DEV GEMS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00495772.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 20 filings
Turnover
€52,580▲ 10.0%
2021 · €47,792
EBIT margin
13.2%▼ 27.2pp
2021 · 40.4%
Net result
-€25,554▼ 356%
2024 · -€5,604
Working capital
-€26,200▼ 1,401%
2024 · -€1,746
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€22,800
▼ 903%
2025
20182025
Net result
-€25,554
▼ 356%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€25,650
▼ 26,600%
2025
lowest quarter of the sector
20182025
Total assets
€320,691
▼ 4.2%
2025
middle half of the sector
20182025
Debt
€346,341
▲ 3.4%
2025
20182025
Working capital
-€26,200
▼ 1,401%
2025
lowest quarter of the sector
20182025
Solvency
-8.0%
▼ 8.0pp
2025
lowest quarter of the sector
20182025
Current ratio
0.92
▼ 0.07
2025
middle half of the sector
20182025
Return on assets (ROA)
-8.0%
▼ 6.3pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€87,743-€118,050▲ 34.5%€60,147▼ 49.0%€47,792▼ 20.5%€52,580▲ 10.0%
Operating result€4,849-€11,230▲ 132%-€23,645€19,326€6,943▼ 64.1%-€6,980-€2,274▲ 67.4%-€22,800▼ 903%
Net result€1,098-€6,870▲ 526%€2,323within the sector's middle half▼ 66.2%€16,015within the sector's middle half▲ 589%€2,217below the sector's middle half▼ 86.2%-€9,317below the sector's middle half-€5,604below the sector's middle half▲ 39.8%-€25,554below the sector's middle half▼ 356%
EBIT margin5.5%-9.5%▲ 4.0pp-39.3%▼ 48.8pp40.4%▲ 79.7pp13.2%▼ 27.2pp
Equity-€12,600--€5,730▲ 54.5%-€3,407below the sector's middle half▲ 40.5%€12,608below the sector's middle half€14,825below the sector's middle half▲ 17.6%€5,508below the sector's middle half▼ 62.8%-€96below the sector's middle half-€25,650below the sector's middle half▼ 26,600%
Total assets€486,753-€515,487▲ 5.9%€348,403below the sector's middle half▼ 32.4%€351,333below the sector's middle half▲ 0.8%€338,356below the sector's middle half▼ 3.7%€332,094within the sector's middle half▼ 1.9%€334,784within the sector's middle half▲ 0.8%€320,691within the sector's middle half▼ 4.2%
Debt€499,353-€521,217▲ 4.4%€351,810▼ 32.5%€338,725▼ 3.7%€323,531▼ 4.5%€326,586▲ 0.9%€334,881▲ 2.5%€346,341▲ 3.4%
Working capital-€12,600--€5,730▲ 54.5%-€3,407below the sector's middle half▲ 40.5%€12,608below the sector's middle half€207,642within the sector's middle half▲ 16×€3,858within the sector's middle half▼ 98.1%-€1,746within the sector's middle half-€26,200below the sector's middle half▼ 1,401%
Solvency-2.6%--1.1%▲ 1.5pp-1.0%below the sector's middle half▲ 0.1pp3.6%below the sector's middle half▲ 4.6pp4.4%below the sector's middle half▲ 0.8pp1.7%below the sector's middle half▼ 2.7pp0.0%below the sector's middle half▼ 1.7pp-8.0%below the sector's middle half▼ 8.0pp
Current ratio0.97-0.99▲ 0.010.99below the sector's middle half=1.04below the sector's middle half▲ 0.052.59within the sector's middle half▲ 1.551.01within the sector's middle half▼ 1.580.99within the sector's middle half▼ 0.020.92within the sector's middle half▼ 0.07
Return on assets (ROA)0.2%-1.3%▲ 1.1pp0.7%within the sector's middle half▼ 0.7pp4.6%within the sector's middle half▲ 3.9pp0.7%below the sector's middle half▼ 3.9pp-2.8%below the sector's middle half▼ 3.5pp-1.7%within the sector's middle half▲ 1.1pp-8.0%below the sector's middle half▼ 6.3pp
above
within
below
The sector band is the middle half of the companies in Other manufacturing (NACE 32). 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 €22,800, larger than the loss of €2,274 in 2024. It is the lowest result since 2021.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €320,691
Fixed assets
€1,650 =
Current assets
€319,041 ▼ 4.2%
Equity and liabilities
Equity-€25,650
Debt€346,341
Equity is negative. Debt (€346,341) exceeds the balance-sheet total (€320,691).
Key figures and ratios
Quick ratio
0.59▼
2024 · 0.64
Debt ≤ 1 year
€345,241▲
2024 · €334,881
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.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | €1,650 | - | - |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €87,743 | €118,050 | €60,147 | €47,792 | €52,580 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €27,661 | €42,791 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €805 | €2,846 | €493 | €505 | €11,089 | ▲ 22× |
| Gross operating margin9900 | €5,193 | €12,118 | -€23,545 | €20,131 | €9,789 | -€6,487 | -€1,769 | -€11,711 | ▼ 562% |
| Operating profit (loss)9901 | €4,849 | €11,230 | -€23,645 | €19,326 | €6,943 | -€6,980 | -€2,274 | -€22,800 | ▼ 903% |
| Financial income75/76B | - | - | - | €94 | €285 | - | €20 | €0 | ▼ 99.5% |
| Recurring financial income75 | €501 | €81 | €29,666 | €94 | €285 | - | €20 | €0 | ▼ 99.5% |
| Financial charges65/66B | - | - | - | €1,270 | €2,071 | €1,103 | €889 | €2,754 | ▲ 210% |
| Recurring financial charges65 | €2,943 | €1,286 | €414 | €1,270 | €2,071 | €1,103 | €889 | €2,754 | ▲ 210% |
| Profit (loss) for the period before taxes9903 | €2,407 | €10,025 | €5,607 | €18,150 | €5,157 | -€8,083 | -€3,143 | -€25,554 | ▼ 713% |
| Income taxes67/77 | €1,309 | €3,155 | €3,284 | €2,135 | €2,940 | €1,234 | €2,461 | - | - |
| Profit (loss) for the period9904 | €1,098 | €6,870 | €2,323 | €16,015 | €2,217 | -€9,317 | -€5,604 | -€25,554 | ▼ 356% |
| Profit (loss) for the period to be appropriated9905 | €1,098 | €6,870 | €2,323 | €16,015 | €2,217 | -€9,317 | -€5,604 | -€25,554 | ▼ 356% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €486,753 | €515,487 | €348,403 | €351,333 | €338,356 | €332,094 | €334,784 | €320,691 | ▼ 4.2% |
| Fixed assets21/28 | - | - | - | - | - | €1,650 | €1,650 | €1,650 | = |
| Financial fixed assets28 | - | - | - | - | - | €1,650 | €1,650 | €1,650 | = |
| Current assets29/58 | €486,753 | €515,487 | €348,403 | €351,333 | €338,356 | €330,444 | €333,134 | €319,041 | ▼ 4.2% |
| Stocks and contracts in progress3 | €130,749 | €128,880 | €109,557 | €112,511 | €113,740 | €115,952 | €120,123 | €114,496 | ▼ 4.7% |
| Stocks30/36 | - | - | - | €112,511 | €113,740 | €115,952 | €120,123 | €114,496 | ▼ 4.7% |
| Amounts receivable within one year40/41 | €355,492 | €384,830 | €238,641 | €238,171 | €223,707 | €213,606 | €211,799 | €204,281 | ▼ 3.5% |
| Trade receivables40 | - | - | - | €237,142 | €222,267 | €213,092 | €211,566 | €204,185 | ▼ 3.5% |
| Other amounts receivable41 | - | - | - | €1,029 | €1,440 | €514 | €233 | €96 | ▼ 58.7% |
| Cash at bank and in hand54/58 | €512 | €1,296 | €205 | €651 | €909 | €886 | €1,213 | €263 | ▼ 78.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €486,753 | €515,487 | €348,403 | €351,333 | €338,356 | €332,094 | €334,784 | €320,691 | ▼ 4.2% |
| Equity10/15 | -€12,600 | -€5,730 | -€3,407 | €12,608 | €14,825 | €5,508 | -€96 | -€25,650 | ▼ 26,600% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,445 | €1,445 | €1,445 | €1,445 | €1,445 | €1,445 | €1,445 | €1,445 | = |
| Non-distributable reserves130/1 | - | - | - | €1,445 | €1,445 | €1,445 | €1,445 | €1,445 | = |
| Reserves not available under the articles1311 | - | - | - | €1,445 | €1,445 | €1,445 | €1,445 | €1,445 | = |
| Profit (loss) carried forward14 | -€20,245 | -€13,375 | -€11,052 | €4,963 | €7,180 | -€2,137 | -€7,741 | -€33,296 | ▼ 330% |
| Amounts payable17/49 | €499,353 | €521,217 | €351,810 | €338,725 | €323,531 | €326,586 | €334,881 | €346,341 | ▲ 3.4% |
| Amounts payable within one year42/48 | €499,353 | €521,217 | €351,810 | €338,725 | €130,714 | €326,586 | €334,881 | €345,241 | ▲ 3.1% |
| Trade debts44 | €341,997 | €356,709 | €170,878 | €154,924 | €125,255 | €121,949 | €145,187 | €154,126 | ▲ 6.2% |
| Suppliers440/4 | - | - | - | €154,924 | €125,255 | €121,949 | €145,187 | €154,126 | ▲ 6.2% |
| Taxes, remuneration and social security45 | - | - | - | €5,446 | €5,459 | €4,174 | €5,873 | €2,461 | ▼ 58.1% |
| Taxes450/3 | - | - | - | €5,446 | €5,459 | €4,174 | €3,931 | €2,461 | ▼ 37.4% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €1,942 | - | - |
| Other amounts payable47/48 | - | - | - | €178,355 | - | €200,464 | €183,821 | €188,654 | ▲ 2.6% |
| Accrued charges and deferred income492/3 | - | - | - | - | €192,817 | - | - | €1,100 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,098 | €6,870 | €2,323 | €16,015 | €2,217 | -€9,317 | -€5,604 | -€25,554 | ▼ 356% |
| Operating cash flow (approximation) | €1,098 | €6,870 | €2,323 | €16,015 | €2,217 | -€9,317 | -€5,604 | -€25,554 | ▼ 356% |
| Investment in fixed assets (approximation) | - | - | - | - | - | - | €0 | €0 | - |
| Change in cash | - | €784 | -€1,091 | €446 | €258 | -€23 | €327 | -€949 | - |
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, 2,796 companies had the same profile as DEV GEMS has now. Two years later, 90.4% were still going and 2.1% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a small loss
90.4%
was still going
6.0%
stopped otherwise
2.1%
went bankrupt
Another 1.5% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of DEV GEMS itself is higher: 2.9% within 12 months. It rests on far more data about DEV GEMS than the profile alone.
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 2,796 companies, not a prediction for DEV GEMS. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00495772 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00340443 | |
| 31-12-2023 | micro format | 07-10-2024 | 2024-00496992 | |
| 31-12-2022 | abbreviated format | 08-07-2023 | 2023-00222014 | |
| 31-12-2021 | abbreviated format | 18-08-2022 | 2022-20312888 | |
| 31-12-2020 | abbreviated format | 11-08-2021 | 2021-48600348 | |
| 31-12-2019 | abbreviated format | 31-08-2020 | 2020-48900211 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-62700469 | |
| 31-12-2017 | abbreviated format | 20-08-2018 | 2018-48900363 | |
| 31-12-2016 | abbreviated format | 31-08-2017 | 2017-59300186 |