Derin Consultancy
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 4 filings
Turnover
≈ €400,000
Estimated: probably between €280,000 and €620,000
Total assets
€21,779▼ 75.0%
2024 · €87,167
Net result
€9,603
2024 · -€42,909
Working capital
-€16,356
2024 · €10,453
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€12,534
2025
20222025
Net result
€9,603
2025
middle half of the sector
20222025
Equity
-€10,363
▲ 48.1%
2025
lowest quarter of the sector
20222025
Total assets
€21,779
▼ 75.0%
2025
lowest quarter of the sector
20222025
Debt
€32,142
▼ 70.0%
2025
20222025
Working capital
-€16,356
2025
lowest quarter of the sector
20222025
Solvency
-47.6%
▼ 24.7pp
2025
lowest quarter of the sector
20222025
Current ratio
0.49
▼ 0.66
2025
lowest quarter of the sector
20222025
Return on assets (ROA)
44.1%
▲ 93.3pp
2025
highest quarter of the sector
20222025
Staff (FTE)
0.3
▼ 66.7%
2025
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€26,019-€2,547▼ 90.2%-€42,024€12,534
Net result€18,036within the sector's middle half--€93within the sector's middle half-€42,909below the sector's middle half▼ 46,183%€9,603within the sector's middle half
Equity€23,036within the sector's middle half-€22,943within the sector's middle half▼ 0.4%-€19,966below the sector's middle half-€10,363below the sector's middle half▲ 48.1%
Total assets€99,405within the sector's middle half-€149,831within the sector's middle half▲ 50.7%€87,167within the sector's middle half▼ 41.8%€21,779below the sector's middle half▼ 75.0%
Debt€76,369-€126,888▲ 66.2%€107,133▼ 15.6%€32,142▼ 70.0%
Working capital€13,751within the sector's middle half-€10,471within the sector's middle half▼ 23.9%€10,453within the sector's middle half▼ 0.2%-€16,356below the sector's middle half
Solvency23.2%within the sector's middle half-15.3%below the sector's middle half▼ 7.9pp-22.9%below the sector's middle half▼ 38.2pp-47.6%below the sector's middle half▼ 24.7pp
Current ratio1.18within the sector's middle half-1.08within the sector's middle half▼ 0.101.15within the sector's middle half▲ 0.070.49below the sector's middle half▼ 0.66
Return on assets (ROA)18.1%within the sector's middle half--0.1%within the sector's middle half▼ 18.2pp-49.2%below the sector's middle half▼ 49.2pp44.1%above the sector's middle half▲ 93.3pp
Staff (FTE)1.7-1.2▼ 29.4%0.9▼ 25.0%0.3▼ 66.7%
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 profit of €12,534, after a loss of €42,024 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 €21,779
Fixed assets
€5,993 ▼ 30.5%
Current assets
€15,786 ▼ 79.9%
Equity and liabilities
Equity-€10,363
Debt€32,142
Equity is negative. Debt (€32,142) exceeds the balance-sheet total (€21,779).
Key figures and ratios
EBITDA
€15,162▲
2024 · -€38,173
Cash flow
€12,231▲
2024 · -€39,058
Interest coverage
5.17▲
2024 · -43.14
Debt ≤ 1 year
€32,142▼
2024 · €68,093
Staff costs
€15,439▼
2024 · €36,465
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | - |
| full-time | 1 | 1 | - | - |
| part-time | - | - | 1 | - |
| in full-time equivalents | 1 | 1 | 0.5 | - |
| Average over the year, in full-time equivalents | 1.7 | 1.2 | 0.9 | 0.2 |
| On a permanent contract | - | 1 | 1 | - |
| Joined | 1 | 3 | - | 0 |
| Left | 0 | 3 | - | 1 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €10,670 | €6,486 | - | - |
| Depreciation and write-downs of the year | €1,385 | €3,299 | €3,851 | €2,628 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €62,037 | €50,913 | €36,465 | €15,439 | ▼ 57.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,385 | €3,299 | €3,851 | €2,628 | ▼ 31.7% |
| Other operating charges640/8 | €1,553 | €3,109 | €968 | €1,328 | ▲ 37.2% |
| Non-recurring operating charges66A | €987 | - | €4,746 | €92,564 | ▲ 20× |
| Gross operating margin9900 | €91,981 | €59,867 | €4,006 | €124,493 | ▲ 31× |
| Operating profit (loss)9901 | €26,019 | €2,547 | -€42,024 | €12,534 | - |
| Financial charges65/66B | €83 | €1,414 | €885 | €2,931 | ▲ 231% |
| Recurring financial charges65 | €83 | €1,414 | €885 | €2,931 | ▲ 231% |
| Non-recurring financial charges66B | - | €1,414 | - | - | - |
| Profit (loss) for the period before taxes9903 | €25,936 | €1,133 | -€42,909 | €9,603 | - |
| Income taxes67/77 | €7,900 | €1,225 | - | - | - |
| Profit (loss) for the period9904 | €18,036 | -€93 | -€42,909 | €9,603 | - |
| Profit (loss) for the period to be appropriated9905 | €18,036 | -€93 | -€42,909 | €9,603 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €99,405 | €149,831 | €87,167 | €21,779 | ▼ 75.0% |
| Fixed assets21/28 | €9,285 | €12,473 | €8,621 | €5,993 | ▼ 30.5% |
| Tangible fixed assets22/27 | €9,285 | €12,473 | €8,621 | €5,993 | ▼ 30.5% |
| Land and buildings22 | €5,922 | €2,623 | €2,292 | €4,928 | ▲ 115% |
| Plant, machinery and equipment23 | €3,363 | €9,849 | €6,329 | €1,065 | ▼ 83.2% |
| Current assets29/58 | €90,120 | €137,359 | €78,546 | €15,786 | ▼ 79.9% |
| Stocks and contracts in progress3 | €7,500 | - | - | - | - |
| Contracts in progress37 | €7,500 | - | - | - | - |
| Amounts receivable within one year40/41 | €75,593 | €94,167 | €73,845 | €15,648 | ▼ 78.8% |
| Trade receivables40 | €55,761 | €49,110 | €49,239 | - | - |
| Other amounts receivable41 | €19,832 | €45,057 | €24,607 | €15,648 | ▼ 36.4% |
| Cash at bank and in hand54/58 | €57 | €493 | €4,700 | €138 | ▼ 97.1% |
| Deferred charges and accrued income490/1 | €6,970 | €42,699 | - | - | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €99,405 | €149,831 | €87,167 | €21,779 | ▼ 75.0% |
| Equity10/15 | €23,036 | €22,943 | -€19,966 | -€10,363 | ▲ 48.1% |
| Contributions10/11 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €18,036 | €18,036 | €18,036 | €18,036 | = |
| Distributable reserves133 | €18,036 | €18,036 | €18,036 | €18,036 | = |
| Profit (loss) carried forward14 | - | -€93 | -€43,002 | -€33,399 | ▲ 22.3% |
| Amounts payable17/49 | €76,369 | €126,888 | €107,133 | €32,142 | ▼ 70.0% |
| Amounts payable within one year42/48 | €76,369 | €126,888 | €68,093 | €32,142 | ▼ 52.8% |
| Financial debts43 | - | €8 | €8 | - | - |
| Credit institutions430/8 | - | €8 | €8 | - | - |
| Trade debts44 | €7,927 | €37,115 | €12,702 | €4,138 | ▼ 67.4% |
| Suppliers440/4 | €7,927 | €37,115 | €12,702 | €4,138 | ▼ 67.4% |
| Taxes, remuneration and social security45 | €14,404 | €3,613 | €21,802 | - | - |
| Taxes450/3 | €8,700 | €1,225 | €12,289 | - | - |
| Remuneration and social security454/9 | €5,704 | €2,388 | €9,513 | - | - |
| Other amounts payable47/48 | €54,038 | €86,152 | €33,581 | €28,004 | ▼ 16.6% |
| Accrued charges and deferred income492/3 | - | - | €39,040 | - | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,036 | -€93 | -€42,909 | €9,603 | - |
| + Depreciation and write-downs630 | €1,385 | €3,299 | €3,851 | €2,628 | ▼ 31.7% |
| Operating cash flow (approximation) | €19,421 | €3,206 | -€39,058 | €12,231 | - |
| Investment in fixed assets (approximation) | - | -€6,486 | €0 | €0 | - |
| Change in cash | - | €436 | €4,207 | -€4,562 | - |
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, 2,180 companies had the same profile as Derin Consultancy has now. Two years later, 88.8% were still going and 4.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a profit of 5% of the balance sheet or more
88.8%
was still going
5.8%
stopped otherwise
4.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Derin Consultancy itself: 4.6% 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 2,180 companies, not a prediction for Derin Consultancy. 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.