DECOLI
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-04-2026 PDF all 16 filings
Turnover
≈ €130,000
Estimated: probably between €87,000 and €200,000
Total assets
€194,641▼ 3.9%
2024 · €202,485
Net result
€7,505▲ 98.4%
2024 · €3,782
Working capital
-€39,247▼ 16.0%
2024 · -€33,845
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€10,617
▼ 14.7%
2025
20192025
Net result
€7,505
▲ 98.4%
2025
middle half of the sector
20192025
Equity
€59,072
▲ 14.6%
2025
middle half of the sector
20192025
Total assets
€194,641
▼ 3.9%
2025
middle half of the sector
20192025
Debt
€135,569
▼ 10.2%
2025
20192025
Working capital
-€39,247
▼ 16.0%
2025
middle half of the sector
20192025
Solvency
30.3%
▲ 4.9pp
2025
middle half of the sector
20192025
Current ratio
0.58
▼ 0.04
2025
middle half of the sector
20192025
Return on assets (ROA)
3.9%
▲ 2.0pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€3,665-€26,232▲ 616%€2,079▼ 92.1%-€8,160€3,087€12,448▲ 303%€10,617▼ 14.7%
Net result€144-€23,179within the sector's middle half▲ 161×€7within the sector's middle half▼ 100.0%-€9,585below the sector's middle half€5within the sector's middle half€3,782within the sector's middle half▲ 727×€7,505within the sector's middle half▲ 98.4%
Equity€34,179-€57,357within the sector's middle half▲ 67.8%€57,364within the sector's middle half=€47,780within the sector's middle half▼ 16.7%€47,785within the sector's middle half=€51,567within the sector's middle half▲ 7.9%€59,072within the sector's middle half▲ 14.6%
Total assets€225,347-€301,942within the sector's middle half▲ 34.0%€277,459within the sector's middle half▼ 8.1%€258,763within the sector's middle half▼ 6.7%€328,663within the sector's middle half▲ 27.0%€202,485within the sector's middle half▼ 38.4%€194,641within the sector's middle half▼ 3.9%
Debt€191,169-€244,585▲ 27.9%€220,095▼ 10.0%€210,983▼ 4.1%€280,878▲ 33.1%€150,918▼ 46.3%€135,569▼ 10.2%
Working capital-€87,854--€83,845below the sector's middle half▲ 4.6%-€80,636below the sector's middle half▲ 3.8%-€85,702below the sector's middle half▼ 6.3%-€62,343below the sector's middle half▲ 27.3%-€33,845within the sector's middle half▲ 45.7%-€39,247within the sector's middle half▼ 16.0%
Solvency15.2%-19.0%within the sector's middle half▲ 3.8pp20.7%within the sector's middle half▲ 1.7pp18.5%within the sector's middle half▼ 2.2pp14.5%within the sector's middle half▼ 3.9pp25.5%within the sector's middle half▲ 10.9pp30.3%within the sector's middle half▲ 4.9pp
Current ratio0.20-0.23below the sector's middle half▲ 0.030.29below the sector's middle half▲ 0.060.37below the sector's middle half▲ 0.070.69within the sector's middle half▲ 0.330.62within the sector's middle half▼ 0.070.58within the sector's middle half▼ 0.04
Return on assets (ROA)0.1%-7.7%within the sector's middle half▲ 7.6pp0.0%within the sector's middle half▼ 7.7pp-3.7%below the sector's middle half▼ 3.7pp0.0%within the sector's middle half▲ 3.7pp1.9%within the sector's middle half▲ 1.9pp3.9%within the sector's middle half▲ 2.0pp
above
within
below
The sector band is the middle half of the companies in Crop and animal production, hunting and related service activities (NACE 01). 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 15% lower than in 2024.
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
2025 in colour, 2024 as the grey bar beneath
Assets €194,641
Fixed assets
€139,568 ▼ 5.1%
Current assets
€55,073 ▼ 0.6%
Equity and liabilities €194,641
Equity
€59,072 ▲ 14.6%
Debt
€135,569 ▼ 10.2%
Debt's share of the balance-sheet total falls from 74.5% to 69.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€46,923▼
2024 · €53,141
Cash flow
€43,811▼
2024 · €44,476
Quick ratio
0.55▼
2024 · 0.57
Debt to equity
2.29▼
2024 · 2.93
ROE
12.7%▲
2024 · 7.3%
Interest coverage
15.76▲
2024 · 6.25
Debt ≤ 1 year
€94,320▲
2024 · €89,268
Debt > 1 year
€41,249▼
2024 · €56,964
Income taxes
€143▼
2024 · €169
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,764 | €6,000 | €50,998 | - | €28,812 |
| Depreciation and write-downs of the year | €40,765 | €40,320 | €38,352 | €40,694 | €36,307 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €7,625 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €25,161 | €25,476 | €40,765 | €40,320 | €38,352 | €40,694 | €36,307 | ▼ 10.8% |
| Other operating charges640/8 | - | - | €1,184 | €1,783 | €2,947 | €1,858 | €1,917 | ▲ 3.1% |
| Gross operating margin9900 | €31,080 | €53,459 | €44,029 | €33,943 | €44,385 | €55,000 | €48,840 | ▼ 11.2% |
| Operating profit (loss)9901 | €3,665 | €26,232 | €2,079 | -€8,160 | €3,087 | €12,448 | €10,617 | ▼ 14.7% |
| Financial income75/76B | - | - | - | - | - | €1 | €9 | ▲ 13× |
| Recurring financial income75 | €10 | €41 | - | - | - | €1 | €9 | ▲ 13× |
| Financial charges65/66B | - | - | €1,926 | €1,276 | €2,921 | €8,497 | €2,978 | ▼ 65.0% |
| Recurring financial charges65 | €3,646 | €3,091 | €1,926 | €1,276 | €2,921 | €8,497 | €2,978 | ▼ 65.0% |
| Profit (loss) for the period before taxes9903 | €481 | €23,182 | €153 | -€9,436 | €166 | €3,952 | €7,648 | ▲ 93.5% |
| Income taxes67/77 | €337 | €3 | €146 | €149 | €161 | €169 | €143 | ▼ 15.7% |
| Profit (loss) for the period9904 | €144 | €23,179 | €7 | -€9,585 | €5 | €3,782 | €7,505 | ▲ 98.4% |
| Profit (loss) for the period to be appropriated9905 | €144 | €23,179 | €7 | -€9,585 | €5 | €3,782 | €7,505 | ▲ 98.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €225,347 | €301,942 | €277,459 | €258,763 | €328,663 | €202,485 | €194,641 | ▼ 3.9% |
| Fixed assets21/28 | €203,283 | €276,807 | €243,805 | €209,485 | €187,756 | €147,062 | €139,568 | ▼ 5.1% |
| Tangible fixed assets22/27 | €203,283 | €276,807 | €243,805 | €209,485 | €187,756 | €147,062 | €139,568 | ▼ 5.1% |
| Land and buildings22 | - | - | €138,630 | €125,902 | €127,752 | €116,788 | €105,823 | ▼ 9.4% |
| Plant, machinery and equipment23 | - | - | €102,161 | €81,574 | €58,999 | €30,275 | €33,745 | ▲ 11.5% |
| Furniture and vehicles24 | - | - | €3,014 | €2,009 | €1,005 | €0 | - | - |
| Current assets29/58 | €22,065 | €25,136 | €33,654 | €49,278 | €140,907 | €55,423 | €55,073 | ▼ 0.6% |
| Stocks and contracts in progress3 | €1,223 | €1,305 | €3,680 | €3,665 | €6,510 | €4,621 | €3,570 | ▼ 22.7% |
| Stocks30/36 | - | - | €3,680 | €3,665 | €6,510 | €4,621 | €3,570 | ▼ 22.7% |
| Amounts receivable within one year40/41 | €9,294 | €18,150 | €27,440 | €41,564 | €124,013 | €48,155 | €45,012 | ▼ 6.5% |
| Trade receivables40 | - | - | €27,390 | €41,511 | €123,963 | €48,105 | €45,012 | ▼ 6.4% |
| Other amounts receivable41 | - | - | €50 | €53 | €50 | €50 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €10,953 | €4,744 | €1,594 | €3,176 | €9,255 | €1,499 | €4,258 | ▲ 184% |
| Deferred charges and accrued income490/1 | - | - | €940 | €873 | €1,129 | €1,149 | €2,234 | ▲ 94.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €225,347 | €301,942 | €277,459 | €258,763 | €328,663 | €202,485 | €194,641 | ▼ 3.9% |
| Equity10/15 | €34,179 | €57,357 | €57,364 | €47,780 | €47,785 | €51,567 | €59,072 | ▲ 14.6% |
| Contributions10/11 | €100,000 | - | €100,000 | €100,000 | €100,000 | €100,000 | €100,000 | = |
| Profit (loss) carried forward14 | -€65,822 | -€42,643 | -€42,636 | -€52,220 | -€52,215 | -€48,433 | -€40,928 | ▲ 15.5% |
| Amounts payable17/49 | €191,169 | €244,585 | €220,095 | €210,983 | €280,878 | €150,918 | €135,569 | ▼ 10.2% |
| Amounts payable after more than one year17 | €81,250 | €135,604 | €105,804 | €76,003 | €77,629 | €56,964 | €41,249 | ▼ 27.6% |
| Financial debts170/4 | - | - | €105,804 | €76,003 | €77,629 | €56,964 | €41,249 | ▼ 27.6% |
| Amounts payable within one year42/48 | €109,919 | €108,981 | €114,290 | €134,980 | €203,250 | €89,268 | €94,320 | ▲ 5.7% |
| Current portion of amounts payable after more than one year42 | - | - | €29,800 | €29,801 | €35,517 | €20,665 | €15,714 | ▼ 24.0% |
| Trade debts44 | €917 | €1,914 | €3,978 | €2,035 | €102,464 | €1,382 | €910 | ▼ 34.2% |
| Suppliers440/4 | - | - | €3,978 | €2,035 | €102,464 | €1,382 | €910 | ▼ 34.2% |
| Taxes, remuneration and social security45 | - | - | €812 | €1,944 | €2,342 | €3,900 | €3,767 | ▼ 3.4% |
| Taxes450/3 | - | - | €812 | €1,944 | €2,342 | €2,700 | €3,767 | ▲ 39.5% |
| Remuneration and social security454/9 | - | - | - | - | - | €1,200 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | €79,701 | €101,200 | €62,926 | €63,320 | €73,929 | ▲ 16.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €4,687 | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €144 | €23,179 | €7 | -€9,585 | €5 | €3,782 | €7,505 | ▲ 98.4% |
| + Depreciation and write-downs630 | €25,161 | €25,476 | €40,765 | €40,320 | €38,352 | €40,694 | €36,307 | ▼ 10.8% |
| Operating cash flow (approximation) | €25,305 | €48,655 | €40,772 | €30,735 | €38,357 | €44,476 | €43,811 | ▼ 1.5% |
| Investment in fixed assets (approximation) | - | -€99,000 | -€7,764 | -€6,000 | -€16,623 | €0 | -€28,812 | - |
| Change in cash | - | -€6,209 | -€3,149 | €1,582 | €6,079 | -€7,756 | €2,759 | - |
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, 10,904 companies had the same profile as DECOLI has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of DECOLI itself: 0.2% 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 10,904 companies, not a prediction for DECOLI. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 22-04-2026 | 2026-00090291 | |
| 30-09-2024 | micro format | 22-04-2025 | 2025-00080944 | |
| 30-09-2023 | micro format | 23-04-2024 | 2024-00068673 | |
| 30-09-2022 | micro format | 20-04-2023 | 2023-00061866 | |
| 30-09-2021 | micro format | 22-04-2022 | 2022-20007316 | |
| 30-09-2020 | micro format | 26-04-2021 | 2021-11600481 | |
| 30-09-2019 | micro format | 29-04-2020 | 2020-10400209 | |
| 30-09-2018 | micro format | 29-03-2019 | 2019-08800081 | |
| 30-09-2017 | micro format | 30-03-2018 | 2018-08100324 | |
| 30-09-2016 | abbreviated format | 28-04-2017 | 2017-10500411 |