DAO
ActiveSummary
DAO has been active since 1979 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €5.09M and a net result of €-1.31M. Equity is growing by ~41.3% per year across the filed fiscal years. Its solvency ranks better than 58% of 2056 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability3▼-9
Solvency74▲+5
Growth35=
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €280k at 30 days acceptable
Liquidity ample (current ratio 8.35 against 3.53 in 2024; short-term debt: 10.4% and cash: 1.8% of total assets), but 51.3% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
48.7%
Return on assets
-12.5%
Age of the figures
9 mo
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 €-1.31M
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 d early
2024
31 d early
2023
19 d early
2021
4 d early
2020
27 d late
2019
8 d early
2018
28 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
€1.01M▼ 68.1%
2019 · €3.18M
EBIT margin
139.3%▲ 136.2pp
2019 · 3.2%
Net result
€-1.31M▼ 59.8%
2024 · €-819k
Working capital
€8.02M▼ 14.2%
2024 · €9.35M
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202320242025
Turnover€1.01M▼ 68.1%
Operating result€1.41M▲ 1,297%€922k▼ 34.7%€-2.36M-€-1.10M▲ 53.6%€-1.48M▼ 35.0%
Net result€1.47M▲ 639%€1.03M▼ 30.0%€-2.24M-€-819k▲ 63.5%€-1.31M▼ 59.8%
EBIT margin139.3%▲ 136.2pp
Equity€1.87M▲ 86.9%€2.90M▲ 54.9%€7.22M-€6.40M▼ 11.4%€5.09M▼ 20.5%
Total assets€7.55M▲ 3.0%€6.88M▼ 8.8%€17.96M-€14.51M▼ 19.2%€10.46M▼ 27.9%
Debt€726k▲ 367%€126k▼ 82.7%€6.88M-€4.25M▼ 38.2%€1.52M▼ 64.3%
Working capital€6.69M▼ 5.0%€6.63M▼ 0.9%€10.27M-€9.35M▼ 9.0%€8.02M▼ 14.2%
Staff (FTE)
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €1.48M in 2025 against €1.10M in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €10.46M
Fixed assets
€1.36M ▼ 7.9%
Current assets
€9.11M ▼ 30.1%
Equity and liabilities €10.46M
Equity
€5.09M ▼ 20.5%
Provisions
€3.86M =
Debt
€1.52M ▼ 64.3%
Debt's share of the balance-sheet total falls from 29.3% to 14.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€-1.37M▼
2024 · €-926k
Cash flow
€-1.20M▼
2024 · €-648k
Current ratio
8.35▲
2024 · 3.53
Quick ratio
5.36▲
2024 · 2.43
Debt to equity
0.30▼
2024 · 0.66
ROE
-25.7%▼
2024 · -12.8%
ROA
-12.5%▼
2024 · -5.6%
Interest coverage
-14.71▼
2024 · -5.04
Debt ≤ 1 year
€1.09M▼
2024 · €3.69M
Debt > 1 year
€419k▼
2024 · €561k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | €1.01M | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | €534 | €10k | ▲ 1,757% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €108k | €171k | €106k | ▼ 38.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €805k | - | €1.27M | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | €-1.09M | - | - | - | - |
| Other operating charges640/8 | - | €2k | €241k | €159k | €43k | ▼ 72.9% |
| Gross operating margin9900 | - | €-166k | €-1.21M | €-767k | €-65k | ▲ 91.6% |
| Operating profit (loss)9901 | €1.41M | €922k | €-2.36M | €-1.10M | €-1.48M | ▼ 35.0% |
| Financial income75/76B | - | €115k | €202k | €461k | €264k | ▼ 42.6% |
| Recurring financial income75 | €107k | €115k | €202k | €461k | €264k | ▼ 42.6% |
| Financial charges65/66B | - | €5k | €70k | €184k | €93k | ▼ 49.2% |
| Recurring financial charges65 | €7k | €5k | €70k | €184k | €93k | ▼ 49.2% |
| Debt charges650 | €1 | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €1.51M | €1.03M | €-2.23M | €-820k | €-1.31M | ▼ 59.7% |
| Transfer from deferred taxes780 | - | - | €27 | - | - | - |
| Income taxes67/77 | €41k | €2k | €11k | €-199 | - | - |
| Profit (loss) for the period9904 | €1.47M | €1.03M | €-2.24M | €-819k | €-1.31M | ▼ 59.8% |
| Profit (loss) for the period to be appropriated9905 | €1.47M | €1.03M | €-2.24M | €-819k | €-1.31M | ▼ 59.8% |
| Line | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €7.55M | €6.88M | €17.96M | €14.51M | €10.46M | ▼ 27.9% |
| Fixed assets21/28 | €131k | €131k | €1.62M | €1.47M | €1.36M | ▼ 7.9% |
| Tangible fixed assets22/27 | - | - | €1.22M | €1.07M | €1.00M | ▼ 6.1% |
| Land and buildings22 | - | - | €151k | €133k | €153k | ▲ 15.4% |
| Plant, machinery and equipment23 | - | - | €27k | €15k | €10k | ▼ 33.8% |
| Furniture and vehicles24 | - | - | €1k | €1k | €819 | ▼ 21.6% |
| Leasing and similar rights25 | - | - | €682k | €572k | €499k | ▼ 12.7% |
| Other tangible fixed assets26 | - | - | €357k | €345k | €337k | ▼ 2.3% |
| Financial fixed assets28 | €131k | €131k | €407k | €407k | €355k | ▼ 12.7% |
| Current assets29/58 | €7.41M | €6.75M | €16.34M | €13.04M | €9.11M | ▼ 30.1% |
| Amounts receivable after more than one year29 | - | €82k | €1.37M | €1.37M | €95k | ▼ 93.1% |
| Trade receivables290 | - | €82k | €1.37M | €1.37M | €89k | ▼ 93.5% |
| Other amounts receivable291 | - | - | €6k | €6k | €6k | = |
| Stocks and contracts in progress3 | €163k | €112k | €5.26M | €4.09M | €3.26M | ▼ 20.3% |
| Contracts in progress37 | - | €112k | €5.26M | €4.09M | €3.26M | ▼ 20.3% |
| Amounts receivable within one year40/41 | €5.33M | €5.94M | €9.17M | €7.17M | €5.39M | ▼ 24.9% |
| Trade receivables40 | - | €626k | €623k | €504k | €390k | ▼ 22.6% |
| Other amounts receivable41 | - | €5.31M | €8.55M | €6.67M | €5.00M | ▼ 25.0% |
| Current investments50/53 | - | - | €6k | €6k | - | - |
| Cash at bank and in hand54/58 | €1.58M | €250k | €180k | €166k | €184k | ▲ 10.4% |
| Deferred charges and accrued income490/1 | - | €372k | €353k | €232k | €182k | ▼ 21.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €7.55M | €6.88M | €17.96M | €14.51M | €10.46M | ▼ 27.9% |
| Equity10/15 | €1.87M | €2.90M | €7.22M | €6.40M | €5.09M | ▼ 20.5% |
| Contributions10/11 | €1.42M | €1.42M | €6.83M | €6.83M | €6.83M | = |
| Capital10 | - | €1.42M | €6.83M | €6.83M | €6.83M | = |
| Issued capital100 | - | €1.42M | €6.83M | €6.83M | €6.83M | = |
| Reserves13 | €436k | €487k | €393k | €393k | €393k | = |
| Non-distributable reserves130/1 | - | €125k | €337k | €337k | €337k | = |
| Legal reserve130 | - | €125k | €337k | €337k | €337k | = |
| Tax-exempt reserves132 | - | €56k | €56k | €56k | €56k | = |
| Distributable reserves133 | - | €306k | - | - | - | - |
| Profit (loss) carried forward14 | €17k | €994k | - | €-819k | €-2.13M | ▼ 160% |
| Investment grants15 | - | - | €3k | €2k | - | - |
| Provisions and deferred taxes16 | €4.95M | €3.86M | €3.86M | €3.86M | €3.86M | = |
| Provisions for liabilities and charges160/5 | - | €3.86M | €3.86M | €3.86M | €3.86M | = |
| Environmental obligations163 | - | - | - | €3.86M | €3.86M | = |
| Other liabilities and charges164/5 | - | €3.86M | €3.86M | - | - | - |
| Amounts payable17/49 | €726k | €126k | €6.88M | €4.25M | €1.52M | ▼ 64.3% |
| Amounts payable after more than one year17 | - | - | €800k | €561k | €419k | ▼ 25.3% |
| Financial debts170/4 | - | - | €800k | €561k | €419k | ▼ 25.3% |
| Amounts payable within one year42/48 | €726k | €126k | €6.07M | €3.69M | €1.09M | ▼ 70.4% |
| Current portion of amounts payable after more than one year42 | - | - | €135k | €154k | €146k | ▼ 5.3% |
| Financial debts43 | - | - | €29 | - | - | - |
| Credit institutions430/8 | - | - | €29 | - | - | - |
| Trade debts44 | €85k | €82k | €911k | €849k | €875k | ▲ 3.1% |
| Suppliers440/4 | - | €82k | €911k | €849k | €875k | ▲ 3.1% |
| Taxes, remuneration and social security45 | - | €43k | - | - | €7k | - |
| Taxes450/3 | - | €43k | - | - | €7k | - |
| Other amounts payable47/48 | - | €74 | €5.03M | €2.69M | €62k | ▼ 97.7% |
| Accrued charges and deferred income492/3 | - | €104 | €12k | €251 | €6k | ▲ 2,369% |
| Line | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.47M | €1.03M | €-2.24M | €-819k | €-1.31M | ▼ 59.8% |
| + Depreciation and write-downs630 | - | - | €108k | €171k | €106k | ▼ 38.0% |
| Operating cash flow (approximation) | €1.47M | €1.03M | €-2.13M | €-648k | €-1.20M | ▼ 85.6% |
| Investment in fixed assets (approximation) | - | €0 | - | €-19k | €11k | ▲ 158% |
| Change in cash | - | €-1.33M | - | €-14k | €17k | ▲ 223% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
13-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
31-12
Financial
Liquidity doublescurrent ratio 8.35
Current ratio from 3.53 to 8.35; short-term debt falls from €3.69M to €1.09M.
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
12-01
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
30-06
Financial
Weakest financial yearnet €-2.24M
Net result drops to €-2.24M, the lowest in the series; recovery starts the following year.
30-06
Financial
Equity above €5MEq €7.22M ▲149%
Equity rises from €2.90M to €7.22M.
2022
27-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Liquidity times 5current ratio 53.76
Current ratio from 10.22 to 53.76; short-term debt falls from €726k to €126k.
31-12
Financial
Equity above €2MEq €2.90M ▲54.9%
4 profitable years in a row build equity to €2.90M.
27-08
NBB filing
Annual accounts filed
fiscal year 2020 · full schema · 27 days late
2020
23-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
31-12
Financial
Liquidity times 8current ratio 46.38
Current ratio from 6.18 to 46.38; short-term debt falls from €1.34M to €155k.
Show earlier events
31-12
Financial
Equity above €1MEq €1.00M ▲24.8%
2 profitable years in a row build equity to €1.00M.
28-08
NBB filing
Annual accounts filed
fiscal year 2018 · full schema · 28 days late
2018
31-10
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 92 days late
2017
24-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
26-07
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 25 acts read
About the unread acts
We know of 25 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
25 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Visé · 1 establishment unit since 1979
Ground area
5,938 m²
Building footprint
3,902 m²
Volume, LiDAR
34,939 m³
Parcel 62108B0264/00D000, Wallonia · tallest building 10.8 m, ±3 floors. Linked by address, not a title deed.
1 establishment unit
Rue de Maestricht(VIS) 106, 4600 Visé
since 19792.015.859.641
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62108B0264/00D000 | Wallonia | 5,938 m² | 1 · 3,902 m² | 10.8 m · 3 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 9,534 companies in sector 43222 we hold annual accounts for 5,664. 913 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded01-01-1979
Fiscal year end31-12
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
43221Plumbing work
43240Other construction installation
47789Other retail sale of new goods
Scores and ratios are computed by Checked and are not a credit decision.