Delwa
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 54 days after the deadline Filed on 22 June 2026, deadline 29 April 2026 (7 months after the close on 29 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00189242.
Annual accounts 2025 filed on 22-06-2026 at the NBB all 7 filings
Turnover
€27.1m
EBIT margin
4.8%
Net result
€1.0m▼ 26.4%
2024 · €1.4m
Working capital
-€141,805▲ 85.8%
2024 · -€999,052
In the rankings
#9 employer in Waregem, Wholesale and retail trade sector
Multi-year overview
2019 to 2025, 6 financial yearsTurnover
€27.1m
2025
20192025
Operating result
€1.3m
▼ 9.6%
2025
20192025
Net result
€1.0m
▼ 26.4%
2025
highest quarter of the sector
20192025
EBIT margin
4.8%
2025
20192025
Equity
€2.4m
▲ 56.2%
2025
highest quarter of the sector
20192025
Total assets
€8.5m
▲ 24.6%
2025
highest quarter of the sector
20192025
Debt
€6.1m
▲ 15.3%
2025
20192025
Working capital
-€141,805
▲ 85.8%
2025
lowest quarter of the sector
20192025
Solvency
28.4%
▲ 5.7pp
2025
middle half of the sector
20192025
Current ratio
0.97
▲ 0.26
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
12.1%
▼ 8.4pp
2025
highest quarter of the sector
20192025
Staff (FTE)
52.1
▲ 10.9%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201920202021202320242025
Turnover€27.1m
Operating result€0.05m-€0.3m▲ 523%€0.2m▼ 46.1%-€0.4m-€1.4m€1.3m▼ 9.6%
Net result€0.02m-€0.3mabove the sector's middle half▲ 13×€0.1mabove the sector's middle half▼ 57.2%-€0.5mbelow the sector's middle half-€1.4mabove the sector's middle half€1.0mabove the sector's middle half▼ 26.4%
EBIT margin4.8%
Equity€0.1m-€0.4mwithin the sector's middle half▲ 271%€0.5mwithin the sector's middle half▲ 31.3%€0.1mwithin the sector's middle half-€1.5mabove the sector's middle half▲ 11×€2.4mabove the sector's middle half▲ 56.2%
Total assets€1.8m-€1.8mabove the sector's middle half▲ 0.2%€2.0mabove the sector's middle half▲ 15.1%€6.5mabove the sector's middle half-€6.8mabove the sector's middle half▲ 5.0%€8.5mabove the sector's middle half▲ 24.6%
Debt€1.6m-€1.4m▼ 16.9%€1.5m▲ 10.6%€6.4m-€5.3m▼ 17.1%€6.1m▲ 15.3%
Working capital-€0.2m--€0.4mbelow the sector's middle half▼ 76.6%-€0.08mbelow the sector's middle half▲ 78.2%-€2.6mbelow the sector's middle half--€1.0mbelow the sector's middle half▲ 61.4%-€0.1mbelow the sector's middle half▲ 85.8%
Solvency5.9%-22.0%within the sector's middle half▲ 16.1pp25.1%within the sector's middle half▲ 3.1pp2.1%below the sector's middle half-22.6%within the sector's middle half▲ 20.5pp28.4%within the sector's middle half▲ 5.7pp
Current ratio0.81-0.74below the sector's middle half▼ 0.070.95below the sector's middle half▲ 0.210.40below the sector's middle half-0.71below the sector's middle half▲ 0.310.97below the sector's middle half▲ 0.26
Return on assets (ROA)1.2%-16.1%above the sector's middle half▲ 14.8pp6.0%within the sector's middle half▼ 10.1pp-7.0%below the sector's middle half-20.4%above the sector's middle half▲ 27.4pp12.1%above the sector's middle half▼ 8.4pp
Staff (FTE)23.5-25.5above the sector's middle half▲ 8.5%26above the sector's middle half▲ 2.0%35.8above the sector's middle half-47above the sector's middle half▲ 31.3%52.1above the sector's middle half▲ 10.9%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €8.5m
Fixed assets
€4.1m ▼ 3.9%
Current assets
€4.3m ▲ 76.7%
Equity and liabilities €8.5m
Equity
€2.4m ▲ 56.2%
Debt
€6.1m ▲ 15.3%
Debt's share of the balance-sheet total falls from 77.4% to 71.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€1.8m▼
2024 · €1.9m
Cash flow
€1.5m▼
2024 · €1.9m
Quick ratio
0.76▲
2024 · 0.47
Debt to equity
2.53▼
2024 · 3.42
ROE
42.5%▼
2024 · 90.2%
Interest coverage
over 100▲
2024 · 34.63
Debt ≤ 1 year
€4.5m▲
2024 · €3.5m
Debt > 1 year
€1.6m▼
2024 · €1.8m
Income taxes
€256,100▲
2024 · €339
Customer credit
1 day
Supplier credit
52 days
Staff costs
€2.1m▲
2024 · €1.8m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-09-2021 | 29-09-2023 | 29-09-2024 | 29-09-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 30 | 47 | 51 | 55 |
| full-time | 21 | 41 | 40 | 44 |
| part-time | 9 | 6 | 11 | 11 |
| in full-time equivalents | 26.9 | 45.3 | 47.5 | 51.1 |
| Average over the year, in full-time equivalents | 26 | 35.8 | 47 | 52.1 |
| On a permanent contract | 25 | 31 | 38 | 39 |
| Joined | 491 | 123 | 94 | 123 |
| Left | 487 | 106 | 80 | 110 |
| Agency workers, average number | - | - | - | 14.8 |
| Training hours | - | 0 | - | 268 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 30-09-2021 | 29-09-2023 | 29-09-2024 | 29-09-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | - | €2.3m | €2.1m | €1.8m |
| Pledge on the business | - | - | - | €2.7m |
| Pledge on other assets, amount secured | - | €2.5m | €2.7m | - |
| Carrying value of the other pledged assets | - | €4.5m | €4.2m | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2021 | 29-09-2023 | 29-09-2024 | 29-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €30,613 | €4.9m | €86,840 | €335,271 |
| Depreciation and write-downs of the year | €183,180 | €727,860 | €495,902 | €510,942 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 30-09-2021 | 29-09-2023 | 29-09-2024 | 29-09-2025 |
|---|---|---|---|---|
| Fee for the audit | - | - | - | €10,000 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 13 entries · €93,345 awarded · €70,961 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 5 | €11,363 | €11,363 |
| 2024 | 4 | €16,662 | €39,046 |
| 2023 | 2 | €60,635 | €15,867 |
| 2022 | 2 | €4,685 | €4,685 |
Schemes
Show 1 more
Annual accounts
| Line | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | - | - | €27.2m | - |
| Turnover70 | - | - | - | - | - | €27.1m | - |
| Other operating income74 | - | - | - | - | - | €0.2m | - |
| Operating charges60/66A | - | - | - | - | - | €25.9m | - |
| Goods for resale, raw materials and consumables60 | - | - | - | - | - | €21.1m | - |
| Purchases600/8 | - | - | - | - | - | €21.2m | - |
| Change in stocks: decrease (increase)609 | - | - | - | - | - | -€0.07m | - |
| Services and other goods61 | - | - | - | - | - | €2.2m | - |
| Remuneration, social security and pensions62 | - | - | €0.9m | €2.7m | €1.8m | €2.1m | ▲ 16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.2m | €0.7m | €0.5m | €0.5m | ▲ 3.0% |
| Other operating charges640/8 | - | - | €0.002m | €0.006m | €0.005m | €0.005m | ▼ 4.8% |
| Operating charges capitalised as restructuring costs649 | - | - | - | -€0.2m | €0 | - | - |
| Non-recurring operating charges66A | - | - | - | €0.2m | €0 | €0.009m | - |
| Gross operating margin9900 | €1.1m | €1.4m | €1.3m | €3.1m | €3.7m | - | - |
| Operating profit (loss)9901 | €0.05m | €0.3m | €0.2m | -€0.4m | €1.4m | €1.3m | ▼ 9.6% |
| Financial income75/76B | - | - | €0.02m | €0.03m | €0.02m | €0.03m | ▲ 33.4% |
| Recurring financial income75 | €117 | €0.002m | €0.02m | €0.03m | €0.02m | €0.03m | ▲ 33.4% |
| Income from current assets751 | - | - | - | - | - | €0.02m | - |
| Other financial income752/9 | - | - | - | - | - | €0.01m | - |
| Financial charges65/66B | - | - | €0.03m | €0.1m | €0.06m | €0.04m | ▼ 31.4% |
| Recurring financial charges65 | €0.03m | €0.03m | €0.03m | €0.1m | €0.06m | €0.04m | ▼ 31.4% |
| Debt charges650 | - | - | - | - | - | €0.01m | - |
| Other financial charges652/9 | - | - | - | - | - | €0.02m | - |
| Profit (loss) for the period before taxes9903 | €0.02m | €0.3m | €0.2m | -€0.5m | €1.4m | €1.3m | ▼ 8.1% |
| Income taxes67/77 | €152 | €0.01m | €0.04m | €165 | €339 | €0.3m | ▲ 756× |
| Taxes670/3 | - | - | - | - | - | €0.3m | - |
| Profit (loss) for the period9904 | €0.02m | €0.3m | €0.1m | -€0.5m | €1.4m | €1.0m | ▼ 26.4% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | €0.4m | - |
| Profit (loss) for the period to be appropriated9905 | €0.02m | €0.3m | €0.1m | -€0.5m | €1.4m | €0.6m | ▼ 56.6% |
| Line | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €1.8m | €1.8m | €2.0m | €6.5m | €6.8m | €8.5m | ▲ 24.6% |
| Formation expenses20 | €0.001m | €407 | €207 | €0.1m | €0.1m | €0.06m | ▼ 35.3% |
| Fixed assets21/28 | €0.9m | €0.7m | €0.6m | €4.7m | €4.3m | €4.1m | ▼ 3.9% |
| Intangible fixed assets21 | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | €0.06m | ▼ 45.7% |
| Tangible fixed assets22/27 | €0.5m | €0.4m | €0.3m | €4.5m | €4.2m | €4.1m | ▼ 2.9% |
| Plant, machinery and equipment23 | - | - | €0.3m | €2.9m | €2.7m | €2.7m | ▼ 0.8% |
| Furniture and vehicles24 | - | - | €0.01m | €0.1m | €0.1m | €0.1m | ▲ 8.6% |
| Other tangible fixed assets26 | - | - | €0.02m | €1.5m | €1.4m | €1.3m | ▼ 7.8% |
| Financial fixed assets28 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Other financial fixed assets284/8 | - | - | - | - | - | €0.006m | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | - | €0.006m | - |
| Current assets29/58 | €0.9m | €1.0m | €1.4m | €1.7m | €2.5m | €4.3m | ▲ 76.7% |
| Amounts receivable after more than one year29 | - | - | €0.07m | €0.03m | €0.01m | €0 | ▼ 100% |
| Other amounts receivable291 | - | - | €0.07m | €0.03m | €0.01m | €0 | ▼ 100% |
| Stocks and contracts in progress3 | €0.5m | €0.5m | €0.6m | €0.8m | €0.8m | €0.9m | ▲ 8.6% |
| Stocks30/36 | - | - | €0.6m | €0.8m | €0.8m | €0.9m | ▲ 8.6% |
| Goods purchased for resale34 | - | - | - | - | - | €0.9m | - |
| Amounts receivable within one year40/41 | €0.08m | €0.1m | €0.3m | €0.4m | €0.7m | €0.3m | ▼ 60.9% |
| Trade receivables40 | - | - | €0.2m | €0.2m | €0.7m | €0.09m | ▼ 85.4% |
| Other amounts receivable41 | - | - | €0.1m | €0.2m | €0.04m | €0.2m | ▲ 342% |
| Current investments50/53 | - | - | - | - | - | €0.5m | - |
| Other investments51/53 | - | - | - | - | - | €0.5m | - |
| Cash at bank and in hand54/58 | €0.1m | €0.3m | €0.5m | €0.4m | €0.7m | €2.5m | ▲ 236% |
| Deferred charges and accrued income490/1 | - | - | €0.02m | €0.2m | €0.2m | €0.1m | ▼ 10.7% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €1.8m | €1.8m | €2.0m | €6.5m | €6.8m | €8.5m | ▲ 24.6% |
| Equity10/15 | €0.1m | €0.4m | €0.5m | €0.1m | €1.5m | €2.4m | ▲ 56.2% |
| Contributions10/11 | €0.4m | - | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Reserves13 | - | - | €0.1m | €0.1m | €1.0m | €1.9m | ▲ 83.7% |
| Tax-exempt reserves132 | - | - | - | - | - | €0.4m | - |
| Distributable reserves133 | - | - | €0.1m | €0.1m | €1.0m | €1.5m | ▲ 43.5% |
| Profit (loss) carried forward14 | -€0.3m | -€0.01m | €0 | -€0.5m | €0 | - | - |
| Investment grants15 | - | - | - | €0.08m | €0.1m | €0.09m | ▼ 7.5% |
| Amounts payable17/49 | €1.6m | €1.4m | €1.5m | €6.4m | €5.3m | €6.1m | ▲ 15.3% |
| Amounts payable after more than one year17 | €0.6m | €0 | - | €2.1m | €1.8m | €1.6m | ▼ 13.4% |
| Financial debts170/4 | - | - | - | €2.1m | €1.8m | €1.6m | ▼ 13.4% |
| Credit institutions173 | - | - | - | - | - | €1.6m | - |
| Other loans174 | - | - | - | - | - | €0 | - |
| Amounts payable within one year42/48 | €1.1m | €1.4m | €1.5m | €4.3m | €3.5m | €4.5m | ▲ 29.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.2m | €0.2m | ▲ 0.6% |
| Trade debts44 | €0.9m | €0.8m | €0.8m | €2.5m | €2.8m | €3.3m | ▲ 20.0% |
| Suppliers440/4 | - | - | €0.8m | €2.5m | €2.8m | €3.3m | ▲ 20.0% |
| Advances received on contracts in progress46 | - | - | €0.01m | €0.003m | €0.006m | €290 | ▼ 95.2% |
| Taxes, remuneration and social security45 | - | - | €0.2m | €0.2m | €0.3m | €0.6m | ▲ 74.3% |
| Taxes450/3 | - | - | €0.04m | €0.008m | €0.04m | €0.2m | ▲ 454% |
| Remuneration and social security454/9 | - | - | €0.1m | €0.2m | €0.3m | €0.3m | ▲ 14.6% |
| Other amounts payable47/48 | - | - | €0.5m | €1.4m | €0.1m | €0.3m | ▲ 241% |
| Accrued charges and deferred income492/3 | - | - | €0.01m | €0.02m | €0.01m | €0.04m | ▲ 285% |
| Line | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.02m | €0.3m | €0.1m | -€0.5m | €1.4m | €1.0m | ▼ 26.4% |
| + Depreciation and write-downs630 | €0.2m | €0.2m | €0.2m | €0.7m | €0.5m | €0.5m | ▲ 3.0% |
| Operating cash flow (approximation) | €0.2m | €0.5m | €0.3m | €0.3m | €1.9m | €1.5m | ▼ 18.7% |
| Investment in fixed assets (approximation) | - | -€0.05m | -€0.03m | - | -€0.1m | -€0.3m | ▼ 184% |
| Change in cash | - | €0.1m | €0.2m | - | €0.4m | €1.8m | ▲ 357% |
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, 684 companies had the same profile as Delwa has now. Two years later, 97.4% were still going and 0.3% had gone bankrupt.
- Medium-sized
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
- without age
97.4%
was still going
2.2%
stopped otherwise
0.3%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Delwa itself: 0.3% 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 684 companies, not a prediction for Delwa. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 29-09-2025 | full format | 22-06-2026 | 2026-00189242 | |
| 29-09-2024 | abbreviated format | 30-04-2025 | 2025-00086301 | |
| 29-09-2023 | abbreviated format | 23-04-2024 | 2024-00069439 | |
| 30-09-2021 | abbreviated format | 26-04-2022 | 2022-20016764 | |
| 30-09-2020 | abbreviated format | 29-04-2021 | 2021-12600562 | |
| 30-09-2019 | abbreviated format | 31-03-2020 | 2020-08200373 | |
| 30-09-2018 | abbreviated format | 27-03-2019 | 2019-08000445 |