DEVEBE
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 5 days after the deadline Filed on 5 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00392841.
Annual accounts 2025 filed on 05-08-2026 at the NBB all 27 filings
Turnover
≈ €47,000
Estimated: probably between €21,000 and €120,000
EBIT margin
Not included in this filing
Net result
-€12,528▲ 26.0%
2024 · -€16,937
Working capital
€198,443▼ 11.6%
2024 · €224,418
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€9,242
▼ 11.5%
2025
20182025
Net result
-€12,528
▲ 26.0%
2025
lowest quarter of the sector
20182025
Equity
€582,312
▼ 2.1%
2025
middle half of the sector
20182025
Total assets
€944,992
▼ 4.4%
2025
middle half of the sector
20182025
Debt
€362,680
▼ 7.9%
2025
20182025
Working capital
€198,443
▼ 11.6%
2025
middle half of the sector
20182025
Solvency
61.6%
▲ 1.4pp
2025
middle half of the sector
20182025
Current ratio
6.35
▼ 0.74
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-1.3%
▲ 0.4pp
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-€0.002m--€0.02m▼ 944%-€0.02m▲ 1.9%€0.09m-€0.002m-€0.01m▼ 415%-€0.008m▲ 13.2%-€0.009m▼ 11.5%
Net result-€0.009m--€0.05m▼ 515%-€0.03mbelow the sector's middle half▲ 50.0%€0.07mwithin the sector's middle half-€0.002mbelow the sector's middle half-€0.007mbelow the sector's middle half▼ 300%-€0.02mbelow the sector's middle half▼ 126%-€0.01mbelow the sector's middle half▲ 26.0%
Equity€0.6m-€0.6m▼ 8.6%€0.6mwithin the sector's middle half▼ 4.7%€0.6mwithin the sector's middle half▲ 12.2%€0.6mwithin the sector's middle half▼ 0.3%€0.6mwithin the sector's middle half▼ 1.2%€0.6mwithin the sector's middle half▼ 2.8%€0.6mwithin the sector's middle half▼ 2.1%
Total assets€1.2m-€1.2m▼ 4.9%€1.1mwithin the sector's middle half▼ 3.4%€1.2mwithin the sector's middle half▲ 3.8%€1.1mwithin the sector's middle half▼ 4.4%€1.0mwithin the sector's middle half▼ 5.8%€1.0mwithin the sector's middle half▼ 4.9%€0.9mwithin the sector's middle half▼ 4.4%
Debt€0.6m-€0.6m▼ 0.9%€0.6m▼ 2.1%€0.5m▼ 4.6%€0.5m▼ 9.1%€0.4m▼ 11.7%€0.4m▼ 8.0%€0.4m▼ 7.9%
Working capital-€0.4m-€0.3m€0.2mwithin the sector's middle half▼ 5.4%€0.3mwithin the sector's middle half▲ 21.8%€0.3mwithin the sector's middle half▼ 5.6%€0.3mwithin the sector's middle half▼ 8.2%€0.2mwithin the sector's middle half▼ 13.1%€0.2mwithin the sector's middle half▼ 11.6%
Solvency52.4%-50.4%▼ 2.0pp49.8%within the sector's middle half▼ 0.7pp53.8%within the sector's middle half▲ 4.0pp56.1%within the sector's middle half▲ 2.3pp58.8%within the sector's middle half▲ 2.7pp60.2%within the sector's middle half▲ 1.3pp61.6%within the sector's middle half▲ 1.4pp
Current ratio0.07-4.71▲ 4.644.59above the sector's middle half▼ 0.124.99above the sector's middle half▲ 0.405.76above the sector's middle half▲ 0.778.09above the sector's middle half▲ 2.337.09above the sector's middle half▼ 1.006.35above the sector's middle half▼ 0.74
Return on assets (ROA)-0.7%--4.7%▼ 4.0pp-2.4%below the sector's middle half▲ 2.3pp5.9%within the sector's middle half▲ 8.3pp-0.2%below the sector's middle half▼ 6.0pp-0.7%below the sector's middle half▼ 0.6pp-1.7%below the sector's middle half▼ 1.0pp-1.3%below the sector's middle half▲ 0.4pp
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 €9,242, larger than the loss of €8,292 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €944,992
Fixed assets
€709,457 ▼ 2.4%
Current assets
€235,535 ▼ 9.9%
Equity and liabilities €944,992
Equity
€582,312 ▼ 2.1%
Debt
€362,680 ▼ 7.9%
Debt's share of the balance-sheet total falls from 39.8% to 38.4%. Equity and debt are lower.
Key figures and ratios
EBITDA
€8,564▼
2024 · €9,513
Cash flow
€5,277▲
2024 · €868
Debt to equity
0.62▼
2024 · 0.66
ROE
-2.2%▲
2024 · -2.8%
Interest coverage
0.92▼
2024 · 0.94
Debt ≤ 1 year
€37,092▲
2024 · €36,863
Debt > 1 year
€321,334▼
2024 · €356,840
Income taxes
€0▼
2024 · €4,993
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 | €4,593 | - | - | - | - |
| Depreciation and write-downs of the year | €22,444 | €18,144 | €18,144 | €17,805 | €17,805 |
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 | €28,507 | €23,739 | €23,739 | €22,444 | €18,144 | €18,144 | €17,805 | €17,805 | = |
| Other operating charges640/8 | - | - | - | €4,806 | €2,429 | €2,658 | €2,814 | €3,116 | ▲ 10.7% |
| Gross operating margin9900 | €28,705 | €3,808 | €4,222 | €120,898 | €18,718 | €11,247 | €12,328 | €11,680 | ▼ 5.3% |
| Operating profit (loss)9901 | -€2,126 | -€22,191 | -€21,776 | €93,648 | -€1,854 | -€9,555 | -€8,292 | -€9,242 | ▼ 11.5% |
| Financial income75/76B | - | - | - | €5,626 | €9,821 | €12,374 | €6,513 | €6,037 | ▼ 7.3% |
| Recurring financial income75 | - | €6,858 | €7,796 | €5,626 | €9,821 | €12,374 | €6,513 | €6,037 | ▼ 7.3% |
| Financial charges65/66B | - | - | - | €12,969 | €12,352 | €10,980 | €10,166 | €9,324 | ▼ 8.3% |
| Recurring financial charges65 | €6,707 | €15,011 | €13,166 | €12,969 | €12,352 | €10,980 | €10,166 | €9,324 | ▼ 8.3% |
| Profit (loss) for the period before taxes9903 | -€8,833 | -€54,344 | -€27,146 | €86,305 | -€4,386 | -€8,161 | -€11,944 | -€12,528 | ▼ 4.9% |
| Income taxes67/77 | - | - | - | €18,709 | -€2,510 | -€663 | €4,993 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | -€8,833 | -€54,344 | -€27,146 | €67,596 | -€1,875 | -€7,499 | -€16,937 | -€12,528 | ▲ 26.0% |
| Profit (loss) for the period to be appropriated9905 | -€8,833 | -€54,344 | -€27,146 | €67,596 | -€1,875 | -€7,499 | -€16,937 | -€12,528 | ▲ 26.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.2m | €1.2m | €1.1m | €1.2m | €1.1m | €1.0m | €1.0m | €0.9m | ▼ 4.4% |
| Fixed assets21/28 | €1.2m | €0.8m | €0.8m | €0.8m | €0.8m | €0.7m | €0.7m | €0.7m | ▼ 2.4% |
| Tangible fixed assets22/27 | €0.8m | €0.8m | €0.8m | €0.8m | €0.8m | €0.7m | €0.7m | €0.7m | ▼ 2.4% |
| Land and buildings22 | - | - | - | €0.8m | €0.8m | €0.7m | €0.7m | €0.7m | ▼ 2.4% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €338 | €0 | - | - | - |
| Financial fixed assets28 | €0.3m | - | - | - | - | - | - | - | - |
| Current assets29/58 | €0.03m | €0.3m | €0.3m | €0.4m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 9.9% |
| Amounts receivable after more than one year29 | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 11.1% |
| Other amounts receivable291 | - | - | - | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 11.1% |
| Amounts receivable within one year40/41 | €0.02m | €0.02m | €0.02m | €0.08m | €0.04m | €0 | €0.05m | €0.05m | ▼ 11.5% |
| Trade receivables40 | - | - | - | €0.04m | €0 | - | - | €0.001m | - |
| Other amounts receivable41 | - | - | - | €0.04m | €0.04m | €0 | €0.05m | €0.05m | ▼ 13.7% |
| Cash at bank and in hand54/58 | €0.002m | €0.004m | €0.008m | €0.004m | €0.004m | €0.006m | €0.004m | €0.007m | ▲ 71.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.2m | €1.2m | €1.1m | €1.2m | €1.1m | €1.0m | €1.0m | €0.9m | ▼ 4.4% |
| Equity10/15 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | ▼ 2.1% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Revaluation surpluses12 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Reserves13 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Non-distributable reserves130/1 | - | - | - | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | = |
| Legal reserve130 | - | - | - | €0.008m | €0.008m | €0.008m | €0.008m | €0.008m | = |
| Tax-exempt reserves132 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Profit (loss) carried forward14 | -€0.009m | -€0.06m | -€0.09m | -€0.02m | -€0.02m | -€0.03m | -€0.05m | -€0.06m | ▼ 25.5% |
| Amounts payable17/49 | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | ▼ 7.9% |
| Amounts payable after more than one year17 | €0.2m | €0.5m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 10.0% |
| Financial debts170/4 | - | - | - | €0.5m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 10.0% |
| Amounts payable within one year42/48 | €0.4m | €0.07m | €0.07m | €0.07m | €0.06m | €0.04m | €0.04m | €0.04m | ▲ 0.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.04m | ▲ 2.5% |
| Trade debts44 | €0.002m | €0.003m | €0.007m | €0.005m | €0.002m | €0.003m | €0.002m | €0.001m | ▼ 56.2% |
| Suppliers440/4 | - | - | - | €0.005m | €0.002m | €0.003m | €0.002m | €0.001m | ▼ 56.2% |
| Advances received on contracts in progress46 | - | - | - | €0 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.03m | €0.02m | €12 | €1 | €0.001m | ▲ 490× |
| Taxes450/3 | - | - | - | €0.03m | €0.02m | €12 | €1 | €0.001m | ▲ 490× |
| Other amounts payable47/48 | - | - | - | €0.008m | €0.008m | €0 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €0.004m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,833 | -€54,344 | -€27,146 | €67,596 | -€1,875 | -€7,499 | -€16,937 | -€12,528 | ▲ 26.0% |
| + Depreciation and write-downs630 | €28,507 | €23,739 | €23,739 | €22,444 | €18,144 | €18,144 | €17,805 | €17,805 | = |
| Operating cash flow (approximation) | €19,674 | -€30,605 | -€3,407 | €90,039 | €16,269 | €10,645 | €868 | €5,277 | ▲ 508% |
| Investment in fixed assets (approximation) | - | €338,308 | €0 | -€4,593 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €2,313 | €3,828 | -€4,431 | €350 | €2,041 | -€2,013 | €2,941 | - |
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, 8,617 companies had the same profile as DEVEBE has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of DEVEBE itself is higher: 1.2% within 12 months. It rests on far more data about DEVEBE 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 8,617 companies, not a prediction for DEVEBE. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 05-08-2026 | 2026-00392841 | |
| 31-12-2024 | abbreviated format | 22-07-2025 | 2025-00324398 | |
| 31-12-2023 | abbreviated format | 17-07-2024 | 2024-00258206 | |
| 31-12-2022 | abbreviated format | 18-07-2023 | 2023-00257441 | |
| 31-12-2021 | abbreviated format | 31-08-2022 | 2022-20407027 | |
| 31-12-2020 | abbreviated format | 31-08-2021 | 2021-64200540 | |
| 31-12-2019 | abbreviated format | 02-10-2020 | 2020-59400396 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-60100431 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-56500229 | |
| 31-12-2016 | abbreviated format | 21-08-2017 | 2017-45900211 |