DESFO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-01-2026 PDF all 29 filings
Equity
€138,642▼ 25.8%
2024 · €186,880
Total assets
€281,435▼ 24.1%
2024 · €370,864
Net result
-€48,238▼ 118%
2024 · -€22,149
Working capital
-€87,171▼ 43.4%
2024 · -€60,777
In the rankings
#6 oldest company in Wichelen, Wholesale and retail trade sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€44,184
▼ 131%
2025
20192025
Net result
-€48,238
▼ 118%
2025
lowest quarter of the sector
20192025
Equity
€138,642
▼ 25.8%
2025
highest quarter of the sector
20192025
Total assets
€281,435
▼ 24.1%
2025
middle half of the sector
20192025
Debt
€142,794
▼ 22.4%
2025
20192025
Working capital
-€87,171
▼ 43.4%
2025
lowest quarter of the sector
20192025
Solvency
49.3%
▼ 1.1pp
2025
middle half of the sector
20192025
Current ratio
0.36
▼ 0.27
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-17.1%
▼ 11.2pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€7,154--€28,219€22,958€2,782▼ 87.9%€21,490▲ 672%-€19,108-€44,184▼ 131%
Net result€1,898--€31,518below the sector's middle half€19,716within the sector's middle half-€353within the sector's middle half€11,913within the sector's middle half-€22,149below the sector's middle half-€48,238below the sector's middle half▼ 118%
Equity€209,271-€177,753above the sector's middle half▼ 15.1%€197,469above the sector's middle half▲ 11.1%€197,116above the sector's middle half▼ 0.2%€209,029above the sector's middle half▲ 6.0%€186,880above the sector's middle half▼ 10.6%€138,642above the sector's middle half▼ 25.8%
Total assets€352,210-€321,185above the sector's middle half▼ 8.8%€335,960above the sector's middle half▲ 4.6%€338,789above the sector's middle half▲ 0.8%€368,001above the sector's middle half▲ 8.6%€370,864above the sector's middle half▲ 0.8%€281,435within the sector's middle half▼ 24.1%
Debt€142,939-€143,431▲ 0.3%€138,492▼ 3.4%€141,673▲ 2.3%€158,972▲ 12.2%€183,984▲ 15.7%€142,794▼ 22.4%
Working capital-€97,015--€114,435below the sector's middle half▼ 18.0%-€79,917below the sector's middle half▲ 30.2%-€72,575below the sector's middle half▲ 9.2%-€72,939below the sector's middle half▼ 0.5%-€60,777below the sector's middle half▲ 16.7%-€87,171below the sector's middle half▼ 43.4%
Solvency59.4%-55.3%within the sector's middle half▼ 4.1pp58.8%within the sector's middle half▲ 3.4pp58.2%within the sector's middle half▼ 0.6pp56.8%within the sector's middle half▼ 1.4pp50.4%within the sector's middle half▼ 6.4pp49.3%within the sector's middle half▼ 1.1pp
Current ratio0.15-0.06below the sector's middle half▼ 0.090.36below the sector's middle half▲ 0.300.46below the sector's middle half▲ 0.100.50below the sector's middle half▲ 0.040.62below the sector's middle half▲ 0.120.36below the sector's middle half▼ 0.27
Return on assets (ROA)0.5%--9.8%below the sector's middle half▼ 10.4pp5.9%within the sector's middle half▲ 15.7pp-0.1%within the sector's middle half▼ 6.0pp3.2%within the sector's middle half▲ 3.3pp-6.0%below the sector's middle half▼ 9.2pp-17.1%below the sector's middle half▼ 11.2pp
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 €44,184, larger than the loss of €19,108 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €281,435
Fixed assets
€233,354 ▼ 13.6%
Current assets
€48,081 ▼ 52.4%
Equity and liabilities €281,435
Equity
€138,642 ▼ 25.8%
Debt
€142,794 ▼ 22.4%
Debt's share of the balance-sheet total rises from 49.6% to 50.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€7,593▼
2024 · €17,776
Cash flow
-€11,647▼
2024 · €14,736
Quick ratio
0.35▼
2024 · 0.62
Debt to equity
1.03▲
2024 · 0.98
ROE
-34.8%▼
2024 · -11.9%
Interest coverage
-1.75▼
2024 · 4.41
Debt ≤ 1 year
€135,252▼
2024 · €161,696
Debt > 1 year
€746▼
2024 · €1,488
Income taxes
€130▲
2024 · €126
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €9,515 | €52,529 | €11,969 | - |
| Depreciation and write-downs of the year | €23,741 | €35,006 | €36,884 | €36,591 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €5,442 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,154 | €22,920 | €22,771 | €23,741 | €35,006 | €36,884 | €36,591 | ▼ 0.8% |
| Other operating charges640/8 | - | - | - | €1,318 | €2,183 | €2,313 | €5,246 | ▲ 127% |
| Non-recurring operating charges66A | - | - | - | - | €675 | €0 | - | - |
| Gross operating margin9900 | €41,696 | -€4,474 | €46,656 | €27,842 | €59,354 | €20,089 | -€2,347 | - |
| Operating profit (loss)9901 | €7,154 | -€28,219 | €22,958 | €2,782 | €21,490 | -€19,108 | -€44,184 | ▼ 131% |
| Financial income75/76B | - | - | - | - | €31 | €1,113 | €409 | ▼ 63.3% |
| Recurring financial income75 | - | - | - | - | €31 | €1,113 | €409 | ▼ 63.3% |
| Financial charges65/66B | - | - | - | €3,135 | €3,626 | €4,028 | €4,333 | ▲ 7.6% |
| Recurring financial charges65 | €5,199 | €3,298 | €3,243 | €3,135 | €3,626 | €4,028 | €4,333 | ▲ 7.6% |
| Profit (loss) for the period before taxes9903 | €1,954 | -€31,518 | €19,716 | -€353 | €17,896 | -€22,023 | -€48,108 | ▼ 118% |
| Income taxes67/77 | €56 | - | - | - | €5,983 | €126 | €130 | ▲ 3.2% |
| Profit (loss) for the period9904 | €1,898 | -€31,518 | €19,716 | -€353 | €11,913 | -€22,149 | -€48,238 | ▼ 118% |
| Profit (loss) for the period to be appropriated9905 | €1,898 | -€31,518 | €19,716 | -€353 | €11,913 | -€22,149 | -€48,238 | ▼ 118% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €352,210 | €321,185 | €335,960 | €338,789 | €368,001 | €370,864 | €281,435 | ▼ 24.1% |
| Fixed assets21/28 | €335,272 | €314,335 | €291,564 | €277,337 | €294,861 | €269,945 | €233,354 | ▼ 13.6% |
| Tangible fixed assets22/27 | €335,272 | €314,335 | €291,564 | €277,337 | €294,861 | €269,945 | €233,354 | ▼ 13.6% |
| Land and buildings22 | - | - | - | €268,193 | €252,311 | €229,459 | €206,606 | ▼ 10.0% |
| Plant, machinery and equipment23 | - | - | - | €8,544 | €5,373 | €12,454 | €7,859 | ▼ 36.9% |
| Furniture and vehicles24 | - | - | - | €600 | €37,177 | €28,033 | €18,889 | ▼ 32.6% |
| Current assets29/58 | €16,938 | €6,849 | €44,396 | €61,452 | €73,140 | €100,919 | €48,081 | ▼ 52.4% |
| Stocks and contracts in progress3 | - | - | - | - | €1,955 | €1,296 | €1,397 | ▲ 7.8% |
| Stocks30/36 | - | - | - | - | €1,955 | €1,296 | €1,397 | ▲ 7.8% |
| Amounts receivable within one year40/41 | €2,018 | - | €915 | €2,463 | €8,581 | €37,992 | €2,450 | ▼ 93.6% |
| Trade receivables40 | - | - | - | €2,371 | €8,268 | €32,737 | €80 | ▼ 99.8% |
| Other amounts receivable41 | - | - | - | €93 | €313 | €5,255 | €2,370 | ▼ 54.9% |
| Cash at bank and in hand54/58 | €14,920 | €6,449 | €43,471 | €50,925 | €60,497 | €43,009 | €43,226 | ▲ 0.5% |
| Deferred charges and accrued income490/1 | - | - | - | €8,063 | €2,107 | €18,621 | €1,009 | ▼ 94.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €352,210 | €321,185 | €335,960 | €338,789 | €368,001 | €370,864 | €281,435 | ▼ 24.1% |
| Equity10/15 | €209,271 | €177,753 | €197,469 | €197,116 | €209,029 | €186,880 | €138,642 | ▼ 25.8% |
| Contributions10/11 | €18,592 | - | - | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Revaluation surpluses12 | - | - | - | €277,606 | €277,606 | €277,606 | €277,606 | = |
| Reserves13 | €4,958 | €4,958 | €4,958 | €4,958 | €4,958 | €4,958 | €4,958 | = |
| Non-distributable reserves130/1 | - | - | - | €4,958 | €4,958 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | - | €4,958 | €4,958 | €0 | - | - |
| Distributable reserves133 | - | - | - | - | - | €4,958 | €4,958 | = |
| Profit (loss) carried forward14 | -€91,885 | -€123,403 | -€103,687 | -€104,040 | -€92,127 | -€114,276 | -€162,514 | ▼ 42.2% |
| Amounts payable17/49 | €142,939 | €143,431 | €138,492 | €141,673 | €158,972 | €183,984 | €142,794 | ▼ 22.4% |
| Amounts payable after more than one year17 | €26,425 | €19,621 | €12,615 | €5,401 | €2,962 | €1,488 | €746 | ▼ 49.9% |
| Financial debts170/4 | - | - | - | €5,401 | €2,962 | €1,488 | €746 | ▼ 49.9% |
| Amounts payable within one year42/48 | €113,953 | €121,284 | €124,313 | €134,027 | €146,079 | €161,696 | €135,252 | ▼ 16.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,713 | €2,377 | €2,869 | €2,110 | ▼ 26.5% |
| Trade debts44 | €1,826 | €1,456 | €798 | €1,672 | €3,949 | €23,999 | €3,104 | ▼ 87.1% |
| Suppliers440/4 | - | - | - | €1,672 | €3,949 | €23,999 | €3,104 | ▼ 87.1% |
| Taxes, remuneration and social security45 | - | - | - | €882 | €16,034 | €5,237 | €6,154 | ▲ 17.5% |
| Taxes450/3 | - | - | - | €882 | €13,206 | €2,377 | €3,278 | ▲ 37.9% |
| Remuneration and social security454/9 | - | - | - | - | €2,828 | €2,860 | €2,876 | ▲ 0.6% |
| Other amounts payable47/48 | - | - | - | €122,759 | €123,719 | €129,590 | €123,884 | ▼ 4.4% |
| Accrued charges and deferred income492/3 | - | - | - | €2,245 | €9,932 | €20,800 | €6,796 | ▼ 67.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,898 | -€31,518 | €19,716 | -€353 | €11,913 | -€22,149 | -€48,238 | ▼ 118% |
| + Depreciation and write-downs630 | €26,154 | €22,920 | €22,771 | €23,741 | €35,006 | €36,884 | €36,591 | ▼ 0.8% |
| Operating cash flow (approximation) | €28,052 | -€8,598 | €42,487 | €23,389 | €46,918 | €14,736 | -€11,647 | - |
| Investment in fixed assets (approximation) | - | -€1,983 | €0 | -€9,515 | -€52,529 | -€11,969 | €0 | - |
| Change in cash | - | -€8,470 | €37,022 | €7,454 | €9,571 | -€17,488 | €216 | - |
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 DESFO 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.
That fits the bankruptcy probability of DESFO 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 5,831 companies, not a prediction for DESFO. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 30-01-2026 | 2026-00021824 | |
| 30-06-2024 | micro format | 31-01-2025 | 2025-00018256 | |
| 30-06-2023 | micro format | 30-01-2024 | 2024-00017045 | |
| 30-06-2022 | micro format | 31-01-2023 | 2023-00013149 | |
| 30-06-2021 | micro format | 31-01-2022 | 2022-02900536 | |
| 30-06-2020 | micro format | 25-01-2021 | 2021-01900512 | |
| 30-06-2019 | micro format | 02-12-2019 | 2019-75400281 | |
| 30-06-2018 | micro format | 30-11-2018 | 2018-73300151 | |
| 30-06-2017 | micro format | 30-10-2017 | 2017-68000438 | |
| 30-06-2016 | abbreviated format | 30-11-2016 | 2016-69000301 |