DASHAN
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 3 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€117,487▼ 9.7%
2024 · -€107,105
Working capital
-€344,961▼ 26.8%
2024 · -€272,088
Multi-year overview
2023 to 2025, 3 financial yearsOperating result
-€107,131
▼ 2.5%
2025
20232025
Net result
-€117,487
▼ 9.7%
2025
lowest quarter of the sector
20232025
Equity
-€242,616
▼ 108%
2025
lowest quarter of the sector
20232025
Total assets
€125,603
▼ 25.1%
2025
middle half of the sector
20232025
Debt
€368,219
▲ 29.5%
2025
20232025
Working capital
-€344,961
▼ 26.8%
2025
lowest quarter of the sector
20232025
Solvency
-193.2%
▼ 123.6pp
2025
lowest quarter of the sector
20232025
Current ratio
0.05
=
2025
lowest quarter of the sector
20232025
Return on assets (ROA)
-93.5%
▼ 29.6pp
2025
lowest quarter of the sector
20232025
Staff (FTE)
0.5
▼ 50.0%
2025
lowest quarter of the sector
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Operating result-€87,320--€104,495▼ 19.7%-€107,131▼ 2.5%
Net result-€90,361below the sector's middle half--€107,105below the sector's middle half▼ 18.5%-€117,487below the sector's middle half▼ 9.7%
Equity-€1,022below the sector's middle half--€116,628below the sector's middle half▼ 11,313%-€242,616below the sector's middle half▼ 108%
Total assets€230,634within the sector's middle half-€167,622below the sector's middle half▼ 27.3%€125,603within the sector's middle half▼ 25.1%
Debt€231,656-€284,250▲ 22.7%€368,219▲ 29.5%
Working capital-€28,040below the sector's middle half--€272,088below the sector's middle half▼ 870%-€344,961below the sector's middle half▼ 26.8%
Solvency-0.4%below the sector's middle half--69.6%below the sector's middle half▼ 69.1pp-193.2%below the sector's middle half▼ 123.6pp
Current ratio0.60below the sector's middle half-0.04below the sector's middle half▼ 0.560.05below the sector's middle half=
Return on assets (ROA)-39.2%below the sector's middle half--63.9%below the sector's middle half▼ 24.7pp-93.5%below the sector's middle half▼ 29.6pp
Staff (FTE)1below the sector's middle half0.5below the sector's middle half▼ 50.0%
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 loss of €107,131, larger than the loss of €104,495 in 2024. It is the lowest result since 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €125,603
Fixed assets
€108,326 ▼ 30.3%
Current assets
€17,278 ▲ 42.1%
Equity and liabilities
Equity-€242,616
Debt€368,219
Equity is negative. Debt (€368,219) exceeds the balance-sheet total (€125,603).
Key figures and ratios
EBITDA
-€59,996▼
2024 · -€57,360
Cash flow
-€70,352▼
2024 · -€59,971
Interest coverage
-3.05▲
2024 · -5.24
Debt ≤ 1 year
€362,239▲
2024 · €284,250
Income taxes
€84▼
2024 · €161
Staff costs
€32,501▼
2024 · €44,407
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2024 | 31-12-2025 |
|---|---|---|
| Employees at the balance-sheet date | 1 | - |
| full-time | 1 | - |
| part-time | 0 | - |
| in full-time equivalents | 1 | - |
| Average over the year, in full-time equivalents | 1 | 0.5 |
| On a permanent contract | 1 | - |
| Joined | 1 | 0 |
| Left | 0 | 1 |
Source: social balance sheet in the 2024 to 2025 annual accounts
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Intangible fixed assets | €221,015 | €14,658 | - |
| Financial fixed assets | €525 | - | €0 |
| Depreciation and write-downs of the year | €33,603 | €47,135 | €47,135 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Remuneration, social security and pensions62 | €6,243 | €44,407 | €32,501 | ▼ 26.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €33,603 | €47,135 | €47,135 | = |
| Other operating charges640/8 | €782 | €406 | €600 | ▲ 47.6% |
| Gross operating margin9900 | -€46,692 | -€12,547 | -€26,895 | ▼ 114% |
| Operating profit (loss)9901 | -€87,320 | -€104,495 | -€107,131 | ▼ 2.5% |
| Financial income75/76B | €4,376 | €8,501 | €9,426 | ▲ 10.9% |
| Recurring financial income75 | €4,376 | €8,501 | €9,426 | ▲ 10.9% |
| Financial charges65/66B | €7,398 | €10,951 | €19,698 | ▲ 79.9% |
| Recurring financial charges65 | €7,398 | €10,951 | €19,698 | ▲ 79.9% |
| Profit (loss) for the period before taxes9903 | -€90,342 | -€106,945 | -€117,403 | ▼ 9.8% |
| Income taxes67/77 | €19 | €161 | €84 | ▼ 47.6% |
| Profit (loss) for the period9904 | -€90,361 | -€107,105 | -€117,487 | ▼ 9.7% |
| Profit (loss) for the period to be appropriated9905 | -€90,361 | -€107,105 | -€117,487 | ▼ 9.7% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €230,634 | €167,622 | €125,603 | ▼ 25.1% |
| Fixed assets21/28 | €187,937 | €155,460 | €108,326 | ▼ 30.3% |
| Intangible fixed assets21 | €187,412 | €154,935 | €107,801 | ▼ 30.4% |
| Financial fixed assets28 | €525 | €525 | €525 | = |
| Current assets29/58 | €42,697 | €12,162 | €17,278 | ▲ 42.1% |
| Amounts receivable within one year40/41 | €35,487 | €272 | €8,942 | ▲ 33× |
| Trade receivables40 | €29,329 | €272 | €4,892 | ▲ 18× |
| Other amounts receivable41 | €6,159 | €0 | €4,050 | - |
| Cash at bank and in hand54/58 | €3,494 | €4,153 | €8,336 | ▲ 101% |
| Deferred charges and accrued income490/1 | €3,716 | €7,737 | €0 | ▼ 100% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €230,634 | €167,622 | €125,603 | ▼ 25.1% |
| Equity10/15 | -€1,022 | -€116,628 | -€242,616 | ▼ 108% |
| Contributions10/11 | €51,200 | €51,200 | €51,200 | = |
| Profit (loss) carried forward14 | -€90,361 | -€197,466 | -€314,953 | ▼ 59.5% |
| Investment grants15 | €38,139 | €29,638 | €21,137 | ▼ 28.7% |
| Amounts payable17/49 | €231,656 | €284,250 | €368,219 | ▲ 29.5% |
| Amounts payable after more than one year17 | €160,919 | €0 | - | - |
| Financial debts170/4 | €160,919 | €0 | - | - |
| Amounts payable within one year42/48 | €70,737 | €284,250 | €362,239 | ▲ 27.4% |
| Current portion of amounts payable after more than one year42 | €39,081 | €160,919 | €40,930 | ▼ 74.6% |
| Trade debts44 | €23,802 | €9,851 | €4,413 | ▼ 55.2% |
| Suppliers440/4 | €23,802 | €9,851 | €4,413 | ▼ 55.2% |
| Taxes, remuneration and social security45 | €3,854 | €7,589 | €286 | ▼ 96.2% |
| Taxes450/3 | €49 | €445 | €286 | ▼ 35.7% |
| Remuneration and social security454/9 | €3,804 | €7,144 | €0 | ▼ 100% |
| Other amounts payable47/48 | €4,000 | €105,891 | €316,609 | ▲ 199% |
| Accrued charges and deferred income492/3 | - | - | €5,981 | - |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€90,361 | -€107,105 | -€117,487 | ▼ 9.7% |
| + Depreciation and write-downs630 | €33,603 | €47,135 | €47,135 | = |
| Operating cash flow (approximation) | -€56,758 | -€59,971 | -€70,352 | ▼ 17.3% |
| Investment in fixed assets (approximation) | - | -€14,658 | €0 | - |
| Change in cash | - | €659 | €4,183 | ▲ 535% |
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, 7,639 companies had the same profile as DASHAN has now. Two years later, 84.9% were still going and 8.8% had gone bankrupt.
- Micro
- 2 to 5 years old
- negative equity
- a loss of 10% of the balance sheet or more
84.9%
was still going
5.6%
stopped otherwise
8.8%
went bankrupt
Another 0.7% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DASHAN itself: 2.4% 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 7,639 companies, not a prediction for DASHAN. 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.