DAVNET
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 27 days after the deadline Filed on 27 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00127280.
Annual accounts 2025 filed on 27-05-2026 PDF all 13 filings
Turnover
≈ €21,000
Estimated: probably between €11,000 and €41,000
Total assets
€94,731▼ 12.3%
2024 · €108,065
Net result
-€8,160▲ 80.8%
2024 · -€42,493
Working capital
€48,836▼ 25.3%
2024 · €65,414
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€8,143
▲ 80.6%
2025
20192025
Net result
-€8,160
▲ 80.8%
2025
lowest quarter of the sector
20192025
Equity
€67,302
▼ 29.5%
2025
middle half of the sector
20192025
Total assets
€94,731
▼ 12.3%
2025
middle half of the sector
20192025
Debt
€27,429
▲ 118%
2025
20192025
Working capital
€48,836
▼ 25.3%
2025
middle half of the sector
20192025
Solvency
71.0%
▼ 17.3pp
2025
middle half of the sector
20192025
Current ratio
2.78
▼ 3.41
2025
middle half of the sector
20192025
Return on assets (ROA)
-8.6%
▲ 30.7pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€25,916-€28,558▲ 10.2%€37,873▲ 32.6%€22,437▼ 40.8%-€5,492-€41,987▼ 664%-€8,143▲ 80.6%
Net result€20,254-€23,503within the sector's middle half▲ 16.0%€32,138within the sector's middle half▲ 36.7%€10,848within the sector's middle half▼ 66.2%-€6,067below the sector's middle half-€42,493below the sector's middle half▼ 600%-€8,160below the sector's middle half▲ 80.8%
Equity€104,532-€119,035within the sector's middle half▲ 13.9%€142,173within the sector's middle half▲ 19.4%€144,022within the sector's middle half▲ 1.3%€137,955within the sector's middle half▼ 4.2%€95,462within the sector's middle half▼ 30.8%€67,302within the sector's middle half▼ 29.5%
Total assets€129,797-€201,916within the sector's middle half▲ 55.6%€211,524within the sector's middle half▲ 4.8%€211,150within the sector's middle half▼ 0.2%€167,948within the sector's middle half▼ 20.5%€108,065within the sector's middle half▼ 35.7%€94,731within the sector's middle half▼ 12.3%
Debt€25,265-€82,881▲ 228%€69,351▼ 16.3%€67,128▼ 3.2%€29,993▼ 55.3%€12,603▼ 58.0%€27,429▲ 118%
Working capital€100,494-€95,471within the sector's middle half▼ 5.0%€121,110above the sector's middle half▲ 26.9%€100,659within the sector's middle half▼ 16.9%€101,108within the sector's middle half▲ 0.4%€65,414within the sector's middle half▼ 35.3%€48,836within the sector's middle half▼ 25.3%
Solvency80.5%-59.0%within the sector's middle half▼ 21.6pp67.2%within the sector's middle half▲ 8.3pp68.2%within the sector's middle half▲ 1.0pp82.1%above the sector's middle half▲ 13.9pp88.3%above the sector's middle half▲ 6.2pp71.0%within the sector's middle half▼ 17.3pp
Current ratio4.98-3.06within the sector's middle half▼ 1.913.86within the sector's middle half▲ 0.803.02within the sector's middle half▼ 0.845.50above the sector's middle half▲ 2.486.19above the sector's middle half▲ 0.692.78within the sector's middle half▼ 3.41
Return on assets (ROA)15.6%-11.6%within the sector's middle half▼ 4.0pp15.2%within the sector's middle half▲ 3.6pp5.1%within the sector's middle half▼ 10.1pp-3.6%below the sector's middle half▼ 8.8pp-39.3%below the sector's middle half▼ 35.7pp-8.6%below the sector's middle half▲ 30.7pp
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 €8,143, smaller than the loss of €41,987 in 2024.
Turnover and EBIT margin are not published. The micro 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 €94,731
Fixed assets
€18,467 ▼ 38.5%
Current assets
€76,264 ▼ 2.2%
Equity and liabilities €94,731
Equity
€67,302 ▼ 29.5%
Debt
€27,429 ▲ 118%
Debt's share of the balance-sheet total rises from 11.7% to 29.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€3,438▲
2024 · -€26,685
Cash flow
€3,422▲
2024 · -€27,191
Quick ratio
2.45▼
2024 · 5.27
Debt to equity
0.41▲
2024 · 0.13
ROE
-12.1%▲
2024 · -44.5%
Interest coverage
18.02▲
2024 · -83.82
Debt ≤ 1 year
€27,429▲
2024 · €12,603
Income taxes
€162▼
2024 · €211
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,017 | €26,743 | - | €1,479 | - |
| Depreciation and write-downs of the year | €14,105 | €14,158 | €16,331 | €15,302 | €11,581 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €3,500 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,893 | €5,501 | €14,105 | €14,158 | €16,331 | €15,302 | €11,581 | ▼ 24.3% |
| Other operating charges640/8 | - | - | €1,232 | €1,100 | €1,013 | €1,515 | €477 | ▼ 68.5% |
| Non-recurring operating charges66A | - | - | €298 | €206 | - | €162 | - | - |
| Gross operating margin9900 | €34,570 | €46,623 | €53,508 | €37,901 | €11,851 | -€25,008 | €3,915 | - |
| Operating profit (loss)9901 | €25,916 | €28,558 | €37,873 | €22,437 | -€5,492 | -€41,987 | -€8,143 | ▲ 80.6% |
| Financial income75/76B | - | - | - | €29 | €34 | €24 | €337 | ▲ 14× |
| Recurring financial income75 | €1 | - | - | €29 | €34 | €24 | €337 | ▲ 14× |
| Financial charges65/66B | - | - | €677 | €534 | €429 | €318 | €191 | ▼ 40.1% |
| Recurring financial charges65 | €279 | €390 | €677 | €534 | €429 | €318 | €191 | ▼ 40.1% |
| Profit (loss) for the period before taxes9903 | €25,638 | €28,168 | €37,196 | €21,932 | -€5,887 | -€42,282 | -€7,997 | ▲ 81.1% |
| Income taxes67/77 | €5,384 | €4,665 | €5,058 | €11,084 | €180 | €211 | €162 | ▼ 23.1% |
| Profit (loss) for the period9904 | €20,254 | €23,503 | €32,138 | €10,848 | -€6,067 | -€42,493 | -€8,160 | ▲ 80.8% |
| Profit (loss) for the period to be appropriated9905 | €20,254 | €23,503 | €32,138 | €10,848 | -€6,067 | -€42,493 | -€8,160 | ▲ 80.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €129,797 | €201,916 | €211,524 | €211,150 | €167,948 | €108,065 | €94,731 | ▼ 12.3% |
| Fixed assets21/28 | €4,038 | €60,189 | €48,101 | €60,685 | €44,354 | €30,048 | €18,467 | ▼ 38.5% |
| Tangible fixed assets22/27 | €4,038 | €60,189 | €48,101 | €60,685 | €44,354 | €30,048 | €18,467 | ▼ 38.5% |
| Land and buildings22 | - | - | - | €25,236 | €22,705 | €20,174 | €17,642 | ▼ 12.5% |
| Furniture and vehicles24 | - | - | €47,171 | €35,128 | €21,649 | €9,875 | €824 | ▼ 91.7% |
| Other tangible fixed assets26 | - | - | €930 | €320 | - | - | - | - |
| Current assets29/58 | €125,759 | €141,727 | €163,423 | €150,465 | €123,594 | €78,017 | €76,264 | ▼ 2.2% |
| Stocks and contracts in progress3 | €23,458 | €25,107 | €31,629 | €35,211 | €13,856 | €11,577 | €9,110 | ▼ 21.3% |
| Stocks30/36 | - | - | €31,629 | €35,211 | €13,856 | €11,577 | €9,110 | ▼ 21.3% |
| Amounts receivable within one year40/41 | €23,724 | €29,541 | €30,969 | €20,171 | €17,268 | €5,123 | €31,914 | ▲ 523% |
| Trade receivables40 | - | - | €30,303 | €19,505 | €16,601 | €5,123 | €27,737 | ▲ 441% |
| Other amounts receivable41 | - | - | €666 | €666 | €666 | - | €4,177 | - |
| Cash at bank and in hand54/58 | €78,261 | €86,696 | €100,468 | €94,611 | €89,496 | €60,785 | €34,510 | ▼ 43.2% |
| Deferred charges and accrued income490/1 | - | - | €357 | €472 | €2,974 | €531 | €730 | ▲ 37.3% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €129,797 | €201,916 | €211,524 | €211,150 | €167,948 | €108,065 | €94,731 | ▼ 12.3% |
| Equity10/15 | €104,532 | €119,035 | €142,173 | €144,022 | €137,955 | €95,462 | €67,302 | ▼ 29.5% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €92,132 | €106,635 | €129,773 | €131,622 | €131,622 | €131,622 | €111,622 | ▼ 15.2% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | €127,913 | €129,762 | €129,762 | €131,622 | €111,622 | ▼ 15.2% |
| Profit (loss) carried forward14 | - | - | - | - | -€6,067 | -€48,559 | -€56,719 | ▼ 16.8% |
| Amounts payable17/49 | €25,265 | €82,881 | €69,351 | €67,128 | €29,993 | €12,603 | €27,429 | ▲ 118% |
| Amounts payable after more than one year17 | - | €36,625 | €27,038 | €17,322 | €7,474 | - | - | - |
| Financial debts170/4 | - | - | €27,038 | €17,322 | €7,474 | - | - | - |
| Amounts payable within one year42/48 | €25,265 | €46,256 | €42,313 | €49,806 | €22,486 | €12,603 | €27,429 | ▲ 118% |
| Current portion of amounts payable after more than one year42 | - | - | €9,587 | €9,716 | €9,848 | €7,474 | - | - |
| Trade debts44 | €9,082 | €20,410 | €20,740 | €25,634 | €8,026 | €2,135 | €1,263 | ▼ 40.9% |
| Suppliers440/4 | - | - | €20,740 | €25,634 | €8,026 | €2,135 | €1,263 | ▼ 40.9% |
| Taxes, remuneration and social security45 | - | - | €6,261 | €8,773 | €4,612 | €1,945 | €7,166 | ▲ 268% |
| Taxes450/3 | - | - | €6,261 | €8,773 | €4,112 | €1,945 | €6,666 | ▲ 243% |
| Remuneration and social security454/9 | - | - | - | - | €500 | - | €500 | - |
| Other amounts payable47/48 | - | - | €5,725 | €5,683 | - | €1,050 | €19,000 | ▲ 18× |
| Accrued charges and deferred income492/3 | - | - | - | - | €34 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,254 | €23,503 | €32,138 | €10,848 | -€6,067 | -€42,493 | -€8,160 | ▲ 80.8% |
| + Depreciation and write-downs630 | €7,893 | €5,501 | €14,105 | €14,158 | €16,331 | €15,302 | €11,581 | ▼ 24.3% |
| Operating cash flow (approximation) | €28,147 | €29,004 | €46,243 | €25,007 | €10,264 | -€27,191 | €3,422 | - |
| Investment in fixed assets (approximation) | - | -€61,652 | -€2,017 | -€26,742 | €0 | -€996 | €0 | - |
| Change in cash | - | €8,435 | €13,772 | -€5,857 | -€5,114 | -€28,711 | -€26,275 | ▲ 8.5% |
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, 6,908 companies had the same profile as DAVNET has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DAVNET 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 6,908 companies, not a prediction for DAVNET. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 27-05-2026 | 2026-00127280 | |
| 30-09-2024 | micro format | 04-08-2025 | 2025-00356687 | |
| 30-09-2023 | micro format | 30-04-2024 | 2024-00080156 | |
| 30-09-2022 | micro format | 28-04-2023 | 2023-00075346 | |
| 30-09-2021 | micro format | 29-04-2022 | 2022-20013957 | |
| 30-09-2020 | micro format | 08-03-2021 | 2021-07200035 | |
| 30-09-2019 | micro format | 31-03-2020 | 2020-08200307 | |
| 30-09-2018 | micro format | 18-03-2019 | 2019-07300043 | |
| 30-09-2017 | micro format | 05-03-2018 | 2018-06200390 | |
| 30-09-2016 | full format | 03-03-2017 | 2017-05800054 |