Dewa-Fleur
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 28-04-2026 PDF all 17 filings
Turnover
≈ €170,000
Estimated: probably between €88,000 and €320,000
Total assets
€297,921▲ 3.7%
2024 · €287,166
Net result
€1,382
2024 · -€3,625
Working capital
€123,702▼ 26.1%
2024 · €167,427
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€561
2025
20192025
Net result
€1,382
2025
middle half of the sector
20192025
Equity
€219,253
▲ 0.6%
2025
highest quarter of the sector
20192025
Total assets
€297,921
▲ 3.7%
2025
middle half of the sector
20192025
Debt
€78,668
▲ 13.5%
2025
20192025
Working capital
€123,702
▼ 26.1%
2025
highest quarter of the sector
20192025
Solvency
73.6%
▼ 2.3pp
2025
highest quarter of the sector
20192025
Current ratio
3.04
▼ 0.37
2025
middle half of the sector
20192025
Return on assets (ROA)
0.5%
▲ 1.7pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€20,809-€36,364▲ 74.7%€60,888▲ 67.4%€62,511▲ 2.7%€41,303▼ 33.9%-€4,523€561
Net result€17,042-€44,459above the sector's middle half▲ 161%€40,007above the sector's middle half▼ 10.0%€41,368above the sector's middle half▲ 3.4%€27,519above the sector's middle half▼ 33.5%-€3,625within the sector's middle half€1,382within the sector's middle half
Equity€74,493-€112,602within the sector's middle half▲ 51.2%€152,609within the sector's middle half▲ 35.5%€193,977above the sector's middle half▲ 27.1%€221,496above the sector's middle half▲ 14.2%€217,871above the sector's middle half▼ 1.6%€219,253above the sector's middle half▲ 0.6%
Total assets€99,284-€146,235within the sector's middle half▲ 47.3%€199,489within the sector's middle half▲ 36.4%€221,578within the sector's middle half▲ 11.1%€254,443within the sector's middle half▲ 14.8%€287,166within the sector's middle half▲ 12.9%€297,921within the sector's middle half▲ 3.7%
Debt€24,791-€30,432▲ 22.8%€44,480▲ 46.2%€26,001▼ 41.5%€32,147▲ 23.6%€69,295▲ 116%€78,668▲ 13.5%
Working capital€73,594-€87,128within the sector's middle half▲ 18.4%€132,589above the sector's middle half▲ 52.2%€180,714above the sector's middle half▲ 36.3%€214,607above the sector's middle half▲ 18.8%€167,427above the sector's middle half▼ 22.0%€123,702above the sector's middle half▼ 26.1%
Solvency75.0%-77.0%above the sector's middle half▲ 2.0pp76.5%above the sector's middle half▼ 0.5pp87.5%above the sector's middle half▲ 11.0pp87.1%above the sector's middle half▼ 0.5pp75.9%above the sector's middle half▼ 11.2pp73.6%above the sector's middle half▼ 2.3pp
Current ratio3.97-3.86above the sector's middle half▼ 0.113.99above the sector's middle half▲ 0.127.95above the sector's middle half▲ 3.968.76above the sector's middle half▲ 0.813.42within the sector's middle half▼ 5.353.04within the sector's middle half▼ 0.37
Return on assets (ROA)17.2%-30.4%above the sector's middle half▲ 13.2pp20.1%above the sector's middle half▼ 10.3pp18.7%above the sector's middle half▼ 1.4pp10.8%within the sector's middle half▼ 7.9pp-1.3%within the sector's middle half▼ 12.1pp0.5%within the sector's middle half▲ 1.7pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 profit of €561, after a loss of €4,523 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 €297,921
Fixed assets
€113,676 ▲ 125%
Current assets
€184,245 ▼ 22.2%
Equity and liabilities €297,921
Equity
€219,253 ▲ 0.6%
Debt
€78,668 ▲ 13.5%
Debt's share of the balance-sheet total rises from 24.1% to 26.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€24,458▲
2024 · €9,876
Cash flow
€25,279▲
2024 · €10,775
Quick ratio
2.42▼
2024 · 2.78
Debt to equity
0.36▲
2024 · 0.32
ROE
0.6%▲
2024 · -1.7%
Interest coverage
11.66▲
2024 · 6.19
Debt ≤ 1 year
€60,543▼
2024 · €69,295
Debt > 1 year
€18,125
Income taxes
€39▼
2024 · €162
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,279 | - | €5,890 | €52,655 | €87,128 |
| Depreciation and write-downs of the year | €7,439 | €7,651 | €8,564 | €14,400 | €23,897 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €496 | €7,225 | €7,439 | €7,651 | €8,564 | €14,400 | €23,897 | ▲ 66.0% |
| Other operating charges640/8 | - | - | €499 | €725 | €813 | €708 | €1,173 | ▲ 65.6% |
| Gross operating margin9900 | €22,051 | €44,312 | €68,826 | €70,887 | €50,680 | €10,584 | €25,631 | ▲ 142% |
| Operating profit (loss)9901 | €20,809 | €36,364 | €60,888 | €62,511 | €41,303 | -€4,523 | €561 | - |
| Financial income75/76B | - | - | €0 | €0 | €18 | €1,856 | €2,957 | ▲ 59.3% |
| Recurring financial income75 | €162 | - | €0 | €0 | €18 | €1,856 | €2,957 | ▲ 59.3% |
| Non-recurring financial income76B | - | - | €0 | - | - | - | - | - |
| Financial charges65/66B | - | - | €230 | €219 | €298 | €1,596 | €2,097 | ▲ 31.4% |
| Recurring financial charges65 | €290 | €144 | €230 | €219 | €298 | €1,596 | €2,097 | ▲ 31.4% |
| Profit (loss) for the period before taxes9903 | €20,681 | €56,220 | €60,658 | €62,292 | €41,023 | -€4,263 | €1,421 | - |
| Transfer from deferred taxes780 | - | - | €800 | €800 | €800 | €800 | €0 | ▼ 100% |
| Transfer to deferred taxes680 | - | - | €0 | - | - | - | - | - |
| Income taxes67/77 | €3,638 | €8,561 | €21,452 | €21,724 | €14,304 | €162 | €39 | ▼ 76.0% |
| Profit (loss) for the period9904 | €17,042 | €44,459 | €40,007 | €41,368 | €27,519 | -€3,625 | €1,382 | - |
| Transfer from tax-exempt reserves789 | - | - | €3,200 | €3,200 | €3,200 | €3,200 | €0 | ▼ 100% |
| Transfer to tax-exempt reserves689 | - | - | €0 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €17,042 | €31,659 | €43,207 | €44,568 | €30,719 | -€425 | €1,382 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €99,284 | €146,235 | €199,489 | €221,578 | €254,443 | €287,166 | €297,921 | ▲ 3.7% |
| Fixed assets21/28 | €899 | €28,674 | €22,514 | €14,863 | €12,189 | €50,444 | €113,676 | ▲ 125% |
| Tangible fixed assets22/27 | €899 | €28,674 | €22,514 | €14,863 | €12,189 | €50,444 | €113,676 | ▲ 125% |
| Plant, machinery and equipment23 | - | - | €21,449 | €14,225 | €11,977 | €50,444 | €67,261 | ▲ 33.3% |
| Furniture and vehicles24 | - | - | €1,065 | €638 | €212 | €0 | €46,415 | - |
| Current assets29/58 | €98,385 | €117,561 | €176,974 | €206,715 | €242,254 | €236,722 | €184,245 | ▼ 22.2% |
| Stocks and contracts in progress3 | €5,266 | €4,314 | €6,471 | €11,659 | €26,079 | €44,403 | €37,673 | ▼ 15.2% |
| Stocks30/36 | - | - | €6,471 | €11,659 | €26,079 | €44,403 | €37,673 | ▼ 15.2% |
| Amounts receivable within one year40/41 | €40,572 | €69,096 | €84,447 | €108,417 | €29,250 | €62,986 | €22,124 | ▼ 64.9% |
| Trade receivables40 | - | - | €84,377 | €108,293 | €29,250 | €44,071 | €9,997 | ▼ 77.3% |
| Other amounts receivable41 | - | - | €71 | €124 | €0 | €18,915 | €12,127 | ▼ 35.9% |
| Current investments50/53 | - | - | - | - | - | €100,000 | €60,000 | ▼ 40.0% |
| Cash at bank and in hand54/58 | €52,275 | €43,904 | €85,778 | €86,337 | €186,592 | €28,988 | €63,551 | ▲ 119% |
| Deferred charges and accrued income490/1 | - | - | €277 | €302 | €334 | €344 | €898 | ▲ 161% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €99,284 | €146,235 | €199,489 | €221,578 | €254,443 | €287,166 | €297,921 | ▲ 3.7% |
| Equity10/15 | €74,493 | €112,602 | €152,609 | €193,977 | €221,496 | €217,871 | €219,253 | ▲ 0.6% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €67,783 | €105,583 | €145,590 | €186,958 | €214,477 | €211,277 | €211,277 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Tax-exempt reserves132 | - | - | €9,600 | €6,400 | €3,200 | €0 | - | - |
| Distributable reserves133 | - | - | €134,130 | €178,698 | €209,417 | €211,277 | €211,277 | = |
| Profit (loss) carried forward14 | €510 | €819 | €819 | €819 | €819 | €394 | €1,776 | ▲ 350% |
| Provisions and deferred taxes16 | - | €3,200 | €2,400 | €1,600 | €800 | €0 | - | - |
| Deferred taxes168 | - | - | €2,400 | €1,600 | €800 | €0 | - | - |
| Amounts payable17/49 | €24,791 | €30,432 | €44,480 | €26,001 | €32,147 | €69,295 | €78,668 | ▲ 13.5% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €18,125 | - |
| Financial debts170/4 | - | - | - | - | - | - | €18,125 | - |
| Amounts payable within one year42/48 | €24,791 | €30,432 | €44,386 | €26,001 | €27,647 | €69,295 | €60,543 | ▼ 12.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €7,500 | - |
| Financial debts43 | - | - | €1,003 | €1,003 | €0 | €1,691 | €1,010 | ▼ 40.3% |
| Credit institutions430/8 | - | - | €1,003 | €1,003 | €0 | €1,691 | €1,010 | ▼ 40.3% |
| Trade debts44 | €19,288 | €8,811 | €12,812 | €5,392 | €9,951 | €47,270 | €33,847 | ▼ 28.4% |
| Suppliers440/4 | - | - | €12,812 | €5,392 | €9,951 | €47,270 | €33,847 | ▼ 28.4% |
| Taxes, remuneration and social security45 | - | - | €27,137 | €16,073 | €14,025 | €4,323 | €4,261 | ▼ 1.4% |
| Taxes450/3 | - | - | €24,777 | €13,713 | €11,665 | €1,963 | €1,901 | ▼ 3.2% |
| Remuneration and social security454/9 | - | - | €2,360 | €2,360 | €2,360 | €2,360 | €2,360 | = |
| Other amounts payable47/48 | - | - | €3,434 | €3,532 | €3,671 | €16,011 | €13,926 | ▼ 13.0% |
| Accrued charges and deferred income492/3 | - | - | €94 | €0 | €4,500 | €0 | - | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €17,042 | €44,459 | €40,007 | €41,368 | €27,519 | -€3,625 | €1,382 | - |
| + Depreciation and write-downs630 | €496 | €7,225 | €7,439 | €7,651 | €8,564 | €14,400 | €23,897 | ▲ 66.0% |
| Operating cash flow (approximation) | €17,539 | €51,684 | €47,446 | €49,019 | €36,083 | €10,775 | €25,279 | ▲ 135% |
| Investment in fixed assets (approximation) | - | -€35,000 | -€1,279 | €0 | -€5,890 | -€52,655 | -€87,128 | ▼ 65.5% |
| Change in cash | - | -€8,372 | €41,875 | €559 | €100,255 | -€157,604 | €34,563 | - |
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, 10,904 companies had the same profile as Dewa-Fleur has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Dewa-Fleur 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 10,904 companies, not a prediction for Dewa-Fleur. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 28-04-2026 | 2026-00099607 | |
| 30-09-2024 | micro format | 25-04-2025 | 2025-00078050 | |
| 30-09-2023 | micro format | 30-04-2024 | 2024-00083035 | |
| 30-09-2022 | micro format | 29-03-2023 | 2023-00054629 | |
| 30-09-2021 | micro format | 03-05-2022 | 2022-20017625 | |
| 30-09-2020 | micro format | 30-04-2021 | 2021-13500141 | |
| 30-09-2019 | micro format | 29-05-2020 | 2020-13800225 | |
| 30-09-2018 | micro format | 30-04-2019 | 2019-11900547 | |
| 30-09-2017 | micro format | 24-04-2018 | 2018-10300557 | |
| 30-09-2016 | abbreviated format | 15-04-2017 | 2017-09400597 |