DEFASCO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 11 filings
Turnover
≈ €190,000
Estimated: probably between €160,000 and €240,000
Total assets
€712,435▼ 21.2%
2024 · €904,336
Net result
€19,573▼ 83.9%
2024 · €121,718
Working capital
€585,294▼ 23.7%
2024 · €766,824
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€65,615
▼ 54.3%
2025
20182025
Net result
€19,573
▼ 83.9%
2025
middle half of the sector
20182025
Equity
€641,293
▼ 23.9%
2025
highest quarter of the sector
20182025
Total assets
€712,435
▼ 21.2%
2025
highest quarter of the sector
20182025
Debt
€71,142
▲ 14.8%
2025
20182025
Working capital
€585,294
▼ 23.7%
2025
highest quarter of the sector
20182025
Solvency
90.0%
▼ 3.1pp
2025
highest quarter of the sector
20182025
Current ratio
9.23
▼ 4.15
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.7%
▼ 10.7pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€145,698-€181,153▲ 24.3%€154,394▼ 14.8%€163,182▲ 5.7%€147,005▼ 9.9%€186,624▲ 27.0%€143,636▼ 23.0%€65,615▼ 54.3%
Net result€97,060-€121,739▲ 25.4%€113,365above the sector's middle half▼ 6.9%€108,135above the sector's middle half▼ 4.6%€142,784above the sector's middle half▲ 32.0%€123,317above the sector's middle half▼ 13.6%€121,718above the sector's middle half▼ 1.3%€19,573within the sector's middle half▼ 83.9%
Equity€425,237-€546,976▲ 28.6%€660,341above the sector's middle half▲ 20.7%€768,476above the sector's middle half▲ 16.4%€705,435above the sector's middle half▼ 8.2%€720,660above the sector's middle half▲ 2.2%€842,379above the sector's middle half▲ 16.9%€641,293above the sector's middle half▼ 23.9%
Total assets€513,429-€610,709▲ 18.9%€685,081above the sector's middle half▲ 12.2%€786,036above the sector's middle half▲ 14.7%€751,083above the sector's middle half▼ 4.4%€765,999above the sector's middle half▲ 2.0%€904,336above the sector's middle half▲ 18.1%€712,435above the sector's middle half▼ 21.2%
Debt€88,192-€63,733▼ 27.7%€24,740▼ 61.2%€17,560▼ 29.0%€45,648▲ 160%€45,339▼ 0.7%€61,958▲ 36.7%€71,142▲ 14.8%
Working capital€421,753-€536,522▲ 27.2%€610,931above the sector's middle half▲ 13.9%€723,652above the sector's middle half▲ 18.5%€671,910above the sector's middle half▼ 7.2%€631,642above the sector's middle half▼ 6.0%€766,824above the sector's middle half▲ 21.4%€585,294above the sector's middle half▼ 23.7%
Solvency82.8%-89.6%▲ 6.7pp96.4%above the sector's middle half▲ 6.8pp97.8%above the sector's middle half▲ 1.4pp93.9%above the sector's middle half▼ 3.8pp94.1%above the sector's middle half▲ 0.2pp93.1%above the sector's middle half▼ 0.9pp90.0%above the sector's middle half▼ 3.1pp
Current ratio5.80-9.42▲ 3.6225.69above the sector's middle half▲ 16.2842.21above the sector's middle half▲ 16.5215.72above the sector's middle half▼ 26.4915.86above the sector's middle half▲ 0.1413.38above the sector's middle half▼ 2.499.23above the sector's middle half▼ 4.15
Return on assets (ROA)18.9%-19.9%▲ 1.0pp16.5%within the sector's middle half▼ 3.4pp13.8%within the sector's middle half▼ 2.8pp19.0%within the sector's middle half▲ 5.3pp16.1%within the sector's middle half▼ 2.9pp13.5%within the sector's middle half▼ 2.6pp2.7%within the sector's middle half▼ 10.7pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 54% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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 €712,435
Fixed assets
€56,000 ▼ 25.9%
Current assets
€656,435 ▼ 20.8%
Equity and liabilities €712,435
Equity
€641,293 ▼ 23.9%
Debt
€71,142 ▲ 14.8%
Debt's share of the balance-sheet total rises from 6.9% to 10.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€86,267▼
2024 · €169,321
Cash flow
€40,225▼
2024 · €147,404
Debt to equity
0.11▲
2024 · 0.07
ROE
3.1%▼
2024 · 14.4%
Interest coverage
1.70▼
2024 · 40.27
Debt ≤ 1 year
€71,142▲
2024 · €61,958
Income taxes
€9,920▼
2024 · €49,961
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 | €7,016 | €838 | €71,526 | €9,383 | €1,097 |
| Depreciation and write-downs of the year | €11,601 | €12,138 | €13,194 | €25,685 | €20,651 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €9,050 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,323 | €6,093 | €8,624 | €11,601 | €12,138 | €13,194 | €25,685 | €20,651 | ▼ 19.6% |
| Other operating charges640/8 | - | - | - | €832 | €850 | €1,067 | €571 | €603 | ▲ 5.5% |
| Gross operating margin9900 | €154,849 | €188,083 | €163,848 | €175,615 | €159,993 | €200,885 | €169,892 | €86,869 | ▼ 48.9% |
| Operating profit (loss)9901 | €145,698 | €181,153 | €154,394 | €163,182 | €147,005 | €186,624 | €143,636 | €65,615 | ▼ 54.3% |
| Financial income75/76B | - | - | - | €4,242 | €73,650 | €1 | €32,249 | €14,512 | ▼ 55.0% |
| Recurring financial income75 | - | €15,011 | €10,542 | €4,242 | €73,650 | €1 | €32,249 | €14,512 | ▼ 55.0% |
| Financial charges65/66B | - | - | - | €6,832 | €9,173 | €10,709 | €4,205 | €50,635 | ▲ 12× |
| Recurring financial charges65 | €785 | €4,197 | €1,424 | €6,832 | €9,173 | €10,709 | €4,205 | €50,635 | ▲ 12× |
| Profit (loss) for the period before taxes9903 | €144,913 | €191,968 | €163,513 | €160,592 | €211,482 | €175,916 | €171,679 | €29,493 | ▼ 82.8% |
| Income taxes67/77 | €47,853 | €70,229 | €50,148 | €52,457 | €68,698 | €52,598 | €49,961 | €9,920 | ▼ 80.1% |
| Profit (loss) for the period9904 | €97,060 | €121,739 | €113,365 | €108,135 | €142,784 | €123,317 | €121,718 | €19,573 | ▼ 83.9% |
| Profit (loss) for the period to be appropriated9905 | €97,060 | €121,739 | €113,365 | €108,135 | €142,784 | €123,317 | €121,718 | €19,573 | ▼ 83.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €513,429 | €610,709 | €685,081 | €786,036 | €751,083 | €765,999 | €904,336 | €712,435 | ▼ 21.2% |
| Fixed assets21/28 | €3,823 | €10,454 | €49,409 | €44,824 | €33,524 | €91,856 | €75,554 | €56,000 | ▼ 25.9% |
| Tangible fixed assets22/27 | €3,823 | €10,454 | €49,409 | €44,824 | €33,524 | €91,856 | €75,554 | €56,000 | ▼ 25.9% |
| Plant, machinery and equipment23 | - | - | - | €11,374 | €11,095 | €9,957 | €12,806 | €11,224 | ▼ 12.4% |
| Furniture and vehicles24 | - | - | - | €33,450 | €22,430 | €81,899 | €62,749 | €44,776 | ▼ 28.6% |
| Current assets29/58 | €509,605 | €600,255 | €635,672 | €741,212 | €717,558 | €674,143 | €828,782 | €656,435 | ▼ 20.8% |
| Amounts receivable within one year40/41 | €43,409 | €43,561 | €960 | €16 | €2,505 | €19,421 | €38,181 | €30,203 | ▼ 20.9% |
| Trade receivables40 | - | - | - | - | €2,057 | €12,020 | €30,740 | €3,997 | ▼ 87.0% |
| Other amounts receivable41 | - | - | - | €16 | €448 | €7,402 | €7,441 | €26,206 | ▲ 252% |
| Current investments50/53 | €168,370 | €87,069 | €87,069 | - | - | - | €537,984 | €339,998 | ▼ 36.8% |
| Cash at bank and in hand54/58 | €297,827 | €469,624 | €547,642 | €741,197 | €715,054 | €652,658 | €250,711 | €279,705 | ▲ 11.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €2,064 | €1,907 | €6,529 | ▲ 242% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €513,429 | €610,709 | €685,081 | €786,036 | €751,083 | €765,999 | €904,336 | €712,435 | ▼ 21.2% |
| Equity10/15 | €425,237 | €546,976 | €660,341 | €768,476 | €705,435 | €720,660 | €842,379 | €641,293 | ▼ 23.9% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €412,837 | €534,576 | €647,941 | €756,076 | €693,035 | €708,260 | €829,979 | €628,893 | ▼ 24.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €754,216 | €691,175 | €708,260 | €829,979 | €628,893 | ▼ 24.2% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €88,192 | €63,733 | €24,740 | €17,560 | €45,648 | €45,339 | €61,958 | €71,142 | ▲ 14.8% |
| Amounts payable within one year42/48 | €87,852 | €63,733 | €24,740 | €17,560 | €45,648 | €42,501 | €61,958 | €71,142 | ▲ 14.8% |
| Trade debts44 | - | €47,919 | €520 | €242 | €2,135 | €0 | €4,615 | €299 | ▼ 93.5% |
| Suppliers440/4 | - | - | - | €242 | €2,135 | €0 | €4,615 | €299 | ▼ 93.5% |
| Taxes, remuneration and social security45 | - | - | - | €926 | €17,521 | €367 | €1,616 | €803 | ▼ 50.3% |
| Taxes450/3 | - | - | - | €926 | €17,521 | €367 | €1,616 | €803 | ▼ 50.3% |
| Other amounts payable47/48 | - | - | - | €16,392 | €25,992 | €42,134 | €55,727 | €70,040 | ▲ 25.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €2,838 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €97,060 | €121,739 | €113,365 | €108,135 | €142,784 | €123,317 | €121,718 | €19,573 | ▼ 83.9% |
| + Depreciation and write-downs630 | €8,323 | €6,093 | €8,624 | €11,601 | €12,138 | €13,194 | €25,685 | €20,651 | ▼ 19.6% |
| Operating cash flow (approximation) | €105,383 | €127,832 | €121,989 | €119,736 | €154,922 | €136,511 | €147,404 | €40,225 | ▼ 72.7% |
| Investment in fixed assets (approximation) | - | -€12,724 | -€47,579 | -€7,016 | -€838 | -€71,526 | -€9,383 | -€1,097 | ▲ 88.3% |
| Change in cash | - | €171,797 | €78,018 | €193,554 | -€26,143 | -€62,396 | -€401,947 | €28,994 | - |
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, 6,049 companies had the same profile as DEFASCO has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of DEFASCO 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 6,049 companies, not a prediction for DEFASCO. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-06-2026 | 2026-00227477 | |
| 31-12-2024 | micro format | 02-07-2025 | 2025-00213733 | |
| 31-12-2023 | micro format | 24-10-2024 | 2024-00515089 | |
| 31-12-2022 | micro format | 24-08-2023 | 2023-00352075 | |
| 31-12-2021 | micro format | 29-09-2022 | 2022-20453639 | |
| 31-12-2020 | micro format | 23-08-2021 | 2021-51500153 | |
| 31-12-2019 | micro format | 01-10-2020 | 2020-57700394 | |
| 31-12-2018 | micro format | 19-06-2019 | 2019-19700264 | |
| 31-12-2017 | micro format | 19-06-2018 | 2018-19800480 | |
| 31-12-2016 | micro format | 30-05-2017 | 2017-14000089 |