DFIL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 08-06-2026 PDF all 10 filings
Turnover
≈ €260,000
Estimated: probably between €170,000 and €380,000
Total assets
€196,364▲ 17.0%
2024 · €167,853
Net result
€35,404▼ 2.3%
2024 · €36,230
Working capital
€119,657▲ 40.8%
2024 · €85,013
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€52,274
▼ 4.2%
2025
20182025
Net result
€35,404
▼ 2.3%
2025
middle half of the sector
20182025
Equity
€146,549
▲ 31.9%
2025
middle half of the sector
20182025
Total assets
€196,364
▲ 17.0%
2025
middle half of the sector
20182025
Debt
€49,815
▼ 12.2%
2025
20182025
Working capital
€119,657
▲ 40.8%
2025
middle half of the sector
20182025
Solvency
74.6%
▲ 8.4pp
2025
middle half of the sector
20182025
Current ratio
3.56
▲ 0.97
2025
middle half of the sector
20182025
Return on assets (ROA)
18.0%
▼ 3.6pp
2025
middle half of the sector
20182025
Staff (FTE)
1
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€14,982-€18,429-€1,323€10,117€36,719▲ 263%€32,195▼ 12.3%€54,553▲ 69.4%€52,274▼ 4.2%
Net result-€14,943-€15,300-€2,138below the sector's middle half€6,621below the sector's middle half€25,387within the sector's middle half▲ 283%€22,447within the sector's middle half▼ 11.6%€36,230within the sector's middle half▲ 61.4%€35,404within the sector's middle half▼ 2.3%
Equity€42,832-€57,382▲ 34.0%€55,243below the sector's middle half▼ 3.7%€27,081below the sector's middle half▼ 51.0%€52,469below the sector's middle half▲ 93.7%€74,915within the sector's middle half▲ 42.8%€111,145within the sector's middle half▲ 48.4%€146,549within the sector's middle half▲ 31.9%
Total assets€79,638-€109,261▲ 37.2%€86,093below the sector's middle half▼ 21.2%€88,099below the sector's middle half▲ 2.3%€102,637below the sector's middle half▲ 16.5%€133,970within the sector's middle half▲ 30.5%€167,853within the sector's middle half▲ 25.3%€196,364within the sector's middle half▲ 17.0%
Debt€36,806-€51,879▲ 41.0%€30,850▼ 40.5%€61,018▲ 97.8%€50,168▼ 17.8%€59,055▲ 17.7%€56,708▼ 4.0%€49,815▼ 12.2%
Working capital€25,538-€68,691▲ 169%€35,114within the sector's middle half▼ 48.9%€1,518below the sector's middle half▼ 95.7%€34,815within the sector's middle half▲ 23×€55,522within the sector's middle half▲ 59.5%€85,013within the sector's middle half▲ 53.1%€119,657within the sector's middle half▲ 40.8%
Solvency53.8%-52.5%▼ 1.3pp64.2%within the sector's middle half▲ 11.6pp30.7%below the sector's middle half▼ 33.4pp51.1%within the sector's middle half▲ 20.4pp55.9%within the sector's middle half▲ 4.8pp66.2%within the sector's middle half▲ 10.3pp74.6%within the sector's middle half▲ 8.4pp
Current ratio1.70-3.79▲ 2.093.90within the sector's middle half▲ 0.111.03below the sector's middle half▼ 2.861.79within the sector's middle half▲ 0.752.07within the sector's middle half▲ 0.292.59within the sector's middle half▲ 0.523.56within the sector's middle half▲ 0.97
Return on assets (ROA)-18.8%-14.0%▲ 32.8pp-2.5%below the sector's middle half▼ 16.5pp7.5%below the sector's middle half▲ 10.0pp24.7%within the sector's middle half▲ 17.2pp16.8%within the sector's middle half▼ 8.0pp21.6%within the sector's middle half▲ 4.8pp18.0%within the sector's middle half▼ 3.6pp
Staff (FTE)0.5-0.5=0.5within the sector's middle half=1▲ 100%1=1=1=1=
above
within
below
The sector band is the middle half of the companies in Human health activities (NACE 86). 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 4% 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 €196,364
Fixed assets
€29,892 ▲ 2.1%
Current assets
€166,472 ▲ 20.1%
Equity and liabilities €196,364
Equity
€146,549 ▲ 31.9%
Debt
€49,815 ▼ 12.2%
Debt's share of the balance-sheet total falls from 33.8% to 25.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€63,254▼
2024 · €64,331
Cash flow
€46,384▲
2024 · €46,007
Quick ratio
3.22▲
2024 · 2.21
Debt to equity
0.34▼
2024 · 0.51
ROE
24.2%▼
2024 · 32.6%
Interest coverage
over 100▲
2024 · 25.52
Debt ≤ 1 year
€46,815▼
2024 · €53,549
Income taxes
€17,176▼
2024 · €17,379
Staff costs
€32,597▼
2024 · €33,417
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 | 1 |
| full-time | 0 | 0 | - | - | - |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| Average over the year, in full-time equivalents | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 |
| On a permanent contract | 1 | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €9,668 | €8,886 | €10,999 | €12,450 | €11,581 |
| Depreciation and write-downs of the year | €9,567 | €5,935 | €7,858 | €9,778 | €10,980 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2024 · 3 entries · €336 awarded · €336 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €35 | €35 |
| 2023 | 1 | €194 | €194 |
| 2022 | 1 | €107 | €107 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €9,566 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €30,662 | €31,745 | €30,418 | €33,417 | €32,597 | ▼ 2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,135 | €3,279 | €9,273 | €9,567 | €5,935 | €7,858 | €9,778 | €10,980 | ▲ 12.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €568 | €1,633 | -€2,201 | - |
| Other operating charges640/8 | - | - | - | €2,034 | €1,554 | €1,579 | €556 | €786 | ▲ 41.2% |
| Gross operating margin9900 | €13,610 | €44,382 | €36,763 | €52,379 | €75,953 | €72,617 | €99,937 | €94,436 | ▼ 5.5% |
| Operating profit (loss)9901 | -€14,982 | €18,429 | -€1,323 | €10,117 | €36,719 | €32,195 | €54,553 | €52,274 | ▼ 4.2% |
| Financial income75/76B | - | - | - | €102 | €15 | €254 | €1,576 | €878 | ▼ 44.3% |
| Recurring financial income75 | €66 | €25 | €19 | €102 | €15 | €254 | €1,576 | €878 | ▼ 44.3% |
| Financial charges65/66B | - | - | - | €611 | €1,575 | €2,052 | €2,521 | €572 | ▼ 77.3% |
| Recurring financial charges65 | €27 | €654 | €159 | €611 | €1,575 | €2,052 | €2,521 | €572 | ▼ 77.3% |
| Profit (loss) for the period before taxes9903 | -€14,943 | €17,800 | -€1,463 | €9,607 | €35,159 | €30,396 | €53,608 | €52,580 | ▼ 1.9% |
| Income taxes67/77 | €0 | €2,500 | €675 | €2,986 | €9,771 | €7,949 | €17,379 | €17,176 | ▼ 1.2% |
| Profit (loss) for the period9904 | -€14,943 | €15,300 | -€2,138 | €6,621 | €25,387 | €22,447 | €36,230 | €35,404 | ▼ 2.3% |
| Profit (loss) for the period to be appropriated9905 | -€14,943 | €15,300 | -€2,138 | €6,621 | €25,387 | €22,447 | €36,230 | €35,404 | ▼ 2.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €79,638 | €109,261 | €86,093 | €88,099 | €102,637 | €133,970 | €167,853 | €196,364 | ▲ 17.0% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €17,603 | €15,943 | €38,858 | €38,959 | €23,477 | €26,618 | €29,291 | €29,892 | ▲ 2.1% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €17,453 | €15,793 | €38,708 | €38,809 | €23,327 | €26,468 | €29,141 | €29,742 | ▲ 2.1% |
| Plant, machinery and equipment23 | - | - | - | €17,515 | €16,375 | €22,073 | €25,295 | €24,070 | ▼ 4.8% |
| Furniture and vehicles24 | - | - | - | €21,294 | €6,951 | €4,395 | €3,846 | €5,672 | ▲ 47.5% |
| Financial fixed assets28 | €150 | €150 | €150 | €150 | €150 | €150 | €150 | €150 | = |
| Current assets29/58 | €62,035 | €93,318 | €47,235 | €49,140 | €79,160 | €107,352 | €138,562 | €166,472 | ▲ 20.1% |
| Stocks and contracts in progress3 | €0 | - | - | €9,017 | €28,034 | €27,535 | €19,979 | €15,918 | ▼ 20.3% |
| Stocks30/36 | - | - | - | €9,017 | €28,034 | €27,535 | €19,979 | €15,918 | ▼ 20.3% |
| Amounts receivable within one year40/41 | €4,456 | €38,469 | €1,132 | €5,774 | €3,225 | €2,047 | €2,055 | - | - |
| Trade receivables40 | - | - | - | €23 | €1,815 | - | €670 | - | - |
| Other amounts receivable41 | - | - | - | €5,751 | €1,409 | €2,047 | €1,385 | - | - |
| Current investments50/53 | €0 | - | - | - | - | €40,000 | - | - | - |
| Cash at bank and in hand54/58 | €30,902 | €33,219 | €23,612 | €22,473 | €42,485 | €34,445 | €115,812 | €147,808 | ▲ 27.6% |
| Deferred charges and accrued income490/1 | - | - | - | €11,876 | €5,416 | €3,325 | €717 | €2,746 | ▲ 283% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €79,638 | €109,261 | €86,093 | €88,099 | €102,637 | €133,970 | €167,853 | €196,364 | ▲ 17.0% |
| Equity10/15 | €42,832 | €57,382 | €55,243 | €27,081 | €52,469 | €74,915 | €111,145 | €146,549 | ▲ 31.9% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €24,232 | €38,782 | €36,643 | €1,860 | €27,210 | €56,310 | €92,510 | €127,910 | ▲ 38.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €0 | €25,350 | €56,310 | €92,510 | €127,910 | ▲ 38.3% |
| Profit (loss) carried forward14 | €0 | - | - | €6,621 | €6,659 | €5 | €35 | €39 | ▲ 11.9% |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €36,806 | €51,879 | €30,850 | €61,018 | €50,168 | €59,055 | €56,708 | €49,815 | ▼ 12.2% |
| Amounts payable after more than one year17 | €0 | €24,452 | €18,379 | €12,279 | €2,961 | €7,225 | €3,159 | - | - |
| Financial debts170/4 | - | - | - | €12,279 | €2,961 | €7,225 | €3,159 | - | - |
| Amounts payable within one year42/48 | €36,496 | €24,626 | €12,122 | €47,622 | €44,345 | €51,830 | €53,549 | €46,815 | ▼ 12.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,100 | €1,635 | €4,589 | €4,066 | €2,901 | ▼ 28.6% |
| Financial debts43 | - | - | - | €2,800 | €1,683 | €4,326 | €4,998 | €3,392 | ▼ 32.1% |
| Credit institutions430/8 | - | - | - | €2,800 | €1,683 | €4,326 | €4,998 | €3,392 | ▼ 32.1% |
| Trade debts44 | €8,810 | €3,825 | €3,361 | €11,163 | €13,464 | €16,883 | €19,277 | €15,502 | ▼ 19.6% |
| Suppliers440/4 | - | - | - | €11,163 | €13,464 | €16,883 | €19,277 | €15,502 | ▼ 19.6% |
| Advances received on contracts in progress46 | - | - | - | - | - | €20 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €6,545 | €5,542 | €4,594 | €7,205 | €10,306 | ▲ 43.0% |
| Taxes450/3 | - | - | - | €265 | €2,136 | €981 | €3,500 | €6,509 | ▲ 86.0% |
| Remuneration and social security454/9 | - | - | - | €6,280 | €3,406 | €3,613 | €3,705 | €3,797 | ▲ 2.5% |
| Other amounts payable47/48 | - | - | - | €21,014 | €22,021 | €21,418 | €18,003 | €14,713 | ▼ 18.3% |
| Accrued charges and deferred income492/3 | - | - | - | €1,118 | €2,861 | - | - | €3,000 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€14,943 | €15,300 | -€2,138 | €6,621 | €25,387 | €22,447 | €36,230 | €35,404 | ▼ 2.3% |
| + Depreciation and write-downs630 | €4,135 | €3,279 | €9,273 | €9,567 | €5,935 | €7,858 | €9,778 | €10,980 | ▲ 12.3% |
| Operating cash flow (approximation) | -€10,809 | €18,579 | €7,134 | €16,188 | €31,323 | €30,304 | €46,007 | €46,384 | ▲ 0.8% |
| Investment in fixed assets (approximation) | - | -€1,618 | -€32,188 | -€9,668 | €9,547 | -€10,999 | -€12,450 | -€11,581 | ▲ 7.0% |
| Change in cash | - | €2,317 | -€9,607 | -€1,139 | €20,012 | -€8,040 | €81,366 | €31,996 | ▼ 60.7% |
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, 34,693 companies had the same profile as DFIL has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of DFIL 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 34,693 companies, not a prediction for DFIL. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-06-2026 | 2026-00142793 | |
| 31-12-2024 | micro format | 10-06-2025 | 2025-00128326 | |
| 31-12-2023 | micro format | 03-06-2024 | 2024-00105350 | |
| 31-12-2022 | micro format | 08-06-2023 | 2023-00114095 | |
| 31-12-2021 | micro format | 08-06-2022 | 2022-20050525 | |
| 31-12-2020 | micro format | 16-07-2021 | 2021-36800367 | |
| 31-12-2019 | micro format | 07-07-2020 | 2020-27700391 | |
| 31-12-2018 | micro format | 28-06-2019 | 2019-25400234 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-26200478 | |
| 31-12-2016 | abbreviated format | 29-08-2017 | 2017-51200597 |