Delvanex
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 49 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€0
2018 · €0
EBIT margin
Not included in this filing
Net result
€1.6m
2024 · -€138,804
Working capital
-€90,098▲ 75.4%
2024 · -€366,197
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€1.7m
2025
20182025
Net result
€1.6m
2025
20182025
Equity
€1.8m
=
2025
20182025
Total assets
€3.6m
▲ 68.5%
2025
20182025
Debt
€1.9m
▲ 369%
2025
20182025
Working capital
-€90,098
▲ 75.4%
2025
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€0-€0
Operating result-€0.2m--€0.2m▲ 14.5%-€0.2m▲ 20.6%-€0.1m▲ 10.4%-€0.2m▼ 20.4%-€0.1m▲ 16.3%-€0.1m▼ 0.1%€1.7m
Net result-€3.3m--€1.2m▲ 64.5%-€0.2m▲ 87.2%-€0.1m▲ 9.5%-€0.2m▼ 20.2%-€0.1m▲ 16.3%-€0.1m▼ 0.2%€1.6m
Equity€3.7m-€2.5m▼ 32.4%€2.3m▼ 6.1%€2.2m▼ 5.9%€2.0m▼ 7.5%€1.9m▼ 6.8%€1.8m▼ 7.3%€1.8m=
Total assets€4.1m-€2.9m▼ 29.1%€2.9m▼ 2.7%€2.7m▼ 6.4%€2.5m▼ 7.0%€2.3m▼ 6.7%€2.2m▼ 7.5%€3.6m▲ 68.5%
Debt€0.5m-€0.5m▼ 3.8%€0.5m▲ 16.1%€0.5m▼ 8.5%€0.5m▼ 4.4%€0.4m▼ 6.1%€0.4m▼ 8.4%€1.9m▲ 369%
Working capital-€0.05m--€0.1m▼ 162%-€0.2m▼ 36.0%-€0.2m▼ 24.5%-€0.3m▼ 24.6%-€0.3m▼ 12.3%-€0.4m▼ 10.4%-€0.09m▲ 75.4%
Staff (FTE)0-00
The operating result for 2025 is a profit of €1.7m, after a loss of €138,139 in 2024. It is the highest result since 2018.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.6m
Fixed assets
€1.8m ▼ 13.0%
Current assets
€1.8m ▲ 55×
Equity and liabilities €3.6m
Equity
€1.8m =
Debt
€1.9m ▲ 369%
Debt's share of the balance-sheet total rises from 18.5% to 51.7%. Debt is higher.
Key figures and ratios
EBITDA
€1.8m▲
2024 · -€33,842
Cash flow
€1.7m▲
2024 · -€34,506
Current ratio
0.95▲
2024 · 0.08
Debt to equity
1.07▲
2024 · 0.23
ROE
94.2%▲
2024 · -7.9%
ROA
45.5%▲
2024 · -6.5%
Interest coverage
over 100▲
2024 · -50.91
Debt ≤ 1 year
€1.9m▲
2024 · €398,679
Income taxes
€137,709
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 | €19,164 | - | €4,253 | - | - |
| Depreciation and write-downs of the year | €110,176 | €107,340 | €106,503 | €104,298 | €79,019 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €0 | €0 | - | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.001m | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.08m | ▼ 24.2% |
| Other operating charges640/8 | - | - | - | €0.004m | €0.004m | €0.005m | €0.005m | €0.006m | ▲ 22.9% |
| Gross operating margin9900 | - | - | -€0.04m | -€0.02m | -€0.05m | -€0.03m | -€0.03m | €1.8m | - |
| Operating profit (loss)9901 | -€0.2m | -€0.2m | -€0.2m | -€0.1m | -€0.2m | -€0.1m | -€0.1m | €1.7m | - |
| Financial income75/76B | - | - | - | - | - | - | - | €0.04m | - |
| Recurring financial income75 | €0.08m | €0.006m | €0.001m | - | - | - | - | €0.04m | - |
| Financial charges65/66B | - | - | - | €0.001m | €0.001m | €477 | €0.001m | €0.001m | ▼ 23.7% |
| Recurring financial charges65 | €0.07m | €0.002m | €0.001m | €0.001m | €0.001m | €477 | €0.001m | €0.001m | ▼ 23.7% |
| Debt charges650 | €0.07m | €0 | - | - | - | - | - | - | - |
| Profit (loss) for the period before taxes9903 | -€3.3m | -€1.2m | -€0.2m | -€0.1m | -€0.2m | -€0.1m | -€0.1m | €1.8m | - |
| Income taxes67/77 | €0 | €0 | €0 | - | - | - | - | €0.1m | - |
| Profit (loss) for the period9904 | -€3.3m | -€1.2m | -€0.2m | -€0.1m | -€0.2m | -€0.1m | -€0.1m | €1.6m | - |
| Profit (loss) for the period to be appropriated9905 | -€3.3m | -€1.2m | -€0.2m | -€0.1m | -€0.2m | -€0.1m | -€0.1m | €1.6m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €4.1m | €2.9m | €2.9m | €2.7m | €2.5m | €2.3m | €2.2m | €3.6m | ▲ 68.5% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €3.7m | €2.6m | €2.5m | €2.4m | €2.3m | €2.2m | €2.1m | €1.8m | ▼ 13.0% |
| Intangible fixed assets21 | €0 | €0 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €2.7m | €2.6m | €2.5m | €2.4m | €2.3m | €2.2m | €2.1m | €1.8m | ▼ 13.0% |
| Land and buildings22 | - | - | - | €2.4m | €2.3m | €2.2m | €2.1m | €1.8m | ▼ 12.0% |
| Plant, machinery and equipment23 | - | - | - | €0.05m | €0.04m | €0.04m | €0.02m | - | - |
| Financial fixed assets28 | €1.0m | - | €0 | - | - | - | - | - | - |
| Current assets29/58 | €0.4m | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | €0.03m | €1.8m | ▲ 55× |
| Stocks and contracts in progress3 | - | - | €0 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.4m | €0.3m | - | - | - | - | - | €1.5m | - |
| Other amounts receivable41 | - | - | - | - | - | - | - | €1.5m | - |
| Current investments50/53 | - | - | €0 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.03m | €0.009m | €0.3m | €0.2m | €0.2m | €0.1m | €0.03m | €0.2m | ▲ 660% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.002m | €0.003m | €0.001m | €0.04m | ▲ 33× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €4.1m | €2.9m | €2.9m | €2.7m | €2.5m | €2.3m | €2.2m | €3.6m | ▲ 68.5% |
| Equity10/15 | €3.7m | €2.5m | €2.3m | €2.2m | €2.0m | €1.9m | €1.8m | €1.8m | = |
| Contributions10/11 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Capital10 | - | - | - | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Issued capital100 | - | - | - | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | = |
| Reserves13 | €2.6m | €1.4m | €1.2m | €1.1m | €0.9m | €0.8m | €0.7m | €0.7m | = |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.1m | ▲ 18× |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | €0.1m | ▲ 18× |
| Distributable reserves133 | - | - | - | €1.1m | €0.9m | €0.8m | €0.7m | €0.6m | ▼ 15.6% |
| Profit (loss) carried forward14 | €0 | €0 | €0 | - | - | - | - | - | - |
| Amounts payable17/49 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €1.9m | ▲ 369% |
| Amounts payable within one year42/48 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €1.9m | ▲ 369% |
| Trade debts44 | €0.02m | €0.02m | €0.02m | €0.006m | €0.008m | €0.006m | €0.006m | €0.003m | ▼ 52.2% |
| Suppliers440/4 | - | - | - | €0.006m | €0.008m | €0.006m | €0.006m | €0.003m | ▼ 52.2% |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | - | €0.1m | - |
| Taxes450/3 | - | - | - | - | - | - | - | €0.1m | - |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.5m | €0.4m | €0.4m | €1.7m | ▲ 340% |
| Accrued charges and deferred income492/3 | - | - | - | €170 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€3.3m | -€1.2m | -€0.2m | -€0.1m | -€0.2m | -€0.1m | -€0.1m | €1.6m | - |
| + Depreciation and write-downs630 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.08m | ▼ 24.2% |
| Operating cash flow (approximation) | -€3.2m | -€1.1m | -€0.04m | -€0.03m | -€0.06m | -€0.03m | -€0.03m | €1.7m | - |
| Investment in fixed assets (approximation) | - | €1.0m | -€0.01m | -€0.02m | €0 | -€0.004m | €0 | €0.2m | - |
| Change in cash | - | -€0.02m | €0.3m | -€0.09m | -€0.08m | -€0.07m | -€0.07m | €0.2m | - |
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, 20,136 companies had the same profile as Delvanex has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of Delvanex 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 20,136 companies, not a prediction for Delvanex. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 03-07-2026 | 2026-00265283 | |
| 31-12-2024 | abbreviated format | 09-07-2025 | 2025-00256174 | |
| 31-12-2023 | abbreviated format | 29-08-2024 | 2024-00433947 | |
| 31-12-2022 | abbreviated format | 21-08-2023 | 2023-00342580 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20391162 | |
| 31-12-2020 | abbreviated format | 30-06-2021 | 2021-30200496 | |
| 31-12-2019 | full format | 28-08-2020 | 2020-47700331 | |
| 31-12-2018 | full format | 18-07-2019 | 2019-34300251 | |
| 31-12-2017 | full format | 09-07-2018 | 2018-30300386 | |
| 31-12-2016 | full format | 30-08-2017 | 2017-55200523 |