Digital Payroll Services
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 08-06-2026 PDF all 16 filings
Turnover
€31.2m▼ 13.3%
2024 · €36.0m
EBIT margin
2.4%▲ 0.6pp
2024 · 1.8%
Net result
€611,493▲ 29.9%
2024 · €470,788
Working capital
€269,573▼ 11.2%
2024 · €303,632
In the rankings
#3 employer in East Flanders, Administrative and support services sector#8 company by total assets in East Flanders, Employment activities sector
Multi-year overview
2018 to 2025, 7 financial yearsTurnover
€31.2m
▼ 13.3%
2025
20182025
Operating result
€748,389
▲ 15.4%
2025
20182025
Net result
€611,493
▲ 29.9%
2025
highest quarter of the sector
20182025
EBIT margin
2.4%
▲ 0.6pp
2025
20182025
Equity
€301,387
▲ 4.0%
2025
middle half of the sector
20182025
Total assets
€4.5m
▲ 18.1%
2025
middle half of the sector
20182025
Debt
€4.2m
▲ 19.3%
2025
20182025
Working capital
€269,573
▼ 11.2%
2025
middle half of the sector
20182025
Solvency
6.7%
▼ 0.9pp
2025
lowest quarter of the sector
20182025
Current ratio
1.07
▼ 0.02
2025
middle half of the sector
20182025
Return on assets (ROA)
13.7%
▲ 1.2pp
2025
highest quarter of the sector
20182025
Staff (FTE)
609.5
▼ 21.6%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018202020212022202320242025
Turnover€18.6m€24.1m▲ 29.8%€35.4m▲ 46.9%€36.0m▲ 1.7%€31.2m▼ 13.3%
Operating result€0.03m-€0.8m-€0.9m▲ 8.4%€0.7m▼ 24.2%€0.9m▲ 28.7%€0.6m▼ 26.3%€0.7m▲ 15.4%
Net result€0.02m-€0.7mabove the sector's middle half-€0.8mabove the sector's middle half▲ 12.7%€0.6mabove the sector's middle half▼ 26.9%€0.8mabove the sector's middle half▲ 31.6%€0.5mabove the sector's middle half▼ 41.6%€0.6mabove the sector's middle half▲ 29.9%
EBIT margin4.9%2.8%▼ 2.0pp2.5%▼ 0.4pp1.8%▼ 0.7pp2.4%▲ 0.6pp
Equity-€0.08m-€0.2mwithin the sector's middle half-€0.2mwithin the sector's middle half▲ 21.6%€0.2mwithin the sector's middle half▲ 1.3%€0.2mwithin the sector's middle half▲ 0.6%€0.3mwithin the sector's middle half▲ 30.2%€0.3mwithin the sector's middle half▲ 4.0%
Total assets€2.3m-€3.0mabove the sector's middle half-€3.0mwithin the sector's middle half▲ 0.4%€3.9mwithin the sector's middle half▲ 30.6%€4.8mwithin the sector's middle half▲ 22.2%€3.8mwithin the sector's middle half▼ 20.3%€4.5mwithin the sector's middle half▲ 18.1%
Debt€2.4m-€2.8m-€2.8m▼ 0.9%€3.7m▲ 33.0%€4.5m▲ 23.5%€3.5m▼ 22.7%€4.2m▲ 19.3%
Working capital-€0.1m-€0.1mwithin the sector's middle half-€0.3mwithin the sector's middle half▲ 138%€0.2mwithin the sector's middle half▼ 19.1%€0.3mwithin the sector's middle half▲ 6.6%€0.3mwithin the sector's middle half▲ 19.4%€0.3mwithin the sector's middle half▼ 11.2%
Solvency-3.5%-6.1%below the sector's middle half-7.3%below the sector's middle half▲ 1.3pp5.7%below the sector's middle half▼ 1.6pp4.7%below the sector's middle half▼ 1.0pp7.6%below the sector's middle half▲ 3.0pp6.7%below the sector's middle half▼ 0.9pp
Current ratio0.96-1.04within the sector's middle half-1.11below the sector's middle half▲ 0.071.07below the sector's middle half▼ 0.051.06within the sector's middle half▼ 0.011.09within the sector's middle half▲ 0.031.07within the sector's middle half▼ 0.02
Return on assets (ROA)0.7%-25.1%above the sector's middle half-28.2%above the sector's middle half▲ 3.1pp15.8%above the sector's middle half▼ 12.4pp17.0%above the sector's middle half▲ 1.2pp12.4%above the sector's middle half▼ 4.5pp13.7%above the sector's middle half▲ 1.2pp
Staff (FTE)129.4-251.3above the sector's middle half-286.3above the sector's middle half▲ 13.9%428.7above the sector's middle half▲ 49.7%702.6above the sector's middle half▲ 63.9%777.5above the sector's middle half▲ 10.7%609.5above the sector's middle half▼ 21.6%
above
within
below
The sector band is the middle half of the companies in Employment activities (NACE 78). 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 15% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.5m
Fixed assets
€77,834 ▲ 141%
Current assets
€4.4m ▲ 17.1%
Equity and liabilities €4.5m
Equity
€301,387 ▲ 4.0%
Debt
€4.2m ▲ 19.3%
Debt's share of the balance-sheet total rises from 92.4% to 93.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€762,795▲
2024 · €661,606
Cash flow
€625,899▲
2024 · €483,903
Debt to equity
13.85▲
2024 · 12.07
ROE
202.9%▲
2024 · 162.4%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€4.1m▲
2024 · €3.5m
Income taxes
€125,099▼
2024 · €186,026
Customer credit
36 days▲
2024 · 26 days
Staff costs
€28.3m▼
2024 · €32.3m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 384 | 398 | 636 | 414 | 429 |
| full-time | 231 | 273 | 550 | 115 | 429 |
| part-time | 153 | 125 | 86 | 299 | - |
| in full-time equivalents | 347 | 355.9 | 603.3 | 206 | 429 |
| Average over the year, in full-time equivalents | 286.3 | 428.7 | 702.6 | 777.5 | 609.5 |
| On a permanent contract | 2 | 6 | 10 | 414 | 14 |
| Joined | 72,759 | 128,587 | 204,604 | 250,833 | 78,463 |
| Left | 72,735 | 128,573 | 204,366 | 251,055 | 78,448 |
| Agency workers, average number | 3.3 | 6.9 | 11.6 | 10.4 | 7.4 |
| Training hours | 23 | 23 | 23 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,240 | - | €1,839 | €34,300 | €56,658 |
| Depreciation and write-downs of the year | €18,557 | €15,625 | €15,538 | €13,115 | €14,406 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is CALLENS VANDELANOTTE.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €3,000 | €3,000 | €3,200 | €3,411 | €3,547 |
| Other work by the auditor | - | €1,500 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €7,060 awarded · €7,060 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €2,053 | €2,053 |
| 2023 | 1 | €2,221 | €2,221 |
| 2022 | 1 | €2,786 | €2,786 |
Annual accounts
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | €19.4m | €25.0m | €36.5m | €36.9m | €32.4m | ▼ 12.2% |
| Turnover70 | - | - | €18.6m | €24.1m | €35.4m | €36.0m | €31.2m | ▼ 13.3% |
| Other operating income74 | - | - | €0.8m | €0.9m | €1.1m | €0.9m | €1.2m | ▲ 29.1% |
| Non-recurring operating income76A | - | €0.003m | - | - | - | - | - | - |
| Operating charges60/66A | - | - | €18.5m | €24.3m | €35.6m | €36.3m | €31.6m | ▼ 12.7% |
| Services and other goods61 | - | - | €1.3m | €2.7m | €4.0m | €3.8m | €3.3m | ▼ 14.6% |
| Remuneration, social security and pensions62 | - | €13.2m | €17.0m | €21.6m | €31.5m | €32.3m | €28.3m | ▼ 12.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.007m | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | €0.01m | ▲ 9.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €0.1m | €0.2m | €0.04m | €0.005m | €0.04m | €0.02m | ▼ 49.5% |
| Other operating charges640/8 | - | €0.001m | €0.004m | €0.01m | €0.001m | €0.03m | €0.04m | ▲ 54.7% |
| Non-recurring operating charges66A | - | - | - | - | - | €0.02m | €410 | ▼ 97.4% |
| Gross operating margin9900 | €6.6m | €14.2m | - | - | - | - | - | - |
| Operating profit (loss)9901 | €0.03m | €0.8m | €0.9m | €0.7m | €0.9m | €0.6m | €0.7m | ▲ 15.4% |
| Financial income75/76B | - | €0.006m | €0.004m | €0.007m | €0.04m | €0.03m | €0.003m | ▼ 86.4% |
| Recurring financial income75 | €0.002m | €0.006m | €0.004m | €0.007m | €0.04m | €0.02m | €0.003m | ▼ 86.2% |
| Income from current assets751 | - | - | €0.004m | €0.007m | €0.04m | €0.02m | €0.003m | ▼ 86.0% |
| Other financial income752/9 | - | - | €115 | €35 | €82 | €406 | €18 | ▼ 95.6% |
| Non-recurring financial income76B | - | - | - | - | - | €429 | - | - |
| Financial charges65/66B | - | €0.01m | €0.02m | €0.01m | €0.01m | €0.02m | €0.02m | ▼ 9.6% |
| Recurring financial charges65 | €0.02m | €0.01m | €0.02m | €0.01m | €0.01m | €0.02m | €0.02m | ▼ 9.6% |
| Debt charges650 | - | - | €0.01m | €0.006m | €0.001m | €0.001m | €0.001m | ▲ 20.6% |
| Other financial charges652/9 | - | - | €0.005m | €0.006m | €0.01m | €0.02m | €0.01m | ▼ 11.5% |
| Profit (loss) for the period before taxes9903 | €0.02m | €0.8m | €0.9m | €0.7m | €0.9m | €0.7m | €0.7m | ▲ 12.1% |
| Income taxes67/77 | €0.002m | €0.08m | €0.05m | €0.07m | €0.1m | €0.2m | €0.1m | ▼ 32.8% |
| Taxes670/3 | - | - | €0.05m | €0.07m | €0.1m | €0.2m | €0.1m | ▼ 32.8% |
| Profit (loss) for the period9904 | €0.02m | €0.7m | €0.8m | €0.6m | €0.8m | €0.5m | €0.6m | ▲ 29.9% |
| Profit (loss) for the period to be appropriated9905 | €0.02m | €0.7m | €0.8m | €0.6m | €0.8m | €0.5m | €0.6m | ▲ 29.9% |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.3m | €3.0m | €3.0m | €3.9m | €4.8m | €3.8m | €4.5m | ▲ 18.1% |
| Fixed assets21/28 | €0.02m | €0.06m | €0.04m | €0.02m | €0.01m | €0.03m | €0.08m | ▲ 141% |
| Intangible fixed assets21 | €0.01m | €0.05m | €0.04m | €0.02m | €0.008m | - | - | - |
| Tangible fixed assets22/27 | €0.001m | €0.002m | €0.004m | €0.003m | €0.004m | €0.03m | €0.07m | ▲ 131% |
| Plant, machinery and equipment23 | - | €0.001m | €369 | €11 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | - | - | €0.02m | €0.04m | ▲ 136% |
| Other tangible fixed assets26 | - | €0.001m | €0.004m | €0.003m | €0.004m | €0.01m | €0.03m | ▲ 124% |
| Financial fixed assets28 | €0.003m | - | - | - | €0.003m | - | €0.003m | - |
| Other financial fixed assets284/8 | - | - | - | - | €0.003m | - | €0.003m | - |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | €0.003m | - | €0.003m | - |
| Current assets29/58 | €2.3m | €2.9m | €2.9m | €3.9m | €4.7m | €3.8m | €4.4m | ▲ 17.1% |
| Amounts receivable after more than one year29 | - | €0.02m | €0.005m | - | - | - | - | - |
| Other amounts receivable291 | - | €0.02m | €0.005m | - | - | - | - | - |
| Amounts receivable within one year40/41 | €1.3m | €2.0m | €2.1m | €2.3m | €2.8m | €2.8m | €3.1m | ▲ 13.3% |
| Trade receivables40 | - | €1.6m | €2.0m | €2.2m | €2.8m | €2.5m | €3.1m | ▲ 22.3% |
| Other amounts receivable41 | - | €0.4m | €0.08m | €0.07m | - | €0.2m | €0.04m | ▼ 82.8% |
| Cash at bank and in hand54/58 | €0.9m | €0.8m | €0.7m | €1.5m | €1.9m | €1.0m | €1.3m | ▲ 30.1% |
| Deferred charges and accrued income490/1 | - | €0.06m | €0.09m | €0.03m | €0.03m | €0.02m | €0.003m | ▼ 84.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.3m | €3.0m | €3.0m | €3.9m | €4.8m | €3.8m | €4.5m | ▲ 18.1% |
| Equity10/15 | -€0.08m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 4.0% |
| Contributions10/11 | €0.03m | €0.03m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.006m | €0.006m | ▲ 7.6% |
| Non-distributable reserves130/1 | - | €0.003m | €0.006m | €0.006m | €0.006m | €0.005m | €0.006m | ▲ 23.0% |
| Legal reserve130 | - | - | €0.006m | €0.006m | €0.006m | €0.005m | €0.006m | ▲ 23.0% |
| Reserves not available under the articles1311 | - | €0.003m | - | - | - | - | - | - |
| Distributable reserves133 | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.001m | - | - |
| Profit (loss) carried forward14 | -€0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | ▲ 5.0% |
| Amounts payable17/49 | €2.4m | €2.8m | €2.8m | €3.7m | €4.5m | €3.5m | €4.2m | ▲ 19.3% |
| Amounts payable within one year42/48 | €2.4m | €2.8m | €2.6m | €3.6m | €4.5m | €3.5m | €4.1m | ▲ 19.6% |
| Financial debts43 | - | - | €0.3m | €0.2m | - | - | - | - |
| Credit institutions430/8 | - | - | €0.3m | €0.2m | - | - | - | - |
| Trade debts44 | €0.5m | €0.3m | €0.3m | €1.5m | €2.0m | €2.0m | €1.5m | ▼ 23.2% |
| Suppliers440/4 | - | €0.3m | €0.3m | €1.5m | €2.0m | €2.0m | €1.5m | ▼ 23.2% |
| Advances received on contracts in progress46 | - | €0.006m | €0.005m | €0.004m | €0.003m | €0.003m | - | - |
| Taxes, remuneration and social security45 | - | €1.1m | €1.3m | €1.4m | €1.7m | €0.9m | €2.0m | ▲ 115% |
| Taxes450/3 | - | €0.3m | €0.4m | €0.3m | €0.5m | €0.2m | €0.4m | ▲ 81.9% |
| Remuneration and social security454/9 | - | €0.8m | €0.9m | €1.1m | €1.1m | €0.7m | €1.6m | ▲ 126% |
| Other amounts payable47/48 | - | €1.4m | €0.8m | €0.6m | €0.8m | €0.5m | €0.6m | ▲ 12.4% |
| Accrued charges and deferred income492/3 | - | - | €0.1m | €0.04m | €0.05m | €0.05m | €0.05m | = |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,274 | €743,933 | €838,780 | €612,823 | €806,398 | €470,788 | €611,493 | ▲ 29.9% |
| + Depreciation and write-downs630 | €7,380 | €19,655 | €18,557 | €15,625 | €15,538 | €13,115 | €14,406 | ▲ 9.8% |
| Operating cash flow (approximation) | €23,654 | €763,588 | €857,337 | €628,448 | €821,936 | €483,903 | €625,899 | ▲ 29.3% |
| Investment in fixed assets (approximation) | - | - | -€3,240 | €0 | -€5,184 | -€30,955 | -€59,958 | ▼ 93.7% |
| Change in cash | - | - | -€112,748 | €797,011 | €370,407 | -€918,739 | €293,604 | - |
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, 1,925 companies had the same profile as Digital Payroll Services has now. Two years later, 95.2% were still going and 1.3% had gone bankrupt.
- 10 to 20 years old
- solvency under 10%
- a profit of 5% of the balance sheet or more
- without size
95.2%
was still going
3.3%
stopped otherwise
1.3%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Digital Payroll Services 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 1,925 companies, not a prediction for Digital Payroll Services. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 08-06-2026 | 2026-00143882 | |
| 31-12-2024 | full format | 17-07-2025 | 2025-00281913 | |
| 31-12-2023 | full format | 04-06-2024 | 2024-00109260 | |
| 31-12-2022 | full format | 20-06-2023 | 2023-00140002 | |
| 31-12-2021 | full format | 14-07-2022 | 2022-20190007 | |
| 31-12-2020 | abbreviated format | 09-07-2021 | 2021-35400167 | |
| 31-12-2019 | abbreviated format | 01-07-2020 | 2020-25400528 | |
| 31-12-2018 | abbreviated format | 25-06-2019 | 2019-22600012 | |
| 31-12-2017 | abbreviated format | 22-08-2018 | 2018-48100350 | |
| 31-12-2016 | abbreviated format | 13-07-2017 | 2017-30800540 |