DEVANTO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 15 filings
Turnover
≈ €330,000
Estimated: probably between €230,000 and €530,000
Total assets
€472,372▼ 8.2%
2024 · €514,317
Net result
-€16,972▼ 108%
2024 · -€8,174
Working capital
-€136,784▼ 9.1%
2024 · -€125,381
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
€11,520
2025
20182025
Net result
-€16,972
▼ 108%
2025
lowest quarter of the sector
20182025
Equity
-€12,246
2025
lowest quarter of the sector
20182025
Total assets
€472,372
▼ 8.2%
2025
highest quarter of the sector
20182025
Debt
€484,618
▼ 4.9%
2025
20182025
Working capital
-€136,784
▼ 9.1%
2025
lowest quarter of the sector
20182025
Solvency
-2.6%
▼ 3.5pp
2025
lowest quarter of the sector
20182025
Current ratio
0.28
=
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-3.6%
▼ 2.0pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202320242025
Operating result€1,268-€1,002▼ 21.0%€648▼ 35.4%€12,771▲ 20×-€37,077--€6,137▲ 83.4%€11,520
Net result€204-€448▲ 119%-€530below the sector's middle half€4,348within the sector's middle half-€50,156below the sector's middle half--€8,174below the sector's middle half▲ 83.7%-€16,972below the sector's middle half▼ 108%
Equity€49,582-€50,029▲ 0.9%€49,499within the sector's middle half▼ 1.1%€53,847within the sector's middle half▲ 8.8%€12,900below the sector's middle half-€4,726below the sector's middle half▼ 63.4%-€12,246below the sector's middle half
Total assets€161,895-€200,802▲ 24.0%€219,554within the sector's middle half▲ 9.3%€211,138within the sector's middle half▼ 3.8%€553,258above the sector's middle half-€514,317above the sector's middle half▼ 7.0%€472,372above the sector's middle half▼ 8.2%
Debt€112,313-€150,772▲ 34.2%€170,054▲ 12.8%€157,291▼ 7.5%€540,358-€509,591▼ 5.7%€484,618▼ 4.9%
Working capital-€35,805--€75,883▼ 112%-€71,188below the sector's middle half-€127,668below the sector's middle half--€125,381below the sector's middle half▲ 1.8%-€136,784below the sector's middle half▼ 9.1%
Solvency30.6%-24.9%▼ 5.7pp22.5%within the sector's middle half▼ 2.4pp25.5%within the sector's middle half▲ 3.0pp2.3%below the sector's middle half-0.9%below the sector's middle half▼ 1.4pp-2.6%below the sector's middle half▼ 3.5pp
Current ratio0.09-0.09=0.19below the sector's middle half0.21below the sector's middle half-0.28below the sector's middle half▲ 0.070.28below the sector's middle half=
Return on assets (ROA)0.1%-0.2%▲ 0.1pp-0.2%below the sector's middle half▼ 0.5pp2.1%within the sector's middle half▲ 2.3pp-9.1%below the sector's middle half--1.6%below the sector's middle half▲ 7.5pp-3.6%below the sector's middle half▼ 2.0pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 profit of €11,520, after a loss of €6,137 in 2024. It is the highest result since 2021.
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 €472,372
Fixed assets
€417,875 ▼ 10.2%
Current assets
€54,497 ▲ 11.0%
Equity and liabilities
Equity-€12,246
Debt€484,618
Equity is negative. Debt (€484,618) exceeds the balance-sheet total (€472,372).
Key figures and ratios
EBITDA
€59,040▲
2024 · €47,951
Cash flow
€30,549▼
2024 · €45,914
Interest coverage
4.05▲
2024 · 3.06
Debt ≤ 1 year
€191,281▲
2024 · €174,475
Debt > 1 year
€292,049▼
2024 · €332,796
Income taxes
€16,423▲
2024 · €776
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.
Securities and guarantees
| Item | 2021 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Mortgages, amount registered | - | - | - | €337,400 |
| Carrying value of the mortgaged assets | - | - | - | €250,765 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,637 | €297,080 | - | - |
| Financial fixed assets | - | - | - | €0 |
| Depreciation and write-downs of the year | €27,268 | €49,145 | €54,088 | €47,520 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €16,592 | €242 | €8,769 | ▲ 36× |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €22,031 | - | - | €27,268 | €49,145 | €54,088 | €47,520 | ▼ 12.1% |
| Other operating charges640/8 | - | - | - | €3,042 | €2,748 | €2,068 | €3,519 | ▲ 70.2% |
| Gross operating margin9900 | €26,438 | €7,868 | €2,595 | €43,081 | €14,816 | €50,019 | €62,559 | ▲ 25.1% |
| Operating profit (loss)9901 | €1,268 | €1,002 | €648 | €12,771 | -€37,077 | -€6,137 | €11,520 | - |
| Financial income75/76B | - | - | - | €578 | €118 | €14,433 | €2,497 | ▼ 82.7% |
| Recurring financial income75 | - | - | - | €289 | €118 | €14,433 | €2,497 | ▼ 82.7% |
| Non-recurring financial income76B | - | - | - | €289 | - | - | - | - |
| Financial charges65/66B | - | - | - | €6,634 | €12,411 | €15,694 | €14,566 | ▼ 7.2% |
| Recurring financial charges65 | - | €324 | €1,177 | €6,634 | €12,411 | €15,694 | €14,566 | ▼ 7.2% |
| Profit (loss) for the period before taxes9903 | €1,268 | €678 | -€530 | €6,715 | -€49,370 | -€7,398 | -€549 | ▲ 92.6% |
| Income taxes67/77 | €1,064 | €230 | - | €2,367 | €786 | €776 | €16,423 | ▲ 21× |
| Profit (loss) for the period9904 | €204 | €448 | -€530 | €4,348 | -€50,156 | -€8,174 | -€16,972 | ▼ 108% |
| Profit (loss) for the period to be appropriated9905 | €204 | €448 | -€530 | €4,348 | -€50,156 | -€8,174 | -€16,972 | ▼ 108% |
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €161,895 | €200,802 | €219,554 | €211,138 | €553,258 | €514,317 | €472,372 | ▼ 8.2% |
| Fixed assets21/28 | €158,282 | €192,928 | €219,554 | €194,922 | €519,311 | €465,223 | €417,875 | ▼ 10.2% |
| Tangible fixed assets22/27 | €158,282 | €192,928 | €219,554 | €194,922 | €519,311 | €465,223 | €417,875 | ▼ 10.2% |
| Land and buildings22 | - | - | - | €137,174 | €400,719 | €383,797 | €367,048 | ▼ 4.4% |
| Plant, machinery and equipment23 | - | - | - | €6,285 | €500 | €0 | - | - |
| Furniture and vehicles24 | - | - | - | €51,463 | €118,092 | €81,426 | €50,827 | ▼ 37.6% |
| Current assets29/58 | €3,613 | €7,874 | - | €16,216 | €33,947 | €49,094 | €54,497 | ▲ 11.0% |
| Amounts receivable within one year40/41 | - | €4,261 | - | €9,725 | €28,677 | €32,473 | €48,651 | ▲ 49.8% |
| Trade receivables40 | - | - | - | €9,725 | €11,677 | €15,791 | €33,291 | ▲ 111% |
| Other amounts receivable41 | - | - | - | - | €17,000 | €16,681 | €15,359 | ▼ 7.9% |
| Current investments50/53 | €3,282 | €3,282 | - | - | €5,270 | €1,218 | €27 | ▼ 97.8% |
| Cash at bank and in hand54/58 | - | - | - | €6,491 | - | €11,000 | €0 | ▼ 100% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €4,404 | €5,820 | ▲ 32.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €161,895 | €200,802 | €219,554 | €211,138 | €553,258 | €514,317 | €472,372 | ▼ 8.2% |
| Equity10/15 | €49,582 | €50,029 | €49,499 | €53,847 | €12,900 | €4,726 | -€12,246 | - |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €6,700 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | - | €4,840 | €0 | - | - |
| Profit (loss) carried forward14 | €41,522 | €41,969 | €41,439 | €45,787 | €0 | -€3,334 | -€20,306 | ▼ 509% |
| Amounts payable17/49 | €112,313 | €150,772 | €170,054 | €157,291 | €540,358 | €509,591 | €484,618 | ▼ 4.9% |
| Amounts payable after more than one year17 | €72,895 | €67,015 | €61,865 | €69,887 | €378,743 | €332,796 | €292,049 | ▼ 12.2% |
| Financial debts170/4 | - | - | - | €69,887 | €378,743 | €332,796 | €292,049 | ▼ 12.2% |
| Amounts payable within one year42/48 | €39,418 | €83,757 | €108,189 | €87,404 | €161,614 | €174,475 | €191,281 | ▲ 9.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €27,289 | €44,604 | €45,980 | €40,713 | ▼ 11.5% |
| Financial debts43 | - | - | - | - | €16,237 | €17,375 | €23,939 | ▲ 37.8% |
| Credit institutions430/8 | - | - | - | - | €16,237 | €17,375 | €23,939 | ▲ 37.8% |
| Trade debts44 | - | - | €12,200 | - | €21,469 | €25,945 | €31,439 | ▲ 21.2% |
| Suppliers440/4 | - | - | - | - | €21,469 | €25,945 | €31,439 | ▲ 21.2% |
| Taxes, remuneration and social security45 | - | - | - | €2,367 | €14,595 | €4,070 | €5,441 | ▲ 33.7% |
| Taxes450/3 | - | - | - | €2,367 | €3,101 | €4,070 | €5,441 | ▲ 33.7% |
| Remuneration and social security454/9 | - | - | - | - | €11,494 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €57,748 | €64,709 | €81,104 | €89,749 | ▲ 10.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €2,320 | €1,289 | ▼ 44.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €204 | €448 | -€530 | €4,348 | -€50,156 | -€8,174 | -€16,972 | ▼ 108% |
| + Depreciation and write-downs630 | €22,031 | - | - | €27,268 | €49,145 | €54,088 | €47,520 | ▼ 12.1% |
| Operating cash flow (approximation) | €22,235 | €448 | -€530 | €31,616 | -€1,011 | €45,914 | €30,549 | ▼ 33.5% |
| Investment in fixed assets (approximation) | - | -€34,646 | -€26,626 | -€2,637 | - | €0 | -€173 | - |
| Change in cash | - | - | - | - | - | - | -€11,000 | - |
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, 1,216 companies had the same profile as DEVANTO has now. Two years later, 95.7% were still going and 1.1% had gone bankrupt.
- Small
- 10 to 20 years old
- negative equity
- a small loss
95.7%
was still going
2.6%
stopped otherwise
1.1%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of DEVANTO itself is higher: 3.3% within 12 months. It rests on far more data about DEVANTO 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 1,216 companies, not a prediction for DEVANTO. 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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-07-2026 | 2026-00385175 | |
| 31-12-2024 | micro format | 21-01-2026 | 2026-00010842 | |
| 31-12-2023 | micro format | 17-04-2026 | 2026-00081378 | |
| 31-12-2021 | micro format | 29-11-2022 | 2022-20533001 | |
| 31-12-2020 | micro format | 30-11-2021 | 2021-79300320 | |
| 31-12-2019 | micro format | 30-11-2020 | 2020-74800014 | |
| 31-12-2018 | micro format | 31-08-2019 | 2019-62700553 | |
| 31-12-2017 | micro format | 31-12-2018 | 2018-76300218 | |
| 31-12-2015 | abbreviated format | 30-08-2016 | 2016-58900553 | |
| 31-12-2014 | abbreviated format | 30-07-2015 | 2015-39300569 |