Losses
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
The 2024 and 2025 financial years closed with a loss. 2025 was the heaviest.
Of this, €15,719 falls due within a year.
Short-term debts fell from €51,696 to €15,719.
The dashed line is the sector median: 0.1% across 48,555 companies (NACE 70, micro).
Fewer than 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
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 70, micro). It does better than 28% of them on solvency, 43% on liquidity, 13% on profitability and 29% on growth.
The bankruptcy probability was computed on 06-11-2026 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.
The probability rests on the annual accounts with balance sheet date 30-06-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
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).
In July 2024, 1,423 companies had the same profile as DevRad has now. Each dot stands for 4 companies, two years later.
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DevRad itself: 0.1% within 12 months.
The method was tested on the 497,447 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 1,423 companies, not a prediction for DevRad. 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.
Liquidity is ample, with a current ratio of 85.93 (25.45 in 2024), above the usual 1.5. Short-term debt is 1.1% and cash 2.8% of total assets. However, 73.4% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 4 days before the deadline. In the sector (NACE 70), the median for financial year 2024 was 9 days before the deadline, and 32% of those companies filed late.
Shares in 2 companies, Rialto Invest and Rialto Leuven
Board & ownership| Company | ||||
|---|---|---|---|---|
| DevRad Brecht | €1.4m | -€9,231 | 26.6% | - |
| Lyncis Antwerp | €1.5m | -€24,541 | 99.8% | - |
| LE MANOIR Damme | €1.4m | -€2,759 | 3.5% | - |
| ALNWICK Aarschot | €1.5m | -€35,230 | 85.1% | - |
| STAG Tournai | €1.3m | -€7,024 | 23.0% | - |
| SEB, BAS, TIEN en Co Zedelgem | €1.3m | -€1,771 | 87.9% | - |
| GAS Projects Bruges | €1.4m | -€12,037 | 98.7% | - |
These companies have the same main activity as DevRad: business and other management consultancy (NACE 70200). They are comparable in size and age: total assets between €1.3m and €1.5m, founded between 2011 and 2014.
DevRad files the abbreviated format. That format states no turnover. The gross margin fell from €25,715 in 2014 to -€9,231 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Higher than 28% of 10,847 companies in 2025.
Higher than 95% of 10,470 companies in 2025.
Higher than 14% of 10,717 companies in 2025.
Net result: bottom quarter · Equity: middle half · Balance sheet total: middle half · Working capital: top quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | |||||||||||||
20/58 |
1.4m | 1.3m | 1.4m | 1.5m | 1.9m | 1.9m | 705,538 | 745,951 | 840,621 | 867,848 | 173,157 | 159,922 | |
21/28 |
23,309 | 19,833 | 19,478 | 14,816 | 15,169 | 646,180 | 677,029 | 723,705 | 751,115 | 797,175 | 54,114 | 5,263 | |
22/27 |
15,391 | 16,533 | 16,178 | 11,516 | 11,869 | 642,880 | 676,529 | 723,205 | 750,615 | 796,675 | 54,114 | 5,263 | |
22 |
7,959 | 9,194 | 8,102 | 9,125 | 10,148 | 642,579 | 676,336 | 710,093 | 724,567 | 757,053 | - | - | |
23 |
702 | 0 | 100 | 210 | 320 | - | - | - | - | - | - | - | |
24 |
6,730 | 7,339 | 7,976 | 2,180 | 1,401 | 301 | 193 | 13,111 | 26,048 | 39,622 | 54,114 | 5,263 | |
28 |
7,918 | 3,300 | 3,300 | 3,300 | 3,300 | 3,300 | 500 | 500 | 500 | 500 | - | - | |
29/58 |
1.4m | 1.3m | 1.4m | 1.5m | 1.9m | 1.2m | 28,510 | 22,246 | 89,506 | 70,673 | 119,042 | 154,659 | |
29 |
1.3m | 1.2m | 1.2m | 1.2m | 1.2m | 1.2m | - | - | - | - | - | - | |
291 |
1.3m | 1.2m | 1.2m | 1.2m | 1.2m | 1.2m | - | - | - | - | - | - | |
40/41 |
16,160 | 32,022 | 50,574 | 11,162 | 20,498 | 1,378 | 16,992 | 10,654 | 5,137 | 30,177 | 87,726 | 15,000 | |
40 |
12,381 | 31,831 | 50,550 | 5,060 | 13,103 | 1,361 | 16,975 | 6,493 | 3,649 | 24,426 | 82,425 | 15,000 | |
41 |
3,779 | 192 | 24 | 6,102 | 7,395 | 17 | 17 | 4,162 | 1,488 | 5,751 | 5,301 | - | |
50/53 |
0 | 51,230 | - | - | - | - | - | - | - | - | - | - | |
54/58 |
39,075 | 39,497 | 114,501 | 331,745 | 676,434 | 24,538 | 9,018 | 11,592 | 84,369 | 40,496 | 31,317 | 139,659 | |
490/1 |
2,954 | 5,911 | 4,870 | 2,148 | 1,146 | 909 | 2,500 | - | - | - | - | - | |
| Balance sheet: equity and liabilities | |||||||||||||
10/49 |
1.4m | 1.3m | 1.4m | 1.5m | 1.9m | 1.9m | 705,538 | 745,951 | 840,621 | 867,848 | 173,157 | 159,922 | |
10/15 |
365,533 | 398,997 | 423,132 | 420,234 | 429,333 | 130,480 | 182,144 | 257,552 | 320,235 | 337,247 | 19,513 | 20,200 | |
10/11 |
406,200 | 406,200 | 406,200 | 406,200 | 406,200 | 406,200 | 406,200 | 406,200 | 406,200 | 406,200 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | 418,600 | 418,600 | 418,600 | 418,600 | 418,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | |
13 |
54,485 | 54,485 | 54,485 | 54,485 | 54,485 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
130/1 |
- | 0 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | |
1311 |
- | 0 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | |
132 |
52,625 | 52,625 | 52,625 | 52,625 | 52,625 | - | - | - | - | - | - | - | |
133 |
1,860 | 1,860 | - | - | - | - | - | - | - | - | - | - | |
14 |
-95,152 | -61,688 | -37,553 | -40,451 | -31,352 | -277,580 | -225,916 | -150,508 | -87,825 | -70,813 | 11,453 | 12,140 | |
17/49 |
1.0m | 936,696 | 953,490 | 1.1m | 1.5m | 1.7m | 523,394 | 488,399 | 520,387 | 530,601 | 153,644 | 139,722 | |
17 |
970,000 | 885,000 | 910,000 | 1.1m | 1.5m | 1.6m | 400,000 | 400,000 | 400,000 | 400,000 | - | - | |
170/4 |
400,000 | 660,000 | 660,000 | 860,000 | 1.2m | 1.2m | - | - | - | - | - | - | |
178/9 |
570,000 | 225,000 | 250,000 | 250,000 | 250,000 | 400,000 | 400,000 | 400,000 | 400,000 | 400,000 | - | - | |
42/48 |
15,719 | 51,696 | 43,490 | 16,835 | 21,114 | 126,480 | 120,150 | 85,155 | 100,274 | 109,637 | 147,636 | 136,809 | |
44 |
7,623 | 20,437 | 3,720 | 5,430 | 7,470 | 2,130 | 13,633 | 873 | 5,567 | 12,011 | 5,682 | 12,051 | |
440/4 |
7,623 | 20,437 | 3,720 | 5,430 | 7,470 | 2,130 | 13,633 | 873 | 5,567 | 12,011 | 5,682 | 12,051 | |
46 |
0 | 25,993 | - | - | - | - | - | 872 | - | 1,826 | - | - | |
45 |
445 | 1,700 | 15,346 | 1,479 | 1,144 | 19,050 | 2,179 | 689 | 3,782 | 5,857 | 15,654 | 15,263 | |
450/3 |
445 | 1,700 | 8,846 | 1,479 | 1,144 | 1,050 | 2,179 | 689 | 3,782 | 5,857 | 5,687 | 14,478 | |
454/9 |
- | 0 | 6,500 | - | 0 | 18,000 | - | - | - | - | 9,967 | 785 | |
47/48 |
7,652 | 3,566 | 24,424 | 9,926 | 12,500 | 105,300 | 104,339 | 82,720 | 90,924 | 89,943 | 126,301 | 109,495 | |
492/3 |
22,827 | - | - | - | 0 | 3,244 | 3,244 | 3,244 | 20,113 | 20,964 | 6,008 | 2,913 | |
| Income statement | |||||||||||||
9900 |
-9,231 | -14,793 | 30,324 | 975 | 380,621 | -11,744 | -20,296 | -6,611 | 16,074 | 2,093 | 47,581 | 25,715 | |
630 |
4,714 | 4,107 | 3,510 | 2,184 | 375 | 33,954 | 46,676 | 47,046 | 46,060 | 46,979 | 14,781 | 2,701 | |
631/4 |
- | - | - | - | - | - | - | - | -29,500 | - | 29,500 | - | |
640/8 |
2,574 | 4,807 | 1,271 | 7,219 | 6,396 | 5,391 | 7,761 | 8,210 | 11,468 | 1,873 | 894 | 258 | |
66A |
- | - | - | - | - | - | - | - | - | 14,650 | - | - | |
9901 |
-16,519 | -23,707 | 25,542 | -8,427 | 373,850 | -51,089 | -74,733 | -61,867 | -11,954 | -46,758 | 2,406 | 22,757 | |
75/76B |
451 | 2,143 | 752 | 0 | 0 | 40 | - | - | 14,499 | 21 | 82 | 38 | |
75 |
451 | 2,143 | 752 | 0 | 0 | 40 | - | - | 14,499 | 21 | 82 | 38 | |
65/66B |
17,499 | 892 | 22,855 | 162 | 61,099 | 109 | 118 | 127 | 19,036 | 20,554 | 152 | 47 | |
65 |
17,499 | 892 | 22,855 | 162 | 61,099 | 109 | 118 | 127 | 19,036 | 20,554 | 152 | 47 | |
9903 |
-33,567 | -22,456 | 3,440 | -8,590 | 312,751 | -51,158 | -74,851 | -61,993 | -16,491 | -81,941 | 2,336 | 22,748 | |
67/77 |
-103 | 1,679 | 542 | 509 | 13,898 | 505 | 557 | 689 | 521 | 325 | 3,023 | 8,748 | |
9904 |
-33,464 | -24,135 | 2,898 | -9,099 | 298,853 | -51,664 | -75,408 | -62,683 | -17,012 | -82,265 | -688 | 14,000 | |
689 |
- | - | - | 0 | 52,625 | - | - | - | - | - | - | - | |
9905 |
-33,464 | -24,135 | 2,898 | -9,099 | 246,228 | -51,664 | -75,408 | -62,683 | -17,012 | -82,265 | -688 | 14,000 | |
| Appropriation of the result | |||||||||||||
9906 |
-95,152 | -61,688 | -37,553 | -40,451 | -31,352 | -277,580 | -225,916 | -150,508 | -87,825 | -70,813 | 11,453 | 14,000 | |
14P |
-61,688 | -37,553 | -40,451 | -31,352 | - | - | - | - | - | - | - | - | |
691/2 |
- | - | - | - | - | - | - | - | - | - | - | 1,860 | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | 1,860 | |
| Document | |||||||||||||
The notes to these accounts have 12 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).
Source: Annual accounts 2025 (PDF), filed on 31-01-2026.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 31-01-2026 | 2026-00033661 | |
| 30-06-2024 | micro format | 31-01-2025 | 2025-00032364 | |
| 30-06-2023 | micro format | 26-01-2024 | 2024-00010673 | |
| 30-06-2022 | micro format | 27-01-2023 | 2023-00006493 | |
| 30-06-2021 | micro format | 20-01-2022 | 2022-01300524 | |
| 30-06-2020 | micro format | 28-01-2021 | 2021-02600596 | |
| 30-06-2019 | micro format | 28-01-2020 | 2020-02800414 | |
| 30-06-2018 | micro format | 31-01-2019 | 2019-04100057 | |
| 30-06-2017 | micro format | 09-01-2018 | 2018-00900227 | |
| 30-06-2016 | abbreviated format | 18-01-2017 | 2017-01600513 | |
| 30-06-2015 | abbreviated format | 10-12-2015 | 2015-68500262 | |
| 30-06-2014 | abbreviated format | 26-01-2015 | 2015-02700194 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -11,804 | -19,600 | 29,053 | -6,244 | 374,225 | -17,135 | -28,057 | -14,821 | 34,106 | 221 | 17,187 | 25,458 | ||
| -28,750 | -20,028 | 6,408 | -6,915 | 299,229 | -17,710 | -28,732 | -15,637 | 29,048 | -35,287 | 14,093 | 16,701 | ||
| 8,190 | 4,462 | 8,173 | 1,830 | 11,944 | 3,105 | 0 | 19,635 | 0 | 790,040 | 63,632 | 7,964 | ||
| -422 | -75,004 | -217,244 | -344,690 | 651,897 | 15,520 | -2,574 | -72,777 | 43,873 | 9,179 | -108,342 | - | ||
| 1.3m | 1.3m | 1.3m | 1.5m | 1.9m | 1.1m | -91,641 | -62,909 | -10,767 | -38,964 | -28,594 | 17,850 | ||
| 26.6% | 29.9% | 30.7% | 27.2% | 22.6% | 7.0% | 25.8% | 34.5% | 38.1% | 38.9% | 11.3% | 12.6% | ||
| 85.93 | 25.45 | 31.21 | 91.02 | 89.29 | 9.60 | 0.24 | 0.26 | 0.89 | 0.64 | 0.81 | 1.13 | ||
| 2.76 | 2.35 | 2.25 | 2.68 | 3.43 | 13.26 | 2.87 | 1.90 | 1.63 | 1.57 | 7.87 | 6.92 | ||
| -9.2% | -6.0% | 0.7% | -2.2% | 69.6% | -39.6% | -41.4% | -24.3% | -5.3% | -24.4% | -3.5% | 69.3% | ||
| -2.4% | -1.8% | 0.2% | -0.6% | 15.7% | -2.8% | -10.7% | -8.4% | -2.0% | -9.5% | -0.4% | 8.8% | ||
| -0.67 | -21.96 | 1.27 | -38.43 | - | - | - | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 30-06-2025 | 30-06-2024 | 30-06-2023 | 30-06-2022 |
|---|---|---|---|---|
| Tangible fixed assets | €3,572 | €4,462 | €8,173 | €1,830 |
| Financial fixed assets | €4,618 | - | - | - |
| €4,714 | €4,107 | €3,510 | €2,184 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is a loss of €16,519, smaller than the loss of €23,707 in 2024.
Debt's share of the balance-sheet total rises from 70.1% to 73.4%. Equity is lower and debt is higher.
Source: list of holdings in its own 30-06-2025 accounts. Every holding stands with its own latest accounts.
| ELNIMMO
establishment since 23-06-2004 · founded in 2004 |
total assets €5.0m (2025) 0866.105.872 |
Source for every holding own accounts 30-06-2025
| Name | 2024 | 2025 |
|---|---|---|
| Rialto Invest | 50% | |
| Rialto Leuven | 14% | |
Source: list of holdings in its own accounts
The network starts from the directors of DevRad. Every other company they run is a node.
Deadline for the 2026 accounts: 31-01-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Zwaluwlaan 5 registered office 2960 Brecht | 17-04-2013 | 2.221.329.989 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 11009M0004/00F002 | 2,089 m² | 1 · 250 m² | 11.8 m · 2 |
If something looks wrong or is missing, please tell us.