DECSAN
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00506320.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 20 filings
Equity
€36,080▼ 24.1%
2025 · €47,522
Total assets
€249,315▲ 297%
2025 · €62,771
Net result
-€11,443
2025 · €76
Working capital
-€95,239
2025 · €45,209
Multi-year overview
2019 to 2025, 8 financial yearsOperating result
-€10,368
2025
20192025
Net result
-€11,443
2025
lowest quarter of the sector
20192025
Equity
€36,080
2025
middle half of the sector
20192025
Total assets
€249,315
2025
middle half of the sector
20192025
Debt
€213,235
2025
20192025
Working capital
-€95,239
2025
lowest quarter of the sector
20192025
Solvency
14.5%
2025
middle half of the sector
20192025
Current ratio
0.55
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-4.6%
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252025
Operating result€870-€8,925▲ 926%€36,716▲ 311%€25,151▼ 31.5%€1,498▼ 94.0%€352▼ 76.5%€1,272▲ 261%-€10,368-
Net result-€558-€7,173€26,142above the sector's middle half▲ 264%€19,601within the sector's middle half▼ 25.0%€974within the sector's middle half▼ 95.0%-€207within the sector's middle half€76within the sector's middle half-€11,443below the sector's middle half-
Equity€12,335-€19,507▲ 58.2%€45,649within the sector's middle half▲ 134%€65,250within the sector's middle half▲ 42.9%€47,654within the sector's middle half▼ 27.0%€47,447within the sector's middle half▼ 0.4%€47,522within the sector's middle half▲ 0.2%€36,080within the sector's middle half-
Total assets€58,041-€54,646▼ 5.8%€105,230within the sector's middle half▲ 92.6%€105,121within the sector's middle half▼ 0.1%€74,019within the sector's middle half▼ 29.6%€85,199within the sector's middle half▲ 15.1%€62,771within the sector's middle half▼ 26.3%€249,315within the sector's middle half-
Debt€45,707-€35,139▼ 23.1%€59,581▲ 69.6%€39,871▼ 33.1%€26,366▼ 33.9%€37,752▲ 43.2%€15,248▼ 59.6%€213,235-
Working capital€4,047-€9,539▲ 136%€38,641within the sector's middle half▲ 305%€60,468within the sector's middle half▲ 56.5%€44,007within the sector's middle half▼ 27.2%€45,077within the sector's middle half▲ 2.4%€45,209within the sector's middle half▲ 0.3%-€95,239below the sector's middle half-
Solvency21.3%-35.7%▲ 14.4pp43.4%within the sector's middle half▲ 7.7pp62.1%above the sector's middle half▲ 18.7pp64.4%above the sector's middle half▲ 2.3pp55.7%within the sector's middle half▼ 8.7pp75.7%above the sector's middle half▲ 20.0pp14.5%within the sector's middle half-
Current ratio1.09-1.27▲ 0.181.65within the sector's middle half▲ 0.382.52within the sector's middle half▲ 0.872.67within the sector's middle half▲ 0.152.19within the sector's middle half▼ 0.483.96above the sector's middle half▲ 1.770.55below the sector's middle half-
Return on assets (ROA)-1.0%-13.1%▲ 14.1pp24.8%above the sector's middle half▲ 11.7pp18.6%above the sector's middle half▼ 6.2pp1.3%within the sector's middle half▼ 17.3pp-0.2%within the sector's middle half▼ 1.6pp0.1%within the sector's middle half▲ 0.4pp-4.6%below the sector's middle half-
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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.
Several financial years end in the same calendar year, so there is no annual trend.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2025 as the grey bar beneath
Assets €249,315
Fixed assets
€131,319 ▲ 57×
Current assets
€117,996 ▲ 95.2%
Equity and liabilities €249,315
Equity
€36,080 ▼ 24.1%
Debt
€213,235 ▲ 14×
Debt's share of the balance-sheet total rises from 24.3% to 85.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€9,738▼
2025 · €1,898
Cash flow
-€10,812▼
2025 · €701
Quick ratio
0.23▼
2025 · 1.86
Debt to equity
5.91▲
2025 · 0.32
ROE
-31.7%▼
2025 · 0.2%
Interest coverage
-8.77▼
2025 · 2.33
Debt ≤ 1 year
€213,235▲
2025 · €15,248
Income taxes
€27▼
2025 · €769
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €479 | - | €569 | €129,636 |
| Financial fixed assets | €500 | €600 | - | - | - |
| Depreciation and write-downs of the year | €2,726 | €2,215 | €1,276 | €626 | €631 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,601 | €2,960 | €2,960 | €2,726 | €2,215 | €1,276 | €626 | €631 | - |
| Other operating charges640/8 | - | - | - | - | - | - | - | €557 | - |
| Gross operating margin9900 | €17,212 | €11,885 | €39,676 | €27,877 | €3,713 | €1,629 | €1,898 | -€9,181 | - |
| Operating profit (loss)9901 | €870 | €8,925 | €36,716 | €25,151 | €1,498 | €352 | €1,272 | -€10,368 | - |
| Financial income75/76B | - | - | - | €1,091 | €393 | €574 | €388 | €63 | - |
| Recurring financial income75 | €398 | €319 | €1,152 | €1,091 | €393 | €574 | €388 | €63 | - |
| Financial charges65/66B | - | - | - | €189 | €129 | €800 | €815 | €1,111 | - |
| Recurring financial charges65 | €1,905 | €732 | €1,462 | €189 | €129 | €800 | €815 | €1,111 | - |
| Profit (loss) for the period before taxes9903 | -€637 | €8,511 | €36,406 | €26,053 | €1,762 | €126 | €845 | -€11,416 | - |
| Income taxes67/77 | -€78 | €1,339 | €10,264 | €6,452 | €789 | €333 | €769 | €27 | - |
| Profit (loss) for the period9904 | -€558 | €7,173 | €26,142 | €19,601 | €974 | -€207 | €76 | -€11,443 | - |
| Profit (loss) for the period to be appropriated9905 | -€558 | €7,173 | €26,142 | €19,601 | €974 | -€207 | €76 | -€11,443 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €58,041 | €54,646 | €105,230 | €105,121 | €74,019 | €85,199 | €62,771 | €249,315 | - |
| Fixed assets21/28 | €8,288 | €9,968 | €7,008 | €4,782 | €3,646 | €2,370 | €2,313 | €131,319 | - |
| Tangible fixed assets22/27 | €8,288 | €9,968 | €7,008 | €4,282 | €2,546 | €1,270 | €1,213 | €130,219 | - |
| Plant, machinery and equipment23 | - | - | - | €1,842 | €1,382 | €921 | €461 | €230 | - |
| Furniture and vehicles24 | - | - | - | €2,440 | €1,164 | €349 | €752 | €1,816 | - |
| Other tangible fixed assets26 | - | - | - | - | - | - | - | €128,173 | - |
| Financial fixed assets28 | - | - | - | €500 | €1,100 | €1,100 | €1,100 | €1,100 | - |
| Current assets29/58 | €49,754 | €44,678 | €98,222 | €100,338 | €70,373 | €82,829 | €60,458 | €117,996 | - |
| Stocks and contracts in progress3 | €14,058 | €17,423 | €17,895 | €39,927 | €47,167 | €34,900 | €32,167 | €70,000 | - |
| Stocks30/36 | - | - | - | €39,927 | €47,167 | €34,900 | €32,167 | €70,000 | - |
| Amounts receivable within one year40/41 | €14,655 | €8,452 | €13,033 | €156 | €741 | €964 | €4,428 | €47,996 | - |
| Trade receivables40 | - | - | - | €90 | €741 | €964 | €4,428 | €34,326 | - |
| Other amounts receivable41 | - | - | - | €66 | - | - | - | €13,670 | - |
| Cash at bank and in hand54/58 | €18,885 | €16,902 | €65,134 | €57,979 | €20,169 | €33,737 | €21,315 | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €2,276 | €2,296 | €13,228 | €2,548 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €58,041 | €54,646 | €105,230 | €105,121 | €74,019 | €85,199 | €62,771 | €249,315 | - |
| Equity10/15 | €12,335 | €19,507 | €45,649 | €65,250 | €47,654 | €47,447 | €47,522 | €36,080 | - |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | - |
| Reserves13 | €772 | €7,772 | €35,772 | €43,772 | €43,772 | €43,772 | €43,772 | €43,772 | - |
| Non-distributable reserves130/1 | - | - | - | €772 | €772 | €772 | €772 | €772 | - |
| Reserves not available under the articles1311 | - | - | - | €772 | €772 | €772 | €772 | €772 | - |
| Distributable reserves133 | - | - | - | €43,000 | €43,000 | €43,000 | €43,000 | €43,000 | - |
| Profit (loss) carried forward14 | -€7,038 | -€6,865 | -€8,723 | €2,878 | -€14,719 | -€14,925 | -€14,850 | -€26,292 | - |
| Amounts payable17/49 | €45,707 | €35,139 | €59,581 | €39,871 | €26,366 | €37,752 | €15,248 | €213,235 | - |
| Amounts payable within one year42/48 | €45,707 | €35,139 | €59,581 | €39,871 | €26,366 | €37,752 | €15,248 | €213,235 | - |
| Financial debts43 | - | - | - | - | - | - | - | €36,391 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €36,391 | - |
| Trade debts44 | €29,296 | €18,872 | €27,930 | €14,816 | €16,752 | €17,054 | €10,818 | €83,852 | - |
| Suppliers440/4 | - | - | - | €14,816 | €16,752 | €17,054 | €10,818 | €83,852 | - |
| Advances received on contracts in progress46 | - | - | - | €3,573 | €5,784 | €13,117 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €6,469 | €3,445 | €6,156 | €4,364 | €10,734 | - |
| Taxes450/3 | - | - | - | €6,469 | €3,445 | €6,156 | €4,364 | €10,734 | - |
| Other amounts payable47/48 | - | - | - | €15,012 | €383 | €1,424 | €66 | €82,259 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€558 | €7,173 | €26,142 | €19,601 | €974 | -€207 | €76 | -€11,443 | - |
| + Depreciation and write-downs630 | €4,601 | €2,960 | €2,960 | €2,726 | €2,215 | €1,276 | €626 | €631 | - |
| Operating cash flow (approximation) | €4,043 | €10,133 | €29,102 | €22,327 | €3,188 | €1,069 | €701 | -€10,812 | - |
| Investment in fixed assets (approximation) | - | -€4,641 | €0 | -€500 | -€1,079 | €0 | -€569 | - | - |
| Change in cash | - | -€1,983 | €48,232 | -€7,155 | -€37,810 | €13,568 | -€12,422 | - | - |
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, 2,450 companies had the same profile as DECSAN has now. Two years later, 93.3% were still going and 1.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
93.3%
was still going
5.1%
stopped otherwise
1.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DECSAN itself: 1.4% 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 2,450 companies, not a prediction for DECSAN. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00506320 | |
| 30-06-2025 | micro format | 17-02-2026 | 2026-00040628 | |
| 30-06-2024 | micro format | 08-02-2025 | 2025-00031395 | |
| 30-06-2023 | micro format | 28-02-2024 | 2024-00035757 | |
| 30-06-2022 | micro format | 23-02-2023 | 2023-00031804 | |
| 30-06-2021 | micro format | 27-02-2022 | 2022-06700395 | |
| 30-06-2020 | micro format | 25-02-2021 | 2021-06300111 | |
| 30-06-2019 | micro format | 30-01-2020 | 2020-03400090 | |
| 30-06-2018 | micro format | 27-02-2019 | 2019-05900594 | |
| 30-06-2017 | micro format | 19-02-2018 | 2018-05100533 |