DBS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 14 filings
Turnover
≈ €56,000
Estimated: probably between €28,000 and €98,000
Total assets
€15,915▼ 4.3%
2024 · €16,633
Net result
€74▼ 14.1%
2024 · €86
Working capital
€14,153▲ 9.0%
2024 · €12,980
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1,237
▲ 27.9%
2025
20182025
Net result
€74
▼ 14.1%
2025
middle half of the sector
20182025
Equity
€12,241
▲ 0.6%
2025
middle half of the sector
20182025
Total assets
€15,915
▼ 4.3%
2025
lowest quarter of the sector
20182025
Debt
€3,674
▼ 17.7%
2025
20182025
Working capital
€14,153
▲ 9.0%
2025
middle half of the sector
20182025
Solvency
76.9%
▲ 3.8pp
2025
highest quarter of the sector
20182025
Current ratio
17.53
▲ 11.52
2025
highest quarter of the sector
20182025
Return on assets (ROA)
0.5%
▼ 0.1pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€2,045-€6,301▲ 208%€14,314▲ 127%€748▼ 94.8%€1,502▲ 101%€1,152▼ 23.3%€967▼ 16.1%€1,237▲ 27.9%
Net result€936-€4,108▲ 339%€9,395within the sector's middle half▲ 129%€120within the sector's middle half▼ 98.7%€723within the sector's middle half▲ 502%€47within the sector's middle half▼ 93.5%€86within the sector's middle half▲ 82.3%€74within the sector's middle half▼ 14.1%
Equity-€2,312-€1,796€11,191within the sector's middle half▲ 523%€11,311within the sector's middle half▲ 1.1%€12,033within the sector's middle half▲ 6.4%€12,081within the sector's middle half▲ 0.4%€12,167within the sector's middle half▲ 0.7%€12,241within the sector's middle half▲ 0.6%
Total assets€10,068-€12,753▲ 26.7%€27,085below the sector's middle half▲ 112%€22,474below the sector's middle half▼ 17.0%€15,115below the sector's middle half▼ 32.7%€15,264below the sector's middle half▲ 1.0%€16,633below the sector's middle half▲ 9.0%€15,915below the sector's middle half▼ 4.3%
Debt€12,380-€10,957▼ 11.5%€15,894▲ 45.1%€11,163▼ 29.8%€3,082▼ 72.4%€3,183▲ 3.3%€4,467▲ 40.3%€3,674▼ 17.7%
Working capital-€3,243-€746€11,191within the sector's middle half▲ 15×€9,766within the sector's middle half▼ 12.7%€10,649within the sector's middle half▲ 9.0%€11,795within the sector's middle half▲ 10.8%€12,980within the sector's middle half▲ 10.0%€14,153within the sector's middle half▲ 9.0%
Solvency-23.0%-14.1%▲ 37.0pp41.3%within the sector's middle half▲ 27.2pp50.3%within the sector's middle half▲ 9.0pp79.6%above the sector's middle half▲ 29.3pp79.1%above the sector's middle half▼ 0.5pp73.1%above the sector's middle half▼ 6.0pp76.9%above the sector's middle half▲ 3.8pp
Current ratio0.73-1.07▲ 0.341.70within the sector's middle half▲ 0.641.87within the sector's middle half▲ 0.174.46above the sector's middle half▲ 2.586.26above the sector's middle half▲ 1.806.02above the sector's middle half▼ 0.2417.53above the sector's middle half▲ 11.52
Return on assets (ROA)9.3%-32.2%▲ 22.9pp34.7%above the sector's middle half▲ 2.5pp0.5%within the sector's middle half▼ 34.2pp4.8%within the sector's middle half▲ 4.2pp0.3%within the sector's middle half▼ 4.5pp0.5%within the sector's middle half▲ 0.2pp0.5%within the sector's middle half▼ 0.1pp
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 28% higher than in 2024. It is a recovery after the fall 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 €15,915
Fixed assets
€906 ▼ 15.0%
Current assets
€15,009 ▼ 3.6%
Equity and liabilities €15,915
Equity
€12,241 ▲ 0.6%
Debt
€3,674 ▼ 17.7%
Debt's share of the balance-sheet total falls from 26.9% to 23.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1,396▲
2024 · €1,126
Cash flow
€234▼
2024 · €246
Quick ratio
12.07▲
2024 · 3.80
Debt to equity
0.30▼
2024 · 0.37
ROE
0.6%▼
2024 · 0.7%
Interest coverage
1.01▼
2024 · 1.02
Debt ≤ 1 year
€856▼
2024 · €2,588
Income taxes
€22▼
2024 · €24
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 | €1,597 | - | - | - | - |
| Depreciation and write-downs of the year | €52 | €160 | €160 | €160 | €160 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €293 | €114 | - | €52 | €160 | €160 | €160 | €160 | = |
| Other operating charges640/8 | - | - | - | €1,161 | €795 | €2,511 | €1,169 | €477 | ▼ 59.2% |
| Gross operating margin9900 | €3,363 | €6,547 | €15,061 | €1,961 | €2,457 | €3,822 | €2,295 | €1,873 | ▼ 18.4% |
| Operating profit (loss)9901 | €2,045 | €6,301 | €14,314 | €748 | €1,502 | €1,152 | €967 | €1,237 | ▲ 27.9% |
| Financial income75/76B | - | - | - | €209 | €387 | €238 | €248 | €238 | ▼ 3.9% |
| Recurring financial income75 | - | €0 | - | €209 | €387 | €238 | €248 | €238 | ▼ 3.9% |
| Financial charges65/66B | - | - | - | €798 | €971 | €1,109 | €1,104 | €1,378 | ▲ 24.8% |
| Recurring financial charges65 | €897 | €297 | €1,463 | €798 | €971 | €1,109 | €1,104 | €1,378 | ▲ 24.8% |
| Profit (loss) for the period before taxes9903 | €1,148 | €6,004 | €12,851 | €158 | €919 | €281 | €110 | €96 | ▼ 12.4% |
| Income taxes67/77 | €212 | €1,896 | €3,456 | €38 | €196 | €234 | €24 | €22 | ▼ 6.3% |
| Profit (loss) for the period9904 | €936 | €4,108 | €9,395 | €120 | €723 | €47 | €86 | €74 | ▼ 14.1% |
| Profit (loss) for the period to be appropriated9905 | €936 | €4,108 | €9,395 | €120 | €723 | €47 | €86 | €74 | ▼ 14.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €10,068 | €12,753 | €27,085 | €22,474 | €15,115 | €15,264 | €16,633 | €15,915 | ▼ 4.3% |
| Fixed assets21/28 | €1,164 | €1,050 | - | €1,545 | €1,385 | €1,225 | €1,065 | €906 | ▼ 15.0% |
| Tangible fixed assets22/27 | €114 | - | - | €1,545 | €1,385 | €1,225 | €1,065 | €906 | ▼ 15.0% |
| Plant, machinery and equipment23 | - | - | - | €1,545 | €1,385 | €1,225 | €1,065 | €906 | ▼ 15.0% |
| Financial fixed assets28 | €1,050 | €1,050 | - | - | - | - | - | - | - |
| Current assets29/58 | €8,905 | €11,703 | €27,085 | €20,929 | €13,730 | €14,038 | €15,568 | €15,009 | ▼ 3.6% |
| Stocks and contracts in progress3 | €7,000 | €8,500 | €6,077 | €5,958 | €5,678 | €5,516 | €5,737 | €4,676 | ▼ 18.5% |
| Stocks30/36 | - | - | - | €5,958 | €5,678 | €5,516 | €5,737 | €4,676 | ▼ 18.5% |
| Amounts receivable within one year40/41 | €791 | €1,553 | €6,457 | €10,272 | €5,061 | €4,802 | €4,349 | €4,511 | ▲ 3.7% |
| Trade receivables40 | - | - | - | €3,122 | - | €866 | - | - | - |
| Other amounts receivable41 | - | - | - | €7,150 | €5,061 | €3,936 | €4,349 | €4,511 | ▲ 3.7% |
| Cash at bank and in hand54/58 | €1,114 | €1,650 | €14,551 | €4,655 | €2,991 | €3,721 | €5,482 | €5,822 | ▲ 6.2% |
| Deferred charges and accrued income490/1 | - | - | - | €45 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €10,068 | €12,753 | €27,085 | €22,474 | €15,115 | €15,264 | €16,633 | €15,915 | ▼ 4.3% |
| Equity10/15 | -€2,312 | €1,796 | €11,191 | €11,311 | €12,033 | €12,081 | €12,167 | €12,241 | ▲ 0.6% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €85 | €85 | €4,991 | €5,111 | €5,833 | €5,881 | €5,967 | €6,041 | ▲ 1.2% |
| Non-distributable reserves130/1 | - | - | - | €85 | €85 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €85 | €85 | - | - | - | - |
| Distributable reserves133 | - | - | - | €5,026 | €5,748 | €5,881 | €5,967 | €6,041 | ▲ 1.2% |
| Profit (loss) carried forward14 | -€8,597 | -€4,489 | - | - | - | - | - | - | - |
| Amounts payable17/49 | €12,380 | €10,957 | €15,894 | €11,163 | €3,082 | €3,183 | €4,467 | €3,674 | ▼ 17.7% |
| Amounts payable within one year42/48 | €12,147 | €10,957 | €15,894 | €11,163 | €3,082 | €2,244 | €2,588 | €856 | ▼ 66.9% |
| Trade debts44 | €4,148 | €2,266 | €6,806 | €6,411 | €2,052 | €1,580 | €2,311 | €762 | ▼ 67.0% |
| Suppliers440/4 | - | - | - | €6,411 | €2,052 | €1,580 | €2,311 | €762 | ▼ 67.0% |
| Taxes, remuneration and social security45 | - | - | - | €4,753 | €1,030 | €663 | €277 | €94 | ▼ 66.0% |
| Taxes450/3 | - | - | - | €4,753 | €1,030 | €663 | €277 | €94 | ▼ 66.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €939 | €1,879 | €2,818 | ▲ 50.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €936 | €4,108 | €9,395 | €120 | €723 | €47 | €86 | €74 | ▼ 14.1% |
| + Depreciation and write-downs630 | €293 | €114 | - | €52 | €160 | €160 | €160 | €160 | = |
| Operating cash flow (approximation) | €1,229 | €4,221 | €9,395 | €173 | €882 | €207 | €246 | €234 | ▼ 4.9% |
| Investment in fixed assets (approximation) | - | €0 | - | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €537 | €12,900 | -€9,896 | -€1,664 | €730 | €1,761 | €340 | ▼ 80.7% |
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, 10,904 companies had the same profile as DBS has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of DBS 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 10,904 companies, not a prediction for DBS. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00372072 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00451097 | |
| 31-12-2023 | micro format | 27-07-2024 | 2024-00319558 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00198191 | |
| 31-12-2021 | micro format | 30-06-2022 | 2022-20126646 | |
| 31-12-2020 | micro format | 05-07-2021 | 2021-31100422 | |
| 31-12-2019 | micro format | 25-11-2020 | 2020-72700085 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-62600594 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-61100104 | |
| 31-12-2016 | micro format | 28-08-2017 | 2017-49900292 |