DFH Location
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 17 filings
Turnover
≈ €31,000
Estimated: probably between €23,000 and €62,000
Total assets
€58,331▲ 0.9%
2024 · €57,793
Net result
€1,763▼ 7.8%
2024 · €1,912
Working capital
€27,813▲ 24.3%
2024 · €22,375
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€2,009
▼ 2.6%
2025
20182025
Net result
€1,763
▼ 7.8%
2025
middle half of the sector
20182025
Equity
€39,854
▲ 4.6%
2025
middle half of the sector
20182025
Total assets
€58,331
▲ 0.9%
2025
lowest quarter of the sector
20182025
Debt
€18,477
▼ 6.2%
2025
20182025
Working capital
€27,813
▲ 24.3%
2025
middle half of the sector
20182025
Solvency
68.3%
▲ 2.4pp
2025
highest quarter of the sector
20182025
Current ratio
2.51
▲ 0.37
2025
highest quarter of the sector
20182025
Return on assets (ROA)
3.0%
▼ 0.3pp
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-€566--€5,892▼ 942%-€2,148▲ 63.6%€11,550€2,227▼ 80.7%€13,477▲ 505%€2,062▼ 84.7%€2,009▼ 2.6%
Net result-€651--€5,935▼ 811%-€2,205within the sector's middle half▲ 62.9%€11,500within the sector's middle half€2,153within the sector's middle half▼ 81.3%€13,403within the sector's middle half▲ 522%€1,912within the sector's middle half▼ 85.7%€1,763within the sector's middle half▼ 7.8%
Equity€17,264-€11,329▼ 34.4%€9,124within the sector's middle half▼ 19.5%€20,624within the sector's middle half▲ 126%€22,777within the sector's middle half▲ 10.4%€36,180within the sector's middle half▲ 58.8%€38,092within the sector's middle half▲ 5.3%€39,854within the sector's middle half▲ 4.6%
Total assets€49,249-€44,852▼ 8.9%€40,500below the sector's middle half▼ 9.7%€62,688below the sector's middle half▲ 54.8%€64,922below the sector's middle half▲ 3.6%€75,845within the sector's middle half▲ 16.8%€57,793below the sector's middle half▼ 23.8%€58,331below the sector's middle half▲ 0.9%
Debt€31,985-€33,523▲ 4.8%€31,376▼ 6.4%€42,064▲ 34.1%€42,145▲ 0.2%€39,665▼ 5.9%€19,701▼ 50.3%€18,477▼ 6.2%
Working capital€3,302-€4,073▲ 23.3%€1,456within the sector's middle half▼ 64.3%€1,890within the sector's middle half▲ 29.8%€5,874within the sector's middle half▲ 211%€14,231within the sector's middle half▲ 142%€22,375within the sector's middle half▲ 57.2%€27,813within the sector's middle half▲ 24.3%
Solvency35.1%-25.3%▼ 9.8pp22.5%within the sector's middle half▼ 2.7pp32.9%within the sector's middle half▲ 10.4pp35.1%within the sector's middle half▲ 2.2pp47.7%within the sector's middle half▲ 12.6pp65.9%above the sector's middle half▲ 18.2pp68.3%above the sector's middle half▲ 2.4pp
Current ratio1.10-1.12▲ 0.021.05within the sector's middle half▼ 0.081.04within the sector's middle half=1.14within the sector's middle half▲ 0.091.36within the sector's middle half▲ 0.222.14within the sector's middle half▲ 0.782.51above the sector's middle half▲ 0.37
Return on assets (ROA)-1.3%--13.2%▼ 11.9pp-5.4%within the sector's middle half▲ 7.8pp18.3%above the sector's middle half▲ 23.8pp3.3%within the sector's middle half▼ 15.0pp17.7%above the sector's middle half▲ 14.4pp3.3%within the sector's middle half▼ 14.4pp3.0%within the sector's middle half▼ 0.3pp
above
within
below
The sector band is the middle half of the companies in Rental and leasing activities (NACE 77). 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 3% lower than in 2024 and the lowest since 2020. It is the second fall in a row.
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 €58,331
Fixed assets
€12,041 ▼ 23.4%
Current assets
€46,290 ▲ 10.0%
Equity and liabilities €58,331
Equity
€39,854 ▲ 4.6%
Debt
€18,477 ▼ 6.2%
Debt's share of the balance-sheet total falls from 34.1% to 31.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€9,684▲
2024 · €9,477
Cash flow
€9,438▲
2024 · €9,326
Debt to equity
0.46▼
2024 · 0.52
ROE
4.4%▼
2024 · 5.0%
Interest coverage
36.74▼
2024 · 63.11
Debt ≤ 1 year
€18,477▼
2024 · €19,701
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 | €17,421 | €6,373 | €12,987 | €1,182 | €4,000 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €6,355 | €8,204 | €7,940 | €7,415 | €7,675 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,612 | €10,020 | €4,010 | €6,355 | €8,204 | €7,940 | €7,415 | €7,675 | ▲ 3.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | -€2,100 | €0 | - | - |
| Other operating charges640/8 | - | - | - | €578 | €847 | €1,961 | €631 | €838 | ▲ 32.7% |
| Gross operating margin9900 | €13,748 | €4,831 | €2,439 | €18,483 | €11,279 | €21,278 | €10,108 | €10,521 | ▲ 4.1% |
| Operating profit (loss)9901 | -€566 | -€5,892 | -€2,148 | €11,550 | €2,227 | €13,477 | €2,062 | €2,009 | ▼ 2.6% |
| Financial income75/76B | - | - | - | - | - | - | - | €18 | - |
| Recurring financial income75 | - | - | - | - | - | - | - | €18 | - |
| Financial charges65/66B | - | - | - | €50 | €74 | €74 | €150 | €264 | ▲ 75.5% |
| Recurring financial charges65 | €86 | €43 | €57 | €50 | €74 | €74 | €150 | €264 | ▲ 75.5% |
| Profit (loss) for the period before taxes9903 | -€651 | -€5,935 | -€2,205 | €11,500 | €2,153 | €13,403 | €1,912 | €1,763 | ▼ 7.8% |
| Profit (loss) for the period9904 | -€651 | -€5,935 | -€2,205 | €11,500 | €2,153 | €13,403 | €1,912 | €1,763 | ▼ 7.8% |
| Profit (loss) for the period to be appropriated9905 | -€651 | -€5,935 | -€2,205 | €11,500 | €2,153 | €13,403 | €1,912 | €1,763 | ▼ 7.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €49,249 | €44,852 | €40,500 | €62,688 | €64,922 | €75,845 | €57,793 | €58,331 | ▲ 0.9% |
| Fixed assets21/28 | €13,962 | €7,256 | €7,669 | €18,734 | €16,903 | €21,949 | €15,716 | €12,041 | ▼ 23.4% |
| Tangible fixed assets22/27 | €13,827 | €7,121 | €7,534 | €18,599 | €16,768 | €21,814 | €15,581 | €11,906 | ▼ 23.6% |
| Plant, machinery and equipment23 | - | - | - | €17,670 | €16,762 | €21,028 | €14,374 | €8,641 | ▼ 39.9% |
| Furniture and vehicles24 | - | - | - | €929 | €5 | €786 | €1,207 | €3,265 | ▲ 170% |
| Financial fixed assets28 | €135 | €135 | €135 | €135 | €135 | €135 | €135 | €135 | = |
| Current assets29/58 | €35,288 | €37,596 | €32,831 | €43,954 | €48,019 | €53,896 | €42,076 | €46,290 | ▲ 10.0% |
| Amounts receivable within one year40/41 | €20,788 | €24,161 | €21,220 | €35,543 | €31,326 | €32,248 | €31,184 | €41,714 | ▲ 33.8% |
| Trade receivables40 | - | - | - | €35,256 | €31,326 | €32,248 | €31,184 | €34,087 | ▲ 9.3% |
| Other amounts receivable41 | - | - | - | €287 | €0 | - | - | €7,627 | - |
| Cash at bank and in hand54/58 | €14,500 | €13,434 | €11,611 | €8,411 | €16,694 | €21,199 | €10,665 | €4,326 | ▼ 59.4% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €448 | €227 | €250 | ▲ 10.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €49,249 | €44,852 | €40,500 | €62,688 | €64,922 | €75,845 | €57,793 | €58,331 | ▲ 0.9% |
| Equity10/15 | €17,264 | €11,329 | €9,124 | €20,624 | €22,777 | €36,180 | €38,092 | €39,854 | ▲ 4.6% |
| Contributions10/11 | €6,250 | €6,250 | - | €6,250 | €6,250 | €6,250 | €6,250 | €6,250 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €9,154 | €3,219 | €1,014 | €12,514 | €14,667 | €28,070 | €29,982 | €31,744 | ▲ 5.9% |
| Amounts payable17/49 | €31,985 | €33,523 | €31,376 | €42,064 | €42,145 | €39,665 | €19,701 | €18,477 | ▼ 6.2% |
| Amounts payable within one year42/48 | €31,985 | €33,523 | €31,376 | €42,064 | €42,145 | €39,665 | €19,701 | €18,477 | ▼ 6.2% |
| Trade debts44 | €3,382 | €3,947 | €2,015 | €15,222 | €15,393 | €14,303 | €14,949 | €17,631 | ▲ 17.9% |
| Suppliers440/4 | - | - | - | €15,222 | €15,393 | €14,303 | €14,949 | €17,631 | ▲ 17.9% |
| Taxes, remuneration and social security45 | - | - | - | - | €741 | €1,011 | €1,061 | €846 | ▼ 20.3% |
| Taxes450/3 | - | - | - | - | €741 | €1,011 | €1,061 | €846 | ▼ 20.3% |
| Other amounts payable47/48 | - | - | - | €26,842 | €26,010 | €24,352 | €3,691 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€651 | -€5,935 | -€2,205 | €11,500 | €2,153 | €13,403 | €1,912 | €1,763 | ▼ 7.8% |
| + Depreciation and write-downs630 | €13,612 | €10,020 | €4,010 | €6,355 | €8,204 | €7,940 | €7,415 | €7,675 | ▲ 3.5% |
| Operating cash flow (approximation) | €12,960 | €4,084 | €1,805 | €17,855 | €10,358 | €21,343 | €9,326 | €9,438 | ▲ 1.2% |
| Investment in fixed assets (approximation) | - | -€3,314 | -€4,422 | -€17,421 | -€6,373 | -€12,987 | -€1,182 | -€4,000 | ▼ 238% |
| Change in cash | - | -€1,066 | -€1,823 | -€3,200 | €8,283 | €4,506 | -€10,534 | -€6,339 | ▲ 39.8% |
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 DFH Location has now. Two years later, 95.2% 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
95.2%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of DFH Location itself: 0.4% 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 DFH Location. 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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00381273 | |
| 31-12-2024 | micro format | 25-09-2025 | 2025-00512484 | |
| 31-12-2023 | micro format | 30-08-2024 | 2024-00444726 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00423150 | |
| 31-12-2021 | micro format | 19-08-2022 | 2022-20314229 | |
| 31-12-2020 | micro format | 31-08-2021 | 2021-62700389 | |
| 31-12-2019 | micro format | 02-10-2020 | 2020-58900588 | |
| 31-12-2018 | micro format | 11-06-2019 | 2019-17200088 | |
| 31-12-2017 | micro format | 30-08-2018 | 2018-60300041 | |
| 31-12-2016 | full format | 27-06-2017 | 2017-22300268 |