Devroye
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-03-2026 PDF all 9 filings
Turnover
≈ €540,000
Estimated: probably between €360,000 and €670,000
Total assets
€286,098▲ 0.9%
2024 · €283,599
Net result
€42,422▼ 3.4%
2024 · €43,922
Working capital
-€26,665
2024 · €171,830
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€55,418
▼ 4.1%
2025
20182025
Net result
€42,422
▼ 3.4%
2025
highest quarter of the sector
20182025
Equity
€46,984
▼ 80.1%
2025
middle half of the sector
20182025
Total assets
€286,098
▲ 0.9%
2025
middle half of the sector
20182025
Debt
€239,114
▲ 403%
2025
20182025
Working capital
-€26,665
2025
lowest quarter of the sector
20182025
Solvency
16.4%
▼ 66.8pp
2025
lowest quarter of the sector
20182025
Current ratio
0.89
▼ 5.11
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
14.8%
▼ 0.7pp
2025
middle half of the sector
20182025
Staff (FTE)
2.1
▲ 5.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€26,042-€41,396▲ 59.0%€51,150▲ 23.6%€51,091▼ 0.1%€22,046▼ 56.9%€41,627▲ 88.8%€57,803▲ 38.9%€55,418▼ 4.1%
Net result€20,775-€33,400▲ 60.8%€41,615above the sector's middle half▲ 24.6%€44,435above the sector's middle half▲ 6.8%€18,924within the sector's middle half▼ 57.4%€31,123above the sector's middle half▲ 64.5%€43,922above the sector's middle half▲ 41.1%€42,422above the sector's middle half▼ 3.4%
Equity€45,491-€78,079▲ 71.6%€118,894within the sector's middle half▲ 52.3%€168,729above the sector's middle half▲ 41.9%€186,853above the sector's middle half▲ 10.7%€217,143above the sector's middle half▲ 16.2%€236,065above the sector's middle half▲ 8.7%€46,984within the sector's middle half▼ 80.1%
Total assets€100,173-€124,889▲ 24.7%€151,348within the sector's middle half▲ 21.2%€251,299within the sector's middle half▲ 66.0%€259,723within the sector's middle half▲ 3.4%€272,422within the sector's middle half▲ 4.9%€283,599within the sector's middle half▲ 4.1%€286,098within the sector's middle half▲ 0.9%
Debt€54,682-€46,811▼ 14.4%€32,454▼ 30.7%€82,570▲ 154%€72,870▼ 11.7%€55,279▼ 24.1%€47,534▼ 14.0%€239,114▲ 403%
Working capital€47,426-€85,148▲ 79.5%€115,966above the sector's middle half▲ 36.2%€153,735above the sector's middle half▲ 32.6%€137,009above the sector's middle half▼ 10.9%€157,542above the sector's middle half▲ 15.0%€171,830above the sector's middle half▲ 9.1%-€26,665below the sector's middle half
Solvency45.4%-62.5%▲ 17.1pp78.6%above the sector's middle half▲ 16.0pp67.1%above the sector's middle half▼ 11.4pp71.9%above the sector's middle half▲ 4.8pp79.7%above the sector's middle half▲ 7.8pp83.2%above the sector's middle half▲ 3.5pp16.4%below the sector's middle half▼ 66.8pp
Current ratio2.67-3.72▲ 1.056.47above the sector's middle half▲ 2.756.54above the sector's middle half▲ 0.075.08above the sector's middle half▼ 1.466.27above the sector's middle half▲ 1.196.00above the sector's middle half▼ 0.270.89below the sector's middle half▼ 5.11
Return on assets (ROA)20.7%-26.7%▲ 6.0pp27.5%above the sector's middle half▲ 0.8pp17.7%above the sector's middle half▼ 9.8pp7.3%within the sector's middle half▼ 10.4pp11.4%within the sector's middle half▲ 4.1pp15.5%within the sector's middle half▲ 4.1pp14.8%within the sector's middle half▼ 0.7pp
Staff (FTE)1-1.3▲ 30.0%1.1within the sector's middle half▼ 15.4%1.4▲ 27.3%1.4=1.3▼ 7.1%2▲ 53.8%2.1▲ 5.0%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 4% lower than in 2024.
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 €286,098
Fixed assets
€74,678 ▼ 3.5%
Current assets
€211,419 ▲ 2.5%
Equity and liabilities €286,098
Equity
€46,984 ▼ 80.1%
Debt
€239,114 ▲ 403%
Debt's share of the balance-sheet total rises from 16.8% to 83.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€65,865▼
2024 · €67,219
Cash flow
€52,868▼
2024 · €53,337
Quick ratio
0.76▼
2024 · 5.27
Debt to equity
5.09▲
2024 · 0.20
ROE
90.3%▲
2024 · 18.6%
Interest coverage
16.88▼
2024 · 42.76
Debt ≤ 1 year
€238,084▲
2024 · €34,350
Income taxes
€11,309▼
2024 · €13,857
Staff costs
€114,750▲
2024 · €102,798
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 1 | 1 | 2 | 2 |
| full-time | 2 | 1 | 1 | 2 | 2 |
| in full-time equivalents | 2 | 1 | 1 | 2 | 2 |
| Average over the year, in full-time equivalents | 1.4 | 1.4 | 1.3 | 2 | 2.1 |
| On a permanent contract | 1 | 1 | 1 | 2 | 2 |
| Joined | 2 | 0 | 1 | 1 | 1 |
| Left | 1 | 1 | 1 | 0 | 1 |
| Training hours | 192 | 16 | - | - | 101 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €57,878 | €25,617 | - | €1,820 | €7,888 |
| Financial fixed assets | - | - | €5,000 | - | - |
| Depreciation and write-downs of the year | €2,233 | €6,289 | €9,129 | €9,415 | €10,447 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 2 entries · €867 awarded · €847 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €234 | €214 |
| 2022 | 1 | €633 | €633 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €388 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €47,793 | €52,711 | €64,430 | €102,798 | €114,750 | ▲ 11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €14,406 | €14,034 | €2,817 | €2,233 | €6,289 | €9,129 | €9,415 | €10,447 | ▲ 11.0% |
| Other operating charges640/8 | - | - | - | €839 | €859 | €1,098 | €1,524 | €969 | ▼ 36.4% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €182 | - |
| Gross operating margin9900 | €81,000 | €101,034 | €100,170 | €101,956 | €81,905 | €116,284 | €171,540 | €181,765 | ▲ 6.0% |
| Operating profit (loss)9901 | €26,042 | €41,396 | €51,150 | €51,091 | €22,046 | €41,627 | €57,803 | €55,418 | ▼ 4.1% |
| Financial income75/76B | - | - | - | €2,202 | €1,420 | €1,626 | €1,548 | €2,214 | ▲ 43.0% |
| Recurring financial income75 | €1,364 | €1,780 | €1,484 | €2,202 | €1,420 | €1,626 | €1,548 | €2,214 | ▲ 43.0% |
| Financial charges65/66B | - | - | - | €1,030 | €1,162 | €1,002 | €1,572 | €3,901 | ▲ 148% |
| Recurring financial charges65 | €1,014 | €808 | €1,017 | €1,030 | €1,162 | €1,002 | €1,572 | €3,901 | ▲ 148% |
| Profit (loss) for the period before taxes9903 | €26,392 | €42,368 | €51,617 | €52,263 | €22,304 | €42,251 | €57,779 | €53,731 | ▼ 7.0% |
| Income taxes67/77 | €5,616 | €8,968 | €10,002 | €7,828 | €3,379 | €11,128 | €13,857 | €11,309 | ▼ 18.4% |
| Profit (loss) for the period9904 | €20,775 | €33,400 | €41,615 | €44,435 | €18,924 | €31,123 | €43,922 | €42,422 | ▼ 3.4% |
| Profit (loss) for the period to be appropriated9905 | €20,775 | €33,400 | €41,615 | €44,435 | €18,924 | €31,123 | €43,922 | €42,422 | ▼ 3.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €100,173 | €124,889 | €151,348 | €251,299 | €259,723 | €272,422 | €283,599 | €286,098 | ▲ 0.9% |
| Fixed assets21/28 | €24,325 | €8,432 | €14,170 | €69,815 | €89,143 | €85,014 | €77,419 | €74,678 | ▼ 3.5% |
| Tangible fixed assets22/27 | €24,325 | €8,432 | €14,170 | €69,815 | €89,143 | €80,014 | €72,419 | €69,678 | ▼ 3.8% |
| Land and buildings22 | - | - | - | €61,688 | €62,008 | €58,472 | €54,936 | €51,399 | ▼ 6.4% |
| Plant, machinery and equipment23 | - | - | - | €5,648 | €9,263 | €7,744 | €7,758 | €9,507 | ▲ 22.5% |
| Furniture and vehicles24 | - | - | - | €2,478 | €17,872 | €13,798 | €9,725 | €8,772 | ▼ 9.8% |
| Financial fixed assets28 | - | - | - | - | - | €5,000 | €5,000 | €5,000 | = |
| Current assets29/58 | €75,848 | €116,458 | €137,178 | €181,484 | €170,580 | €187,407 | €206,180 | €211,419 | ▲ 2.5% |
| Stocks and contracts in progress3 | €12,417 | €14,058 | €14,932 | €16,542 | €20,376 | €24,838 | €25,076 | €30,278 | ▲ 20.7% |
| Stocks30/36 | - | - | - | €16,542 | €20,376 | €24,838 | €25,076 | €30,278 | ▲ 20.7% |
| Amounts receivable within one year40/41 | €34,574 | €51,230 | €73,511 | €55,436 | €58,681 | €84,958 | €28,405 | €76,675 | ▲ 170% |
| Trade receivables40 | - | - | - | €39,446 | €46,013 | €69,877 | €25,754 | €63,928 | ▲ 148% |
| Other amounts receivable41 | - | - | - | €15,990 | €12,668 | €15,081 | €2,652 | €12,747 | ▲ 381% |
| Current investments50/53 | - | - | - | - | - | - | - | €25,000 | - |
| Cash at bank and in hand54/58 | €27,243 | €48,969 | €47,519 | €105,927 | €88,114 | €74,384 | €149,055 | €75,344 | ▼ 49.5% |
| Deferred charges and accrued income490/1 | - | - | - | €3,579 | €3,409 | €3,228 | €3,643 | €4,123 | ▲ 13.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €100,173 | €124,889 | €151,348 | €251,299 | €259,723 | €272,422 | €283,599 | €286,098 | ▲ 0.9% |
| Equity10/15 | €45,491 | €78,079 | €118,894 | €168,729 | €186,853 | €217,143 | €236,065 | €46,984 | ▼ 80.1% |
| Contributions10/11 | €12,400 | €12,400 | - | €18,600 | €18,600 | €18,600 | €18,600 | €14,750 | ▼ 20.7% |
| Reserves13 | €33,091 | €33,091 | €106,494 | €150,129 | €168,253 | €198,543 | €217,465 | €32,234 | ▼ 85.2% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €148,269 | €166,393 | €198,543 | €217,465 | €32,234 | ▼ 85.2% |
| Profit (loss) carried forward14 | - | €32,588 | - | - | - | - | - | - | - |
| Amounts payable17/49 | €54,682 | €46,811 | €32,454 | €82,570 | €72,870 | €55,279 | €47,534 | €239,114 | ▲ 403% |
| Amounts payable after more than one year17 | €26,259 | €15,501 | €8,334 | €50,182 | €36,860 | €23,363 | €11,355 | - | - |
| Financial debts170/4 | - | - | - | €50,182 | €36,860 | €23,363 | €11,355 | - | - |
| Amounts payable within one year42/48 | €28,422 | €31,310 | €21,213 | €27,750 | €33,571 | €29,866 | €34,350 | €238,084 | ▲ 593% |
| Current portion of amounts payable after more than one year42 | - | - | - | €13,151 | €13,101 | €13,497 | €11,174 | €11,355 | ▲ 1.6% |
| Financial debts43 | - | - | - | €2,092 | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €2,092 | - | - | - | - | - |
| Trade debts44 | €10,659 | €12,248 | €11,110 | €6,786 | €9,875 | €7,520 | €13,955 | €30,840 | ▲ 121% |
| Suppliers440/4 | - | - | - | €6,786 | €9,875 | €7,520 | €13,955 | €30,840 | ▲ 121% |
| Taxes, remuneration and social security45 | - | - | - | €1,736 | €5,988 | €3,628 | €3,940 | €7,198 | ▲ 82.7% |
| Taxes450/3 | - | - | - | €493 | €1,908 | €3,628 | €2,232 | €3,895 | ▲ 74.5% |
| Remuneration and social security454/9 | - | - | - | €1,243 | €4,080 | - | €1,708 | €3,303 | ▲ 93.4% |
| Other amounts payable47/48 | - | - | - | €3,985 | €4,607 | €5,220 | €5,281 | €188,692 | ▲ 36× |
| Accrued charges and deferred income492/3 | - | - | - | €4,638 | €2,439 | €2,050 | €1,830 | €1,030 | ▼ 43.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €20,775 | €33,400 | €41,615 | €44,435 | €18,924 | €31,123 | €43,922 | €42,422 | ▼ 3.4% |
| + Depreciation and write-downs630 | €14,406 | €14,034 | €2,817 | €2,233 | €6,289 | €9,129 | €9,415 | €10,447 | ▲ 11.0% |
| Operating cash flow (approximation) | €35,181 | €47,433 | €44,433 | €46,668 | €25,213 | €40,252 | €53,337 | €52,868 | ▼ 0.9% |
| Investment in fixed assets (approximation) | - | €1,859 | -€8,556 | -€57,878 | -€25,617 | -€5,000 | -€1,820 | -€7,706 | ▼ 323% |
| Change in cash | - | €21,726 | -€1,451 | €58,408 | -€17,813 | -€13,729 | €74,671 | -€73,712 | - |
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, 6,713 companies had the same profile as Devroye has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Devroye itself: 0.6% 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 6,713 companies, not a prediction for Devroye. 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 27-03-2026 | 2026-00064282 | |
| 31-12-2024 | micro format | 24-06-2025 | 2025-00170656 | |
| 31-12-2023 | micro format | 21-06-2024 | 2024-00154228 | |
| 31-12-2022 | micro format | 06-07-2023 | 2023-00216525 | |
| 31-12-2021 | micro format | 11-07-2022 | 2022-20175499 | |
| 31-12-2020 | micro format | 16-07-2021 | 2021-36300527 | |
| 31-12-2019 | micro format | 21-08-2020 | 2020-43200220 | |
| 31-12-2018 | micro format | 20-07-2019 | 2019-35800133 | |
| 31-12-2017 | micro format | 27-07-2018 | 2018-39700350 |