DEWATEX
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 24 days after the deadline Filed on 24 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00045984.
Annual accounts 2025 filed on 24-02-2026 PDF all 29 filings
Turnover
≈ €2.4m
Estimated: probably between €1.6m and €3.9m
Total assets
€6.9m▼ 0.3%
2024 · €7.0m
Net result
€988,097▼ 34.5%
2024 · €1.5m
Working capital
€6.4m▲ 20.2%
2024 · €5.4m
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€1.3m
▼ 40.1%
2025
20192025
Net result
€988,097
▼ 34.5%
2025
highest quarter of the sector
20192025
Equity
€6.6m
▲ 17.5%
2025
highest quarter of the sector
20192025
Total assets
€6.9m
▼ 0.3%
2025
highest quarter of the sector
20192025
Debt
€287,567
▼ 77.9%
2025
20192025
Working capital
€6.4m
▲ 20.2%
2025
highest quarter of the sector
20192025
Solvency
95.9%
▲ 14.5pp
2025
highest quarter of the sector
20192025
Current ratio
23.40
▲ 18.28
2025
highest quarter of the sector
20192025
Return on assets (ROA)
14.3%
▼ 7.4pp
2025
middle half of the sector
20192025
Staff (FTE)
0
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.7m-€0.5m▼ 19.1%€0.7m▲ 26.2%€0.8m▲ 20.2%€1.3m▲ 58.1%€2.2m▲ 66.6%€1.3m▼ 40.1%
Net result€0.5m-€0.4mabove the sector's middle half▼ 22.7%€0.5mabove the sector's middle half▲ 35.7%€0.6mabove the sector's middle half▲ 16.4%€0.9mabove the sector's middle half▲ 57.2%€1.5mabove the sector's middle half▲ 71.6%€1.0mabove the sector's middle half▼ 34.5%
Equity€3.0m-€3.4mabove the sector's middle half▲ 11.7%€3.8mabove the sector's middle half▲ 13.5%€3.9mabove the sector's middle half▲ 2.0%€4.8mabove the sector's middle half▲ 22.4%€5.7mabove the sector's middle half▲ 17.9%€6.6mabove the sector's middle half▲ 17.5%
Total assets€3.5m-€3.6mabove the sector's middle half▲ 2.6%€4.2mabove the sector's middle half▲ 16.6%€4.2mabove the sector's middle half▲ 0.2%€5.2mabove the sector's middle half▲ 24.1%€7.0mabove the sector's middle half▲ 34.3%€6.9mabove the sector's middle half▼ 0.3%
Debt€0.5m-€0.2m▼ 58.0%€0.3m▲ 70.9%€0.3m▼ 22.0%€0.4m▲ 50.4%€1.3m▲ 242%€0.3m▼ 77.9%
Working capital€2.7m-€3.0mabove the sector's middle half▲ 12.4%€3.6mabove the sector's middle half▲ 18.0%€3.7mabove the sector's middle half▲ 3.5%€4.6mabove the sector's middle half▲ 22.6%€5.4mabove the sector's middle half▲ 17.7%€6.4mabove the sector's middle half▲ 20.2%
Solvency87.0%-94.7%above the sector's middle half▲ 7.7pp92.2%above the sector's middle half▼ 2.5pp93.9%above the sector's middle half▲ 1.7pp92.7%above the sector's middle half▼ 1.3pp81.3%above the sector's middle half▼ 11.3pp95.9%above the sector's middle half▲ 14.5pp
Current ratio6.99-17.04above the sector's middle half▲ 10.0512.07above the sector's middle half▼ 4.9715.70above the sector's middle half▲ 3.6312.98above the sector's middle half▼ 2.725.12above the sector's middle half▼ 7.8523.40above the sector's middle half▲ 18.28
Return on assets (ROA)13.1%-9.9%above the sector's middle half▼ 3.2pp11.5%within the sector's middle half▲ 1.6pp13.4%within the sector's middle half▲ 1.9pp17.0%above the sector's middle half▲ 3.6pp21.7%above the sector's middle half▲ 4.7pp14.3%within the sector's middle half▼ 7.4pp
Staff (FTE)0below the sector's middle half0below the sector's middle half0below the sector's middle half
above
within
below
The sector band is the middle half of the companies in Manufacture of textiles (NACE 13). 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 40% lower than in 2024 and the lowest since 2022.
Turnover and EBIT margin are not published. The abbreviated 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 €6.9m
Fixed assets
€205,472 ▼ 31.8%
Current assets
€6.7m ▲ 1.1%
Equity and liabilities €6.9m
Equity
€6.6m ▲ 17.5%
Debt
€287,567 ▼ 77.9%
Debt's share of the balance-sheet total falls from 18.7% to 4.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.4m▼
2024 · €2.2m
Cash flow
€1.1m▼
2024 · €1.6m
Quick ratio
23.05▲
2024 · 5.01
Debt to equity
0.04▼
2024 · 0.23
ROE
14.9%▼
2024 · 26.7%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€287,567▼
2024 · €1.3m
Income taxes
€462,116▼
2024 · €723,565
Staff costs
€1,229▲
2024 · €1,186
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €21,596 | €94,691 | €111,894 | - |
| Depreciation and write-downs of the year | €69,573 | €53,262 | €59,444 | €68,088 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €0.004m | €0.04m | €0 | - | - |
| Remuneration, social security and pensions62 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | ▲ 3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.1m | €0.08m | €0.08m | €0.07m | €0.05m | €0.06m | €0.07m | ▲ 14.5% |
| Other operating charges640/8 | - | - | - | €0.004m | €0.004m | €0.001m | €0.007m | ▲ 666% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €0.007m | - |
| Gross operating margin9900 | €0.8m | €0.6m | €0.8m | €0.9m | €1.4m | €2.2m | €1.4m | ▼ 38.0% |
| Operating profit (loss)9901 | €0.7m | €0.5m | €0.7m | €0.8m | €1.3m | €2.2m | €1.3m | ▼ 40.1% |
| Financial income75/76B | - | - | - | €0 | €0 | €0.06m | €0.1m | ▲ 163% |
| Recurring financial income75 | €0.007m | €276 | €0.001m | €0 | €0 | €0.06m | €0.1m | ▲ 163% |
| Financial charges65/66B | - | - | - | €0.003m | €0.001m | €427 | €493 | ▲ 15.4% |
| Recurring financial charges65 | -€489 | €318 | €0.001m | €0.003m | €0.001m | €427 | €493 | ▲ 15.4% |
| Profit (loss) for the period before taxes9903 | €0.7m | €0.5m | €0.7m | €0.8m | €1.3m | €2.2m | €1.5m | ▼ 35.0% |
| Income taxes67/77 | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.7m | €0.5m | ▼ 36.1% |
| Profit (loss) for the period9904 | €0.5m | €0.4m | €0.5m | €0.6m | €0.9m | €1.5m | €1.0m | ▼ 34.5% |
| Profit (loss) for the period to be appropriated9905 | €0.5m | €0.4m | €0.5m | €0.6m | €0.9m | €1.5m | €1.0m | ▼ 34.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €3.5m | €3.6m | €4.2m | €4.2m | €5.2m | €7.0m | €6.9m | ▼ 0.3% |
| Fixed assets21/28 | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 31.8% |
| Tangible fixed assets22/27 | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 31.8% |
| Land and buildings22 | - | - | - | €0.1m | €0.1m | €0.1m | €0.09m | ▼ 11.3% |
| Plant, machinery and equipment23 | - | - | - | €0.006m | €0.01m | €0.02m | €0.01m | ▼ 28.5% |
| Furniture and vehicles24 | - | - | - | €0.08m | €0.1m | €0.2m | €0.1m | ▼ 42.8% |
| Financial fixed assets28 | €248 | €248 | €248 | €248 | €248 | €248 | €248 | = |
| Current assets29/58 | €3.2m | €3.2m | €3.9m | €4.0m | €4.9m | €6.7m | €6.7m | ▲ 1.1% |
| Amounts receivable after more than one year29 | - | - | - | €0.6m | €0.4m | €0.3m | €0.05m | ▼ 80.0% |
| Other amounts receivable291 | - | - | - | €0.6m | €0.4m | €0.3m | €0.05m | ▼ 80.0% |
| Stocks and contracts in progress3 | €0.1m | €0.1m | €0.2m | €0.2m | €0.3m | €0.1m | €0.1m | ▼ 32.8% |
| Stocks30/36 | - | - | - | €0.2m | €0.3m | €0.1m | €0.1m | ▼ 32.8% |
| Amounts receivable within one year40/41 | €0.6m | €0.3m | €0.4m | €0.3m | €0.5m | €0.9m | €0.5m | ▼ 45.8% |
| Trade receivables40 | - | - | - | €0.2m | €0.5m | €0.8m | €0.4m | ▼ 52.3% |
| Other amounts receivable41 | - | - | - | €0.01m | €0.01m | €0.04m | €0.07m | ▲ 109% |
| Current investments50/53 | - | - | - | - | €1.2m | €0 | - | - |
| Cash at bank and in hand54/58 | €2.3m | €2.6m | €2.7m | €2.9m | €2.6m | €5.4m | €6.1m | ▲ 13.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.009m | €0.01m | €0.01m | €0.01m | ▲ 13.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €3.5m | €3.6m | €4.2m | €4.2m | €5.2m | €7.0m | €6.9m | ▼ 0.3% |
| Equity10/15 | €3.0m | €3.4m | €3.8m | €3.9m | €4.8m | €5.7m | €6.6m | ▲ 17.5% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €3.0m | €3.3m | €3.8m | €3.9m | €4.7m | €5.6m | €6.6m | ▲ 17.7% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Tax-exempt reserves132 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Distributable reserves133 | - | - | - | €3.8m | €4.7m | €5.5m | €6.5m | ▲ 17.9% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €0.5m | €0.2m | €0.3m | €0.3m | €0.4m | €1.3m | €0.3m | ▼ 77.9% |
| Amounts payable within one year42/48 | €0.5m | €0.2m | €0.3m | €0.3m | €0.4m | €1.3m | €0.3m | ▼ 77.9% |
| Trade debts44 | €0.3m | €0.04m | €0.1m | €0.1m | €0.2m | €0.3m | €0.2m | ▼ 38.0% |
| Suppliers440/4 | - | - | - | €0.1m | €0.2m | €0.3m | €0.2m | ▼ 38.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.09m | €0.1m | €0.3m | €0.006m | ▼ 97.9% |
| Taxes450/3 | - | - | - | €0.09m | €0.1m | €0.3m | €0.006m | ▼ 97.9% |
| Other amounts payable47/48 | - | - | - | €0.07m | €0.07m | €0.7m | €0.07m | ▼ 89.6% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.5m | €0.4m | €0.5m | €0.6m | €0.9m | €1.5m | €1.0m | ▼ 34.5% |
| + Depreciation and write-downs630 | €0.1m | €0.08m | €0.08m | €0.07m | €0.05m | €0.06m | €0.07m | ▲ 14.5% |
| Operating cash flow (approximation) | €0.6m | €0.4m | €0.6m | €0.6m | €0.9m | €1.6m | €1.1m | ▼ 32.6% |
| Investment in fixed assets (approximation) | - | -€0.1m | €0.01m | -€0.02m | -€0.09m | -€0.1m | €0.03m | - |
| Change in cash | - | €0.3m | €0.09m | €0.2m | -€0.3m | €2.8m | €0.7m | ▼ 74.4% |
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, 1,579 companies had the same profile as DEWATEX has now. Two years later, 96.7% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
3.2%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of DEWATEX 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 1,579 companies, not a prediction for DEWATEX. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 24-02-2026 | 2026-00045984 | |
| 30-06-2024 | abbreviated format | 20-02-2025 | 2025-00039751 | |
| 30-06-2023 | abbreviated format | 30-01-2024 | 2024-00024737 | |
| 30-06-2022 | abbreviated format | 31-01-2023 | 2023-00024678 | |
| 30-06-2021 | abbreviated format | 31-01-2022 | 2022-02900494 | |
| 30-06-2020 | abbreviated format | 01-02-2021 | 2021-04700366 | |
| 30-06-2019 | abbreviated format | 26-02-2020 | 2020-05600225 | |
| 30-06-2018 | abbreviated format | 24-02-2019 | 2019-05900042 | |
| 30-06-2017 | abbreviated format | 28-02-2018 | 2018-05600348 | |
| 30-06-2016 | abbreviated format | 21-02-2017 | 2017-05100188 |