DENTIC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 19-07-2026 at the NBB all 14 filings
Turnover
≈ €190,000
Estimated: probably between €150,000 and €250,000
Total assets
€467,850▲ 104%
2024 · €228,883
Net result
€24,163▼ 33.6%
2024 · €36,385
Working capital
-€14,959
2024 · €71,499
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€44,343
▼ 16.1%
2025
20182025
Net result
€24,163
▼ 33.6%
2025
middle half of the sector
20182025
Equity
€221,484
▲ 12.2%
2025
middle half of the sector
20182025
Total assets
€467,850
▲ 104%
2025
middle half of the sector
20182025
Debt
€246,366
▲ 681%
2025
20182025
Working capital
-€14,959
2025
lowest quarter of the sector
20182025
Solvency
47.3%
▼ 38.9pp
2025
middle half of the sector
20182025
Current ratio
0.56
▼ 3.32
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
5.2%
▼ 10.7pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€7,131--€5,199€1,526€43,485▲ 28×€75,159▲ 72.8%€24,385▼ 67.6%€52,882▲ 117%€44,343▼ 16.1%
Net result€3,364--€9,047€12,897below the sector's middle half€42,391within the sector's middle half▲ 229%€52,194within the sector's middle half▲ 23.1%€16,463below the sector's middle half▼ 68.5%€36,385within the sector's middle half▲ 121%€24,163within the sector's middle half▼ 33.6%
Equity€51,839-€42,792▼ 17.5%€55,689below the sector's middle half▲ 30.1%€92,280within the sector's middle half▲ 65.7%€144,474within the sector's middle half▲ 56.6%€160,937within the sector's middle half▲ 11.4%€197,322within the sector's middle half▲ 22.6%€221,484within the sector's middle half▲ 12.2%
Total assets€147,568-€129,596▼ 12.2%€128,938below the sector's middle half▼ 0.5%€198,272within the sector's middle half▲ 53.8%€212,663within the sector's middle half▲ 7.3%€201,378within the sector's middle half▼ 5.3%€228,883within the sector's middle half▲ 13.7%€467,850within the sector's middle half▲ 104%
Debt€95,729-€86,804▼ 9.3%€73,249▼ 15.6%€102,482▲ 39.9%€68,189▼ 33.5%€40,441▼ 40.7%€31,561▼ 22.0%€246,366▲ 681%
Working capital-€26,658--€42,875▼ 60.8%-€32,432below the sector's middle half▲ 24.4%-€39,318below the sector's middle half▼ 21.2%-€4,823below the sector's middle half▲ 87.7%€20,448within the sector's middle half€71,499within the sector's middle half▲ 250%-€14,959below the sector's middle half
Solvency35.1%-33.0%▼ 2.1pp43.2%within the sector's middle half▲ 10.2pp46.5%within the sector's middle half▲ 3.4pp67.9%within the sector's middle half▲ 21.4pp79.9%within the sector's middle half▲ 12.0pp86.2%above the sector's middle half▲ 6.3pp47.3%within the sector's middle half▼ 38.9pp
Current ratio0.42-0.17▼ 0.250.30below the sector's middle half▲ 0.130.28below the sector's middle half▼ 0.020.88below the sector's middle half▲ 0.611.76within the sector's middle half▲ 0.873.87within the sector's middle half▲ 2.120.56below the sector's middle half▼ 3.32
Return on assets (ROA)2.3%--7.0%▼ 9.3pp10.0%within the sector's middle half▲ 17.0pp21.4%within the sector's middle half▲ 11.4pp24.5%within the sector's middle half▲ 3.2pp8.2%within the sector's middle half▼ 16.4pp15.9%within the sector's middle half▲ 7.7pp5.2%below the sector's middle half▼ 10.7pp
above
within
below
The sector band is the middle half of the companies in Human health activities (NACE 86). 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 16% lower than in 2024.
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 €467,850
Fixed assets
€449,109 ▲ 239%
Current assets
€18,741 ▼ 80.6%
Equity and liabilities €467,850
Equity
€221,484 ▲ 12.2%
Debt
€246,366 ▲ 681%
Debt's share of the balance-sheet total rises from 13.8% to 52.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€80,812▲
2024 · €74,251
Cash flow
€60,631▲
2024 · €57,754
Debt to equity
1.11▲
2024 · 0.16
ROE
10.9%▼
2024 · 18.4%
Interest coverage
8.55▼
2024 · 56.16
Debt ≤ 1 year
€33,700▲
2024 · €24,875
Debt > 1 year
€212,666▲
2024 · €6,444
Income taxes
€10,738▼
2024 · €15,235
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | €770 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €80,977 | €13,531 | €136 | - | €353,069 |
| Depreciation and write-downs of the year | €12,983 | €21,054 | €21,806 | €21,369 | €36,469 |
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 | - | - | - | - | €43,380 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €2,112 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,260 | €19,200 | €16,810 | €12,983 | €21,054 | €21,806 | €21,369 | €36,469 | ▲ 70.7% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €3,510 | -€3,510 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €1,780 | €1,817 | €2,652 | €2,619 | €5,781 | ▲ 121% |
| Gross operating margin9900 | €29,070 | €17,936 | €22,237 | €63,870 | €94,520 | €48,843 | €76,870 | €86,593 | ▲ 12.6% |
| Operating profit (loss)9901 | €7,131 | -€5,199 | €1,526 | €43,485 | €75,159 | €24,385 | €52,882 | €44,343 | ▼ 16.1% |
| Financial income75/76B | - | - | - | €12,458 | €22 | €12 | €60 | €9 | ▼ 85.7% |
| Recurring financial income75 | - | €150 | - | €458 | €22 | €12 | €60 | €9 | ▼ 85.7% |
| Non-recurring financial income76B | - | - | - | €12,000 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €2,782 | €2,112 | €1,534 | €1,322 | €9,451 | ▲ 615% |
| Recurring financial charges65 | €3,548 | €3,994 | €4,275 | €2,782 | €2,112 | €1,534 | €1,322 | €9,451 | ▲ 615% |
| Profit (loss) for the period before taxes9903 | €4,081 | -€9,043 | €13,451 | €53,161 | €73,069 | €22,863 | €51,620 | €34,901 | ▼ 32.4% |
| Income taxes67/77 | €717 | €4 | €554 | €10,770 | €20,875 | €6,400 | €15,235 | €10,738 | ▼ 29.5% |
| Profit (loss) for the period9904 | €3,364 | -€9,047 | €12,897 | €42,391 | €52,194 | €16,463 | €36,385 | €24,163 | ▼ 33.6% |
| Profit (loss) for the period to be appropriated9905 | €3,364 | -€9,047 | €12,897 | €42,391 | €52,194 | €16,463 | €36,385 | €24,163 | ▼ 33.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €147,568 | €129,596 | €128,938 | €198,272 | €212,663 | €201,378 | €228,883 | €467,850 | ▲ 104% |
| Fixed assets21/28 | €128,238 | €121,095 | €115,077 | €183,071 | €175,548 | €153,878 | €132,508 | €449,109 | ▲ 239% |
| Tangible fixed assets22/27 | €128,238 | €121,095 | €115,077 | €183,071 | €175,548 | €153,878 | €132,508 | €449,109 | ▲ 239% |
| Land and buildings22 | - | - | - | €95,285 | €90,456 | €85,831 | €81,483 | €410,114 | ▲ 403% |
| Plant, machinery and equipment23 | - | - | - | €76,659 | €77,034 | €62,442 | €48,009 | €38,626 | ▼ 19.5% |
| Furniture and vehicles24 | - | - | - | €11,127 | €8,058 | €5,605 | €3,016 | €368 | ▼ 87.8% |
| Current assets29/58 | €19,330 | €8,501 | €13,861 | €15,201 | €37,115 | €47,500 | €96,375 | €18,741 | ▼ 80.6% |
| Amounts receivable within one year40/41 | €2,000 | €5,000 | €5,511 | €6,042 | €7,026 | €11,742 | €35,328 | €4,500 | ▼ 87.3% |
| Trade receivables40 | - | - | - | €1,042 | €725 | €564 | €26,064 | - | - |
| Other amounts receivable41 | - | - | - | €5,000 | €6,301 | €11,178 | €9,264 | €4,500 | ▼ 51.4% |
| Current investments50/53 | - | - | €2,385 | €694 | €22,693 | - | - | - | - |
| Cash at bank and in hand54/58 | - | - | - | - | - | €31,809 | €55,853 | €5,751 | ▼ 89.7% |
| Deferred charges and accrued income490/1 | - | - | - | €8,465 | €7,396 | €3,948 | €5,194 | €8,490 | ▲ 63.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €147,568 | €129,596 | €128,938 | €198,272 | €212,663 | €201,378 | €228,883 | €467,850 | ▲ 104% |
| Equity10/15 | €51,839 | €42,792 | €55,689 | €92,280 | €144,474 | €160,937 | €197,322 | €221,484 | ▲ 12.2% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €39,565 | €39,565 | €39,565 | €73,680 | €125,874 | €142,337 | €178,722 | €202,884 | ▲ 13.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €71,820 | €124,014 | €140,477 | €178,722 | €202,884 | ▲ 13.5% |
| Profit (loss) carried forward14 | -€6,326 | -€15,373 | -€2,476 | - | - | - | - | - | - |
| Provisions and deferred taxes16 | - | - | - | €3,510 | - | - | - | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €3,510 | - | - | - | - | - |
| Other liabilities and charges164/5 | - | - | - | €3,510 | - | - | - | - | - |
| Amounts payable17/49 | €95,729 | €86,804 | €73,249 | €102,482 | €68,189 | €40,441 | €31,561 | €246,366 | ▲ 681% |
| Amounts payable after more than one year17 | €47,695 | €29,771 | €20,672 | €46,865 | €25,889 | €13,147 | €6,444 | €212,666 | ▲ 33× |
| Financial debts170/4 | - | - | - | €46,865 | €25,889 | €13,147 | €6,444 | €212,666 | ▲ 33× |
| Amounts payable within one year42/48 | €45,988 | €51,376 | €46,293 | €54,519 | €41,938 | €27,052 | €24,875 | €33,700 | ▲ 35.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €24,649 | €20,976 | €12,742 | €6,703 | €14,998 | ▲ 124% |
| Financial debts43 | - | - | - | €6,246 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €6,246 | - | - | - | - | - |
| Trade debts44 | €1,167 | €1,317 | €8,705 | €6,785 | €1,886 | €2,428 | €524 | €885 | ▲ 68.7% |
| Suppliers440/4 | - | - | - | €6,785 | €1,886 | €2,428 | €524 | €885 | ▲ 68.7% |
| Taxes, remuneration and social security45 | - | - | - | €5,237 | €10,306 | €3,623 | €4,967 | €13,205 | ▲ 166% |
| Taxes450/3 | - | - | - | €770 | €5,220 | €1,646 | €4,967 | €13,205 | ▲ 166% |
| Remuneration and social security454/9 | - | - | - | €4,467 | €5,086 | €1,977 | - | - | - |
| Other amounts payable47/48 | - | - | - | €11,602 | €8,770 | €8,258 | €12,681 | €4,613 | ▼ 63.6% |
| Accrued charges and deferred income492/3 | - | - | - | €1,098 | €362 | €242 | €242 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €3,364 | -€9,047 | €12,897 | €42,391 | €52,194 | €16,463 | €36,385 | €24,163 | ▼ 33.6% |
| + Depreciation and write-downs630 | €18,260 | €19,200 | €16,810 | €12,983 | €21,054 | €21,806 | €21,369 | €36,469 | ▲ 70.7% |
| Operating cash flow (approximation) | €21,624 | €10,153 | €29,707 | €55,374 | €73,248 | €38,269 | €57,754 | €60,631 | ▲ 5.0% |
| Investment in fixed assets (approximation) | - | -€12,057 | -€10,792 | -€80,977 | -€13,531 | -€136 | €0 | -€353,069 | - |
| Change in cash | - | - | - | - | - | - | €24,043 | -€50,102 | - |
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, 17,811 companies had the same profile as DENTIC has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of DENTIC itself: 0.2% 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 17,811 companies, not a prediction for DENTIC. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 19-07-2026 | 2026-00314209 | |
| 31-12-2024 | micro format | 31-08-2025 | 2025-00455833 | |
| 31-12-2023 | micro format | 14-09-2024 | 2024-00462659 | |
| 31-12-2022 | micro format | 06-08-2023 | 2023-00320083 | |
| 31-12-2021 | micro format | 24-07-2022 | 2022-20215018 | |
| 31-12-2020 | micro format | 05-07-2021 | 2021-30100101 | |
| 31-12-2019 | micro format | 30-06-2020 | 2020-22300407 | |
| 31-12-2018 | micro format | 29-07-2019 | 2019-38900515 | |
| 31-12-2017 | micro format | 15-08-2018 | 2018-45800488 | |
| 31-12-2016 | micro format | 16-08-2017 | 2017-43700517 |