DERAM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 12-06-2026 PDF all 24 filings
Turnover
≈ €170,000
Estimated: probably between €130,000 and €300,000
Total assets
€156,828▼ 26.2%
2024 · €212,511
Net result
-€13,638▼ 13.9%
2024 · -€11,978
Working capital
€1,657▼ 87.7%
2024 · €13,494
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€9,001
2025
20182025
Net result
-€13,638
▼ 13.9%
2025
lowest quarter of the sector
20182025
Equity
€40,777
▼ 25.1%
2025
middle half of the sector
20182025
Total assets
€156,828
▼ 26.2%
2025
middle half of the sector
20182025
Debt
€116,051
▼ 26.6%
2025
20182025
Working capital
€1,657
▼ 87.7%
2025
lowest quarter of the sector
20182025
Solvency
26.0%
▲ 0.4pp
2025
middle half of the sector
20182025
Current ratio
1.03
▼ 0.19
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-8.7%
▼ 3.1pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€11,797-€34,690▲ 194%€25,594▼ 26.2%-€16,172-€146▲ 99.1%€10,853€944▼ 91.3%-€9,001
Net result€8,951-€22,371▲ 150%€21,444within the sector's middle half▼ 4.1%-€15,521below the sector's middle half-€246below the sector's middle half▲ 98.4%€9,293within the sector's middle half-€11,978below the sector's middle half-€13,638below the sector's middle half▼ 13.9%
Equity€30,052-€52,423▲ 74.4%€72,867within the sector's middle half▲ 39.0%€57,346within the sector's middle half▼ 21.3%€57,100within the sector's middle half▼ 0.4%€66,393within the sector's middle half▲ 16.3%€54,415within the sector's middle half▼ 18.0%€40,777within the sector's middle half▼ 25.1%
Total assets€131,173-€104,908▼ 20.0%€129,972within the sector's middle half▲ 23.9%€103,913within the sector's middle half▼ 20.0%€95,875within the sector's middle half▼ 7.7%€182,938within the sector's middle half▲ 90.8%€212,511within the sector's middle half▲ 16.2%€156,828within the sector's middle half▼ 26.2%
Debt€101,122-€52,485▼ 48.1%€57,105▲ 8.8%€46,568▼ 18.5%€38,776▼ 16.7%€116,545▲ 201%€158,097▲ 35.7%€116,051▼ 26.6%
Working capital€1,873-€49,905▲ 27×€58,789within the sector's middle half▲ 17.8%€45,302within the sector's middle half▼ 22.9%€44,145within the sector's middle half▼ 2.6%€31,754within the sector's middle half▼ 28.1%€13,494within the sector's middle half▼ 57.5%€1,657below the sector's middle half▼ 87.7%
Solvency22.9%-50.0%▲ 27.1pp56.1%within the sector's middle half▲ 6.1pp55.2%within the sector's middle half▼ 0.9pp59.6%within the sector's middle half▲ 4.4pp36.3%within the sector's middle half▼ 23.3pp25.6%within the sector's middle half▼ 10.7pp26.0%within the sector's middle half▲ 0.4pp
Current ratio1.02-2.00▲ 0.984.32above the sector's middle half▲ 2.313.62above the sector's middle half▼ 0.703.24above the sector's middle half▼ 0.381.73within the sector's middle half▼ 1.511.22within the sector's middle half▼ 0.511.03below the sector's middle half▼ 0.19
Return on assets (ROA)6.8%-21.3%▲ 14.5pp16.5%above the sector's middle half▼ 4.8pp-14.9%below the sector's middle half▼ 31.4pp-0.3%below the sector's middle half▲ 14.7pp5.1%within the sector's middle half▲ 5.3pp-5.6%below the sector's middle half▼ 10.7pp-8.7%below the sector's middle half▼ 3.1pp
Staff (FTE)2.3-0.7▼ 69.6%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 €9,001, after a profit of €944 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 €156,828
Fixed assets
€101,270 ▼ 26.1%
Current assets
€55,558 ▼ 26.3%
Equity and liabilities €156,828
Equity
€40,777 ▼ 25.1%
Debt
€116,051 ▼ 26.6%
Debt's share of the balance-sheet total falls from 74.4% to 74.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
€26,835▼
2024 · €34,493
Cash flow
€22,198▲
2024 · €21,571
Debt to equity
2.85▼
2024 · 2.91
ROE
-33.4%▼
2024 · -22.0%
Interest coverage
6.16▲
2024 · 2.73
Debt ≤ 1 year
€53,901▼
2024 · €61,912
Debt > 1 year
€62,150▼
2024 · €96,185
Income taxes
€290▼
2024 · €309
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €2,518 | €106,766 | €82,122 | - |
| Depreciation and write-downs of the year | €12,131 | €11,826 | €31,215 | €33,548 | €35,835 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,172 | €18,151 | €5,774 | €12,131 | €11,826 | €31,215 | €33,548 | €35,835 | ▲ 6.8% |
| Other operating charges640/8 | - | - | - | €2,887 | €2,575 | €2,232 | €1,575 | €2,059 | ▲ 30.7% |
| Gross operating margin9900 | €122,230 | €79,772 | €34,784 | -€1,153 | €14,256 | €44,299 | €36,067 | €28,893 | ▼ 19.9% |
| Operating profit (loss)9901 | €11,797 | €34,690 | €25,594 | -€16,172 | -€146 | €10,853 | €944 | -€9,001 | - |
| Financial income75/76B | - | - | - | €1,832 | €1,293 | €1,156 | - | €9 | - |
| Recurring financial income75 | €3,555 | €3,751 | €3,887 | €1,832 | €1,293 | €1,156 | - | €9 | - |
| Financial charges65/66B | - | - | - | €674 | €587 | €2,690 | €12,613 | €4,356 | ▼ 65.5% |
| Recurring financial charges65 | €1,507 | €965 | €807 | €674 | €587 | €2,690 | €12,613 | €4,356 | ▼ 65.5% |
| Profit (loss) for the period before taxes9903 | €13,845 | €37,475 | €28,674 | -€15,014 | €560 | €9,319 | -€11,668 | -€13,348 | ▼ 14.4% |
| Income taxes67/77 | €4,894 | €15,104 | €7,230 | €507 | €806 | €27 | €309 | €290 | ▼ 6.4% |
| Profit (loss) for the period9904 | €8,951 | €22,371 | €21,444 | -€15,521 | -€246 | €9,293 | -€11,978 | -€13,638 | ▼ 13.9% |
| Profit (loss) for the period to be appropriated9905 | €8,951 | €22,371 | €21,444 | -€15,521 | -€246 | €9,293 | -€11,978 | -€13,638 | ▼ 13.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €131,173 | €104,908 | €129,972 | €103,913 | €95,875 | €182,938 | €212,511 | €156,828 | ▼ 26.2% |
| Fixed assets21/28 | €46,673 | €5,309 | €53,450 | €41,319 | €32,011 | €107,562 | €137,106 | €101,270 | ▼ 26.1% |
| Tangible fixed assets22/27 | €46,673 | €5,309 | €53,450 | €41,319 | €32,011 | €107,562 | €137,106 | €101,270 | ▼ 26.1% |
| Plant, machinery and equipment23 | - | - | - | €649 | €2,459 | €3,907 | €6,274 | €4,104 | ▼ 34.6% |
| Furniture and vehicles24 | - | - | - | €40,670 | €29,552 | €103,655 | €130,831 | €97,166 | ▼ 25.7% |
| Current assets29/58 | €84,500 | €99,599 | €76,522 | €62,594 | €63,865 | €75,376 | €75,406 | €55,558 | ▼ 26.3% |
| Amounts receivable within one year40/41 | €58,915 | €76,464 | €50,259 | €33,296 | €55,693 | €47,124 | €59,011 | €30,870 | ▼ 47.7% |
| Trade receivables40 | - | - | - | €603 | €12,703 | - | €19,520 | €10,160 | ▼ 48.0% |
| Other amounts receivable41 | - | - | - | €32,693 | €42,990 | €47,124 | €39,491 | €20,710 | ▼ 47.6% |
| Cash at bank and in hand54/58 | €25,585 | €23,136 | €26,263 | €29,298 | €8,171 | €28,252 | €16,395 | €24,688 | ▲ 50.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €131,173 | €104,908 | €129,972 | €103,913 | €95,875 | €182,938 | €212,511 | €156,828 | ▼ 26.2% |
| Equity10/15 | €30,052 | €52,423 | €72,867 | €57,346 | €57,100 | €66,393 | €54,415 | €40,777 | ▼ 25.1% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €11,452 | €33,823 | €54,267 | €54,267 | €54,267 | €54,267 | €54,267 | €54,267 | = |
| Distributable reserves133 | - | - | - | €54,267 | €54,267 | €54,267 | €54,267 | €54,267 | = |
| Profit (loss) carried forward14 | - | - | - | -€15,521 | -€15,767 | -€6,474 | -€18,452 | -€32,090 | ▼ 73.9% |
| Amounts payable17/49 | €101,122 | €52,485 | €57,105 | €46,568 | €38,776 | €116,545 | €158,097 | €116,051 | ▼ 26.6% |
| Amounts payable after more than one year17 | €18,495 | €2,791 | €39,372 | €29,275 | €19,056 | €72,923 | €96,185 | €62,150 | ▼ 35.4% |
| Financial debts170/4 | - | - | - | €29,275 | €19,056 | €72,923 | €96,185 | €62,150 | ▼ 35.4% |
| Amounts payable within one year42/48 | €82,627 | €49,694 | €17,733 | €17,293 | €19,720 | €43,622 | €61,912 | €53,901 | ▼ 12.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,097 | €10,219 | €28,289 | €41,583 | €34,035 | ▼ 18.2% |
| Trade debts44 | €52,597 | €18,830 | €2,651 | €2,146 | €1,158 | €3,178 | €544 | €27 | ▼ 95.1% |
| Suppliers440/4 | - | - | - | €2,146 | €1,158 | €3,178 | €544 | €27 | ▼ 95.1% |
| Taxes, remuneration and social security45 | - | - | - | €5,050 | €8,057 | €10,798 | €9,555 | €10,621 | ▲ 11.2% |
| Taxes450/3 | - | - | - | €5,050 | €8,057 | €10,798 | €9,555 | €10,621 | ▲ 11.2% |
| Other amounts payable47/48 | - | - | - | - | €286 | €1,358 | €10,231 | €9,219 | ▼ 9.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,951 | €22,371 | €21,444 | -€15,521 | -€246 | €9,293 | -€11,978 | -€13,638 | ▼ 13.9% |
| + Depreciation and write-downs630 | €35,172 | €18,151 | €5,774 | €12,131 | €11,826 | €31,215 | €33,548 | €35,835 | ▲ 6.8% |
| Operating cash flow (approximation) | €44,122 | €40,522 | €27,218 | -€3,390 | €11,581 | €40,508 | €21,571 | €22,198 | ▲ 2.9% |
| Investment in fixed assets (approximation) | - | €23,214 | -€53,916 | €0 | -€2,518 | -€106,766 | -€63,092 | €0 | - |
| Change in cash | - | -€2,449 | €3,128 | €3,035 | -€21,127 | €20,081 | -€11,857 | €8,293 | - |
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, 2,450 companies had the same profile as DERAM has now. Two years later, 93.3% were still going and 1.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
93.3%
was still going
5.1%
stopped otherwise
1.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DERAM itself: 0.5% 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 2,450 companies, not a prediction for DERAM. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-06-2026 | 2026-00155486 | |
| 31-12-2024 | micro format | 06-07-2025 | 2025-00234679 | |
| 31-12-2023 | micro format | 25-07-2024 | 2024-00281944 | |
| 31-12-2022 | micro format | 25-07-2023 | 2023-00266425 | |
| 31-12-2021 | micro format | 01-07-2022 | 2022-20124070 | |
| 31-12-2020 | micro format | 22-06-2021 | 2021-26000149 | |
| 31-12-2019 | micro format | 18-06-2020 | 2020-18300183 | |
| 31-12-2018 | micro format | 01-07-2019 | 2019-27400006 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-26000550 | |
| 31-12-2016 | abbreviated format | 10-07-2017 | 2017-28000248 |