DEMANCO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 13-11-2025 PDF all 29 filings
Turnover
≈ €210,000
Estimated: probably between €170,000 and €250,000
Total assets
€1.3m▲ 1.4%
2024 · €1.3m
Net result
€39,192▼ 62.1%
2024 · €103,355
Working capital
€618,088▲ 14.0%
2024 · €542,037
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€65,934
▼ 53.2%
2025
20192025
Net result
€39,192
▼ 62.1%
2025
middle half of the sector
20192025
Equity
€1.3m
▲ 3.2%
2025
highest quarter of the sector
20192025
Total assets
€1.3m
▲ 1.4%
2025
highest quarter of the sector
20192025
Debt
€8,908
▼ 71.1%
2025
20192025
Working capital
€618,088
▲ 14.0%
2025
highest quarter of the sector
20192025
Solvency
99.3%
▲ 1.7pp
2025
highest quarter of the sector
20192025
Current ratio
70.39
▲ 51.78
2025
highest quarter of the sector
20192025
Return on assets (ROA)
3.1%
▼ 5.1pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.03m-€0.08m▲ 179%€0.1m▲ 31.9%€0.1m▲ 11.3%€0.1m▲ 5.9%€0.1m▲ 16.6%€0.07m▼ 53.2%
Net result€0.01m-€0.06mabove the sector's middle half▲ 498%€0.07mabove the sector's middle half▲ 6.1%€0.08mabove the sector's middle half▲ 11.9%€0.08mabove the sector's middle half▲ 7.6%€0.1mabove the sector's middle half▲ 24.7%€0.04mwithin the sector's middle half▼ 62.1%
Equity€1.4m-€1.5mabove the sector's middle half▲ 4.5%€1.4mabove the sector's middle half▼ 5.4%€1.1mabove the sector's middle half▼ 23.0%€1.1mabove the sector's middle half▲ 3.0%€1.2mabove the sector's middle half▲ 9.1%€1.3mabove the sector's middle half▲ 3.2%
Total assets€1.5m-€1.5mabove the sector's middle half▲ 0.8%€1.5mabove the sector's middle half▼ 1.4%€1.1mabove the sector's middle half▼ 25.3%€1.1mabove the sector's middle half▲ 1.3%€1.3mabove the sector's middle half▲ 10.5%€1.3mabove the sector's middle half▲ 1.4%
Debt€0.08m-€0.03m▼ 66.8%€0.09m▲ 228%€0.03m▼ 62.8%€0.01m▼ 56.2%€0.03m▲ 117%€0.009m▼ 71.1%
Working capital€0.7m-€0.8mabove the sector's middle half▲ 11.7%€0.7mabove the sector's middle half▼ 6.6%€0.4mabove the sector's middle half▼ 39.5%€0.5mabove the sector's middle half▲ 14.0%€0.5mabove the sector's middle half▲ 10.3%€0.6mabove the sector's middle half▲ 14.0%
Solvency94.8%-98.3%above the sector's middle half▲ 3.5pp94.3%above the sector's middle half▼ 4.0pp97.1%above the sector's middle half▲ 2.9pp98.8%above the sector's middle half▲ 1.6pp97.6%above the sector's middle half▼ 1.2pp99.3%above the sector's middle half▲ 1.7pp
Current ratio10.87-29.77above the sector's middle half▲ 18.909.20above the sector's middle half▼ 20.5819.15above the sector's middle half▲ 9.9535.68above the sector's middle half▲ 16.5318.61above the sector's middle half▼ 17.0770.39above the sector's middle half▲ 51.78
Return on assets (ROA)0.7%-4.2%within the sector's middle half▲ 3.5pp4.5%within the sector's middle half▲ 0.3pp6.8%within the sector's middle half▲ 2.3pp7.2%within the sector's middle half▲ 0.4pp8.2%within the sector's middle half▲ 0.9pp3.1%within the sector's middle half▼ 5.1pp
Staff (FTE)1-1within the sector's middle half=1=1=1=
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 53% lower than in 2024 and the lowest since 2021.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.3m
Fixed assets
€656,437 ▼ 5.3%
Current assets
€626,996 ▲ 9.5%
Equity and liabilities €1.3m
Equity
€1.3m ▲ 3.2%
Debt
€8,908 ▼ 71.1%
Debt's share of the balance-sheet total falls from 2.4% to 0.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€117,175▼
2024 · €188,864
Cash flow
€90,433▼
2024 · €151,265
Debt to equity
0.01▼
2024 · 0.02
ROE
3.1%▼
2024 · 8.4%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€8,908▼
2024 · €30,787
Income taxes
€35,254▼
2024 · €42,688
Staff costs
€27▼
2024 · €211
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | - |
| full-time | 1 | 1 | - |
| in full-time equivalents | 1 | 1 | - |
| Average over the year, in full-time equivalents | 1 | 1 | - |
| On a permanent contract | 1 | 1 | - |
| Joined | - | - | 0 |
| Left | - | - | 1 |
Source: social balance sheet in the 2022 to 2024 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €1,863 | €1,653 | €101,012 | €14,381 |
| Depreciation and write-downs of the year | €39,426 | €37,764 | €47,911 | €51,241 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €33,287 | €34,105 | €211 | €27 | ▼ 87.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €51,238 | €50,776 | €52,026 | €39,426 | €37,764 | €47,911 | €51,241 | ▲ 7.0% |
| Other operating charges640/8 | - | - | - | €4,507 | €2,906 | €3,958 | €4,909 | ▲ 24.0% |
| Gross operating margin9900 | €112,266 | €163,307 | €192,056 | €191,422 | €195,667 | €193,033 | €122,112 | ▼ 36.7% |
| Operating profit (loss)9901 | €27,905 | €77,832 | €102,647 | €114,202 | €120,892 | €140,953 | €65,934 | ▼ 53.2% |
| Financial income75/76B | - | - | - | €7,056 | - | €5,642 | €9,662 | ▲ 71.2% |
| Recurring financial income75 | €4,578 | €4,237 | €4,862 | €7,056 | - | €5,642 | €9,662 | ▲ 71.2% |
| Financial charges65/66B | - | - | - | €777 | €5,468 | €553 | €1,151 | ▲ 108% |
| Recurring financial charges65 | €1,637 | €1,587 | €1,621 | €777 | €5,468 | €553 | €1,151 | ▲ 108% |
| Profit (loss) for the period before taxes9903 | €30,846 | €80,481 | €105,888 | €120,480 | €115,424 | €146,043 | €74,446 | ▼ 49.0% |
| Income taxes67/77 | €20,009 | €15,649 | €37,091 | €43,498 | €32,572 | €42,688 | €35,254 | ▼ 17.4% |
| Profit (loss) for the period9904 | €10,837 | €64,833 | €68,797 | €76,982 | €82,852 | €103,355 | €39,192 | ▼ 62.1% |
| Profit (loss) for the period to be appropriated9905 | €10,837 | €64,833 | €68,797 | €76,982 | €82,852 | €103,355 | €39,192 | ▼ 62.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.5m | €1.5m | €1.5m | €1.1m | €1.1m | €1.3m | €1.3m | ▲ 1.4% |
| Fixed assets21/28 | €0.8m | €0.7m | €0.7m | €0.7m | €0.6m | €0.7m | €0.7m | ▼ 5.3% |
| Tangible fixed assets22/27 | €0.8m | €0.7m | €0.7m | €0.7m | €0.6m | €0.7m | €0.7m | ▼ 5.3% |
| Land and buildings22 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | ▼ 2.2% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €275 | €0.004m | €0.006m | ▲ 45.9% |
| Furniture and vehicles24 | - | - | - | €0.03m | €0.02m | €0.09m | €0.07m | ▼ 27.6% |
| Financial fixed assets28 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €496 | €496 | = |
| Current assets29/58 | €0.8m | €0.8m | €0.8m | €0.5m | €0.5m | €0.6m | €0.6m | ▲ 9.5% |
| Amounts receivable within one year40/41 | €0.01m | €0.01m | €0.004m | €0.002m | €0.01m | €0.04m | €0.01m | ▼ 66.1% |
| Trade receivables40 | - | - | - | - | €0.008m | €0.02m | - | - |
| Other amounts receivable41 | - | - | - | €0.002m | €0.005m | €0.02m | €0.01m | ▼ 30.2% |
| Current investments50/53 | €0.5m | €0.6m | €0.6m | €0.2m | €0.4m | €0.4m | €0.5m | ▲ 15.2% |
| Cash at bank and in hand54/58 | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.09m | €0.1m | ▲ 16.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 4.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.5m | €1.5m | €1.5m | €1.1m | €1.1m | €1.3m | €1.3m | ▲ 1.4% |
| Equity10/15 | €1.4m | €1.5m | €1.4m | €1.1m | €1.1m | €1.2m | €1.3m | ▲ 3.2% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.7m | €0.7m | €0.6m | €0.3m | €0.3m | €0.4m | €0.4m | ▲ 8.7% |
| Non-distributable reserves130/1 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Legal reserve130 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 12.1% |
| Profit (loss) carried forward14 | €0.5m | €0.5m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | ▲ 0.7% |
| Amounts payable17/49 | €0.08m | €0.03m | €0.09m | €0.03m | €0.01m | €0.03m | €0.009m | ▼ 71.1% |
| Amounts payable after more than one year17 | - | - | - | €0.009m | - | - | - | - |
| Other amounts payable178/9 | - | - | - | €0.009m | - | - | - | - |
| Amounts payable within one year42/48 | €0.07m | €0.03m | €0.09m | €0.02m | €0.01m | €0.03m | €0.009m | ▼ 71.1% |
| Trade debts44 | €0.005m | €0.002m | €0.003m | €0.002m | €0.001m | €11 | €0.001m | ▲ 46× |
| Suppliers440/4 | - | - | - | €0.002m | €0.001m | €11 | €0.001m | ▲ 46× |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.01m | €0.03m | €0.008m | ▼ 72.8% |
| Taxes450/3 | - | - | - | €0.02m | €0.01m | €0.03m | €0.008m | ▼ 72.8% |
| Remuneration and social security454/9 | - | - | - | €0.006m | - | - | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,837 | €64,833 | €68,797 | €76,982 | €82,852 | €103,355 | €39,192 | ▼ 62.1% |
| + Depreciation and write-downs630 | €51,238 | €50,776 | €52,026 | €39,426 | €37,764 | €47,911 | €51,241 | ▲ 7.0% |
| Operating cash flow (approximation) | €62,075 | €115,609 | €120,823 | €116,408 | €120,616 | €151,265 | €90,433 | ▼ 40.2% |
| Investment in fixed assets (approximation) | - | -€25,290 | -€21,453 | -€1,863 | -€1,653 | -€100,832 | -€14,381 | ▲ 85.7% |
| Change in cash | - | -€24,572 | €53,177 | -€2,104 | -€114,480 | -€25,677 | €14,317 | - |
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, 14,766 companies had the same profile as DEMANCO has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DEMANCO 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 14,766 companies, not a prediction for DEMANCO. 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 |
|---|---|---|---|---|
| 30-06-2025 | micro format | 13-11-2025 | 2025-00565765 | |
| 30-06-2024 | micro format | 25-11-2024 | 2024-00603712 | |
| 30-06-2023 | micro format | 22-11-2023 | 2023-00514348 | |
| 30-06-2022 | micro format | 16-12-2022 | 2022-20538661 | |
| 30-06-2021 | micro format | 29-11-2021 | 2021-78700035 | |
| 30-06-2020 | micro format | 27-11-2020 | 2020-72400165 | |
| 30-06-2019 | micro format | 25-11-2019 | 2019-74500163 | |
| 30-06-2018 | micro format | 15-11-2018 | 2018-72200063 | |
| 30-06-2017 | micro format | 27-11-2017 | 2017-70400323 | |
| 30-06-2016 | abbreviated format | 28-11-2016 | 2016-68700063 |