DHIIC
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 26 days after the deadline Filed on 26 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00431711.
Annual accounts 2025 filed on 26-08-2026 at the NBB all 27 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€7,173▼ 44.0%
2024 · -€4,982
Working capital
€24,625▲ 17.1%
2024 · €21,022
Multi-year overview
2018 to 2025, 6 financial yearsOperating result
-€7,130
▼ 44.3%
2025
20182025
Net result
-€7,173
▼ 44.0%
2025
lowest quarter of the sector
20182025
Equity
€26,401
▼ 21.4%
2025
lowest quarter of the sector
20182025
Total assets
€51,468
▲ 0.7%
2025
lowest quarter of the sector
20182025
Debt
€25,067
▲ 43.1%
2025
20182025
Working capital
€24,625
▲ 17.1%
2025
middle half of the sector
20182025
Solvency
51.3%
▼ 14.4pp
2025
middle half of the sector
20182025
Current ratio
10.01
▲ 3.77
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-13.9%
▼ 4.2pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line201820192022202320242025
Operating result€1,313--€2,203-€1,524--€12,580▼ 726%-€4,941▲ 60.7%-€7,130▼ 44.3%
Net result€1,418--€241-€1,355below the sector's middle half--€12,849below the sector's middle half▼ 848%-€4,982below the sector's middle half▲ 61.2%-€7,173below the sector's middle half▼ 44.0%
Equity€78,724-€78,483▼ 0.3%€51,405below the sector's middle half-€38,556within the sector's middle half▼ 25.0%€33,574within the sector's middle half▼ 12.9%€26,401below the sector's middle half▼ 21.4%
Total assets€83,492-€82,933▼ 0.7%€60,187below the sector's middle half-€43,672below the sector's middle half▼ 27.4%€51,088below the sector's middle half▲ 17.0%€51,468below the sector's middle half▲ 0.7%
Debt€4,768-€4,450▼ 6.7%€8,782-€5,116▼ 41.7%€17,514▲ 242%€25,067▲ 43.1%
Working capital€61,023-€60,665▼ 0.6%€31,798below the sector's middle half-€16,727within the sector's middle half▼ 47.4%€21,022within the sector's middle half▲ 25.7%€24,625within the sector's middle half▲ 17.1%
Solvency94.3%-94.6%▲ 0.3pp85.4%above the sector's middle half-88.3%above the sector's middle half▲ 2.9pp65.7%within the sector's middle half▼ 22.6pp51.3%within the sector's middle half▼ 14.4pp
Current ratio13.80-14.63▲ 0.8315.45above the sector's middle half-6.41above the sector's middle half▼ 9.036.24above the sector's middle half▼ 0.1710.01above the sector's middle half▲ 3.77
Return on assets (ROA)1.7%--0.3%▼ 2.0pp-2.3%below the sector's middle half--29.4%below the sector's middle half▼ 27.2pp-9.8%below the sector's middle half▲ 19.7pp-13.9%below the sector's middle half▼ 4.2pp
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 a loss of €7,130, larger than the loss of €4,941 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €51,468
Fixed assets
€24,111 ▼ 7.5%
Current assets
€27,357 ▲ 9.3%
Equity and liabilities €51,468
Equity
€26,401 ▼ 21.4%
Debt
€25,067 ▲ 43.1%
Debt's share of the balance-sheet total rises from 34.3% to 48.7%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€5,184▼
2024 · -€1,807
Cash flow
-€5,227▼
2024 · -€1,849
Quick ratio
6.99▲
2024 · 4.83
Debt to equity
0.95▲
2024 · 0.52
ROE
-27.2%▼
2024 · -14.8%
Interest coverage
-107.09▼
2024 · -40.16
Debt ≤ 1 year
€2,732▼
2024 · €4,009
Debt > 1 year
€22,335▲
2024 · €13,505
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 | - | - | €5,335 | - |
| Depreciation and write-downs of the year | €2,293 | €2,333 | €3,133 | €1,946 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €230 | €255 | €2,293 | €2,333 | €3,133 | €1,946 | ▼ 37.9% |
| Other operating charges640/8 | - | - | €3,431 | €1,278 | €1,089 | €879 | ▼ 19.2% |
| Gross operating margin9900 | €1,978 | -€1,348 | €4,200 | -€8,968 | -€719 | -€4,305 | ▼ 499% |
| Operating profit (loss)9901 | €1,313 | -€2,203 | -€1,524 | -€12,580 | -€4,941 | -€7,130 | ▼ 44.3% |
| Financial income75/76B | - | - | €209 | €1 | €3 | €6 | ▲ 64.9% |
| Recurring financial income75 | €140 | €2,002 | €209 | €1 | €3 | €6 | ▲ 64.9% |
| Financial charges65/66B | - | - | €39 | €44 | €45 | €48 | ▲ 7.6% |
| Recurring financial charges65 | €36 | €40 | €39 | €44 | €45 | €48 | ▲ 7.6% |
| Profit (loss) for the period before taxes9903 | €1,418 | -€241 | -€1,355 | -€12,623 | -€4,982 | -€7,173 | ▼ 44.0% |
| Income taxes67/77 | - | - | - | €226 | - | - | - |
| Profit (loss) for the period9904 | €1,418 | -€241 | -€1,355 | -€12,849 | -€4,982 | -€7,173 | ▼ 44.0% |
| Profit (loss) for the period to be appropriated9905 | €1,418 | -€241 | -€1,355 | -€12,849 | -€4,982 | -€7,173 | ▼ 44.0% |
| Line | 2018 | 2019 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €83,492 | €82,933 | €60,187 | €43,672 | €51,088 | €51,468 | ▲ 0.7% |
| Fixed assets21/28 | €17,701 | €17,818 | €26,188 | €23,855 | €26,057 | €24,111 | ▼ 7.5% |
| Tangible fixed assets22/27 | €2,164 | €2,281 | €5,963 | €3,630 | €5,832 | €3,886 | ▼ 33.4% |
| Plant, machinery and equipment23 | - | - | €79 | €79 | €3,315 | €2,475 | ▼ 25.3% |
| Furniture and vehicles24 | - | - | €5,884 | €3,551 | €2,517 | €1,411 | ▼ 43.9% |
| Financial fixed assets28 | €15,537 | €15,537 | €20,225 | €20,225 | €20,225 | €20,225 | = |
| Current assets29/58 | €65,791 | €65,115 | €33,999 | €19,817 | €25,031 | €27,357 | ▲ 9.3% |
| Stocks and contracts in progress3 | €10,749 | €5,492 | €4,428 | €1,844 | €5,685 | €8,270 | ▲ 45.5% |
| Stocks30/36 | - | - | €4,428 | €1,844 | €5,685 | €8,270 | ▲ 45.5% |
| Amounts receivable within one year40/41 | €22,767 | €25,951 | €5,278 | €7,412 | €9,204 | €3,848 | ▼ 58.2% |
| Trade receivables40 | - | - | €2,564 | €4,898 | €6,000 | - | - |
| Other amounts receivable41 | - | - | €2,714 | €2,514 | €3,204 | €3,848 | ▲ 20.1% |
| Cash at bank and in hand54/58 | €32,275 | €33,673 | €24,293 | €10,562 | €10,141 | €15,239 | ▲ 50.3% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €83,492 | €82,933 | €60,187 | €43,672 | €51,088 | €51,468 | ▲ 0.7% |
| Equity10/15 | €78,724 | €78,483 | €51,405 | €38,556 | €33,574 | €26,401 | ▼ 21.4% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €8,060 | €8,060 | €8,060 | = |
| Capital10 | - | - | €6,200 | - | - | - | - |
| Issued capital100 | - | - | €18,600 | - | - | - | - |
| Uncalled capital101 | - | - | €12,400 | - | - | - | - |
| Reserves13 | €1,860 | €1,860 | €1,860 | - | - | - | - |
| Non-distributable reserves130/1 | - | - | €1,860 | - | - | - | - |
| Legal reserve130 | - | - | €1,860 | - | - | - | - |
| Profit (loss) carried forward14 | €70,664 | €70,423 | €43,345 | €30,496 | €25,514 | €18,341 | ▼ 28.1% |
| Amounts payable17/49 | €4,768 | €4,450 | €8,782 | €5,116 | €17,514 | €25,067 | ▲ 43.1% |
| Amounts payable after more than one year17 | - | - | €6,581 | €2,026 | €13,505 | €22,335 | ▲ 65.4% |
| Other amounts payable178/9 | - | - | €6,581 | €2,026 | €13,505 | €22,335 | ▲ 65.4% |
| Amounts payable within one year42/48 | €4,768 | €4,450 | €2,201 | €3,090 | €4,009 | €2,732 | ▼ 31.9% |
| Trade debts44 | €3,307 | €2,989 | €2,201 | €3,090 | €4,009 | €262 | ▼ 93.5% |
| Suppliers440/4 | - | - | €2,201 | €3,090 | €4,009 | €262 | ▼ 93.5% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €2,471 | - |
| Taxes450/3 | - | - | - | - | - | €2,471 | - |
| Line | 2018 | 2019 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,418 | -€241 | -€1,355 | -€12,849 | -€4,982 | -€7,173 | ▼ 44.0% |
| + Depreciation and write-downs630 | €230 | €255 | €2,293 | €2,333 | €3,133 | €1,946 | ▼ 37.9% |
| Operating cash flow (approximation) | €1,647 | €14 | €938 | -€10,516 | -€1,849 | -€5,227 | ▼ 183% |
| Investment in fixed assets (approximation) | - | -€372 | - | €0 | -€5,335 | €0 | - |
| Change in cash | - | €1,398 | - | -€13,731 | -€420 | €5,097 | - |
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, 5,831 companies had the same profile as DHIIC has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DHIIC 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 5,831 companies, not a prediction for DHIIC. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 26-08-2026 | 2026-00431711 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00422668 | |
| 31-12-2023 | micro format | 24-09-2024 | 2024-00469158 | |
| 31-12-2022 | full format | 19-06-2023 | 2023-00146746 | |
| 31-12-2019 | micro format | 21-10-2020 | 2020-62400479 | |
| 31-12-2018 | micro format | 05-09-2019 | 2019-63500369 | |
| 31-12-2017 | full format | 27-08-2018 | 2018-50400601 | |
| 31-12-2016 | full format | 25-09-2017 | 2017-62500597 | |
| 31-12-2015 | full format | 22-09-2016 | 2016-60800260 | |
| 31-12-2014 | full format | 10-12-2015 | 2015-68500268 |