DEEP FOREST
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-05-2026 PDF all 8 filings
Turnover
≈ €360,000
Estimated: probably between €300,000 and €420,000
Total assets
€112,974▼ 22.0%
2024 · €144,913
Net result
€162,546▲ 50.8%
2024 · €107,822
Working capital
€15,264▼ 5.5%
2024 · €16,150
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€208,981
▲ 54.6%
2025
20182025
Net result
€162,546
▲ 50.8%
2025
highest quarter of the sector
20182025
Equity
€18,889
▼ 2.3%
2025
lowest quarter of the sector
20182025
Total assets
€112,974
▼ 22.0%
2025
middle half of the sector
20182025
Debt
€94,084
▼ 25.1%
2025
20182025
Working capital
€15,264
▼ 5.5%
2025
middle half of the sector
20182025
Solvency
16.7%
▲ 3.4pp
2025
lowest quarter of the sector
20182025
Current ratio
1.16
▲ 0.03
2025
middle half of the sector
20182025
Return on assets (ROA)
143.9%
▲ 69.5pp
2025
highest 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-€1,896-€27,954€23,477▼ 16.0%€95,608▲ 307%€137,513▲ 43.8%€129,117▼ 6.1%€135,219▲ 4.7%€208,981▲ 54.6%
Net result-€1,896-€20,678€16,080within the sector's middle half▼ 22.2%€76,879above the sector's middle half▲ 378%€100,591above the sector's middle half▲ 30.8%€101,882above the sector's middle half▲ 1.3%€107,822above the sector's middle half▲ 5.8%€162,546above the sector's middle half▲ 50.8%
Equity€4,938-€25,616▲ 419%€41,696within the sector's middle half▲ 62.8%€20,048below the sector's middle half▼ 51.9%€18,639below the sector's middle half▼ 7.0%€19,521below the sector's middle half▲ 4.7%€19,343below the sector's middle half▼ 0.9%€18,889below the sector's middle half▼ 2.3%
Total assets€6,834-€32,997▲ 383%€47,781below the sector's middle half▲ 44.8%€148,314within the sector's middle half▲ 210%€66,184below the sector's middle half▼ 55.4%€145,835within the sector's middle half▲ 120%€144,913within the sector's middle half▼ 0.6%€112,974within the sector's middle half▼ 22.0%
Debt€1,896-€7,381▲ 289%€6,085▼ 17.6%€128,266▲ 21×€47,545▼ 62.9%€126,314▲ 166%€125,570▼ 0.6%€94,084▼ 25.1%
Working capital€5,088-€24,863▲ 389%€40,623within the sector's middle half▲ 63.4%€19,605within the sector's middle half▼ 51.7%€11,466within the sector's middle half▼ 41.5%€16,892within the sector's middle half▲ 47.3%€16,150within the sector's middle half▼ 4.4%€15,264within the sector's middle half▼ 5.5%
Solvency72.3%-77.6%▲ 5.4pp87.3%above the sector's middle half▲ 9.6pp13.5%below the sector's middle half▼ 73.7pp28.2%within the sector's middle half▲ 14.6pp13.4%below the sector's middle half▼ 14.8pp13.3%below the sector's middle half=16.7%below the sector's middle half▲ 3.4pp
Current ratio3.91-4.37▲ 0.457.68above the sector's middle half▲ 3.311.15within the sector's middle half▼ 6.521.24within the sector's middle half▲ 0.091.14within the sector's middle half▼ 0.101.13within the sector's middle half▼ 0.011.16within the sector's middle half▲ 0.03
Return on assets (ROA)-27.7%-62.7%▲ 90.4pp33.7%above the sector's middle half▼ 29.0pp51.8%above the sector's middle half▲ 18.2pp152.0%above the sector's middle half▲ 100.2pp69.9%above the sector's middle half▼ 82.1pp74.4%above the sector's middle half▲ 4.5pp143.9%above the sector's middle half▲ 69.5pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 55% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
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 €112,974
Fixed assets
€3,625 ▼ 21.8%
Current assets
€109,348 ▼ 22.0%
Equity and liabilities €112,974
Equity
€18,889 ▼ 2.3%
Debt
€94,084 ▼ 25.1%
Debt's share of the balance-sheet total falls from 86.7% to 83.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€209,991▲
2024 · €136,393
Cash flow
€163,556▲
2024 · €108,997
Debt to equity
4.98▼
2024 · 6.49
ROE
860.5%▲
2024 · 557.4%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€94,084▼
2024 · €124,128
Income taxes
€48,200▲
2024 · €30,130
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 | - | €7,425 | - | - | - |
| Depreciation and write-downs of the year | €630 | €695 | €1,364 | €1,174 | €1,010 |
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 | - | €377 | €440 | €630 | €695 | €1,364 | €1,174 | €1,010 | ▼ 14.0% |
| Other operating charges640/8 | - | - | - | €535 | €348 | €448 | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | -€1,896 | €28,678 | €24,265 | €96,773 | €138,556 | €130,929 | €136,780 | €210,391 | ▲ 53.8% |
| Operating profit (loss)9901 | -€1,896 | €27,954 | €23,477 | €95,608 | €137,513 | €129,117 | €135,219 | €208,981 | ▲ 54.6% |
| Financial income75/76B | - | - | - | €1,130 | - | €1,714 | €2,813 | €1,861 | ▼ 33.8% |
| Recurring financial income75 | - | - | €3 | €1,130 | - | €1,714 | €2,813 | €1,861 | ▼ 33.8% |
| Financial charges65/66B | - | - | - | €35 | €48 | €48 | €80 | €96 | ▲ 20.7% |
| Recurring financial charges65 | - | €46 | €97 | €35 | €48 | €48 | €80 | €96 | ▲ 20.7% |
| Profit (loss) for the period before taxes9903 | -€1,896 | €27,908 | €23,383 | €96,703 | €137,465 | €130,783 | €137,952 | €210,746 | ▲ 52.8% |
| Income taxes67/77 | - | €7,230 | €7,303 | €19,824 | €36,874 | €28,901 | €30,130 | €48,200 | ▲ 60.0% |
| Profit (loss) for the period9904 | -€1,896 | €20,678 | €16,080 | €76,879 | €100,591 | €101,882 | €107,822 | €162,546 | ▲ 50.8% |
| Profit (loss) for the period to be appropriated9905 | -€1,896 | €20,678 | €16,080 | €76,879 | €100,591 | €101,882 | €107,822 | €162,546 | ▲ 50.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €6,834 | €32,997 | €47,781 | €148,314 | €66,184 | €145,835 | €144,913 | €112,974 | ▼ 22.0% |
| Fixed assets21/28 | - | €753 | €1,073 | €443 | €7,173 | €5,809 | €4,635 | €3,625 | ▼ 21.8% |
| Tangible fixed assets22/27 | - | €753 | €1,073 | €443 | €7,173 | €5,809 | €4,635 | €3,625 | ▼ 21.8% |
| Plant, machinery and equipment23 | - | - | - | - | €1,594 | €881 | - | - | - |
| Furniture and vehicles24 | - | - | - | €443 | €5,579 | €4,928 | €2,035 | €1,025 | ▼ 49.6% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €2,600 | €2,600 | = |
| Current assets29/58 | €6,834 | €32,244 | €46,708 | €147,871 | €59,011 | €140,026 | €140,278 | €109,348 | ▼ 22.0% |
| Amounts receivable after more than one year29 | - | - | - | €35,000 | €48,319 | - | - | - | - |
| Trade receivables290 | - | - | - | - | €27,845 | - | - | - | - |
| Other amounts receivable291 | - | - | - | €35,000 | €20,474 | - | - | - | - |
| Amounts receivable within one year40/41 | - | €14,624 | €16,242 | €40,174 | - | €66,605 | €77,692 | €64,504 | ▼ 17.0% |
| Trade receivables40 | - | - | - | €28,623 | - | €22,220 | €29,245 | €44,647 | ▲ 52.7% |
| Other amounts receivable41 | - | - | - | €11,551 | - | €44,385 | €48,447 | €19,857 | ▼ 59.0% |
| Cash at bank and in hand54/58 | €6,834 | €2,170 | €5,016 | €72,697 | €10,230 | €72,608 | €62,529 | €44,255 | ▼ 29.2% |
| Deferred charges and accrued income490/1 | - | - | - | - | €462 | €813 | €57 | €589 | ▲ 942% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €6,834 | €32,997 | €47,781 | €148,314 | €66,184 | €145,835 | €144,913 | €112,974 | ▼ 22.0% |
| Equity10/15 | €4,938 | €25,616 | €41,696 | €20,048 | €18,639 | €19,521 | €19,343 | €18,889 | ▼ 2.3% |
| Contributions10/11 | €8,119 | €8,119 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | - | €17,000 | €33,577 | - | - | - | - | - | - |
| Profit (loss) carried forward14 | -€3,181 | €497 | - | €1,456 | €47 | €929 | €751 | €297 | ▼ 60.4% |
| Amounts payable17/49 | €1,896 | €7,381 | €6,085 | €128,266 | €47,545 | €126,314 | €125,570 | €94,084 | ▼ 25.1% |
| Amounts payable within one year42/48 | €1,746 | €7,381 | €6,085 | €128,266 | €47,545 | €123,134 | €124,128 | €94,084 | ▼ 24.2% |
| Trade debts44 | €1,746 | €3,056 | €3,276 | €516 | €3,124 | €1,086 | €2,402 | €5,832 | ▲ 143% |
| Suppliers440/4 | - | - | - | €516 | €3,124 | €1,086 | €2,402 | €5,832 | ▲ 143% |
| Taxes, remuneration and social security45 | - | - | - | €37,280 | €27,421 | €21,048 | €13,726 | €25,253 | ▲ 84.0% |
| Taxes450/3 | - | - | - | €37,280 | €27,421 | €21,048 | €13,726 | €25,253 | ▲ 84.0% |
| Other amounts payable47/48 | - | - | - | €90,470 | €17,000 | €101,000 | €108,000 | €63,000 | ▼ 41.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €3,180 | €1,442 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,896 | €20,678 | €16,080 | €76,879 | €100,591 | €101,882 | €107,822 | €162,546 | ▲ 50.8% |
| + Depreciation and write-downs630 | - | €377 | €440 | €630 | €695 | €1,364 | €1,174 | €1,010 | ▼ 14.0% |
| Operating cash flow (approximation) | -€1,896 | €21,055 | €16,520 | €77,509 | €101,286 | €103,246 | €108,997 | €163,556 | ▲ 50.1% |
| Investment in fixed assets (approximation) | - | - | -€760 | €0 | -€7,425 | €0 | -€0 | €0 | - |
| Change in cash | - | -€4,664 | €2,846 | €67,681 | -€62,467 | €62,378 | -€10,079 | -€18,274 | ▼ 81.3% |
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, 3,818 companies had the same profile as DEEP FOREST has now. Two years later, 95.1% were still going and 1.0% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.1%
was still going
3.7%
stopped otherwise
1.0%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DEEP FOREST itself: < 0.1% 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 3,818 companies, not a prediction for DEEP FOREST. 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 (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-05-2026 | 2026-00134046 | |
| 31-12-2024 | micro format | 04-07-2025 | 2025-00230139 | |
| 31-12-2023 | micro format | 25-06-2024 | 2024-00165444 | |
| 31-12-2022 | micro format | 03-07-2023 | 2023-00221807 | |
| 31-12-2021 | micro format | 24-08-2022 | 2022-20319469 | |
| 31-12-2020 | micro format | 05-08-2021 | 2021-47100529 | |
| 31-12-2019 | micro format | 06-08-2020 | 2020-39900545 | |
| 31-12-2018 | micro format | 03-07-2019 | 2019-27100521 |