DEVAPLUS R & D has been active since 2001 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.6m and a net result of €365,643. Equity has been growing by about 6.5% per year since 2018. Its solvency ranks better than 90% of 465 sector peers (NACE 28, financial year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Score breakdownraises riskSector: Manufacture of machinery and equipment not elsewhere classified (NACE 28)lowers riskFounded in 2001Equity €1.6m (91.6% of total assets)Size: total assets €1.8mShow the evidence
Checked score
Score 2025
Checked score
The higher the Checked score (0 to 100), the smaller the chance that the company goes bankrupt within twelve months. That chance sets the band, from Critical to Excellent, and within the band how the company does against its sector peers counts too. With a low score, agree a shorter payment term, an advance or security.
97/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 74% of micro companies in machinery and equipment (NACE 28)
Financial strength measures the balance sheet and the results with three figures out of 100 from the latest annual accounts: solvency, liquidity and profitability. It does not directly set the Checked score's band. How the company does against its sector peers on these and on growth does count for its place within the band.
Strong
Solvency100=
equity 91.6% of total assets
Liquidity56-43
short-term debt 8.4% · cash 4.7%
Profitability95+13
return on assets 20.8%
Bankruptcy probability within 12 months
Bankruptcy probability
It is the chance that the company goes bankrupt within twelve months, estimated from the registers, the annual accounts and the Belgian Official Gazette. At 0.2%, about 2 in 1,000 comparable companies go bankrupt. The higher it is, the shorter the payment term to agree.
0.1%Very low
0%0.5%1.5%4%10%≥ 25%
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Sector median 0.3% (979 companies, NACE 28, micro)
Last 24 months12-2024: < 0.1%01-2025: < 0.1%● unchanged vs 12-202402-2025: < 0.1%● unchanged vs 01-202503-2025: < 0.1%● unchanged vs 02-202504-2025: < 0.1%● unchanged vs 03-202505-2025: < 0.1%● unchanged vs 04-202506-2025: < 0.1%● unchanged vs 05-202507-2025: < 0.1%● unchanged vs 06-202508-2025: 0.1%▲ +0.1 percentage points vs 07-2025highest value09-2025: < 0.1%▼ -0.1 percentage points vs 08-202510-2025: < 0.1%● unchanged vs 09-202511-2025: < 0.1%● unchanged vs 10-202512-2025: < 0.1%● unchanged vs 11-202501-2026: < 0.1%● unchanged vs 12-2025lowest value02-2026: < 0.1%● unchanged vs 01-202603-2026: < 0.1%● unchanged vs 02-202604-2026: < 0.1%● unchanged vs 03-202605-2026: < 0.1%● unchanged vs 04-202606-2026: < 0.1%● unchanged vs 05-202607-2026: < 0.1%● unchanged vs 06-202608-2026: 0.1%▲ +0.1 percentage points vs 07-202609-2026: 0.1%● unchanged vs 08-202610-2026: 0.1%● unchanged vs 09-202611-2026: 0.1%● unchanged vs 10-2026
Credit of up to €150,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 11.69 (8.68 in 2024), above the usual 1.5. Short-term debt is 8.4% and cash 4.7% of total assets. 8.4% of the assets are financed with debt and provisions.
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
75-100
Excellent
under 0.55%
60-74
Healthy
0.55% to 1.5%
45-59
Fair
1.5% to 4.2%
25-44
Weak
4.2% to 15.0%
0-24
Critical
over 15.0%
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 28, micro). It does better than 89% of them on solvency, 54% on liquidity, 87% on profitability and 65% on growth.
The bankruptcy probability was computed on 02-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit check for an amount and term of your choice
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 7 days before the deadline. In the sector (NACE 28), the median for financial year 2024 was 11 days before the deadline, and 32% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 20 August (4 of the last 5 accounts filed within 41 days either side of that date).
The net result is what is left after all costs and taxes. One loss year is not an alarm on its own. After several loss years in a row, it pays to find out why.
Working capital is what is left when the company pays its short-term debts with its short-term assets. Positive means it can pay its bills in the short term.
Net result€0.1m-€0.2m▲ 19.3%€0.2mwithin the sector's middle half▲ 31.8%€0.2mwithin the sector's middle half▲ 0.8%€0.2mwithin the sector's middle half▼ 2.9%€0.2mwithin the sector's middle half▼ 2.0%€0.2mwithin the sector's middle half▼ 13.7%€0.4mabove the sector's middle half▲ 104%
Equity€0.9m-€1.1m▲ 17.1%€1.3mabove the sector's middle half▲ 19.5%€1.1mwithin the sector's middle half▼ 15.2%€1.2mwithin the sector's middle half▲ 7.0%€1.3mwithin the sector's middle half▲ 5.9%€1.5mwithin the sector's middle half▲ 14.1%€1.6mabove the sector's middle half▲ 10.9%
Total assets€1.1m-€1.2m▲ 15.0%€1.5mwithin the sector's middle half▲ 21.6%€1.4mwithin the sector's middle half▼ 6.9%€1.6mwithin the sector's middle half▲ 15.2%€1.8mwithin the sector's middle half▲ 11.3%€1.6mwithin the sector's middle half▼ 8.7%€1.8mabove the sector's middle half▲ 7.4%
Working capital€0.9m-€1.1m▲ 17.7%€1.3mabove the sector's middle half▲ 20.3%€1.1mabove the sector's middle half▼ 16.2%€1.2mabove the sector's middle half▲ 5.1%€1.2mabove the sector's middle half▲ 5.7%€1.4mabove the sector's middle half▲ 14.5%€1.6mabove the sector's middle half▲ 11.3%
Solvency88.1%-89.7%▲ 1.6pp88.2%above the sector's middle half▼ 1.5pp80.4%above the sector's middle half▼ 7.8pp74.6%above the sector's middle half▼ 5.7pp71.1%above the sector's middle half▼ 3.6pp88.7%above the sector's middle half▲ 17.7pp91.6%above the sector's middle half▲ 2.9pp
Current ratio8.58-10.01▲ 1.438.82above the sector's middle half▼ 1.195.09above the sector's middle half▼ 3.733.89above the sector's middle half▼ 1.213.40above the sector's middle half▼ 0.488.68above the sector's middle half▲ 5.2811.69above the sector's middle half▲ 3.01
Return on assets (ROA)12.8%-13.3%▲ 0.5pp14.4%above the sector's middle half▲ 1.1pp15.6%above the sector's middle half▲ 1.2pp13.2%above the sector's middle half▼ 2.5pp11.6%within the sector's middle half▼ 1.6pp10.9%within the sector's middle half▼ 0.6pp20.8%above the sector's middle half▲ 9.9pp
abovewithinbelowThe sector band is the middle half of the companies in Manufacture of machinery and equipment not elsewhere classified (NACE 28). 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 29% higher than in 2024. It is a recovery after the fall in 2024.
Large changes and their cause
2025Net result +104% on 2024.The accounts now follow the micro format, last year the abbreviated format.
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 €1.8m
98.1%
Fixed assets€34,111 ▼ 3.7%
Current assets€1.7m ▲ 7.7%
Equity and liabilities €1.8m
91.6%
8%
Equity€1.6m ▲ 10.9%
Debt€147,397 ▼ 20.1%
Debt's share of the balance-sheet total falls from 11.3% to 8.4%. Equity is higher and debt is lower.
Key figures and ratios
2025 value · change against 2024
EBITDA
€239,972▲
2024 · €186,900
Cash flow
€380,291▲
2024 · €190,985
Debt to equity
0.09▼
2024 · 0.13
ROE
22.7%▲
2024 · 12.3%
Interest coverage
over 100▲
2024 · 21.35
Debt ≤ 1 year
€147,397▼
2024 · €184,404
Income taxes
€5,645▲
2024 · €496
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
fixed assets acquired
Item
2021
2022
2023
2024
2025
Tangible fixed assets
€10,831
€28,151
€16,349
€7,438
€13,350
Depreciation and write-downs of the year
€1,749
€6,564
€10,844
€12,055
€14,648
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
Flemish government
The Flemish government granted these subsidies and aid to the company. Such aid usually goes with a project, with conditions the company must meet.
1 entry · €1,073 · Fonds voor Innoveren en Ondernemen
Annual accounts
Filed annual accountsAs filed with the NBB · 2025 against 2024 · 46 lines
Balance sheetCode20242025
Assets
Total assets20/58€1.6m€1.8m▲
Fixed assets21/28€0.04m€0.03m▼
Tangible fixed assets22/27€0.04m€0.03m▼
Plant, machinery and equipment23€0.04m€0.03m▼
Current assets29/58€1.6m€1.7m▲
Amounts receivable within one year40/41€0.4m€1.2m▲
Trade receivables40€0.06m€0.2m▲
Other amounts receivable41€0.4m€1.0m▲
Current investments50/53€0.5m€0.5m▼
Cash at bank and in hand54/58€0.7m€0.08m▼
Equity and liabilities
Total equity and liabilities10/49€1.6m€1.8m▲
Equity10/15€1.5m€1.6m▲
Contributions10/11€0.2m€0.2m=
Reserves13€0.9m€1.4m▲
Non-distributable reserves130/1€0.002m-
Reserves not available under the articles1311€0.002m-
Tax-exempt reserves132€0.06m€0.06m=
Distributable reserves133€0.8m€1.4m▲
Profit (loss) carried forward14€0.4m-
Amounts payable17/49€0.2m€0.1m▼
Amounts payable within one year42/48€0.2m€0.1m▼
Trade debts44€0.003m-
Suppliers440/4€0.003m-
Taxes, remuneration and social security45€0.01m€0.01m▼
Taxes450/3€0.01m€0.01m▼
Other amounts payable47/48€0.2m€0.1m▼
Accrued charges and deferred income492/3€0-
Income statementCode20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.01m€0.01m▲
Other operating charges640/8€0.001m€0.001m▲
Gross operating margin9900€0.2m€0.2m▲
Operating profit (loss)9901€0.2m€0.2m▲
Financial income75/76B€0.01m€0.1m▲
Recurring financial income75€0.01m€0.1m▲
Financial charges65/66B€0.009m€0.001m▼
Recurring financial charges65€0.009m€0.001m▼
Profit (loss) for the period before taxes9903€0.2m€0.4m▲
Income taxes67/77€496€0.006m▲
Profit (loss) for the period9904€0.2m€0.4m▲
Profit (loss) for the period to be appropriated9905€0.2m€0.4m▲
Appropriation of the result
Profit (loss) to be appropriated9906€0.4m€0.8m▲
Profit (loss) brought forward from the previous period14P€0.2m€0.4m▲
Transfer from equity791/2€0-
Transfer to equity691/2-€0.5m
To other reserves6921-€0.5m
Profit to be distributed694/7€0€0.2m▲
Return on contributions (dividend)694€0€0.2m▲
The notes to these accounts have 5 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
The figures are counted, not predicted. They describe the group, not DEVAPLUS R & D.
In July 2024, 20,136 companies had the same profile as DEVAPLUS R & D has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
Small
20 years or older
solvency 30% or more
a profit of 5% of the balance sheet or more
95.0%was still going
4.7%stopped otherwise
0.2%went bankrupt
That fits the bankruptcy probability of DEVAPLUS R & D 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.
The companies in ten equal groups, from the lowest to the highest expected share
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 20,136 companies, not a prediction for DEVAPLUS R & D. 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.
Additional director · appointed in the act of 14-03-2025 · Legal entity · permanent representative: Quint GEVAERT · also on the board of 10 other companies · listed in the 2025 annual accounts, filed on 10-07-2026
Current
MB
MUTN BV
Additional director · since 18-06-2026 · Legal entity · permanent representative: Marc THOMETSCHEK · listed in the 2025 annual accounts, filed on 10-07-2026
Current
SB
SYDWELL BV
Additional director · since 18-06-2026 · Legal entity · permanent representative: Sydney GEVAERT · listed in the 2025 annual accounts, filed on 10-07-2026
Current
Permanent representatives 3
QG
Quint GEVAERT
Permanent representative · appointed in the act of 14-03-2025 · for JACQMAN BV
Current
MT
Marc THOMETSCHEK
Permanent representative · appointed in the act of 27-07-2026 · for MUTN BV
Current
SG
Sydney GEVAERT
Permanent representative · appointed in the act of 27-07-2026 · for SYDWELL BV
Each bar is one period in a function, from appointment to resignation or to today. An open left edge means the mandate began before its first mention. An open right edge means the mandate ended without a stated end date.
Gazette deed3 directors appointed, 1 director resigning
Resignation: Filip DE VALCK (director) · Appointments: MUTN BV, SYDWELL BV and JACQMAN BV · Permanent representatives: Marc THOMETSCHEK, Sydney GEVAERT and Quint GEVAERT8 points ▸
General meeting, 18-06-2026
Director resignation, Filip DE VALCK (director)
Director appointment, MUTN BV (additional director)
Permanent representative, Marc THOMETSCHEK
Director appointment, SYDWELL BV (additional director)
Permanent representative, Sydney GEVAERT
Director appointment, JACQMAN BV (additional director)
Gazette deed1 director appointed, 1 director resigning, 1 reappointed
Resignation: Filip DE VALCK (manager) · Reappointment: Filip DE VALCK (director) · Appointment: Caroline Martha Marcella DE BRUYCKER (opvolgend bestuurder)13 points ▸
General meeting, 28-11-2023
Capital conversion, “statutair onbeschikbare eigenvermogensrekening” (deed in Dutch)
Capital conversion, “beschikbaar voor uitkering” (deed in Dutch)
Other provision, “mogelijkheid elektronische algemene vergadering, mogelijkheid voorzien de algemene vergadering in elektronische vorm te laten plaatsvinden” (deed in Dutch)
Other provision, “interimdividenden uitkeren, uitkering interimdividenden” (deed in Dutch)
Director resignation, Filip DE VALCK (manager)
Director reappointment, Filip DE VALCK (director (not named in the articles))
Director appointment, Caroline Martha Marcella DE BRUYCKER (opvolgend bestuurder)
Other provision, “zich tot de artsen te wenden om een attest over zijn toestand te laten afleveren, toelating zich tot artsen te wenden voor attest over toestand” (deed in Dutch)
Other provision, “aanpassing statuten aan WVV en behoud rechtsvorm besloten vennootschap, besloten vennootschap (afgekort BV)” (deed in Dutch)
Each sentence rests on a document from the KBO register, the Belgian Official Gazette or the National Bank. The number after the sentence opens that document.
On 5 September 2001, DEVAPLUS R & D was incorporated.1In 2025 the registered office moved to Aalter.2Total assets went from €1.1m in 2018 to €1.8m in 2025.3
Registered office clauseThe articles name the region of the registered office. The language of official documents depends on that region, among other things.
Registered officeNijverheidslaan 12, 9880 Aalter, Belgium1 former office
9230 Wetteren until 03-03-2025 · act of 14-03-2025
Establishment unitDevaplus R&D B.V.B.A, Nijverheidslaan 12, 9880 Aalter since 04-02-2003 · unit number 2.123.050.2823320001 Installation of industrial machinery and equipment
Activities
NACEBEL 2025
28295Manufacture of machinery and equipment not elsewhere classifiedmain activity
Codes under NACEBEL 2008
28295Manufacture of machinery and equipment not elsewhere classifiedmain activity
Invoicing and payment
VAT numberBE 0475.575.360
E-invoicing via Peppol
Reachable via Peppol
Peppol ID0208:0475575360
Registered23-03-2026
Follow this company and you will hear the next morning if it leaves the Peppol register.