DCSi
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 25 filings
Equity
€201,581▼ 31.4%
2024 · €294,028
Total assets
€605,171▼ 15.6%
2024 · €717,380
Net result
-€92,447
2024 · €328,658
Working capital
€349,746▼ 15.2%
2024 · €412,380
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€91,551
2025
20182025
Net result
-€92,447
2025
lowest quarter of the sector
20182025
Equity
€201,581
▼ 31.4%
2025
highest quarter of the sector
20182025
Total assets
€605,171
▼ 15.6%
2025
highest quarter of the sector
20182025
Debt
€403,590
▼ 4.7%
2025
20182025
Working capital
€349,746
▼ 15.2%
2025
highest quarter of the sector
20182025
Solvency
33.3%
▼ 7.7pp
2025
middle half of the sector
20182025
Current ratio
4.18
=
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-15.3%
▼ 61.1pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€6,933--€10,882▼ 57.0%-€69,987▼ 543%€50,493€18,444▼ 63.5%-€36,864€330,964-€91,551
Net result-€6,735--€11,657▼ 73.1%-€70,707below the sector's middle half▼ 507%€46,421above the sector's middle half€17,492within the sector's middle half▼ 62.3%-€37,290below the sector's middle half€328,658above the sector's middle half-€92,447below the sector's middle half
Equity€21,094-€9,455▼ 55.2%-€61,253below the sector's middle half-€14,955below the sector's middle half▲ 75.6%€2,660below the sector's middle half-€34,630below the sector's middle half€294,028above the sector's middle half€201,581above the sector's middle half▼ 31.4%
Total assets€723,305-€702,675▼ 2.9%€811,091within the sector's middle half▲ 15.4%€840,934above the sector's middle half▲ 3.7%€835,623above the sector's middle half▼ 0.6%€764,900above the sector's middle half▼ 8.5%€717,380above the sector's middle half▼ 6.2%€605,171above the sector's middle half▼ 15.6%
Debt€702,211-€693,220▼ 1.3%€872,344▲ 25.8%€855,889▼ 1.9%€832,962▼ 2.7%€799,530▼ 4.0%€423,352▼ 47.0%€403,590▼ 4.7%
Working capital€520,338-€513,355▼ 1.3%€459,982above the sector's middle half▼ 10.4%€454,546above the sector's middle half▼ 1.2%€483,025above the sector's middle half▲ 6.3%€428,694above the sector's middle half▼ 11.2%€412,380above the sector's middle half▼ 3.8%€349,746above the sector's middle half▼ 15.2%
Solvency2.9%-1.3%▼ 1.6pp-7.6%below the sector's middle half▼ 8.9pp-1.8%below the sector's middle half▲ 5.8pp0.3%below the sector's middle half▲ 2.1pp-4.5%below the sector's middle half▼ 4.8pp41.0%within the sector's middle half▲ 45.5pp33.3%within the sector's middle half▼ 7.7pp
Current ratio73.67-63.22▼ 10.453.98above the sector's middle half▼ 59.243.49above the sector's middle half▼ 0.494.02above the sector's middle half▲ 0.544.40above the sector's middle half▲ 0.374.18above the sector's middle half▼ 0.224.18above the sector's middle half=
Return on assets (ROA)-0.9%--1.7%▼ 0.7pp-8.7%below the sector's middle half▼ 7.1pp5.5%within the sector's middle half▲ 14.2pp2.1%within the sector's middle half▼ 3.4pp-4.9%below the sector's middle half▼ 7.0pp45.8%above the sector's middle half▲ 50.7pp-15.3%below the sector's middle half▼ 61.1pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 €91,551, after a profit of €330,964 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €605,171
Fixed assets
€145,393 ▼ 17.0%
Current assets
€459,778 ▼ 15.2%
Equity and liabilities €605,171
Equity
€201,581 ▼ 31.4%
Debt
€403,590 ▼ 4.7%
Debt's share of the balance-sheet total rises from 59.0% to 66.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€61,738▼
2024 · €365,801
Cash flow
-€62,634▼
2024 · €363,495
Quick ratio
3.44▲
2024 · 3.35
Debt to equity
2.00▲
2024 · 1.44
ROE
-45.9%▼
2024 · 111.8%
Interest coverage
-62.39▼
2024 · over 100
Debt ≤ 1 year
€110,033▼
2024 · €129,794
Debt > 1 year
€293,527=
2024 · €293,527
Income taxes
€0▼
2024 · €214
Staff costs
€0▼
2024 · €731
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 | €27,102 | €15,352 | €52,391 | - | - |
| Depreciation and write-downs of the year | €19,956 | €26,184 | €29,244 | €34,837 | €29,813 |
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 | - | - | - | - | - | €3,800 | €380,328 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | - | €85 | €477 | €731 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,730 | €16,083 | €15,325 | €19,956 | €26,184 | €29,244 | €34,837 | €29,813 | ▼ 14.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €14,428 | -€37,469 | €13,367 | €18,862 | €54,387 | ▲ 188% |
| Other operating charges640/8 | - | - | - | €4,675 | €6,023 | €5,166 | €5,156 | €4,644 | ▼ 9.9% |
| Non-recurring operating charges66A | - | - | - | - | €62,895 | €0 | - | - | - |
| Gross operating margin9900 | €11,514 | €10,014 | -€59,714 | €89,552 | €76,162 | €11,389 | €390,551 | -€2,706 | - |
| Operating profit (loss)9901 | -€6,933 | -€10,882 | -€69,987 | €50,493 | €18,444 | -€36,864 | €330,964 | -€91,551 | - |
| Financial income75/76B | - | - | - | €1,040 | €691 | €914 | €74 | €93 | ▲ 26.2% |
| Recurring financial income75 | €976 | €853 | €389 | €1,040 | €691 | €914 | €74 | €93 | ▲ 26.2% |
| Financial charges65/66B | - | - | - | €514 | €1,437 | €1,116 | €2,166 | €989 | ▼ 54.3% |
| Recurring financial charges65 | €719 | €1,450 | €942 | €514 | €1,437 | €1,116 | €2,166 | €989 | ▼ 54.3% |
| Profit (loss) for the period before taxes9903 | -€6,676 | -€11,479 | -€70,540 | €51,019 | €17,697 | -€37,067 | €328,872 | -€92,447 | - |
| Income taxes67/77 | €59 | €178 | €167 | €4,598 | €205 | €224 | €214 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€6,735 | -€11,657 | -€70,707 | €46,421 | €17,492 | -€37,290 | €328,658 | -€92,447 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €36,315 | €0 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€6,735 | -€11,657 | -€70,707 | €82,736 | €17,492 | -€37,290 | €328,658 | -€92,447 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €723,305 | €702,675 | €811,091 | €840,934 | €835,623 | €764,900 | €717,380 | €605,171 | ▼ 15.6% |
| Fixed assets21/28 | €195,807 | €181,069 | €196,586 | €203,733 | €192,901 | €210,043 | €175,206 | €145,393 | ▼ 17.0% |
| Tangible fixed assets22/27 | €195,807 | €181,069 | €196,586 | €203,733 | €192,901 | €210,043 | €175,206 | €145,393 | ▼ 17.0% |
| Land and buildings22 | - | - | - | €156,738 | €146,227 | €135,716 | €125,205 | €114,887 | ▼ 8.2% |
| Plant, machinery and equipment23 | - | - | - | €21,438 | €20,620 | €33,944 | €22,152 | €12,923 | ▼ 41.7% |
| Furniture and vehicles24 | - | - | - | €25,558 | €26,054 | €40,383 | €27,849 | €17,583 | ▼ 36.9% |
| Current assets29/58 | €527,499 | €521,605 | €614,505 | €637,201 | €642,722 | €554,857 | €542,174 | €459,778 | ▼ 15.2% |
| Stocks and contracts in progress3 | €62,118 | €71,753 | €89,930 | €131,805 | €152,829 | €123,491 | €107,969 | €81,461 | ▼ 24.6% |
| Stocks30/36 | - | - | - | €131,805 | €152,829 | €123,491 | €107,969 | €81,461 | ▼ 24.6% |
| Amounts receivable within one year40/41 | €430,863 | €435,373 | €490,354 | €464,061 | €413,857 | €370,073 | €382,739 | €313,623 | ▼ 18.1% |
| Trade receivables40 | - | - | - | €452,551 | €412,564 | €370,073 | €382,739 | €313,623 | ▼ 18.1% |
| Other amounts receivable41 | - | - | - | €11,509 | €1,293 | €0 | - | - | - |
| Cash at bank and in hand54/58 | €34,518 | €14,082 | €30,821 | €38,928 | €74,567 | €58,884 | €49,920 | €63,561 | ▲ 27.3% |
| Deferred charges and accrued income490/1 | - | - | - | €2,408 | €1,470 | €2,409 | €1,546 | €1,134 | ▼ 26.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €723,305 | €702,675 | €811,091 | €840,934 | €835,623 | €764,900 | €717,380 | €605,171 | ▼ 15.6% |
| Equity10/15 | €21,094 | €9,455 | -€61,253 | -€14,955 | €2,660 | -€34,630 | €294,028 | €201,581 | ▼ 31.4% |
| Contributions10/11 | €280,400 | €280,400 | - | €280,400 | €280,400 | €280,400 | €280,400 | €280,400 | = |
| Revaluation surpluses12 | - | - | - | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Reserves13 | €88,752 | €88,752 | €88,752 | €52,437 | €52,437 | €52,437 | €52,437 | €52,437 | = |
| Non-distributable reserves130/1 | - | - | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves not available under the articles1311 | - | - | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Tax-exempt reserves132 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €47,437 | €47,437 | €47,437 | €47,437 | €47,437 | = |
| Profit (loss) carried forward14 | -€398,058 | -€409,697 | -€480,405 | -€397,792 | -€380,176 | -€417,467 | -€88,809 | -€181,256 | ▼ 104% |
| Amounts payable17/49 | €702,211 | €693,220 | €872,344 | €855,889 | €832,962 | €799,530 | €423,352 | €403,590 | ▼ 4.7% |
| Amounts payable after more than one year17 | €694,841 | €684,932 | €673,234 | €673,234 | €673,234 | €673,234 | €293,527 | €293,527 | = |
| Financial debts170/4 | - | - | - | €673,234 | €673,234 | €673,234 | €293,527 | €293,527 | = |
| Amounts payable within one year42/48 | €7,160 | €8,251 | €154,523 | €182,655 | €159,697 | €126,163 | €129,794 | €110,033 | ▼ 15.2% |
| Trade debts44 | €488 | €5,489 | €118,507 | €143,990 | €148,079 | €117,562 | €125,675 | €105,816 | ▼ 15.8% |
| Suppliers440/4 | - | - | - | €143,990 | €148,079 | €117,562 | €125,675 | €105,816 | ▼ 15.8% |
| Advances received on contracts in progress46 | - | - | - | €0 | €687 | €0 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €8,665 | €10,203 | €7,873 | €3,392 | €3,473 | ▲ 2.4% |
| Taxes450/3 | - | - | - | €8,665 | €10,203 | €7,873 | €3,392 | €3,473 | ▲ 2.4% |
| Other amounts payable47/48 | - | - | - | €30,000 | €727 | €727 | €727 | €743 | ▲ 2.2% |
| Accrued charges and deferred income492/3 | - | - | - | €0 | €31 | €133 | €31 | €31 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,735 | -€11,657 | -€70,707 | €46,421 | €17,492 | -€37,290 | €328,658 | -€92,447 | - |
| + Depreciation and write-downs630 | €18,730 | €16,083 | €15,325 | €19,956 | €26,184 | €29,244 | €34,837 | €29,813 | ▼ 14.4% |
| Operating cash flow (approximation) | €11,995 | €4,426 | -€55,382 | €66,377 | €43,676 | -€8,047 | €363,495 | -€62,634 | - |
| Investment in fixed assets (approximation) | - | -€1,346 | -€30,842 | -€27,102 | -€15,352 | -€46,386 | €0 | €0 | - |
| Change in cash | - | -€20,436 | €16,740 | €8,107 | €35,639 | -€15,683 | -€8,964 | €13,641 | - |
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, 929 companies had the same profile as DCSi has now. Two years later, 90.1% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
90.1%
was still going
8.8%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of DCSi 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 929 companies, not a prediction for DCSi. 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 | micro format | 22-07-2026 | 2026-00318289 | |
| 31-12-2024 | micro format | 22-07-2025 | 2025-00300354 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00397535 | |
| 31-12-2022 | micro format | 25-08-2023 | 2023-00362853 | |
| 31-12-2021 | micro format | 30-07-2022 | 2022-20263865 | |
| 31-12-2020 | abbreviated format | 14-12-2021 | 2021-80000561 | |
| 31-12-2019 | micro format | 15-07-2020 | 2020-29800451 | |
| 31-12-2018 | abbreviated format | 15-05-2019 | 2019-13000410 | |
| 31-12-2017 | abbreviated format | 08-05-2018 | 2018-12200304 | |
| 31-12-2016 | abbreviated format | 24-05-2017 | 2017-13000126 |