DAPAT
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 10-06-2026 PDF all 26 filings
Turnover
≈ €1.9m
Estimated: probably between €1.2m and €3.2m
Total assets
€1.8m▼ 8.2%
2024 · €1.9m
Net result
€213,799▲ 0.6%
2024 · €212,554
Working capital
€154,213▼ 25.5%
2024 · €206,994
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€252,979
▲ 0.4%
2025
20182025
Net result
€213,799
▲ 0.6%
2025
highest quarter of the sector
20182025
Equity
€799,182
▲ 5.1%
2025
middle half of the sector
20182025
Total assets
€1.8m
▼ 8.2%
2025
middle half of the sector
20182025
Debt
€958,630
▼ 17.0%
2025
20182025
Working capital
€154,213
▼ 25.5%
2025
middle half of the sector
20182025
Solvency
45.5%
▲ 5.8pp
2025
middle half of the sector
20182025
Current ratio
1.51
▲ 0.01
2025
middle half of the sector
20182025
Return on assets (ROA)
12.2%
▲ 1.1pp
2025
highest quarter of the sector
20182025
Staff (FTE)
0.2
=
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€0.09m-€0.08m▼ 11.0%€0.1m▲ 50.6%€0.1m▲ 23.1%€0.06m▼ 56.7%€0.2m▲ 218%€0.3m▲ 23.2%€0.3m▲ 0.4%
Net result€0.08m-€0.07m▼ 8.8%€0.1mwithin the sector's middle half▲ 48.0%€0.1mwithin the sector's middle half▲ 21.0%€0.05mwithin the sector's middle half▼ 60.0%€0.2mabove the sector's middle half▲ 249%€0.2mabove the sector's middle half▲ 21.5%€0.2mabove the sector's middle half▲ 0.6%
Equity€0.6m-€0.6m▲ 5.1%€0.7mwithin the sector's middle half▲ 10.3%€0.7mwithin the sector's middle half▲ 2.3%€0.7mwithin the sector's middle half=€0.7mwithin the sector's middle half▲ 3.6%€0.8mwithin the sector's middle half▲ 5.2%€0.8mwithin the sector's middle half▲ 5.1%
Total assets€1.1m-€1.0m▼ 1.6%€1.1mwithin the sector's middle half▲ 4.9%€1.2mwithin the sector's middle half▲ 5.4%€1.8mwithin the sector's middle half▲ 53.2%€1.8mwithin the sector's middle half▲ 4.1%€1.9mwithin the sector's middle half▲ 3.7%€1.8mwithin the sector's middle half▼ 8.2%
Debt€0.5m-€0.4m▼ 9.8%€0.4m▼ 2.8%€0.5m▲ 10.6%€1.1m▲ 134%€1.1m▲ 4.5%€1.2m▲ 2.7%€1.0m▼ 17.0%
Working capital€0.3m-€0.3m▲ 7.1%€0.4mwithin the sector's middle half▲ 17.7%€0.4mwithin the sector's middle half▲ 4.9%€0.2mwithin the sector's middle half▼ 35.3%€0.2mwithin the sector's middle half▼ 13.8%€0.2mwithin the sector's middle half▼ 1.5%€0.2mwithin the sector's middle half▼ 25.5%
Solvency55.4%-59.1%▲ 3.7pp62.1%within the sector's middle half▲ 3.0pp60.3%within the sector's middle half▼ 1.9pp39.3%within the sector's middle half▼ 20.9pp39.1%within the sector's middle half▼ 0.2pp39.7%within the sector's middle half▲ 0.6pp45.5%within the sector's middle half▲ 5.8pp
Current ratio3.90-4.52▲ 0.624.28above the sector's middle half▼ 0.243.00above the sector's middle half▼ 1.282.41within the sector's middle half▼ 0.581.70within the sector's middle half▼ 0.721.50within the sector's middle half▼ 0.201.51within the sector's middle half▲ 0.01
Return on assets (ROA)7.2%-6.7%▼ 0.5pp9.4%within the sector's middle half▲ 2.7pp10.8%within the sector's middle half▲ 1.4pp2.8%within the sector's middle half▼ 8.0pp9.5%within the sector's middle half▲ 6.6pp11.1%above the sector's middle half▲ 1.6pp12.2%above the sector's middle half▲ 1.1pp
Staff (FTE)0.1-0.1=0.1below the sector's middle half=0.2below the sector's middle half▲ 100%0.2below the sector's middle half=0.2below the sector's middle half=0.2below the sector's middle half=0.2below the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 0% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Turnover and EBIT margin are not published. The abbreviated 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 €1.8m
Fixed assets
€1.3m ▲ 0.7%
Current assets
€454,178 ▼ 26.9%
Equity and liabilities €1.8m
Equity
€799,182 ▲ 5.1%
Debt
€958,630 ▼ 17.0%
Debt's share of the balance-sheet total falls from 60.3% to 54.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€350,103▲
2024 · €337,215
Cash flow
€310,922▲
2024 · €297,679
Quick ratio
1.11▼
2024 · 1.21
Debt to equity
1.20▼
2024 · 1.52
ROE
26.8%▼
2024 · 28.0%
Interest coverage
34.57▲
2024 · 29.20
Debt ≤ 1 year
€299,965▼
2024 · €414,055
Debt > 1 year
€658,415▼
2024 · €741,204
Income taxes
€40,580▼
2024 · €41,135
Staff costs
€8,447▲
2024 · €8,194
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 | 2 | 2 | 2 |
| full-time | 0 | 0 | 0 | 0 | 0 |
| part-time | 2 | 2 | 2 | 2 | 2 |
| in full-time equivalents | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
| Average over the year, in full-time equivalents | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
| On a permanent contract | 2 | 2 | 2 | 2 | 2 |
| Joined | - | - | - | - | 0 |
| Left | - | - | - | - | 0 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,555 | €921,457 | €62,836 | €43,969 | €106,164 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €45,767 | €155,706 | €78,267 | €85,125 | €97,124 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €113 awarded · €113 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €8,177 | €0 | €2,653 | - |
| Remuneration, social security and pensions62 | - | - | - | €6,568 | €7,685 | €7,113 | €8,194 | €8,447 | ▲ 3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €55,976 | €65,848 | €51,337 | €45,767 | €155,706 | €78,267 | €85,125 | €97,124 | ▲ 14.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | €868 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €7,922 | €11,928 | €10,811 | €12,522 | €11,687 | ▼ 6.7% |
| Non-recurring operating charges66A | - | - | - | €0 | - | €6,729 | €0 | - | - |
| Gross operating margin9900 | €156,187 | €154,553 | €183,369 | €208,984 | €239,709 | €307,540 | €358,799 | €370,237 | ▲ 3.2% |
| Operating profit (loss)9901 | €90,185 | €80,240 | €120,851 | €148,727 | €64,391 | €204,620 | €252,090 | €252,979 | ▲ 0.4% |
| Financial income75/76B | - | - | - | €11,823 | €12,425 | €12,120 | €13,147 | €11,529 | ▼ 12.3% |
| Recurring financial income75 | €16,250 | €14,610 | €11,220 | €11,823 | €12,425 | €12,120 | €13,147 | €11,529 | ▼ 12.3% |
| Financial charges65/66B | - | - | - | €8,804 | €19,838 | €12,154 | €11,547 | €10,129 | ▼ 12.3% |
| Recurring financial charges65 | €10,580 | €9,866 | €8,935 | €8,804 | €19,838 | €12,154 | €11,547 | €10,129 | ▼ 12.3% |
| Profit (loss) for the period before taxes9903 | €95,856 | €84,985 | €123,136 | €151,747 | €56,978 | €204,586 | €253,689 | €254,379 | ▲ 0.3% |
| Income taxes67/77 | €19,077 | €14,981 | €19,544 | €26,366 | €6,795 | €29,605 | €41,135 | €40,580 | ▼ 1.4% |
| Profit (loss) for the period9904 | €76,778 | €70,005 | €103,593 | €125,381 | €50,183 | €174,982 | €212,554 | €213,799 | ▲ 0.6% |
| Transfer from tax-exempt reserves789 | - | - | - | €32,031 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €76,778 | €70,005 | €103,593 | €157,411 | €50,183 | €174,982 | €212,554 | €213,799 | ▲ 0.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.1m | €1.0m | €1.1m | €1.2m | €1.8m | €1.8m | €1.9m | €1.8m | ▼ 8.2% |
| Fixed assets21/28 | €0.7m | €0.7m | €0.6m | €0.6m | €1.4m | €1.3m | €1.3m | €1.3m | ▲ 0.7% |
| Intangible fixed assets21 | €0.001m | €0.001m | €0.002m | €0.002m | €0.001m | €0 | - | - | - |
| Tangible fixed assets22/27 | €0.7m | €0.7m | €0.6m | €0.6m | €1.4m | €1.3m | €1.3m | €1.3m | ▲ 0.7% |
| Land and buildings22 | - | - | - | €0.6m | €1.3m | €1.3m | €1.2m | €1.2m | ▼ 5.4% |
| Plant, machinery and equipment23 | - | - | - | €0.008m | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 13.1% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.004m | €0.05m | €0.04m | €0.1m | ▲ 183% |
| Financial fixed assets28 | €466 | €466 | €466 | €466 | €466 | €466 | €466 | €466 | = |
| Current assets29/58 | €0.4m | €0.4m | €0.5m | €0.6m | €0.4m | €0.5m | €0.6m | €0.5m | ▼ 26.9% |
| Stocks and contracts in progress3 | €0.08m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 1.1% |
| Stocks30/36 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 1.1% |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | €0.3m | €0.3m | €0.1m | ▼ 66.9% |
| Trade receivables40 | - | - | - | €0.1m | €0.08m | €0.1m | €0.1m | €0.08m | ▼ 22.3% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.1m | €0.2m | €0.2m | €0.02m | ▼ 89.0% |
| Cash at bank and in hand54/58 | €0.1m | €0.1m | €0.2m | €0.2m | €0.08m | €0.09m | €0.2m | €0.2m | ▲ 36.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.008m | €0.01m | €0.01m | €0.01m | €0.009m | ▼ 36.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.1m | €1.0m | €1.1m | €1.2m | €1.8m | €1.8m | €1.9m | €1.8m | ▼ 8.2% |
| Equity10/15 | €0.6m | €0.6m | €0.7m | €0.7m | €0.7m | €0.7m | €0.8m | €0.8m | ▲ 5.1% |
| Contributions10/11 | €0.08m | €0.08m | - | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Reserves13 | €0.5m | €0.5m | €0.6m | €0.6m | €0.6m | €0.6m | €0.7m | €0.7m | ▲ 5.7% |
| Non-distributable reserves130/1 | - | - | - | €0.008m | €0.008m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.008m | €0.008m | €0 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.6m | €0.6m | €0.6m | €0.7m | €0.7m | ▲ 5.7% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €0.5m | €0.4m | €0.4m | €0.5m | €1.1m | €1.1m | €1.2m | €1.0m | ▼ 17.0% |
| Amounts payable after more than one year17 | €0.4m | €0.3m | €0.3m | €0.3m | €0.9m | €0.8m | €0.7m | €0.7m | ▼ 11.2% |
| Financial debts170/4 | - | - | - | €0.3m | €0.9m | €0.8m | €0.7m | €0.7m | ▼ 11.2% |
| Amounts payable within one year42/48 | €0.1m | €0.09m | €0.1m | €0.2m | €0.2m | €0.3m | €0.4m | €0.3m | ▼ 27.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.04m | €0.08m | €0.08m | €0.08m | €0.08m | ▲ 1.2% |
| Trade debts44 | €0.02m | €0.008m | €0.01m | €0.02m | €0.02m | €0.04m | €0.1m | €0.02m | ▼ 85.7% |
| Suppliers440/4 | - | - | - | €0.02m | €0.02m | €0.04m | €0.1m | €0.02m | ▼ 85.7% |
| Advances received on contracts in progress46 | - | - | - | €419 | €0 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.02m | €0.03m | €0.03m | €0.02m | ▼ 36.3% |
| Taxes450/3 | - | - | - | €0.02m | €0.02m | €0.03m | €0.03m | €0.02m | ▼ 37.1% |
| Remuneration and social security454/9 | - | - | - | €472 | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 3.4% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.05m | €0.2m | €0.2m | €0.2m | ▲ 2.7% |
| Accrued charges and deferred income492/3 | - | - | - | €11 | €0 | - | - | €250 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €76,778 | €70,005 | €103,593 | €125,381 | €50,183 | €174,982 | €212,554 | €213,799 | ▲ 0.6% |
| + Depreciation and write-downs630 | €55,976 | €65,848 | €51,337 | €45,767 | €155,706 | €78,267 | €85,125 | €97,124 | ▲ 14.1% |
| Operating cash flow (approximation) | €132,754 | €135,853 | €154,930 | €171,148 | €205,889 | €253,249 | €297,679 | €310,922 | ▲ 4.4% |
| Investment in fixed assets (approximation) | - | -€40,719 | -€25,867 | -€8,555 | -€921,457 | -€56,108 | -€43,969 | -€106,164 | ▼ 141% |
| Change in cash | - | -€17,089 | €52,072 | -€894 | -€83,891 | €8,689 | €68,575 | €57,530 | ▼ 16.1% |
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, 31,368 companies had the same profile as DAPAT has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DAPAT 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 31,368 companies, not a prediction for DAPAT. 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 26 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 10-06-2026 | 2026-00154127 | |
| 31-12-2024 | abbreviated format | 23-05-2025 | 2025-00110070 | |
| 31-12-2023 | abbreviated format | 30-05-2024 | 2024-00103718 | |
| 31-12-2022 | abbreviated format | 25-05-2023 | 2023-00096727 | |
| 31-12-2021 | abbreviated format | 18-05-2022 | 2022-20034168 | |
| 31-12-2020 | abbreviated format | 01-06-2021 | 2021-16600350 | |
| 31-12-2019 | abbreviated format | 05-06-2020 | 2020-15100231 | |
| 31-12-2018 | abbreviated format | 15-07-2019 | 2019-33100474 | |
| 31-12-2017 | abbreviated format | 03-07-2018 | 2018-29200445 | |
| 31-12-2016 | abbreviated format | 27-06-2017 | 2017-22400040 |