DELFRAN
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 10-04-2026 PDF all 36 filings
Turnover
≈ €2.3m
Estimated: probably between €1.5m and €3.7m
Total assets
€5.6m▼ 1.2%
2024 · €5.7m
Net result
€302,544▼ 2.7%
2024 · €310,843
Working capital
-€62,286▲ 81.3%
2024 · -€332,567
In the rankings
#1 company by total assets in Koksijde, Accommodation and food service sector#1 company by equity in Koksijde, Accommodation and food service sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€471,824
▼ 10.3%
2025
20192025
Net result
€302,544
▼ 2.7%
2025
highest quarter of the sector
20192025
Equity
€4.4m
▲ 7.4%
2025
highest quarter of the sector
20192025
Total assets
€5.6m
▼ 1.2%
2025
highest quarter of the sector
20192025
Debt
€1.0m
▼ 25.3%
2025
20192025
Working capital
-€62,286
▲ 81.3%
2025
middle half of the sector
20192025
Solvency
77.9%
▲ 6.2pp
2025
highest quarter of the sector
20192025
Current ratio
0.89
▲ 0.39
2025
middle half of the sector
20192025
Return on assets (ROA)
5.4%
▼ 0.1pp
2025
middle half of the sector
20192025
Staff (FTE)
8.4
▲ 9.1%
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€0.2m-€0.04m▼ 78.5%€0.3m▲ 563%€0.4m▲ 56.6%€0.4m▲ 5.4%€0.5m▲ 26.0%€0.5m▼ 10.3%
Net result€0.1m-€0.006mwithin the sector's middle half▼ 93.7%€0.2mabove the sector's middle half▲ 27×€0.6mabove the sector's middle half▲ 269%€0.3mabove the sector's middle half▼ 57.4%€0.3mabove the sector's middle half▲ 22.7%€0.3mabove the sector's middle half▼ 2.7%
Equity€2.7m-€2.7mabove the sector's middle half▲ 0.1%€2.9mabove the sector's middle half▲ 5.9%€3.5mabove the sector's middle half▲ 20.5%€3.8mabove the sector's middle half▲ 7.2%€4.1mabove the sector's middle half▲ 8.3%€4.4mabove the sector's middle half▲ 7.4%
Total assets€5.0m-€4.9mabove the sector's middle half▼ 1.4%€4.7mabove the sector's middle half▼ 4.3%€5.7mabove the sector's middle half▲ 21.5%€5.8mabove the sector's middle half▲ 1.3%€5.7mabove the sector's middle half▼ 1.8%€5.6mabove the sector's middle half▼ 1.2%
Debt€1.9m-€1.9m▼ 2.0%€1.5m▼ 18.1%€1.9m▲ 23.2%€1.8m▼ 7.3%€1.4m▼ 21.4%€1.0m▼ 25.3%
Working capital-€0.9m--€0.8mbelow the sector's middle half▲ 15.5%-€0.7mbelow the sector's middle half▲ 10.8%-€0.5mbelow the sector's middle half▲ 29.9%-€0.5mbelow the sector's middle half▲ 3.0%-€0.3mbelow the sector's middle half▲ 27.5%-€0.06mwithin the sector's middle half▲ 81.3%
Solvency55.1%-55.9%above the sector's middle half▲ 0.8pp61.9%above the sector's middle half▲ 5.9pp61.3%above the sector's middle half▼ 0.5pp64.9%above the sector's middle half▲ 3.6pp71.6%above the sector's middle half▲ 6.7pp77.9%above the sector's middle half▲ 6.2pp
Current ratio0.12-0.27below the sector's middle half▲ 0.140.12below the sector's middle half▼ 0.140.46within the sector's middle half▲ 0.340.40within the sector's middle half▼ 0.070.50within the sector's middle half▲ 0.110.89within the sector's middle half▲ 0.39
Return on assets (ROA)1.9%-0.1%within the sector's middle half▼ 1.8pp3.4%within the sector's middle half▲ 3.3pp10.4%above the sector's middle half▲ 7.0pp4.4%within the sector's middle half▼ 6.0pp5.5%within the sector's middle half▲ 1.1pp5.4%within the sector's middle half▼ 0.1pp
Staff (FTE)9.1-8.6within the sector's middle half▼ 5.5%8.3within the sector's middle half▼ 3.5%8.1within the sector's middle half▼ 2.4%8within the sector's middle half▼ 1.2%7.7within the sector's middle half▼ 3.8%8.4within the sector's middle half▲ 9.1%
above
within
below
The sector band is the middle half of the companies in Accommodation (NACE 55). 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 10% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €5.6m
Fixed assets
€5.1m ▼ 4.7%
Current assets
€525,881 ▲ 55.1%
Equity and liabilities €5.6m
Equity
€4.4m ▲ 7.4%
Provisions
€211,870 ▼ 8.7%
Debt
€1.0m ▼ 25.3%
Debt's share of the balance-sheet total falls from 24.3% to 18.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€876,853▼
2024 · €927,780
Cash flow
€707,573▼
2024 · €712,590
Debt to equity
0.24▼
2024 · 0.34
ROE
6.9%▼
2024 · 7.7%
Interest coverage
26.23▲
2024 · 10.33
Debt ≤ 1 year
€588,167▼
2024 · €671,684
Debt > 1 year
€441,431▼
2024 · €692,209
Income taxes
€164,637▲
2024 · €153,846
Staff costs
€384,554▲
2024 · €369,324
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 8 | 10 | 8 | 9 |
| full-time | 7 | 9 | 8 | 8 |
| part-time | 1 | 1 | 0 | 1 |
| in full-time equivalents | 7.1 | 9.1 | 8 | 8.6 |
| Average over the year, in full-time equivalents | 8.1 | 8 | 7.7 | 8.4 |
| On a permanent contract | 7 | 8 | 7 | 8 |
| Joined | 28 | 52 | 72 | 88 |
| Left | 30 | 50 | 74 | 87 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1.2m | €499,995 | €268,822 | €145,228 |
| Intangible fixed assets | - | - | €3,511 | €7,072 |
| Depreciation and write-downs of the year | €338,772 | €402,529 | €401,748 | €405,029 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €0.001m | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.3m | €0.3m | €0.4m | €0.4m | ▲ 4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m | €0.4m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 0.8% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€0.02m | -€0.02m | -€0.02m | €0 | - |
| Other operating charges640/8 | - | - | - | €0.05m | €0.06m | €0.06m | €0.06m | ▲ 5.0% |
| Gross operating margin9900 | €0.9m | €0.7m | €0.8m | €1.1m | €1.2m | €1.3m | €1.3m | ▼ 0.9% |
| Operating profit (loss)9901 | €0.2m | €0.04m | €0.3m | €0.4m | €0.4m | €0.5m | €0.5m | ▼ 10.3% |
| Financial income75/76B | - | - | - | €0.4m | €0.003m | €0.009m | €0.009m | ▲ 0.5% |
| Recurring financial income75 | €353 | €125 | €0.001m | €0.004m | €0.003m | €0.009m | €0.009m | ▲ 0.5% |
| Non-recurring financial income76B | - | - | - | €0.4m | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €0.04m | €0.09m | €0.09m | €0.03m | ▼ 62.8% |
| Recurring financial charges65 | €0.06m | €0.05m | €0.03m | €0.04m | €0.09m | €0.09m | €0.03m | ▼ 62.8% |
| Profit (loss) for the period before taxes9903 | €0.1m | -€0.008m | €0.2m | €0.7m | €0.3m | €0.4m | €0.4m | ▲ 0.5% |
| Transfer from deferred taxes780 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 1.5% |
| Transfer to deferred taxes680 | - | - | - | €0.1m | €0 | - | - | - |
| Income taxes67/77 | €0.04m | €0.001m | €0.07m | €0.07m | €0.1m | €0.2m | €0.2m | ▲ 7.0% |
| Profit (loss) for the period9904 | €0.1m | €0.006m | €0.2m | €0.6m | €0.3m | €0.3m | €0.3m | ▼ 2.7% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.05m | €0.06m | €0.06m | €0.06m | ▲ 5.6% |
| Transfer to tax-exempt reserves689 | - | - | - | €0.3m | €0.1m | €0.1m | €0 | ▼ 100% |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.03m | €0.2m | €0.4m | €0.2m | €0.3m | €0.4m | ▲ 37.8% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €5.0m | €4.9m | €4.7m | €5.7m | €5.8m | €5.7m | €5.6m | ▼ 1.2% |
| Fixed assets21/28 | €4.8m | €4.6m | €4.6m | €5.3m | €5.5m | €5.3m | €5.1m | ▼ 4.7% |
| Intangible fixed assets21 | €0.004m | €0.005m | €0.005m | €0.003m | €0.002m | €0.004m | €0.009m | ▲ 122% |
| Tangible fixed assets22/27 | €4.8m | €4.6m | €4.6m | €5.3m | €5.5m | €5.3m | €5.1m | ▼ 4.8% |
| Land and buildings22 | - | - | - | €3.9m | €3.7m | €3.6m | €3.5m | ▼ 2.9% |
| Plant, machinery and equipment23 | - | - | - | €1.3m | €1.5m | €1.5m | €1.3m | ▼ 9.6% |
| Furniture and vehicles24 | - | - | - | €0.1m | €0.2m | €0.2m | €0.2m | ▼ 7.7% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €0.007m | - |
| Current assets29/58 | €0.1m | €0.3m | €0.1m | €0.4m | €0.3m | €0.3m | €0.5m | ▲ 55.1% |
| Amounts receivable within one year40/41 | €0.02m | €0.05m | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | ▼ 11.8% |
| Trade receivables40 | - | - | - | €0.01m | €0.02m | €0.02m | €0.02m | ▼ 11.9% |
| Other amounts receivable41 | - | - | - | €0.001m | €0.001m | €0 | €40 | - |
| Current investments50/53 | - | - | - | - | €0.2m | €0 | €0.3m | - |
| Cash at bank and in hand54/58 | €0.1m | €0.2m | €0.09m | €0.4m | €0.08m | €0.3m | €0.2m | ▼ 35.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €5.0m | €4.9m | €4.7m | €5.7m | €5.8m | €5.7m | €5.6m | ▼ 1.2% |
| Equity10/15 | €2.7m | €2.7m | €2.9m | €3.5m | €3.8m | €4.1m | €4.4m | ▲ 7.4% |
| Contributions10/11 | €0.02m | €0 | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Revaluation surpluses12 | - | - | - | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Reserves13 | €1.5m | €1.5m | €1.6m | €2.2m | €2.5m | €2.8m | €3.1m | ▲ 10.8% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0 | - | - |
| Tax-exempt reserves132 | - | - | - | €0.7m | €0.7m | €0.8m | €0.7m | ▼ 8.1% |
| Distributable reserves133 | - | - | - | €1.5m | €1.7m | €2.0m | €2.4m | ▲ 18.2% |
| Provisions and deferred taxes16 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 8.7% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.08m | €0.06m | €0.04m | €0.04m | = |
| Major repairs and maintenance162 | - | - | - | €0.08m | €0.06m | €0.04m | €0.04m | = |
| Deferred taxes168 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 10.6% |
| Amounts payable17/49 | €1.9m | €1.9m | €1.5m | €1.9m | €1.8m | €1.4m | €1.0m | ▼ 25.3% |
| Amounts payable after more than one year17 | €0.9m | €0.8m | €0.8m | €1.0m | €1.0m | €0.7m | €0.4m | ▼ 36.2% |
| Financial debts170/4 | - | - | - | €1.0m | €1.0m | €0.7m | €0.4m | ▼ 36.2% |
| Amounts payable within one year42/48 | €1.0m | €1.0m | €0.8m | €0.9m | €0.8m | €0.7m | €0.6m | ▼ 12.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 11.8% |
| Financial debts43 | - | - | - | €0.01m | €0.002m | €352 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €0.01m | €0.002m | €352 | €0 | ▼ 100% |
| Trade debts44 | €0.06m | €0.08m | €0.1m | €0.2m | €0.1m | €0.05m | €0.05m | ▲ 2.0% |
| Suppliers440/4 | - | - | - | €0.2m | €0.1m | €0.05m | €0.05m | ▲ 2.0% |
| Advances received on contracts in progress46 | - | - | - | €0.001m | €375 | €0.003m | €0.006m | ▲ 71.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.09m | €0.08m | €0.1m | €0.2m | ▲ 32.8% |
| Taxes450/3 | - | - | - | €0.04m | €0.03m | €0.07m | €0.09m | ▲ 21.3% |
| Remuneration and social security454/9 | - | - | - | €0.04m | €0.05m | €0.05m | €0.07m | ▲ 50.8% |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.3m | €0.2m | €0.1m | ▼ 42.7% |
| Accrued charges and deferred income492/3 | - | - | - | €0.01m | €0.02m | €0.01m | €0 | ▼ 100% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €0.006m | €0.2m | €0.6m | €0.3m | €0.3m | €0.3m | ▼ 2.7% |
| + Depreciation and write-downs630 | €0.4m | €0.4m | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | ▲ 0.8% |
| Operating cash flow (approximation) | €0.5m | €0.4m | €0.5m | €0.9m | €0.7m | €0.7m | €0.7m | ▼ 0.7% |
| Investment in fixed assets (approximation) | - | -€0.2m | -€0.3m | -€1.0m | -€0.6m | -€0.3m | -€0.2m | ▲ 41.2% |
| Change in cash | - | €0.1m | -€0.1m | €0.3m | -€0.3m | €0.2m | -€0.1m | - |
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, 31,368 companies had the same profile as DELFRAN has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DELFRAN 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 31,368 companies, not a prediction for DELFRAN. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 10-04-2026 | 2026-00076875 | |
| 30-09-2024 | abbreviated format | 30-04-2025 | 2025-00087698 | |
| 30-09-2023 | abbreviated format | 22-12-2023 | 2023-00536707 | |
| 30-09-2022 | abbreviated format | 16-01-2023 | 2023-20559134 | |
| 30-09-2021 | abbreviated format | 24-12-2021 | 2021-81800143 | |
| 30-09-2020 | abbreviated format | 04-01-2021 | 2021-00100189 | |
| 30-09-2019 | abbreviated format | 23-12-2019 | 2019-77500328 | |
| 30-09-2018 | abbreviated format | 03-01-2019 | 2019-00200361 | |
| 30-09-2017 | abbreviated format | 12-02-2018 | 2018-04800222 | |
| 30-09-2016 | abbreviated format | 03-03-2017 | 2017-05800339 |