DDN
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 08-07-2026 at the NBB all 4 filings
Turnover
≈ €1.5m
Estimated: probably between €1.1m and €2.6m
EBIT margin
Not included in this filing
Net result
€723,231▼ 43.5%
2024 · €1.3m
Working capital
€4.3m▲ 20.3%
2024 · €3.6m
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€949,444
▼ 46.5%
2025
20222025
Net result
€723,231
▼ 43.5%
2025
highest quarter of the sector
20222025
Equity
€4.3m
▲ 20.1%
2025
middle half of the sector
20222025
Total assets
€4.4m
▲ 2.1%
2025
middle half of the sector
20222025
Debt
€86,844
▼ 87.9%
2025
20222025
Working capital
€4.3m
▲ 20.3%
2025
highest quarter of the sector
20222025
Solvency
98.0%
▲ 14.7pp
2025
highest quarter of the sector
20222025
Current ratio
50.68
▲ 44.69
2025
highest quarter of the sector
20222025
Return on assets (ROA)
16.4%
▼ 13.2pp
2025
highest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€1.2m-€2.0m▲ 68.7%€1.8m▼ 13.3%€0.9m▼ 46.5%
Net result€0.9mabove the sector's middle half-€1.5mabove the sector's middle half▲ 69.3%€1.3mabove the sector's middle half▼ 12.1%€0.7mabove the sector's middle half▼ 43.5%
Equity€0.9mwithin the sector's middle half-€2.3mabove the sector's middle half▲ 168%€3.6mabove the sector's middle half▲ 55.1%€4.3mwithin the sector's middle half▲ 20.1%
Total assets€1.3mwithin the sector's middle half-€2.7mwithin the sector's middle half▲ 102%€4.3mabove the sector's middle half▲ 62.5%€4.4mwithin the sector's middle half▲ 2.1%
Debt€0.5m-€0.3m▼ 25.2%€0.7m▲ 113%€0.09m▼ 87.9%
Working capital€0.8mabove the sector's middle half-€2.3mabove the sector's middle half▲ 174%€3.6mabove the sector's middle half▲ 55.9%€4.3mabove the sector's middle half▲ 20.3%
Solvency65.8%within the sector's middle half-87.3%above the sector's middle half▲ 21.6pp83.4%above the sector's middle half▼ 4.0pp98.0%above the sector's middle half▲ 14.7pp
Current ratio2.86within the sector's middle half-7.83above the sector's middle half▲ 4.975.99above the sector's middle half▼ 1.8450.68above the sector's middle half▲ 44.69
Return on assets (ROA)65.4%above the sector's middle half-54.8%above the sector's middle half▼ 10.6pp29.6%above the sector's middle half▼ 25.2pp16.4%above the sector's middle half▼ 13.2pp
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 47% lower than in 2024 and the lowest since 2022. 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 €4.4m
Fixed assets
€9,265 ▼ 38.7%
Current assets
€4.4m ▲ 2.3%
Equity and liabilities €4.4m
Equity
€4.3m ▲ 20.1%
Debt
€86,844 ▼ 87.9%
Debt's share of the balance-sheet total falls from 16.6% to 2.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€955,296▼
2024 · €1.8m
Cash flow
€729,083▼
2024 · €1.3m
Debt to equity
0.02▼
2024 · 0.20
ROE
16.7%▼
2024 · 35.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€86,844▼
2024 · €718,744
Income taxes
€306,472▼
2024 · €507,171
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €29,258 | - | - | - |
| Depreciation and write-downs of the year | €2,438 | €5,852 | €5,852 | €5,852 |
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 | €0.002m | €0.006m | €0.006m | €0.006m | = |
| Other operating charges640/8 | €378 | €442 | €0.001m | €0.001m | ▲ 22.5% |
| Gross operating margin9900 | €1.2m | €2.1m | €1.8m | €1.0m | ▼ 46.3% |
| Operating profit (loss)9901 | €1.2m | €2.0m | €1.8m | €0.9m | ▼ 46.5% |
| Financial income75/76B | €23 | €0.001m | €0.01m | €0.08m | ▲ 621% |
| Recurring financial income75 | €23 | €0.001m | €0.01m | €0.08m | ▲ 621% |
| Financial charges65/66B | €69 | €122 | €141 | €137 | ▼ 3.4% |
| Recurring financial charges65 | €69 | €122 | €141 | €137 | ▼ 3.4% |
| Profit (loss) for the period before taxes9903 | €1.2m | €2.0m | €1.8m | €1.0m | ▼ 42.4% |
| Income taxes67/77 | €0.4m | €0.6m | €0.5m | €0.3m | ▼ 39.6% |
| Profit (loss) for the period9904 | €0.9m | €1.5m | €1.3m | €0.7m | ▼ 43.5% |
| Profit (loss) for the period to be appropriated9905 | €0.9m | €1.5m | €1.3m | €0.7m | ▼ 43.5% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €1.3m | €2.7m | €4.3m | €4.4m | ▲ 2.1% |
| Fixed assets21/28 | €0.03m | €0.02m | €0.02m | €0.009m | ▼ 38.7% |
| Tangible fixed assets22/27 | €0.03m | €0.02m | €0.02m | €0.009m | ▼ 38.7% |
| Furniture and vehicles24 | €0.03m | €0.02m | €0.02m | €0.009m | ▼ 38.7% |
| Current assets29/58 | €1.3m | €2.6m | €4.3m | €4.4m | ▲ 2.3% |
| Amounts receivable within one year40/41 | €1.0m | €1.5m | €1.9m | €0.8m | ▼ 56.8% |
| Trade receivables40 | €1.0m | €1.5m | €1.5m | €0.07m | ▼ 95.1% |
| Other amounts receivable41 | €0.001m | €0.03m | €0.5m | €0.8m | ▲ 66.4% |
| Current investments50/53 | - | - | - | €3.0m | - |
| Cash at bank and in hand54/58 | €0.3m | €1.1m | €2.4m | €0.6m | ▼ 76.2% |
| Deferred charges and accrued income490/1 | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 4.9% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €1.3m | €2.7m | €4.3m | €4.4m | ▲ 2.1% |
| Equity10/15 | €0.9m | €2.3m | €3.6m | €4.3m | ▲ 20.1% |
| Contributions10/11 | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Capital10 | - | - | €0.005m | €0.005m | = |
| Issued capital100 | - | - | €0.005m | €0.005m | = |
| Reserves13 | €0.6m | €1.4m | €2.1m | €2.5m | ▲ 20.7% |
| Distributable reserves133 | €0.6m | €1.4m | €2.1m | €2.5m | ▲ 20.7% |
| Profit (loss) carried forward14 | €0.3m | €0.9m | €1.5m | €1.8m | ▲ 19.3% |
| Amounts payable17/49 | €0.5m | €0.3m | €0.7m | €0.09m | ▼ 87.9% |
| Amounts payable within one year42/48 | €0.5m | €0.3m | €0.7m | €0.09m | ▼ 87.9% |
| Trade debts44 | €0.2m | €142 | €0.4m | €0.01m | ▼ 96.7% |
| Suppliers440/4 | €0.2m | €142 | €0.4m | €0.01m | ▼ 96.7% |
| Taxes, remuneration and social security45 | €0.3m | €0.3m | €0.3m | €0.07m | ▼ 78.3% |
| Taxes450/3 | €0.3m | €0.3m | €0.3m | €0.06m | ▼ 81.5% |
| Remuneration and social security454/9 | €0.02m | €0.02m | - | €0.01m | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.9m | €1.5m | €1.3m | €0.7m | ▼ 43.5% |
| + Depreciation and write-downs630 | €0.002m | €0.006m | €0.006m | €0.006m | = |
| Operating cash flow (approximation) | €0.9m | €1.5m | €1.3m | €0.7m | ▼ 43.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | - |
| Change in cash | - | €0.8m | €1.2m | -€1.8m | - |
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, 3,127 companies had the same profile as DDN has now. Two years later, 97.2% were still going and 0.8% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
97.2%
was still going
1.9%
stopped otherwise
0.8%
went bankrupt
That fits the bankruptcy probability of DDN 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 3,127 companies, not a prediction for DDN. 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.