DEMYCO
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 22 filings
Turnover
€30,313▼ 8.9%
2024 · €33,259
EBIT margin
27.3%▲ 2.5pp
2024 · 24.8%
Net result
€5,327▼ 10.8%
2024 · €5,974
Working capital
-€14,802▲ 26.8%
2024 · -€20,228
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€30,313
▼ 8.9%
2025
20182025
Operating result
€8,265
▲ 0.3%
2025
20182025
Net result
€5,327
▼ 10.8%
2025
20182025
EBIT margin
27.3%
▲ 2.5pp
2025
20182025
Equity
€84,626
▲ 6.7%
2025
20182025
Total assets
€131,516
▼ 1.0%
2025
20182025
Debt
€46,890
▼ 12.5%
2025
20182025
Working capital
-€14,802
▲ 26.8%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€19,781-€19,650▼ 0.7%€25,195▲ 28.2%€24,545▼ 2.6%€29,247▲ 19.2%€28,999▼ 0.8%€33,259▲ 14.7%€30,313▼ 8.9%
Operating result€5,418-€3,223▼ 40.5%€11,465▲ 256%€10,128▼ 11.7%€14,380▲ 42.0%€5,081▼ 64.7%€8,237▲ 62.1%€8,265▲ 0.3%
Net result€5,264-€2,202▼ 58.2%€10,073▲ 357%€7,249▼ 28.0%€9,460▲ 30.5%€4,025▼ 57.5%€5,974▲ 48.4%€5,327▼ 10.8%
EBIT margin27.4%-16.4%▼ 11.0pp45.5%▲ 29.1pp41.3%▼ 4.2pp49.2%▲ 7.9pp17.5%▼ 31.6pp24.8%▲ 7.2pp27.3%▲ 2.5pp
Equity€40,316-€42,518▲ 5.5%€52,591▲ 23.7%€59,840▲ 13.8%€69,300▲ 15.8%€73,325▲ 5.8%€79,299▲ 8.1%€84,626▲ 6.7%
Total assets€195,487-€213,907▲ 9.4%€212,650▼ 0.6%€192,435▼ 9.5%€162,342▼ 15.6%€148,658▼ 8.4%€132,874▼ 10.6%€131,516▼ 1.0%
Debt€155,171-€171,389▲ 10.5%€160,059▼ 6.6%€132,595▼ 17.2%€93,042▼ 29.8%€75,333▼ 19.0%€53,575▼ 28.9%€46,890▼ 12.5%
Working capital-€101,995--€30,036▲ 70.6%-€24,981▲ 16.8%-€22,934▲ 8.2%-€18,866▲ 17.7%-€20,424▼ 8.3%-€20,228▲ 1.0%-€14,802▲ 26.8%
The operating result for 2025 is 0% higher than in 2024. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €131,516
Fixed assets
€99,428 ▼ 5.8%
Current assets
€32,088 ▲ 17.5%
Equity and liabilities €131,516
Equity
€84,626 ▲ 6.7%
Debt
€46,890 ▼ 12.5%
Debt's share of the balance-sheet total falls from 40.3% to 35.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€14,391▲
2024 · €14,363
Cash flow
€11,453▼
2024 · €12,100
Current ratio
0.68▲
2024 · 0.57
Debt to equity
0.55▼
2024 · 0.68
ROE
6.3%▼
2024 · 7.5%
ROA
4.1%▼
2024 · 4.5%
Interest coverage
41.23▲
2024 · 25.15
Debt ≤ 1 year
€46,890▼
2024 · €47,548
Income taxes
€2,589▲
2024 · €1,692
Supplier credit
251 days▲
2024 · 39 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €19,781 | €19,650 | €25,195 | €24,545 | €29,247 | €28,999 | €33,259 | €30,313 | ▼ 8.9% |
| Goods, raw materials, services and sundry goods60/61 | €3,342 | €5,256 | €2,241 | €3,144 | €3,534 | €11,834 | €12,237 | €9,357 | ▼ 23.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €6,126 | €6,126 | €6,126 | €6,126 | €6,126 | €6,126 | €6,126 | €6,126 | = |
| Other operating charges640/8 | €4,895 | €5,045 | €5,363 | €5,147 | €5,207 | €5,958 | €6,659 | €6,565 | ▼ 1.4% |
| Gross operating margin9900 | €16,439 | €14,394 | €22,954 | €21,401 | €25,713 | €17,165 | €21,022 | €20,956 | ▼ 0.3% |
| Operating profit (loss)9901 | €5,418 | €3,223 | €11,465 | €10,128 | €14,380 | €5,081 | €8,237 | €8,265 | ▲ 0.3% |
| Financial income75/76B | - | €150 | €900 | €900 | €600 | €112 | - | - | - |
| Recurring financial income75 | - | €150 | €900 | €900 | €600 | €112 | - | - | - |
| Financial charges65/66B | €154 | €1,171 | €1,292 | €1,221 | €1,020 | €725 | €571 | €349 | ▼ 38.9% |
| Recurring financial charges65 | €154 | €1,171 | €1,292 | €1,221 | €1,020 | €725 | €571 | €349 | ▼ 38.9% |
| Profit (loss) for the period before taxes9903 | €5,264 | €2,202 | €11,073 | €9,807 | €13,960 | €4,468 | €7,666 | €7,916 | ▲ 3.3% |
| Income taxes67/77 | - | - | €1,000 | €2,558 | €4,500 | €443 | €1,692 | €2,589 | ▲ 53.0% |
| Profit (loss) for the period9904 | €5,264 | €2,202 | €10,073 | €7,249 | €9,460 | €4,025 | €5,974 | €5,327 | ▼ 10.8% |
| Profit (loss) for the period to be appropriated9905 | €5,264 | €2,202 | €10,073 | €7,249 | €9,460 | €4,025 | €5,974 | €5,327 | ▼ 10.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €195,487 | €213,907 | €212,650 | €192,435 | €162,342 | €148,658 | €132,874 | €131,516 | ▼ 1.0% |
| Fixed assets21/28 | €142,311 | €136,185 | €130,059 | €123,932 | €117,806 | €111,680 | €105,554 | €99,428 | ▼ 5.8% |
| Tangible fixed assets22/27 | €142,311 | €136,185 | €130,059 | €123,932 | €117,806 | €111,680 | €105,554 | €99,428 | ▼ 5.8% |
| Land and buildings22 | €142,311 | €136,185 | €130,059 | €123,932 | €117,806 | €111,680 | €105,554 | €99,428 | ▼ 5.8% |
| Current assets29/58 | €53,176 | €77,722 | €82,591 | €68,503 | €44,536 | €36,978 | €27,320 | €32,088 | ▲ 17.5% |
| Amounts receivable after more than one year29 | €51,044 | €75,500 | €74,200 | €67,200 | €42,345 | €32,600 | €27,300 | €31,690 | ▲ 16.1% |
| Trade receivables290 | €1,044 | - | - | - | - | - | - | - | - |
| Other amounts receivable291 | €50,000 | €75,500 | €74,200 | €67,200 | €42,345 | €32,600 | €27,300 | €31,690 | ▲ 16.1% |
| Amounts receivable within one year40/41 | - | - | - | - | - | €3,857 | - | - | - |
| Other amounts receivable41 | - | - | - | - | - | €3,857 | - | - | - |
| Cash at bank and in hand54/58 | €2,132 | €772 | €5,391 | €653 | €2,191 | €521 | €20 | €398 | ▲ 20× |
| Deferred charges and accrued income490/1 | - | €1,450 | €3,000 | €650 | - | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €195,487 | €213,907 | €212,650 | €192,435 | €162,342 | €148,658 | €132,874 | €131,516 | ▼ 1.0% |
| Equity10/15 | €40,316 | €42,518 | €52,591 | €59,840 | €69,300 | €73,325 | €79,299 | €84,626 | ▲ 6.7% |
| Contributions10/11 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Capital10 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Issued capital100 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | €50,000 | = |
| Reserves13 | - | - | - | - | - | €19,300 | €23,325 | €29,299 | ▲ 25.6% |
| Non-distributable reserves130/1 | - | - | - | - | - | €19,300 | €5,000 | €5,000 | = |
| Legal reserve130 | - | - | - | - | - | €5,000 | €5,000 | €5,000 | = |
| Other1319 | - | - | - | - | - | €14,300 | - | - | - |
| Distributable reserves133 | - | - | - | - | - | - | €18,325 | €24,299 | ▲ 32.6% |
| Profit (loss) carried forward14 | -€9,684 | -€7,482 | €2,591 | €9,840 | €19,300 | €4,025 | €5,974 | €5,327 | ▼ 10.8% |
| Amounts payable17/49 | €155,171 | €171,389 | €160,059 | €132,595 | €93,042 | €75,333 | €53,575 | €46,890 | ▼ 12.5% |
| Amounts payable after more than one year17 | - | €63,631 | €52,487 | €41,158 | €29,640 | €17,931 | €6,027 | - | - |
| Financial debts170/4 | - | €63,631 | €52,487 | €41,158 | €29,640 | €17,931 | €6,027 | - | - |
| Amounts payable within one year42/48 | €155,171 | €107,758 | €107,572 | €91,437 | €63,402 | €57,402 | €47,548 | €46,890 | ▼ 1.4% |
| Current portion of amounts payable after more than one year42 | - | €10,958 | €11,144 | €11,329 | €11,518 | €11,708 | €11,904 | €6,027 | ▼ 49.4% |
| Trade debts44 | - | - | - | - | - | €3,726 | €1,299 | €6,440 | ▲ 396% |
| Suppliers440/4 | - | - | - | - | - | €3,726 | €1,299 | €6,440 | ▲ 396% |
| Taxes, remuneration and social security45 | - | - | €1,000 | €2,600 | €7,100 | €1,200 | €1,700 | €2,200 | ▲ 29.4% |
| Taxes450/3 | - | - | €1,000 | €2,600 | €7,100 | €1,200 | €1,700 | €2,200 | ▲ 29.4% |
| Other amounts payable47/48 | €155,171 | €96,800 | €95,428 | €77,508 | €44,784 | €40,768 | €32,645 | €32,223 | ▼ 1.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5,264 | €2,202 | €10,073 | €7,249 | €9,460 | €4,025 | €5,974 | €5,327 | ▼ 10.8% |
| + Depreciation and write-downs630 | €6,126 | €6,126 | €6,126 | €6,126 | €6,126 | €6,126 | €6,126 | €6,126 | = |
| Operating cash flow (approximation) | €11,390 | €8,328 | €16,199 | €13,375 | €15,586 | €10,151 | €12,100 | €11,453 | ▼ 5.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €1 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | -€1,360 | €4,619 | -€4,738 | €1,538 | -€1,670 | -€501 | €378 | - |
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, 17,041 companies had the same profile as DEMYCO has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DEMYCO itself: 0.4% 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 17,041 companies, not a prediction for DEMYCO. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-07-2026 | 2026-00357795 | |
| 31-12-2024 | full format | 26-07-2025 | 2025-00335874 | |
| 31-12-2023 | full format | 01-08-2024 | 2024-00322156 | |
| 31-12-2022 | full format | 26-07-2023 | 2023-00270244 | |
| 31-12-2021 | full format | 04-08-2022 | 2022-20267710 | |
| 31-12-2020 | full format | 26-07-2021 | 2021-41000316 | |
| 31-12-2019 | full format | 23-07-2020 | 2020-33000515 | |
| 31-12-2018 | full format | 26-07-2019 | 2019-38700279 | |
| 31-12-2017 | full format | 29-06-2018 | 2018-28700059 | |
| 31-12-2016 | full format | 29-06-2017 | 2017-27100279 |