DF m&c
ActiveSummary
DF m&c has been active since 2012 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €13,050 and a net result of -€4,402. Equity is shrinking by ~9.5% per year across the filed fiscal years. Its solvency ranks better than 15% of 32023 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability31▼-1
Solvency33▼-3
Growth32=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €500 at 30 days acceptable
Liquidity tight (current ratio 1.37 against 1.46 in 2024; short-term debt: 59.6% and cash: 1.1% of total assets), and 92.4% of the assets are financed with debt.
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Signals
Seven signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 70
Relative position
BE, all sectors
reference
Activities of head offices; management consultancy activities (NACE 70)
about 69% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
7.6%
Return on assets
-2.6%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€4,402
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 15% of 32023 sector peers (2025).
NBB · sector comparisonPosition among 32023 sector peers
Solvency
better than 15%
← weakest
strongest →
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 06-08-2026, 6 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
6 d late
2024
11 d late
2023
27 d early
2022
14 d late
2021
11 d late
2020
11 d late
2019
41 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 10 days after the deadline; the sector median for financial year 2024 is 9 days before the deadline, and 32% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 11 August (4 of the last 5 filed years within 30 days of that day).
Companies Code · seven monthsPosition in the running window
30-09-2026 today31-12-2026 close31-07-2027 deadline
History
Go further with this company
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Financials · fiscal year 2025, micro schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€4,402▼ 20.5%
2024 · -€3,652
Working capital
€37,947▼ 1.0%
2024 · €38,333
Trend over the years
In euros
In per cent
Ratio
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€18,487▲ 690%-€992-€7,661▼ 672%-€2,102▲ 72.6%-€3,134▼ 49.1%
Net result€11,547within the sector's middle half-€3,265below the sector's middle half-€10,145below the sector's middle half▼ 211%-€3,652below the sector's middle half▲ 64.0%-€4,402below the sector's middle half▼ 20.5%
Equity€34,514within the sector's middle half▲ 50.3%€31,250within the sector's middle half▼ 9.5%€21,104below the sector's middle half▼ 32.5%€17,452below the sector's middle half▼ 17.3%€13,050below the sector's middle half▼ 25.2%
Total assets€122,470within the sector's middle half▼ 59.1%€198,583within the sector's middle half▲ 62.1%€150,278within the sector's middle half▼ 24.3%€153,817within the sector's middle half▲ 2.4%€171,664within the sector's middle half▲ 11.6%
Debt€87,956▼ 68.2%€167,333▲ 90.2%€129,174▼ 22.8%€136,365▲ 5.6%€158,613▲ 16.3%
Working capital€26,196within the sector's middle half▼ 89.0%€57,728within the sector's middle half▲ 120%€39,896within the sector's middle half▼ 30.9%€38,333within the sector's middle half▼ 3.9%€37,947within the sector's middle half▼ 1.0%
Solvency28.2%within the sector's middle half▲ 20.5pp15.7%below the sector's middle half▼ 12.4pp14.0%below the sector's middle half▼ 1.7pp11.3%below the sector's middle half▼ 2.7pp7.6%below the sector's middle half▼ 3.7pp
Current ratio1.30within the sector's middle half▼ 4.661.57within the sector's middle half▲ 0.271.51within the sector's middle half▼ 0.071.46within the sector's middle half▼ 0.051.37within the sector's middle half▼ 0.09
Return on assets (ROA)9.4%within the sector's middle half▲ 11.5pp-1.6%below the sector's middle half▼ 11.1pp-6.8%below the sector's middle half▼ 5.1pp-2.4%below the sector's middle half▲ 4.4pp-2.6%below the sector's middle half▼ 0.2pp
above
within
below
the middle half (P25 to P75) of NACE 70, Activities of head offices; management consultancy activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €3,134 in 2025 against €2,102 in 2024; the loss grows.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €171,664
Fixed assets
€31,400 =
Current assets
€140,264 ▲ 14.6%
Equity and liabilities €171,664
Equity
€13,050 ▼ 25.2%
Debt
€158,613 ▲ 16.3%
Debt's share of the balance-sheet total rises from 88.7% to 92.4%. Equity is lower and debt is higher.
Key figures and ratios
Quick ratio
0.41▲
2024 · 0.29
Debt to equity
12.15▲
2024 · 7.81
ROE
-33.7%▼
2024 · -20.9%
Debt ≤ 1 year
€102,317▲
2024 · €84,084
Debt > 1 year
€56,296▲
2024 · €52,280
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 1,037 companies that looked in July 2024 the way this one looks now, 2.9% went bankrupt within 24 months and 94% are still going.
- Micro
- 10 to 20 years old
- solvency under 10%
- a small loss
2.9%
went bankrupt
2.9%
stopped otherwise
94%
still going
A further 0.6% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,340 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 1,037 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €377 | - | - | - | - | - |
| Other operating charges640/8 | €348 | €348 | - | €387 | €400 | ▲ 3.2% |
| Gross operating margin9900 | €19,211 | -€645 | -€7,661 | -€1,715 | -€2,735 | ▼ 59.5% |
| Operating profit (loss)9901 | €18,487 | -€992 | -€7,661 | -€2,102 | -€3,134 | ▼ 49.1% |
| Financial income75/76B | €0 | €17 | - | - | €1 | - |
| Recurring financial income75 | €0 | €17 | - | - | €1 | - |
| Financial charges65/66B | €4,375 | €2,289 | €2,484 | €1,550 | €1,269 | ▼ 18.1% |
| Recurring financial charges65 | €4,375 | €2,289 | €2,484 | €1,550 | €1,269 | ▼ 18.1% |
| Profit (loss) for the period before taxes9903 | €14,112 | -€3,265 | -€10,145 | -€3,652 | -€4,402 | ▼ 20.5% |
| Income taxes67/77 | €2,564 | - | - | - | - | - |
| Profit (loss) for the period9904 | €11,547 | -€3,265 | -€10,145 | -€3,652 | -€4,402 | ▼ 20.5% |
| Profit (loss) for the period to be appropriated9905 | €11,547 | -€3,265 | -€10,145 | -€3,652 | -€4,402 | ▼ 20.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €122,470 | €198,583 | €150,278 | €153,817 | €171,664 | ▲ 11.6% |
| Fixed assets21/28 | €8,318 | €39,718 | €31,400 | €31,400 | €31,400 | = |
| Tangible fixed assets22/27 | - | €31,400 | €31,400 | €31,400 | €31,400 | = |
| Other tangible fixed assets26 | - | €31,400 | €31,400 | €31,400 | €31,400 | = |
| Financial fixed assets28 | €8,318 | €8,318 | - | - | - | - |
| Current assets29/58 | €114,152 | €158,865 | €118,878 | €122,417 | €140,264 | ▲ 14.6% |
| Stocks and contracts in progress3 | €92,870 | €141,324 | €97,744 | €97,744 | €98,032 | ▲ 0.3% |
| Stocks30/36 | €92,870 | €141,324 | €97,744 | €97,744 | €98,032 | ▲ 0.3% |
| Amounts receivable within one year40/41 | €17,346 | €17,022 | €20,000 | €22,811 | €40,385 | ▲ 77.0% |
| Trade receivables40 | - | €299 | €20,000 | €22,811 | €40,000 | ▲ 75.4% |
| Other amounts receivable41 | €17,346 | €16,723 | - | - | €385 | - |
| Cash at bank and in hand54/58 | €3,935 | €382 | €847 | €1,863 | €1,847 | ▼ 0.9% |
| Deferred charges and accrued income490/1 | - | €137 | €288 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €122,470 | €198,583 | €150,278 | €153,817 | €171,664 | ▲ 11.6% |
| Equity10/15 | €34,514 | €31,250 | €21,104 | €17,452 | €13,050 | ▼ 25.2% |
| Contributions10/11 | €6,200 | €6,200 | €8,060 | - | - | - |
| Reserves13 | €1,860 | €1,860 | - | €8,060 | €8,060 | = |
| Non-distributable reserves130/1 | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €8,060 | €8,060 | = |
| Profit (loss) carried forward14 | €26,454 | €23,190 | €13,044 | €9,392 | €4,990 | ▼ 46.9% |
| Amounts payable17/49 | €87,956 | €167,333 | €129,174 | €136,365 | €158,613 | ▲ 16.3% |
| Amounts payable after more than one year17 | - | €66,197 | €50,192 | €52,280 | €56,296 | ▲ 7.7% |
| Other amounts payable178/9 | - | €66,197 | €50,192 | €52,280 | €56,296 | ▲ 7.7% |
| Amounts payable within one year42/48 | €87,956 | €101,136 | €78,982 | €84,084 | €102,317 | ▲ 21.7% |
| Trade debts44 | €56,980 | €42,024 | €12,327 | €12,111 | €10,257 | ▼ 15.3% |
| Suppliers440/4 | €56,980 | €42,024 | €12,327 | €12,111 | €10,257 | ▼ 15.3% |
| Taxes, remuneration and social security45 | €21,527 | €32,855 | €40,137 | €1,119 | €1,146 | ▲ 2.4% |
| Taxes450/3 | €21,527 | €32,855 | €40,137 | €1,119 | €1,146 | ▲ 2.4% |
| Other amounts payable47/48 | €9,449 | €26,257 | €26,518 | €70,854 | €90,914 | ▲ 28.3% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,547 | -€3,265 | -€10,145 | -€3,652 | -€4,402 | ▼ 20.5% |
| + Depreciation and write-downs630 | €377 | - | - | - | - | - |
| Operating cash flow (approximation) | €11,924 | -€3,265 | -€10,145 | -€3,652 | -€4,402 | ▼ 20.5% |
| Investment in fixed assets (approximation) | - | -€31,400 | €8,318 | €0 | €0 | - |
| Change in cash | - | -€3,553 | €465 | €1,016 | -€16 | ▼ 102% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
06-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 6 days late
2025
11-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 11 days late
2024
04-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Weakest financial yearnet -€10,145
Net result drops to -€10,145, the lowest in the series; recovery starts the following year.
08-11
State Gazette act
General meeting · Director resignation
Director appointment
14-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 14 days late
2022
11-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 11 days late
2021
31-12
Financial
Back to profitnet €11,547
Net result €11,547 after one loss-making year.
11-08
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema · 11 days late
2020
31-12
Financial
Liquidity triplescurrent ratio 5.96
Current ratio from 1.89 to 5.96; short-term debt falls from €94,209 to €48,092.
27-11
State Gazette act
General meeting · Director resignation
Director appointment
10-09
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 41 days late
Show earlier events
2019
19-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
10-07
State Gazette act
General meeting · Director resignation
Director appointment
2018
12-07
NBB filing
Annual accounts filed
fiscal year 2017 · full schema
2017
12-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
17-06
State Gazette act
General meeting · Director resignation
Director appointment
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Walhain · 1 establishment unit since 2012
Ground area
5,544 m²
Parcel 25071D0389/00M000, Wallonia. Linked by address, not a title deed.
1 establishment unit
DELFORGE FRERES MANAGEMENT
since 20122.213.496.547
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25071D0389/00M000 | Wallonia | 5,544 m² | - | - |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Connections & network
The group is listed under Ownership & control below; here you explore it as a network.
This company
Company
Director
Shareholding
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Ownership & control
1 board mandateBoard mandates of this companythis company sits on their board1
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Of 82,601 companies in sector 70200 we hold annual accounts for 52,615. 25,947 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded08-10-2012
Fiscal year end31-12
Activities, NACEBEL 2025
70200Business and other management consultancy
Contact
E-mail
info@delforgefreres.beWalhain
Phone
010/651665Walhain
Phone
0495/801508Walhain
E-invoicing
Reachable via Peppol
Peppol ID
0208:0849414350
Registered
26-12-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 30 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.