DEVUYST D&P
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 08-07-2026 at the NBB all 7 filings
Turnover
≈ €360,000
Estimated: probably between €310,000 and €500,000
Total assets
€280,092▼ 15.3%
2024 · €330,680
Net result
-€26,975
2024 · €43,226
Working capital
-€34,623▼ 23.3%
2024 · -€28,079
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€23,831
▼ 72.2%
2025
20192025
Net result
-€26,975
2025
lowest quarter of the sector
20192025
Equity
€37,127
▼ 42.1%
2025
middle half of the sector
20192025
Total assets
€280,092
▼ 15.3%
2025
highest quarter of the sector
20192025
Debt
€242,965
▼ 8.9%
2025
20192025
Working capital
-€34,623
▼ 23.3%
2025
lowest quarter of the sector
20192025
Solvency
13.3%
▼ 6.1pp
2025
lowest quarter of the sector
20192025
Current ratio
0.80
▼ 0.02
2025
middle half of the sector
20192025
Return on assets (ROA)
-9.6%
▼ 22.7pp
2025
lowest quarter of the sector
20192025
Staff (FTE)
1
=
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€41,045-€61,201▲ 49.1%€66,850▲ 9.2%€60,753▼ 9.1%€74,529▲ 22.7%€85,596▲ 14.8%€23,831▼ 72.2%
Net result€31,782-€41,000above the sector's middle half▲ 29.0%€30,599above the sector's middle half▼ 25.4%€14,903within the sector's middle half▼ 51.3%€26,380above the sector's middle half▲ 77.0%€43,226above the sector's middle half▲ 63.9%-€26,975below the sector's middle half
Equity€37,982-€78,982within the sector's middle half▲ 108%€109,581above the sector's middle half▲ 38.7%€136,884above the sector's middle half▲ 24.9%€64,102within the sector's middle half▼ 53.2%€64,102within the sector's middle half=€37,127within the sector's middle half▼ 42.1%
Total assets€232,704-€226,421within the sector's middle half▼ 2.7%€349,330above the sector's middle half▲ 54.3%€292,509above the sector's middle half▼ 16.3%€274,526above the sector's middle half▼ 6.1%€330,680above the sector's middle half▲ 20.5%€280,092above the sector's middle half▼ 15.3%
Debt€194,722-€147,440▼ 24.3%€239,750▲ 62.6%€155,625▼ 35.1%€210,424▲ 35.2%€266,578▲ 26.7%€242,965▼ 8.9%
Working capital€17,961-€46,645within the sector's middle half▲ 160%€38,337within the sector's middle half▼ 17.8%€59,894above the sector's middle half▲ 56.2%€13,968within the sector's middle half▼ 76.7%-€28,079below the sector's middle half-€34,623below the sector's middle half▼ 23.3%
Solvency16.3%-34.9%within the sector's middle half▲ 18.6pp31.4%within the sector's middle half▼ 3.5pp46.8%within the sector's middle half▲ 15.4pp23.4%within the sector's middle half▼ 23.4pp19.4%within the sector's middle half▼ 4.0pp13.3%below the sector's middle half▼ 6.1pp
Current ratio1.22-1.65within the sector's middle half▲ 0.431.33within the sector's middle half▼ 0.321.68within the sector's middle half▲ 0.351.08within the sector's middle half▼ 0.600.82within the sector's middle half▼ 0.260.80within the sector's middle half▼ 0.02
Return on assets (ROA)13.7%-18.1%above the sector's middle half▲ 4.5pp8.8%within the sector's middle half▼ 9.3pp5.1%within the sector's middle half▼ 3.7pp9.6%within the sector's middle half▲ 4.5pp13.1%within the sector's middle half▲ 3.5pp-9.6%below the sector's middle half▼ 22.7pp
Staff (FTE)1.8-1.2within the sector's middle half▼ 33.3%1▼ 16.7%1=1=1=1=
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 72% lower than in 2024 and the lowest since 2021.
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 €280,092
Fixed assets
€143,305 ▼ 28.5%
Current assets
€136,788 ▲ 5.0%
Equity and liabilities €280,092
Equity
€37,127 ▼ 42.1%
Debt
€242,965 ▼ 8.9%
Debt's share of the balance-sheet total rises from 80.6% to 86.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€85,104▼
2024 · €139,940
Cash flow
€34,298▼
2024 · €97,570
Debt to equity
6.54▲
2024 · 4.16
ROE
-72.7%▼
2024 · 67.4%
Interest coverage
1.68▼
2024 · 4.13
Debt ≤ 1 year
€171,411▲
2024 · €158,374
Debt > 1 year
€68,485▼
2024 · €107,698
Income taxes
€184▼
2024 · €9,128
Staff costs
€39,465▼
2024 · €78,067
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 | 1 | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
| Training hours | 22 | 7 | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €144,587 | €11,066 | €10,425 | €176,573 | €4,193 |
| Depreciation and write-downs of the year | €50,463 | €61,778 | €57,449 | €54,344 | €61,273 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 2 entries · €140 awarded · €140 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €53 | €53 |
| 2022 | 1 | €87 | €87 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €8,600 | - | €1,432 | €37,500 | - | - |
| Remuneration, social security and pensions62 | - | - | €75,023 | €69,345 | €77,930 | €78,067 | €39,465 | ▼ 49.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €53,058 | €46,448 | €50,463 | €61,778 | €57,449 | €54,344 | €61,273 | ▲ 12.7% |
| Other operating charges640/8 | - | - | €22,186 | €23,379 | €26,156 | €25,015 | €18,764 | ▼ 25.0% |
| Gross operating margin9900 | €191,148 | €195,674 | €214,521 | €215,255 | €236,064 | €243,022 | €143,333 | ▼ 41.0% |
| Operating profit (loss)9901 | €41,045 | €61,201 | €66,850 | €60,753 | €74,529 | €85,596 | €23,831 | ▼ 72.2% |
| Financial income75/76B | - | - | €16 | €0 | €187 | €610 | €51 | ▼ 91.6% |
| Recurring financial income75 | - | €0 | €16 | €0 | €187 | €610 | €51 | ▼ 91.6% |
| Financial charges65/66B | - | - | €31,713 | €38,383 | €40,842 | €33,852 | €50,673 | ▲ 49.7% |
| Recurring financial charges65 | €5,191 | €6,068 | €31,713 | €38,383 | €40,842 | €33,852 | €50,673 | ▲ 49.7% |
| Profit (loss) for the period before taxes9903 | €35,854 | €55,133 | €35,153 | €22,370 | €33,873 | €52,354 | -€26,791 | - |
| Income taxes67/77 | €4,072 | €14,133 | €4,554 | €7,467 | €7,494 | €9,128 | €184 | ▼ 98.0% |
| Profit (loss) for the period9904 | €31,782 | €41,000 | €30,599 | €14,903 | €26,380 | €43,226 | -€26,975 | - |
| Profit (loss) for the period to be appropriated9905 | €31,782 | €41,000 | €30,599 | €14,903 | €26,380 | €43,226 | -€26,975 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €232,704 | €226,421 | €349,330 | €292,509 | €274,526 | €330,680 | €280,092 | ▼ 15.3% |
| Fixed assets21/28 | €132,347 | €108,170 | €195,759 | €145,047 | €90,656 | €200,384 | €143,305 | ▼ 28.5% |
| Intangible fixed assets21 | €162 | €122 | €82 | €42 | €2 | - | - | - |
| Tangible fixed assets22/27 | €131,780 | €107,643 | €195,407 | €144,735 | €90,383 | €200,114 | €143,035 | ▼ 28.5% |
| Plant, machinery and equipment23 | - | - | €22,973 | €20,642 | €18,983 | €17,488 | €17,758 | ▲ 1.5% |
| Furniture and vehicles24 | - | - | €130,634 | €103,192 | €71,400 | €40,954 | €16,053 | ▼ 60.8% |
| Leasing and similar rights25 | - | - | €41,800 | €20,900 | - | €141,672 | €109,224 | ▼ 22.9% |
| Financial fixed assets28 | €405 | €405 | €270 | €270 | €270 | €270 | €270 | = |
| Current assets29/58 | €100,356 | €118,251 | €153,571 | €147,462 | €183,870 | €130,296 | €136,788 | ▲ 5.0% |
| Amounts receivable within one year40/41 | €58,570 | €39,041 | €72,399 | €78,280 | €78,211 | €37,111 | €44,885 | ▲ 20.9% |
| Trade receivables40 | - | - | €58,399 | €70,335 | €77,651 | €37,111 | €39,054 | ▲ 5.2% |
| Other amounts receivable41 | - | - | €14,000 | €7,945 | €559 | - | €5,831 | - |
| Current investments50/53 | - | - | €250 | €250 | €25,250 | €250 | €250 | = |
| Cash at bank and in hand54/58 | €39,470 | €76,375 | €70,210 | €62,285 | €65,785 | €79,186 | €79,264 | ▲ 0.1% |
| Deferred charges and accrued income490/1 | - | - | €10,712 | €6,647 | €14,624 | €13,748 | €12,389 | ▼ 9.9% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €232,704 | €226,421 | €349,330 | €292,509 | €274,526 | €330,680 | €280,092 | ▼ 15.3% |
| Equity10/15 | €37,982 | €78,982 | €109,581 | €136,884 | €64,102 | €64,102 | €37,127 | ▼ 42.1% |
| Contributions10/11 | €6,200 | - | €6,200 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | - | - | €30,599 | €45,502 | €45,502 | €45,502 | €45,502 | = |
| Distributable reserves133 | - | - | €30,599 | €45,502 | €45,502 | €45,502 | €45,502 | = |
| Profit (loss) carried forward14 | €31,782 | €72,782 | €72,782 | €72,782 | - | - | -€26,975 | - |
| Amounts payable17/49 | €194,722 | €147,440 | €239,750 | €155,625 | €210,424 | €266,578 | €242,965 | ▼ 8.9% |
| Amounts payable after more than one year17 | €112,326 | €74,984 | €122,615 | €66,839 | €34,675 | €107,698 | €68,485 | ▼ 36.4% |
| Financial debts170/4 | - | - | €122,615 | €66,839 | €34,675 | €107,698 | €68,485 | ▼ 36.4% |
| Amounts payable within one year42/48 | €82,396 | €71,606 | €115,234 | €87,568 | €169,902 | €158,374 | €171,411 | ▲ 8.2% |
| Current portion of amounts payable after more than one year42 | - | - | €54,397 | €55,776 | €32,164 | €49,614 | €39,213 | ▼ 21.0% |
| Trade debts44 | €29,534 | €13,035 | €31,055 | €11,943 | €11,816 | €10,297 | €12,548 | ▲ 21.9% |
| Suppliers440/4 | - | - | €31,055 | €11,943 | €11,816 | €10,297 | €12,548 | ▲ 21.9% |
| Taxes, remuneration and social security45 | - | - | €28,508 | €15,033 | €32,769 | €17,609 | €19,527 | ▲ 10.9% |
| Taxes450/3 | - | - | €26,610 | €15,033 | €27,682 | €13,053 | €15,574 | ▲ 19.3% |
| Remuneration and social security454/9 | - | - | €1,897 | - | €5,087 | €4,556 | €3,953 | ▼ 13.2% |
| Other amounts payable47/48 | - | - | €1,275 | €4,816 | €93,153 | €80,855 | €100,123 | ▲ 23.8% |
| Accrued charges and deferred income492/3 | - | - | €1,901 | €1,218 | €5,846 | €505 | €3,069 | ▲ 507% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,782 | €41,000 | €30,599 | €14,903 | €26,380 | €43,226 | -€26,975 | - |
| + Depreciation and write-downs630 | €53,058 | €46,448 | €50,463 | €61,778 | €57,449 | €54,344 | €61,273 | ▲ 12.7% |
| Operating cash flow (approximation) | €84,839 | €87,448 | €81,062 | €76,681 | €83,828 | €97,570 | €34,298 | ▼ 64.8% |
| Investment in fixed assets (approximation) | - | -€22,271 | -€138,052 | -€11,066 | -€3,058 | -€164,073 | -€4,193 | ▲ 97.4% |
| Change in cash | - | €36,905 | -€6,165 | -€7,925 | €3,501 | €13,401 | €78 | ▼ 99.4% |
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, 1,548 companies had the same profile as DEVUYST D&P has now. Two years later, 91.3% were still going and 4.3% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a small loss
91.3%
was still going
3.9%
stopped otherwise
4.3%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DEVUYST D&P itself: 1.6% 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 1,548 companies, not a prediction for DEVUYST D&P. 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 (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-07-2026 | 2026-00285235 | |
| 31-12-2024 | micro format | 07-07-2025 | 2025-00236558 | |
| 31-12-2023 | micro format | 04-07-2024 | 2024-00211600 | |
| 31-12-2022 | micro format | 12-07-2023 | 2023-00228550 | |
| 31-12-2021 | micro format | 17-06-2022 | 2022-20072586 | |
| 31-12-2020 | micro format | 22-06-2021 | 2021-23100165 | |
| 31-12-2019 | micro format | 27-07-2020 | 2020-34900190 |