DGS
ActiveFinancials · financial year 2024, micro format
2025 annual accounts not yet filed, deadline passed on 31 July 2026 The financial year closed on 31 December 2025. The accounts are due at the latest 7 months after the close (Companies Code art. 3:10). Source: NBB filings, as of 4 November 2026.
Annual accounts 2024 filed on 20-03-2026 PDF all 32 filings
Turnover
≈ €1.9m
Estimated: probably between €1.3m and €2.4m
Total assets
€969,415▲ 118%
2023 · €443,979
Net result
€569,590▲ 28×
2023 · €20,088
Working capital
€545,132
2023 · -€236,972
Multi-year overview
2018 to 2024, 5 financial yearsOperating result
€714,124
▲ 13×
2024
20182024
Net result
€569,590
▲ 28×
2024
highest quarter of the sector
20182024
Equity
€733,053
▲ 348%
2024
highest quarter of the sector
20182024
Total assets
€969,415
▲ 118%
2024
highest quarter of the sector
20182024
Debt
€98,515
▼ 64.9%
2024
20182024
Working capital
€545,132
2024
highest quarter of the sector
20182024
Solvency
75.6%
▲ 38.8pp
2024
middle half of the sector
20182024
Current ratio
6.72
▲ 6.57
2024
highest quarter of the sector
20182024
Return on assets (ROA)
58.8%
▲ 54.2pp
2024
highest quarter of the sector
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182021202220232024
Operating result€27,166-€43,161-€20,823▼ 51.8%€54,499▲ 162%€714,124▲ 13×
Net result€25,962-€28,326within the sector's middle half-€16,349within the sector's middle half▼ 42.3%€20,088within the sector's middle half▲ 22.9%€569,590above the sector's middle half▲ 28×
Equity€61,228-€127,026within the sector's middle half-€143,374within the sector's middle half▲ 12.9%€163,463above the sector's middle half▲ 14.0%€733,053above the sector's middle half▲ 348%
Total assets€225,995-€479,559above the sector's middle half-€577,841above the sector's middle half▲ 20.5%€443,979above the sector's middle half▼ 23.2%€969,415above the sector's middle half▲ 118%
Debt€164,767-€352,533-€434,467▲ 23.2%€280,517▼ 35.4%€98,515▼ 64.9%
Working capital-€103,302--€284,320below the sector's middle half--€254,759below the sector's middle half▲ 10.4%-€236,972below the sector's middle half▲ 7.0%€545,132above the sector's middle half
Solvency27.1%-26.5%within the sector's middle half-24.8%below the sector's middle half▼ 1.7pp36.8%within the sector's middle half▲ 12.0pp75.6%within the sector's middle half▲ 38.8pp
Current ratio0.37-0.14below the sector's middle half-0.38below the sector's middle half▲ 0.240.15below the sector's middle half▼ 0.236.72above the sector's middle half▲ 6.57
Return on assets (ROA)11.5%-5.9%within the sector's middle half-2.8%within the sector's middle half▼ 3.1pp4.5%within the sector's middle half▲ 1.7pp58.8%above the sector's middle half▲ 54.2pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 2024 is over 13 times that of 2023 and the highest since 2018. It is the second rise in a row, after the fall in 2022.
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
2024 in colour, 2023 as the grey bar beneath
Assets €969,415
Fixed assets
€328,968 ▼ 18.5%
Current assets
€640,447 ▲ 16×
Equity and liabilities €969,415
Equity
€733,053 ▲ 348%
Provisions
€137,847
Debt
€98,515 ▼ 64.9%
Debt's share of the balance-sheet total falls from 63.2% to 10.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€739,787▲
2023 · €78,449
Cash flow
€595,253▲
2023 · €44,038
Debt to equity
0.13▼
2023 · 1.72
ROE
77.7%▲
2023 · 12.3%
Interest coverage
over 100▲
2023 · 13.87
Debt ≤ 1 year
€95,315▼
2023 · €277,317
Income taxes
€6,167▼
2023 · €28,753
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €6,664 | €3,500 | €3,452 | €11,258 |
| Depreciation and write-downs of the year | €22,906 | €12,820 | €23,950 | €25,662 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €2,051 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €31,621 | €22,906 | €12,820 | €23,950 | €25,662 | ▲ 7.2% |
| Other operating charges640/8 | - | €3,331 | €3,998 | €5,175 | €4,810 | ▼ 7.1% |
| Gross operating margin9900 | €65,003 | €69,398 | €37,641 | €83,624 | €744,597 | ▲ 790% |
| Operating profit (loss)9901 | €27,166 | €43,161 | €20,823 | €54,499 | €714,124 | ▲ 13× |
| Financial income75/76B | - | €0 | - | €0 | €332 | ▲ 33,197× |
| Recurring financial income75 | - | €0 | - | €0 | €332 | ▲ 33,197× |
| Financial charges65/66B | - | €7,084 | - | €5,658 | €852 | ▼ 84.9% |
| Recurring financial charges65 | €1,205 | €7,084 | - | €5,658 | €852 | ▼ 84.9% |
| Profit (loss) for the period before taxes9903 | €25,962 | €36,077 | €20,823 | €48,841 | €713,604 | ▲ 15× |
| Transfer to deferred taxes680 | - | - | - | - | €137,847 | - |
| Income taxes67/77 | - | €7,751 | €4,475 | €28,753 | €6,167 | ▼ 78.6% |
| Profit (loss) for the period9904 | €25,962 | €28,326 | €16,349 | €20,088 | €569,590 | ▲ 28× |
| Transfer to tax-exempt reserves689 | - | - | - | - | €551,389 | - |
| Profit (loss) for the period to be appropriated9905 | €25,962 | €28,326 | €16,349 | €20,088 | €18,201 | ▼ 9.4% |
| Line | 2018 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €225,995 | €479,559 | €577,841 | €443,979 | €969,415 | ▲ 118% |
| Fixed assets21/28 | €164,530 | €433,453 | €424,133 | €403,635 | €328,968 | ▼ 18.5% |
| Tangible fixed assets22/27 | €164,530 | €433,050 | €423,730 | €403,232 | €328,565 | ▼ 18.5% |
| Land and buildings22 | - | €364,144 | €361,331 | €349,259 | €277,770 | ▼ 20.5% |
| Plant, machinery and equipment23 | - | €3,143 | €2,474 | €1,805 | €1,316 | ▼ 27.1% |
| Furniture and vehicles24 | - | €65,763 | €59,925 | €52,168 | €49,479 | ▼ 5.2% |
| Financial fixed assets28 | - | €403 | €403 | €403 | €403 | = |
| Current assets29/58 | €61,465 | €46,106 | €153,708 | €40,344 | €640,447 | ▲ 16× |
| Amounts receivable within one year40/41 | €55,098 | €41,693 | €145,402 | €19,878 | €35,256 | ▲ 77.4% |
| Trade receivables40 | - | €41,209 | €142,965 | €19,393 | €14,442 | ▼ 25.5% |
| Other amounts receivable41 | - | €485 | €2,437 | €485 | €20,815 | ▲ 43× |
| Cash at bank and in hand54/58 | €2,474 | €4,413 | €4,413 | €20,467 | €598,879 | ▲ 29× |
| Deferred charges and accrued income490/1 | - | - | €3,893 | - | €6,312 | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €225,995 | €479,559 | €577,841 | €443,979 | €969,415 | ▲ 118% |
| Equity10/15 | €61,228 | €127,026 | €143,374 | €163,463 | €733,053 | ▲ 348% |
| Contributions10/11 | €50,074 | €50,074 | €50,074 | €50,074 | €50,074 | = |
| Reserves13 | €76,789 | €47,030 | €47,030 | €47,030 | €598,419 | ▲ 13× |
| Tax-exempt reserves132 | - | €22,455 | €22,455 | €22,455 | €573,844 | ▲ 26× |
| Distributable reserves133 | - | €24,576 | €24,576 | €24,576 | €24,576 | = |
| Profit (loss) carried forward14 | -€65,636 | €29,921 | €46,270 | €66,358 | €84,559 | ▲ 27.4% |
| Provisions and deferred taxes16 | - | - | - | - | €137,847 | - |
| Deferred taxes168 | - | - | - | - | €137,847 | - |
| Amounts payable17/49 | €164,767 | €352,533 | €434,467 | €280,517 | €98,515 | ▼ 64.9% |
| Amounts payable within one year42/48 | €164,767 | €330,427 | €408,467 | €277,317 | €95,315 | ▼ 65.6% |
| Current portion of amounts payable after more than one year42 | - | €28,932 | €28,932 | €12,600 | - | - |
| Trade debts44 | €745 | €75,313 | €102,744 | €34,292 | €23,035 | ▼ 32.8% |
| Suppliers440/4 | - | €75,313 | €102,744 | €34,292 | €23,035 | ▼ 32.8% |
| Taxes, remuneration and social security45 | - | €12,267 | €62,877 | €19,248 | €42,200 | ▲ 119% |
| Taxes450/3 | - | €12,134 | €40,269 | €19,248 | €42,200 | ▲ 119% |
| Remuneration and social security454/9 | - | €133 | €22,608 | - | - | - |
| Other amounts payable47/48 | - | €213,914 | €213,914 | €211,176 | €30,081 | ▼ 85.8% |
| Accrued charges and deferred income492/3 | - | €22,107 | €26,000 | €3,200 | €3,200 | = |
| Line | 2018 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €25,962 | €28,326 | €16,349 | €20,088 | €569,590 | ▲ 28× |
| + Depreciation and write-downs630 | €31,621 | €22,906 | €12,820 | €23,950 | €25,662 | ▲ 7.2% |
| Operating cash flow (approximation) | €57,583 | €51,232 | €29,168 | €44,038 | €595,253 | ▲ 14× |
| Investment in fixed assets (approximation) | - | - | -€3,500 | -€3,452 | €49,004 | - |
| Change in cash | - | - | €0 | €16,054 | €578,412 | ▲ 36× |
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, 20,136 companies had the same profile as DGS has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of DGS itself: 0.3% 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 20,136 companies, not a prediction for DGS. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2024 | micro format | 20-03-2026 | 2026-00058013 | |
| 31-12-2023 | micro format | 20-03-2026 | 2026-00058016 | |
| 31-12-2022 | micro format | 08-03-2024 | 2024-00040733 | |
| 31-12-2021 | micro format | 20-08-2022 | 2022-20314217 | |
| 31-12-2018 | micro format | 25-10-2019 | 2019-71400085 | |
| 31-12-2017 | micro format | 25-10-2019 | 2019-71400089 | |
| 31-12-2016 | micro format | 26-07-2017 | 2017-37000075 | |
| 31-12-2015 | abbreviated format | 26-07-2016 | 2016-35700174 | |
| 31-12-2014 | abbreviated format | 28-07-2015 | 2015-35800475 | |
| 31-12-2013 | abbreviated format | 29-07-2014 | 2014-36500560 |