DAVID ELECTRO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 20-07-2026 at the NBB all 24 filings
Equity
€5,861▼ 40.0%
2024 · €9,772
Total assets
€84,109▲ 474%
2024 · €14,662
Net result
-€3,911▼ 9,341%
2024 · -€41
Working capital
€3,867▼ 49.3%
2024 · €7,630
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€3,886
▼ 1,253,574%
2025
20182025
Net result
-€3,911
▼ 9,341%
2025
middle half of the sector
20182025
Equity
€5,861
▼ 40.0%
2025
lowest quarter of the sector
20182025
Total assets
€84,109
▲ 474%
2025
middle half of the sector
20182025
Debt
€78,248
▲ 16×
2025
20182025
Working capital
€3,867
▼ 49.3%
2025
middle half of the sector
20182025
Solvency
7.0%
▼ 59.7pp
2025
lowest quarter of the sector
20182025
Current ratio
1.05
▼ 1.51
2025
middle half of the sector
20182025
Return on assets (ROA)
-4.7%
▼ 4.4pp
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€6,421--€3,066-€1,051▲ 65.7%-€1,212▼ 15.4%-€935▲ 22.8%-€3,181▼ 240%-€0▲ 100.0%-€3,886▼ 1,253,574%
Net result€6,934--€2,895-€1,122within the sector's middle half▲ 61.3%-€1,212within the sector's middle half▼ 8.0%-€976within the sector's middle half▲ 19.5%-€3,224within the sector's middle half▼ 230%-€41within the sector's middle half▲ 98.7%-€3,911within the sector's middle half▼ 9,341%
Equity€19,242-€16,347▼ 15.0%€15,225within the sector's middle half▼ 6.9%€14,013within the sector's middle half▼ 8.0%€13,038within the sector's middle half▼ 7.0%€9,814within the sector's middle half▼ 24.7%€9,772within the sector's middle half▼ 0.4%€5,861below the sector's middle half▼ 40.0%
Total assets€19,516-€16,740▼ 14.2%€16,691below the sector's middle half▼ 0.3%€14,728below the sector's middle half▼ 11.8%€13,490below the sector's middle half▼ 8.4%€11,913below the sector's middle half▼ 11.7%€14,662below the sector's middle half▲ 23.1%€84,109within the sector's middle half▲ 474%
Debt€275-€394▲ 43.4%€1,466▲ 273%€715▼ 51.3%€453▼ 36.6%€2,100▲ 364%€4,890▲ 133%€78,248▲ 16×
Working capital€17,562-€15,087▼ 14.1%€14,385within the sector's middle half▼ 4.7%€13,593within the sector's middle half▼ 5.5%€13,038within the sector's middle half▼ 4.1%€9,814within the sector's middle half▼ 24.7%€7,630within the sector's middle half▼ 22.3%€3,867within the sector's middle half▼ 49.3%
Solvency98.6%-97.6%▼ 0.9pp91.2%above the sector's middle half▼ 6.4pp95.1%above the sector's middle half▲ 3.9pp96.6%above the sector's middle half▲ 1.5pp82.4%above the sector's middle half▼ 14.3pp66.6%within the sector's middle half▼ 15.7pp7.0%below the sector's middle half▼ 59.7pp
Current ratio64.98-39.33▼ 25.6410.81above the sector's middle half▼ 28.5220.02above the sector's middle half▲ 9.2129.79above the sector's middle half▲ 9.775.67above the sector's middle half▼ 24.122.56within the sector's middle half▼ 3.111.05within the sector's middle half▼ 1.51
Return on assets (ROA)35.5%--17.3%▼ 52.8pp-6.7%below the sector's middle half▲ 10.6pp-8.2%below the sector's middle half▼ 1.5pp-7.2%below the sector's middle half▲ 1.0pp-27.1%below the sector's middle half▼ 19.8pp-0.3%within the sector's middle half▲ 26.8pp-4.7%below the sector's middle half▼ 4.4pp
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 loss of €3,886, larger than the loss of €0 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €84,109
Fixed assets
€1,994 ▼ 6.9%
Current assets
€82,115 ▲ 556%
Equity and liabilities €84,109
Equity
€5,861 ▼ 40.0%
Debt
€78,248 ▲ 16×
Debt's share of the balance-sheet total rises from 33.4% to 93.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€3,218▼
2024 · €337
Cash flow
-€3,243▼
2024 · €296
Quick ratio
0.24▼
2024 · 2.29
Debt to equity
13.35▲
2024 · 0.50
ROE
-66.7%▼
2024 · -0.4%
Interest coverage
-108.54▼
2024 · 4.56
Debt ≤ 1 year
€78,248▲
2024 · €4,890
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €2,479 | €520 |
| Depreciation and write-downs of the year | €420 | - | - | €337 | €668 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €420 | €420 | €420 | - | - | €337 | €668 | ▲ 98.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €420 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €714 | - | €771 | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | €7,517 | -€2,239 | €390 | -€78 | -€515 | -€2,410 | €724 | -€2,818 | - |
| Operating profit (loss)9901 | €6,421 | -€3,066 | -€1,051 | -€1,212 | -€935 | -€3,181 | -€0 | -€3,886 | ▼ 1,253,574% |
| Financial income75/76B | - | - | - | €24 | - | - | €33 | €5 | ▼ 85.4% |
| Recurring financial income75 | €532 | €189 | - | €24 | - | - | €33 | €5 | ▼ 85.4% |
| Financial charges65/66B | - | - | - | €23 | €40 | €43 | €74 | €30 | ▼ 59.8% |
| Recurring financial charges65 | €19 | €18 | €71 | €23 | €40 | €43 | €74 | €30 | ▼ 59.8% |
| Profit (loss) for the period before taxes9903 | €6,934 | -€2,895 | -€1,122 | -€1,212 | -€976 | -€3,224 | -€41 | -€3,911 | ▼ 9,341% |
| Profit (loss) for the period9904 | €6,934 | -€2,895 | -€1,122 | -€1,212 | -€976 | -€3,224 | -€41 | -€3,911 | ▼ 9,341% |
| Profit (loss) for the period to be appropriated9905 | €6,934 | -€2,895 | -€1,122 | -€1,212 | -€976 | -€3,224 | -€41 | -€3,911 | ▼ 9,341% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €19,516 | €16,740 | €16,691 | €14,728 | €13,490 | €11,913 | €14,662 | €84,109 | ▲ 474% |
| Fixed assets21/28 | €1,680 | €1,260 | €840 | €420 | - | - | €2,142 | €1,994 | ▼ 6.9% |
| Tangible fixed assets22/27 | €1,680 | €1,260 | €840 | €420 | - | - | €2,142 | €1,994 | ▼ 6.9% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €471 | - |
| Furniture and vehicles24 | - | - | - | €420 | - | - | €2,142 | €1,522 | ▼ 28.9% |
| Current assets29/58 | €17,836 | €15,480 | €15,851 | €14,308 | €13,490 | €11,913 | €12,520 | €82,115 | ▲ 556% |
| Stocks and contracts in progress3 | €3,386 | €3,303 | €2,419 | €1,340 | €1,340 | €1,340 | €1,340 | €63,421 | ▲ 47× |
| Stocks30/36 | - | - | - | €1,340 | €1,340 | €1,340 | €1,340 | €63,421 | ▲ 47× |
| Amounts receivable within one year40/41 | €7,710 | €7,141 | €6,949 | €4,140 | €2,241 | €2,336 | €4,558 | €16,057 | ▲ 252% |
| Trade receivables40 | - | - | - | €4,140 | €2,157 | €1,826 | €3,668 | €4,274 | ▲ 16.5% |
| Other amounts receivable41 | - | - | - | - | €85 | €510 | €890 | €11,783 | ▲ 13× |
| Cash at bank and in hand54/58 | €6,741 | €5,037 | €6,483 | €8,828 | €9,909 | €8,237 | €6,622 | €2,638 | ▼ 60.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €19,516 | €16,740 | €16,691 | €14,728 | €13,490 | €11,913 | €14,662 | €84,109 | ▲ 474% |
| Equity10/15 | €19,242 | €16,347 | €15,225 | €14,013 | €13,038 | €9,814 | €9,772 | €5,861 | ▼ 40.0% |
| Contributions10/11 | €18,900 | €18,900 | - | €18,900 | €18,900 | €18,900 | €18,900 | €18,900 | = |
| Reserves13 | €20,300 | €20,300 | €20,300 | €20,300 | €20,300 | €20,300 | €20,300 | €20,300 | = |
| Non-distributable reserves130/1 | - | - | - | €6,300 | €6,300 | €6,300 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €6,300 | €6,300 | €6,300 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €14,000 | €14,000 | €14,000 | €14,000 | €14,000 | = |
| Distributable reserves133 | - | - | - | - | - | - | €6,300 | €6,300 | = |
| Profit (loss) carried forward14 | -€19,958 | -€22,853 | -€23,975 | -€25,187 | -€26,162 | -€29,386 | -€29,428 | -€33,339 | ▼ 13.3% |
| Amounts payable17/49 | €275 | €394 | €1,466 | €715 | €453 | €2,100 | €4,890 | €78,248 | ▲ 16× |
| Amounts payable within one year42/48 | €275 | €394 | €1,466 | €715 | €453 | €2,100 | €4,890 | €78,248 | ▲ 16× |
| Trade debts44 | - | €119 | €1,013 | - | - | €1,661 | - | €195 | - |
| Suppliers440/4 | - | - | - | - | - | €1,661 | - | €195 | - |
| Taxes, remuneration and social security45 | - | - | - | €262 | - | - | - | - | - |
| Taxes450/3 | - | - | - | €262 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €453 | €453 | €439 | €4,890 | €78,054 | ▲ 16× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,934 | -€2,895 | -€1,122 | -€1,212 | -€976 | -€3,224 | -€41 | -€3,911 | ▼ 9,341% |
| + Depreciation and write-downs630 | - | €420 | €420 | €420 | - | - | €337 | €668 | ▲ 98.3% |
| Operating cash flow (approximation) | €6,934 | -€2,475 | -€702 | -€792 | -€976 | -€3,224 | €296 | -€3,243 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | - | - | - | -€520 | - |
| Change in cash | - | -€1,704 | €1,446 | €2,345 | €1,081 | -€1,672 | -€1,615 | -€3,985 | ▼ 147% |
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, 974 companies had the same profile as DAVID ELECTRO has now. Two years later, 92.8% were still going and 2.3% had gone bankrupt.
- Micro
- 20 years or older
- solvency under 10%
- a small loss
92.8%
was still going
4.5%
stopped otherwise
2.3%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DAVID ELECTRO itself: 0.5% 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 974 companies, not a prediction for DAVID ELECTRO. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 20-07-2026 | 2026-00311874 | |
| 31-12-2024 | micro format | 06-06-2025 | 2025-00126631 | |
| 31-12-2023 | micro format | 14-06-2024 | 2024-00133968 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00201946 | |
| 31-12-2021 | micro format | 16-06-2022 | 2022-20070978 | |
| 31-12-2020 | micro format | 02-07-2021 | 2021-31700222 | |
| 31-12-2019 | micro format | 17-08-2020 | 2020-42800550 | |
| 31-12-2018 | micro format | 20-08-2019 | 2019-50000346 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-25900493 | |
| 31-12-2016 | micro format | 16-08-2017 | 2017-43900219 |