DECORMAT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-07-2026 at the NBB all 39 filings
Turnover
≈ €130,000
Estimated: probably between €76,000 and €230,000
Total assets
€345,829▼ 5.6%
2024 · €366,405
Net result
€1,456
2024 · -€16,758
Working capital
-€31,173▲ 38.7%
2024 · -€50,865
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1,522
2025
20182025
Net result
€1,456
2025
20182025
Equity
€309,555
▲ 0.5%
2025
20182025
Total assets
€345,829
▼ 5.6%
2025
20182025
Debt
€36,274
▼ 37.8%
2025
20182025
Working capital
-€31,173
▲ 38.7%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€6,232--€4,919▲ 21.1%€3,822€2,744▼ 28.2%€1,610▼ 41.3%-€1,418-€31,186▼ 2,099%€1,522
Net result€1,027-€13,258▲ 13×€5,811▼ 56.2%€13,613▲ 134%€8,270▼ 39.2%€12,706▲ 53.6%-€16,758€1,456
Equity€238,184-€251,442▲ 5.6%€257,253▲ 2.3%€270,867▲ 5.3%€271,217▲ 0.1%€254,622▼ 6.1%€308,099▲ 21.0%€309,555▲ 0.5%
Total assets€330,738-€343,230▲ 3.8%€336,393▼ 2.0%€334,665▼ 0.5%€328,542▼ 1.8%€321,037▼ 2.3%€366,405▲ 14.1%€345,829▼ 5.6%
Debt€92,554-€91,787▼ 0.8%€79,139▼ 13.8%€63,798▼ 19.4%€57,326▼ 10.1%€66,415▲ 15.9%€58,306▼ 12.2%€36,274▼ 37.8%
Working capital-€51,676--€39,463▲ 23.6%-€29,224▲ 25.9%-€12,770▲ 56.3%-€14,146▼ 10.8%-€24,474▼ 73.0%-€50,865▼ 108%-€31,173▲ 38.7%
The operating result for 2025 is a profit of €1,522, after a loss of €31,186 in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €345,829
Fixed assets
€340,728 ▼ 5.8%
Current assets
€5,101 ▲ 10.9%
Equity and liabilities €345,829
Equity
€309,555 ▲ 0.5%
Debt
€36,274 ▼ 37.8%
Debt's share of the balance-sheet total falls from 15.9% to 10.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€22,599▲
2024 · -€16,203
Cash flow
€22,533▲
2024 · -€1,775
Current ratio
0.14▲
2024 · 0.08
Debt to equity
0.12▼
2024 · 0.19
ROE
0.5%▲
2024 · -5.4%
ROA
0.4%▲
2024 · -4.6%
Interest coverage
over 100▲
2024 · -136.16
Debt ≤ 1 year
€36,274▼
2024 · €55,466
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 | €1,943 | €7,747 | - | €786,072 | - |
| Financial fixed assets | - | - | €0 | - | - |
| Depreciation and write-downs of the year | €4,784 | €6,021 | €6,267 | €14,983 | €21,077 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,969 | €4,427 | €4,427 | €4,784 | €6,021 | €6,267 | €14,983 | €21,077 | ▲ 40.7% |
| Other operating charges640/8 | - | - | - | €4,104 | €4,181 | €4,527 | €8,619 | €8,646 | ▲ 0.3% |
| Gross operating margin9900 | €2,473 | €6,254 | €12,331 | €11,632 | €11,812 | €9,376 | -€7,584 | €31,246 | - |
| Operating profit (loss)9901 | -€6,232 | -€4,919 | €3,822 | €2,744 | €1,610 | -€1,418 | -€31,186 | €1,522 | - |
| Financial income75/76B | - | - | - | €10,920 | €6,720 | €14,182 | €14,546 | €0 | ▼ 100% |
| Recurring financial income75 | €7,280 | €18,200 | €2,016 | €10,920 | €6,720 | €14,182 | €14,546 | €0 | ▼ 100% |
| Financial charges65/66B | - | - | - | €51 | €61 | €58 | €119 | €67 | ▼ 44.1% |
| Recurring financial charges65 | €21 | €23 | €27 | €51 | €61 | €58 | €119 | €67 | ▼ 44.1% |
| Profit (loss) for the period before taxes9903 | €1,027 | €13,258 | €5,811 | €13,613 | €8,270 | €12,706 | -€16,758 | €1,456 | - |
| Profit (loss) for the period9904 | €1,027 | €13,258 | €5,811 | €13,613 | €8,270 | €12,706 | -€16,758 | €1,456 | - |
| Profit (loss) for the period to be appropriated9905 | €1,027 | €13,258 | €5,811 | €13,613 | €8,270 | €12,706 | -€16,758 | €1,456 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €330,738 | €343,230 | €336,393 | €334,665 | €328,542 | €321,037 | €366,405 | €345,829 | ▼ 5.6% |
| Fixed assets21/28 | €324,565 | €325,610 | €321,183 | €318,342 | €320,068 | €313,801 | €361,804 | €340,728 | ▼ 5.8% |
| Tangible fixed assets22/27 | €193,764 | €194,836 | €190,409 | €187,568 | €189,294 | €183,027 | €361,804 | €340,728 | ▼ 5.8% |
| Land and buildings22 | - | - | - | €186,833 | €188,739 | €182,652 | €352,630 | €333,097 | ▼ 5.5% |
| Plant, machinery and equipment23 | - | - | - | €735 | €555 | €375 | €321 | €33 | ▼ 89.6% |
| Furniture and vehicles24 | - | - | - | - | - | - | €8,854 | €7,598 | ▼ 14.2% |
| Financial fixed assets28 | €130,801 | €130,774 | €130,774 | €130,774 | €130,774 | €130,774 | €0 | - | - |
| Current assets29/58 | €6,173 | €17,619 | €15,210 | €16,323 | €8,474 | €7,235 | €4,601 | €5,101 | ▲ 10.9% |
| Amounts receivable after more than one year29 | - | - | - | €2,216 | €2,216 | €2,216 | €0 | - | - |
| Other amounts receivable291 | - | - | - | €2,216 | €2,216 | €2,216 | €0 | - | - |
| Amounts receivable within one year40/41 | €3,141 | €10,821 | €6,837 | €1,657 | €0 | - | - | - | - |
| Other amounts receivable41 | - | - | - | €1,657 | €0 | - | - | - | - |
| Cash at bank and in hand54/58 | €816 | €4,582 | €6,157 | €12,450 | €6,258 | €4,134 | €2,378 | €2,797 | ▲ 17.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €885 | €2,223 | €2,305 | ▲ 3.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €330,738 | €343,230 | €336,393 | €334,665 | €328,542 | €321,037 | €366,405 | €345,829 | ▼ 5.6% |
| Equity10/15 | €238,184 | €251,442 | €257,253 | €270,867 | €271,217 | €254,622 | €308,099 | €309,555 | ▲ 0.5% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €89,280 | €89,280 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | - | - | - |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | - | - | - |
| Reserves13 | €10,741 | €10,741 | €10,741 | €10,741 | €10,741 | €10,741 | €17,249 | €17,249 | = |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €0 | - | - |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | - | €0 | - | - |
| Distributable reserves133 | - | - | - | €4,541 | €4,541 | €4,541 | €17,249 | €17,249 | = |
| Profit (loss) carried forward14 | €165,444 | €178,701 | €184,513 | €198,126 | €198,476 | €181,881 | €201,571 | €203,026 | ▲ 0.7% |
| Amounts payable17/49 | €92,554 | €91,787 | €79,139 | €63,798 | €57,326 | €66,415 | €58,306 | €36,274 | ▼ 37.8% |
| Amounts payable after more than one year17 | €34,705 | €34,705 | €34,705 | €34,705 | €34,705 | €34,705 | €0 | - | - |
| Financial debts170/4 | - | - | - | €34,705 | €34,705 | €34,705 | €0 | - | - |
| Amounts payable within one year42/48 | €57,849 | €57,082 | €44,434 | €29,093 | €22,621 | €31,709 | €55,466 | €36,274 | ▼ 34.6% |
| Trade debts44 | - | €1,147 | €0 | €333 | €396 | €576 | €0 | - | - |
| Suppliers440/4 | - | - | - | €333 | €396 | €576 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €28,760 | €22,225 | €31,133 | €55,466 | €36,274 | ▼ 34.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €2,840 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,027 | €13,258 | €5,811 | €13,613 | €8,270 | €12,706 | -€16,758 | €1,456 | - |
| + Depreciation and write-downs630 | €3,969 | €4,427 | €4,427 | €4,784 | €6,021 | €6,267 | €14,983 | €21,077 | ▲ 40.7% |
| Operating cash flow (approximation) | €4,996 | €17,685 | €10,239 | €18,397 | €14,291 | €18,973 | -€1,775 | €22,533 | - |
| Investment in fixed assets (approximation) | - | -€5,473 | €0 | -€1,943 | -€7,747 | €0 | -€62,986 | -€0 | ▲ 100.0% |
| Change in cash | - | €3,766 | €1,574 | €6,293 | -€6,192 | -€2,124 | -€1,756 | €419 | - |
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, 17,041 companies had the same profile as DECORMAT has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DECORMAT itself: 0.6% 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 17,041 companies, not a prediction for DECORMAT. 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 39 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 09-07-2026 | 2026-00296934 | |
| 31-12-2024 | micro format | 28-07-2025 | 2025-00349478 | |
| 31-12-2023 | abbreviated format | 24-07-2024 | 2024-00298241 | |
| 31-12-2022 | abbreviated format | 30-03-2023 | 2023-00048887 | |
| 31-12-2021 | abbreviated format | 18-05-2022 | 2022-20028860 | |
| 31-12-2020 | abbreviated format | 04-06-2021 | 2021-17900148 | |
| 31-12-2019 | abbreviated format | 11-09-2020 | 2020-53000352 | |
| 31-12-2018 | micro format | 18-07-2019 | 2019-36000186 | |
| 31-12-2017 | micro format | 19-07-2018 | 2018-36400229 | |
| 31-12-2016 | micro format | 07-07-2017 | 2017-30900253 |