DELTASEARCH
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 28-07-2026 at the NBB all 37 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€58,797▼ 55.2%
2024 · -€37,875
Working capital
-€131,816▼ 80.2%
2024 · -€73,160
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€51,652
▼ 63.8%
2025
20192025
Net result
-€58,797
▼ 55.2%
2025
lowest quarter of the sector
20192025
Equity
-€131,816
▼ 80.5%
2025
lowest quarter of the sector
20192025
Total assets
€19,892
▼ 87.5%
2025
lowest quarter of the sector
20192025
Debt
€151,708
▼ 34.5%
2025
20192025
Working capital
-€131,816
▼ 80.2%
2025
lowest quarter of the sector
20192025
Solvency
-662.6%
▼ 616.6pp
2025
lowest quarter of the sector
20192025
Current ratio
0.13
▼ 0.55
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-295.6%
▼ 271.7pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
0.8
▼ 38.5%
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€791--€2,788▼ 252%-€4,784▼ 71.6%€78,354€41,083▼ 47.6%-€31,543-€51,652▼ 63.8%
Net result-€1,761--€3,881within the sector's middle half▼ 120%-€5,666below the sector's middle half▼ 46.0%€58,954within the sector's middle half€23,243within the sector's middle half▼ 60.6%-€37,875below the sector's middle half-€58,797below the sector's middle half▼ 55.2%
Equity-€107,794--€111,675below the sector's middle half▼ 3.6%-€117,341below the sector's middle half▼ 5.1%-€58,387below the sector's middle half▲ 50.2%-€35,144below the sector's middle half▲ 39.8%-€73,018below the sector's middle half▼ 108%-€131,816below the sector's middle half▼ 80.5%
Total assets€1,336-€17below the sector's middle half€140,433below the sector's middle half▲ 8,179×€227,202below the sector's middle half▲ 61.8%€158,568below the sector's middle half▼ 30.2%€19,892below the sector's middle half▼ 87.5%
Debt€109,130-€111,675▲ 2.3%€117,358▲ 5.1%€198,820▲ 69.4%€262,346▲ 32.0%€231,587▼ 11.7%€151,708▼ 34.5%
Working capital-€107,794--€117,341below the sector's middle half-€61,570below the sector's middle half▲ 47.5%-€36,749below the sector's middle half▲ 40.3%-€73,160below the sector's middle half▼ 99.1%-€131,816below the sector's middle half▼ 80.2%
Solvency-41.6%below the sector's middle half-15.5%below the sector's middle half▲ 26.1pp-46.0%below the sector's middle half▼ 30.6pp-662.6%below the sector's middle half▼ 616.6pp
Current ratio0.69below the sector's middle half0.86below the sector's middle half▲ 0.170.68below the sector's middle half▼ 0.180.13below the sector's middle half▼ 0.55
Return on assets (ROA)42.0%above the sector's middle half10.2%within the sector's middle half▼ 31.8pp-23.9%below the sector's middle half▼ 34.1pp-295.6%below the sector's middle half▼ 271.7pp
Staff (FTE)1.4below the sector's middle half0.9below the sector's middle half▼ 35.7%1.3below the sector's middle half▲ 44.4%0.8below the sector's middle half▼ 38.5%
above
within
below
The sector band is the middle half of the companies in Employment activities (NACE 78). 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 €51,652, larger than the loss of €31,543 in 2024. It is the lowest result since 2021.
Key figures and ratios
EBITDA
-€51,510▼
2024 · -€30,079
Cash flow
-€58,656▼
2024 · -€36,411
Interest coverage
-21.41▼
2024 · -5.17
Debt ≤ 1 year
€151,708▼
2024 · €231,587
Income taxes
€4,741▲
2024 · €508
Staff costs
€41,397▼
2024 · €92,554
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | - |
| full-time | 1 | 1 | 0 | - |
| part-time | 0 | 0 | 1 | - |
| in full-time equivalents | 1 | 1 | 0.8 | - |
| Average over the year, in full-time equivalents | 1.4 | 0.9 | 1.3 | 0.8 |
| On a permanent contract | 1 | 1 | 1 | - |
| Joined | 5 | 3 | 2 | 0 |
| Left | 4 | 3 | 2 | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €4,733 | - | - | - |
| Depreciation and write-downs of the year | €1,550 | €1,578 | €1,464 | €142 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €915 awarded · €915 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €70,803 | €65,957 | €92,554 | €41,397 | ▼ 55.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €1,550 | €1,578 | €1,464 | €142 | ▼ 90.3% |
| Other operating charges640/8 | - | - | - | €618 | €927 | €2,501 | €3,151 | ▲ 26.0% |
| Gross operating margin9900 | -€791 | -€1,451 | -€4,337 | €151,325 | €109,545 | €64,976 | -€6,962 | - |
| Operating profit (loss)9901 | -€791 | -€2,788 | -€4,784 | €78,354 | €41,083 | -€31,543 | -€51,652 | ▼ 63.8% |
| Financial income75/76B | - | - | - | - | - | €0 | €1 | ▲ 50× |
| Recurring financial income75 | - | - | - | - | - | €0 | €1 | ▲ 50× |
| Financial charges65/66B | - | - | - | €663 | €4,490 | €5,823 | €2,406 | ▼ 58.7% |
| Recurring financial charges65 | €970 | €1,093 | €882 | €663 | €4,490 | €5,823 | €2,406 | ▼ 58.7% |
| Profit (loss) for the period before taxes9903 | -€1,761 | -€3,881 | -€5,666 | €77,691 | €36,593 | -€37,366 | -€54,057 | ▼ 44.7% |
| Income taxes67/77 | - | - | - | €18,737 | €13,350 | €508 | €4,741 | ▲ 833% |
| Profit (loss) for the period9904 | -€1,761 | -€3,881 | -€5,666 | €58,954 | €23,243 | -€37,875 | -€58,797 | ▼ 55.2% |
| Profit (loss) for the period to be appropriated9905 | -€1,761 | -€3,881 | -€5,666 | €58,954 | €23,243 | -€37,875 | -€58,797 | ▼ 55.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1,336 | - | €17 | €140,433 | €227,202 | €158,568 | €19,892 | ▼ 87.5% |
| Fixed assets21/28 | - | - | - | €3,183 | €1,605 | €142 | €0 | ▼ 100% |
| Tangible fixed assets22/27 | - | - | - | €3,183 | €1,605 | €142 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | €3,183 | €1,605 | €142 | €0 | ▼ 100% |
| Current assets29/58 | €1,336 | - | €17 | €137,250 | €225,597 | €158,427 | €19,892 | ▼ 87.4% |
| Amounts receivable within one year40/41 | €1,336 | - | - | €21,175 | €179,296 | €148,800 | €18,375 | ▼ 87.7% |
| Trade receivables40 | - | - | - | €21,175 | €179,296 | €148,800 | €18,187 | ▼ 87.8% |
| Other amounts receivable41 | - | - | - | - | - | - | €188 | - |
| Cash at bank and in hand54/58 | - | - | €17 | €111,565 | €40,152 | €4,131 | €292 | ▼ 92.9% |
| Deferred charges and accrued income490/1 | - | - | - | €4,510 | €6,148 | €5,496 | €1,226 | ▼ 77.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1,336 | - | €17 | €140,433 | €227,202 | €158,568 | €19,892 | ▼ 87.5% |
| Equity10/15 | -€107,794 | -€111,675 | -€117,341 | -€58,387 | -€35,144 | -€73,018 | -€131,816 | ▼ 80.5% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Profit (loss) carried forward14 | -€175,994 | -€179,875 | -€185,541 | -€126,587 | -€103,344 | -€141,218 | -€200,016 | ▼ 41.6% |
| Amounts payable17/49 | €109,130 | €111,675 | €117,358 | €198,820 | €262,346 | €231,587 | €151,708 | ▼ 34.5% |
| Amounts payable within one year42/48 | €109,130 | €111,675 | €117,358 | €198,820 | €262,346 | €231,587 | €151,708 | ▼ 34.5% |
| Financial debts43 | - | - | - | €951 | €1,737 | €241 | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €951 | €1,737 | €241 | €0 | ▼ 100% |
| Trade debts44 | €35,728 | €36,228 | €3,582 | €58,637 | €118,280 | €105,122 | €31,375 | ▼ 70.2% |
| Suppliers440/4 | - | - | - | €58,637 | €118,280 | €105,122 | €31,375 | ▼ 70.2% |
| Taxes, remuneration and social security45 | - | - | - | €25,455 | €28,552 | €12,447 | €57 | ▼ 99.5% |
| Taxes450/3 | - | - | - | €24,291 | €25,302 | €12,447 | €57 | ▼ 99.5% |
| Remuneration and social security454/9 | - | - | - | €1,165 | €3,250 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €113,777 | €113,777 | €113,777 | €120,277 | ▲ 5.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,761 | -€3,881 | -€5,666 | €58,954 | €23,243 | -€37,875 | -€58,797 | ▼ 55.2% |
| + Depreciation and write-downs630 | - | - | - | €1,550 | €1,578 | €1,464 | €142 | ▼ 90.3% |
| Operating cash flow (approximation) | -€1,761 | -€3,881 | -€5,666 | €60,504 | €24,821 | -€36,411 | -€58,656 | ▼ 61.1% |
| Investment in fixed assets (approximation) | - | - | - | - | €0 | €0 | €0 | - |
| Change in cash | - | - | - | €111,548 | -€71,413 | -€36,021 | -€3,839 | ▲ 89.3% |
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, 6,619 companies had the same profile as DELTASEARCH has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DELTASEARCH itself: 1.7% 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 6,619 companies, not a prediction for DELTASEARCH. 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 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 28-07-2026 | 2026-00343728 | |
| 31-12-2024 | abbreviated format | 14-08-2025 | 2025-00381206 | |
| 31-12-2023 | abbreviated format | 04-06-2024 | 2024-00119845 | |
| 31-12-2022 | abbreviated format | 27-07-2023 | 2023-00300016 | |
| 31-05-2021 | abbreviated format | 23-12-2021 | 2021-81600180 | |
| 31-05-2020 | abbreviated format | 16-12-2020 | 2020-76300174 | |
| 31-05-2019 | abbreviated format | 31-01-2020 | 2020-03800507 | |
| 31-05-2018 | abbreviated format | 01-07-2020 | 2020-25400121 | |
| 31-05-2017 | abbreviated format | 31-12-2017 | 2017-73700334 | |
| 31-05-2016 | abbreviated format | 07-03-2017 | 2017-06000382 |