DFA
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 90 days after the deadline Filed on 29 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00571468.
Annual accounts 2025 filed on 29-10-2026 at the NBB all 6 filings
Turnover
≈ €76,000
Estimated: probably between €54,000 and €100,000
Total assets
€79,438▼ 9.1%
2024 · €87,390
Net result
€21,430
2024 · -€913
Working capital
€10,693▼ 72.9%
2024 · €39,441
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€29,337
▼ 34.9%
2025
20202025
Net result
€21,430
2025
middle half of the sector
20202025
Equity
€22,498
▼ 45.2%
2025
lowest quarter of the sector
20202025
Total assets
€79,438
▼ 9.1%
2025
lowest quarter of the sector
20202025
Debt
€56,940
▲ 22.9%
2025
20202025
Working capital
€10,693
▼ 72.9%
2025
middle half of the sector
20202025
Solvency
28.3%
▼ 18.7pp
2025
middle half of the sector
20202025
Current ratio
1.19
▼ 0.66
2025
middle half of the sector
20202025
Return on assets (ROA)
27.0%
▲ 28.0pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€12,602-€4,941▼ 60.8%€13,054▲ 164%€4,826▼ 63.0%€45,072▲ 834%€29,337▼ 34.9%
Net result€8,441within the sector's middle half-€2,710below the sector's middle half▼ 67.9%€9,337within the sector's middle half▲ 245%€2,894below the sector's middle half▼ 69.0%-€913below the sector's middle half€21,430within the sector's middle half
Equity€14,641below the sector's middle half-€29,751below the sector's middle half▲ 103%€39,088within the sector's middle half▲ 31.4%€41,982within the sector's middle half▲ 7.4%€41,069within the sector's middle half▼ 2.2%€22,498below the sector's middle half▼ 45.2%
Total assets€33,504below the sector's middle half-€44,924below the sector's middle half▲ 34.1%€69,461below the sector's middle half▲ 54.6%€51,398below the sector's middle half▼ 26.0%€87,390below the sector's middle half▲ 70.0%€79,438below the sector's middle half▼ 9.1%
Debt€18,863-€15,173▼ 19.6%€30,373▲ 100%€9,416▼ 69.0%€46,322▲ 392%€56,940▲ 22.9%
Working capital€13,145within the sector's middle half-€26,459within the sector's middle half▲ 101%€35,589within the sector's middle half▲ 34.5%€39,063within the sector's middle half▲ 9.8%€39,441within the sector's middle half▲ 1.0%€10,693within the sector's middle half▼ 72.9%
Solvency43.7%within the sector's middle half-66.2%within the sector's middle half▲ 22.5pp56.3%within the sector's middle half▼ 10.0pp81.7%above the sector's middle half▲ 25.4pp47.0%within the sector's middle half▼ 34.7pp28.3%within the sector's middle half▼ 18.7pp
Current ratio1.70within the sector's middle half-2.74within the sector's middle half▲ 1.052.17within the sector's middle half▼ 0.575.15above the sector's middle half▲ 2.981.85within the sector's middle half▼ 3.301.19within the sector's middle half▼ 0.66
Return on assets (ROA)25.2%above the sector's middle half-6.0%within the sector's middle half▼ 19.2pp13.4%within the sector's middle half▲ 7.4pp5.6%within the sector's middle half▼ 7.8pp-1.0%below the sector's middle half▼ 6.7pp27.0%within the sector's middle half▲ 28.0pp
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 35% 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 €79,438
Fixed assets
€11,806 ▲ 625%
Current assets
€67,633 ▼ 21.1%
Equity and liabilities €79,438
Equity
€22,498 ▼ 45.2%
Debt
€56,940 ▲ 22.9%
Debt's share of the balance-sheet total rises from 53.0% to 71.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€30,148▼
2024 · €46,074
Cash flow
€22,241▲
2024 · €89
Debt to equity
2.53▲
2024 · 1.13
ROE
95.3%▲
2024 · -2.2%
Interest coverage
10.26▲
2024 · 1.02
Debt ≤ 1 year
€56,940▲
2024 · €46,322
Income taxes
€5,015▲
2024 · €745
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,833 | €1,228 | €483 | - | €10,989 |
| Depreciation and write-downs of the year | €706 | €1,021 | €1,063 | €1,002 | €811 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €610 awarded · €610 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €59 | €59 |
| 2024 | 1 | €105 | €105 |
| 2023 | 1 | €311 | €311 |
| 2022 | 1 | €135 | €135 |
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,151 | €706 | €1,021 | €1,063 | €1,002 | €811 | ▼ 19.1% |
| Other operating charges640/8 | - | €795 | €640 | €1,255 | €1,602 | €685 | ▼ 57.3% |
| Gross operating margin9900 | €14,544 | €6,442 | €14,715 | €7,145 | €47,676 | €30,833 | ▼ 35.3% |
| Operating profit (loss)9901 | €12,602 | €4,941 | €13,054 | €4,826 | €45,072 | €29,337 | ▼ 34.9% |
| Financial income75/76B | - | €48 | - | €575 | €9 | €45 | ▲ 426% |
| Recurring financial income75 | - | €48 | - | €575 | €9 | €45 | ▲ 426% |
| Financial charges65/66B | - | €528 | €466 | €393 | €45,249 | €2,937 | ▼ 93.5% |
| Recurring financial charges65 | €1,036 | €528 | €466 | €393 | €45,249 | €2,937 | ▼ 93.5% |
| Profit (loss) for the period before taxes9903 | €11,566 | €4,461 | €12,588 | €5,008 | -€168 | €26,445 | - |
| Income taxes67/77 | €3,125 | €1,751 | €3,251 | €2,114 | €745 | €5,015 | ▲ 573% |
| Profit (loss) for the period9904 | €8,441 | €2,710 | €9,337 | €2,894 | -€913 | €21,430 | - |
| Profit (loss) for the period to be appropriated9905 | €8,441 | €2,710 | €9,337 | €2,894 | -€913 | €21,430 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €33,504 | €44,924 | €69,461 | €51,398 | €87,390 | €79,438 | ▼ 9.1% |
| Fixed assets21/28 | €1,496 | €3,292 | €3,499 | €2,918 | €1,628 | €11,806 | ▲ 625% |
| Tangible fixed assets22/27 | €1,166 | €3,292 | €3,499 | €2,918 | €1,628 | €11,806 | ▲ 625% |
| Plant, machinery and equipment23 | - | €2,056 | €1,665 | €1,756 | €1,210 | €722 | ▼ 40.4% |
| Furniture and vehicles24 | - | €1,236 | €1,834 | €1,163 | €418 | €230 | ▼ 44.9% |
| Other tangible fixed assets26 | - | - | - | - | - | €10,854 | - |
| Financial fixed assets28 | €330 | - | - | - | - | - | - |
| Current assets29/58 | €32,008 | €41,632 | €65,962 | €48,479 | €85,762 | €67,633 | ▼ 21.1% |
| Amounts receivable within one year40/41 | €15,757 | €26,664 | €49,453 | €37,667 | €50,342 | €47,505 | ▼ 5.6% |
| Trade receivables40 | - | €26,664 | €32,312 | €31,567 | €45,635 | €45,204 | ▼ 0.9% |
| Other amounts receivable41 | - | - | €17,141 | €6,100 | €4,707 | €2,301 | ▼ 51.1% |
| Cash at bank and in hand54/58 | €15,720 | €14,968 | €16,510 | €10,812 | €35,421 | €20,128 | ▼ 43.2% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €33,504 | €44,924 | €69,461 | €51,398 | €87,390 | €79,438 | ▼ 9.1% |
| Equity10/15 | €14,641 | €29,751 | €39,088 | €41,982 | €41,069 | €22,498 | ▼ 45.2% |
| Contributions10/11 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €8,441 | €11,151 | €20,488 | €23,382 | €22,469 | €3,898 | ▼ 82.6% |
| Distributable reserves133 | - | €11,151 | €20,488 | €23,382 | €22,469 | €3,898 | ▼ 82.6% |
| Amounts payable17/49 | €18,863 | €15,173 | €30,373 | €9,416 | €46,322 | €56,940 | ▲ 22.9% |
| Amounts payable within one year42/48 | €18,863 | €15,173 | €30,373 | €9,416 | €46,322 | €56,940 | ▲ 22.9% |
| Trade debts44 | €1,110 | €718 | €830 | €2,751 | €359 | €0 | ▼ 100% |
| Suppliers440/4 | - | €718 | €830 | €2,751 | €359 | €0 | ▼ 100% |
| Advances received on contracts in progress46 | - | - | - | - | - | €3,891 | - |
| Taxes, remuneration and social security45 | - | €9,541 | €28,389 | €6,665 | €7,465 | €5,286 | ▼ 29.2% |
| Taxes450/3 | - | €9,541 | €28,389 | €6,665 | €7,465 | €5,286 | ▼ 29.2% |
| Other amounts payable47/48 | - | €4,913 | €1,154 | - | €38,498 | €47,762 | ▲ 24.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,441 | €2,710 | €9,337 | €2,894 | -€913 | €21,430 | - |
| + Depreciation and write-downs630 | €1,151 | €706 | €1,021 | €1,063 | €1,002 | €811 | ▼ 19.1% |
| Operating cash flow (approximation) | €9,592 | €3,416 | €10,358 | €3,957 | €89 | €22,241 | ▲ 250× |
| Investment in fixed assets (approximation) | - | -€2,503 | -€1,228 | -€483 | €288 | -€10,989 | - |
| Change in cash | - | -€751 | €1,541 | -€5,698 | €24,609 | -€15,293 | - |
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 DFA 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.
The bankruptcy probability of DFA itself is lower: 0.1% within 12 months. It rests on far more data about DFA than the profile alone.
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 DFA. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-10-2026 | 2026-00571468 | |
| 31-12-2024 | micro format | 27-09-2025 | 2025-00506785 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00480520 | |
| 31-12-2022 | micro format | 01-09-2023 | 2023-00406107 | |
| 31-12-2021 | micro format | 30-09-2022 | 2022-20441383 | |
| 31-12-2020 | micro format | 29-09-2021 | 2021-69500131 |