Desim
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 10-07-2026 at the NBB all 46 filings
Turnover
≈ €3.0m
Estimated: probably between €2.8m and €3.4m
EBIT margin
Not included in this filing
Net result
-€145,436
2024 · €218,406
Working capital
-€2.0m▼ 0.4%
2024 · -€2.0m
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€255,875
▼ 61.2%
2025
20182025
Net result
-€145,436
2025
lowest quarter of the sector
20182025
Equity
€6.3m
▼ 2.9%
2025
highest quarter of the sector
20182025
Total assets
€22.6m
▲ 8.7%
2025
highest quarter of the sector
20182025
Debt
€15.7m
▲ 15.2%
2025
20182025
Working capital
-€2.0m
▼ 0.4%
2025
lowest quarter of the sector
20182025
Solvency
27.7%
▼ 3.3pp
2025
middle half of the sector
20182025
Current ratio
0.20
▼ 0.05
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-0.6%
▼ 1.7pp
2025
middle half of the sector
20182025
Staff (FTE)
0
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-€0.3m-€0.7m€0.2m▼ 72.2%€0.2m▲ 10.9%€1.0m▲ 337%€0.2m▼ 82.9%€0.7m▲ 288%€0.3m▼ 61.2%
Net result-€0.4m-€0.6m€0.6mabove the sector's middle half▼ 4.4%€0.2mabove the sector's middle half▼ 61.0%€0.8mabove the sector's middle half▲ 262%-€0.05mbelow the sector's middle half€0.2mabove the sector's middle half-€0.1mbelow the sector's middle half
Equity€5.9m-€6.5m▲ 11.0%€6.5mabove the sector's middle half▼ 1.2%€6.3mabove the sector's middle half▼ 2.2%€6.9mabove the sector's middle half▲ 9.4%€6.7mabove the sector's middle half▼ 3.7%€6.5mabove the sector's middle half▼ 2.9%€6.3mabove the sector's middle half▼ 2.9%
Total assets€19.0m-€17.9m▼ 5.6%€16.9mabove the sector's middle half▼ 5.7%€18.5mabove the sector's middle half▲ 9.6%€17.9mabove the sector's middle half▼ 3.0%€19.6mabove the sector's middle half▲ 9.3%€20.8mabove the sector's middle half▲ 6.0%€22.6mabove the sector's middle half▲ 8.7%
Debt€11.9m-€10.3m▼ 13.3%€9.5m▼ 7.7%€11.4m▲ 19.1%€10.2m▼ 10.2%€12.2m▲ 19.3%€13.6m▲ 11.7%€15.7m▲ 15.2%
Working capital-€2.9m--€2.2m▲ 24.3%-€1.5mbelow the sector's middle half▲ 34.6%-€1.8mbelow the sector's middle half▼ 24.6%-€2.0mbelow the sector's middle half▼ 8.8%-€2.3mbelow the sector's middle half▼ 17.3%-€2.0mbelow the sector's middle half▲ 14.3%-€2.0mbelow the sector's middle half▼ 0.4%
Solvency31.1%-36.5%▲ 5.5pp38.3%within the sector's middle half▲ 1.7pp34.1%within the sector's middle half▼ 4.1pp38.5%within the sector's middle half▲ 4.4pp33.9%within the sector's middle half▼ 4.6pp31.1%within the sector's middle half▼ 2.9pp27.7%within the sector's middle half▼ 3.3pp
Current ratio0.09-0.16▲ 0.070.42below the sector's middle half▲ 0.260.30below the sector's middle half▼ 0.110.25below the sector's middle half▼ 0.050.14below the sector's middle half▼ 0.110.25below the sector's middle half▲ 0.100.20below the sector's middle half▼ 0.05
Return on assets (ROA)-2.3%-3.3%▲ 5.6pp3.4%within the sector's middle half=1.2%within the sector's middle half▼ 2.2pp4.5%within the sector's middle half▲ 3.3pp-0.3%within the sector's middle half▼ 4.7pp1.1%within the sector's middle half▲ 1.3pp-0.6%within the sector's middle half▼ 1.7pp
Staff (FTE)13.4-13.1▼ 2.2%12.5above the sector's middle half▼ 4.6%9.8above the sector's middle half11.6above the sector's middle half▲ 18.4%0within the sector's middle half▼ 100%0within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 61% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €22.6m
Fixed assets
€22.1m ▲ 9.9%
Current assets
€483,702 ▼ 26.3%
Equity and liabilities €22.6m
Equity
€6.3m ▼ 2.9%
Provisions
€668,948 ▼ 8.5%
Debt
€15.7m ▲ 15.2%
Debt's share of the balance-sheet total rises from 65.4% to 69.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€2.2m▼
2024 · €2.5m
Cash flow
€1.8m▼
2024 · €2.0m
Debt to equity
2.50▲
2024 · 2.11
ROE
-2.3%▼
2024 · 3.4%
Interest coverage
5.13▼
2024 · 7.07
Debt ≤ 1 year
€2.5m▼
2024 · €2.6m
Debt > 1 year
€12.9m▲
2024 · €10.6m
Income taxes
€28,440▼
2024 · €162,790
Staff costs
€743,692▼
2024 · €754,565
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 |
|---|---|---|
| Employees at the balance-sheet date | 11 | 13 |
| full-time | 4 | 6 |
| part-time | 7 | 7 |
| in full-time equivalents | 9.6 | 11.6 |
| Average over the year, in full-time equivalents | 9.8 | 11.6 |
| On a permanent contract | 11 | 13 |
| Joined | 1 | 5 |
| Left | 1 | 3 |
Source: social balance sheet in the 2022 to 2023 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €3.9m | €3.9m | €3.9m | €48.1m | €20.8m |
| Carrying value of the mortgaged assets | €15.1m | €14.7m | €14.1m | €19.8m | €13.8m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3.6m | €1.1m | €4.1m | €2.7m | €4.0m |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €1.7m | €1.5m | €1.9m | €1.8m | €2.0m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €2,374 awarded · €2,374 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €199 | €199 |
| 2024 | 1 | €188 | €188 |
| 2023 | 1 | €1,293 | €1,793 |
| 2022 | 1 | €694 | €194 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.001m | €0.4m | €381 | €0.02m | €0.003m | ▼ 83.3% |
| Remuneration, social security and pensions62 | - | - | - | €0.7m | €0.6m | €0.8m | €0.8m | €0.7m | ▼ 1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.7m | €1.7m | €1.6m | €1.7m | €1.5m | €1.9m | €1.8m | €2.0m | ▲ 9.1% |
| Other operating charges640/8 | - | - | - | €0.001m | €0.003m | €0.006m | €0.08m | €0.006m | ▼ 92.9% |
| Non-recurring operating charges66A | - | - | - | - | - | €0.03m | €0 | - | - |
| Gross operating margin9900 | €2.1m | €3.1m | €2.5m | €2.6m | €3.2m | €2.9m | €3.3m | €3.0m | ▼ 9.8% |
| Operating profit (loss)9901 | -€0.3m | €0.7m | €0.2m | €0.2m | €1.0m | €0.2m | €0.7m | €0.3m | ▼ 61.2% |
| Financial income75/76B | - | - | - | €0.01m | €0.01m | €0.009m | €0.006m | €56 | ▼ 99.0% |
| Recurring financial income75 | €0.004m | €0.003m | €0.007m | €0.01m | €0.01m | €0.009m | €0.006m | €56 | ▼ 99.0% |
| Financial charges65/66B | - | - | - | €0.2m | €0.2m | €0.2m | €0.4m | €0.4m | ▲ 24.3% |
| Recurring financial charges65 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.4m | €0.4m | ▲ 24.3% |
| Profit (loss) for the period before taxes9903 | -€0.6m | €0.5m | €0.008m | €0.07m | €0.8m | -€0.05m | €0.3m | -€0.2m | - |
| Transfer from deferred taxes780 | - | - | - | €0.2m | €0.3m | €0.07m | €0.07m | €0.06m | ▼ 4.8% |
| Transfer to deferred taxes680 | - | - | - | €0 | €0.09m | €0.02m | €0 | - | - |
| Income taxes67/77 | €0.001m | -€0.001m | €0.09m | €0.07m | €0.2m | €0.06m | €0.2m | €0.03m | ▼ 82.5% |
| Profit (loss) for the period9904 | -€0.4m | €0.6m | €0.6m | €0.2m | €0.8m | -€0.05m | €0.2m | -€0.1m | - |
| Transfer from tax-exempt reserves789 | - | - | - | - | - | €0.2m | €0.2m | €0.2m | ▲ 1.5% |
| Transfer to tax-exempt reserves689 | - | - | - | €0 | €0.3m | €0.05m | €0 | - | - |
| Profit (loss) for the period to be appropriated9905 | -€0.4m | -€0.2m | €0.5m | €0.2m | €0.5m | €0.08m | €0.4m | €0.04m | ▼ 89.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €19.0m | €17.9m | €16.9m | €18.5m | €17.9m | €19.6m | €20.8m | €22.6m | ▲ 8.7% |
| Fixed assets21/28 | €18.6m | €17.5m | €15.8m | €17.7m | €17.3m | €19.2m | €20.1m | €22.1m | ▲ 9.9% |
| Tangible fixed assets22/27 | €18.6m | €17.5m | €15.8m | €17.7m | €17.3m | €19.2m | €20.1m | €22.1m | ▲ 9.9% |
| Land and buildings22 | - | - | - | €17.6m | €17.2m | €18.9m | €19.8m | €21.9m | ▲ 10.4% |
| Plant, machinery and equipment23 | - | - | - | €0.01m | €0.009m | €0.006m | €0.004m | €0.002m | ▼ 48.1% |
| Furniture and vehicles24 | - | - | - | €0.09m | €0.06m | €0.3m | €0.3m | €0.2m | ▼ 21.6% |
| Financial fixed assets28 | €0.003m | €0 | - | - | - | - | - | - | - |
| Current assets29/58 | €0.3m | €0.4m | €1.0m | €0.8m | €0.7m | €0.4m | €0.7m | €0.5m | ▼ 26.3% |
| Amounts receivable within one year40/41 | €0.2m | €0.3m | €0.9m | €0.6m | €0.6m | €0.3m | €0.2m | €0.4m | ▲ 151% |
| Trade receivables40 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 16.3% |
| Other amounts receivable41 | - | - | - | €0.4m | €0.4m | €0.2m | €0.03m | €0.3m | ▲ 955% |
| Cash at bank and in hand54/58 | €0.08m | €0.1m | €0.1m | €0.2m | €0.09m | €0.08m | €0.5m | €0.07m | ▼ 86.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.009m | €0.002m | €0.003m | €0.003m | €0.004m | ▲ 41.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €19.0m | €17.9m | €16.9m | €18.5m | €17.9m | €19.6m | €20.8m | €22.6m | ▲ 8.7% |
| Equity10/15 | €5.9m | €6.5m | €6.5m | €6.3m | €6.9m | €6.7m | €6.5m | €6.3m | ▼ 2.9% |
| Contributions10/11 | €1.9m | €1.9m | €1.9m | €2.5m | €2.5m | €2.1m | €2.1m | €2.1m | = |
| Capital10 | - | - | - | €1.9m | €1.9m | €1.5m | €1.5m | €1.5m | = |
| Issued capital100 | - | - | - | €1.9m | €1.9m | €1.5m | €1.5m | €1.5m | = |
| Contributions outside capital11 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Share premium1100/10 | - | - | - | €0.7m | €0.7m | €0.7m | €0.7m | €0.7m | = |
| Reserves13 | €3.1m | €3.9m | €3.9m | €3.8m | €4.4m | €4.5m | €4.3m | €4.1m | ▼ 4.3% |
| Non-distributable reserves130/1 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Legal reserve130 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Tax-exempt reserves132 | - | - | - | €2.6m | €2.6m | €2.9m | €2.7m | €2.5m | ▼ 6.9% |
| Distributable reserves133 | - | - | - | €1.0m | €1.5m | €1.4m | €1.4m | €1.4m | = |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Provisions and deferred taxes16 | €1.1m | €1.0m | €0.9m | €0.8m | €0.8m | €0.8m | €0.7m | €0.7m | ▼ 8.5% |
| Deferred taxes168 | - | - | - | €0.8m | €0.8m | €0.8m | €0.7m | €0.7m | ▼ 8.5% |
| Amounts payable17/49 | €11.9m | €10.3m | €9.5m | €11.4m | €10.2m | €12.2m | €13.6m | €15.7m | ▲ 15.2% |
| Amounts payable after more than one year17 | €8.4m | €7.2m | €6.8m | €8.5m | €7.6m | €9.5m | €10.6m | €12.9m | ▲ 21.5% |
| Financial debts170/4 | - | - | - | €8.5m | €7.6m | €9.5m | €10.6m | €12.9m | ▲ 21.5% |
| Amounts payable within one year42/48 | €3.2m | €2.6m | €2.5m | €2.6m | €2.6m | €2.7m | €2.6m | €2.5m | ▼ 6.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1.2m | €1.1m | €1.3m | €1.1m | €0.2m | ▼ 82.7% |
| Financial debts43 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €1.1m | ▲ 126% |
| Credit institutions430/8 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €1.1m | ▲ 126% |
| Trade debts44 | €0.09m | €0.2m | €0.3m | €0.2m | €0.5m | €0.4m | €0.05m | €0.3m | ▲ 524% |
| Suppliers440/4 | - | - | - | €0.2m | €0.5m | €0.4m | €0.05m | €0.3m | ▲ 524% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.2m | €0.06m | €0.1m | €0.06m | ▼ 51.5% |
| Taxes450/3 | - | - | - | €0.09m | €0.2m | €0.006m | €0.06m | €257 | ▼ 99.6% |
| Remuneration and social security454/9 | - | - | - | €0.05m | €0.04m | €0.06m | €0.06m | €0.06m | ▲ 2.4% |
| Other amounts payable47/48 | - | - | - | €0.5m | €0.4m | €0.5m | €0.9m | €0.8m | ▼ 11.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.3m | €0 | - | €0.4m | €0.3m | ▼ 12.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.4m | €0.6m | €0.6m | €0.2m | €0.8m | -€0.05m | €0.2m | -€0.1m | - |
| + Depreciation and write-downs630 | €1.7m | €1.7m | €1.6m | €1.7m | €1.5m | €1.9m | €1.8m | €2.0m | ▲ 9.1% |
| Operating cash flow (approximation) | €1.2m | €2.3m | €2.2m | €1.9m | €2.4m | €1.8m | €2.0m | €1.8m | ▼ 9.8% |
| Investment in fixed assets (approximation) | - | -€0.5m | €0.05m | -€3.6m | -€1.1m | -€3.8m | -€2.7m | -€4.0m | ▼ 45.9% |
| Change in cash | - | €0.04m | €0.002m | €0.04m | -€0.07m | -€0.01m | €0.4m | -€0.4m | - |
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, 371 companies had the same profile as Desim has now. Two years later, 96.8% were still going and 0.5% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 10 to 30%
- a small loss
96.8%
was still going
2.2%
stopped otherwise
0.5%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Desim itself: 0.1% 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 371 companies, not a prediction for Desim. 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 46 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 10-07-2026 | 2026-00278783 | |
| 31-12-2024 | abbreviated format | 09-07-2025 | 2025-00260535 | |
| 31-12-2023 | abbreviated format | 25-07-2024 | 2024-00285951 | |
| 31-12-2022 | abbreviated format | 31-07-2023 | 2023-00302928 | |
| 31-12-2021 | abbreviated format | 09-09-2022 | 2022-20430904 | |
| 31-12-2020 | abbreviated format | 09-08-2021 | 2021-47000184 | |
| 31-12-2019 | abbreviated format | 31-10-2020 | 2020-69100235 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-63100114 | |
| 31-12-2017 | abbreviated format | 11-07-2018 | 2018-32200294 | |
| 31-12-2016 | abbreviated format | 23-06-2017 | 2017-20400189 |