Debaled
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 27-10-2026 at the NBB all 6 filings
Turnover
≈ €330,000
Estimated: probably between €200,000 and €510,000
Total assets
€329,279▲ 11.7%
2025 · €294,825
Net result
€23,056▲ 140%
2025 · €9,589
Working capital
€65,663▲ 33.1%
2025 · €49,348
Multi-year overview
2021 to 2026, 6 financial yearsOperating result
€32,667
▼ 5.9%
2026
20212026
Net result
€23,056
▲ 140%
2026
20212026
Equity
€108,685
▲ 18.5%
2026
20212026
Total assets
€329,279
▲ 11.7%
2026
20212026
Debt
€220,594
▲ 8.6%
2026
20212026
Working capital
€65,663
▲ 33.1%
2026
20212026
Solvency
33.0%
▲ 1.9pp
2026
20212026
Current ratio
2.12
▼ 0.41
2026
20212026
Return on assets (ROA)
7.0%
▲ 3.7pp
2026
20212026
Staff (FTE)
0.6
2026
20212026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202120222023202420252026
Operating result€11,164-€7,251▼ 35.1%€15,932▲ 120%€38,932▲ 144%€34,715▼ 10.8%€32,667▼ 5.9%
Net result€11,874within the sector's middle half-€2,674within the sector's middle half▼ 77.5%€13,113within the sector's middle half▲ 390%€34,476above the sector's middle half▲ 163%€9,589within the sector's middle half▼ 72.2%€23,056▲ 140%
Equity€31,874within the sector's middle half-€34,548within the sector's middle half▲ 8.4%€47,661within the sector's middle half▲ 38.0%€82,137within the sector's middle half▲ 72.3%€91,726within the sector's middle half▲ 11.7%€108,685▲ 18.5%
Total assets€67,107below the sector's middle half-€91,043within the sector's middle half▲ 35.7%€78,176within the sector's middle half▼ 14.1%€123,489within the sector's middle half▲ 58.0%€294,825within the sector's middle half▲ 139%€329,279▲ 11.7%
Debt€35,233-€56,494▲ 60.3%€30,514▼ 46.0%€41,352▲ 35.5%€203,098▲ 391%€220,594▲ 8.6%
Working capital€4,362below the sector's middle half-€20,096within the sector's middle half▲ 361%€42,656within the sector's middle half▲ 112%€48,582within the sector's middle half▲ 13.9%€49,348within the sector's middle half▲ 1.6%€65,663▲ 33.1%
Solvency47.5%within the sector's middle half-37.9%within the sector's middle half▼ 9.5pp61.0%within the sector's middle half▲ 23.0pp66.5%within the sector's middle half▲ 5.5pp31.1%within the sector's middle half▼ 35.4pp33.0%▲ 1.9pp
Current ratio1.12within the sector's middle half-1.38within the sector's middle half▲ 0.262.52within the sector's middle half▲ 1.142.20within the sector's middle half▼ 0.332.53within the sector's middle half▲ 0.332.12▼ 0.41
Return on assets (ROA)17.7%above the sector's middle half-2.9%within the sector's middle half▼ 14.8pp16.8%within the sector's middle half▲ 13.8pp27.9%above the sector's middle half▲ 11.1pp3.3%within the sector's middle half▼ 24.7pp7.0%▲ 3.7pp
Staff (FTE)0.6
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 2026 is 6% lower than in 2025. It is the second fall in a row.
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
2026 in colour, 2025 as the grey bar beneath
Assets €329,279
Fixed assets
€204,763 ▼ 3.9%
Current assets
€124,516 ▲ 52.4%
Equity and liabilities €329,279
Equity
€108,685 ▲ 18.5%
Debt
€220,594 ▲ 8.6%
Debt's share of the balance-sheet total falls from 68.9% to 67.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€43,621▼
2025 · €44,659
Cash flow
€34,010▲
2025 · €19,533
Quick ratio
1.82▼
2025 · 1.98
Debt to equity
2.03▼
2025 · 2.21
ROE
21.2%▲
2025 · 10.5%
Interest coverage
7.63▲
2025 · 5.66
Debt ≤ 1 year
€58,852▲
2025 · €32,348
Debt > 1 year
€153,241▼
2025 · €163,251
Income taxes
€5,411▼
2025 · €19,573
Staff costs
€38,869▲
2025 · €1,920
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2026 |
|---|---|
| Employees at the balance-sheet date | 1 |
| full-time | 1 |
| in full-time equivalents | 1 |
| Average over the year, in full-time equivalents | 0.6 |
| On a permanent contract | 1 |
| Joined | 1 |
| Left | 0 |
Source: social balance sheet in the 2026 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,781 | - | €29,788 | €208,978 | €2,588 |
| Depreciation and write-downs of the year | €16,562 | €11,199 | €3,016 | €9,944 | €10,954 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €1,452 awarded · €1,452 paidAnnual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €19,835 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €1,280 | €1,920 | €38,869 | ▲ 20× |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,826 | €16,562 | €11,199 | €3,016 | €9,944 | €10,954 | ▲ 10.2% |
| Other operating charges640/8 | - | €663 | €1,305 | €1,092 | €1,673 | €768 | ▼ 54.1% |
| Gross operating margin9900 | €33,514 | €24,475 | €28,435 | €44,320 | €48,252 | €83,258 | ▲ 72.5% |
| Operating profit (loss)9901 | €11,164 | €7,251 | €15,932 | €38,932 | €34,715 | €32,667 | ▼ 5.9% |
| Financial income75/76B | - | - | - | €1,079 | €2,337 | €1,517 | ▼ 35.1% |
| Recurring financial income75 | €710 | - | - | €1,079 | €2,337 | €1,517 | ▼ 35.1% |
| Financial charges65/66B | - | €705 | €313 | €312 | €7,891 | €5,717 | ▼ 27.5% |
| Recurring financial charges65 | - | €705 | €313 | €312 | €7,891 | €5,717 | ▼ 27.5% |
| Profit (loss) for the period before taxes9903 | €11,874 | €6,546 | €15,619 | €39,699 | €29,162 | €28,467 | ▼ 2.4% |
| Income taxes67/77 | - | €3,871 | €2,506 | €5,223 | €19,573 | €5,411 | ▼ 72.4% |
| Profit (loss) for the period9904 | €11,874 | €2,674 | €13,113 | €34,476 | €9,589 | €23,056 | ▲ 140% |
| Profit (loss) for the period to be appropriated9905 | €11,874 | €2,674 | €13,113 | €34,476 | €9,589 | €23,056 | ▲ 140% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €67,107 | €91,043 | €78,176 | €123,489 | €294,825 | €329,279 | ▲ 11.7% |
| Formation expenses20 | €618 | €230 | - | €0 | €0 | €0 | - |
| Fixed assets21/28 | €26,895 | €18,502 | €7,533 | €34,305 | €213,129 | €204,763 | ▼ 3.9% |
| Tangible fixed assets22/27 | €26,895 | €18,502 | €7,533 | €34,305 | €213,129 | €204,763 | ▼ 3.9% |
| Land and buildings22 | - | €6,136 | €2,933 | €31,651 | €210,181 | €201,589 | ▼ 4.1% |
| Plant, machinery and equipment23 | - | €7,481 | €4,599 | €2,654 | €2,948 | €2,090 | ▼ 29.1% |
| Furniture and vehicles24 | - | €4,885 | - | - | - | €1,085 | - |
| Current assets29/58 | €39,595 | €72,311 | €70,643 | €89,185 | €81,696 | €124,516 | ▲ 52.4% |
| Stocks and contracts in progress3 | €7,850 | €21,985 | €18,710 | €19,330 | €17,645 | €17,370 | ▼ 1.6% |
| Stocks30/36 | - | €9,735 | €8,960 | €8,330 | €9,145 | €9,870 | ▲ 7.9% |
| Contracts in progress37 | - | €12,250 | €9,750 | €11,000 | €8,500 | €7,500 | ▼ 11.8% |
| Amounts receivable within one year40/41 | €14,377 | €23,322 | €35,122 | €36,892 | €53,721 | €87,177 | ▲ 62.3% |
| Trade receivables40 | - | €2,549 | €3,824 | €880 | €22,366 | €53,343 | ▲ 139% |
| Other amounts receivable41 | - | €20,773 | €31,298 | €36,012 | €31,355 | €33,834 | ▲ 7.9% |
| Cash at bank and in hand54/58 | €14,868 | €27,004 | €16,810 | €32,963 | €10,330 | €19,969 | ▲ 93.3% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €67,107 | €91,043 | €78,176 | €123,489 | €294,825 | €329,279 | ▲ 11.7% |
| Equity10/15 | €31,874 | €34,548 | €47,661 | €82,137 | €91,726 | €108,685 | ▲ 18.5% |
| Contributions10/11 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Profit (loss) carried forward14 | €11,874 | €14,548 | €27,661 | €62,137 | €71,726 | €88,685 | ▲ 23.6% |
| Amounts payable17/49 | €35,233 | €56,494 | €30,514 | €41,352 | €203,098 | €220,594 | ▲ 8.6% |
| Amounts payable after more than one year17 | - | €4,279 | €2,527 | €749 | €163,251 | €153,241 | ▼ 6.1% |
| Financial debts170/4 | - | €4,279 | €2,527 | €749 | €163,251 | €153,241 | ▼ 6.1% |
| Amounts payable within one year42/48 | €35,233 | €52,215 | €27,987 | €40,603 | €32,348 | €58,852 | ▲ 81.9% |
| Current portion of amounts payable after more than one year42 | - | €1,726 | €1,752 | €9,278 | €10,437 | €10,010 | ▼ 4.1% |
| Trade debts44 | €14,525 | €50,080 | €25,567 | €31,324 | €21,911 | €32,782 | ▲ 49.6% |
| Suppliers440/4 | - | €50,080 | €25,567 | €31,324 | €21,911 | €32,782 | ▲ 49.6% |
| Taxes, remuneration and social security45 | - | €409 | €668 | - | - | €9,964 | - |
| Taxes450/3 | - | €409 | €668 | - | - | - | - |
| Remuneration and social security454/9 | - | - | - | - | - | €9,964 | - |
| Other amounts payable47/48 | - | - | - | - | - | €6,098 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €7,500 | €8,500 | ▲ 13.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,874 | €2,674 | €13,113 | €34,476 | €9,589 | €23,056 | ▲ 140% |
| + Depreciation and write-downs630 | €20,826 | €16,562 | €11,199 | €3,016 | €9,944 | €10,954 | ▲ 10.2% |
| Operating cash flow (approximation) | €32,700 | €19,236 | €24,312 | €37,492 | €19,533 | €34,010 | ▲ 74.1% |
| Investment in fixed assets (approximation) | - | -€8,169 | -€230 | -€29,788 | -€188,768 | -€2,588 | ▲ 98.6% |
| Change in cash | - | €12,136 | -€10,194 | €16,152 | -€22,633 | €9,639 | - |
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, 26,972 companies had the same profile as Debaled has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Debaled itself: 0.8% 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 26,972 companies, not a prediction for Debaled. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | micro format | 27-10-2026 | 2026-00569401 | |
| 31-03-2025 | micro format | 28-10-2025 | 2025-00552929 | |
| 31-03-2024 | micro format | 21-10-2024 | 2024-00510268 | |
| 31-03-2023 | micro format | 05-10-2023 | 2023-00472251 | |
| 31-03-2022 | micro format | 21-10-2022 | 2022-20468902 | |
| 31-03-2021 | micro format | 18-10-2021 | 2021-72200589 |