DGR IMMO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 23 filings
Turnover
≈ €240,000
Estimated: probably between €120,000 and €570,000
EBIT margin
Not included in this filing
Net result
€36,596▲ 159%
2024 · €14,145
Working capital
€50,474▲ 248%
2024 · €14,519
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€50,142
▲ 177%
2025
20182025
Net result
€36,596
▲ 159%
2025
highest quarter of the sector
20182025
Equity
€51,904
▲ 239%
2025
middle half of the sector
20182025
Total assets
€65,464
▲ 212%
2025
middle half of the sector
20182025
Debt
€13,560
▲ 138%
2025
20182025
Working capital
€50,474
▲ 248%
2025
middle half of the sector
20182025
Solvency
79.3%
▲ 6.4pp
2025
highest quarter of the sector
20182025
Current ratio
4.72
▲ 1.18
2025
highest quarter of the sector
20182025
Return on assets (ROA)
55.9%
▼ 11.4pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€1,768--€4,507-€3,401▲ 24.5%-€22▲ 99.3%-€699▼ 3,040%-€1,512▼ 116%€18,090€50,142▲ 177%
Net result€1,002--€4,668-€3,586below the sector's middle half▲ 23.2%-€355below the sector's middle half▲ 90.1%-€916below the sector's middle half▼ 158%-€2,797within the sector's middle half▼ 205%€14,145within the sector's middle half€36,596above the sector's middle half▲ 159%
Equity€13,486-€8,818▼ 34.6%€5,232below the sector's middle half▼ 40.7%€4,877below the sector's middle half▼ 6.8%€3,961below the sector's middle half▼ 18.8%€1,164below the sector's middle half▼ 70.6%€15,308within the sector's middle half▲ 13×€51,904within the sector's middle half▲ 239%
Total assets€17,432-€9,896▼ 43.2%€6,575below the sector's middle half▼ 33.6%€6,008below the sector's middle half▼ 8.6%€4,711below the sector's middle half▼ 21.6%€1,164below the sector's middle half▼ 75.3%€21,008below the sector's middle half▲ 18×€65,464within the sector's middle half▲ 212%
Debt€3,946-€1,077▼ 72.7%€1,343▲ 24.7%€1,131▼ 15.8%€750▼ 33.7%€5,700€13,560▲ 138%
Working capital€13,486-€8,825▼ 34.6%€5,232below the sector's middle half▼ 40.7%€4,877below the sector's middle half▼ 6.8%€3,961below the sector's middle half▼ 18.8%€14,519within the sector's middle half€50,474within the sector's middle half▲ 248%
Solvency77.4%-89.1%▲ 11.7pp79.6%above the sector's middle half▼ 9.5pp81.2%above the sector's middle half▲ 1.6pp72.9%above the sector's middle half79.3%above the sector's middle half▲ 6.4pp
Current ratio4.42-9.24▲ 4.824.90above the sector's middle half▼ 4.355.31above the sector's middle half▲ 0.423.55above the sector's middle half4.72above the sector's middle half▲ 1.18
Return on assets (ROA)5.7%--47.2%▼ 52.9pp-54.5%below the sector's middle half▼ 7.4pp-5.9%below the sector's middle half▲ 48.6pp67.3%above the sector's middle half55.9%above the sector's middle half▼ 11.4pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 177% higher than in 2024 and the highest since 2018. It is the second rise in a row, after the fall in 2023.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €65,464
Fixed assets
€1,430 ▲ 81.1%
Current assets
€64,034 ▲ 217%
Equity and liabilities €65,464
Equity
€51,904 ▲ 239%
Debt
€13,560 ▲ 138%
Debt's share of the balance-sheet total falls from 27.1% to 20.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€50,210▲
2024 · €18,301
Cash flow
€36,664▲
2024 · €14,355
Debt to equity
0.26▼
2024 · 0.37
ROE
70.5%▼
2024 · 92.4%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€13,560▲
2024 · €5,700
Income taxes
€13,533▲
2024 · €3,842
Staff costs
€691
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2023 |
|---|---|
| Employees at the balance-sheet date | 0 |
| full-time | 0 |
| part-time | 0 |
Source: social balance sheet in the 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | - | €1,000 | €1,498 |
| Depreciation and write-downs of the year | - | - | - | €210 | €68 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | - | - | - | - | €691 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €3,644 | - | - | - | - | - | €210 | €68 | ▼ 67.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €1,427 | - | - | - |
| Other operating charges640/8 | - | - | - | - | - | €85 | €191 | €628 | ▲ 228% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €376 | - |
| Gross operating margin9900 | €7,234 | -€3,668 | -€3,273 | -€22 | -€699 | - | €18,492 | €51,905 | ▲ 181% |
| Operating profit (loss)9901 | €1,768 | -€4,507 | -€3,401 | -€22 | -€699 | -€1,512 | €18,090 | €50,142 | ▲ 177% |
| Financial income75/76B | - | - | - | - | - | - | - | €151 | - |
| Recurring financial income75 | - | - | - | - | - | - | - | €151 | - |
| Financial charges65/66B | - | - | - | €333 | €217 | €1,285 | €104 | €165 | ▲ 57.9% |
| Recurring financial charges65 | €222 | €161 | €185 | €333 | €217 | €162 | €104 | €165 | ▲ 57.9% |
| Non-recurring financial charges66B | - | - | - | - | - | €1,124 | - | - | - |
| Profit (loss) for the period before taxes9903 | €1,545 | -€4,668 | -€3,586 | -€355 | -€916 | -€2,797 | €17,986 | €50,129 | ▲ 179% |
| Income taxes67/77 | €544 | - | - | - | - | - | €3,842 | €13,533 | ▲ 252% |
| Profit (loss) for the period9904 | €1,002 | -€4,668 | -€3,586 | -€355 | -€916 | -€2,797 | €14,145 | €36,596 | ▲ 159% |
| Profit (loss) for the period to be appropriated9905 | €1,002 | -€4,668 | -€3,586 | -€355 | -€916 | -€2,797 | €14,145 | €36,596 | ▲ 159% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €17,432 | €9,896 | €6,575 | €6,008 | €4,711 | €1,164 | €21,008 | €65,464 | ▲ 212% |
| Fixed assets21/28 | - | - | - | - | - | - | €790 | €1,430 | ▲ 81.1% |
| Tangible fixed assets22/27 | - | - | - | - | - | - | €790 | €1,430 | ▲ 81.1% |
| Furniture and vehicles24 | - | - | - | - | - | - | €790 | €1,430 | ▲ 81.1% |
| Current assets29/58 | €17,432 | €9,896 | €6,575 | €6,008 | €4,711 | €1,164 | €20,219 | €64,034 | ▲ 217% |
| Stocks and contracts in progress3 | €1,400 | €1,971 | €1,427 | €1,427 | €1,427 | - | - | - | - |
| Stocks30/36 | - | - | - | €1,427 | €1,427 | - | - | - | - |
| Amounts receivable within one year40/41 | €10,725 | €7,725 | €4,484 | €4,566 | €3,284 | €1,160 | €7,013 | €8,847 | ▲ 26.1% |
| Trade receivables40 | - | - | - | €2,124 | €2,124 | - | €5,445 | €6,181 | ▲ 13.5% |
| Other amounts receivable41 | - | - | - | €2,442 | €1,160 | €1,160 | €1,568 | €2,666 | ▲ 70.0% |
| Cash at bank and in hand54/58 | €5,107 | - | €665 | €16 | - | €3 | €13,205 | €55,187 | ▲ 318% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €17,432 | €9,896 | €6,575 | €6,008 | €4,711 | €1,164 | €21,008 | €65,464 | ▲ 212% |
| Equity10/15 | €13,486 | €8,818 | €5,232 | €4,877 | €3,961 | €1,164 | €15,308 | €51,904 | ▲ 239% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €8,060 | €8,060 | €8,060 | = |
| Contributions outside capital11 | - | - | - | €6,200 | €6,200 | €8,060 | - | - | - |
| Share premium1100/10 | - | - | - | - | - | €8,060 | - | - | - |
| Other1109/19 | - | - | - | €6,200 | €6,200 | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | - | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Profit (loss) carried forward14 | €5,426 | €758 | -€2,828 | -€3,183 | -€4,099 | -€6,896 | €7,248 | €43,844 | ▲ 505% |
| Amounts payable17/49 | €3,946 | €1,077 | €1,343 | €1,131 | €750 | - | €5,700 | €13,560 | ▲ 138% |
| Amounts payable within one year42/48 | €3,946 | €1,071 | €1,343 | €1,131 | €750 | - | €5,700 | €13,560 | ▲ 138% |
| Financial debts43 | - | - | - | - | €3 | - | - | - | - |
| Credit institutions430/8 | - | - | - | - | €3 | - | - | - | - |
| Trade debts44 | €109 | €254 | €1,343 | €1,131 | €747 | - | €21 | €5,618 | ▲ 263× |
| Suppliers440/4 | - | - | - | €1,131 | €747 | - | €21 | €5,618 | ▲ 263× |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | €5,679 | €7,942 | ▲ 39.9% |
| Taxes450/3 | - | - | - | - | - | - | €5,679 | €7,942 | ▲ 39.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,002 | -€4,668 | -€3,586 | -€355 | -€916 | -€2,797 | €14,145 | €36,596 | ▲ 159% |
| + Depreciation and write-downs630 | €3,644 | - | - | - | - | - | €210 | €68 | ▼ 67.6% |
| Operating cash flow (approximation) | €4,646 | -€4,668 | -€3,586 | -€355 | -€916 | -€2,797 | €14,355 | €36,664 | ▲ 155% |
| Investment in fixed assets (approximation) | - | - | - | - | - | - | - | -€709 | - |
| Change in cash | - | - | - | -€649 | - | - | €13,202 | €41,982 | ▲ 218% |
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, 31,368 companies had the same profile as DGR IMMO has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DGR IMMO 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 31,368 companies, not a prediction for DGR IMMO. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00360998 | |
| 31-12-2024 | micro format | 04-06-2025 | 2025-00119693 | |
| 31-12-2023 | micro format | 25-07-2024 | 2024-00280522 | |
| 31-12-2022 | full format | 31-08-2023 | 2023-00384927 | |
| 31-12-2021 | full format | 30-08-2022 | 2022-20345456 | |
| 31-12-2020 | full format | 31-08-2021 | 2021-58100243 | |
| 31-12-2019 | full format | 31-08-2020 | 2020-47000211 | |
| 31-12-2018 | full format | 30-08-2019 | 2019-55100111 | |
| 31-12-2017 | full format | 31-08-2018 | 2018-55200191 | |
| 31-12-2016 | full format | 29-08-2017 | 2017-50300264 |