DELTRAN
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 29 filings
Turnover
€3.7m
EBIT margin
-1.7%
Net result
€34,729
2024 · -€76,093
Working capital
-€38,599▼ 463%
2024 · -€6,859
In the rankings
#7 company by total assets in Waregem, Transport and storage sector#8 company by equity in Waregem, Transport and storage sector
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€142,837
▲ 210%
2025
20192025
Net result
€34,729
2025
middle half of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€994,995
▲ 1.0%
2025
middle half of the sector
20192025
Total assets
€3.7m
▼ 30.5%
2025
middle half of the sector
20192025
Debt
€2.7m
▼ 37.7%
2025
20192025
Working capital
-€38,599
▼ 463%
2025
lowest quarter of the sector
20192025
Solvency
26.9%
▲ 8.4pp
2025
middle half of the sector
20192025
Current ratio
0.97
▼ 0.02
2025
middle half of the sector
20192025
Return on assets (ROA)
0.9%
▲ 2.4pp
2025
middle half of the sector
20192025
Staff (FTE)
19.2
▲ 4.3%
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
Turnover€3.7m-
Operating result-€0.06m-€0.2m€0.05m▼ 77.2%€0.07m▲ 29.8%€0.3m▲ 297%€0.05m▼ 83.1%€0.1m▲ 210%
Net result-€0.08m-€0.2mabove the sector's middle half€0.07mwithin the sector's middle half▼ 71.3%€0.08mwithin the sector's middle half▲ 25.2%€0.1mwithin the sector's middle half▲ 77.7%-€0.08mbelow the sector's middle half€0.03mwithin the sector's middle half
EBIT margin-1.7%-
Equity€0.5m-€1.3mabove the sector's middle half▲ 140%€1.3mabove the sector's middle half▲ 5.2%€1.4mabove the sector's middle half▲ 6.1%€1.1mabove the sector's middle half▼ 25.0%€1.0mwithin the sector's middle half▼ 7.2%€1.0mwithin the sector's middle half▲ 1.0%
Total assets€1.8m-€2.8mabove the sector's middle half▲ 58.5%€2.9mabove the sector's middle half▲ 2.7%€3.3mabove the sector's middle half▲ 14.1%€5.2mabove the sector's middle half▲ 56.7%€5.3mabove the sector's middle half▲ 2.6%€3.7mwithin the sector's middle half▼ 30.5%
Debt€1.3m-€1.6m▲ 24.1%€1.6m▲ 0.6%€1.9m▲ 20.9%€4.1m▲ 118%€4.3m▲ 5.1%€2.7m▼ 37.7%
Working capital-€0.06m-€0.6mabove the sector's middle half€0.6mabove the sector's middle half▲ 4.9%€0.6mabove the sector's middle half▲ 2.0%€0.1mwithin the sector's middle half▼ 76.7%-€0.007mwithin the sector's middle half-€0.04mbelow the sector's middle half▼ 463%
Solvency29.6%-44.9%within the sector's middle half▲ 15.3pp46.0%within the sector's middle half▲ 1.1pp42.8%within the sector's middle half▼ 3.2pp20.5%below the sector's middle half▼ 22.3pp18.5%below the sector's middle half▼ 1.9pp26.9%within the sector's middle half▲ 8.4pp
Current ratio0.91-1.71within the sector's middle half▲ 0.801.78within the sector's middle half▲ 0.081.52within the sector's middle half▼ 0.271.04within the sector's middle half▼ 0.471.00within the sector's middle half▼ 0.050.97within the sector's middle half▼ 0.02
Return on assets (ROA)-4.5%-8.1%within the sector's middle half▲ 12.6pp2.3%within the sector's middle half▼ 5.8pp2.5%within the sector's middle half▲ 0.2pp2.8%within the sector's middle half▲ 0.3pp-1.4%below the sector's middle half▼ 4.2pp0.9%within the sector's middle half▲ 2.4pp
Staff (FTE)14.3-21.1above the sector's middle half▲ 47.6%19.7above the sector's middle half▼ 6.6%19.3above the sector's middle half▼ 2.0%19.4above the sector's middle half▲ 0.5%18.4above the sector's middle half▼ 5.2%19.2within the sector's middle half▲ 4.3%
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 3.1 times that of 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.7m
Fixed assets
€2.2m ▼ 6.2%
Current assets
€1.5m ▼ 50.1%
Equity and liabilities €3.7m
Equity
€994,995 ▲ 1.0%
Debt
€2.7m ▼ 37.7%
Debt's share of the balance-sheet total falls from 81.5% to 73.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€844,382▲
2024 · €688,361
Cash flow
€736,274▲
2024 · €566,170
Quick ratio
0.96▼
2024 · 0.98
Debt to equity
2.71▼
2024 · 4.40
ROE
3.5%▲
2024 · -7.7%
Interest coverage
6.06▲
2024 · 3.96
Debt ≤ 1 year
€1.5m▼
2024 · €2.9m
Debt > 1 year
€1.1m▼
2024 · €1.3m
Income taxes
€5,235▲
2024 · €1,830
Staff costs
€1.9m▲
2024 · €1.6m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 20 | 19 | 19 | 19 | 20 |
| full-time | 19 | 18 | 17 | 17 | 18 |
| part-time | 1 | 1 | 2 | 2 | 2 |
| in full-time equivalents | 19.8 | 18.8 | 18.7 | 18.7 | 19.7 |
| Average over the year, in full-time equivalents | 19.7 | 19.3 | 19.4 | 18.4 | 19.2 |
| On a permanent contract | 20 | 19 | 19 | 19 | 20 |
| Joined | 2 | 0 | 2 | 1 | 1 |
| Left | 3 | 1 | 2 | 1 | 0 |
| Training hours | - | 147 | 91 | 769 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €1.2m | €1.3m | €1.7m | €1.9m | €1.7m |
| Pledge on the business | €440,000 | €440,000 | €440,000 | €440,000 | €440,000 |
| Pledge on other assets, amount secured | €969,745 | €955,262 | €1.3m | €1.8m | €1.7m |
| Carrying value of the other pledged assets | €1.0m | €1.1m | €1.5m | €2.0m | €1.9m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €566,541 | €457,603 | €857,844 | €1.2m | €581,078 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €476,449 | €454,307 | €535,916 | €642,263 | €701,545 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 5 entries · €11,602 awarded · €11,602 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €750 | €750 |
| 2024 | 1 | €863 | €863 |
| 2023 | 1 | €6,000 | €6,000 |
| 2022 | 2 | €3,989 | €3,989 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €3.7m | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | €0.1m | €0.09m | €0.1m | €0.2m | €0.09m | €0.03m | ▼ 62.2% |
| Remuneration, social security and pensions62 | - | €1.5m | €1.5m | €1.5m | €1.7m | €1.6m | €1.9m | ▲ 20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | €0.6m | €0.7m | ▲ 9.2% |
| Other operating charges640/8 | - | €0.1m | €0.01m | €0.01m | €0.01m | €0.01m | €0.02m | ▲ 21.4% |
| Non-recurring operating charges66A | - | €0 | - | €0.01m | €0 | - | €0.001m | - |
| Gross operating margin9900 | - | €2.4m | €2.0m | €2.1m | €2.5m | €2.3m | €2.8m | ▲ 21.0% |
| Operating profit (loss)9901 | -€0.06m | €0.2m | €0.05m | €0.07m | €0.3m | €0.05m | €0.1m | ▲ 210% |
| Financial income75/76B | - | €0.02m | €0.03m | €0.03m | €0.02m | €0.05m | €0.04m | ▼ 31.5% |
| Recurring financial income75 | €0.007m | €0.02m | €0.03m | €0.03m | €0.02m | €0.05m | €0.04m | ▼ 31.5% |
| Financial charges65/66B | - | €0.02m | €0.02m | €0.02m | €0.05m | €0.2m | €0.1m | ▼ 19.7% |
| Recurring financial charges65 | €0.02m | €0.02m | €0.02m | €0.02m | €0.05m | €0.2m | €0.1m | ▼ 19.7% |
| Debt charges650 | €0.02m | - | - | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€0.08m | €0.2m | €0.07m | €0.08m | €0.3m | -€0.07m | €0.04m | - |
| Income taxes67/77 | €274 | €0.006m | €0.001m | €0.001m | €0.1m | €0.002m | €0.005m | ▲ 186% |
| Profit (loss) for the period9904 | -€0.08m | €0.2m | €0.07m | €0.08m | €0.1m | -€0.08m | €0.03m | - |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €0.08m | €0 | ▼ 100% |
| Transfer to tax-exempt reserves689 | - | €0.1m | €0.05m | €0.07m | €0.1m | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | -€0.1m | €0.1m | €0.01m | €0.008m | €0.001m | -€93 | €0.03m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.8m | €2.8m | €2.9m | €3.3m | €5.2m | €5.3m | €3.7m | ▼ 30.5% |
| Fixed assets21/28 | €1.2m | €1.5m | €1.5m | €1.5m | €1.8m | €2.4m | €2.2m | ▼ 6.2% |
| Tangible fixed assets22/27 | €1.2m | €1.5m | €1.5m | €1.5m | €1.8m | €2.4m | €2.2m | ▼ 6.2% |
| Furniture and vehicles24 | - | €0.7m | €0.5m | €0.4m | €0.3m | €0.4m | €0.3m | ▼ 20.0% |
| Leasing and similar rights25 | - | €0.8m | €1.0m | €1.1m | €1.5m | €2.0m | €1.9m | ▼ 3.4% |
| Financial fixed assets28 | €0 | €166 | €166 | €166 | €166 | €166 | €166 | = |
| Current assets29/58 | €0.6m | €1.4m | €1.4m | €1.8m | €3.3m | €2.9m | €1.5m | ▼ 50.1% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €0.7m | - |
| Other amounts receivable291 | - | - | - | - | - | - | €0.7m | - |
| Stocks and contracts in progress3 | €0 | €0.04m | €0.04m | €0.04m | €0.004m | €0.04m | €0.03m | ▼ 34.9% |
| Stocks30/36 | - | €0.04m | €0.04m | €0.04m | €0.004m | €0.04m | €0.03m | ▼ 34.9% |
| Amounts receivable within one year40/41 | €0.5m | €1.1m | €1.2m | €1.5m | €3.3m | €2.8m | €0.7m | ▼ 76.7% |
| Trade receivables40 | - | €0.4m | €0.9m | €1.3m | €1.4m | €0.9m | €0.4m | ▼ 52.4% |
| Other amounts receivable41 | - | €0.7m | €0.3m | €0.3m | €1.9m | €1.9m | €0.2m | ▼ 88.4% |
| Cash at bank and in hand54/58 | €0.02m | €0.2m | €0.04m | €0.2m | €0.04m | €0.06m | €0.06m | ▼ 1.8% |
| Deferred charges and accrued income490/1 | - | €0.03m | €0.06m | €0.02m | €0.04m | €0.04m | €0.05m | ▲ 21.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.8m | €2.8m | €2.9m | €3.3m | €5.2m | €5.3m | €3.7m | ▼ 30.5% |
| Equity10/15 | €0.5m | €1.3m | €1.3m | €1.4m | €1.1m | €1.0m | €1.0m | ▲ 1.0% |
| Contributions10/11 | €0.06m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Capital10 | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Issued capital100 | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Reserves13 | €0.6m | €1.1m | €1.2m | €1.3m | €0.9m | €0.8m | €0.8m | = |
| Non-distributable reserves130/1 | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Tax-exempt reserves132 | - | €1.0m | €1.0m | €1.1m | €0.9m | €0.8m | €0.8m | = |
| Distributable reserves133 | - | €0.07m | €0.2m | €0.2m | €0 | - | - | - |
| Profit (loss) carried forward14 | -€0.1m | €0.08m | €0.002m | €0.01m | €0.01m | €0.01m | €0.02m | ▲ 87.6% |
| Amounts payable17/49 | €1.3m | €1.6m | €1.6m | €1.9m | €4.1m | €4.3m | €2.7m | ▼ 37.7% |
| Amounts payable after more than one year17 | €0.6m | €0.8m | €0.8m | €0.7m | €0.9m | €1.3m | €1.1m | ▼ 11.2% |
| Financial debts170/4 | - | €0.8m | €0.8m | €0.7m | €0.9m | €1.3m | €1.1m | ▼ 11.2% |
| Amounts payable within one year42/48 | €0.6m | €0.8m | €0.8m | €1.2m | €3.2m | €2.9m | €1.5m | ▼ 48.9% |
| Current portion of amounts payable after more than one year42 | - | €0.4m | €0.4m | €0.5m | €0.5m | €0.6m | €0.6m | ▼ 3.2% |
| Financial debts43 | - | - | - | €0.2m | €0.3m | €0 | - | - |
| Credit institutions430/8 | - | - | - | €0.2m | €0.3m | €0 | - | - |
| Trade debts44 | €0.1m | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €0.3m | ▲ 51.9% |
| Suppliers440/4 | - | €0.2m | €0.2m | €0.3m | €0.2m | €0.2m | €0.3m | ▲ 51.9% |
| Taxes, remuneration and social security45 | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 20.2% |
| Taxes450/3 | - | €0.07m | €0.03m | €0.05m | €0.08m | €0.06m | €0.06m | ▼ 0.6% |
| Remuneration and social security454/9 | - | €0.2m | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 27.9% |
| Other amounts payable47/48 | - | €0 | - | - | €2.0m | €1.9m | €0.3m | ▼ 83.2% |
| Accrued charges and deferred income492/3 | - | €0.001m | €0 | €292 | €0.001m | €0.1m | €0.06m | ▼ 45.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.08m | €0.2m | €0.07m | €0.08m | €0.1m | -€0.08m | €0.03m | - |
| + Depreciation and write-downs630 | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | €0.6m | €0.7m | ▲ 9.2% |
| Operating cash flow (approximation) | €0.3m | €0.7m | €0.5m | €0.5m | €0.7m | €0.6m | €0.7m | ▲ 30.0% |
| Investment in fixed assets (approximation) | - | -€0.7m | -€0.6m | -€0.4m | -€0.8m | -€1.2m | -€0.6m | ▲ 53.1% |
| Change in cash | - | €0.2m | -€0.1m | €0.2m | -€0.2m | €0.02m | -€0.001m | - |
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, 4,685 companies had the same profile as DELTRAN has now. Two years later, 96.9% were still going and 1.1% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.9%
stopped otherwise
1.1%
went bankrupt
That fits the bankruptcy probability of DELTRAN itself: 0.6% 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 4,685 companies, not a prediction for DELTRAN. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-06-2026 | 2026-00235886 | |
| 31-12-2024 | abbreviated format | 03-07-2025 | 2025-00237900 | |
| 31-12-2023 | abbreviated format | 20-06-2024 | 2024-00161831 | |
| 31-12-2022 | abbreviated format | 01-06-2023 | 2023-00110280 | |
| 31-12-2021 | abbreviated format | 23-06-2022 | 2022-20085757 | |
| 31-12-2020 | abbreviated format | 16-06-2021 | 2021-20800114 | |
| 31-12-2019 | full format | 31-08-2020 | 2020-48800514 | |
| 30-06-2018 | full format | 15-02-2019 | 2019-05100342 | |
| 30-06-2017 | full format | 23-02-2018 | 2018-05400207 | |
| 30-06-2016 | full format | 28-12-2016 | 2016-72200177 |