DEEFAKKER
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 25-06-2026 at the NBB all 17 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€83,943▼ 17.3%
2024 · -€71,557
Working capital
-€561,484
2024 · €12,861
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€51,811
▲ 10.0%
2025
20182025
Net result
-€83,943
▼ 17.3%
2025
lowest quarter of the sector
20182025
Equity
€947,328
▼ 8.1%
2025
middle half of the sector
20182025
Total assets
€3.7m
▲ 49.8%
2025
middle half of the sector
20182025
Debt
€2.5m
▲ 104%
2025
20182025
Working capital
-€561,484
2025
lowest quarter of the sector
20182025
Solvency
26.0%
▼ 16.4pp
2025
middle half of the sector
20182025
Current ratio
0.50
▼ 0.52
2025
middle half of the sector
20182025
Return on assets (ROA)
-2.3%
▲ 0.6pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.04m--€0.07m▼ 83.6%-€0.07m▼ 3.1%€0.2m-€0.05m-€0.05m▼ 11.2%-€0.06m▼ 14.2%-€0.05m▲ 10.0%
Net result-€0.04m--€0.09m▼ 94.4%-€0.09mbelow the sector's middle half▼ 3.2%€0.2mabove the sector's middle half-€0.05mbelow the sector's middle half-€0.06mbelow the sector's middle half▼ 18.3%-€0.07mbelow the sector's middle half▼ 11.1%-€0.08mbelow the sector's middle half▼ 17.3%
Equity€0.9m-€0.8m▼ 10.0%€0.7mwithin the sector's middle half▼ 9.9%€0.7mwithin the sector's middle half▲ 4.9%€0.8mwithin the sector's middle half▲ 13.4%€0.8mwithin the sector's middle half▼ 7.7%€1.0mwithin the sector's middle half▲ 32.9%€0.9mwithin the sector's middle half▼ 8.1%
Total assets€1.2m-€1.5m▲ 28.6%€1.4mwithin the sector's middle half▼ 5.6%€1.1mwithin the sector's middle half▼ 22.7%€1.5mwithin the sector's middle half▲ 31.8%€1.3mwithin the sector's middle half▼ 10.3%€2.4mwithin the sector's middle half▲ 85.3%€3.7mwithin the sector's middle half▲ 49.8%
Debt€0.3m-€0.7m▲ 136%€0.7m▼ 1.6%€0.4m▼ 49.6%€0.6m▲ 55.4%€0.5m▼ 15.3%€1.2m▲ 157%€2.5m▲ 104%
Working capital-€0.3m--€0.5m▼ 74.9%-€0.7mbelow the sector's middle half▼ 24.3%-€0.006mwithin the sector's middle half▲ 99.1%-€0.03mwithin the sector's middle half▼ 310%-€0.2mbelow the sector's middle half▼ 842%€0.01mwithin the sector's middle half-€0.6mbelow the sector's middle half
Solvency73.5%-51.4%▼ 22.1pp49.1%within the sector's middle half▼ 2.3pp66.6%above the sector's middle half▲ 17.5pp57.3%within the sector's middle half▼ 9.3pp59.0%within the sector's middle half▲ 1.7pp42.3%within the sector's middle half▼ 16.7pp26.0%within the sector's middle half▼ 16.4pp
Current ratio0.02-0.26▲ 0.240.06below the sector's middle half▼ 0.200.98within the sector's middle half▲ 0.920.95within the sector's middle half▼ 0.030.44below the sector's middle half▼ 0.511.02within the sector's middle half▲ 0.580.50within the sector's middle half▼ 0.52
Return on assets (ROA)-3.8%--5.7%▼ 1.9pp-6.3%below the sector's middle half▼ 0.5pp19.3%above the sector's middle half▲ 25.6pp-3.7%below the sector's middle half▼ 23.0pp-4.9%below the sector's middle half▼ 1.2pp-2.9%below the sector's middle half▲ 2.0pp-2.3%below the sector's middle half▲ 0.6pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 a loss of €51,811, smaller than the loss of €57,541 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.7m
Fixed assets
€3.1m ▲ 70.7%
Current assets
€562,765 ▼ 10.4%
Equity and liabilities €3.7m
Equity
€947,328 ▼ 8.1%
Provisions
€164,485 =
Debt
€2.5m ▲ 104%
Debt's share of the balance-sheet total rises from 50.9% to 69.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€39,299▲
2024 · -€45,030
Cash flow
-€71,431▼
2024 · -€59,045
Debt to equity
2.68▲
2024 · 1.20
ROE
-8.9%▼
2024 · -6.9%
Interest coverage
-1.12▲
2024 · -2.09
Debt ≤ 1 year
€1.1m▲
2024 · €615,511
Debt > 1 year
€1.3m▲
2024 · €560,807
Supplier credit
562 days▼
2024 · 740 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | - | - | €1.4m |
| Mortgages, amount registered | - | - | - | €27,500 | €27,500 |
| Mortgage mandates | - | - | - | €1.5m | €1.5m |
| Carrying value of the mortgaged assets | - | - | - | €742,432 | €3.3m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €39,484 | €192,423 | €172,224 | €697,701 | €1.3m |
| Depreciation and write-downs of the year | €12,512 | €12,512 | €12,512 | €12,512 | €12,512 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €281,579 | €3,274 | €1,699 | €3,150 | €1,200 | ▼ 61.9% |
| Other operating income74 | - | - | - | €0 | €3,274 | €1,699 | €3,150 | €1,200 | ▼ 61.9% |
| Non-recurring operating income76A | - | - | - | €281,579 | €0 | - | - | - | - |
| Operating charges60/66A | - | - | - | €62,281 | €48,573 | €52,076 | €60,691 | €53,011 | ▼ 12.7% |
| Services and other goods61 | - | - | - | €44,425 | €34,008 | €29,978 | €41,698 | €34,326 | ▼ 17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,517 | €47,255 | €47,396 | €12,512 | €12,512 | €12,512 | €12,512 | €12,512 | = |
| Other operating charges640/8 | - | - | - | €5,344 | €2,053 | €9,587 | €6,482 | €6,173 | ▼ 4.8% |
| Gross operating margin9900 | -€3,681 | - | - | - | - | - | - | - | - |
| Operating profit (loss)9901 | -€39,423 | -€72,371 | -€74,614 | €219,298 | -€45,299 | -€50,377 | -€57,541 | -€51,811 | ▲ 10.0% |
| Financial income75/76B | - | - | - | €4,018 | €6,817 | €17 | €7,565 | €2,850 | ▼ 62.3% |
| Recurring financial income75 | €1 | - | - | €4,018 | €6,817 | €17 | €7,565 | €2,850 | ▼ 62.3% |
| Income from current assets751 | - | - | - | €4,018 | €6,817 | €17 | €7,565 | €2,845 | ▼ 62.4% |
| Other financial income752/9 | - | - | - | - | - | - | - | €5 | - |
| Financial charges65/66B | - | - | - | €8,539 | €13,156 | €14,045 | €21,580 | €34,983 | ▲ 62.1% |
| Recurring financial charges65 | €5,552 | €15,076 | €13,258 | €8,539 | €13,156 | €14,045 | €21,580 | €34,983 | ▲ 62.1% |
| Debt charges650 | - | - | €12,807 | €8,539 | €13,156 | €13,682 | €21,580 | €34,983 | ▲ 62.1% |
| Other financial charges652/9 | - | - | - | - | - | €363 | €0 | - | - |
| Profit (loss) for the period before taxes9903 | -€44,975 | -€87,446 | -€87,871 | €214,777 | -€51,638 | -€64,406 | -€71,557 | -€83,943 | ▼ 17.3% |
| Income taxes67/77 | - | - | €2,386 | €0 | €2,828 | €0 | - | - | - |
| Taxes670/3 | - | - | - | €0 | €2,828 | €0 | - | - | - |
| Profit (loss) for the period9904 | -€44,975 | -€87,446 | -€90,257 | €214,777 | -€54,466 | -€64,406 | -€71,557 | -€83,943 | ▼ 17.3% |
| Transfer from tax-exempt reserves789 | - | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€44,975 | -€87,446 | -€67,908 | €214,777 | -€54,466 | -€64,406 | -€71,557 | -€83,943 | ▼ 17.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.5m | €1.4m | €1.1m | €1.5m | €1.3m | €2.4m | €3.7m | ▲ 49.8% |
| Fixed assets21/28 | €1.2m | €1.3m | €1.4m | €0.8m | €1.0m | €1.1m | €1.8m | €3.1m | ▲ 70.7% |
| Tangible fixed assets22/27 | €1.2m | €1.3m | €1.4m | €0.8m | €1.0m | €1.1m | €1.8m | €3.1m | ▲ 70.7% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 3.4% |
| Assets under construction and advance payments27 | - | - | - | €0.4m | €0.6m | €0.7m | €1.4m | €2.7m | ▲ 89.6% |
| Current assets29/58 | €0.005m | €0.2m | €0.04m | €0.3m | €0.5m | €0.2m | €0.6m | €0.6m | ▼ 10.4% |
| Amounts receivable after more than one year29 | - | - | - | - | €0.1m | €0.1m | €0.4m | €0.3m | ▼ 25.8% |
| Other amounts receivable291 | - | - | - | - | €0.1m | €0.1m | €0.4m | €0.3m | ▼ 25.8% |
| Stocks and contracts in progress3 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €0.002m | €0.2m | €0.01m | €0.3m | €0.4m | €0.09m | €0.2m | €0.2m | ▲ 19.5% |
| Trade receivables40 | - | - | - | €0.001m | €363 | €0.004m | €0 | €0.001m | - |
| Other amounts receivable41 | - | - | - | €0.3m | €0.4m | €0.08m | €0.2m | €0.2m | ▲ 18.9% |
| Cash at bank and in hand54/58 | €0.003m | €0.009m | €0.005m | €0.02m | €0.01m | €0.004m | €0.001m | €0.009m | ▲ 11× |
| Deferred charges and accrued income490/1 | - | - | - | €0 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.5m | €1.4m | €1.1m | €1.5m | €1.3m | €2.4m | €3.7m | ▲ 49.8% |
| Equity10/15 | €0.9m | €0.8m | €0.7m | €0.7m | €0.8m | €0.8m | €1.0m | €0.9m | ▼ 8.1% |
| Contributions10/11 | €0.6m | €0.6m | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Revaluation surpluses12 | - | - | - | €0 | - | - | - | - | - |
| Reserves13 | €0.06m | €0.04m | €0.01m | €0.09m | €0.04m | €0 | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0 | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.08m | €0.04m | €0 | - | - | - |
| Profit (loss) carried forward14 | - | -€0.07m | -€0.1m | €0 | - | -€0.02m | -€0.1m | -€0.2m | ▼ 87.5% |
| Investment grants15 | - | - | - | €0.01m | €0.2m | €0.2m | €0.5m | €0.5m | = |
| Provisions and deferred taxes16 | - | - | €0.004m | €0.004m | €0.06m | €0.06m | €0.2m | €0.2m | = |
| Deferred taxes168 | - | - | - | €0.004m | €0.06m | €0.06m | €0.2m | €0.2m | = |
| Amounts payable17/49 | €0.3m | €0.7m | €0.7m | €0.4m | €0.6m | €0.5m | €1.2m | €2.5m | ▲ 104% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €0.6m | €1.3m | ▲ 135% |
| Financial debts170/4 | - | - | - | - | - | - | €0.6m | €1.3m | ▲ 135% |
| Credit institutions173 | - | - | - | - | - | - | €0.6m | €1.3m | ▲ 135% |
| Amounts payable within one year42/48 | €0.3m | €0.7m | €0.7m | €0.3m | €0.5m | €0.4m | €0.6m | €1.1m | ▲ 82.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €0.07m | - |
| Financial debts43 | - | - | - | €0 | - | - | €132 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €0 | - | - | €132 | €0 | ▼ 100% |
| Trade debts44 | €0.006m | €0.1m | €0.2m | €0.1m | €0.1m | €0.02m | €0.08m | €0.05m | ▼ 37.5% |
| Suppliers440/4 | - | - | - | €0.1m | €0.1m | €0.02m | €0.08m | €0.05m | ▼ 37.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.01m | €0.01m | €0.01m | €0.005m | ▼ 67.2% |
| Taxes450/3 | - | - | - | €0.02m | €0.01m | €0.01m | €0.01m | €0.005m | ▼ 67.2% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.4m | €0.4m | €0.5m | €1.0m | ▲ 92.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0.03m | €0.04m | €0.05m | €0.07m | €0.1m | ▲ 46.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.04m | -€0.09m | -€0.09m | €0.2m | -€0.05m | -€0.06m | -€0.07m | -€0.08m | ▼ 17.3% |
| + Depreciation and write-downs630 | €0.04m | €0.05m | €0.05m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Operating cash flow (approximation) | -€0.009m | -€0.04m | -€0.04m | €0.2m | -€0.04m | -€0.05m | -€0.06m | -€0.07m | ▼ 21.0% |
| Investment in fixed assets (approximation) | - | -€0.2m | -€0.1m | €0.6m | -€0.2m | -€0.2m | -€0.7m | -€1.3m | ▼ 85.0% |
| Change in cash | - | €0.006m | -€0.004m | €0.01m | -€0.008m | -€0.008m | -€0.003m | €0.008m | - |
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, 1,423 companies had the same profile as DEEFAKKER has now. Two years later, 96.5% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
96.5%
was still going
2.2%
stopped otherwise
1.0%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DEEFAKKER 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 1,423 companies, not a prediction for DEEFAKKER. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 25-06-2026 | 2026-00244787 | |
| 31-12-2024 | full format | 08-07-2025 | 2025-00243779 | |
| 31-12-2023 | full format | 11-07-2024 | 2024-00249742 | |
| 31-12-2022 | full format | 27-06-2023 | 2023-00204181 | |
| 31-12-2021 | full format | 12-07-2022 | 2022-20199075 | |
| 31-12-2020 | full format | 16-08-2021 | 2021-51100431 | |
| 31-12-2019 | full format | 29-10-2020 | 2020-66500001 | |
| 31-12-2018 | abbreviated format | 11-09-2019 | 2019-64000062 | |
| 31-12-2017 | abbreviated format | 12-07-2018 | 2018-32600291 | |
| 31-12-2016 | abbreviated format | 26-07-2017 | 2017-36100558 |