DENDRITE
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 17 days after the deadline Filed on 17 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00401831.
Annual accounts 2025 filed on 17-08-2026 at the NBB all 25 filings
Turnover
≈ €360,000
Estimated: probably between €290,000 and €470,000
Total assets
€687,016▼ 6.9%
2024 · €737,916
Net result
-€72,020
2024 · €101,083
Working capital
€182,145▼ 3.5%
2024 · €188,844
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€44,861
2025
20182025
Net result
-€72,020
2025
lowest quarter of the sector
20182025
Equity
€571,040
▼ 11.2%
2025
middle half of the sector
20182025
Total assets
€687,016
▼ 6.9%
2025
middle half of the sector
20182025
Debt
€115,976
▲ 22.3%
2025
20182025
Working capital
€182,145
▼ 3.5%
2025
middle half of the sector
20182025
Solvency
83.1%
▼ 4.0pp
2025
highest quarter of the sector
20182025
Current ratio
2.57
▼ 0.42
2025
middle half of the sector
20182025
Return on assets (ROA)
-10.5%
▼ 24.2pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1
=
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€21,239-€875▼ 95.9%€315,864▲ 361×€841▼ 99.7%€221,032▲ 263×€165,366▼ 25.2%€144,941▼ 12.4%-€44,861
Net result€19,548-€5▼ 100.0%€245,002above the sector's middle half▲ 51,256×€2,912within the sector's middle half▼ 98.8%€154,844above the sector's middle half▲ 53×€117,007above the sector's middle half▼ 24.4%€101,083above the sector's middle half▼ 13.6%-€72,020below the sector's middle half
Equity€22,207-€22,212=€267,214above the sector's middle half▲ 12×€270,126above the sector's middle half▲ 1.1%€424,971above the sector's middle half▲ 57.3%€541,977above the sector's middle half▲ 27.5%€643,060above the sector's middle half▲ 18.7%€571,040within the sector's middle half▼ 11.2%
Total assets€61,180-€41,474▼ 32.2%€274,072within the sector's middle half▲ 561%€277,700within the sector's middle half▲ 1.3%€587,757above the sector's middle half▲ 112%€685,686above the sector's middle half▲ 16.7%€737,916above the sector's middle half▲ 7.6%€687,016within the sector's middle half▼ 6.9%
Debt€38,973-€19,262▼ 50.6%€6,858▼ 64.4%€7,574▲ 10.4%€162,786▲ 21×€143,709▼ 11.7%€94,856▼ 34.0%€115,976▲ 22.3%
Working capital-€17,453--€9,048▲ 48.2%€134,414above the sector's middle half€128,398within the sector's middle half▼ 4.5%€40,325within the sector's middle half▼ 68.6%€113,468within the sector's middle half▲ 181%€188,844above the sector's middle half▲ 66.4%€182,145within the sector's middle half▼ 3.5%
Solvency36.3%-53.6%▲ 17.3pp97.5%above the sector's middle half▲ 43.9pp97.3%above the sector's middle half▼ 0.2pp72.3%within the sector's middle half▼ 25.0pp79.0%above the sector's middle half▲ 6.7pp87.1%above the sector's middle half▲ 8.1pp83.1%above the sector's middle half▼ 4.0pp
Current ratio0.55-0.53▼ 0.0220.60above the sector's middle half▲ 20.0717.95above the sector's middle half▼ 2.651.25within the sector's middle half▼ 16.711.79within the sector's middle half▲ 0.542.99within the sector's middle half▲ 1.202.57within the sector's middle half▼ 0.42
Return on assets (ROA)32.0%-0.0%▼ 31.9pp89.4%above the sector's middle half▲ 89.4pp1.0%below the sector's middle half▼ 88.3pp26.3%within the sector's middle half▲ 25.3pp17.1%within the sector's middle half▼ 9.3pp13.7%within the sector's middle half▼ 3.4pp-10.5%below the sector's middle half▼ 24.2pp
Staff (FTE)0.4-11=1within the sector's middle half=
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 a loss of €44,861, after a profit of €144,941 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or 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 €687,016
Fixed assets
€388,894 ▼ 14.4%
Current assets
€298,122 ▲ 5.1%
Equity and liabilities €687,016
Equity
€571,040 ▼ 11.2%
Debt
€115,976 ▲ 22.3%
Debt's share of the balance-sheet total rises from 12.9% to 16.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€117,355▼
2024 · €196,788
Cash flow
€90,195▼
2024 · €152,930
Debt to equity
0.20▲
2024 · 0.15
ROE
-12.6%▼
2024 · 15.7%
Interest coverage
19.13▲
2024 · 17.38
Debt ≤ 1 year
€115,976▲
2024 · €94,856
Income taxes
€21,903▼
2024 · €32,672
Staff costs
€82,604▲
2024 · €81,856
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 |
| Joined | 1 | - | - |
| Left | 0 | - | - |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €41,857 | €32,420 | €81,987 | €85,881 | €96,994 |
| Financial fixed assets | - | €250,501 | €251,092 | - | - |
| Depreciation and write-downs of the year | €32,929 | €40,003 | €38,714 | €51,847 | €162,216 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €28,000 | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | €38,467 | €81,856 | €82,604 | ▲ 0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,737 | €8,400 | €15,853 | €32,929 | €40,003 | €38,714 | €51,847 | €162,216 | ▲ 213% |
| Other operating charges640/8 | - | - | - | €708 | €610 | €634 | €613 | €25,163 | ▲ 41× |
| Non-recurring operating charges66A | - | - | - | - | - | - | €1,556 | - | - |
| Gross operating margin9900 | €62,728 | €12,185 | €332,320 | €34,478 | €261,644 | €243,181 | €280,813 | €225,122 | ▼ 19.8% |
| Operating profit (loss)9901 | €21,239 | €875 | €315,864 | €841 | €221,032 | €165,366 | €144,941 | -€44,861 | - |
| Financial income75/76B | - | - | - | - | - | €32 | €136 | €877 | ▲ 546% |
| Recurring financial income75 | - | - | - | - | - | €32 | €136 | €877 | ▲ 546% |
| Financial charges65/66B | - | - | - | €627 | €1,189 | €3,188 | €11,321 | €6,134 | ▼ 45.8% |
| Recurring financial charges65 | €774 | €166 | €822 | €627 | €1,189 | €3,188 | €11,321 | €6,134 | ▼ 45.8% |
| Profit (loss) for the period before taxes9903 | €20,465 | €709 | €315,042 | €214 | €219,842 | €162,211 | €133,755 | -€50,118 | - |
| Income taxes67/77 | €917 | €704 | €70,041 | -€2,699 | €64,998 | €45,204 | €32,672 | €21,903 | ▼ 33.0% |
| Profit (loss) for the period9904 | €19,548 | €5 | €245,002 | €2,912 | €154,844 | €117,007 | €101,083 | -€72,020 | - |
| Profit (loss) for the period to be appropriated9905 | €19,548 | €5 | €245,002 | €2,912 | €154,844 | €117,007 | €101,083 | -€72,020 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €61,180 | €41,474 | €274,072 | €277,700 | €587,757 | €685,686 | €737,916 | €687,016 | ▼ 6.9% |
| Fixed assets21/28 | €39,660 | €31,260 | €132,800 | €141,728 | €384,646 | €428,509 | €454,216 | €388,894 | ▼ 14.4% |
| Tangible fixed assets22/27 | €39,660 | €31,260 | €132,800 | €141,728 | €134,145 | €177,417 | €203,395 | €138,173 | ▼ 32.1% |
| Plant, machinery and equipment23 | - | - | - | €36,060 | €36,361 | €35,756 | €30,210 | €37,033 | ▲ 22.6% |
| Furniture and vehicles24 | - | - | - | €85,244 | €84,828 | €93,197 | €55,375 | €91,941 | ▲ 66.0% |
| Other tangible fixed assets26 | - | - | - | €20,424 | €12,956 | €48,464 | €117,810 | €9,198 | ▼ 92.2% |
| Financial fixed assets28 | - | - | - | - | €250,501 | €251,092 | €250,821 | €250,721 | = |
| Current assets29/58 | €21,520 | €10,214 | €141,272 | €135,972 | €203,111 | €257,177 | €283,700 | €298,122 | ▲ 5.1% |
| Amounts receivable within one year40/41 | €5,092 | - | €24,718 | €67,793 | €200,539 | €151,977 | €279,050 | €76,929 | ▼ 72.4% |
| Trade receivables40 | - | - | - | €27,764 | €143,150 | €18,150 | €166,150 | - | - |
| Other amounts receivable41 | - | - | - | €40,029 | €57,389 | €133,827 | €112,900 | €76,929 | ▼ 31.9% |
| Cash at bank and in hand54/58 | €15,154 | €10,214 | €116,554 | €67,026 | €2,572 | €104,706 | €1,765 | €221,192 | ▲ 125× |
| Deferred charges and accrued income490/1 | - | - | - | €1,153 | - | €494 | €2,885 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €61,180 | €41,474 | €274,072 | €277,700 | €587,757 | €685,686 | €737,916 | €687,016 | ▼ 6.9% |
| Equity10/15 | €22,207 | €22,212 | €267,214 | €270,126 | €424,971 | €541,977 | €643,060 | €571,040 | ▼ 11.2% |
| Contributions10/11 | €20,000 | €20,000 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | €2,000 | €2,000 | €242,000 | €242,000 | €387,000 | €487,000 | €487,000 | €487,000 | = |
| Non-distributable reserves130/1 | - | - | - | €2,000 | €2,000 | €2,000 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,000 | €2,000 | €2,000 | - | - | - |
| Distributable reserves133 | - | - | - | €240,000 | €385,000 | €485,000 | €487,000 | €487,000 | = |
| Profit (loss) carried forward14 | €207 | €212 | €5,214 | €8,126 | €17,971 | €34,977 | €136,060 | €64,040 | ▼ 52.9% |
| Amounts payable17/49 | €38,973 | €19,262 | €6,858 | €7,574 | €162,786 | €143,709 | €94,856 | €115,976 | ▲ 22.3% |
| Amounts payable within one year42/48 | €38,973 | €19,262 | €6,858 | €7,574 | €162,786 | €143,709 | €94,856 | €115,976 | ▲ 22.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €100,000 | - | - | - | - |
| Financial debts43 | - | - | - | - | - | €100,000 | - | - | - |
| Credit institutions430/8 | - | - | - | - | - | €100,000 | - | - | - |
| Trade debts44 | €6,110 | €7,642 | €6,143 | €6,487 | €6,212 | €4,677 | €10,004 | €4,197 | ▼ 58.0% |
| Suppliers440/4 | - | - | - | €6,487 | €6,212 | €4,677 | €10,004 | €4,197 | ▼ 58.0% |
| Taxes, remuneration and social security45 | - | - | - | €125 | €123 | €5,460 | €39,280 | €89,239 | ▲ 127% |
| Taxes450/3 | - | - | - | €125 | €123 | - | €32,000 | €77,928 | ▲ 144% |
| Remuneration and social security454/9 | - | - | - | - | - | €5,460 | €7,280 | €11,311 | ▲ 55.4% |
| Other amounts payable47/48 | - | - | - | €961 | €56,451 | €33,572 | €45,572 | €22,540 | ▼ 50.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,548 | €5 | €245,002 | €2,912 | €154,844 | €117,007 | €101,083 | -€72,020 | - |
| + Depreciation and write-downs630 | €9,737 | €8,400 | €15,853 | €32,929 | €40,003 | €38,714 | €51,847 | €162,216 | ▲ 213% |
| Operating cash flow (approximation) | €29,285 | €8,405 | €260,855 | €35,841 | €194,847 | €155,721 | €152,930 | €90,195 | ▼ 41.0% |
| Investment in fixed assets (approximation) | - | €0 | -€117,394 | -€41,857 | -€282,921 | -€82,578 | -€77,555 | -€96,894 | ▼ 24.9% |
| Change in cash | - | -€4,940 | €106,340 | -€49,528 | -€64,455 | €102,134 | -€102,941 | €219,427 | - |
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, 5,831 companies had the same profile as DENDRITE has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of DENDRITE itself is lower: 0.1% within 12 months. It rests on far more data about DENDRITE than the profile alone.
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 5,831 companies, not a prediction for DENDRITE. 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 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 17-08-2026 | 2026-00401831 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00327524 | |
| 31-12-2023 | micro format | 29-07-2024 | 2024-00311929 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00309751 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20270999 | |
| 31-12-2020 | micro format | 21-06-2021 | 2021-23400458 | |
| 31-12-2019 | micro format | 29-07-2020 | 2020-37800390 | |
| 31-12-2018 | micro format | 26-06-2019 | 2019-23400398 | |
| 31-12-2017 | micro format | 27-07-2018 | 2018-41300381 | |
| 31-12-2016 | abbreviated format | 26-07-2017 | 2017-37000380 |