DB
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-01-2026 PDF all 4 filings
Turnover
≈ €140,000
Estimated: probably between €57,000 and €230,000
Total assets
€52,853▲ 19.8%
2024 · €44,107
Net result
€14,608
2024 · -€2,313
Working capital
€741
2024 · -€17,335
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€16,317
2025
20222025
Net result
€14,608
2025
middle half of the sector
20222025
Equity
€15,344
▲ 21×
2025
lowest quarter of the sector
20222025
Total assets
€52,853
▲ 19.8%
2025
lowest quarter of the sector
20222025
Debt
€37,510
▼ 13.5%
2025
20222025
Working capital
€741
2025
middle half of the sector
20222025
Solvency
29.0%
▲ 27.4pp
2025
middle half of the sector
20222025
Current ratio
1.02
▲ 0.44
2025
lowest quarter of the sector
20222025
Return on assets (ROA)
27.6%
▲ 32.9pp
2025
middle half of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€20,386--€32,756-€286▲ 99.1%€16,317
Net result€16,631within the sector's middle half--€33,582below the sector's middle half-€2,313below the sector's middle half▲ 93.1%€14,608within the sector's middle half
Equity€36,631within the sector's middle half-€3,049below the sector's middle half▼ 91.7%€736below the sector's middle half▼ 75.9%€15,344below the sector's middle half▲ 21×
Total assets€41,935below the sector's middle half-€31,598below the sector's middle half▼ 24.6%€44,107below the sector's middle half▲ 39.6%€52,853below the sector's middle half▲ 19.8%
Debt€5,303-€28,549▲ 438%€43,371▲ 51.9%€37,510▼ 13.5%
Working capital€13,563within the sector's middle half--€20,715below the sector's middle half-€17,335below the sector's middle half▲ 16.3%€741within the sector's middle half
Solvency87.4%above the sector's middle half-9.7%below the sector's middle half▼ 77.7pp1.7%below the sector's middle half▼ 8.0pp29.0%within the sector's middle half▲ 27.4pp
Current ratio3.56within the sector's middle half-0.26below the sector's middle half▼ 3.310.58below the sector's middle half▲ 0.331.02below the sector's middle half▲ 0.44
Return on assets (ROA)39.7%above the sector's middle half--106.3%below the sector's middle half▼ 145.9pp-5.2%below the sector's middle half▲ 101.0pp27.6%within the sector's middle half▲ 32.9pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 €16,317, after a loss of €286 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 €52,853
Fixed assets
€16,019 ▼ 19.8%
Current assets
€36,834 ▲ 52.7%
Equity and liabilities €52,853
Equity
€15,344 ▲ 21×
Debt
€37,510 ▼ 13.5%
Debt's share of the balance-sheet total falls from 98.3% to 71.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€20,280▲
2024 · €4,179
Cash flow
€18,571▲
2024 · €2,152
Debt to equity
2.44
ROE
95.2%
Interest coverage
11.38▲
2024 · 2.03
Debt ≤ 1 year
€36,094▼
2024 · €41,459
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €25,897 | €5,553 | - | - |
| Depreciation and write-downs of the year | €2,814 | €4,188 | €4,465 | €3,963 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,814 | €4,188 | €4,465 | €3,963 | ▼ 11.2% |
| Other operating charges640/8 | €875 | €485 | €657 | €1,606 | ▲ 145% |
| Gross operating margin9900 | €24,075 | -€28,084 | €4,836 | €21,886 | ▲ 353% |
| Operating profit (loss)9901 | €20,386 | -€32,756 | -€286 | €16,317 | - |
| Financial income75/76B | €1 | €19 | €31 | €74 | ▲ 141% |
| Recurring financial income75 | €1 | €19 | €31 | €74 | ▲ 141% |
| Financial charges65/66B | €99 | €844 | €2,058 | €1,783 | ▼ 13.4% |
| Recurring financial charges65 | €99 | €844 | €2,058 | €1,783 | ▼ 13.4% |
| Profit (loss) for the period before taxes9903 | €20,287 | -€33,582 | -€2,313 | €14,608 | - |
| Income taxes67/77 | €3,656 | €0 | - | - | - |
| Profit (loss) for the period9904 | €16,631 | -€33,582 | -€2,313 | €14,608 | - |
| Profit (loss) for the period to be appropriated9905 | €16,631 | -€33,582 | -€2,313 | €14,608 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €41,935 | €31,598 | €44,107 | €52,853 | ▲ 19.8% |
| Fixed assets21/28 | €23,083 | €24,447 | €19,982 | €16,019 | ▼ 19.8% |
| Tangible fixed assets22/27 | €23,083 | €24,447 | €19,982 | €16,019 | ▼ 19.8% |
| Plant, machinery and equipment23 | €1,281 | €3,055 | €2,263 | €1,470 | ▼ 35.0% |
| Furniture and vehicles24 | €8,160 | €7,750 | €4,077 | €907 | ▼ 77.8% |
| Other tangible fixed assets26 | €13,643 | €13,643 | €13,643 | €13,643 | = |
| Current assets29/58 | €18,851 | €7,151 | €24,124 | €36,834 | ▲ 52.7% |
| Amounts receivable within one year40/41 | €4,829 | €3,112 | €7,561 | €27,346 | ▲ 262% |
| Trade receivables40 | €2,479 | €2,600 | €7,561 | €27,346 | ▲ 262% |
| Other amounts receivable41 | €2,350 | €512 | €0 | - | - |
| Cash at bank and in hand54/58 | €14,022 | €986 | €9,647 | €8,655 | ▼ 10.3% |
| Deferred charges and accrued income490/1 | - | €3,052 | €6,916 | €834 | ▼ 87.9% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €41,935 | €31,598 | €44,107 | €52,853 | ▲ 19.8% |
| Equity10/15 | €36,631 | €3,049 | €736 | €15,344 | ▲ 21× |
| Contributions10/11 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €16,631 | €0 | - | - | - |
| Distributable reserves133 | €16,631 | €0 | - | - | - |
| Profit (loss) carried forward14 | - | -€16,951 | -€19,264 | -€4,656 | ▲ 75.8% |
| Amounts payable17/49 | €5,303 | €28,549 | €43,371 | €37,510 | ▼ 13.5% |
| Amounts payable within one year42/48 | €5,289 | €27,866 | €41,459 | €36,094 | ▼ 12.9% |
| Financial debts43 | €393 | €856 | €9,997 | €0 | ▼ 100% |
| Credit institutions430/8 | €393 | €856 | €9,997 | €0 | ▼ 100% |
| Trade debts44 | €42 | €2,753 | €2,173 | €3,042 | ▲ 40.0% |
| Suppliers440/4 | €42 | €2,753 | €2,173 | €3,042 | ▲ 40.0% |
| Taxes, remuneration and social security45 | €4,148 | €995 | €4,892 | €4,496 | ▼ 8.1% |
| Taxes450/3 | €4,148 | €995 | €4,892 | €4,496 | ▼ 8.1% |
| Other amounts payable47/48 | €706 | €23,262 | €24,398 | €28,556 | ▲ 17.0% |
| Accrued charges and deferred income492/3 | €14 | €683 | €1,911 | €1,416 | ▼ 25.9% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,631 | -€33,582 | -€2,313 | €14,608 | - |
| + Depreciation and write-downs630 | €2,814 | €4,188 | €4,465 | €3,963 | ▼ 11.2% |
| Operating cash flow (approximation) | €19,446 | -€29,394 | €2,152 | €18,571 | ▲ 763% |
| Investment in fixed assets (approximation) | - | -€5,553 | €0 | €0 | - |
| Change in cash | - | -€13,036 | €8,661 | -€993 | - |
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 DB 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.
That fits the bankruptcy probability of DB 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 6,713 companies, not a prediction for DB. 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.