DHD-construct&service
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 4 filings
Turnover
≈ €420,000
Estimated: probably between €280,000 and €650,000
Total assets
€625,251▲ 16.1%
2024 · €538,365
Net result
€94,583▲ 27.9%
2024 · €73,936
Working capital
€272,232▲ 30.3%
2024 · €208,878
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€135,122
▲ 33.5%
2025
20222025
Net result
€94,583
▲ 27.9%
2025
highest quarter of the sector
20222025
Equity
€278,340
▲ 51.5%
2025
highest quarter of the sector
20222025
Total assets
€625,251
▲ 16.1%
2025
highest quarter of the sector
20222025
Debt
€346,911
▼ 2.2%
2025
20222025
Working capital
€272,232
▲ 30.3%
2025
highest quarter of the sector
20222025
Solvency
44.5%
▲ 10.4pp
2025
middle half of the sector
20222025
Current ratio
2.92
▲ 0.14
2025
middle half of the sector
20222025
Return on assets (ROA)
15.1%
▲ 1.4pp
2025
middle half of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€53,515-€84,079▲ 57.1%€101,229▲ 20.4%€135,122▲ 33.5%
Net result€41,308above the sector's middle half-€65,512above the sector's middle half▲ 58.6%€73,936above the sector's middle half▲ 12.9%€94,583above the sector's middle half▲ 27.9%
Equity€44,308within the sector's middle half-€109,820within the sector's middle half▲ 148%€183,757within the sector's middle half▲ 67.3%€278,340above the sector's middle half▲ 51.5%
Total assets€151,456within the sector's middle half-€211,510within the sector's middle half▲ 39.7%€538,365above the sector's middle half▲ 155%€625,251above the sector's middle half▲ 16.1%
Debt€107,148-€101,690▼ 5.1%€354,609▲ 249%€346,911▼ 2.2%
Working capital-€7,484below the sector's middle half-€49,677within the sector's middle half€208,878above the sector's middle half▲ 320%€272,232above the sector's middle half▲ 30.3%
Solvency29.3%within the sector's middle half-51.9%within the sector's middle half▲ 22.7pp34.1%within the sector's middle half▼ 17.8pp44.5%within the sector's middle half▲ 10.4pp
Current ratio0.93below the sector's middle half-1.59within the sector's middle half▲ 0.662.78within the sector's middle half▲ 1.202.92within the sector's middle half▲ 0.14
Return on assets (ROA)27.3%above the sector's middle half-31.0%above the sector's middle half▲ 3.7pp13.7%within the sector's middle half▼ 17.2pp15.1%within the sector's middle half▲ 1.4pp
above
within
below
The sector band is the middle half of the companies in Manufacture of fabricated metal products, except machinery and equipment (NACE 25). 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 33% higher than in 2024 and the highest since 2022. It is the third rise 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 €625,251
Fixed assets
€211,185 ▼ 0.5%
Current assets
€414,065 ▲ 26.9%
Equity and liabilities €625,251
Equity
€278,340 ▲ 51.5%
Debt
€346,911 ▼ 2.2%
Debt's share of the balance-sheet total falls from 65.9% to 55.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€165,908▲
2024 · €124,297
Cash flow
€125,368▲
2024 · €97,004
Debt to equity
1.25▼
2024 · 1.93
ROE
34.0%▼
2024 · 40.2%
Interest coverage
11.63▼
2024 · 22.44
Debt ≤ 1 year
€141,833▲
2024 · €117,300
Debt > 1 year
€204,645▼
2024 · €237,309
Income taxes
€28,678▲
2024 · €21,755
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €62,994 | €43,937 | €158,277 | €29,784 |
| Depreciation and write-downs of the year | €11,202 | €18,751 | €23,068 | €30,785 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 · 1 entry · €260 awarded · €260 paidAnnual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,202 | €18,751 | €23,068 | €30,785 | ▲ 33.5% |
| Other operating charges640/8 | €2,174 | €1,412 | €3,178 | €2,164 | ▼ 31.9% |
| Non-recurring operating charges66A | - | - | - | €344 | - |
| Gross operating margin9900 | €66,892 | €104,242 | €127,475 | €168,416 | ▲ 32.1% |
| Operating profit (loss)9901 | €53,515 | €84,079 | €101,229 | €135,122 | ▲ 33.5% |
| Financial income75/76B | €9 | €23 | - | €2,409 | - |
| Recurring financial income75 | €9 | €23 | - | €2,409 | - |
| Financial charges65/66B | €301 | €1,622 | €5,538 | €14,271 | ▲ 158% |
| Recurring financial charges65 | €301 | €1,622 | €5,538 | €14,271 | ▲ 158% |
| Profit (loss) for the period before taxes9903 | €53,223 | €82,481 | €95,691 | €123,261 | ▲ 28.8% |
| Income taxes67/77 | €11,915 | €16,969 | €21,755 | €28,678 | ▲ 31.8% |
| Profit (loss) for the period9904 | €41,308 | €65,512 | €73,936 | €94,583 | ▲ 27.9% |
| Profit (loss) for the period to be appropriated9905 | €41,308 | €65,512 | €73,936 | €94,583 | ▲ 27.9% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €151,456 | €211,510 | €538,365 | €625,251 | ▲ 16.1% |
| Fixed assets21/28 | €51,792 | €76,978 | €212,187 | €211,185 | ▼ 0.5% |
| Tangible fixed assets22/27 | €51,792 | €76,978 | €212,187 | €211,185 | ▼ 0.5% |
| Land and buildings22 | - | - | €152,850 | €148,770 | ▼ 2.7% |
| Plant, machinery and equipment23 | €17,679 | €28,261 | €24,340 | €24,717 | ▲ 1.5% |
| Furniture and vehicles24 | €34,114 | €48,717 | €34,997 | €37,698 | ▲ 7.7% |
| Current assets29/58 | €99,664 | €134,532 | €326,178 | €414,065 | ▲ 26.9% |
| Amounts receivable within one year40/41 | €88,749 | €59,021 | €276,979 | €250,665 | ▼ 9.5% |
| Trade receivables40 | €85,779 | €27,440 | €223,500 | €200,795 | ▼ 10.2% |
| Other amounts receivable41 | €2,970 | €31,581 | €53,478 | €49,870 | ▼ 6.7% |
| Cash at bank and in hand54/58 | €10,474 | €73,428 | €49,039 | €162,528 | ▲ 231% |
| Deferred charges and accrued income490/1 | €441 | €2,084 | €160 | €872 | ▲ 444% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €151,456 | €211,510 | €538,365 | €625,251 | ▲ 16.1% |
| Equity10/15 | €44,308 | €109,820 | €183,757 | €278,340 | ▲ 51.5% |
| Contributions10/11 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | €41,308 | €106,820 | €106,820 | €106,820 | = |
| Distributable reserves133 | €41,308 | €106,820 | €106,820 | €106,820 | = |
| Profit (loss) carried forward14 | - | - | €73,936 | €168,519 | ▲ 128% |
| Amounts payable17/49 | €107,148 | €101,690 | €354,609 | €346,911 | ▼ 2.2% |
| Amounts payable after more than one year17 | - | €16,834 | €237,309 | €204,645 | ▼ 13.8% |
| Financial debts170/4 | - | €16,834 | €237,309 | €204,645 | ▼ 13.8% |
| Amounts payable within one year42/48 | €107,148 | €84,856 | €117,300 | €141,833 | ▲ 20.9% |
| Current portion of amounts payable after more than one year42 | - | €6,184 | €27,990 | €30,992 | ▲ 10.7% |
| Financial debts43 | - | €30,000 | €30,000 | €30,000 | = |
| Credit institutions430/8 | - | €30,000 | €30,000 | €30,000 | = |
| Trade debts44 | €19,952 | €28,322 | €59,270 | €80,826 | ▲ 36.4% |
| Suppliers440/4 | €19,952 | €28,322 | €59,270 | €80,826 | ▲ 36.4% |
| Taxes, remuneration and social security45 | €18,440 | €540 | €40 | €15 | ▼ 61.8% |
| Taxes450/3 | €18,440 | €40 | €40 | €15 | ▼ 61.8% |
| Remuneration and social security454/9 | - | €500 | - | - | - |
| Other amounts payable47/48 | €68,755 | €19,810 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €433 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €41,308 | €65,512 | €73,936 | €94,583 | ▲ 27.9% |
| + Depreciation and write-downs630 | €11,202 | €18,751 | €23,068 | €30,785 | ▲ 33.5% |
| Operating cash flow (approximation) | €52,511 | €84,262 | €97,004 | €125,368 | ▲ 29.2% |
| Investment in fixed assets (approximation) | - | -€43,937 | -€158,277 | -€29,784 | ▲ 81.2% |
| Change in cash | - | €62,954 | -€24,389 | €113,489 | - |
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, 3,127 companies had the same profile as DHD-construct&service has now. Two years later, 97.2% were still going and 0.8% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
97.2%
was still going
1.9%
stopped otherwise
0.8%
went bankrupt
That fits the bankruptcy probability of DHD-construct&service 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 3,127 companies, not a prediction for DHD-construct&service. 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.