DAR-Projects
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-12-2025 PDF all 33 filings
Turnover
≈ €720,000
Estimated: probably between €500,000 and €1.2m
Total assets
€1.9m▼ 3.8%
2024 · €2.0m
Net result
€1,015
2024 · -€27,928
Working capital
€112,968▲ 21.1%
2024 · €93,299
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€13,701
2025
20192025
Net result
€1,015
2025
middle half of the sector
20192025
Equity
€1.1m
▼ 1.2%
2025
highest quarter of the sector
20192025
Total assets
€1.9m
▼ 3.8%
2025
highest quarter of the sector
20192025
Debt
€769,595
▼ 7.2%
2025
20192025
Working capital
€112,968
▲ 21.1%
2025
middle half of the sector
20192025
Solvency
55.9%
▲ 1.5pp
2025
middle half of the sector
20192025
Current ratio
3.50
▲ 1.18
2025
middle half of the sector
20192025
Return on assets (ROA)
0.1%
▲ 1.4pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.2m--€0.02m€0.2m-€0.05m-€0.03m▲ 43.4%-€0.04m▼ 37.1%€0.01m
Net result€0.1m--€0.03mbelow the sector's middle half€0.2mabove the sector's middle half-€0.05mbelow the sector's middle half-€0.004mwithin the sector's middle half▲ 92.7%-€0.03mbelow the sector's middle half▼ 641%€0.001mwithin the sector's middle half
Equity€1.0m-€1.2mabove the sector's middle half▲ 19.2%€1.4mabove the sector's middle half▲ 17.2%€1.4mabove the sector's middle half▼ 3.6%€1.4mabove the sector's middle half▼ 0.3%€1.1mabove the sector's middle half▼ 21.0%€1.1mabove the sector's middle half▼ 1.2%
Total assets€3.0m-€2.7mabove the sector's middle half▼ 11.8%€1.8mabove the sector's middle half▼ 31.9%€1.6mabove the sector's middle half▼ 14.2%€1.5mabove the sector's middle half▼ 1.6%€2.0mabove the sector's middle half▲ 31.1%€1.9mabove the sector's middle half▼ 3.8%
Debt€1.9m-€1.4m▼ 28.7%€0.3m▼ 79.6%€0.08m▼ 72.5%€0.06m▼ 24.0%€0.8m▲ 14×€0.8m▼ 7.2%
Working capital€0.3m-€0.9mabove the sector's middle half▲ 249%€0.7mabove the sector's middle half▼ 21.1%€0.5mabove the sector's middle half▼ 34.5%€0.5mabove the sector's middle half▲ 5.3%€0.09mwithin the sector's middle half▼ 81.6%€0.1mwithin the sector's middle half▲ 21.1%
Solvency34.2%-46.1%within the sector's middle half▲ 12.0pp79.4%above the sector's middle half▲ 33.3pp89.2%above the sector's middle half▲ 9.8pp90.4%above the sector's middle half▲ 1.2pp54.5%within the sector's middle half▼ 35.9pp55.9%within the sector's middle half▲ 1.5pp
Current ratio1.31-3.73above the sector's middle half▲ 2.4215.67above the sector's middle half▲ 11.948.38above the sector's middle half▼ 7.3010.36above the sector's middle half▲ 1.992.33within the sector's middle half▼ 8.043.50within the sector's middle half▲ 1.18
Return on assets (ROA)4.3%--1.2%within the sector's middle half▼ 5.6pp11.1%within the sector's middle half▲ 12.3pp-3.3%below the sector's middle half▼ 14.4pp-0.2%within the sector's middle half▲ 3.1pp-1.4%within the sector's middle half▼ 1.1pp0.1%within the sector's middle half▲ 1.4pp
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 a profit of €13,701, after a loss of €36,681 in 2024.
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 €1.9m
Fixed assets
€1.8m ▼ 3.8%
Current assets
€158,130 ▼ 3.4%
Equity and liabilities €1.9m
Equity
€1.1m ▼ 1.2%
Provisions
€81,646 ▼ 3.8%
Debt
€769,595 ▼ 7.2%
Debt's share of the balance-sheet total falls from 41.3% to 39.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€84,974▲
2024 · €19,606
Cash flow
€72,289▲
2024 · €28,359
Quick ratio
3.41▲
2024 · 2.31
Debt to equity
0.71▼
2024 · 0.76
ROE
0.1%▲
2024 · -2.6%
Interest coverage
5.31▼
2024 · 9.58
Debt ≤ 1 year
€45,162▼
2024 · €70,373
Debt > 1 year
€720,472▼
2024 · €754,561
Income taxes
€1,442▲
2024 · €308
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-06-2020 | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | - | €968,000 | - |
| Carrying value of the mortgaged assets | - | - | - | €729,689 | - |
| Carrying value of the other pledged assets | - | €134,306 | €147,069 | - | - |
Source: notes to the 2020 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2020 | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €11,262 | €32,712 | €1,472 | €1.0m | €968 |
| Depreciation and write-downs of the year | €62,525 | €51,282 | €41,408 | €56,287 | €71,273 |
Source: notes to the 2020 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €7,343 | - | - | - | €513 | €1,700 | ▲ 231% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €47,828 | €62,525 | €49,708 | €51,282 | €41,408 | €56,287 | €71,273 | ▲ 26.6% |
| Other operating charges640/8 | - | €2,599 | - | €3,694 | €3,953 | €5,018 | €6,358 | ▲ 26.7% |
| Non-recurring operating charges66A | - | - | - | - | - | €685 | €188 | ▼ 72.6% |
| Gross operating margin9900 | €247,522 | €46,173 | €242,448 | €7,713 | €18,598 | €25,309 | €91,520 | ▲ 262% |
| Operating profit (loss)9901 | €197,613 | -€18,951 | €187,843 | -€47,263 | -€26,762 | -€36,681 | €13,701 | - |
| Financial income75/76B | - | €12,219 | - | €11,941 | €9,526 | €7,876 | €1,543 | ▼ 80.4% |
| Recurring financial income75 | €18,605 | €12,219 | €70,833 | €11,941 | €9,526 | €7,876 | €1,543 | ▼ 80.4% |
| Financial charges65/66B | - | €41,654 | - | €19,179 | -€11,141 | €2,047 | €16,017 | ▲ 683% |
| Recurring financial charges65 | €17,166 | €41,654 | €8,913 | €19,179 | -€11,141 | €2,047 | €16,017 | ▲ 683% |
| Profit (loss) for the period before taxes9903 | €199,051 | -€48,386 | €249,763 | -€54,501 | -€6,096 | -€30,852 | -€773 | ▲ 97.5% |
| Transfer from deferred taxes780 | - | €108,001 | - | €3,231 | €3,231 | €3,231 | €3,231 | = |
| Income taxes67/77 | €350 | €92,453 | €10,187 | €278 | €907 | €308 | €1,442 | ▲ 369% |
| Profit (loss) for the period9904 | €130,465 | -€32,838 | €200,799 | -€51,548 | -€3,771 | -€27,928 | €1,015 | - |
| Transfer from tax-exempt reserves789 | - | €210,976 | - | €9,948 | €9,948 | €9,948 | €9,948 | = |
| Profit (loss) for the period to be appropriated9905 | -€31,982 | €178,138 | €90,975 | -€41,600 | €6,176 | -€17,981 | €10,963 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €3.0m | €2.7m | €1.8m | €1.6m | €1.5m | €2.0m | €1.9m | ▼ 3.8% |
| Fixed assets21/28 | €1.9m | €1.4m | €1.0m | €1.0m | €1.0m | €1.8m | €1.8m | ▼ 3.8% |
| Tangible fixed assets22/27 | €1.4m | €1.4m | €1.0m | €1.0m | €1.0m | €1.8m | €1.8m | ▼ 3.8% |
| Land and buildings22 | - | €1.3m | - | €1.0m | €1.0m | €1.8m | €1.8m | ▼ 3.8% |
| Plant, machinery and equipment23 | - | €0.001m | - | €0.003m | €0.002m | €0.001m | €0.001m | ▲ 11.6% |
| Furniture and vehicles24 | - | €0.02m | - | - | - | €147 | €81 | ▼ 44.6% |
| Other tangible fixed assets26 | - | €0.05m | - | €0.006m | €0.006m | €0.005m | €0.005m | ▼ 8.3% |
| Financial fixed assets28 | €0.5m | - | - | - | - | - | - | - |
| Current assets29/58 | €1.1m | €1.3m | €0.8m | €0.5m | €0.6m | €0.2m | €0.2m | ▼ 3.4% |
| Amounts receivable after more than one year29 | - | €0.4m | - | €0.4m | €0.4m | - | - | - |
| Other amounts receivable291 | - | €0.4m | - | €0.4m | €0.4m | - | - | - |
| Stocks and contracts in progress3 | €116 | €116 | €0.003m | €0.001m | €0.005m | €0.001m | €0.004m | ▲ 353% |
| Stocks30/36 | - | €116 | - | €0.001m | €0.005m | €0.001m | €0.004m | ▲ 353% |
| Amounts receivable within one year40/41 | €0.004m | €0.02m | €0.02m | €0.001m | €0.001m | €0.03m | €0.03m | ▼ 7.1% |
| Trade receivables40 | - | €0.009m | - | €334 | €0.001m | €0.002m | - | - |
| Other amounts receivable41 | - | €0.01m | - | €0.001m | - | €0.03m | €0.03m | ▼ 0.9% |
| Current investments50/53 | €0.7m | €0.4m | - | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 1.0% |
| Cash at bank and in hand54/58 | €0.09m | €0.4m | €0.3m | €0.02m | €0.01m | €0.02m | €0.01m | ▼ 40.3% |
| Deferred charges and accrued income490/1 | - | €0.004m | - | €0.004m | €0.003m | €0.004m | €0.004m | ▼ 1.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €3.0m | €2.7m | €1.8m | €1.6m | €1.5m | €2.0m | €1.9m | ▼ 3.8% |
| Equity10/15 | €1.0m | €1.2m | €1.4m | €1.4m | €1.4m | €1.1m | €1.1m | ▼ 1.2% |
| Contributions10/11 | €0.7m | €0.8m | €0.8m | €0.8m | €0.8m | €0.5m | €0.5m | = |
| Capital10 | - | €0.8m | - | €0.8m | €0.8m | €0.5m | €0.5m | = |
| Issued capital100 | - | €0.8m | - | €0.8m | €0.8m | €0.5m | €0.5m | = |
| Reserves13 | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 0.3% |
| Non-distributable reserves130/1 | - | €0.03m | - | €0.04m | €0.04m | €0.04m | €0.04m | ▲ 1.5% |
| Legal reserve130 | - | €0.03m | - | €0.04m | €0.04m | €0.04m | €0.04m | ▲ 1.5% |
| Tax-exempt reserves132 | - | €0.2m | - | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 3.8% |
| Distributable reserves133 | - | - | - | - | €0.006m | €0.02m | €0.03m | ▲ 50.4% |
| Profit (loss) carried forward14 | €0.1m | €0.2m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 5.1% |
| Provisions and deferred taxes16 | €0.07m | €0.07m | €0.09m | €0.09m | €0.09m | €0.08m | €0.08m | ▼ 3.8% |
| Deferred taxes168 | - | €0.07m | - | €0.09m | €0.09m | €0.08m | €0.08m | ▼ 3.8% |
| Amounts payable17/49 | €1.9m | €1.4m | €0.3m | €0.08m | €0.06m | €0.8m | €0.8m | ▼ 7.2% |
| Amounts payable after more than one year17 | €1.1m | €1.0m | €0.2m | €0.009m | €0.001m | €0.8m | €0.7m | ▼ 4.5% |
| Financial debts170/4 | - | €1.0m | - | €0.009m | €0.001m | €0.8m | €0.7m | ▼ 4.5% |
| Amounts payable within one year42/48 | €0.9m | €0.3m | €0.05m | €0.07m | €0.05m | €0.07m | €0.05m | ▼ 35.8% |
| Current portion of amounts payable after more than one year42 | - | €0.03m | - | €0.01m | €0.008m | €0.03m | €0.03m | ▼ 4.7% |
| Financial debts43 | - | €0.3m | - | - | - | - | - | - |
| Credit institutions430/8 | - | €0.3m | - | - | - | - | - | - |
| Trade debts44 | €0.02m | €0.01m | €0.01m | €0.008m | €0.009m | €0.009m | €0.004m | ▼ 58.5% |
| Suppliers440/4 | - | €0.01m | - | €0.008m | €0.009m | €0.009m | €0.004m | ▼ 58.5% |
| Taxes, remuneration and social security45 | - | €0.004m | - | €226 | €0.002m | €0.007m | €0.002m | ▼ 66.8% |
| Taxes450/3 | - | €0.004m | - | €226 | €0.002m | €0.007m | €0.002m | ▼ 66.8% |
| Other amounts payable47/48 | - | €0.03m | - | €0.05m | €0.03m | €0.02m | €0.006m | ▼ 70.1% |
| Accrued charges and deferred income492/3 | - | €0.001m | - | €0.003m | €0.004m | €0.004m | €0.004m | ▼ 1.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €130,465 | -€32,838 | €200,799 | -€51,548 | -€3,771 | -€27,928 | €1,015 | - |
| + Depreciation and write-downs630 | €47,828 | €62,525 | €49,708 | €51,282 | €41,408 | €56,287 | €71,273 | ▲ 26.6% |
| Operating cash flow (approximation) | €178,293 | €29,687 | €250,508 | -€266 | €37,637 | €28,359 | €72,289 | ▲ 155% |
| Investment in fixed assets (approximation) | - | €445,437 | €312,526 | -€32,712 | -€1,472 | -€929,608 | -€968 | ▲ 99.9% |
| Change in cash | - | €352,771 | -€110,352 | -€314,813 | -€1,466 | €5,493 | -€7,758 | - |
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, 14,766 companies had the same profile as DAR-Projects has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DAR-Projects 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 14,766 companies, not a prediction for DAR-Projects. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 16-12-2025 | 2025-00584101 | |
| 30-06-2024 | micro format | 21-01-2025 | 2025-00008578 | |
| 30-06-2023 | micro format | 06-12-2023 | 2023-00523028 | |
| 30-06-2022 | micro format | 05-01-2023 | 2023-20553945 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-04500176 | |
| 30-06-2020 | micro format | 01-02-2021 | 2021-04900155 | |
| 30-06-2019 | micro format | 22-01-2020 | 2020-02100539 | |
| 30-06-2018 | micro format | 19-12-2018 | 2018-75400248 | |
| 30-06-2017 | micro format | 31-01-2018 | 2018-04200569 | |
| 30-06-2016 | abbreviated format | 17-01-2017 | 2017-01900353 |