Dev11
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-04-2026 PDF all 5 filings
Turnover
≈ €120,000
Estimated: probably between €59,000 and €240,000
Total assets
€72,203▲ 11.2%
2024 · €64,949
Net result
€8,835
2024 · -€1,713
Working capital
€4,373▼ 90.4%
2024 · €45,632
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€17,147
▲ 234%
2025
20212025
Net result
€8,835
2025
middle half of the sector
20212025
Equity
€14,595
▼ 71.9%
2025
lowest quarter of the sector
20212025
Total assets
€72,203
▲ 11.2%
2025
middle half of the sector
20212025
Debt
€57,608
▲ 342%
2025
20212025
Working capital
€4,373
▼ 90.4%
2025
lowest quarter of the sector
20212025
Solvency
20.2%
▼ 59.7pp
2025
lowest quarter of the sector
20212025
Current ratio
1.08
▼ 3.42
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
12.2%
▲ 14.9pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€52,716-€2,733▼ 94.8%€24,185▲ 785%€5,137▼ 78.8%€17,147▲ 234%
Net result€40,630within the sector's middle half-€672below the sector's middle half▼ 98.3%€15,023within the sector's middle half▲ 22×-€1,713below the sector's middle half€8,835within the sector's middle half
Equity€39,530within the sector's middle half-€40,202within the sector's middle half▲ 1.7%€53,625within the sector's middle half▲ 33.4%€51,912within the sector's middle half▼ 3.2%€14,595below the sector's middle half▼ 71.9%
Total assets€79,584within the sector's middle half-€74,161within the sector's middle half▼ 6.8%€75,915within the sector's middle half▲ 2.4%€64,949below the sector's middle half▼ 14.4%€72,203within the sector's middle half▲ 11.2%
Debt€40,054-€33,960▼ 15.2%€22,290▼ 34.4%€13,037▼ 41.5%€57,608▲ 342%
Working capital€40,177within the sector's middle half-€32,146within the sector's middle half▼ 20.0%€43,048within the sector's middle half▲ 33.9%€45,632within the sector's middle half▲ 6.0%€4,373below the sector's middle half▼ 90.4%
Solvency49.7%within the sector's middle half-54.2%within the sector's middle half▲ 4.5pp70.6%within the sector's middle half▲ 16.4pp79.9%within the sector's middle half▲ 9.3pp20.2%below the sector's middle half▼ 59.7pp
Current ratio2.19within the sector's middle half-2.00within the sector's middle half▼ 0.192.93within the sector's middle half▲ 0.934.50within the sector's middle half▲ 1.571.08below the sector's middle half▼ 3.42
Return on assets (ROA)51.1%above the sector's middle half-0.9%below the sector's middle half▼ 50.1pp19.8%within the sector's middle half▲ 18.9pp-2.6%below the sector's middle half▼ 22.4pp12.2%within the sector's middle half▲ 14.9pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 over 3.3 times that of 2024. It is a recovery after the fall 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 €72,203
Fixed assets
€10,221 ▲ 62.8%
Current assets
€61,982 ▲ 5.6%
Equity and liabilities €72,203
Equity
€14,595 ▼ 71.9%
Debt
€57,608 ▲ 342%
Debt's share of the balance-sheet total rises from 20.1% to 79.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€21,515▲
2024 · €9,433
Cash flow
€13,203▲
2024 · €2,584
Debt to equity
3.95▲
2024 · 0.25
ROE
60.5%▲
2024 · -3.3%
Interest coverage
5.72▲
2024 · 2.16
Debt ≤ 1 year
€57,608▲
2024 · €13,037
Income taxes
€4,548▲
2024 · €2,475
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 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,614 | €7,006 | €5,043 | - | €8,309 |
| Depreciation and write-downs of the year | €915 | €2,913 | €4,259 | €4,296 | €4,368 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €915 | €2,913 | €4,259 | €4,296 | €4,368 | ▲ 1.7% |
| Other operating charges640/8 | €539 | €299 | €667 | €1,221 | €1,069 | ▼ 12.5% |
| Gross operating margin9900 | €54,170 | €5,945 | €29,111 | €10,654 | €22,584 | ▲ 112% |
| Operating profit (loss)9901 | €52,716 | €2,733 | €24,185 | €5,137 | €17,147 | ▲ 234% |
| Financial income75/76B | - | €0 | €0 | €0 | €0 | ▲ 200% |
| Recurring financial income75 | - | €0 | €0 | €0 | €0 | ▲ 200% |
| Financial charges65/66B | €81 | €223 | €391 | €4,375 | €3,765 | ▼ 14.0% |
| Recurring financial charges65 | €81 | €223 | €391 | €4,375 | €3,765 | ▼ 14.0% |
| Profit (loss) for the period before taxes9903 | €52,635 | €2,510 | €23,794 | €762 | €13,383 | ▲ 18× |
| Income taxes67/77 | €12,005 | €1,839 | €8,771 | €2,475 | €4,548 | ▲ 83.8% |
| Profit (loss) for the period9904 | €40,630 | €672 | €15,023 | -€1,713 | €8,835 | - |
| Profit (loss) for the period to be appropriated9905 | €40,630 | €672 | €15,023 | -€1,713 | €8,835 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €79,584 | €74,161 | €75,915 | €64,949 | €72,203 | ▲ 11.2% |
| Fixed assets21/28 | €5,699 | €9,792 | €10,576 | €6,280 | €10,221 | ▲ 62.8% |
| Tangible fixed assets22/27 | €5,699 | €9,792 | €10,576 | €6,280 | €10,221 | ▲ 62.8% |
| Furniture and vehicles24 | €5,699 | €9,792 | €10,576 | €6,280 | €10,221 | ▲ 62.8% |
| Current assets29/58 | €73,885 | €64,369 | €65,338 | €58,669 | €61,982 | ▲ 5.6% |
| Amounts receivable within one year40/41 | €17,945 | €22,834 | €41,159 | €51,863 | €20,703 | ▼ 60.1% |
| Trade receivables40 | €17,945 | €22,834 | €40,775 | €44,952 | €19,750 | ▼ 56.1% |
| Other amounts receivable41 | - | - | €383 | €6,911 | €953 | ▼ 86.2% |
| Cash at bank and in hand54/58 | €55,727 | €38,561 | €23,409 | €6,025 | €39,516 | ▲ 556% |
| Deferred charges and accrued income490/1 | €213 | €2,975 | €771 | €780 | €1,762 | ▲ 126% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €79,584 | €74,161 | €75,915 | €64,949 | €72,203 | ▲ 11.2% |
| Equity10/15 | €39,530 | €40,202 | €53,625 | €51,912 | €14,595 | ▼ 71.9% |
| Contributions10/11 | €500 | €500 | €500 | €500 | €500 | = |
| Reserves13 | €39,030 | €39,702 | €53,125 | €51,412 | €14,095 | ▼ 72.6% |
| Distributable reserves133 | €39,030 | €39,702 | €53,125 | €51,412 | €14,095 | ▼ 72.6% |
| Amounts payable17/49 | €40,054 | €33,960 | €22,290 | €13,037 | €57,608 | ▲ 342% |
| Amounts payable within one year42/48 | €33,708 | €32,223 | €22,290 | €13,037 | €57,608 | ▲ 342% |
| Trade debts44 | €4,402 | €2,247 | €3,031 | €1,859 | €1,314 | ▼ 29.3% |
| Suppliers440/4 | €4,402 | €2,247 | €3,031 | €1,859 | €1,314 | ▼ 29.3% |
| Taxes, remuneration and social security45 | €23,187 | €26,401 | €13,000 | €7,710 | €8,640 | ▲ 12.1% |
| Taxes450/3 | €23,187 | €26,401 | €13,000 | €7,710 | €8,640 | ▲ 12.1% |
| Other amounts payable47/48 | €6,119 | €3,575 | €6,259 | €3,467 | €47,653 | ▲ 14× |
| Accrued charges and deferred income492/3 | €6,347 | €1,737 | - | - | - | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €40,630 | €672 | €15,023 | -€1,713 | €8,835 | - |
| + Depreciation and write-downs630 | €915 | €2,913 | €4,259 | €4,296 | €4,368 | ▲ 1.7% |
| Operating cash flow (approximation) | €41,545 | €3,585 | €19,282 | €2,584 | €13,203 | ▲ 411% |
| Investment in fixed assets (approximation) | - | -€7,006 | -€5,043 | €0 | -€8,309 | - |
| Change in cash | - | -€17,166 | -€15,152 | -€17,384 | €33,491 | - |
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, 6,713 companies had the same profile as Dev11 has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Dev11 itself is lower: < 0.1% within 12 months. It rests on far more data about Dev11 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 6,713 companies, not a prediction for Dev11. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-04-2026 | 2026-00084680 | |
| 31-12-2024 | micro format | 01-07-2025 | 2025-00207266 | |
| 31-12-2023 | micro format | 01-07-2024 | 2024-00186692 | |
| 31-12-2022 | micro format | 14-06-2023 | 2023-00124759 | |
| 31-12-2021 | micro format | 04-04-2022 | 2022-20000605 |