DESVAN
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 30-01-2026 PDF all 15 filings
Turnover
≈ €1.8m
Estimated: probably between €760,000 and €3.2m
EBIT margin
Not included in this filing
Net result
€4,773▼ 98.7%
2024 · €357,082
Working capital
€391,896▲ 15.3%
2024 · €339,977
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€14,457
▼ 97.3%
2025
20192025
Net result
€4,773
▼ 98.7%
2025
middle half of the sector
20192025
Equity
€899,871
▲ 0.1%
2025
middle half of the sector
20192025
Total assets
€2.2m
▼ 20.9%
2025
middle half of the sector
20192025
Debt
€1.3m
▼ 31.1%
2025
20192025
Working capital
€391,896
▲ 15.3%
2025
middle half of the sector
20192025
Solvency
41.2%
▲ 8.6pp
2025
middle half of the sector
20192025
Current ratio
1.52
▲ 0.24
2025
middle half of the sector
20192025
Return on assets (ROA)
0.2%
▼ 12.7pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.04m-€0.09m▲ 119%€0.01m▼ 84.3%€0.2m▲ 17×€0.2m▼ 32.7%€0.5m▲ 233%€0.01m▼ 97.3%
Net result€0.04m-€0.07mwithin the sector's middle half▲ 99.0%€0.01mwithin the sector's middle half▼ 82.4%€0.2mwithin the sector's middle half▲ 15×€0.1mwithin the sector's middle half▼ 38.3%€0.4mwithin the sector's middle half▲ 200%€0.005mwithin the sector's middle half▼ 98.7%
Equity€0.3m-€0.4mwithin the sector's middle half▲ 20.0%€0.4mwithin the sector's middle half▲ 0.9%€0.5mwithin the sector's middle half▲ 28.2%€0.6mwithin the sector's middle half▲ 22.6%€0.9mwithin the sector's middle half▲ 48.0%€0.9mwithin the sector's middle half▲ 0.1%
Total assets€1.4m-€1.8mwithin the sector's middle half▲ 31.0%€1.5mwithin the sector's middle half▼ 15.4%€2.0mwithin the sector's middle half▲ 35.2%€2.1mwithin the sector's middle half▲ 1.0%€2.8mwithin the sector's middle half▲ 34.3%€2.2mwithin the sector's middle half▼ 20.9%
Debt€1.0m-€1.4m▲ 34.5%€1.1m▼ 19.9%€1.5m▲ 37.7%€1.4m▼ 5.9%€1.9m▲ 28.6%€1.3m▼ 31.1%
Working capital€0.07m-€0.2mwithin the sector's middle half▲ 121%€0.2mwithin the sector's middle half▲ 8.2%-€0.2mbelow the sector's middle half€0.1mwithin the sector's middle half€0.3mwithin the sector's middle half▲ 230%€0.4mwithin the sector's middle half▲ 15.3%
Solvency23.6%-21.6%within the sector's middle half▼ 2.0pp25.7%within the sector's middle half▲ 4.1pp24.4%within the sector's middle half▼ 1.3pp29.6%within the sector's middle half▲ 5.2pp32.6%within the sector's middle half▲ 3.0pp41.2%within the sector's middle half▲ 8.6pp
Current ratio1.16-1.22within the sector's middle half▲ 0.061.33within the sector's middle half▲ 0.110.81below the sector's middle half▼ 0.531.16below the sector's middle half▲ 0.351.28within the sector's middle half▲ 0.121.52within the sector's middle half▲ 0.24
Return on assets (ROA)2.8%-4.2%within the sector's middle half▲ 1.4pp0.9%below the sector's middle half▼ 3.3pp9.5%within the sector's middle half▲ 8.6pp5.8%within the sector's middle half▼ 3.7pp12.9%above the sector's middle half▲ 7.1pp0.2%within the sector's middle half▼ 12.7pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 97% 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 €2.2m
Fixed assets
€1.0m ▼ 13.7%
Current assets
€1.1m ▼ 26.4%
Equity and liabilities €2.2m
Equity
€899,871 ▲ 0.1%
Debt
€1.3m ▼ 31.1%
Debt's share of the balance-sheet total falls from 67.4% to 58.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€209,876▼
2024 · €726,614
Cash flow
€200,191▼
2024 · €551,037
Quick ratio
1.26▲
2024 · 1.16
Debt to equity
1.42▼
2024 · 2.07
ROE
0.5%▼
2024 · 39.7%
Interest coverage
12.02▼
2024 · 41.44
Debt ≤ 1 year
€758,053▼
2024 · €1.2m
Debt > 1 year
€524,058▼
2024 · €637,098
Income taxes
€548▼
2024 · €170,662
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €686,238 | €972,429 | €819,757 | €617,707 |
| Carrying value of the other pledged assets | €1.2m | €1.1m | €1.2m | €1.0m |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €516,900 | €238,750 | €103,407 | €53,430 |
| Depreciation and write-downs of the year | €130,939 | €180,537 | €193,955 | €195,419 |
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 | - | - | - | €85,700 | - | - | €941 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €133,443 | €138,851 | €137,405 | €130,939 | €180,537 | €193,955 | €195,419 | ▲ 0.8% |
| Other operating charges640/8 | - | - | - | €3,314 | €2,451 | €7,486 | €4,736 | ▼ 36.7% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €222 | - |
| Gross operating margin9900 | €175,396 | €228,859 | €153,310 | €371,818 | €342,818 | €734,100 | €214,833 | ▼ 70.7% |
| Operating profit (loss)9901 | €40,160 | €88,098 | €13,875 | €237,566 | €159,830 | €532,659 | €14,457 | ▼ 97.3% |
| Financial income75/76B | - | - | - | €9,179 | €7,351 | €12,618 | €8,328 | ▼ 34.0% |
| Recurring financial income75 | €11,808 | €13,157 | €11,293 | €9,179 | €7,351 | €12,618 | €8,328 | ▼ 34.0% |
| Financial charges65/66B | - | - | - | €10,661 | €10,032 | €17,533 | €17,465 | ▼ 0.4% |
| Recurring financial charges65 | €11,281 | €12,890 | €10,237 | €10,661 | €10,032 | €17,533 | €17,465 | ▼ 0.4% |
| Profit (loss) for the period before taxes9903 | €40,687 | €88,364 | €14,931 | €236,084 | €157,149 | €527,744 | €5,320 | ▼ 99.0% |
| Income taxes67/77 | €3,900 | €14,491 | €1,787 | €42,759 | €37,963 | €170,662 | €548 | ▼ 99.7% |
| Profit (loss) for the period9904 | €37,462 | €74,547 | €13,144 | €193,325 | €119,186 | €357,082 | €4,773 | ▼ 98.7% |
| Profit (loss) for the period to be appropriated9905 | €39,487 | €76,573 | €13,144 | €193,325 | €119,186 | €357,082 | €4,773 | ▼ 98.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.4m | €1.8m | €1.5m | €2.0m | €2.1m | €2.8m | €2.2m | ▼ 20.9% |
| Fixed assets21/28 | €0.9m | €0.9m | €0.9m | €1.2m | €1.3m | €1.2m | €1.0m | ▼ 13.7% |
| Tangible fixed assets22/27 | €0.9m | €0.9m | €0.9m | €1.2m | €1.3m | €1.2m | €1.0m | ▼ 13.7% |
| Land and buildings22 | - | - | - | €0.5m | €0.5m | €0.4m | €0.4m | ▼ 11.2% |
| Plant, machinery and equipment23 | - | - | - | €0.5m | €0.6m | €0.6m | €0.5m | ▼ 10.7% |
| Furniture and vehicles24 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 28.8% |
| Leasing and similar rights25 | - | - | - | - | - | €0.04m | €0.03m | ▼ 24.2% |
| Current assets29/58 | €0.5m | €0.8m | €0.7m | €0.8m | €0.8m | €1.6m | €1.1m | ▼ 26.4% |
| Stocks and contracts in progress3 | €0.1m | €0.06m | €0.08m | €0.09m | €0.2m | €0.1m | €0.2m | ▲ 36.7% |
| Stocks30/36 | - | - | - | €0.09m | €0.2m | €0.1m | €0.2m | ▲ 36.7% |
| Amounts receivable within one year40/41 | €0.2m | €0.5m | €0.2m | €0.2m | €0.1m | €0.6m | €0.7m | ▲ 14.4% |
| Trade receivables40 | - | - | - | €0.09m | €0.1m | €0.6m | €0.7m | ▲ 14.4% |
| Other amounts receivable41 | - | - | - | €0.07m | €0.01m | - | - | - |
| Current investments50/53 | - | - | - | - | €0.3m | - | - | - |
| Cash at bank and in hand54/58 | €0.2m | €0.3m | €0.3m | €0.6m | €0.1m | €0.8m | €0.3m | ▼ 65.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.009m | €0.009m | €0.001m | ▼ 85.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.4m | €1.8m | €1.5m | €2.0m | €2.1m | €2.8m | €2.2m | ▼ 20.9% |
| Equity10/15 | €0.3m | €0.4m | €0.4m | €0.5m | €0.6m | €0.9m | €0.9m | ▲ 0.1% |
| Contributions10/11 | €0.03m | €0.03m | - | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Reserves13 | €0.2m | €0.3m | €0.3m | €0.4m | €0.5m | €0.8m | €0.8m | = |
| Non-distributable reserves130/1 | - | - | - | €0.003m | €0.003m | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.003m | €0.003m | - | - | - |
| Distributable reserves133 | - | - | - | €0.4m | €0.5m | €0.8m | €0.8m | = |
| Profit (loss) carried forward14 | €0.03m | €0.03m | €0.03m | €0.06m | €0.06m | €0.06m | €0.06m | ▲ 8.3% |
| Investment grants15 | - | - | - | €0.04m | €0.03m | €0.02m | €0.02m | ▼ 16.5% |
| Provisions and deferred taxes16 | €0.001m | - | - | - | - | - | - | - |
| Amounts payable17/49 | €1.0m | €1.4m | €1.1m | €1.5m | €1.4m | €1.9m | €1.3m | ▼ 31.1% |
| Amounts payable after more than one year17 | €0.6m | €0.7m | €0.6m | €0.5m | €0.8m | €0.6m | €0.5m | ▼ 17.7% |
| Financial debts170/4 | - | - | - | €0.5m | €0.8m | €0.6m | €0.5m | ▼ 17.7% |
| Amounts payable within one year42/48 | €0.4m | €0.7m | €0.5m | €1.0m | €0.7m | €1.2m | €0.8m | ▼ 38.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.1m | €0.2m | €0.2m | €0.1m | ▼ 38.1% |
| Financial debts43 | - | - | - | €0.03m | - | €0.08m | €0.08m | = |
| Credit institutions430/8 | - | - | - | €0.03m | - | €0.08m | €0.08m | = |
| Trade debts44 | €0.03m | €0.4m | €0.2m | €0.6m | €0.2m | €0.6m | €0.5m | ▼ 18.0% |
| Suppliers440/4 | - | - | - | €0.6m | €0.2m | €0.6m | €0.5m | ▼ 18.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.04m | €0.2m | €0.03m | ▼ 82.4% |
| Taxes450/3 | - | - | - | €0.04m | €0.04m | €0.2m | €0.03m | ▼ 81.0% |
| Remuneration and social security454/9 | - | - | - | - | - | €0.01m | - | - |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €0.2m | €0.07m | ▼ 68.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €37,462 | €74,547 | €13,144 | €193,325 | €119,186 | €357,082 | €4,773 | ▼ 98.7% |
| + Depreciation and write-downs630 | €133,443 | €138,851 | €137,405 | €130,939 | €180,537 | €193,955 | €195,419 | ▲ 0.8% |
| Operating cash flow (approximation) | €170,905 | €213,398 | €150,549 | €324,263 | €299,724 | €551,037 | €200,191 | ▼ 63.7% |
| Investment in fixed assets (approximation) | - | -€209,490 | -€49,983 | -€508,100 | -€238,750 | -€103,407 | -€31,150 | ▲ 69.9% |
| Change in cash | - | €92,606 | €93,988 | €202,004 | -€408,193 | €685,244 | -€540,907 | - |
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, 6,049 companies had the same profile as DESVAN has now. Two years later, 96.0% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
96.0%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of DESVAN 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 6,049 companies, not a prediction for DESVAN. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | full format | 30-01-2026 | 2026-00031065 | |
| 30-06-2024 | full format | 03-02-2025 | 2025-00029089 | |
| 30-06-2023 | full format | 27-02-2024 | 2024-00037097 | |
| 30-06-2022 | full format | 27-02-2023 | 2023-00034582 | |
| 30-06-2021 | full format | 25-02-2022 | 2022-06800193 | |
| 30-06-2020 | full format | 26-02-2021 | 2021-06300233 | |
| 30-06-2019 | micro format | 27-11-2019 | 2019-74400430 | |
| 30-06-2018 | micro format | 13-02-2019 | 2019-05000115 | |
| 30-06-2017 | micro format | 30-11-2017 | 2017-70700077 | |
| 30-06-2016 | full format | 07-11-2016 | 2016-67500549 |