DEMIRCI
ActiveSummary
DEMIRCI has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.53M and a net result of €248k. Equity is growing by ~9.7% per year across the filed fiscal years. Its solvency ranks better than 45% of 27965 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.7% (low).
Checked score
Score 2025
Axes · tick = 2024
Profitability77▲+2
Solvency68▲+3
Growth78=
Track record100
Bankruptcy probability, 12 months
0.7%
Low
0%0.5%1.5%4%10%≥ 25%
Credit up to €95k at 30 days acceptable
Liquidity short (current ratio 0.3 against 0.57 in 2024; short-term debt: 30.7% and cash: 1.1% of total assets), and 56.8% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
43.2%
Return on assets
7%
Age of the figures
12 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 30-09-2025 was due by 30-04-2026 and was filed on 31-03-2026, 30 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
30 d early
2024
36 d early
2023
36 d early
2022
33 d early
2021
26 d early
2020
29 d early
2019
43 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 30-09-2026 and is due by 30-04-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today30-09-2026 close30-04-2027 deadline
Financials · fiscal year 2025, micro schema
Equity
€1.53M▲ 19.3%
2024 · €1.29M
Total assets
€3.55M▲ 10.2%
2024 · €3.22M
Net result
€248k▲ 58.4%
2024 · €157k
Working capital
€-765k▼ 104%
2024 · €-375k
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€246k▲ 25.5%€185k▼ 24.7%€15k▼ 92.1%€224k▲ 1,438%€398k▲ 77.4%
Net result€168k▲ 6.9%€121k▼ 28.0%€1k▼ 98.9%€157k▲ 11,456%€248k▲ 58.4%
Equity€995k▲ 20.4%€1.12M▲ 12.2%€1.13M▲ 1.2%€1.29M▲ 13.9%€1.53M▲ 19.3%
Total assets€1.05M▲ 2.8%€2.23M▲ 112%€2.14M▼ 4.3%€3.22M▲ 50.9%€3.55M▲ 10.2%
Debt€56k▼ 71.5%€1.12M▲ 1,894%€1.01M▼ 9.8%€1.94M▲ 92.5%€2.02M▲ 4.2%
Working capital€994k▲ 20.3%€816k▼ 17.9%€550k▼ 32.6%€-375k€-765k▼ 104%
Staff (FTE)0
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2023 the operating result has climbed two years in a row; 2025 is 77% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.55M
Fixed assets
€3.23M ▲ 18.0%
Current assets
€324k ▼ 33.7%
Equity and liabilities €3.55M
Equity
€1.53M ▲ 19.3%
Debt
€2.02M ▲ 4.2%
Debt's share of the balance-sheet total falls from 60.1% to 56.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€593k▲
2024 · €480k
Cash flow
€443k▲
2024 · €413k
Current ratio
0.30▼
2024 · 0.57
Debt to equity
1.32▼
2024 · 1.51
ROE
16.2%▲
2024 · 12.2%
ROA
7.0%▲
2024 · 4.9%
Interest coverage
19.00▲
2024 · 18.02
Debt ≤ 1 year
€1.09M▲
2024 · €863k
Debt > 1 year
€929k▼
2024 · €1.07M
Income taxes
€119k▲
2024 · €45k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €495 | €30k | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €224 | €68k | €188k | €256k | €195k | ▼ 23.8% |
| Other operating charges640/8 | €4k | €8k | €7k | €5k | €3k | ▼ 33.3% |
| Non-recurring operating charges66A | - | - | €125k | €0 | - | - |
| Gross operating margin9900 | €250k | €260k | €334k | €485k | €596k | ▲ 22.9% |
| Operating profit (loss)9901 | €246k | €185k | €15k | €224k | €398k | ▲ 77.4% |
| Financial income75/76B | €3k | €4k | €12k | €4k | €869 | ▼ 80.0% |
| Recurring financial income75 | €3k | €4k | €12k | €4k | €869 | ▼ 80.0% |
| Financial charges65/66B | €3k | €14k | €15k | €27k | €31k | ▲ 17.1% |
| Recurring financial charges65 | €3k | €14k | €15k | €27k | €31k | ▲ 17.1% |
| Profit (loss) for the period before taxes9903 | €245k | €176k | €12k | €202k | €367k | ▲ 81.9% |
| Income taxes67/77 | €77k | €54k | €11k | €45k | €119k | ▲ 163% |
| Profit (loss) for the period9904 | €168k | €121k | €1k | €157k | €248k | ▲ 58.4% |
| Profit (loss) for the period to be appropriated9905 | €168k | €121k | €1k | €157k | €248k | ▲ 58.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.05M | €2.23M | €2.14M | €3.22M | €3.55M | ▲ 10.2% |
| Fixed assets21/28 | €921 | €1.20M | €1.41M | €2.74M | €3.23M | ▲ 18.0% |
| Tangible fixed assets22/27 | €921 | €1.20M | €1.41M | €2.73M | €3.23M | ▲ 18.0% |
| Land and buildings22 | - | €1.20M | €1.39M | €2.35M | €2.93M | ▲ 24.4% |
| Plant, machinery and equipment23 | - | - | - | - | €3k | - |
| Furniture and vehicles24 | €921 | €348 | €27k | €2k | €1k | ▼ 26.7% |
| Leasing and similar rights25 | - | - | - | €381k | €296k | ▼ 22.1% |
| Financial fixed assets28 | - | - | €500 | €500 | €500 | = |
| Current assets29/58 | €1.05M | €1.03M | €722k | €489k | €324k | ▼ 33.7% |
| Amounts receivable after more than one year29 | €0 | - | - | - | - | - |
| Trade receivables290 | €0 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €395k | €661k | €510k | €258k | €281k | ▲ 9.1% |
| Trade receivables40 | €255k | €511k | €456k | €232k | €276k | ▲ 18.9% |
| Other amounts receivable41 | €140k | €150k | €54k | €25k | €5k | ▼ 80.5% |
| Cash at bank and in hand54/58 | €643k | €362k | €195k | €223k | €38k | ▼ 83.1% |
| Deferred charges and accrued income490/1 | €11k | €10k | €16k | €8k | €5k | ▼ 35.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.05M | €2.23M | €2.14M | €3.22M | €3.55M | ▲ 10.2% |
| Equity10/15 | €995k | €1.12M | €1.13M | €1.29M | €1.53M | ▲ 19.3% |
| Contributions10/11 | €7k | €7k | €19k | €19k | €19k | = |
| Reserves13 | €988k | €1.11M | €1.11M | €1.27M | €1.52M | ▲ 19.6% |
| Non-distributable reserves130/1 | €2k | €2k | €2k | €0 | - | - |
| Reserves not available under the articles1311 | €2k | €2k | €2k | €0 | - | - |
| Distributable reserves133 | €986k | €1.11M | €1.11M | €1.27M | €1.52M | ▲ 19.6% |
| Profit (loss) carried forward14 | €0 | - | - | - | - | - |
| Amounts payable17/49 | €56k | €1.12M | €1.01M | €1.94M | €2.02M | ▲ 4.2% |
| Amounts payable after more than one year17 | - | €898k | €835k | €1.07M | €929k | ▼ 13.6% |
| Financial debts170/4 | - | €898k | €835k | €1.07M | €929k | ▼ 13.6% |
| Amounts payable within one year42/48 | €56k | €217k | €172k | €863k | €1.09M | ▲ 26.2% |
| Current portion of amounts payable after more than one year42 | €0 | €62k | €62k | €141k | €146k | ▲ 3.4% |
| Financial debts43 | €24k | €34k | €39k | €43k | €25k | ▼ 41.3% |
| Credit institutions430/8 | €24k | €34k | €39k | €43k | €25k | ▼ 41.3% |
| Trade debts44 | €6k | €2k | €30k | €55k | €20k | ▼ 63.5% |
| Suppliers440/4 | €6k | €2k | €30k | €55k | €20k | ▼ 63.5% |
| Advances received on contracts in progress46 | - | - | - | - | €200k | - |
| Taxes, remuneration and social security45 | €14k | €20k | €29k | €82k | €41k | ▼ 49.4% |
| Taxes450/3 | €14k | €17k | €26k | €82k | €41k | ▼ 49.4% |
| Remuneration and social security454/9 | - | €3k | €3k | €0 | - | - |
| Other amounts payable47/48 | €12k | €100k | €11k | €543k | €657k | ▲ 21.0% |
| Accrued charges and deferred income492/3 | - | €1k | €0 | - | €724 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €168k | €121k | €1k | €157k | €248k | ▲ 58.4% |
| + Depreciation and write-downs630 | €224 | €68k | €188k | €256k | €195k | ▼ 23.8% |
| Operating cash flow (approximation) | €169k | €189k | €189k | €413k | €443k | ▲ 7.4% |
| Investment in fixed assets (approximation) | - | €-1.27M | €-404k | €-1.58M | €-689k | ▲ 56.3% |
| Change in cash | - | €-281k | €-167k | €28k | €-186k | ▼ 757% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
More with these figures Sector benchmark What changed Value indication
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-03
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema
2025
30-09
Financial
Highest result since 2018net €248k ▲58.4%
Operating result €398k, net result €248k, both a record.
25-03
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
25-03
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
30-09
Financial
Weakest financial yearnet €1k ▼98.9%
Net result drops to €1k, the lowest in the series; recovery starts the following year.
28-03
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
30-09
Financial
Equity above €1MEq €1.12M ▲12.2%
5 profitable years in a row build equity to €1.12M.
04-04
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
30-09
Financial
Liquidity quadruplescurrent ratio 18.76
Current ratio from 5.22 to 18.76; short-term debt falls from €196k to €56k.
01-04
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
18-03
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
30-09
Financial
Liquidity triplescurrent ratio 26.23
Current ratio from 8.09 to 26.23; short-term debt falls from €99k to €32k.
Show earlier events
19-03
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema
2018
16-03
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema
2017
17-03
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 3 acts read
About the unread acts
We know of 3 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
3 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Waasmunster · 1 establishment unit since 2009
Ground area
3,826 m²
Building footprint
407 m²
Parcel 42023A1080/00N000, Flanders. Linked by address, not a title deed.
1 establishment unit
Demirci
since 20092.177.921.402
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42023A1080/00N000 | Flanders | 3,826 m² | 1 · 407 m² | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Similar companies · same sector, comparable size
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Of 8,462 companies in sector 43120 we hold annual accounts for 3,230. 1,403 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded29-01-2009
Fiscal year end30-09
Activities, NACEBEL 2025
43120Site preparation
68110Buying and selling of own real estate
70200Business and other management consultancy
Scores and ratios are computed by Checked and are not a credit decision.