Davidsfonds (0407.765.729): financials and annual accounts

Davidsfonds

Holsbeek ·KBO/BCE: BE 0407.765.729

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Balance sheet: assets
Total assets`20/58`	2.9m	2.8m	2.9m	3.3m	4.6m	4.3m	4.6m	4.7m	4.4m	4.5m	3.8m	5.4m	6.5m	5.2m	5.1m	5.6m	5.5m	4.9m	5.0m
Fixed assets`21/28`	420,401	450,449	491,775	507,855	340,232	332,124	384,680	377,080	532,871	505,377	480,481	3.0m	1.9m	1.5m	1.6m	1.9m	2.0m	2.0m	2.0m
Intangible fixed assets`21`	57,340	101,002	131,899	151,923	-	-	4,434	13,493	12,441	6,380	-	-	-	-	-	-	-	-	-
Tangible fixed assets`22/27`	21,022	7,306	17,737	28,792	19,441	30,430	58,552	21,893	178,737	157,303	138,887	1.9m	711,595	367,235	391,526	415,214	445,090	480,935	487,293
Land and buildings`22`	-	-	-	-	-	-	-	-	114,690	90,799	66,909	1.9m	701,306	352,326	372,311	394,496	423,373	447,312	468,512
Plant, machinery and equipment`23`	16,714	829	9,089	17,975	6,455	9,800	13,682	21,893	1,909	3,569	1,176	4,879	8,582	12,285	15,471	15,795	15,143	25,864	10,012
Furniture and vehicles`24`	4,236	4,962	5,688	6,413	7,139	-	-	-	1,706	-	-	1,026	1,707	2,389	3,273	4,217	5,631	7,210	7,237
Other tangible fixed assets`26`	71	1,515	2,959	4,404	5,848	-	-	-	-	-	-	-	-	236	471	707	942	548	1,532
Assets under construction and advance payments`27`	-	-	-	-	-	20,630	44,870	-	5,364	-	-	-	-	-	-	-	-	-	-
Financial fixed assets`28`	342,040	342,140	342,140	327,140	320,790	301,694	321,694	341,694	341,694	341,694	341,594	1.1m	1.2m	1.2m	1.2m	1.5m	1.5m	1.5m	1.5m
Current assets`29/58`	2.5m	2.4m	2.4m	2.8m	4.2m	4.0m	4.2m	4.3m	3.9m	4.0m	3.3m	2.4m	4.6m	3.6m	3.5m	3.7m	3.5m	2.9m	3.0m
Amounts receivable after more than one year`29`	-	-	-	-	200	100	100	100	100	100	100	-	1.1m	521,685	521,685	859,656	92,423	10,772	10,772
Trade receivables`290`	-	-	-	-	-	-	-	-	-	-	-	-	210,575	210,575	210,575	-	-	-	-
Other amounts receivable`291`	-	-	-	-	200	100	100	100	100	100	100	-	870,767	311,111	311,111	859,656	92,423	10,772	10,772
Stocks and contracts in progress`3`	175,339	154,705	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Stocks`30/36`	175,339	154,705	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amounts receivable within one year`40/41`	354,192	398,553	295,797	586,065	787,865	303,441	419,131	404,560	409,286	496,248	538,727	750,968	679,751	1.4m	1.5m	1.2m	2.0m	1.2m	1.2m
Trade receivables`40`	203,289	241,276	156,537	309,253	586,093	185,817	313,515	248,695	246,070	298,921	224,209	329,028	491,568	1.3m	1.2m	884,494	1.2m	833,291	911,120
Other amounts receivable`41`	150,903	157,277	139,260	276,812	201,773	117,624	105,616	155,865	163,215	197,327	314,518	421,940	188,183	132,370	275,115	337,332	747,741	402,209	268,960
Current investments`50/53`	273,157	0	1.0m	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash at bank and in hand`54/58`	1.6m	1.7m	1.1m	2.1m	2.7m	2.8m	2.7m	2.7m	2.2m	2.1m	1.2m	262,847	1.5m	236,894	62,254	362,060	324,784	347,477	382,331
Deferred charges and accrued income`490/1`	103,530	70,377	87,489	134,094	716,719	869,558	1.1m	1.2m	1.3m	1.4m	1.6m	1.4m	1.4m	1.5m	1.4m	1.2m	1.1m	1.4m	1.4m
Balance sheet: equity and liabilities
Total equity and liabilities`10/49`	2.9m	2.8m	2.9m	3.3m	4.6m	4.3m	4.6m	4.7m	4.4m	4.5m	3.8m	5.4m	6.5m	5.2m	5.1m	5.6m	5.5m	4.9m	5.0m
Equity`10/15`	1.2m	1.1m	1.3m	1.5m	858,500	600,821	601,805	496,638	412,961	321,969	262,531	1.6m	2.6m	1.0m	813,778	1.4m	1.4m	1.4m	1.3m
Capital`10`	702,993	702,993	702,993	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reserves`13`	428,000	387,194	547,194	734,194	224,670	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) carried forward`14`	30,198	21,181	9,508	46,503	12,068	-20,941	-19,957	-1.3m	-1.4m	-1.5m	-1.6m	-483,017	523,110	-820,390	-1.0m	-424,894	-452,864	-400,765	-459,260
Provisions and deferred taxes`16`	126,277	64,777	148,378	171,208	271,678	538,959	515,531	500,968	221,000	-	-	-	-	-	-	-	15,000	15,000	52,000
Provisions for liabilities and charges`160/5`	126,277	64,777	148,378	171,208	271,678	538,959	515,531	500,968	221,000	-	-	-	-	-	-	-	15,000	15,000	52,000
Other liabilities and charges`164/5`	126,277	64,777	148,378	171,208	271,678	538,959	-	-	-	-	-	-	-	-	-	-	-	-	-
Amounts payable`17/49`	1.6m	1.6m	1.5m	1.7m	3.4m	3.2m	3.5m	3.7m	3.8m	4.2m	3.5m	3.8m	3.9m	4.2m	4.3m	4.2m	4.1m	3.5m	3.6m
Amounts payable after more than one year`17`	-	-	-	-	-	-	5,338	15,015	23,113	39,030	54,623	61,973	123,947	185,920	247,894	309,867	371,840	433,814	495,787
Financial debts`170/4`	-	-	-	-	-	-	5,338	15,015	23,113	39,030	54,623	61,973	123,947	185,920	247,894	309,867	371,840	433,814	495,787
Amounts payable within one year`42/48`	763,720	771,395	798,720	921,130	1.5m	1.6m	1.6m	1.8m	1.8m	2.0m	1.2m	1.6m	1.5m	1.6m	1.3m	1.2m	983,066	471,587	512,932
Current portion of amounts payable after more than one year`42`	-	-	-	-	-	4,447	9,677	9,539	15,667	15,344	15,277	61,973	61,973	61,975	69,593	61,973	61,973	61,973	61,973
Financial debts`43`	-	-	-	-	-	-	-	-	-	-	271,973	350,000	150,000	-	-	-	-	-	-
Credit institutions`430/8`	-	-	-	-	-	-	-	-	-	-	61,973	350,000	150,000	-	-	-	-	-	-
Other loans`439`	-	-	-	-	-	-	-	-	-	-	210,000	-	-	-	-	-	-	-	-
Trade debts`44`	572,398	612,457	653,728	759,116	1.2m	1.1m	1.1m	1.3m	1.4m	1.6m	712,365	985,139	1.1m	1.3m	1.1m	915,753	727,994	244,937	287,549
Suppliers`440/4`	572,398	612,457	653,728	759,116	1.2m	1.1m	1.1m	1.3m	1.4m	1.6m	712,365	985,139	1.1m	1.3m	1.1m	915,753	727,994	244,937	287,549
Advances received on contracts in progress`46`	35,693	800	1,347	7,544	1,260	92,030	48,400	13,371	13,202	17,063	9,130	8,950	7,658	-	-	1,907	-	-	-
Taxes, remuneration and social security`45`	155,630	158,138	143,645	154,471	147,810	118,645	161,597	176,386	153,796	172,921	173,361	177,540	190,064	205,220	141,587	210,973	193,098	164,676	163,409
Taxes`450/3`	4,962	2,941	4,563	1,489	1,500	1,495	3,079	2,841	3,037	1,314	2,193	-	1,420	20,848	1,163	17,887	6,923	-	-
Remuneration and social security`454/9`	150,668	155,198	139,082	152,981	146,310	117,150	158,518	173,545	150,759	171,607	171,168	177,540	188,644	184,372	140,424	193,086	186,175	164,676	163,409
Other amounts payable`47/48`	-	-	-	-	210,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued charges and deferred income`492/3`	864,538	862,646	727,357	754,579	1.9m	1.7m	1.9m	1.9m	2.0m	2.1m	2.3m	2.2m	2.3m	2.4m	2.7m	2.7m	2.7m	2.6m	2.6m
Income statement
Non-recurring operating income`76A`	2,584	37,763	5,471	21,300	48,908	79,242	103,931	493,224	3.9m	60,803	13,964	-	1.6m	356,673	47	11,823	405	59,119	63,305
Gross operating margin`9900`	1.9m	1.8m	1.6m	2.1m	1.6m	1.7m	1.9m	1.8m	2.0m	1.9m	4.2m	2.2m	2.1m	2.2m	2.2m	2.1m	2.1m	2.0m	1.9m
Remuneration, social security and pensions`62`	1.5m	1.6m	1.6m	1.6m	1.6m	1.5m	1.7m	1.7m	1.7m	1.7m	1.8m	1.8m	1.8m	1.8m	1.7m	1.8m	1.8m	1.6m	1.6m
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets`630`	58,726	52,900	56,013	50,924	4,835	15,934	21,284	29,712	17,531	13,893	11,570	5,037	5,513	30,173	36,321	35,051	39,491	38,229	35,432
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)`631/4`	-	0	13,511	181	-	-	-	3,372	6,090	3,019	-	1,878	84	2,667	-	1,852	-	-	1,031
Other operating charges`640/8`	155,873	308,172	157,540	117,660	64,692	91,609	145,567	152,174	173,658	180,206	229,895	225,758	335,613	263,655	272,217	281,007	277,299	272,006	259,739
Non-recurring operating charges`66A`	-	-	-	-	-	-	10,494	193,727	3.7m	-	3.4m	1.1m	-	179,792	701,052	20,000	777	-	-
Operating profit (loss)`9901`	50,425	-155,962	-214,514	386,159	259,222	6,589	16,595	-372,630	-100,183	3,067	2.1m	144,657	-37,379	116,747	183,114	72,169	-1,444	55,216	98,862
Financial income`75/76B`	10,012	30,782	8,625	614	340	393	220	161,687	6,550	1,247	482	7,684	794	517	1,370	937	562	353	11,552
Recurring financial income`75`	10,012	30,782	8,625	614	340	393	220	161,687	6,550	1,247	482	7,684	794	517	1,370	937	562	353	11,552
Financial charges`65/66B`	10,998	12,095	12,389	15,854	383	6,471	2,005	2,036	5,322	4,364	20,771	39,120	50,823	90,946	82,173	61,959	50,844	56,192	54,214
Recurring financial charges`65`	10,998	10,895	12,389	15,778	383	6,471	2,005	2,036	5,322	4,364	20,771	39,120	50,823	90,946	82,173	61,959	50,844	56,192	54,214
Non-recurring financial charges`66B`	-	1,200	0	76	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) for the period before taxes`9903`	49,439	-137,275	-218,278	370,918	259,179	511	14,809	-212,979	-98,955	-51	2.1m	113,222	-87,409	26,318	102,310	11,147	-51,727	-624	56,200
Income taxes`67/77`	-385	11,053	5,717	1,483	1,500	1,495	-	-	-	-	-	-	-	-	-	-	-	-	-
Profit (loss) for the period`9904`	49,824	-148,328	-223,995	369,436	257,679	-984	105,167	83,677	90,992	59,438	-1.3m	-1.0m	1.5m	203,198	-598,695	2,970	-52,099	58,495	119,504
Profit (loss) for the period to be appropriated`9905`	49,824	-148,328	-223,995	369,436	257,679	-984	105,167	83,677	90,992	59,438	-1.3m	-1.0m	1.5m	-	-	-	-	-	-
Appropriation of the result
Profit (loss) to be appropriated`9906`	71,005	-138,819	-177,492	381,503	236,738	-20,941	-1.2m	-1.3m	-1.4m	-1.5m	-1.8m	-483,017	723,110	-	-	-	-	-	-
Profit (loss) brought forward from the previous period`14P`	21,181	9,508	46,503	12,068	-20,941	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer from equity`791/2`	-	-	-	-	-	-	1.2m	-	-	-	200,000	-	-	-	-	-	-	-	-
Withdrawal from contributions`791`	309,194	160,000	187,000	180,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Addition to contributions`691`	350,000	-	0	515,000	224,670	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Social balance sheet
Average staff (FTE)`9087`	19.9	20.1	20.3	21.9	20.7	21.2	23	22.1	22	24.6	26.3	26.1	26.3	26.4	25.6	27.3	28	27.3	28.2
Hours worked`1013`	28,046	30,630	30,266	33,407	33,555	30,654	34,029	34,532	32,085	37,836	39,327	40,260	41,621	41,572	39,812	43,132	44,796	44,593	44,805
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Financial year	Type	Filed	Reference	Document
31-12-2025	abbreviated format	30-04-2026	2026-00104231	PDF
31-12-2024	abbreviated format	13-06-2025	2025-00136116	PDF
31-12-2023	abbreviated format	24-06-2024	2024-00153706	PDF
31-12-2022	abbreviated format	29-03-2023	2023-00048725	PDF
31-12-2021	abbreviated format	16-08-2022	2022-20291462	PDF
31-12-2020	abbreviated format	30-04-2021	2021-13300404	PDF
31-12-2019	abbreviated format	23-04-2020	2020-09800309	PDF
31-12-2018	abbreviated format	26-04-2019	2019-11200558	PDF
31-12-2017	abbreviated format	09-04-2018	2018-09400179	PDF
31-12-2016	abbreviated format	31-05-2017	2017-14200040	PDF
31-12-2015	abbreviated format	17-08-2016	2016-43200237	PDF
31-12-2014	abbreviated format	04-05-2015	2015-11300550	PDF
31-12-2013	abbreviated format	04-04-2014	2014-08700210	PDF
31-12-2012	abbreviated format	06-06-2013	2013-15200476	PDF
31-12-2011	abbreviated format	20-03-2012	2012-06400593	PDF
31-12-2010	abbreviated format	20-04-2011	2011-08600393	PDF
31-12-2009	abbreviated format	07-04-2010	2010-08800133	PDF
31-12-2008	abbreviated format	29-04-2009	2009-12400240	PDF
31-12-2007	abbreviated format	06-05-2008	2008-12900031	PDF
31-12-2006	abbreviated format	22-05-2007	2007-15300154	PDF

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

Line	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
EBITDA	109,151	-103,062	-158,501	437,083	264,058	22,523	37,879	-342,918	-82,652	16,960	2.2m	149,695	-31,866	146,920	219,435	107,220	38,047	93,445	134,294
Cash flow	108,550	-95,428	-167,983	420,359	262,515	14,950	126,451	113,388	108,523	73,331	-1.3m	-1.0m	1.5m	233,371	-562,373	38,021	-12,608	96,724	154,936
Investment in fixed assets	28,779	11,573	39,933	218,547	33,917	78,585	48,884	93,689	21,135	14,898	1.3m	1.2m	700,000	5,882	380,344	5,176	9,896	31,871	49,735
Change in cash	-146,997	677,014	-1.0m	-618,239	-117,674	132,471	-29,652	549,218	93,052	926,709	903,860	-1.2m	1.3m	174,640	-299,806	37,276	-22,693	-34,854	-
Working capital	1.7m	1.6m	1.6m	1.9m	2.7m	2.5m	2.7m	2.6m	2.1m	2.0m	2.1m	786,237	3.1m	2.0m	2.2m	2.5m	2.5m	2.5m	2.4m
Solvency	39.8%	39.5%	42.9%	44.5%	18.8%	13.8%	13.1%	10.6%	9.3%	7.2%	7.0%	28.9%	39.3%	19.6%	16.0%	25.3%	25.7%	27.8%	26.6%
Current ratio	3.27	3.06	3.06	3.06	2.73	2.58	2.71	2.46	2.17	2.00	2.77	1.50	3.03	2.27	2.65	3.07	3.58	6.25	5.76
Quick ratio	3.04	2.86	3.06	3.06	2.73	2.58	2.71	2.46	2.17	2.00	2.77	1.50	3.03	2.27	2.65	3.07	3.58	6.25	5.76
Debt to equity	1.40	1.47	1.21	1.13	4.00	5.33	5.78	7.43	9.18	12.90	13.30	2.46	1.54	4.10	5.25	2.96	2.88	2.58	2.72
ROE	4.3%	-13.3%	-17.8%	24.9%	30.0%	-0.2%	17.5%	16.8%	22.0%	18.5%	-492.1%	-64.7%	60.3%	20.0%	-73.6%	0.2%	-3.7%	4.3%	9.1%
ROA	1.7%	-5.3%	-7.6%	11.1%	5.6%	0.0%	2.3%	1.8%	2.1%	1.3%	-34.4%	-18.7%	23.7%	3.9%	-11.8%	0.1%	-1.0%	1.2%	2.4%
Interest coverage	9.92	-9.46	-12.79	27.70	over 100	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Item	31-12-2025	31-12-2024	31-12-2023	31-12-2022	31-12-2021
Employees at the balance-sheet date	21	20	23	23	21
full-time	18	14	18	18	15
part-time	3	6	5	5	6
in full-time equivalents	20.4	18.8	22	22	19.9
Average over the year, in full-time equivalents	19.9	20.1	20.3	21.9	20.7
On a permanent contract	21	19	21	23	21
Joined	4	1	9	9	7
Left	3	4	9	7	4
Training hours	155	828	0	-	-

Davidsfonds

Annual accounts 2025

Balance sheet

Change in equityin €m

Change in cashin €m

Position in the sector

Solvency39.8%

Current ratio3.27

Return on assets1.7%

Staff

Staff cost per FTE€77,806

Joined and left+1

Filed annual accounts

Filings

Subsidies and aid

Flemish government 2022 to 2025, 9 entries, €5.6m awarded, €5.4m paid

Key figures and ratios

Social balance sheet

Investments

Insights on Davidsfonds

Next steps

Item	2025	2024	2023	2022	2021
Tangible fixed assets	€27,376	-	€2,487	€22,294	€14,477
Intangible fixed assets	€1,403	€11,573	€22,445	€189,904	-
Financial fixed assets	-	-	€15,000	€6,350	€19,440
Depreciation and write-downs of the year	€58,726	€52,900	€56,013	€50,924	€4,835