DEVOLDERE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 20-05-2026 PDF all 36 filings
Turnover
€216,302▲ 1.5%
2023 · €213,178
EBIT margin
1.6%▼ 4.5pp
2023 · 6.1%
Net result
€74,842▲ 43×
2024 · €1,753
Working capital
€12,340▲ 17.9%
2024 · €10,469
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€108,113
▲ 32×
2025
20182025
Net result
€74,842
▲ 43×
2025
highest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€116,812
▼ 12.2%
2025
highest quarter of the sector
20182025
Total assets
€205,837
▲ 32.0%
2025
middle half of the sector
20182025
Debt
€89,025
▲ 289%
2025
20182025
Working capital
€12,340
▲ 17.9%
2025
middle half of the sector
20182025
Solvency
56.7%
▼ 28.6pp
2025
middle half of the sector
20182025
Current ratio
1.15
▼ 0.31
2025
middle half of the sector
20182025
Return on assets (ROA)
36.4%
▲ 35.2pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€166,292€170,118▲ 2.3%€201,524▲ 18.5%€213,178▲ 5.8%€216,302▲ 1.5%
Operating result€13,740-€13,491▼ 1.8%€9,594▼ 28.9%€1,581▼ 83.5%€2,384▲ 50.8%€12,971▲ 444%€3,356▼ 74.1%€108,113▲ 32×
Net result€12,506-€11,425▼ 8.6%€6,098within the sector's middle half▼ 46.6%-€813below the sector's middle half€812within the sector's middle half€7,768within the sector's middle half▲ 856%€1,753within the sector's middle half▼ 77.4%€74,842above the sector's middle half▲ 43×
EBIT margin5.8%0.9%▼ 4.8pp1.2%▲ 0.3pp6.1%▲ 4.9pp1.6%▼ 4.5pp
Equity€106,027-€117,452▲ 10.8%€123,550above the sector's middle half▲ 5.2%€122,737above the sector's middle half▼ 0.7%€123,549above the sector's middle half▲ 0.7%€131,317above the sector's middle half▲ 6.3%€133,070above the sector's middle half▲ 1.3%€116,812above the sector's middle half▼ 12.2%
Total assets€220,106-€237,013▲ 7.7%€228,676within the sector's middle half▼ 3.5%€210,773within the sector's middle half▼ 7.8%€207,067within the sector's middle half▼ 1.8%€183,149within the sector's middle half▼ 11.6%€155,958within the sector's middle half▼ 14.8%€205,837within the sector's middle half▲ 32.0%
Debt€114,079-€119,561▲ 4.8%€105,126▼ 12.1%€88,037▼ 16.3%€83,518▼ 5.1%€51,832▼ 37.9%€22,888▼ 55.8%€89,025▲ 289%
Working capital-€4,085--€27,109▼ 564%-€23,898below the sector's middle half▲ 11.8%-€25,282below the sector's middle half▼ 5.8%-€40,761below the sector's middle half▼ 61.2%-€4,050within the sector's middle half▲ 90.1%€10,469within the sector's middle half€12,340within the sector's middle half▲ 17.9%
Solvency48.2%-49.6%▲ 1.4pp54.0%within the sector's middle half▲ 4.5pp58.2%within the sector's middle half▲ 4.2pp59.7%within the sector's middle half▲ 1.4pp71.7%above the sector's middle half▲ 12.0pp85.3%above the sector's middle half▲ 13.6pp56.7%within the sector's middle half▼ 28.6pp
Current ratio0.93-0.51▼ 0.410.56below the sector's middle half▲ 0.040.56below the sector's middle half▲ 0.010.40below the sector's middle half▼ 0.170.90within the sector's middle half▲ 0.501.46within the sector's middle half▲ 0.561.15within the sector's middle half▼ 0.31
Return on assets (ROA)5.7%-4.8%▼ 0.9pp2.7%within the sector's middle half▼ 2.2pp-0.4%below the sector's middle half▼ 3.1pp0.4%within the sector's middle half▲ 0.8pp4.2%within the sector's middle half▲ 3.8pp1.1%within the sector's middle half▼ 3.1pp36.4%above the sector's middle half▲ 35.2pp
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 32 times that of 2024 and the highest since 2018. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €205,837
Fixed assets
€110,183 ▼ 10.1%
Current assets
€95,655 ▲ 187%
Equity and liabilities €205,837
Equity
€116,812 ▼ 12.2%
Debt
€89,025 ▲ 289%
Debt's share of the balance-sheet total rises from 14.7% to 43.3%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€136,611▲
2024 · €31,808
Cash flow
€103,340▲
2024 · €30,205
Debt to equity
0.76▲
2024 · 0.17
ROE
64.1%▲
2024 · 1.3%
Interest coverage
over 100▲
2024 · 81.04
Debt ≤ 1 year
€83,315▲
2024 · €22,888
Debt > 1 year
€5,711
Income taxes
€32,380▲
2024 · €1,390
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 | €12,945 | €39,031 | €5,540 | €2,841 | €18,353 |
| Depreciation and write-downs of the year | €33,557 | €36,679 | €37,720 | €28,452 | €28,498 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 2 entries · €1,848 awarded · €1,848 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €1,730 | €1,730 |
| 2024 | 1 | €118 | €118 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | €166,292 | €170,118 | €201,524 | €213,178 | €216,302 | - | - |
| Non-recurring operating income76A | - | - | - | - | - | - | - | €18,500 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €140,087 | €163,441 | €163,816 | €187,646 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €4,386 | €4,697 | €5,256 | €5,121 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €27,384 | €30,828 | €31,765 | €33,557 | €36,679 | €37,720 | €28,452 | €28,498 | ▲ 0.2% |
| Other operating charges640/8 | - | - | - | €2,192 | €2,746 | €2,242 | €3,019 | €2,502 | ▼ 17.1% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €10,753 | - |
| Gross operating margin9900 | €43,019 | €47,238 | €43,679 | €41,715 | €46,505 | €58,188 | €39,948 | €149,866 | ▲ 275% |
| Operating profit (loss)9901 | €13,740 | €13,491 | €9,594 | €1,581 | €2,384 | €12,971 | €3,356 | €108,113 | ▲ 32× |
| Financial income75/76B | - | - | - | €32 | €0 | - | €179 | €20 | ▼ 88.7% |
| Recurring financial income75 | €486 | €30 | €6 | €32 | €0 | - | €179 | €20 | ▼ 88.7% |
| Financial charges65/66B | - | - | - | €1,360 | €904 | €575 | €393 | €912 | ▲ 132% |
| Recurring financial charges65 | €1,343 | €1,862 | €1,833 | €1,360 | €904 | €575 | €393 | €912 | ▲ 132% |
| Profit (loss) for the period before taxes9903 | €12,883 | €11,659 | €7,766 | €252 | €1,480 | €12,396 | €3,143 | €107,222 | ▲ 34× |
| Income taxes67/77 | €378 | €234 | €1,668 | €1,065 | €667 | €4,628 | €1,390 | €32,380 | ▲ 23× |
| Profit (loss) for the period9904 | €12,506 | €11,425 | €6,098 | -€813 | €812 | €7,768 | €1,753 | €74,842 | ▲ 43× |
| Profit (loss) for the period to be appropriated9905 | €12,506 | €11,425 | €6,098 | -€813 | €812 | €7,768 | €1,753 | €74,842 | ▲ 43× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €220,106 | €237,013 | €228,676 | €210,773 | €207,067 | €183,149 | €155,958 | €205,837 | ▲ 32.0% |
| Fixed assets21/28 | €167,167 | €208,343 | €198,651 | €178,039 | €180,391 | €148,212 | €122,601 | €110,183 | ▼ 10.1% |
| Tangible fixed assets22/27 | €166,737 | €207,913 | €198,221 | €177,609 | €179,961 | €147,782 | €122,171 | €109,753 | ▼ 10.2% |
| Land and buildings22 | - | - | - | €87,682 | €110,888 | €99,563 | €83,674 | €85,625 | ▲ 2.3% |
| Furniture and vehicles24 | - | - | - | €89,927 | €69,073 | €48,219 | €38,496 | €24,128 | ▼ 37.3% |
| Financial fixed assets28 | €430 | €430 | €430 | €430 | €430 | €430 | €430 | €430 | = |
| Current assets29/58 | €52,939 | €28,669 | €30,025 | €32,734 | €26,676 | €34,938 | €33,357 | €95,655 | ▲ 187% |
| Amounts receivable within one year40/41 | €15,063 | €13,836 | €14,839 | €19,349 | €21,994 | €21,389 | €26,652 | €50,419 | ▲ 89.2% |
| Trade receivables40 | - | - | - | €19,349 | €21,994 | €21,389 | €19,962 | €24,774 | ▲ 24.1% |
| Other amounts receivable41 | - | - | - | - | - | - | €6,690 | €25,645 | ▲ 283% |
| Cash at bank and in hand54/58 | €35,079 | €13,044 | €13,565 | €8,267 | €4,682 | €13,549 | €6,706 | €40,470 | ▲ 504% |
| Deferred charges and accrued income490/1 | - | - | - | €5,118 | - | - | - | €4,766 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €220,106 | €237,013 | €228,676 | €210,773 | €207,067 | €183,149 | €155,958 | €205,837 | ▲ 32.0% |
| Equity10/15 | €106,027 | €117,452 | €123,550 | €122,737 | €123,549 | €131,317 | €133,070 | €116,812 | ▼ 12.2% |
| Contributions10/11 | €6,355 | €6,355 | €6,355 | €6,355 | €6,355 | €6,355 | €6,355 | €6,355 | = |
| Capital10 | - | - | - | €6,355 | €6,355 | €6,355 | €6,355 | - | - |
| Issued capital100 | - | - | - | €18,750 | €18,750 | €18,750 | €18,750 | - | - |
| Uncalled capital101 | - | - | - | €12,395 | €12,395 | €12,395 | €12,395 | - | - |
| Reserves13 | €99,671 | €111,096 | €117,195 | €117,195 | €117,195 | €124,962 | €126,715 | €110,457 | ▼ 12.8% |
| Non-distributable reserves130/1 | - | - | - | €1,875 | €1,875 | €1,875 | €1,875 | - | - |
| Legal reserve130 | - | - | - | €1,875 | €1,875 | €1,875 | €1,875 | - | - |
| Tax-exempt reserves132 | - | - | - | €4,000 | €4,000 | €4,000 | €4,000 | €4,000 | = |
| Distributable reserves133 | - | - | - | €111,320 | €111,320 | €119,087 | €120,840 | €106,457 | ▼ 11.9% |
| Profit (loss) carried forward14 | - | - | - | -€813 | -€1 | - | - | - | - |
| Amounts payable17/49 | €114,079 | €119,561 | €105,126 | €88,037 | €83,518 | €51,832 | €22,888 | €89,025 | ▲ 289% |
| Amounts payable after more than one year17 | €57,055 | €63,783 | €51,204 | €30,020 | €16,081 | €12,845 | - | €5,711 | - |
| Financial debts170/4 | - | - | - | €30,020 | €16,081 | €12,845 | - | €5,711 | - |
| Amounts payable within one year42/48 | €57,024 | €55,778 | €53,922 | €58,017 | €67,437 | €38,988 | €22,888 | €83,315 | ▲ 264% |
| Current portion of amounts payable after more than one year42 | - | - | - | €34,854 | €24,970 | €3,236 | €3,236 | €1,740 | ▼ 46.2% |
| Trade debts44 | €8,541 | €6,764 | €6,834 | €11,692 | €13,463 | €8,935 | €13,342 | €22,480 | ▲ 68.5% |
| Suppliers440/4 | - | - | - | €11,692 | €13,463 | €8,935 | €13,342 | €22,480 | ▲ 68.5% |
| Taxes, remuneration and social security45 | - | - | - | €5,026 | €4,362 | €10,388 | €6,310 | €29,095 | ▲ 361% |
| Taxes450/3 | - | - | - | €5,026 | €4,362 | €10,388 | €6,310 | €29,095 | ▲ 361% |
| Other amounts payable47/48 | - | - | - | €6,445 | €24,643 | €16,429 | - | €30,000 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,506 | €11,425 | €6,098 | -€813 | €812 | €7,768 | €1,753 | €74,842 | ▲ 43× |
| + Depreciation and write-downs630 | €27,384 | €30,828 | €31,765 | €33,557 | €36,679 | €37,720 | €28,452 | €28,498 | ▲ 0.2% |
| Operating cash flow (approximation) | €39,890 | €42,253 | €37,863 | €32,744 | €37,491 | €45,488 | €30,205 | €103,340 | ▲ 242% |
| Investment in fixed assets (approximation) | - | -€72,005 | -€22,073 | -€12,945 | -€39,031 | -€5,540 | -€2,841 | -€16,080 | ▼ 466% |
| Change in cash | - | -€22,035 | €522 | -€5,299 | -€3,585 | €8,867 | -€6,843 | €33,765 | - |
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, 31,368 companies had the same profile as DEVOLDERE has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DEVOLDERE 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 31,368 companies, not a prediction for DEVOLDERE. 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 36 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 20-05-2026 | 2026-00115322 | |
| 31-12-2024 | micro format | 13-08-2025 | 2025-00374845 | |
| 31-12-2023 | micro format | 27-08-2024 | 2024-00397542 | |
| 31-12-2022 | micro format | 20-06-2023 | 2023-00159218 | |
| 31-12-2021 | micro format | 13-09-2022 | 2022-20428100 | |
| 31-12-2020 | micro format | 01-07-2021 | 2021-29400066 | |
| 31-12-2019 | micro format | 03-08-2020 | 2020-38700292 | |
| 31-12-2018 | micro format | 11-07-2019 | 2019-31900197 | |
| 31-12-2017 | micro format | 21-06-2018 | 2018-21200452 | |
| 31-12-2016 | micro format | 20-07-2017 | 2017-34500128 |