DBA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 25 filings
Turnover
≈ €1.7m
Estimated: probably between €1.2m and €2.6m
Total assets
€942,445▲ 23.9%
2024 · €760,844
Net result
€208,300▲ 12.7%
2024 · €184,804
Working capital
€687,014▲ 39.0%
2024 · €494,250
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€309,222
▲ 10.2%
2025
20182025
Net result
€208,300
▲ 12.7%
2025
highest quarter of the sector
20182025
Equity
€810,687
▲ 30.5%
2025
highest quarter of the sector
20182025
Total assets
€942,445
▲ 23.9%
2025
middle half of the sector
20182025
Debt
€131,758
▼ 5.7%
2025
20182025
Working capital
€687,014
▲ 39.0%
2025
highest quarter of the sector
20182025
Solvency
86.0%
▲ 4.4pp
2025
highest quarter of the sector
20182025
Current ratio
6.21
▲ 1.67
2025
highest quarter of the sector
20182025
Return on assets (ROA)
22.1%
▼ 2.2pp
2025
highest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€72,287-€17,969▼ 75.1%€7,550▼ 58.0%€30,224▲ 300%€98,742▲ 227%€266,128▲ 170%€280,689▲ 5.5%€309,222▲ 10.2%
Net result€40,480-€10,538▼ 74.0%-€162below the sector's middle half€23,155within the sector's middle half€68,609within the sector's middle half▲ 196%€173,775above the sector's middle half▲ 153%€184,804above the sector's middle half▲ 6.3%€208,300above the sector's middle half▲ 12.7%
Equity€282,211-€292,749▲ 3.7%€254,594within the sector's middle half▼ 13.0%€277,749within the sector's middle half▲ 9.1%€312,704within the sector's middle half▲ 12.6%€446,552within the sector's middle half▲ 42.8%€621,173within the sector's middle half▲ 39.1%€810,687above the sector's middle half▲ 30.5%
Total assets€373,030-€369,458▼ 1.0%€444,352below the sector's middle half▲ 20.3%€433,554below the sector's middle half▼ 2.4%€444,064below the sector's middle half▲ 2.4%€586,708within the sector's middle half▲ 32.1%€760,844within the sector's middle half▲ 29.7%€942,445within the sector's middle half▲ 23.9%
Debt€90,819-€76,710▼ 15.5%€189,757▲ 147%€155,806▼ 17.9%€131,360▼ 15.7%€140,156▲ 6.7%€139,671▼ 0.3%€131,758▼ 5.7%
Working capital€154,214-€172,365▲ 11.8%€127,457within the sector's middle half▼ 26.1%€125,193within the sector's middle half▼ 1.8%€163,165within the sector's middle half▲ 30.3%€314,880within the sector's middle half▲ 93.0%€494,250within the sector's middle half▲ 57.0%€687,014above the sector's middle half▲ 39.0%
Solvency75.7%-79.2%▲ 3.6pp57.3%within the sector's middle half▼ 21.9pp64.1%above the sector's middle half▲ 6.8pp70.4%above the sector's middle half▲ 6.4pp76.1%above the sector's middle half▲ 5.7pp81.6%above the sector's middle half▲ 5.5pp86.0%above the sector's middle half▲ 4.4pp
Current ratio2.91-3.47▲ 0.561.68within the sector's middle half▼ 1.791.80within the sector's middle half▲ 0.122.24within the sector's middle half▲ 0.443.25above the sector's middle half▲ 1.004.54above the sector's middle half▲ 1.296.21above the sector's middle half▲ 1.67
Return on assets (ROA)10.9%-2.9%▼ 8.0pp0.0%below the sector's middle half▼ 2.9pp5.3%within the sector's middle half▲ 5.4pp15.5%above the sector's middle half▲ 10.1pp29.6%above the sector's middle half▲ 14.2pp24.3%above the sector's middle half▼ 5.3pp22.1%above the sector's middle half▼ 2.2pp
Staff (FTE)0below the sector's middle half0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 10% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
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 €942,445
Fixed assets
€123,673 ▼ 2.6%
Current assets
€818,772 ▲ 29.2%
Equity and liabilities €942,445
Equity
€810,687 ▲ 30.5%
Debt
€131,758 ▼ 5.7%
Debt's share of the balance-sheet total falls from 18.4% to 14.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€323,635▲
2024 · €298,587
Cash flow
€222,712▲
2024 · €202,703
Debt to equity
0.16▼
2024 · 0.22
ROE
25.7%▼
2024 · 29.8%
Interest coverage
84.05▲
2024 · 69.16
Debt ≤ 1 year
€131,758▼
2024 · €139,648
Income taxes
€98,238▲
2024 · €92,922
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €30,887 | €12,126 | €2,527 | €13,173 | €11,139 |
| Depreciation and write-downs of the year | €8,468 | €15,143 | €18,509 | €17,899 | €14,412 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €25,029 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €19,596 | €8,735 | €6,243 | €8,468 | €15,143 | €18,509 | €17,899 | €14,412 | ▼ 19.5% |
| Other operating charges640/8 | - | - | - | €537 | €1,806 | €1,014 | €3,221 | €1,985 | ▼ 38.4% |
| Gross operating margin9900 | €92,187 | €28,437 | €14,328 | €39,229 | €115,691 | €285,650 | €301,808 | €325,620 | ▲ 7.9% |
| Operating profit (loss)9901 | €72,287 | €17,969 | €7,550 | €30,224 | €98,742 | €266,128 | €280,689 | €309,222 | ▲ 10.2% |
| Financial income75/76B | - | - | - | €0 | €0 | €8 | €1,355 | €1,166 | ▼ 13.9% |
| Recurring financial income75 | €225 | €1 | €0 | €0 | €0 | €8 | €1,355 | €1,166 | ▼ 13.9% |
| Financial charges65/66B | - | - | - | €912 | €459 | €3,060 | €4,318 | €3,851 | ▼ 10.8% |
| Recurring financial charges65 | €1,820 | €1,565 | €1,347 | €912 | €459 | €3,060 | €4,318 | €3,851 | ▼ 10.8% |
| Profit (loss) for the period before taxes9903 | €70,691 | €16,404 | €6,203 | €29,312 | €98,283 | €263,075 | €277,726 | €306,538 | ▲ 10.4% |
| Income taxes67/77 | €30,211 | €5,866 | €6,365 | €6,158 | €29,674 | €89,300 | €92,922 | €98,238 | ▲ 5.7% |
| Profit (loss) for the period9904 | €40,480 | €10,538 | -€162 | €23,155 | €68,609 | €173,775 | €184,804 | €208,300 | ▲ 12.7% |
| Transfer from tax-exempt reserves789 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €39,927 | €10,183 | €18,786 | €23,155 | €68,609 | €173,775 | €184,804 | €208,300 | ▲ 12.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €373,030 | €369,458 | €444,352 | €433,554 | €444,064 | €586,708 | €760,844 | €942,445 | ▲ 23.9% |
| Fixed assets21/28 | €138,197 | €127,385 | €130,137 | €152,555 | €149,539 | €131,672 | €126,946 | €123,673 | ▼ 2.6% |
| Tangible fixed assets22/27 | €35,106 | €24,293 | €27,045 | €49,464 | €46,447 | €28,580 | €23,854 | €20,581 | ▼ 13.7% |
| Land and buildings22 | - | - | - | €12,750 | €10,200 | €7,650 | €5,100 | €2,550 | ▼ 50.0% |
| Plant, machinery and equipment23 | - | - | - | €34,236 | €17,334 | €10,890 | €9,172 | €7,107 | ▼ 22.5% |
| Furniture and vehicles24 | - | - | - | €2,477 | €18,913 | €10,041 | €9,582 | €10,924 | ▲ 14.0% |
| Financial fixed assets28 | €103,092 | €103,092 | €103,092 | €103,092 | €103,092 | €103,092 | €103,092 | €103,092 | = |
| Current assets29/58 | €234,832 | €242,073 | €314,214 | €280,999 | €294,525 | €455,036 | €633,898 | €818,772 | ▲ 29.2% |
| Amounts receivable within one year40/41 | €162,941 | €177,771 | €247,102 | €193,475 | €238,584 | €199,147 | €391,119 | €378,982 | ▼ 3.1% |
| Trade receivables40 | - | - | - | €159,135 | €201,699 | €199,037 | €379,932 | €367,832 | ▼ 3.2% |
| Other amounts receivable41 | - | - | - | €34,340 | €36,885 | €111 | €11,186 | €11,150 | ▼ 0.3% |
| Cash at bank and in hand54/58 | €68,496 | €61,672 | €64,516 | €82,311 | €54,860 | €253,371 | €239,456 | €436,486 | ▲ 82.3% |
| Deferred charges and accrued income490/1 | - | - | - | €5,213 | €1,081 | €2,517 | €3,323 | €3,304 | ▼ 0.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €373,030 | €369,458 | €444,352 | €433,554 | €444,064 | €586,708 | €760,844 | €942,445 | ▲ 23.9% |
| Equity10/15 | €282,211 | €292,749 | €254,594 | €277,749 | €312,704 | €446,552 | €621,173 | €810,687 | ▲ 30.5% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €214,231 | €224,769 | €186,614 | €209,768 | €244,724 | €378,572 | €553,193 | €742,707 | ▲ 34.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €3,321 | €1,461 | €1,461 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Other1319 | - | - | - | - | - | €1,461 | €1,461 | €1,461 | = |
| Tax-exempt reserves132 | - | - | - | €1,461 | €1,461 | - | - | - | - |
| Distributable reserves133 | - | - | - | €206,448 | €241,403 | €375,251 | €551,732 | €741,246 | ▲ 34.3% |
| Profit (loss) carried forward14 | €49,380 | €49,380 | €49,380 | €49,380 | €49,380 | €49,380 | €49,380 | €49,380 | = |
| Amounts payable17/49 | €90,819 | €76,710 | €189,757 | €155,806 | €131,360 | €140,156 | €139,671 | €131,758 | ▼ 5.7% |
| Amounts payable after more than one year17 | €10,200 | €6,600 | €3,000 | €0 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €80,619 | €69,708 | €186,757 | €155,806 | €131,360 | €140,156 | €139,648 | €131,758 | ▼ 5.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €3,000 | €0 | - | - | - | - |
| Financial debts43 | - | - | - | €40,000 | €25,000 | €0 | €23,535 | €23,555 | ▲ 0.1% |
| Credit institutions430/8 | - | - | - | €40,000 | €25,000 | €0 | €23,535 | €23,555 | ▲ 0.1% |
| Trade debts44 | €16,563 | €20,978 | €24,575 | €14,345 | €14,510 | €13,035 | €11,666 | €4,925 | ▼ 57.8% |
| Suppliers440/4 | - | - | - | €14,345 | €14,510 | €13,035 | €11,666 | €4,925 | ▼ 57.8% |
| Taxes, remuneration and social security45 | - | - | - | €28,496 | €34,745 | €52,224 | €56,331 | €47,871 | ▼ 15.0% |
| Taxes450/3 | - | - | - | €28,496 | €34,745 | €52,224 | €56,331 | €47,871 | ▼ 15.0% |
| Other amounts payable47/48 | - | - | - | €69,965 | €57,105 | €74,897 | €48,115 | €55,407 | ▲ 15.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €24 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €40,480 | €10,538 | -€162 | €23,155 | €68,609 | €173,775 | €184,804 | €208,300 | ▲ 12.7% |
| + Depreciation and write-downs630 | €19,596 | €8,735 | €6,243 | €8,468 | €15,143 | €18,509 | €17,899 | €14,412 | ▼ 19.5% |
| Operating cash flow (approximation) | €60,076 | €19,273 | €6,081 | €31,623 | €83,752 | €192,284 | €202,703 | €222,712 | ▲ 9.9% |
| Investment in fixed assets (approximation) | - | €2,077 | -€8,995 | -€30,887 | -€12,126 | -€642 | -€13,173 | -€11,139 | ▲ 15.4% |
| Change in cash | - | -€6,824 | €2,844 | €17,795 | -€27,451 | €198,511 | -€13,915 | €197,030 | - |
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, 20,136 companies had the same profile as DBA has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of DBA 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 20,136 companies, not a prediction for DBA. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-07-2026 | 2026-00370311 | |
| 31-12-2024 | abbreviated format | 31-07-2025 | 2025-00341505 | |
| 31-12-2023 | abbreviated format | 29-07-2024 | 2024-00300816 | |
| 31-12-2022 | abbreviated format | 31-07-2023 | 2023-00292681 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20412834 | |
| 31-12-2020 | abbreviated format | 15-07-2021 | 2021-35200532 | |
| 31-12-2019 | abbreviated format | 27-07-2020 | 2020-33900249 | |
| 31-12-2018 | abbreviated format | 31-07-2019 | 2019-40700547 | |
| 31-12-2017 | abbreviated format | 30-07-2018 | 2018-39000220 | |
| 31-12-2016 | abbreviated format | 17-07-2017 | 2017-31400132 |