DEDC
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 18 days after the deadline Filed on 18 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00408421.
Annual accounts 2025 filed on 18-08-2026 at the NBB all 7 filings
Turnover
≈ €120,000
Estimated: probably between €82,000 and €170,000
Total assets
€120,338▲ 1.7%
2024 · €118,310
Net result
€17,174▼ 5.9%
2024 · €18,256
Working capital
€40,440▼ 0.8%
2024 · €40,767
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€28,054
▼ 17.5%
2025
20192025
Net result
€17,174
▼ 5.9%
2025
middle half of the sector
20192025
Equity
€51,428
▼ 22.6%
2025
middle half of the sector
20192025
Total assets
€120,338
▲ 1.7%
2025
middle half of the sector
20192025
Debt
€68,911
▲ 32.8%
2025
20192025
Working capital
€40,440
▼ 0.8%
2025
middle half of the sector
20192025
Solvency
42.7%
▼ 13.4pp
2025
middle half of the sector
20192025
Current ratio
1.64
▼ 0.15
2025
middle half of the sector
20192025
Return on assets (ROA)
14.3%
▼ 1.2pp
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€3,309-€26,326▲ 695%€9,413▼ 64.2%€16,899▲ 79.5%€30,412▲ 80.0%€33,998▲ 11.8%€28,054▼ 17.5%
Net result-€7-€15,742within the sector's middle half€3,199within the sector's middle half▼ 79.7%€6,988within the sector's middle half▲ 118%€16,050within the sector's middle half▲ 130%€18,256within the sector's middle half▲ 13.7%€17,174within the sector's middle half▼ 5.9%
Equity€6,193-€21,935within the sector's middle half▲ 254%€25,134within the sector's middle half▲ 14.6%€32,122within the sector's middle half▲ 27.8%€48,172within the sector's middle half▲ 50.0%€66,428within the sector's middle half▲ 37.9%€51,428within the sector's middle half▼ 22.6%
Total assets€34,949-€63,479below the sector's middle half▲ 81.6%€91,569within the sector's middle half▲ 44.3%€103,894within the sector's middle half▲ 13.5%€120,531within the sector's middle half▲ 16.0%€118,310within the sector's middle half▼ 1.8%€120,338within the sector's middle half▲ 1.7%
Debt€28,756-€41,544▲ 44.5%€66,435▲ 59.9%€71,773▲ 8.0%€72,359▲ 0.8%€51,882▼ 28.3%€68,911▲ 32.8%
Working capital-€4,158-€16,760within the sector's middle half€14,487within the sector's middle half▼ 13.6%€13,335within the sector's middle half▼ 8.0%€19,071within the sector's middle half▲ 43.0%€40,767within the sector's middle half▲ 114%€40,440within the sector's middle half▼ 0.8%
Solvency17.7%-34.6%within the sector's middle half▲ 16.8pp27.4%within the sector's middle half▼ 7.1pp30.9%within the sector's middle half▲ 3.5pp40.0%within the sector's middle half▲ 9.0pp56.1%within the sector's middle half▲ 16.2pp42.7%within the sector's middle half▼ 13.4pp
Current ratio0.86-1.40within the sector's middle half▲ 0.551.29within the sector's middle half▼ 0.121.27within the sector's middle half▼ 0.021.30within the sector's middle half▲ 0.031.79within the sector's middle half▲ 0.491.64within the sector's middle half▼ 0.15
Return on assets (ROA)0.0%-24.8%above the sector's middle half▲ 24.8pp3.5%within the sector's middle half▼ 21.3pp6.7%within the sector's middle half▲ 3.2pp13.3%within the sector's middle half▲ 6.6pp15.4%within the sector's middle half▲ 2.1pp14.3%within the sector's middle half▼ 1.2pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 17% 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 €120,338
Fixed assets
€16,701 ▼ 34.9%
Current assets
€103,637 ▲ 11.9%
Equity and liabilities €120,338
Equity
€51,428 ▼ 22.6%
Debt
€68,911 ▲ 32.8%
Debt's share of the balance-sheet total rises from 43.9% to 57.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€39,888▼
2024 · €46,058
Cash flow
€29,009▼
2024 · €30,315
Debt to equity
1.34▲
2024 · 0.78
ROE
33.4%▲
2024 · 27.5%
Interest coverage
11.72▲
2024 · 11.07
Debt ≤ 1 year
€63,198▲
2024 · €51,882
Debt > 1 year
€5,713
Income taxes
€7,871▼
2024 · €11,581
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 | €29,205 | €21,696 | €7,883 | - | €2,873 |
| Depreciation and write-downs of the year | €2,974 | €7,554 | €10,961 | €12,060 | €11,834 |
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 | - | - | - | - | €5,345 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,179 | €5,177 | €2,974 | €7,554 | €10,961 | €12,060 | €11,834 | ▼ 1.9% |
| Other operating charges640/8 | - | - | €2,199 | €1,585 | €1,636 | €1,548 | €1,445 | ▼ 6.7% |
| Non-recurring operating charges66A | - | - | €750 | - | - | - | - | - |
| Gross operating margin9900 | €13,060 | €35,769 | €15,335 | €26,038 | €43,008 | €47,605 | €41,333 | ▼ 13.2% |
| Operating profit (loss)9901 | €3,309 | €26,326 | €9,413 | €16,899 | €30,412 | €33,998 | €28,054 | ▼ 17.5% |
| Financial income75/76B | - | - | €0 | €0 | - | - | €395 | - |
| Recurring financial income75 | €10 | €0 | €0 | €0 | - | - | €395 | - |
| Financial charges65/66B | - | - | €1,122 | €1,448 | €3,719 | €4,161 | €3,404 | ▼ 18.2% |
| Recurring financial charges65 | €1,300 | €1,224 | €1,122 | €1,448 | €3,719 | €4,161 | €3,404 | ▼ 18.2% |
| Profit (loss) for the period before taxes9903 | €2,019 | €25,103 | €8,291 | €15,451 | €26,692 | €29,836 | €25,045 | ▼ 16.1% |
| Income taxes67/77 | €2,026 | €9,361 | €5,092 | €8,463 | €10,642 | €11,581 | €7,871 | ▼ 32.0% |
| Profit (loss) for the period9904 | -€7 | €15,742 | €3,199 | €6,988 | €16,050 | €18,256 | €17,174 | ▼ 5.9% |
| Profit (loss) for the period to be appropriated9905 | -€7 | €15,742 | €3,199 | €6,988 | €16,050 | €18,256 | €17,174 | ▼ 5.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €34,949 | €63,479 | €91,569 | €103,894 | €120,531 | €118,310 | €120,338 | ▲ 1.7% |
| Fixed assets21/28 | €10,351 | €5,175 | €26,655 | €40,797 | €37,720 | €25,660 | €16,701 | ▼ 34.9% |
| Tangible fixed assets22/27 | €10,351 | €5,175 | €26,655 | €40,797 | €37,720 | €25,660 | €16,701 | ▼ 34.9% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €2,097 | - |
| Furniture and vehicles24 | - | - | €26,655 | €40,797 | €37,720 | €25,660 | €14,605 | ▼ 43.1% |
| Current assets29/58 | €24,598 | €58,304 | €64,914 | €63,097 | €82,811 | €92,649 | €103,637 | ▲ 11.9% |
| Stocks and contracts in progress3 | €2,806 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €4,713 | €49,078 | €51,973 | €54,458 | €55,989 | €64,682 | €38,119 | ▼ 41.1% |
| Trade receivables40 | - | - | €51,973 | €54,458 | €55,989 | €64,682 | €30,271 | ▼ 53.2% |
| Other amounts receivable41 | - | - | - | - | - | - | €7,848 | - |
| Cash at bank and in hand54/58 | €12,432 | €7,143 | €11,218 | €6,822 | €14,000 | €15,860 | €57,486 | ▲ 262% |
| Deferred charges and accrued income490/1 | - | - | €1,723 | €1,817 | €12,823 | €12,108 | €8,032 | ▼ 33.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €34,949 | €63,479 | €91,569 | €103,894 | €120,531 | €118,310 | €120,338 | ▲ 1.7% |
| Equity10/15 | €6,193 | €21,935 | €25,134 | €32,122 | €48,172 | €66,428 | €51,428 | ▼ 22.6% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | - | €15,735 | €18,934 | €25,922 | €41,972 | €60,228 | €45,228 | ▼ 24.9% |
| Distributable reserves133 | - | - | €18,934 | €25,922 | €41,972 | €60,228 | €45,228 | ▼ 24.9% |
| Profit (loss) carried forward14 | -€7 | - | - | - | - | - | - | - |
| Amounts payable17/49 | €28,756 | €41,544 | €66,435 | €71,773 | €72,359 | €51,882 | €68,911 | ▲ 32.8% |
| Amounts payable after more than one year17 | - | - | €16,008 | €22,011 | €8,620 | - | €5,713 | - |
| Financial debts170/4 | - | - | €16,008 | €22,011 | €8,620 | - | €5,713 | - |
| Amounts payable within one year42/48 | €28,756 | €41,544 | €50,427 | €49,762 | €63,740 | €51,882 | €63,198 | ▲ 21.8% |
| Current portion of amounts payable after more than one year42 | - | - | €6,024 | €13,012 | €13,391 | €8,620 | €2,068 | ▼ 76.0% |
| Trade debts44 | €6,730 | €7,676 | €17,728 | €11,377 | €15,512 | €10,906 | €755 | ▼ 93.1% |
| Suppliers440/4 | - | - | €17,728 | €11,377 | €15,512 | €10,906 | €755 | ▼ 93.1% |
| Taxes, remuneration and social security45 | - | - | €9,697 | €10,481 | €21,281 | €20,335 | €21,038 | ▲ 3.5% |
| Taxes450/3 | - | - | €7,558 | €10,481 | €16,003 | €15,058 | €21,038 | ▲ 39.7% |
| Remuneration and social security454/9 | - | - | €2,139 | - | €5,277 | €5,277 | - | - |
| Other amounts payable47/48 | - | - | €16,978 | €14,893 | €13,556 | €12,022 | €39,337 | ▲ 227% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€7 | €15,742 | €3,199 | €6,988 | €16,050 | €18,256 | €17,174 | ▼ 5.9% |
| + Depreciation and write-downs630 | €5,179 | €5,177 | €2,974 | €7,554 | €10,961 | €12,060 | €11,834 | ▼ 1.9% |
| Operating cash flow (approximation) | €5,172 | €20,918 | €6,173 | €14,542 | €27,011 | €30,315 | €29,009 | ▼ 4.3% |
| Investment in fixed assets (approximation) | - | €0 | -€24,455 | -€21,696 | -€7,883 | €0 | -€2,875 | - |
| Change in cash | - | -€5,289 | €4,075 | -€4,395 | €7,177 | €1,860 | €41,627 | ▲ 22× |
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, 26,972 companies had the same profile as DEDC has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of DEDC itself is lower: < 0.1% within 12 months. It rests on far more data about DEDC than the profile alone.
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 26,972 companies, not a prediction for DEDC. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-08-2026 | 2026-00408421 | |
| 31-12-2024 | micro format | 04-07-2025 | 2025-00233184 | |
| 31-12-2023 | micro format | 05-07-2024 | 2024-00215378 | |
| 31-12-2022 | micro format | 03-07-2023 | 2023-00192779 | |
| 31-12-2021 | micro format | 04-07-2022 | 2022-20125893 | |
| 31-12-2020 | micro format | 02-07-2021 | 2021-30500328 | |
| 31-12-2019 | micro format | 04-08-2020 | 2020-38800351 |