Davidsfonds
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-04-2026 PDF all 20 filings
Turnover
≈ €3.2m
Estimated: probably between €2.2m and €5.3m
Total assets
€2.9m▲ 3.8%
2024 · €2.8m
Net result
€49,824
2024 · -€148,328
Working capital
€1.7m▲ 9.0%
2024 · €1.6m
In the rankings
#1 oldest company in Holsbeek#5 employer in Holsbeek
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€50,425
2025
20182025
Net result
€49,824
2025
middle half of the sector
20182025
Equity
€1.2m
▲ 4.5%
2025
middle half of the sector
20182025
Total assets
€2.9m
▲ 3.8%
2025
middle half of the sector
20182025
Debt
€1.6m
▼ 0.4%
2025
20182025
Working capital
€1.7m
▲ 9.0%
2025
middle half of the sector
20182025
Solvency
39.8%
▲ 0.3pp
2025
middle half of the sector
20182025
Current ratio
3.27
▲ 0.21
2025
middle half of the sector
20182025
Return on assets (ROA)
1.7%
▲ 7.0pp
2025
middle half of the sector
20182025
Staff (FTE)
19.9
▼ 1.0%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.4m-€0.02m€0.007m▼ 60.3%€0.3m▲ 39×€0.4m▲ 49.0%-€0.2m-€0.2m▲ 27.3%€0.05m
Net result€0.08m-€0.1m▲ 25.7%-€0.001mwithin the sector's middle half€0.3mabove the sector's middle half€0.4mabove the sector's middle half▲ 43.4%-€0.2mbelow the sector's middle half-€0.1mbelow the sector's middle half▲ 33.8%€0.05mwithin the sector's middle half
Equity€0.5m-€0.6m▲ 21.2%€0.6mwithin the sector's middle half▼ 0.2%€0.9mwithin the sector's middle half▲ 42.9%€1.5mwithin the sector's middle half▲ 72.8%€1.3mwithin the sector's middle half▼ 15.1%€1.1mwithin the sector's middle half▼ 11.8%€1.2mwithin the sector's middle half▲ 4.5%
Total assets€4.7m-€4.6m▼ 2.0%€4.3mwithin the sector's middle half▼ 5.5%€4.6mwithin the sector's middle half▲ 5.1%€3.3mwithin the sector's middle half▼ 27.1%€2.9mwithin the sector's middle half▼ 11.9%€2.8mwithin the sector's middle half▼ 4.2%€2.9mwithin the sector's middle half▲ 3.8%
Debt€3.7m-€3.5m▼ 5.8%€3.2m▼ 7.9%€3.4m▲ 7.2%€1.7m▼ 51.2%€1.5m▼ 8.9%€1.6m▲ 7.1%€1.6m▼ 0.4%
Working capital€2.6m-€2.7m▲ 3.6%€2.5mwithin the sector's middle half▼ 7.3%€2.7mwithin the sector's middle half▲ 8.9%€1.9mwithin the sector's middle half▼ 29.0%€1.6mwithin the sector's middle half▼ 13.6%€1.6mwithin the sector's middle half▼ 3.4%€1.7mwithin the sector's middle half▲ 9.0%
Solvency10.6%-13.1%▲ 2.5pp13.8%below the sector's middle half▲ 0.7pp18.8%below the sector's middle half▲ 5.0pp44.5%within the sector's middle half▲ 25.7pp42.9%within the sector's middle half▼ 1.6pp39.5%within the sector's middle half▼ 3.4pp39.8%within the sector's middle half▲ 0.3pp
Current ratio2.46-2.71▲ 0.242.58within the sector's middle half▼ 0.122.73within the sector's middle half▲ 0.143.06within the sector's middle half▲ 0.343.06within the sector's middle half▼ 0.013.06within the sector's middle half=3.27within the sector's middle half▲ 0.21
Return on assets (ROA)1.8%-2.3%▲ 0.5pp0.0%within the sector's middle half▼ 2.3pp5.6%within the sector's middle half▲ 5.7pp11.1%above the sector's middle half▲ 5.4pp-7.6%below the sector's middle half▼ 18.7pp-5.3%below the sector's middle half▲ 2.4pp1.7%within the sector's middle half▲ 7.0pp
Staff (FTE)22.1-23▲ 4.1%21.2within the sector's middle half▼ 7.8%20.7within the sector's middle half▼ 2.4%21.9within the sector's middle half▲ 5.8%20.3within the sector's middle half▼ 7.3%20.1within the sector's middle half▼ 1.0%19.9within the sector's middle half▼ 1.0%
above
within
below
The sector band is the middle half of the companies in Activities of membership organisations (NACE 94). 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 €50,425, after a loss of €155,962 in 2024.
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 €2.9m
Fixed assets
€420,401 ▼ 6.7%
Current assets
€2.5m ▲ 5.7%
Equity and liabilities €2.9m
Equity
€1.2m ▲ 4.5%
Provisions
€126,277 ▲ 94.9%
Debt
€1.6m ▼ 0.4%
Debt's share of the balance-sheet total falls from 58.1% to 55.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€109,151▲
2024 · -€103,062
Cash flow
€108,550▲
2024 · -€95,428
Quick ratio
3.04▲
2024 · 2.86
Debt to equity
1.40▼
2024 · 1.47
ROE
4.3%▲
2024 · -13.3%
Interest coverage
9.92▲
2024 · -9.46
Debt ≤ 1 year
€763,720▼
2024 · €771,395
Income taxes
-€385▼
2024 · €11,053
Staff costs
€1.5m▼
2024 · €1.6m
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 | 21 | 23 | 23 | 20 | 21 |
| full-time | 15 | 18 | 18 | 14 | 18 |
| part-time | 6 | 5 | 5 | 6 | 3 |
| in full-time equivalents | 19.9 | 22 | 22 | 18.8 | 20.4 |
| Average over the year, in full-time equivalents | 20.7 | 21.9 | 20.3 | 20.1 | 19.9 |
| On a permanent contract | 21 | 23 | 21 | 19 | 21 |
| Joined | 7 | 9 | 9 | 1 | 4 |
| Left | 4 | 7 | 9 | 4 | 3 |
| Training hours | - | - | 0 | 828 | 155 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €14,477 | €22,294 | €2,487 | - | €27,376 |
| Intangible fixed assets | - | €189,904 | €22,445 | €11,573 | €1,403 |
| Financial fixed assets | €19,440 | €6,350 | €15,000 | - | - |
| Depreciation and write-downs of the year | €4,835 | €50,924 | €56,013 | €52,900 | €58,726 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 9 entries · €5.6m awarded · €5.4m paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 2 | €1.4m | €1.4m |
| 2024 | 2 | €1.4m | €1.4m |
| 2023 | 2 | €1.4m | €1.5m |
| 2022 | 3 | €1.4m | €1.1m |
Schemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.05m | €0.02m | €0.005m | €0.04m | €0.003m | ▼ 93.2% |
| Remuneration, social security and pensions62 | - | - | - | €1.6m | €1.6m | €1.6m | €1.6m | €1.5m | ▼ 5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.02m | €0.02m | €0.005m | €0.05m | €0.06m | €0.05m | €0.06m | ▲ 11.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | €181 | €0.01m | €0 | - | - |
| Other operating charges640/8 | - | - | - | €0.06m | €0.1m | €0.2m | €0.3m | €0.2m | ▼ 49.4% |
| Gross operating margin9900 | €1.8m | €1.9m | €1.7m | €1.6m | €2.1m | €1.6m | €1.8m | €1.9m | ▲ 7.0% |
| Operating profit (loss)9901 | -€0.4m | €0.02m | €0.007m | €0.3m | €0.4m | -€0.2m | -€0.2m | €0.05m | - |
| Financial income75/76B | - | - | - | €340 | €0.001m | €0.009m | €0.03m | €0.01m | ▼ 67.5% |
| Recurring financial income75 | €0.2m | €220 | €393 | €340 | €0.001m | €0.009m | €0.03m | €0.01m | ▼ 67.5% |
| Financial charges65/66B | - | - | - | €383 | €0.02m | €0.01m | €0.01m | €0.01m | ▼ 9.1% |
| Recurring financial charges65 | €0.002m | €0.002m | €0.006m | €383 | €0.02m | €0.01m | €0.01m | €0.01m | ▲ 0.9% |
| Non-recurring financial charges66B | - | - | - | - | €76 | €0 | €0.001m | - | - |
| Profit (loss) for the period before taxes9903 | -€0.2m | €0.01m | €0.001m | €0.3m | €0.4m | -€0.2m | -€0.1m | €0.05m | - |
| Income taxes67/77 | - | - | €0.001m | €0.002m | €0.001m | €0.006m | €0.01m | -€385 | - |
| Profit (loss) for the period9904 | €0.08m | €0.1m | -€0.001m | €0.3m | €0.4m | -€0.2m | -€0.1m | €0.05m | - |
| Profit (loss) for the period to be appropriated9905 | €0.08m | €0.1m | -€0.001m | €0.3m | €0.4m | -€0.2m | -€0.1m | €0.05m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.7m | €4.6m | €4.3m | €4.6m | €3.3m | €2.9m | €2.8m | €2.9m | ▲ 3.8% |
| Fixed assets21/28 | €0.4m | €0.4m | €0.3m | €0.3m | €0.5m | €0.5m | €0.5m | €0.4m | ▼ 6.7% |
| Intangible fixed assets21 | €0.01m | €0.004m | - | - | €0.2m | €0.1m | €0.1m | €0.06m | ▼ 43.2% |
| Tangible fixed assets22/27 | €0.02m | €0.06m | €0.03m | €0.02m | €0.03m | €0.02m | €0.007m | €0.02m | ▲ 188% |
| Plant, machinery and equipment23 | - | - | - | €0.006m | €0.02m | €0.009m | €0.001m | €0.02m | ▲ 20× |
| Furniture and vehicles24 | - | - | - | €0.007m | €0.006m | €0.006m | €0.005m | €0.004m | ▼ 14.6% |
| Other tangible fixed assets26 | - | - | - | €0.006m | €0.004m | €0.003m | €0.002m | €71 | ▼ 95.3% |
| Financial fixed assets28 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Current assets29/58 | €4.3m | €4.2m | €4.0m | €4.2m | €2.8m | €2.4m | €2.4m | €2.5m | ▲ 5.7% |
| Amounts receivable after more than one year29 | - | - | - | €200 | - | - | - | - | - |
| Other amounts receivable291 | - | - | - | €200 | - | - | - | - | - |
| Stocks and contracts in progress3 | - | - | - | - | - | - | €0.2m | €0.2m | ▲ 13.3% |
| Stocks30/36 | - | - | - | - | - | - | €0.2m | €0.2m | ▲ 13.3% |
| Amounts receivable within one year40/41 | €0.4m | €0.4m | €0.3m | €0.8m | €0.6m | €0.3m | €0.4m | €0.4m | ▼ 11.1% |
| Trade receivables40 | - | - | - | €0.6m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 15.7% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.3m | €0.1m | €0.2m | €0.2m | ▼ 4.1% |
| Current investments50/53 | - | - | - | - | - | €1.0m | €0 | €0.3m | - |
| Cash at bank and in hand54/58 | €2.7m | €2.7m | €2.8m | €2.7m | €2.1m | €1.1m | €1.7m | €1.6m | ▼ 8.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.7m | €0.1m | €0.09m | €0.07m | €0.1m | ▲ 47.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.7m | €4.6m | €4.3m | €4.6m | €3.3m | €2.9m | €2.8m | €2.9m | ▲ 3.8% |
| Equity10/15 | €0.5m | €0.6m | €0.6m | €0.9m | €1.5m | €1.3m | €1.1m | €1.2m | ▲ 4.5% |
| Contributions10/11 | - | - | - | - | - | €0.7m | €0.7m | €0.7m | = |
| Capital10 | - | - | - | - | - | €0.7m | €0.7m | €0.7m | = |
| Reserves13 | - | - | - | €0.2m | €0.7m | €0.5m | €0.4m | €0.4m | ▲ 10.5% |
| Profit (loss) carried forward14 | -€1.3m | -€0.02m | -€0.02m | €0.01m | €0.05m | €0.01m | €0.02m | €0.03m | ▲ 42.6% |
| Provisions and deferred taxes16 | €0.5m | €0.5m | €0.5m | €0.3m | €0.2m | €0.1m | €0.06m | €0.1m | ▲ 94.9% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.3m | €0.2m | €0.1m | €0.06m | €0.1m | ▲ 94.9% |
| Other liabilities and charges164/5 | - | - | - | €0.3m | €0.2m | €0.1m | €0.06m | €0.1m | ▲ 94.9% |
| Amounts payable17/49 | €3.7m | €3.5m | €3.2m | €3.4m | €1.7m | €1.5m | €1.6m | €1.6m | ▼ 0.4% |
| Amounts payable after more than one year17 | €0.02m | €0.005m | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €1.8m | €1.6m | €1.6m | €1.5m | €0.9m | €0.8m | €0.8m | €0.8m | ▼ 1.0% |
| Trade debts44 | €1.3m | €1.1m | €1.1m | €1.2m | €0.8m | €0.7m | €0.6m | €0.6m | ▼ 6.5% |
| Suppliers440/4 | - | - | - | €1.2m | €0.8m | €0.7m | €0.6m | €0.6m | ▼ 6.5% |
| Advances received on contracts in progress46 | - | - | - | €0.001m | €0.008m | €0.001m | €0.001m | €0.04m | ▲ 45× |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.2m | €0.1m | €0.2m | €0.2m | ▼ 1.6% |
| Taxes450/3 | - | - | - | €0.002m | €0.001m | €0.005m | €0.003m | €0.005m | ▲ 68.7% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.2m | €0.1m | €0.2m | €0.2m | ▼ 2.9% |
| Accrued charges and deferred income492/3 | - | - | - | €1.9m | €0.8m | €0.7m | €0.9m | €0.9m | ▲ 0.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.08m | €0.1m | -€0.001m | €0.3m | €0.4m | -€0.2m | -€0.1m | €0.05m | - |
| + Depreciation and write-downs630 | €0.03m | €0.02m | €0.02m | €0.005m | €0.05m | €0.06m | €0.05m | €0.06m | ▲ 11.0% |
| Operating cash flow (approximation) | €0.1m | €0.1m | €0.01m | €0.3m | €0.4m | -€0.2m | -€0.1m | €0.1m | - |
| Investment in fixed assets (approximation) | - | -€0.03m | €0.04m | -€0.01m | -€0.2m | -€0.04m | -€0.01m | -€0.03m | ▼ 148% |
| Change in cash | - | -€0.03m | €0.1m | -€0.1m | -€0.6m | -€1.0m | €0.7m | -€0.1m | - |
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 Davidsfonds 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 Davidsfonds 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 Davidsfonds. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-04-2026 | 2026-00104231 | |
| 31-12-2024 | abbreviated format | 13-06-2025 | 2025-00136116 | |
| 31-12-2023 | abbreviated format | 24-06-2024 | 2024-00153706 | |
| 31-12-2022 | abbreviated format | 29-03-2023 | 2023-00048725 | |
| 31-12-2021 | abbreviated format | 16-08-2022 | 2022-20291462 | |
| 31-12-2020 | abbreviated format | 30-04-2021 | 2021-13300404 | |
| 31-12-2019 | abbreviated format | 23-04-2020 | 2020-09800309 | |
| 31-12-2018 | abbreviated format | 26-04-2019 | 2019-11200558 | |
| 31-12-2017 | abbreviated format | 09-04-2018 | 2018-09400179 | |
| 31-12-2016 | abbreviated format | 31-05-2017 | 2017-14200040 |