DEVANN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 10-06-2026 PDF all 12 filings
Turnover
≈ €2,300
Estimated: probably between €1,100 and €4,600
Total assets
€858,735▼ 32.1%
2024 · €1.3m
Net result
-€1,707
2024 · €9,782
Working capital
€746,626▲ 3.0%
2024 · €724,761
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€10,033
▲ 2.6%
2025
20182025
Net result
-€1,707
2025
lowest quarter of the sector
20182025
Equity
€717,168
▼ 0.2%
2025
highest quarter of the sector
20182025
Total assets
€858,735
▼ 32.1%
2025
highest quarter of the sector
20182025
Debt
€141,567
▼ 74.0%
2025
20182025
Working capital
€746,626
▲ 3.0%
2025
highest quarter of the sector
20182025
Solvency
83.5%
▲ 26.7pp
2025
highest quarter of the sector
20182025
Current ratio
8.96
▲ 6.54
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-0.2%
▼ 1.0pp
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
Operating result€0.2m--€0.002m€0.05m€0.05m▲ 3.2%€0.07m▲ 48.9%-€0.008m-€0.01m▼ 27.8%-€0.01m▲ 2.6%
Net result€0.1m-€1.0m▲ 660%€0.04mwithin the sector's middle half▼ 96.0%€0.04mwithin the sector's middle half▲ 3.9%€0.06mabove the sector's middle half▲ 46.4%€0.003mwithin the sector's middle half▼ 95.8%€0.01mwithin the sector's middle half▲ 277%-€0.002mbelow the sector's middle half
Equity€0.4m-€1.4m▲ 226%€1.3mabove the sector's middle half▼ 1.4%€1.3mabove the sector's middle half▲ 0.3%€1.3mabove the sector's middle half▼ 1.8%€1.2mabove the sector's middle half▼ 10.0%€0.7mabove the sector's middle half▼ 39.2%€0.7mabove the sector's middle half▼ 0.2%
Total assets€0.4m-€1.4m▲ 227%€1.4mabove the sector's middle half▼ 2.8%€1.4mwithin the sector's middle half▼ 1.1%€1.4mabove the sector's middle half▲ 1.4%€1.3mabove the sector's middle half▼ 6.5%€1.3mabove the sector's middle half▼ 3.9%€0.9mabove the sector's middle half▼ 32.1%
Debt€0.03m-€0.09m▲ 241%€0.07m▼ 24.5%€0.05m▼ 29.6%€0.09m▲ 90.9%€0.1m▲ 45.3%€0.5m▲ 312%€0.1m▼ 74.0%
Working capital€0.3m-€1.4m▲ 368%€1.3mabove the sector's middle half▼ 2.2%€1.3mabove the sector's middle half▲ 1.1%€1.3mabove the sector's middle half▼ 5.1%€1.1mabove the sector's middle half▼ 9.6%€0.7mabove the sector's middle half▼ 36.8%€0.7mabove the sector's middle half▲ 3.0%
Solvency94.0%-93.8%▼ 0.3pp95.2%above the sector's middle half▲ 1.4pp96.6%above the sector's middle half▲ 1.4pp93.5%above the sector's middle half▼ 3.0pp89.9%above the sector's middle half▼ 3.6pp56.9%within the sector's middle half▼ 33.1pp83.5%above the sector's middle half▲ 26.7pp
Current ratio12.23-16.12▲ 3.8920.67above the sector's middle half▲ 4.5529.33above the sector's middle half▲ 8.6615.02above the sector's middle half▼ 14.319.70above the sector's middle half▼ 5.322.42within the sector's middle half▼ 7.288.96above the sector's middle half▲ 6.54
Return on assets (ROA)30.5%-70.9%▲ 40.4pp2.9%within the sector's middle half▼ 68.0pp3.0%within the sector's middle half▲ 0.1pp4.4%within the sector's middle half▲ 1.3pp0.2%below the sector's middle half▼ 4.2pp0.8%below the sector's middle half▲ 0.6pp-0.2%below the sector's middle half▼ 1.0pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 €10,033, smaller than the loss of €10,296 in 2024.
Turnover and EBIT margin are not published. The abbreviated or 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 €858,735
Fixed assets
€18,286 ▼ 35.5%
Current assets
€840,449 ▼ 32.0%
Equity and liabilities €858,735
Equity
€717,168 ▼ 0.2%
Debt
€141,567 ▼ 74.0%
Debt's share of the balance-sheet total falls from 43.1% to 16.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€11▲
2024 · -€307
Cash flow
€8,315▼
2024 · €19,772
Debt to equity
0.20▼
2024 · 0.76
ROE
-0.2%▼
2024 · 1.4%
Interest coverage
0.00▲
2024 · -0.07
Debt ≤ 1 year
€93,823▼
2024 · €511,119
Income taxes
€743▼
2024 · €3,158
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 | - | €48,301 | - | €1,086 | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €10,268 | €1,429 | €9,660 | €9,990 | €10,022 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.001m | €0.001m | €0.009m | €0.01m | €0.001m | €0.01m | €0.01m | €0.01m | ▲ 0.3% |
| Other operating charges640/8 | - | - | - | €0.001m | €0.001m | €274 | €379 | €0.001m | ▲ 32.6% |
| Gross operating margin9900 | €0.2m | -€340 | €0.06m | €0.06m | €0.07m | €0.002m | €72 | €491 | ▲ 581% |
| Operating profit (loss)9901 | €0.2m | -€0.002m | €0.05m | €0.05m | €0.07m | -€0.008m | -€0.01m | -€0.01m | ▲ 2.6% |
| Financial income75/76B | - | - | - | €0.02m | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 11.2% |
| Recurring financial income75 | €0.03m | €1.1m | €0.02m | €0.02m | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 11.2% |
| Financial charges65/66B | - | - | - | €0.001m | €0.003m | €0.007m | €0.004m | €0.02m | ▲ 259% |
| Recurring financial charges65 | €0.002m | €0.002m | €0.002m | €0.001m | €0.003m | €0.007m | €0.004m | €0.02m | ▲ 259% |
| Profit (loss) for the period before taxes9903 | €0.2m | €1.1m | €0.06m | €0.07m | €0.09m | €0.001m | €0.01m | -€0.001m | - |
| Income taxes67/77 | €0.06m | €0.1m | €0.02m | €0.03m | €0.03m | -€0.001m | €0.003m | €0.001m | ▼ 76.5% |
| Profit (loss) for the period9904 | €0.1m | €1.0m | €0.04m | €0.04m | €0.06m | €0.003m | €0.01m | -€0.002m | - |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €1.0m | €0.04m | €0.04m | €0.06m | €0.003m | €0.01m | -€0.002m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.3m | €1.3m | €0.9m | ▼ 32.1% |
| Fixed assets21/28 | €0.1m | €27 | €0.01m | €0.002m | €0.05m | €0.04m | €0.03m | €0.02m | ▼ 35.5% |
| Tangible fixed assets22/27 | €0.001m | - | €0.01m | €0.002m | €0.05m | €0.04m | €0.03m | €0.02m | ▼ 35.4% |
| Furniture and vehicles24 | - | - | - | €0.002m | €0.05m | €0.04m | €0.03m | €0.02m | ▼ 35.4% |
| Financial fixed assets28 | €0.1m | €27 | €27 | €27 | €27 | €27 | €27 | €0 | ▼ 100% |
| Current assets29/58 | €0.3m | €1.4m | €1.4m | €1.4m | €1.4m | €1.3m | €1.2m | €0.8m | ▼ 32.0% |
| Amounts receivable after more than one year29 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0 | ▼ 100% |
| Other amounts receivable291 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €0.03m | €0.05m | €0.008m | €0.009m | €0.006m | €0.01m | €0.004m | €0.006m | ▲ 35.4% |
| Trade receivables40 | - | - | - | €0.003m | €0.002m | €0.005m | €0.002m | €0.002m | ▲ 15.0% |
| Other amounts receivable41 | - | - | - | €0.006m | €0.005m | €0.006m | €0.003m | €0.004m | ▲ 47.9% |
| Current investments50/53 | €0.04m | €0.4m | €0.5m | €0.7m | €0.7m | €0.7m | €0.9m | €0.8m | ▼ 5.3% |
| Cash at bank and in hand54/58 | €0.3m | €1.0m | €0.5m | €0.3m | €0.3m | €0.2m | €0.02m | €0.02m | ▲ 24.6% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.001m | €0.003m | €0 | ▼ 100% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.4m | €1.4m | €1.4m | €1.4m | €1.4m | €1.3m | €1.3m | €0.9m | ▼ 32.1% |
| Equity10/15 | €0.4m | €1.4m | €1.3m | €1.3m | €1.3m | €1.2m | €0.7m | €0.7m | ▼ 0.2% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.4m | €1.3m | €1.3m | €1.3m | €1.3m | €1.2m | €0.7m | €0.7m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Distributable reserves133 | - | - | - | €1.3m | €1.3m | €1.2m | €0.7m | €0.7m | = |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | -€0.002m | - |
| Amounts payable17/49 | €0.03m | €0.09m | €0.07m | €0.05m | €0.09m | €0.1m | €0.5m | €0.1m | ▼ 74.0% |
| Amounts payable within one year42/48 | €0.03m | €0.09m | €0.07m | €0.05m | €0.09m | €0.1m | €0.5m | €0.09m | ▼ 81.6% |
| Trade debts44 | €448 | €0.001m | €0.001m | €422 | €340 | €0.001m | €334 | €342 | ▲ 2.3% |
| Suppliers440/4 | - | - | - | €422 | €340 | €0.001m | €334 | €342 | ▲ 2.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.009m | €0.005m | €218 | €0.001m | €0.002m | ▲ 112% |
| Taxes450/3 | - | - | - | €0.009m | €0.005m | €218 | €0.001m | €0.002m | ▲ 112% |
| Other amounts payable47/48 | - | - | - | €0.04m | €0.09m | €0.1m | €0.5m | €0.09m | ▼ 82.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.001m | €0.001m | €0.03m | €0.05m | ▲ 39.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.1m | €1.0m | €0.04m | €0.04m | €0.06m | €0.003m | €0.01m | -€0.002m | - |
| + Depreciation and write-downs630 | €0.001m | €0.001m | €0.009m | €0.01m | €0.001m | €0.01m | €0.01m | €0.01m | ▲ 0.3% |
| Operating cash flow (approximation) | €0.1m | €1.0m | €0.05m | €0.05m | €0.06m | €0.01m | €0.02m | €0.008m | ▼ 57.9% |
| Investment in fixed assets (approximation) | - | €0.1m | -€0.02m | €0 | -€0.05m | €0 | -€0.001m | €27 | - |
| Change in cash | - | €0.7m | -€0.4m | -€0.2m | -€0.03m | -€0.09m | -€0.2m | €0.005m | - |
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, 2,686 companies had the same profile as DEVANN has now. Two years later, 93.7% were still going and 0.6% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a small loss
93.7%
was still going
5.4%
stopped otherwise
0.6%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DEVANN 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 2,686 companies, not a prediction for DEVANN. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 10-06-2026 | 2026-00149446 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00162740 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00162612 | |
| 31-12-2022 | micro format | 25-07-2023 | 2023-00270844 | |
| 31-12-2021 | abbreviated format | 22-06-2022 | 2022-20080206 | |
| 31-12-2020 | micro format | 02-07-2021 | 2021-28900561 | |
| 31-12-2019 | micro format | 31-07-2020 | 2020-36800026 | |
| 31-12-2018 | abbreviated format | 04-07-2019 | 2019-27900350 | |
| 31-12-2017 | micro format | 03-07-2018 | 2018-26600371 | |
| 31-12-2016 | abbreviated format | 12-06-2017 | 2017-16000403 |