alone.
Test of the method
The method was tested on the 497,447 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 147 companies, not a prediction for DAO. 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.
Credit verdict
Credit of up to €440,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 8.35 (3.53 in 2024), above the usual 1.5. Short-term debt is 10.4% and cash 1.8% of total assets. However, 51.3% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Six signals.
lowers riskraises riskneutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
18192021232425
2018 to 2025 · latest year -€1.3m
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 13-07-2026, 18 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
18 days early
2024
31 days early
2023
19 days early
2021
4 days early
2020
27 days late
2019
8 days early
2018
28 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 4 days before the deadline. In the sector (NACE 43), the median for financial year 2024 was 1 day before the deadline, and 43% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 24 July (4 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
10-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
SD
SA DELTA REFRIGERATION
Managing director, Philippe DOUIN
- DELTA GROUP 99.98%equity €7.5m (2025) · 2025 annual accounts of DELTA GROUP
Recent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0419180550
Assemblee Generale - Annee Comptable
DELTA GROUP holds 4,646 shares · DOUIN Philippe Julien Roger Marie holds 1 share · General meeting of 24-06-2024 · Gazette deed
3 directors appointed, 1 statutory auditor appointed, 2 resignations, 2 reappointments
Resignations: SA DELTA GROUP (managing director) and SA PHDJ (managing director) · Reappointments: SRL LXB MANAGEMENT and SA NOSHAQ · Permanent representatives: Benoît LEVAUX, Christine GERARDY, Philippe DOUIN and Christophe COLSON · General meeting of 14-02-2024 · Gazette deed
3 directors reappointed
Delta Group S.A., NOSHAQ S.A and LxB Management SRL · Permanent representatives: Philippe DOUIN, Christine GERARDY and Benoît LEVAUX · General meeting of 28-06-2023 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| DAO Visé | - | - | 48.7% | - |
| ERRO HEATING Oudsbergen | - | - | -12.6% | 27.2 |
| KAUFFMAN Aywaille | €16.3m | 2.7% | 26.6% | 38.4 |
| Henkens Frères Welkenraedt | €21.1m | 0.9% | 13.1% | 118.5 |
| GOESSENS Hannut | €14.0m | -3.1% | 1.8% | 93.7 |
| D - FI Sprimont | €15.3m | 15.0% | 22.7% | 53 |
| DELBRASSINE Verviers | €12.2m | 2.6% | 33.4% | 64.6 |
These companies have the same main activity as DAO: installation of electric heating, air conditioning, cooling and ventilation (NACE 43222). They are comparable in size and age: total assets between €5.1m and €13m, founded between 1968 and 1993.
Official details
Source: KBO- Status
- Active since 01-01-1979Normal situation
- Activity
- Installation of electric heating, air conditioning, cooling and ventilationNACE 43222and 3 others
- Establishment unit
- 2.015.859.6414600 Visé, since 01-01-1979
- Financial year end
- 31 December
- Peppol
- Reachable since 23-10-2025
Annual accounts 2025
- €10.5m▼ 27.9%
- Filing
- Filed on 13-07-2026, 18 days before the end of the filing period
Companies linked to DAO
Parent and group
Insights on DAO
DAO has existed since 1979. Turnover fell from €8.0m in 2017 to €1.0m in 2020.
DELTA GROUP holds all the shares. In March 2024, the Official Gazette published the appointment of SA DELTA REFRIGERATION as managing director.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about DAO
- What is the company number of DAO?
- The company number of DAO is 0419.180.550. The VAT number is the same number with BE in front: BE 0419.180.550.
- Where is DAO based?
- The registered office is at Rue de Maestricht 106, 4600 Visé.Company details
- What does DAO do?
- According to the KBO register, the main activity is installation of electric heating, air conditioning, cooling and ventilation (NACE 43222).
- What is the legal form of DAO?
- DAO is a public limited company (NV).
- When was DAO founded?
- DAO was founded on 01-01-1979.
- Is DAO still active?
- Yes, DAO is an active enterprise in the KBO register.
- How many employees does DAO have?
- DAO had an average of 59.5 full-time equivalents in financial year 2018, according to the filed annual accounts.Financials
- What is the turnover of DAO?
- The annual accounts for financial year 2025 state no turnover. In financial year 2020 turnover was €1.0m.
- Is DAO profitable?
- In financial year 2025, DAO made a loss of €1.3m.
- Where can I find the annual accounts of DAO?
- DAO filed 46 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of DAO due?
- DAO must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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