DELTA
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 57 days after the deadline Filed on 26 June 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00219584.
Annual accounts 2025 filed on 26-06-2026 at the NBB all 23 filings
Equity
€201,811▼ 15.3%
2024 · €238,328
Total assets
€448,573▼ 9.4%
2024 · €495,011
Net result
-€36,517
2024 · €11,681
Working capital
€324,622▼ 10.1%
2024 · €361,139
Multi-year overview
2019 to 2025, 6 financial yearsOperating result
-€55,049
▼ 5,349%
2025
20192025
Net result
-€36,517
2025
lowest quarter of the sector
20192025
Equity
€201,811
▼ 15.3%
2025
middle half of the sector
20192025
Total assets
€448,573
▼ 9.4%
2025
middle half of the sector
20192025
Debt
€123,406
▼ 7.4%
2025
20192025
Working capital
€324,622
▼ 10.1%
2025
middle half of the sector
20192025
Solvency
45.0%
▼ 3.2pp
2025
middle half of the sector
20192025
Current ratio
3.63
▼ 0.08
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-8.1%
▼ 10.5pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920202021202220242025
Operating result-€11,196-€42,753-€22,601€12,130-€1,010--€55,049▼ 5,349%
Net result€13,991-€47,183above the sector's middle half▲ 237%-€2,102below the sector's middle half€23,366within the sector's middle half€11,681within the sector's middle half--€36,517below the sector's middle half
Equity€150,889-€198,072above the sector's middle half▲ 31.3%€195,970above the sector's middle half▼ 1.1%€219,336above the sector's middle half▲ 11.9%€238,328above the sector's middle half-€201,811within the sector's middle half▼ 15.3%
Total assets€535,828-€512,503above the sector's middle half▼ 4.4%€502,615above the sector's middle half▼ 1.9%€540,483above the sector's middle half▲ 7.5%€495,011above the sector's middle half-€448,573within the sector's middle half▼ 9.4%
Debt€261,582-€191,074▼ 27.0%€183,288▼ 4.1%€197,790▲ 7.9%€133,327-€123,406▼ 7.4%
Working capital€274,059-€320,607above the sector's middle half▲ 17.0%€319,781above the sector's middle half▼ 0.3%€344,329above the sector's middle half▲ 7.7%€361,139above the sector's middle half-€324,622within the sector's middle half▼ 10.1%
Solvency28.2%-38.6%within the sector's middle half▲ 10.5pp39.0%within the sector's middle half▲ 0.3pp40.6%within the sector's middle half▲ 1.6pp48.1%within the sector's middle half-45.0%within the sector's middle half▼ 3.2pp
Current ratio2.07-2.68within the sector's middle half▲ 0.612.75within the sector's middle half▲ 0.082.76within the sector's middle half▲ 0.013.71above the sector's middle half-3.63above the sector's middle half▼ 0.08
Return on assets (ROA)2.6%-9.2%within the sector's middle half▲ 6.6pp-0.4%within the sector's middle half▼ 9.6pp4.3%within the sector's middle half▲ 4.7pp2.4%within the sector's middle half--8.1%below the sector's middle half▼ 10.5pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 €55,049, larger than the loss of €1,010 in 2024. It is the lowest result since 2020.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €448,573
Fixed assets
€546 =
Current assets
€448,028 ▼ 9.4%
Equity and liabilities €448,573
Equity
€201,811 ▼ 15.3%
Provisions
€123,357 =
Debt
€123,406 ▼ 7.4%
Debt's share of the balance-sheet total rises from 26.9% to 27.5%. Equity and debt are lower.
Key figures and ratios
Debt to equity
0.61▲
2024 · 0.56
ROE
-18.1%▼
2024 · 4.9%
Debt ≤ 1 year
€123,406▼
2024 · €133,327
Staff costs
€13,645▲
2024 · €344
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2024 |
|---|---|
| Employees at the balance-sheet date | 0 |
| full-time | 0 |
| part-time | 0 |
Source: social balance sheet in the 2024 annual accounts
Investments
| Item | 30-09-2019 | 30-09-2021 | 30-09-2022 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €817 | - | - | - | - |
| Depreciation and write-downs of the year | €4,652 | €275 | - | - | - |
Source: notes to the 2019 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €33,618 | - | €15,579 | -€46 | €344 | €13,645 | ▲ 40× |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,652 | €4,366 | €275 | - | - | - | - |
| Other operating charges640/8 | €3,875 | - | €5,797 | €3,237 | €1,682 | €1,621 | ▼ 3.6% |
| Non-recurring operating charges66A | - | - | - | €70 | €1,608 | - | - |
| Gross operating margin9900 | €30,949 | €78,444 | -€950 | €15,390 | €2,623 | -€39,783 | - |
| Operating profit (loss)9901 | -€11,196 | €42,753 | -€22,601 | €12,130 | -€1,010 | -€55,049 | ▼ 5,349% |
| Financial income75/76B | €35,078 | - | €29,429 | €31,121 | €28,372 | €39,303 | ▲ 38.5% |
| Recurring financial income75 | €35,078 | €42,618 | €29,429 | €31,121 | €28,372 | €39,303 | ▲ 38.5% |
| Financial charges65/66B | €492 | - | €909 | €90 | €7,466 | €20,771 | ▲ 178% |
| Recurring financial charges65 | €492 | €39 | €909 | €90 | €2,588 | €20,771 | ▲ 703% |
| Non-recurring financial charges66B | - | - | - | - | €4,879 | - | - |
| Profit (loss) for the period before taxes9903 | €23,390 | €85,332 | €5,919 | €43,161 | €19,895 | -€36,517 | - |
| Income taxes67/77 | €9,399 | €38,149 | €8,020 | €19,795 | €8,214 | - | - |
| Profit (loss) for the period9904 | €13,991 | €47,183 | -€2,102 | €23,366 | €11,681 | -€36,517 | - |
| Profit (loss) for the period to be appropriated9905 | €13,991 | €47,183 | -€2,102 | €23,366 | €11,681 | -€36,517 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €535,828 | €512,503 | €502,615 | €540,483 | €495,011 | €448,573 | ▼ 9.4% |
| Fixed assets21/28 | €5,187 | €821 | €546 | €546 | €546 | €546 | = |
| Tangible fixed assets22/27 | €4,641 | €275 | - | - | - | - | - |
| Furniture and vehicles24 | €3,862 | - | - | - | - | - | - |
| Other tangible fixed assets26 | €779 | - | - | - | - | - | - |
| Financial fixed assets28 | €546 | €546 | €546 | €546 | €546 | €546 | = |
| Current assets29/58 | €530,641 | €511,682 | €502,069 | €539,937 | €494,465 | €448,028 | ▼ 9.4% |
| Amounts receivable within one year40/41 | €518,736 | €478,067 | €493,110 | €533,201 | €486,105 | €434,808 | ▼ 10.6% |
| Trade receivables40 | €101,803 | - | €18,337 | €27,284 | €6,885 | - | - |
| Other amounts receivable41 | €416,933 | - | €474,773 | €505,917 | €479,220 | €434,808 | ▼ 9.3% |
| Cash at bank and in hand54/58 | €11,905 | €33,098 | €8,624 | €6,188 | €6,812 | €11,965 | ▲ 75.6% |
| Deferred charges and accrued income490/1 | - | - | €335 | €548 | €1,548 | €1,254 | ▼ 19.0% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €535,828 | €512,503 | €502,615 | €540,483 | €495,011 | €448,573 | ▼ 9.4% |
| Equity10/15 | €150,889 | €198,072 | €195,970 | €219,336 | €238,328 | €201,811 | ▼ 15.3% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | €6,200 | - | - | - | - | - | - |
| Issued capital100 | €18,600 | - | - | - | - | - | - |
| Uncalled capital101 | €12,400 | - | - | - | - | - | - |
| Contributions outside capital11 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Other1109/19 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €191,872 | €189,770 | €213,136 | €232,128 | €232,128 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | €1,860 | - | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | €187,910 | €211,276 | €230,268 | €230,268 | = |
| Profit (loss) carried forward14 | €142,829 | - | - | - | - | -€36,517 | - |
| Provisions and deferred taxes16 | €123,357 | €123,357 | €123,357 | €123,357 | €123,357 | €123,357 | = |
| Provisions for liabilities and charges160/5 | €123,357 | - | €123,357 | €123,357 | €123,357 | €123,357 | = |
| Pensions and similar obligations160 | €123,357 | - | €123,357 | €123,357 | €123,357 | €123,357 | = |
| Amounts payable17/49 | €261,582 | €191,074 | €183,288 | €197,790 | €133,327 | €123,406 | ▼ 7.4% |
| Amounts payable within one year42/48 | €256,582 | €191,074 | €182,288 | €195,609 | €133,327 | €123,406 | ▼ 7.4% |
| Trade debts44 | €20,220 | €46,817 | €57,198 | €31,054 | €36,632 | €44,015 | ▲ 20.2% |
| Suppliers440/4 | €20,220 | - | €57,198 | €31,054 | €36,632 | €44,015 | ▲ 20.2% |
| Advances received on contracts in progress46 | €103,848 | - | - | - | €5,000 | - | - |
| Taxes, remuneration and social security45 | €87,240 | - | €54,628 | €70,574 | €69,298 | €65,665 | ▼ 5.2% |
| Taxes450/3 | €72,552 | - | €54,628 | €70,574 | €69,298 | €65,665 | ▼ 5.2% |
| Remuneration and social security454/9 | €14,688 | - | - | - | - | - | - |
| Other amounts payable47/48 | €45,274 | - | €70,462 | €93,980 | €22,396 | €13,726 | ▼ 38.7% |
| Accrued charges and deferred income492/3 | €5,000 | - | €1,000 | €2,182 | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €13,991 | €47,183 | -€2,102 | €23,366 | €11,681 | -€36,517 | - |
| + Depreciation and write-downs630 | €4,652 | €4,366 | €275 | - | - | - | - |
| Operating cash flow (approximation) | €18,643 | €51,549 | -€1,826 | €23,366 | €11,681 | -€36,517 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | - | €0 | - |
| Change in cash | - | €21,193 | -€24,474 | -€2,437 | - | €5,153 | - |
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, 12,322 companies had the same profile as DELTA has now. Two years later, 90.3% were still going and 0.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a small loss
90.3%
was still going
8.6%
stopped otherwise
0.7%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of DELTA itself is higher: 2.8% within 12 months. It rests on far more data about DELTA 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 12,322 companies, not a prediction for DELTA. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | abbreviated format | 26-06-2026 | 2026-00219584 | |
| 30-09-2024 | micro format | 17-07-2025 | 2025-00279684 | |
| 30-09-2022 | micro format | 18-06-2024 | 2024-00142169 | |
| 30-09-2021 | micro format | 08-05-2023 | 2023-00082607 | |
| 30-09-2020 | micro format | 07-09-2021 | 2021-67000020 | |
| 30-09-2019 | micro format | 22-12-2020 | 2020-76600507 | |
| 30-09-2018 | full format | 31-05-2019 | 2019-16100520 | |
| 30-09-2017 | full format | 07-06-2018 | 2018-17400010 | |
| 30-09-2016 | full format | 29-05-2017 | 2017-14000003 | |
| 30-09-2015 | full format | 21-04-2016 | 2016-10500475 |