DBHO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 10 filings
Turnover
≈ €110,000
Estimated: probably between €83,000 and €140,000
EBIT margin
Not included in this filing
Net result
€37,331▼ 55.3%
2024 · €83,594
Working capital
€49,894▼ 5.2%
2024 · €52,610
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
€49,209
▼ 61.2%
2025
20182025
Net result
€37,331
▼ 55.3%
2025
middle half of the sector
20182025
Equity
€65,474
▼ 3.9%
2025
middle half of the sector
20182025
Total assets
€139,603
▼ 21.9%
2025
middle half of the sector
20182025
Debt
€74,129
▼ 33.0%
2025
20182025
Working capital
€49,894
▼ 5.2%
2025
middle half of the sector
20182025
Solvency
46.9%
▲ 8.8pp
2025
middle half of the sector
20182025
Current ratio
1.67
▲ 0.20
2025
middle half of the sector
20182025
Return on assets (ROA)
26.7%
▼ 20.0pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920212022202320242025
Operating result€7,490-€52,504▲ 601%€113,821-€113,757▼ 0.1%€192,993▲ 69.7%€126,935▼ 34.2%€49,209▼ 61.2%
Net result€4,247-€39,799▲ 837%€86,269above the sector's middle half-€85,116within the sector's middle half▼ 1.3%€155,999above the sector's middle half▲ 83.3%€83,594above the sector's middle half▼ 46.4%€37,331within the sector's middle half▼ 55.3%
Equity€13,880-€13,680▼ 1.4%€73,433within the sector's middle half-€28,549below the sector's middle half▼ 61.1%€34,548within the sector's middle half▲ 21.0%€68,143within the sector's middle half▲ 97.2%€65,474within the sector's middle half▼ 3.9%
Total assets€28,933-€79,218▲ 174%€161,091within the sector's middle half-€191,881below the sector's middle half▲ 19.1%€202,669within the sector's middle half▲ 5.6%€178,851within the sector's middle half▼ 11.8%€139,603within the sector's middle half▼ 21.9%
Debt€15,052-€65,539▲ 335%€87,658-€163,331▲ 86.3%€168,120▲ 2.9%€110,708▼ 34.1%€74,129▼ 33.0%
Working capital€12,872-€12,790▼ 0.6%€55,636within the sector's middle half-€13,143within the sector's middle half▼ 76.4%€17,491within the sector's middle half▲ 33.1%€52,610within the sector's middle half▲ 201%€49,894within the sector's middle half▼ 5.2%
Solvency48.0%-17.3%▼ 30.7pp45.6%within the sector's middle half-14.9%below the sector's middle half▼ 30.7pp17.0%below the sector's middle half▲ 2.2pp38.1%within the sector's middle half▲ 21.1pp46.9%within the sector's middle half▲ 8.8pp
Current ratio1.86-1.20▼ 0.661.63within the sector's middle half-1.08within the sector's middle half▼ 0.551.10within the sector's middle half▲ 0.021.48within the sector's middle half▲ 0.371.67within the sector's middle half▲ 0.20
Return on assets (ROA)14.7%-50.2%▲ 35.6pp53.6%above the sector's middle half-44.4%above the sector's middle half▼ 9.2pp77.0%above the sector's middle half▲ 32.6pp46.7%above the sector's middle half▼ 30.2pp26.7%within the sector's middle half▼ 20.0pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 61% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €139,603
Fixed assets
€15,580 ▲ 0.3%
Current assets
€124,023 ▼ 24.1%
Equity and liabilities €139,603
Equity
€65,474 ▼ 3.9%
Debt
€74,129 ▼ 33.0%
Debt's share of the balance-sheet total falls from 61.9% to 53.1%. Equity and debt are lower.
Key figures and ratios
EBITDA
€53,143▼
2024 · €131,966
Cash flow
€41,265▼
2024 · €88,625
Debt to equity
1.13▼
2024 · 1.62
ROE
57.0%▼
2024 · 122.7%
Interest coverage
38.56▼
2024 · 91.60
Debt ≤ 1 year
€74,129▼
2024 · €110,708
Income taxes
€10,499▼
2024 · €41,901
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 | - | - | €5,691 | €13,221 | €3,981 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €2,391 | €2,391 | €4,040 | €5,030 | €3,934 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €4,109 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €99 | €118 | €2,391 | €2,391 | €4,040 | €5,030 | €3,934 | ▼ 21.8% |
| Other operating charges640/8 | - | - | €807 | €641 | €677 | €630 | €1,019 | ▲ 61.8% |
| Gross operating margin9900 | €8,315 | €53,139 | €117,018 | €116,789 | €197,710 | €132,595 | €54,161 | ▼ 59.2% |
| Operating profit (loss)9901 | €7,490 | €52,504 | €113,821 | €113,757 | €192,993 | €126,935 | €49,209 | ▼ 61.2% |
| Financial income75/76B | - | - | - | - | - | €1 | €0 | ▼ 100% |
| Recurring financial income75 | - | - | - | - | - | €1 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | €408 | €576 | €788 | €1,441 | €1,378 | ▼ 4.3% |
| Recurring financial charges65 | €810 | €809 | €408 | €576 | €788 | €1,441 | €1,378 | ▼ 4.3% |
| Profit (loss) for the period before taxes9903 | €6,680 | €51,695 | €113,413 | €113,181 | €192,205 | €125,495 | €47,830 | ▼ 61.9% |
| Income taxes67/77 | €2,433 | €11,896 | €27,144 | €28,065 | €36,206 | €41,901 | €10,499 | ▼ 74.9% |
| Profit (loss) for the period9904 | €4,247 | €39,799 | €86,269 | €85,116 | €155,999 | €83,594 | €37,331 | ▼ 55.3% |
| Profit (loss) for the period to be appropriated9905 | €2,591 | €38,240 | €86,269 | €85,116 | €155,999 | €83,594 | €37,331 | ▼ 55.3% |
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €28,933 | €79,218 | €161,091 | €191,881 | €202,669 | €178,851 | €139,603 | ▼ 21.9% |
| Fixed assets21/28 | €1,008 | €890 | €17,797 | €15,406 | €17,057 | €15,533 | €15,580 | ▲ 0.3% |
| Tangible fixed assets22/27 | €888 | €770 | €17,677 | €15,286 | €16,937 | €15,413 | €15,460 | ▲ 0.3% |
| Furniture and vehicles24 | - | - | €3,318 | €2,649 | €4,773 | €1,940 | €2,133 | ▲ 9.9% |
| Other tangible fixed assets26 | - | - | €14,359 | €12,636 | €12,165 | €13,473 | €13,327 | ▼ 1.1% |
| Financial fixed assets28 | €120 | €120 | €120 | €120 | €120 | €120 | €120 | = |
| Current assets29/58 | €27,925 | €78,329 | €143,294 | €176,475 | €185,612 | €163,318 | €124,023 | ▼ 24.1% |
| Amounts receivable within one year40/41 | €7,567 | €12,329 | €36,500 | €38,931 | €1,767 | €62,672 | €26,067 | ▼ 58.4% |
| Trade receivables40 | - | - | €36,500 | €38,583 | €626 | €59,893 | €6,195 | ▼ 89.7% |
| Other amounts receivable41 | - | - | - | €348 | €1,141 | €2,778 | €19,873 | ▲ 615% |
| Cash at bank and in hand54/58 | €20,357 | €65,002 | €104,169 | €136,818 | €180,758 | €100,122 | €96,328 | ▼ 3.8% |
| Deferred charges and accrued income490/1 | - | - | €2,625 | €726 | €3,086 | €524 | €1,628 | ▲ 211% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €28,933 | €79,218 | €161,091 | €191,881 | €202,669 | €178,851 | €139,603 | ▼ 21.9% |
| Equity10/15 | €13,880 | €13,680 | €73,433 | €28,549 | €34,548 | €68,143 | €65,474 | ▼ 3.9% |
| Contributions10/11 | €6,200 | €6,200 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €7,680 | €7,480 | €54,833 | €9,949 | €15,948 | €49,543 | €46,874 | ▼ 5.4% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | - | €5,149 | €5,149 | €5,149 | €5,149 | €5,149 | = |
| Distributable reserves133 | - | - | €47,824 | €2,940 | €8,939 | €42,533 | €39,864 | ▼ 6.3% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €15,052 | €65,539 | €87,658 | €163,331 | €168,120 | €110,708 | €74,129 | ▼ 33.0% |
| Amounts payable within one year42/48 | €15,052 | €65,539 | €87,658 | €163,331 | €168,120 | €110,708 | €74,129 | ▼ 33.0% |
| Financial debts43 | - | - | €10,000 | €12,000 | €0 | - | - | - |
| Credit institutions430/8 | - | - | €10,000 | €12,000 | €0 | - | - | - |
| Trade debts44 | €5,292 | €6,007 | €2,478 | €1,136 | €1,656 | €25,509 | €476 | ▼ 98.1% |
| Suppliers440/4 | - | - | €2,478 | €1,136 | €1,656 | €25,509 | €476 | ▼ 98.1% |
| Taxes, remuneration and social security45 | - | - | €34,385 | €19,342 | €15,611 | €56,176 | €32,268 | ▼ 42.6% |
| Taxes450/3 | - | - | €24,596 | €9,704 | €5,771 | €50,769 | €31,150 | ▼ 38.6% |
| Remuneration and social security454/9 | - | - | €9,789 | €9,637 | €9,841 | €5,408 | €1,118 | ▼ 79.3% |
| Other amounts payable47/48 | - | - | €40,795 | €130,853 | €150,853 | €29,022 | €41,385 | ▲ 42.6% |
| Line | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,247 | €39,799 | €86,269 | €85,116 | €155,999 | €83,594 | €37,331 | ▼ 55.3% |
| + Depreciation and write-downs630 | €99 | €118 | €2,391 | €2,391 | €4,040 | €5,030 | €3,934 | ▼ 21.8% |
| Operating cash flow (approximation) | €4,346 | €39,918 | €88,660 | €87,507 | €160,039 | €88,625 | €41,265 | ▼ 53.4% |
| Investment in fixed assets (approximation) | - | €0 | - | €0 | -€5,691 | -€3,506 | -€3,981 | ▼ 13.5% |
| Change in cash | - | €44,644 | - | €32,648 | €43,940 | -€80,636 | -€3,795 | ▲ 95.3% |
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, 34,693 companies had the same profile as DBHO has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of DBHO 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 34,693 companies, not a prediction for DBHO. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-07-2026 | 2026-00264955 | |
| 31-12-2024 | micro format | 26-06-2025 | 2025-00189332 | |
| 31-12-2023 | micro format | 30-07-2024 | 2024-00320242 | |
| 31-12-2022 | full format | 31-07-2023 | 2023-00302730 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20260721 | |
| 31-12-2019 | full format | 29-06-2020 | 2020-22300085 | |
| 31-12-2018 | full format | 31-07-2019 | 2019-42500153 | |
| 31-12-2017 | full format | 30-08-2018 | 2018-54500494 | |
| 31-12-2016 | full format | 02-08-2017 | 2017-40600454 | |
| 31-12-2015 | full format | 19-08-2016 | 2016-44100393 |