DEBIWORK
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 15-07-2026 at the NBB all 6 filings
Turnover
≈ €2.0m
Estimated: probably between €1.3m and €2.7m
EBIT margin
Not included in this filing
Net result
-€38,757▼ 544%
2024 · -€6,019
Working capital
-€216,050
2024 · €153,374
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
-€27,470
▼ 935%
2025
20202025
Net result
-€38,757
▼ 544%
2025
lowest quarter of the sector
20202025
Equity
€122,863
▼ 24.0%
2025
middle half of the sector
20202025
Total assets
€2.0m
▲ 398%
2025
highest quarter of the sector
20202025
Debt
€1.9m
▲ 685%
2025
20202025
Working capital
-€216,050
2025
lowest quarter of the sector
20202025
Solvency
6.2%
▼ 34.3pp
2025
lowest quarter of the sector
20202025
Current ratio
0.84
▼ 0.88
2025
lowest quarter of the sector
20202025
Return on assets (ROA)
-2.0%
▼ 0.4pp
2025
lowest quarter of the sector
20202025
Staff (FTE)
8.3
▲ 56.6%
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€0.03m-€0.1m▲ 376%€0.03m▼ 78.1%€0.01m▼ 51.1%-€0.003m-€0.03m▼ 935%
Net result€0.02mwithin the sector's middle half-€0.1mabove the sector's middle half▲ 355%€0.02mwithin the sector's middle half▼ 78.3%€0.008mwithin the sector's middle half▼ 61.6%-€0.006mbelow the sector's middle half-€0.04mbelow the sector's middle half▼ 544%
Equity€0.04mwithin the sector's middle half-€0.1mabove the sector's middle half▲ 271%€0.2mabove the sector's middle half▲ 15.8%€0.2mabove the sector's middle half▲ 5.3%€0.2mwithin the sector's middle half▼ 3.6%€0.1mwithin the sector's middle half▼ 24.0%
Total assets€0.1mwithin the sector's middle half-€0.3mwithin the sector's middle half▲ 159%€0.3mabove the sector's middle half▲ 13.7%€0.3mabove the sector's middle half▼ 0.9%€0.4mwithin the sector's middle half▲ 31.3%€2.0mabove the sector's middle half▲ 398%
Debt€0.07m-€0.1m▲ 96.8%€0.1m▲ 11.5%€0.1m▼ 7.5%€0.2m▲ 74.3%€1.9m▲ 685%
Working capital€0.01mwithin the sector's middle half-€0.1mabove the sector's middle half▲ 752%€0.1mabove the sector's middle half▲ 28.8%€0.2mabove the sector's middle half▲ 28.9%€0.2mwithin the sector's middle half▼ 9.6%-€0.2mbelow the sector's middle half
Solvency35.6%within the sector's middle half-51.0%within the sector's middle half▲ 15.4pp52.0%within the sector's middle half▲ 0.9pp55.2%within the sector's middle half▲ 3.2pp40.5%within the sector's middle half▼ 14.7pp6.2%below the sector's middle half▼ 34.3pp
Current ratio1.18within the sector's middle half-2.23within the sector's middle half▲ 1.042.25within the sector's middle half▲ 0.032.60within the sector's middle half▲ 0.341.72within the sector's middle half▼ 0.870.84below the sector's middle half▼ 0.88
Return on assets (ROA)21.2%above the sector's middle half-37.3%above the sector's middle half▲ 16.1pp7.1%within the sector's middle half▼ 30.2pp2.8%within the sector's middle half▼ 4.4pp-1.5%below the sector's middle half▼ 4.3pp-2.0%below the sector's middle half▼ 0.4pp
Staff (FTE)1.4within the sector's middle half-4.8▲ 243%7.1▲ 47.9%7.2▲ 1.4%5.3within the sector's middle half▼ 26.4%8.3within the sector's middle half▲ 56.6%
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 2025 is a loss of €27,470, larger than the loss of €2,654 in 2024. It is the lowest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.0m
Fixed assets
€848,410 ▲ 25×
Current assets
€1.1m ▲ 211%
Equity and liabilities €2.0m
Equity
€122,863 ▼ 24.0%
Debt
€1.9m ▲ 685%
Debt's share of the balance-sheet total rises from 59.5% to 93.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€74,048▲
2024 · €18,594
Cash flow
€62,761▲
2024 · €15,229
Quick ratio
0.81▼
2024 · 1.72
Debt to equity
15.16▲
2024 · 1.47
ROE
-31.5%▼
2024 · -3.7%
Interest coverage
3.28▼
2024 · 5.55
Debt ≤ 1 year
€1.4m▲
2024 · €212,138
Debt > 1 year
€509,297▲
2024 · €25,119
Staff costs
€465,558▲
2024 · €221,548
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 7 | 7 | 6 | 6 | 13 |
| full-time | 7 | 7 | 6 | 6 | 13 |
| part-time | - | - | - | 0 | 0 |
| in full-time equivalents | 7 | 7 | 6 | 6 | 13 |
| Average over the year, in full-time equivalents | 4.8 | 7.1 | 7.2 | 5.3 | 8.3 |
| On a permanent contract | 7 | 7 | 6 | 5 | 13 |
| Joined | 7 | 7 | 9 | 4 | 12 |
| Left | 2 | 7 | 10 | 4 | 5 |
| Training hours | - | - | - | - | 936 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Pledge on the business | - | - | - | - | €726,000 |
| Guarantees given for others' debts | - | - | - | - | €115,000 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €74,347 | €23,421 | €9,812 | €47,640 | €916,563 |
| Depreciation and write-downs of the year | €17,284 | €37,674 | €39,635 | €21,248 | €101,518 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €19,502 | €1,139 | €1,652 | ▲ 45.0% |
| Remuneration, social security and pensions62 | - | €191,386 | €293,471 | €297,288 | €221,548 | €465,558 | ▲ 110% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,618 | €17,284 | €37,674 | €39,635 | €21,248 | €101,518 | ▲ 378% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €104,503 | - |
| Other operating charges640/8 | - | €525 | €979 | €1,918 | €3,865 | €1,256 | ▼ 67.5% |
| Non-recurring operating charges66A | - | - | - | - | - | €8,737 | - |
| Gross operating margin9900 | €69,694 | €337,860 | €360,265 | €352,592 | €244,007 | €654,102 | ▲ 168% |
| Operating profit (loss)9901 | €27,057 | €128,665 | €28,142 | €13,751 | -€2,654 | -€27,470 | ▼ 935% |
| Financial income75/76B | - | €0 | €1 | €1 | €3 | €11,287 | ▲ 3,762× |
| Recurring financial income75 | €18 | €0 | €1 | €1 | €3 | €11,287 | ▲ 3,762× |
| Financial charges65/66B | - | €1,412 | €5,309 | €3,114 | €3,348 | €22,574 | ▲ 574% |
| Recurring financial charges65 | €218 | €1,412 | €5,309 | €3,114 | €3,348 | €22,574 | ▲ 574% |
| Profit (loss) for the period before taxes9903 | €26,856 | €127,253 | €22,833 | €10,637 | -€5,999 | -€38,757 | ▼ 546% |
| Income taxes67/77 | €4,770 | €26,848 | €1,052 | €2,271 | €20 | - | - |
| Profit (loss) for the period9904 | €22,087 | €100,404 | €21,782 | €8,366 | -€6,019 | -€38,757 | ▼ 544% |
| Profit (loss) for the period to be appropriated9905 | €22,087 | €100,404 | €21,782 | €8,366 | -€6,019 | -€38,757 | ▼ 544% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €0.1m | €0.3m | €0.3m | €0.3m | €0.4m | €2.0m | ▲ 398% |
| Fixed assets21/28 | €0.03m | €0.08m | €0.07m | €0.03m | €0.03m | €0.8m | ▲ 25× |
| Tangible fixed assets22/27 | €0.03m | €0.08m | €0.07m | €0.03m | €0.03m | €0.8m | ▲ 25× |
| Plant, machinery and equipment23 | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.7m | ▲ 65× |
| Furniture and vehicles24 | - | €0.07m | €0.06m | €0.01m | €0.02m | €0.01m | ▼ 48.3% |
| Leasing and similar rights25 | - | - | - | - | - | €0.1m | - |
| Current assets29/58 | €0.08m | €0.2m | €0.2m | €0.3m | €0.4m | €1.1m | ▲ 211% |
| Stocks and contracts in progress3 | - | - | - | - | - | €0.03m | - |
| Contracts in progress37 | - | - | - | - | - | €0.03m | - |
| Amounts receivable within one year40/41 | €0.05m | €0.2m | €0.2m | €0.2m | €0.3m | €0.9m | ▲ 167% |
| Trade receivables40 | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.9m | ▲ 164% |
| Other amounts receivable41 | - | €0.001m | €131 | €0.004m | €0.001m | €0.01m | ▲ 785% |
| Cash at bank and in hand54/58 | €0.03m | €0.03m | €0.07m | €0.02m | €0.03m | €0.2m | ▲ 613% |
| Deferred charges and accrued income490/1 | - | €483 | €223 | €0.005m | €0.005m | €0.01m | ▲ 118% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €0.1m | €0.3m | €0.3m | €0.3m | €0.4m | €2.0m | ▲ 398% |
| Equity10/15 | €0.04m | €0.1m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 24.0% |
| Contributions10/11 | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | €0.02m | €0.1m | €0.1m | €0.2m | €0.1m | €0.1m | ▼ 26.4% |
| Amounts payable17/49 | €0.07m | €0.1m | €0.1m | €0.1m | €0.2m | €1.9m | ▲ 685% |
| Amounts payable after more than one year17 | €0.002m | €0.05m | €0.04m | €0.03m | €0.03m | €0.5m | ▲ 20× |
| Financial debts170/4 | - | €0.05m | €0.04m | €0.03m | €0.03m | €0.5m | ▲ 20× |
| Amounts payable within one year42/48 | €0.07m | €0.08m | €0.1m | €0.1m | €0.2m | €1.4m | ▲ 538% |
| Current portion of amounts payable after more than one year42 | - | €0.02m | €0.02m | €0.04m | €0.03m | €0.05m | ▲ 59.8% |
| Financial debts43 | - | - | - | - | - | €0.3m | - |
| Credit institutions430/8 | - | - | - | - | - | €0.3m | - |
| Trade debts44 | €0.02m | €0.01m | €0.02m | €0.04m | €0.1m | €0.6m | ▲ 342% |
| Suppliers440/4 | - | €0.01m | €0.02m | €0.04m | €0.1m | €0.6m | ▲ 342% |
| Advances received on contracts in progress46 | - | - | - | - | - | €69 | - |
| Taxes, remuneration and social security45 | - | €0.05m | €0.06m | €0.03m | €0.04m | €0.1m | ▲ 201% |
| Taxes450/3 | - | €0.05m | €0.04m | €0.02m | €0.02m | €0.1m | ▲ 501% |
| Remuneration and social security454/9 | - | €0.006m | €0.02m | €0.005m | €0.02m | €0.003m | ▼ 85.5% |
| Other amounts payable47/48 | - | €0.002m | €0.003m | €0.002m | €0.005m | €0.3m | ▲ 62× |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €200 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,087 | €100,404 | €21,782 | €8,366 | -€6,019 | -€38,757 | ▼ 544% |
| + Depreciation and write-downs630 | €2,618 | €17,284 | €37,674 | €39,635 | €21,248 | €101,518 | ▲ 378% |
| Operating cash flow (approximation) | €24,704 | €117,688 | €59,455 | €48,001 | €15,229 | €62,761 | ▲ 312% |
| Investment in fixed assets (approximation) | - | -€74,347 | -€23,421 | €2,310 | -€26,771 | -€916,563 | ▼ 3,324% |
| Change in cash | - | €2,202 | €37,854 | -€44,614 | €6,554 | €178,551 | ▲ 27× |
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, 849 companies had the same profile as DEBIWORK has now. Two years later, 91.9% were still going and 4.7% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency under 10%
- a small loss
91.9%
was still going
3.3%
stopped otherwise
4.7%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DEBIWORK itself: 2.7% 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 849 companies, not a prediction for DEBIWORK. 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 |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 15-07-2026 | 2026-00306778 | |
| 31-12-2024 | full format | 11-07-2025 | 2025-00266787 | |
| 31-12-2023 | micro format | 06-08-2024 | 2024-00337827 | |
| 31-12-2022 | micro format | 10-08-2023 | 2023-00328560 | |
| 31-12-2021 | micro format | 03-08-2022 | 2022-20277292 | |
| 31-12-2020 | micro format | 03-08-2021 | 2021-46400117 |