DAVNA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 5 filings
Turnover
≈ €110,000
Estimated: probably between €71,000 and €150,000
Total assets
€92,199▲ 85.9%
2024 · €49,609
Net result
€27,765▼ 56.6%
2024 · €64,043
Working capital
€5,342▼ 69.5%
2024 · €17,529
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€40,054
▼ 42.9%
2025
20212025
Net result
€27,765
▼ 56.6%
2025
middle half of the sector
20212025
Equity
€21,154
▲ 77.9%
2025
lowest quarter of the sector
20212025
Total assets
€92,199
▲ 85.9%
2025
lowest quarter of the sector
20212025
Debt
€71,045
▲ 88.3%
2025
20212025
Working capital
€5,342
▼ 69.5%
2025
middle half of the sector
20212025
Solvency
22.9%
▼ 1.0pp
2025
middle half of the sector
20212025
Current ratio
1.15
▼ 1.04
2025
middle half of the sector
20212025
Return on assets (ROA)
30.1%
▼ 99.0pp
2025
highest quarter of the sector
20212025
Staff (FTE)
no figure
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result-€26,760--€18,729▲ 30.0%-€12,376▲ 33.9%€70,207€40,054▼ 42.9%
Net result-€29,151below the sector's middle half--€21,784below the sector's middle half▲ 25.3%-€15,219below the sector's middle half▲ 30.1%€64,043within the sector's middle half€27,765within the sector's middle half▼ 56.6%
Equity-€15,151below the sector's middle half--€36,935below the sector's middle half▼ 144%-€52,154below the sector's middle half▼ 41.2%€11,889below the sector's middle half€21,154below the sector's middle half▲ 77.9%
Total assets€52,248below the sector's middle half-€44,936below the sector's middle half▼ 14.0%€28,211below the sector's middle half▼ 37.2%€49,609below the sector's middle half▲ 75.8%€92,199below the sector's middle half▲ 85.9%
Debt€67,399-€81,871▲ 21.5%€80,366▼ 1.8%€37,720▼ 53.1%€71,045▲ 88.3%
Working capital-€11,940within the sector's middle half--€27,615within the sector's middle half▼ 131%-€13,738within the sector's middle half▲ 50.3%€17,529within the sector's middle half€5,342within the sector's middle half▼ 69.5%
Solvency-29.0%below the sector's middle half--82.2%below the sector's middle half▼ 53.2pp-184.9%below the sector's middle half▼ 102.7pp24.0%within the sector's middle half▲ 208.8pp22.9%within the sector's middle half▼ 1.0pp
Current ratio0.58below the sector's middle half-0.14below the sector's middle half▼ 0.440.55below the sector's middle half▲ 0.412.19within the sector's middle half▲ 1.641.15within the sector's middle half▼ 1.04
Return on assets (ROA)-55.8%below the sector's middle half--48.5%below the sector's middle half▲ 7.3pp-53.9%below the sector's middle half▼ 5.5pp129.1%above the sector's middle half▲ 183.0pp30.1%above the sector's middle half▼ 99.0pp
Staff (FTE)2.5within the sector's middle half-5.1within the sector's middle half▲ 104%1.4within the sector's middle half▼ 72.5%
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 43% lower than 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 €92,199
Fixed assets
€52,305 ▲ 201%
Current assets
€39,894 ▲ 23.7%
Equity and liabilities €92,199
Equity
€21,154 ▲ 77.9%
Debt
€71,045 ▲ 88.3%
Debt's share of the balance-sheet total rises from 76.0% to 77.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€43,091▼
2024 · €72,379
Cash flow
€30,802▼
2024 · €66,215
Debt to equity
3.36▲
2024 · 3.17
ROE
131.3%▼
2024 · 538.7%
Interest coverage
26.14▼
2024 · 55.00
Debt ≤ 1 year
€34,551▲
2024 · €14,712
Debt > 1 year
€36,419▲
2024 · €23,008
Income taxes
€10,766▲
2024 · €5,008
Staff costs
€58▼
2024 · €499
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 |
|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | - |
| full-time | 3 | 3 | - |
| in full-time equivalents | 3 | 3 | - |
| Average over the year, in full-time equivalents | 2.5 | 5.1 | 1.4 |
| On a permanent contract | 2 | 2 | - |
| Joined | 8 | 7 | 0 |
| Left | 5 | 7 | 3 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €36,516 | €18,974 | - | €8,154 | €37,975 |
| Financial fixed assets | €10,750 | €3,400 | - | - | - |
| Depreciation and write-downs of the year | €11,535 | €17,766 | €10,948 | €2,172 | €3,038 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €61,101 | €83,401 | €2,179 | €499 | €58 | ▼ 88.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,535 | €17,766 | €10,948 | €2,172 | €3,038 | ▲ 39.9% |
| Other operating charges640/8 | €5,723 | €2,204 | €12,327 | €3,643 | €2,960 | ▼ 18.8% |
| Gross operating margin9900 | €51,599 | €84,642 | €13,079 | €76,521 | €46,109 | ▼ 39.7% |
| Operating profit (loss)9901 | -€26,760 | -€18,729 | -€12,376 | €70,207 | €40,054 | ▼ 42.9% |
| Financial income75/76B | €1 | €79 | €8 | €160 | €125 | ▼ 21.7% |
| Recurring financial income75 | €1 | €79 | €8 | €160 | €125 | ▼ 21.7% |
| Financial charges65/66B | €2,393 | €3,012 | €2,710 | €1,316 | €1,648 | ▲ 25.3% |
| Recurring financial charges65 | €2,393 | €3,012 | €2,710 | €1,316 | €1,648 | ▲ 25.3% |
| Profit (loss) for the period before taxes9903 | -€29,151 | -€21,661 | -€15,077 | €69,051 | €38,530 | ▼ 44.2% |
| Income taxes67/77 | - | €123 | €142 | €5,008 | €10,766 | ▲ 115% |
| Profit (loss) for the period9904 | -€29,151 | -€21,784 | -€15,219 | €64,043 | €27,765 | ▼ 56.6% |
| Profit (loss) for the period to be appropriated9905 | -€29,151 | -€21,784 | -€15,219 | €64,043 | €27,765 | ▼ 56.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €52,248 | €44,936 | €28,211 | €49,609 | €92,199 | ▲ 85.9% |
| Fixed assets21/28 | €35,731 | €40,339 | €11,386 | €17,368 | €52,305 | ▲ 201% |
| Tangible fixed assets22/27 | €24,981 | €26,189 | €2,332 | €8,315 | €43,252 | ▲ 420% |
| Plant, machinery and equipment23 | - | - | - | - | €411 | - |
| Furniture and vehicles24 | €24,981 | €26,189 | €2,332 | €8,315 | €42,841 | ▲ 415% |
| Financial fixed assets28 | €10,750 | €14,150 | €9,053 | €9,053 | €9,053 | = |
| Current assets29/58 | €16,518 | €4,597 | €16,826 | €32,241 | €39,894 | ▲ 23.7% |
| Amounts receivable within one year40/41 | €15,903 | €247 | €2,104 | €10,927 | €16,863 | ▲ 54.3% |
| Trade receivables40 | €15,903 | €1 | €1,791 | €10,927 | €14,628 | ▲ 33.9% |
| Other amounts receivable41 | - | €246 | €313 | - | €2,234 | - |
| Cash at bank and in hand54/58 | €614 | €4,350 | €14,666 | €20,756 | €17,110 | ▼ 17.6% |
| Deferred charges and accrued income490/1 | - | - | €56 | €558 | €5,922 | ▲ 961% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €52,248 | €44,936 | €28,211 | €49,609 | €92,199 | ▲ 85.9% |
| Equity10/15 | -€15,151 | -€36,935 | -€52,154 | €11,889 | €21,154 | ▲ 77.9% |
| Contributions10/11 | €14,000 | €14,000 | €14,000 | €14,000 | €14,000 | = |
| Profit (loss) carried forward14 | -€29,151 | -€50,935 | -€66,154 | -€2,111 | €7,154 | - |
| Amounts payable17/49 | €67,399 | €81,871 | €80,366 | €37,720 | €71,045 | ▲ 88.3% |
| Amounts payable after more than one year17 | €38,942 | €49,658 | €49,802 | €23,008 | €36,419 | ▲ 58.3% |
| Financial debts170/4 | €22,942 | €23,658 | €8,802 | €2,362 | €28,772 | ▲ 12× |
| Other amounts payable178/9 | €16,000 | €26,000 | €41,000 | €20,646 | €7,646 | ▼ 63.0% |
| Amounts payable within one year42/48 | €28,457 | €32,212 | €30,564 | €14,712 | €34,551 | ▲ 135% |
| Current portion of amounts payable after more than one year42 | €9,357 | €14,165 | €13,458 | €6,440 | €6,093 | ▼ 5.4% |
| Financial debts43 | €1,861 | - | - | €152 | €317 | ▲ 109% |
| Credit institutions430/8 | €1,861 | - | - | €152 | €317 | ▲ 109% |
| Trade debts44 | €6,458 | €490 | €6,307 | €974 | €1,066 | ▲ 9.5% |
| Suppliers440/4 | €6,458 | €490 | €6,307 | €974 | €1,066 | ▲ 9.5% |
| Taxes, remuneration and social security45 | €9,992 | €16,680 | €8,282 | €7,146 | €10,001 | ▲ 40.0% |
| Taxes450/3 | €3,655 | €10,542 | €8,083 | €7,146 | €10,001 | ▲ 40.0% |
| Remuneration and social security454/9 | €6,337 | €6,139 | €199 | - | - | - |
| Other amounts payable47/48 | €788 | €877 | €2,516 | - | €17,073 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €75 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€29,151 | -€21,784 | -€15,219 | €64,043 | €27,765 | ▼ 56.6% |
| + Depreciation and write-downs630 | €11,535 | €17,766 | €10,948 | €2,172 | €3,038 | ▲ 39.9% |
| Operating cash flow (approximation) | -€17,616 | -€4,018 | -€4,271 | €66,215 | €30,802 | ▼ 53.5% |
| Investment in fixed assets (approximation) | - | -€22,374 | €18,005 | -€8,154 | -€37,975 | ▼ 366% |
| Change in cash | - | €3,736 | €10,316 | €6,090 | -€3,647 | - |
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, 6,713 companies had the same profile as DAVNA has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of DAVNA itself is lower: 0.2% within 12 months. It rests on far more data about DAVNA than the profile alone.
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 6,713 companies, not a prediction for DAVNA. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 26-06-2026 | 2026-00207348 | |
| 31-12-2024 | abbreviated format | 11-07-2025 | 2025-00258598 | |
| 31-12-2023 | abbreviated format | 28-06-2024 | 2024-00184704 | |
| 31-12-2022 | abbreviated format | 30-08-2023 | 2023-00410165 | |
| 31-12-2021 | abbreviated format | 25-07-2022 | 2022-20224415 |