DECHAR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-06-2026 PDF all 38 filings
Turnover
€44,857▲ 17.0%
2024 · €38,331
EBIT margin
50.0%▼ 18.1pp
2024 · 68.1%
Net result
€15,189▼ 14.4%
2024 · €17,753
Working capital
€21,497▼ 63.1%
2024 · €58,195
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€44,857
▲ 17.0%
2025
20182025
Operating result
€22,410
▼ 14.2%
2025
20182025
Net result
€15,189
▼ 14.4%
2025
20182025
EBIT margin
50.0%
▼ 18.1pp
2025
20182025
Equity
€94,966
▼ 28.8%
2025
20182025
Total assets
€149,586
▲ 3.1%
2025
20182025
Debt
€54,620
▲ 366%
2025
20182025
Working capital
€21,497
▼ 63.1%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€29,638-€29,344▼ 1.0%€33,693▲ 14.8%€39,678▲ 17.8%€40,217▲ 1.4%€30,408▼ 24.4%€38,331▲ 26.1%€44,857▲ 17.0%
Operating result€16,541-€13,525▼ 18.2%€24,127▲ 78.4%€23,429▼ 2.9%€23,972▲ 2.3%€17,858▼ 25.5%€26,106▲ 46.2%€22,410▼ 14.2%
Net result€10,450-€8,038▼ 23.1%€16,302▲ 103%€15,777▼ 3.2%€16,582▲ 5.1%€12,023▼ 27.5%€17,753▲ 47.7%€15,189▼ 14.4%
EBIT margin55.8%-46.1%▼ 9.7pp71.6%▲ 25.5pp59.0%▼ 12.6pp59.6%▲ 0.6pp58.7%▼ 0.9pp68.1%▲ 9.4pp50.0%▼ 18.1pp
Equity€96,528-€104,566▲ 8.3%€96,803▼ 7.4%€112,580▲ 16.3%€122,149▲ 8.5%€123,722▲ 1.3%€133,437▲ 7.9%€94,966▼ 28.8%
Total assets€108,219-€110,002▲ 1.6%€124,472▲ 13.2%€118,111▼ 5.1%€130,121▲ 10.2%€135,499▲ 4.1%€145,148▲ 7.1%€149,586▲ 3.1%
Debt€11,691-€5,436▼ 53.5%€27,669▲ 409%€5,531▼ 80.0%€7,972▲ 44.1%€11,777▲ 47.7%€11,711▼ 0.6%€54,620▲ 366%
Working capital€24,635-€25,573▲ 3.8%€16,293▼ 36.3%€34,094▲ 109%€44,772▲ 31.3%€48,061▲ 7.3%€58,195▲ 21.1%€21,497▼ 63.1%
The operating result for 2025 is 14% lower than in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €149,586
Fixed assets
€74,428 ▼ 2.3%
Current assets
€75,158 ▲ 9.0%
Equity and liabilities €149,586
Equity
€94,966 ▼ 28.8%
Debt
€54,620 ▲ 366%
Debt's share of the balance-sheet total rises from 8.1% to 36.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€24,184▼
2024 · €27,815
Cash flow
€16,962▼
2024 · €19,462
Current ratio
1.40▼
2024 · 6.41
Debt to equity
0.58▲
2024 · 0.09
ROE
16.0%▲
2024 · 13.3%
ROA
10.2%▼
2024 · 12.2%
Interest coverage
88.25▼
2024 · 89.54
Debt ≤ 1 year
€53,660▲
2024 · €10,751
Debt > 1 year
€960=
2024 · €960
Income taxes
€7,090▼
2024 · €8,285
Customer credit
42 days▼
2024 · 113 days
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 | €2,068 | €0 | €0 | €1,763 | €0 |
| Depreciation and write-downs of the year | €3,486 | €1,716 | €1,716 | €1,708 | €1,774 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €29,638 | €29,344 | €33,693 | €39,678 | €40,217 | €30,408 | €38,331 | €44,857 | ▲ 17.0% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €11,695 | €11,036 | €9,552 | €5,826 | €8,538 | ▲ 46.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,589 | €1,994 | €1,994 | €3,486 | €1,716 | €1,716 | €1,708 | €1,774 | ▲ 3.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €7,811 | - |
| Other operating charges640/8 | - | - | - | €3,588 | €3,676 | €4,029 | €4,217 | €4,324 | ▲ 2.5% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €474 | - | - |
| Gross operating margin9900 | €21,571 | €19,506 | €29,723 | €30,504 | €29,363 | €23,602 | €32,506 | €36,319 | ▲ 11.7% |
| Operating profit (loss)9901 | €16,541 | €13,525 | €24,127 | €23,429 | €23,972 | €17,858 | €26,106 | €22,410 | ▼ 14.2% |
| Financial income75/76B | - | - | - | €3 | €919 | €78 | €243 | €143 | ▼ 41.2% |
| Recurring financial income75 | €19 | €26 | €16 | €3 | €919 | €78 | €243 | €143 | ▼ 41.2% |
| Financial charges65/66B | - | - | - | €191 | €571 | €302 | €311 | €274 | ▼ 11.8% |
| Recurring financial charges65 | €237 | €195 | €194 | €191 | €571 | €302 | €311 | €274 | ▼ 11.8% |
| Profit (loss) for the period before taxes9903 | €16,323 | €13,356 | €23,948 | €23,242 | €24,320 | €17,634 | €26,038 | €22,279 | ▼ 14.4% |
| Income taxes67/77 | €5,873 | €5,318 | €7,646 | €7,465 | €7,738 | €5,611 | €8,285 | €7,090 | ▼ 14.4% |
| Profit (loss) for the period9904 | €10,450 | €8,038 | €16,302 | €15,777 | €16,582 | €12,023 | €17,753 | €15,189 | ▼ 14.4% |
| Profit (loss) for the period to be appropriated9905 | €10,450 | €8,038 | €16,302 | €15,777 | €16,582 | €12,023 | €17,753 | €15,189 | ▼ 14.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €108,219 | €110,002 | €124,472 | €118,111 | €130,121 | €135,499 | €145,148 | €149,586 | ▲ 3.1% |
| Fixed assets21/28 | €81,401 | €83,465 | €81,470 | €80,052 | €78,337 | €76,621 | €76,202 | €74,428 | ▼ 2.3% |
| Tangible fixed assets22/27 | €81,401 | €83,465 | €81,470 | €80,052 | €78,337 | €76,621 | €76,202 | €74,428 | ▼ 2.3% |
| Land and buildings22 | - | - | - | €69,623 | €69,623 | €69,623 | €69,623 | €69,623 | = |
| Plant, machinery and equipment23 | - | - | - | €10,429 | €8,713 | €6,998 | €6,578 | €4,805 | ▼ 27.0% |
| Current assets29/58 | €26,818 | €26,537 | €43,002 | €38,059 | €51,785 | €58,878 | €68,946 | €75,158 | ▲ 9.0% |
| Amounts receivable within one year40/41 | €1,649 | €688 | €9,342 | €14,471 | €23,455 | €13,403 | €11,857 | €5,643 | ▼ 52.4% |
| Trade receivables40 | - | - | - | €14,471 | €6,417 | €11,991 | €11,857 | €5,190 | ▼ 56.2% |
| Other amounts receivable41 | - | - | - | - | €17,038 | €1,413 | €0 | €452 | - |
| Cash at bank and in hand54/58 | €25,169 | €25,839 | €33,650 | €23,588 | €28,329 | €45,447 | €57,044 | €59,019 | ▲ 3.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0 | - | €27 | €45 | €10,496 | ▲ 233× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €108,219 | €110,002 | €124,472 | €118,111 | €130,121 | €135,499 | €145,148 | €149,586 | ▲ 3.1% |
| Equity10/15 | €96,528 | €104,566 | €96,803 | €112,580 | €122,149 | €123,722 | €133,437 | €94,966 | ▼ 28.8% |
| Contributions10/11 | €50,000 | €50,000 | - | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Reserves13 | €46,528 | €54,566 | €46,803 | €62,579 | €72,148 | €73,722 | €83,437 | €44,966 | ▼ 46.1% |
| Non-distributable reserves130/1 | - | - | - | €5,000 | €5,000 | €5,000 | €5,000 | €0 | ▼ 100% |
| Reserves not available under the articles1311 | - | - | - | €5,000 | €5,000 | €5,000 | €5,000 | €0 | ▼ 100% |
| Distributable reserves133 | - | - | - | €57,579 | €67,148 | €68,722 | €78,437 | €44,966 | ▼ 42.7% |
| Amounts payable17/49 | €11,691 | €5,436 | €27,669 | €5,531 | €7,972 | €11,777 | €11,711 | €54,620 | ▲ 366% |
| Amounts payable after more than one year17 | €4,950 | €960 | €960 | €960 | €960 | €960 | €960 | €960 | = |
| Other amounts payable178/9 | - | - | - | €960 | €960 | €960 | €960 | €960 | = |
| Amounts payable within one year42/48 | €2,183 | €965 | €26,709 | €3,965 | €7,012 | €10,817 | €10,751 | €53,660 | ▲ 399% |
| Trade debts44 | €0 | €965 | €0 | - | - | €367 | €0 | - | - |
| Suppliers440/4 | - | - | - | - | - | €367 | €0 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €3,965 | €0 | - | €2,712 | €0 | ▼ 100% |
| Taxes450/3 | - | - | - | €3,965 | €0 | - | €2,712 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €0 | €7,012 | €10,450 | €8,038 | €53,660 | ▲ 568% |
| Accrued charges and deferred income492/3 | - | - | - | €607 | €0 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,450 | €8,038 | €16,302 | €15,777 | €16,582 | €12,023 | €17,753 | €15,189 | ▼ 14.4% |
| + Depreciation and write-downs630 | €1,589 | €1,994 | €1,994 | €3,486 | €1,716 | €1,716 | €1,708 | €1,774 | ▲ 3.8% |
| Operating cash flow (approximation) | €12,038 | €10,033 | €18,297 | €19,263 | €18,297 | €13,739 | €19,462 | €16,962 | ▼ 12.8% |
| Investment in fixed assets (approximation) | - | -€4,059 | €0 | -€2,068 | €0 | €0 | -€1,289 | €0 | - |
| Change in cash | - | €670 | €7,811 | -€10,062 | €4,741 | €17,118 | €11,597 | €1,975 | ▼ 83.0% |
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, 31,368 companies had the same profile as DECHAR has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DECHAR 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 31,368 companies, not a prediction for DECHAR. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-06-2026 | 2026-00135449 | |
| 31-12-2024 | micro format | 02-06-2025 | 2025-00116779 | |
| 31-12-2023 | micro format | 03-06-2024 | 2024-00108321 | |
| 31-12-2022 | micro format | 29-05-2023 | 2023-00100883 | |
| 31-12-2021 | micro format | 01-06-2022 | 2022-20042052 | |
| 31-12-2020 | micro format | 01-06-2021 | 2021-17100394 | |
| 31-12-2019 | micro format | 15-06-2020 | 2020-16800395 | |
| 31-12-2018 | micro format | 05-06-2019 | 2019-16200516 | |
| 31-12-2017 | micro format | 01-06-2018 | 2018-15400014 | |
| 31-12-2016 | micro format | 20-06-2017 | 2017-21200509 |