Skip to content

DHARM DIAM

Active
Private limited companyfounded 2002active for 24 yearsHoveniersstraat 30, 2018 Antwerpen, BelgiumKBO/BCE: BE 0477.689.960
Risk analysisFollow ReportCompare
DHARM DIAMActiveChecked score 89/100
Risk analysis ReportCompare

Financials · financial year 2025, full format

Annual accounts 2025 filed on 07-07-2026 at the NBB all 23 filings

The accounts were filed in USD. The amounts in euro are an estimate (≈) at ECB reference rates. The balance sheet is at the rate on the balance-sheet date (1 EUR = 1.1750 USD on 31-12-2025), turnover and results at the financial year's average rate (1 EUR = 1.1300 USD). The filed accounts themselves stay in USD.

Turnover
≈ €362.1m▼ 28.0%
Filed: USD 409.2m
2024 · €503.2m
EBIT margin
0.8%▼ 0.8pp
2024 · 1.6%
Net result
≈ €2.2m▲ 32.0%
Filed: USD 2.5m
2024 · €1.7m
Working capital
≈ €73.7m▼ 12.7%
Filed: USD 86.5m
2024 · €84.3m
Multi-year overview
2020 to 2025, 6 financial years
Turnover
≈ €362.1m
▼ 28.0% 2025
20202025
Operating result
≈ €2.8m
▼ 64.8% 2025
20202025
Net result
≈ €2.2m
▲ 32.0% 2025
highest quarter of the sector
20202025
EBIT margin
0.8%
▼ 0.8pp 2025
20202025
Equity
≈ €72.8m
▼ 12.3% 2025
highest quarter of the sector
20202025
Total assets
≈ €126.4m
▲ 2.5% 2025
highest quarter of the sector
20202025
Debt
≈ €53.6m
▲ 32.9% 2025
20202025
Working capital
≈ €73.7m
▼ 12.7% 2025
highest quarter of the sector
20202025
Solvency
57.6%
▼ 9.7pp 2025
middle half of the sector
20202025
Current ratio
2.44
▼ 0.81 2025
middle half of the sector
20202025
Return on assets (ROA)
1.7%
▲ 0.3pp 2025
middle half of the sector
20202025
Staff (FTE)
7.9
▲ 3.9% 2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable unfavourable
Line202020212022202320242025
Turnover€324.9m-€627.3m▲ 93.1%€751.8m▲ 19.9%€500.3m▼ 33.5%€503.2m▲ 0.6%≈ €362.1m▼ 28.0%
Operating result€4.7m-€6.6m▲ 38.9%€20.4m▲ 211%€7.2m▼ 64.5%€8.0m▲ 10.3%≈ €2.8m▼ 64.8%
Net result€2.7mabove the sector's middle half-€4.8mabove the sector's middle half▲ 78.8%€15.8mabove the sector's middle half▲ 229%€1.3mabove the sector's middle half▼ 91.7%€1.7mabove the sector's middle half▲ 30.3%≈ €2.2mabove the sector's middle half▲ 32.0%
EBIT margin1.5%-1.0%▼ 0.4pp2.7%▲ 1.7pp1.4%▼ 1.3pp1.6%▲ 0.1pp0.8%▼ 0.8pp
Equity€59.3mabove the sector's middle half-€64.2mabove the sector's middle half▲ 8.1%€80.0mabove the sector's middle half▲ 24.7%€81.3mabove the sector's middle half▲ 1.6%€83.0mabove the sector's middle half▲ 2.1%≈ €72.8mabove the sector's middle half▼ 12.3%
Total assets€145.0mabove the sector's middle half-€186.1mabove the sector's middle half▲ 28.3%€232.8mabove the sector's middle half▲ 25.1%€195.5mabove the sector's middle half▼ 16.0%€123.3mabove the sector's middle half▼ 36.9%≈ €126.4mabove the sector's middle half▲ 2.5%
Debt€85.6m-€121.9m▲ 42.4%€152.8m▲ 25.3%€114.3m▼ 25.2%€40.3m▼ 64.7%≈ €53.6m▲ 32.9%
Working capital€70.1mabove the sector's middle half-€74.6mabove the sector's middle half▲ 6.4%€90.1mabove the sector's middle half▲ 20.8%€79.3mabove the sector's middle half▼ 12.1%€84.3mabove the sector's middle half▲ 6.4%≈ €73.7mabove the sector's middle half▼ 12.7%
Solvency40.9%within the sector's middle half-34.5%within the sector's middle half▼ 6.5pp34.4%within the sector's middle half▼ 0.1pp41.6%within the sector's middle half▲ 7.2pp67.3%above the sector's middle half▲ 25.7pp57.6%within the sector's middle half▼ 9.7pp
Current ratio1.98within the sector's middle half-1.69within the sector's middle half▼ 0.291.65within the sector's middle half▼ 0.041.71within the sector's middle half▲ 0.063.24above the sector's middle half▲ 1.532.44within the sector's middle half▼ 0.81
Return on assets (ROA)1.9%within the sector's middle half-2.6%within the sector's middle half▲ 0.7pp6.8%within the sector's middle half▲ 4.2pp0.7%within the sector's middle half▼ 6.1pp1.4%within the sector's middle half▲ 0.7pp1.7%within the sector's middle half▲ 0.3pp
Staff (FTE)4.1within the sector's middle half-6.7within the sector's middle half▲ 63.4%8.1within the sector's middle half▲ 20.9%8.6within the sector's middle half▲ 6.2%7.6within the sector's middle half▼ 11.6%7.9within the sector's middle half▲ 3.9%
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 65% lower than in 2024 and the lowest since 2021.

Balance-sheet composition
Assets USD 148.5m
Fixed assets USD 1.7m
Current assets USD 146.8m
Equity and liabilities USD 148.5m
Equity USD 85.5m
Debt USD 63.0m
Debt's share of the balance-sheet total rises from 32.7% to 42.4%.
Key figures and ratios
2025 value · change against 2024
EBITDA
€2.9m▼
2024 · €8.1m
Cash flow
€2.4m▲
2024 · €1.8m
Quick ratio
2.00▼
2024 · 2.33
Debt to equity
0.74▲
2024 · 0.49
ROE
3.0%▲
2024 · 2.1%
Interest coverage
17.19▲
2024 · 1.43
Debt ≤ 1 year
€51.3m▲
2024 · €37.6m
Debt > 1 year
€1.6m▼
2024 · €1.8m
Income taxes
€571,866▼
2024 · €705,070
Customer credit
105 days▲
2024 · 57 days
Supplier credit
55 days▲
2024 · 28 days
Staff costs
€395,524▼
2024 · €414,046
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Securities and guarantees

on own assets and for others
Item20212022202320242025
Debts secured on the company's own assets€27.4m----

Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired
Item20212022202320242025
Tangible fixed assets€65,154€78,216€188,845€756,896USD 431,214
Depreciation and write-downs of the year€121,273€100,063€84,908€122,920USD 150,758

Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)

Auditor

fees
Item20212022202320242025
Fee for the audit€14,675€15,999€18,682€17,915USD 21,527

Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)

Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 64 lines
Balance sheet Code20242025
Assets
Total assets20/58€123.3mUSD 148.5m
Fixed assets21/28€1.4mUSD 1.7m
Tangible fixed assets22/27€1.4mUSD 1.7m
Land and buildings22€1.2mUSD 1.5m
Plant, machinery and equipment23€0.004mUSD 0.03m
Furniture and vehicles24€0.2mUSD 0.2m
Current assets29/58€121.9mUSD 146.8m
Stocks and contracts in progress3€34.3mUSD 26.3m
Stocks30/36€34.3mUSD 26.3m
Goods purchased for resale34€20.8mUSD 26.3m
Advance payments36€13.5m-
Amounts receivable within one year40/41€78.2mUSD 118.2m
Trade receivables40€78.1mUSD 117.9m
Other amounts receivable41€0.09mUSD 0.3m
Cash at bank and in hand54/58€9.5mUSD 2.3m
Deferred charges and accrued income490/1-USD 0.1m
Equity and liabilities
Total equity and liabilities10/49€123.3mUSD 148.5m
Equity10/15€83.0mUSD 85.5m
Contributions10/11€18.2mUSD 18.2m
Reserves13€2.9mUSD 2.9m
Distributable reserves133€2.9mUSD 2.9m
Profit (loss) carried forward14€61.9mUSD 64.4m
Amounts payable17/49€40.3mUSD 63.0m
Amounts payable after more than one year17€1.8mUSD 1.8m
Financial debts170/4€1.8mUSD 1.8m
Subordinated loans170€1.8mUSD 1.8m
Other loans174€0.03mUSD 0.03m
Amounts payable within one year42/48€37.6mUSD 60.3m
Financial debts43€1.7mUSD 1.7m
Other loans439€1.7mUSD 1.7m
Trade debts44€35.6mUSD 57.9m
Suppliers440/4€35.6mUSD 57.9m
Taxes, remuneration and social security45€0.2mUSD 0.7m
Taxes450/3€0.1mUSD 0.7m
Remuneration and social security454/9€0.05mUSD 0.05m
Other amounts payable47/48€0.07m-
Accrued charges and deferred income492/3€0.9mUSD 0.9m
Income statement Code20242025
Operating income70/76A€503.5mUSD 409.3m
Turnover70€503.2mUSD 409.2m
Other operating income74€0.3mUSD 0.04m
Operating charges60/66A€495.5mUSD 406.1m
Goods for resale, raw materials and consumables60€472.2mUSD 382.9m
Change in stocks: decrease (increase)609€50.8m-USD 5.6m
Services and other goods61€22.7mUSD 22.6m
Remuneration, social security and pensions62€0.4mUSD 0.4m
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.1mUSD 0.2m
Other operating charges640/8€0.05mUSD 0.05m
Operating profit (loss)9901€8.0mUSD 3.2m
Recurring financial income75€0.2mUSD 0.5m
Income from current assets751€0.2m-
Other financial income752/9€0.003mUSD 0.5m
Financial charges65/66B€5.7mUSD 0.4m
Recurring financial charges65€5.7mUSD 0.4m
Debt charges650€5.6mUSD 0.2m
Other financial charges652/9€0.1mUSD 0.3m
Profit (loss) for the period before taxes9903€2.4mUSD 3.2m
Income taxes67/77€0.7mUSD 0.6m
Taxes670/3€0.8mUSD 0.7m
Tax adjustments and reversals of tax provisions77€0.05mUSD 0.04m
Profit (loss) for the period9904€1.7mUSD 2.5m
Profit (loss) for the period to be appropriated9905€1.7mUSD 2.5m
Appropriation of the result
Profit (loss) to be appropriated9906€61.9mUSD 64.4m
Profit (loss) brought forward from the previous period14P€60.2mUSD 61.9m
Social balance sheet
Average headcount (FTE)90877.67.9▲

The notes to these accounts have 42 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.

Source: Annual accounts 2025 at the NBB, filed on 07-07-2026.

Line202020212022202320242025Change
Operating income70/76A€324.9m€627.4m€752.1m€500.5m€503.5mUSD 409.3m▼ 18.7%
Turnover70€324.9m€627.3m€751.8m€500.3m€503.2mUSD 409.2m▼ 18.7%
Other operating income74€0.05m€0.1m€0.3m€0.2m€0.3mUSD 0.04m▼ 87.1%
Operating charges60/66A€320.2m€620.9m€731.7m€493.3m€495.5mUSD 406.1m▼ 18.0%
Goods for resale, raw materials and consumables60€315.8m€610.8m€722.4m€475.9m€472.2mUSD 382.9m▼ 18.9%
Change in stocks: decrease (increase)609€19.6m-€19.1m-€5.9m-€15.6m€50.8m-USD 5.6m-
Services and other goods61€4.0m€9.6m€8.8m€16.8m€22.7mUSD 22.6m▼ 0.4%
Remuneration, social security and pensions62€0.2m€0.3m€0.3m€0.5m€0.4mUSD 0.4m▲ 7.9%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.1m€0.1m€0.1m€0.08m€0.1mUSD 0.2m▲ 22.6%
Other operating charges640/8€0.05m€0.1m€0.2m€0.05m€0.05mUSD 0.05m▼ 5.2%
Operating profit (loss)9901€4.7m€6.6m€20.4m€7.2m€8.0mUSD 3.2m▼ 60.2%
Recurring financial income75€0.02m€0.06m€0.04m€0.08m€0.2mUSD 0.5m▲ 162%
Income from current assets751€0.01m€0.06m€0.04m€0.07m€0.2m--
Other financial income752/9€0.006m€0.001m€0.001m€0.01m€0.003mUSD 0.5m▲ 178×
Financial charges65/66B€1.7m€1.3m€4.0m€5.6m€5.7mUSD 0.4m▼ 92.3%
Recurring financial charges65€1.7m€1.3m€4.0m€5.6m€5.7mUSD 0.4m▼ 92.3%
Debt charges650€1.7m€1.3m€3.7m€5.2m€5.6mUSD 0.2m▼ 96.6%
Other financial charges652/9€0.03m€0.03m€0.3m€0.3m€0.1mUSD 0.3m▲ 159%
Profit (loss) for the period before taxes9903€3.0m€5.3m€16.4m€1.8m€2.4mUSD 3.2m▲ 32.3%
Income taxes67/77€0.4m€0.5m€0.6m€0.4m€0.7mUSD 0.6m▼ 8.3%
Taxes670/3€0.4m€0.5m€0.7m€0.4m€0.8mUSD 0.7m▼ 8.1%
Tax adjustments and reversals of tax provisions77--€0.03m-€0.05mUSD 0.04m▼ 5.1%
Profit (loss) for the period9904€2.7m€4.8m€15.8m€1.3m€1.7mUSD 2.5m▲ 49.1%
Profit (loss) for the period to be appropriated9905€2.7m€4.8m€15.8m€1.3m€1.7mUSD 2.5m▲ 49.1%
Line202020212022202320242025Change
Assets
Total assets20/58€145.0m€186.1m€232.8m€195.5m€123.3mUSD 148.5m▲ 20.4%
Fixed assets21/28€3.6m€4.0m€4.4m€4.8m€1.4mUSD 1.7m▲ 20.0%
Tangible fixed assets22/27€0.8m€0.7m€0.7m€0.8m€1.4mUSD 1.7m▲ 20.0%
Land and buildings22€0.7m€0.6m€0.6m€0.6m€1.2mUSD 1.5m▲ 26.6%
Plant, machinery and equipment23€0.01m€0.004m€0.008m€0.005m€0.004mUSD 0.03m▲ 564%
Furniture and vehicles24€0.05m€0.08m€0.1m€0.2m€0.2mUSD 0.2m▼ 24.5%
Financial fixed assets28€2.8m€3.3m€3.7m€4.0m---
Other financial fixed assets284/8€2.8m€3.3m€3.7m€4.0m---
Amounts receivable and cash guarantees285/8€2.8m€3.3m€3.7m€4.0m---
Current assets29/58€141.4m€182.1m€228.3m€190.7m€121.9mUSD 146.8m▲ 20.4%
Stocks and contracts in progress3€31.0m€50.2m€56.0m€87.6m€34.3mUSD 26.3m▼ 23.2%
Stocks30/36€31.0m€50.2m€56.0m€87.6m€34.3mUSD 26.3m▼ 23.2%
Goods purchased for resale34€31.0m€50.2m€56.0m€71.6m€20.8mUSD 26.3m▲ 26.8%
Advance payments36---€16.0m€13.5m--
Amounts receivable within one year40/41€105.7m€124.5m€140.3m€93.7m€78.2mUSD 118.2m▲ 51.2%
Trade receivables40€103.2m€123.0m€140.3m€93.6m€78.1mUSD 117.9m▲ 51.0%
Other amounts receivable41€2.5m€1.5m€0.06m€0.07m€0.09mUSD 0.3m▲ 224%
Cash at bank and in hand54/58€4.6m€7.4m€31.9m€8.0m€9.5mUSD 2.3m▼ 76.2%
Deferred charges and accrued income490/1€0.03m€0.05m€0.05m€1.4m-USD 0.1m-
Equity and liabilities
Total equity and liabilities10/49€145.0m€186.1m€232.8m€195.5m€123.3mUSD 148.5m▲ 20.4%
Equity10/15€59.3m€64.2m€80.0m€81.3m€83.0mUSD 85.5m▲ 3.1%
Contributions10/11€16.5m€16.5m€18.2m€18.2m€18.2mUSD 18.2m=
Reserves13€4.6m€4.6m€2.9m€2.9m€2.9mUSD 2.9m=
Non-distributable reserves130/1€1.7m€1.7m-----
Reserves not available under the articles1311€1.7m€1.7m-----
Distributable reserves133€2.9m€2.9m€2.9m€2.9m€2.9mUSD 2.9m=
Profit (loss) carried forward14€38.2m€43.0m€58.8m€60.2m€61.9mUSD 64.4m▲ 4.1%
Amounts payable17/49€85.6m€121.9m€152.8m€114.3m€40.3mUSD 63.0m▲ 56.2%
Amounts payable after more than one year17€13.7m€13.7m€13.7m€1.8m€1.8mUSD 1.8m=
Financial debts170/4€13.7m€13.7m€13.7m€1.8m€1.8mUSD 1.8m=
Subordinated loans170€1.8m€1.8m€1.8m€1.8m€1.8mUSD 1.8m=
Other loans174€11.9m€11.9m€11.9m€0.03m€0.03mUSD 0.03m=
Amounts payable within one year42/48€71.3m€107.5m€138.2m€111.5m€37.6mUSD 60.3m▲ 60.4%
Financial debts43€30.5m€29.5m€49.3m€57.5m€1.7mUSD 1.7m=
Credit institutions430/8€15.2m€27.4m€47.3m€55.6m---
Other loans439€15.3m€2.1m€2.0m€1.9m€1.7mUSD 1.7m=
Trade debts44€40.2m€77.7m€88.7m€53.9m€35.6mUSD 57.9m▲ 62.4%
Suppliers440/4€40.2m€77.7m€88.7m€53.9m€35.6mUSD 57.9m▲ 62.4%
Taxes, remuneration and social security45€0.1m€0.2m€0.06m€0.07m€0.2mUSD 0.7m▲ 334%
Taxes450/3€0.09m€0.1m€0.02m€0.02m€0.1mUSD 0.7m▲ 478%
Remuneration and social security454/9€0.03m€0.03m€0.04m€0.05m€0.05mUSD 0.05m▲ 3.7%
Other amounts payable47/48€0.4m€0.09m€0.06m€0.03m€0.07m--
Accrued charges and deferred income492/3€0.7m€0.8m€0.9m€1.0m€0.9mUSD 0.9m▼ 4.5%
Line202020212022202320242025Change
Profit (loss) for the period9904€2.7m€4.8m€15.8m€1.3m€1.7mUSD 2.5m▲ 49.1%
+ Depreciation and write-downs630€0.1m€0.1m€0.1m€0.08m€0.1mUSD 0.2m▲ 22.6%
Operating cash flow (approximation)€2.8m€4.9m€15.9m€1.4m€1.8mUSD 2.7m▲ 47.4%
Investment in fixed assets (approximation)--€0.5m-€0.5m-€0.5m€3.3m-USD 0.4m-
Change in cash-€2.7m€24.6m-€23.9m€1.5m-USD 7.2m-

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

Download as CSV

Historical observation

In July 2024, 17,041 companies had the same profile as DHARM DIAM 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 DHARM DIAM itself: 0.2% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 DHARM DIAM. 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 full format 07-07-2026 2026-00278984 PDF
31-12-2024 full format 26-05-2025 2025-00106847 PDF
31-12-2023 full format 09-07-2024 2024-00237287 PDF
31-12-2022 full format 20-07-2023 2023-00259508 PDF
31-12-2021 full format 24-06-2022 2022-20095987 PDF
31-12-2020 full format 21-05-2021 2021-14900211 PDF
31-12-2019 full format 29-06-2020 2020-22800263 PDF
31-12-2018 full format 31-05-2019 2019-15900030 PDF
31-12-2017 full format 02-07-2018 2018-27400173 PDF
31-12-2016 full format 16-06-2017 2017-19000275 PDF

Show all 23 filings

Next steps

Work out how much credit to give this customer and on what payment terms.Credit check Compare this company with its sector.Sector benchmark See what changed in the latest annual accounts.What changed

We would like to set cookies. That happens only with your consent. What we measure