DFG
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-06-2026 PDF all 31 filings
Turnover
≈ €140,000
Estimated: probably between €81,000 and €240,000
Total assets
€210,298▲ 17.6%
2024 · €178,797
Net result
€8,509▼ 51.9%
2024 · €17,680
Working capital
€59,197▼ 8.6%
2024 · €64,753
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€16,423
▼ 43.0%
2025
20182025
Net result
€8,509
▼ 51.9%
2025
middle half of the sector
20182025
Equity
€99,525
▲ 8.4%
2025
middle half of the sector
20182025
Total assets
€210,298
▲ 17.6%
2025
middle half of the sector
20182025
Debt
€110,773
▲ 27.4%
2025
20182025
Working capital
€59,197
▼ 8.6%
2025
middle half of the sector
20182025
Solvency
47.3%
▼ 4.0pp
2025
middle half of the sector
20182025
Current ratio
1.64
▼ 0.13
2025
middle half of the sector
20182025
Return on assets (ROA)
4.0%
▼ 5.8pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€11,494-€5,118€21,134€4,707▼ 77.7%€16,364▲ 248%€28,793▲ 76.0%€16,423▼ 43.0%
Net result€5,616-€8,053below the sector's middle half€18,512within the sector's middle half€3,084within the sector's middle half▼ 83.3%€9,803within the sector's middle half▲ 218%€17,680within the sector's middle half▲ 80.4%€8,509within the sector's middle half▼ 51.9%
Equity€107,177-€112,793▲ 5.2%€104,741above the sector's middle half▼ 7.1%€93,118within the sector's middle half▼ 11.1%€82,878within the sector's middle half▼ 11.0%€84,559within the sector's middle half▲ 2.0%€91,816within the sector's middle half▲ 8.6%€99,525within the sector's middle half▲ 8.4%
Total assets€231,854-€193,151▼ 16.7%€157,316within the sector's middle half▼ 18.6%€162,428within the sector's middle half▲ 3.2%€141,758within the sector's middle half▼ 12.7%€148,828within the sector's middle half▲ 5.0%€178,797within the sector's middle half▲ 20.1%€210,298within the sector's middle half▲ 17.6%
Debt€124,677-€80,358▼ 35.5%€52,576▼ 34.6%€69,311▲ 31.8%€58,881▼ 15.0%€64,269▲ 9.2%€86,981▲ 35.3%€110,773▲ 27.4%
Working capital€39,484-€58,764▲ 48.8%€52,582within the sector's middle half▼ 10.5%€42,020within the sector's middle half▼ 20.1%€38,168within the sector's middle half▼ 9.2%€50,028within the sector's middle half▲ 31.1%€64,753within the sector's middle half▲ 29.4%€59,197within the sector's middle half▼ 8.6%
Solvency46.2%-58.4%▲ 12.2pp66.6%within the sector's middle half▲ 8.2pp57.3%within the sector's middle half▼ 9.3pp58.5%within the sector's middle half▲ 1.1pp56.8%within the sector's middle half▼ 1.6pp51.4%within the sector's middle half▼ 5.5pp47.3%within the sector's middle half▼ 4.0pp
Current ratio1.80-2.59▲ 0.802.21within the sector's middle half▼ 0.381.61within the sector's middle half▼ 0.601.65within the sector's middle half▲ 0.041.81within the sector's middle half▲ 0.161.77within the sector's middle half▼ 0.031.64within the sector's middle half▼ 0.13
Return on assets (ROA)2.9%-5.1%below the sector's middle half▼ 8.0pp11.4%within the sector's middle half▲ 16.5pp2.2%within the sector's middle half▼ 9.2pp6.6%within the sector's middle half▲ 4.4pp9.9%within the sector's middle half▲ 3.3pp4.0%within the sector's middle half▼ 5.8pp
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 43% 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 €210,298
Fixed assets
€59,303 ▲ 96.4%
Current assets
€150,996 ▲ 1.6%
Equity and liabilities €210,298
Equity
€99,525 ▲ 8.4%
Debt
€110,773 ▲ 27.4%
Debt's share of the balance-sheet total rises from 48.6% to 52.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€30,869▼
2024 · €41,934
Cash flow
€22,955▼
2024 · €30,821
Quick ratio
1.55▼
2024 · 1.66
Debt to equity
1.11▲
2024 · 0.95
ROE
8.5%▼
2024 · 19.3%
Interest coverage
7.28▼
2024 · 12.61
Debt ≤ 1 year
€91,799▲
2024 · €83,844
Debt > 1 year
€15,272
Income taxes
€4,727▼
2024 · €8,401
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 | €11,150 | €14,144 | €6,066 | €7,187 | €43,549 |
| Depreciation and write-downs of the year | €21,287 | €20,532 | €14,013 | €13,141 | €14,446 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €729 awarded · €729 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €50,633 | €40,934 | €21,287 | €20,532 | €14,013 | €13,141 | €14,446 | ▲ 9.9% |
| Other operating charges640/8 | - | - | - | €2,574 | €2,583 | €2,540 | €3,381 | €2,790 | ▼ 17.5% |
| Gross operating margin9900 | - | €64,755 | €38,478 | €44,994 | €27,821 | €32,917 | €45,315 | €33,659 | ▼ 25.7% |
| Operating profit (loss)9901 | - | €11,494 | -€5,118 | €21,134 | €4,707 | €16,364 | €28,793 | €16,423 | ▼ 43.0% |
| Financial income75/76B | - | - | - | €69 | €97 | €390 | €614 | €1,051 | ▲ 71.1% |
| Recurring financial income75 | - | €2,342 | €360 | €69 | €97 | €390 | €614 | €1,051 | ▲ 71.1% |
| Financial charges65/66B | - | - | - | €1,366 | €159 | €2,225 | €3,326 | €4,238 | ▲ 27.4% |
| Recurring financial charges65 | - | €4,382 | €3,114 | €1,366 | €159 | €2,225 | €3,326 | €4,238 | ▲ 27.4% |
| Profit (loss) for the period before taxes9903 | - | €9,455 | -€7,872 | €19,836 | €4,645 | €14,529 | €26,081 | €13,236 | ▼ 49.3% |
| Income taxes67/77 | - | €3,839 | €180 | €1,325 | €1,560 | €4,726 | €8,401 | €4,727 | ▼ 43.7% |
| Profit (loss) for the period9904 | - | €5,616 | -€8,053 | €18,512 | €3,084 | €9,803 | €17,680 | €8,509 | ▼ 51.9% |
| Profit (loss) for the period to be appropriated9905 | - | €5,616 | -€8,053 | €18,512 | €3,084 | €9,803 | €17,680 | €8,509 | ▼ 51.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €231,854 | €193,151 | €157,316 | €162,428 | €141,758 | €148,828 | €178,797 | €210,298 | ▲ 17.6% |
| Fixed assets21/28 | €142,787 | €97,462 | €61,235 | €51,098 | €44,710 | €36,763 | €30,200 | €59,303 | ▲ 96.4% |
| Tangible fixed assets22/27 | €142,787 | €97,462 | €61,235 | €51,098 | €44,710 | €36,763 | €30,200 | €59,303 | ▲ 96.4% |
| Land and buildings22 | - | - | - | €23,277 | €17,233 | €13,094 | €8,672 | €4,628 | ▼ 46.6% |
| Plant, machinery and equipment23 | - | - | - | €25,031 | €20,370 | €13,929 | €13,755 | €13,772 | ▲ 0.1% |
| Furniture and vehicles24 | - | - | - | €2,790 | €7,106 | €9,739 | €7,773 | €40,903 | ▲ 426% |
| Current assets29/58 | €89,068 | €95,690 | €96,082 | €111,330 | €97,049 | €112,065 | €148,597 | €150,996 | ▲ 1.6% |
| Stocks and contracts in progress3 | €9,821 | €12,184 | €9,494 | €9,194 | €9,169 | €10,346 | €9,179 | €8,522 | ▼ 7.2% |
| Stocks30/36 | - | - | - | €9,194 | €9,169 | €10,346 | €9,179 | €8,522 | ▼ 7.2% |
| Amounts receivable within one year40/41 | €14,441 | €8,139 | €4,556 | €8,297 | €14,576 | €19,179 | €12,198 | €7,678 | ▼ 37.1% |
| Trade receivables40 | - | - | - | €8,238 | €6,137 | €14,307 | €10,465 | €4,968 | ▼ 52.5% |
| Other amounts receivable41 | - | - | - | €59 | €8,440 | €4,872 | €1,734 | €2,709 | ▲ 56.3% |
| Cash at bank and in hand54/58 | €64,655 | €73,720 | €79,922 | €92,254 | €71,572 | €79,512 | €123,858 | €131,614 | ▲ 6.3% |
| Deferred charges and accrued income490/1 | - | - | - | €1,586 | €1,732 | €3,029 | €3,361 | €3,182 | ▼ 5.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €231,854 | €193,151 | €157,316 | €162,428 | €141,758 | €148,828 | €178,797 | €210,298 | ▲ 17.6% |
| Equity10/15 | €107,177 | €112,793 | €104,741 | €93,118 | €82,878 | €84,559 | €91,816 | €99,525 | ▲ 8.4% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €88,577 | €94,193 | €94,193 | €74,518 | €64,278 | €65,959 | €73,216 | €80,925 | ▲ 10.5% |
| Non-distributable reserves130/1 | - | - | - | €8,149 | €8,149 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €8,149 | €8,149 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €10,661 | €10,661 | €10,661 | €10,661 | €10,661 | = |
| Distributable reserves133 | - | - | - | €55,708 | €45,469 | €55,298 | €62,555 | €70,264 | ▲ 12.3% |
| Profit (loss) carried forward14 | - | - | -€8,053 | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €124,677 | €80,358 | €52,576 | €69,311 | €58,881 | €64,269 | €86,981 | €110,773 | ▲ 27.4% |
| Amounts payable after more than one year17 | €75,093 | €43,432 | €9,076 | - | - | - | - | €15,272 | - |
| Financial debts170/4 | - | - | - | - | - | - | - | €15,272 | - |
| Amounts payable within one year42/48 | €49,584 | €36,926 | €43,500 | €69,311 | €58,881 | €62,037 | €83,844 | €91,799 | ▲ 9.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,663 | - | - | - | €3,796 | - |
| Trade debts44 | €3,139 | €3,228 | €1,865 | €3,913 | €5,241 | €6,732 | €7,565 | €4,589 | ▼ 39.3% |
| Suppliers440/4 | - | - | - | €3,913 | €5,241 | €6,732 | €7,565 | €4,589 | ▼ 39.3% |
| Advances received on contracts in progress46 | - | - | - | €7,135 | €9,270 | €7,065 | €10,313 | €10,785 | ▲ 4.6% |
| Taxes, remuneration and social security45 | - | - | - | €3,537 | €3,955 | €4,686 | €4,307 | €4,955 | ▲ 15.0% |
| Taxes450/3 | - | - | - | €3,537 | €3,955 | €4,686 | €4,307 | €4,955 | ▲ 15.0% |
| Other amounts payable47/48 | - | - | - | €47,062 | €40,415 | €43,554 | €61,660 | €67,674 | ▲ 9.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €2,232 | €3,136 | €3,702 | ▲ 18.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | - | €5,616 | -€8,053 | €18,512 | €3,084 | €9,803 | €17,680 | €8,509 | ▼ 51.9% |
| + Depreciation and write-downs630 | - | €50,633 | €40,934 | €21,287 | €20,532 | €14,013 | €13,141 | €14,446 | ▲ 9.9% |
| Operating cash flow (approximation) | - | €56,249 | €32,881 | €39,799 | €23,616 | €23,816 | €30,821 | €22,955 | ▼ 25.5% |
| Investment in fixed assets (approximation) | - | -€5,308 | -€4,707 | -€11,150 | -€14,144 | -€6,066 | -€6,578 | -€43,549 | ▼ 562% |
| Change in cash | - | €9,064 | €6,202 | €12,332 | -€20,682 | €7,940 | €44,346 | €7,756 | ▼ 82.5% |
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, 17,041 companies had the same profile as DFG has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DFG 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 17,041 companies, not a prediction for DFG. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-06-2026 | 2026-00163864 | |
| 31-12-2024 | micro format | 19-06-2025 | 2025-00152185 | |
| 31-12-2023 | micro format | 21-06-2024 | 2024-00147720 | |
| 31-12-2022 | micro format | 25-08-2023 | 2023-00357571 | |
| 31-12-2021 | micro format | 25-08-2022 | 2022-20326415 | |
| 31-12-2020 | micro format | 25-08-2021 | 2021-54700041 | |
| 31-12-2019 | micro format | 24-08-2020 | 2020-44500275 | |
| 31-12-2018 | micro format | 04-07-2019 | 2019-29100010 | |
| 30-12-2017 | micro format | 29-06-2018 | 2018-27700088 | |
| 30-12-2016 | abbreviated format | 10-08-2017 | 2017-42900581 |