Dillo
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 24-07-2026 at the NBB all 11 filings
Turnover
≈ €550,000
Estimated: probably between €300,000 and €730,000
Total assets
€833,881▲ 19.7%
2024 · €696,418
Net result
€28,641▼ 34.3%
2024 · €43,571
Working capital
€445,285▲ 22.2%
2024 · €364,442
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€53,540
▼ 33.2%
2025
20182025
Net result
€28,641
▼ 34.3%
2025
highest quarter of the sector
20182025
Equity
€476,626
▲ 6.4%
2025
highest quarter of the sector
20182025
Total assets
€833,881
▲ 19.7%
2025
highest quarter of the sector
20182025
Debt
€357,255
▲ 43.8%
2025
20182025
Working capital
€445,285
▲ 22.2%
2025
highest quarter of the sector
20182025
Solvency
57.2%
▼ 7.2pp
2025
middle half of the sector
20182025
Current ratio
2.89
▼ 0.30
2025
highest quarter of the sector
20182025
Return on assets (ROA)
3.4%
▼ 2.8pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€104,466-€110,153▲ 5.4%€101,411▼ 7.9%€67,537▼ 33.4%€40,398▼ 40.2%€103,976▲ 157%€80,107▼ 23.0%€53,540▼ 33.2%
Net result€70,230-€61,435▼ 12.5%€68,701within the sector's middle half▲ 11.8%€36,441within the sector's middle half▼ 47.0%€15,374within the sector's middle half▼ 57.8%€65,666within the sector's middle half▲ 327%€43,571above the sector's middle half▼ 33.6%€28,641above the sector's middle half▼ 34.3%
Equity€156,797-€218,232▲ 39.2%€286,934within the sector's middle half▲ 31.5%€323,374within the sector's middle half▲ 12.7%€338,748within the sector's middle half▲ 4.8%€404,414within the sector's middle half▲ 19.4%€447,985above the sector's middle half▲ 10.8%€476,626above the sector's middle half▲ 6.4%
Total assets€556,346-€588,071▲ 5.7%€694,731within the sector's middle half▲ 18.1%€697,490within the sector's middle half▲ 0.4%€651,446within the sector's middle half▼ 6.6%€776,097within the sector's middle half▲ 19.1%€696,418above the sector's middle half▼ 10.3%€833,881above the sector's middle half▲ 19.7%
Debt€399,549-€369,839▼ 7.4%€407,797▲ 10.3%€374,116▼ 8.3%€312,699▼ 16.4%€371,684▲ 18.9%€248,432▼ 33.2%€357,255▲ 43.8%
Working capital€50,201-€135,841▲ 171%€205,935within the sector's middle half▲ 51.6%€244,125within the sector's middle half▲ 18.5%€261,336within the sector's middle half▲ 7.1%€326,933within the sector's middle half▲ 25.1%€364,442above the sector's middle half▲ 11.5%€445,285above the sector's middle half▲ 22.2%
Solvency28.2%-37.1%▲ 8.9pp41.3%within the sector's middle half▲ 4.2pp46.4%within the sector's middle half▲ 5.1pp52.0%within the sector's middle half▲ 5.6pp52.1%within the sector's middle half▲ 0.1pp64.3%above the sector's middle half▲ 12.2pp57.2%within the sector's middle half▼ 7.2pp
Current ratio1.19-1.54▲ 0.351.74within the sector's middle half▲ 0.201.94within the sector's middle half▲ 0.212.25within the sector's middle half▲ 0.312.17within the sector's middle half▼ 0.083.19above the sector's middle half▲ 1.022.89above the sector's middle half▼ 0.30
Return on assets (ROA)12.6%-10.4%▼ 2.2pp9.9%within the sector's middle half▼ 0.6pp5.2%within the sector's middle half▼ 4.7pp2.4%within the sector's middle half▼ 2.9pp8.5%within the sector's middle half▲ 6.1pp6.3%within the sector's middle half▼ 2.2pp3.4%within the sector's middle half▼ 2.8pp
Staff (FTE)0.4-0.3▼ 25.0%0.5below the sector's middle half▲ 66.7%0.1below the sector's middle half▼ 80.0%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or 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 €833,881
Fixed assets
€153,356 ▼ 7.5%
Current assets
€680,525 ▲ 28.3%
Equity and liabilities €833,881
Equity
€476,626 ▲ 6.4%
Debt
€357,255 ▲ 43.8%
Debt's share of the balance-sheet total rises from 35.7% to 42.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€69,093▼
2024 · €96,651
Cash flow
€44,194▼
2024 · €60,115
Quick ratio
1.05▲
2024 · 0.69
Debt to equity
0.75▲
2024 · 0.55
ROE
6.0%▼
2024 · 9.7%
Interest coverage
3.96▼
2024 · 4.35
Debt ≤ 1 year
€235,240▲
2024 · €166,169
Debt > 1 year
€122,015▲
2024 · €82,263
Income taxes
€7,465▼
2024 · €14,459
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2020 | 31-12-2021 |
|---|---|---|
| Average over the year, in full-time equivalents | 0.5 | 0.1 |
| Joined | - | 1 |
| Left | - | 1 |
Source: social balance sheet in the 2020 to 2021 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,664 | €660 | €2,230 | €12,781 | €3,103 |
| Depreciation and write-downs of the year | €17,446 | €14,001 | €13,354 | €16,544 | €15,553 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €9,899 | €17,970 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,379 | €26,290 | €18,674 | €17,446 | €14,001 | €13,354 | €16,544 | €15,553 | ▼ 6.0% |
| Other operating charges640/8 | - | - | €2,513 | €1,490 | €2,123 | €2,833 | €8,401 | €2,140 | ▼ 74.5% |
| Non-recurring operating charges66A | - | - | €3,180 | €35,348 | - | - | €28,260 | - | - |
| Gross operating margin9900 | €135,599 | €157,069 | €135,678 | €139,791 | €56,521 | €120,163 | €133,312 | €71,234 | ▼ 46.6% |
| Operating profit (loss)9901 | €104,466 | €110,153 | €101,411 | €67,537 | €40,398 | €103,976 | €80,107 | €53,540 | ▼ 33.2% |
| Financial income75/76B | - | - | €51 | €2 | €8 | €676 | €127 | €9 | ▼ 92.5% |
| Recurring financial income75 | €306 | €228 | €51 | €2 | €8 | €676 | €127 | €9 | ▼ 92.5% |
| Financial charges65/66B | - | - | €16,888 | €20,560 | €20,382 | €20,767 | €22,203 | €17,444 | ▼ 21.4% |
| Recurring financial charges65 | €13,658 | €30,694 | €16,888 | €20,560 | €20,382 | €20,767 | €22,203 | €17,444 | ▼ 21.4% |
| Profit (loss) for the period before taxes9903 | €91,114 | €79,687 | €84,574 | €46,979 | €20,024 | €83,886 | €58,031 | €36,106 | ▼ 37.8% |
| Income taxes67/77 | €20,883 | €18,252 | €15,873 | €10,538 | €4,650 | €18,219 | €14,459 | €7,465 | ▼ 48.4% |
| Profit (loss) for the period9904 | €70,230 | €61,435 | €68,701 | €36,441 | €15,374 | €65,666 | €43,571 | €28,641 | ▼ 34.3% |
| Profit (loss) for the period to be appropriated9905 | €70,230 | €61,435 | €68,701 | €36,441 | €15,374 | €65,666 | €43,571 | €28,641 | ▼ 34.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €556,346 | €588,071 | €694,731 | €697,490 | €651,446 | €776,097 | €696,418 | €833,881 | ▲ 19.7% |
| Formation expenses20 | - | - | - | - | - | - | €0 | €0 | - |
| Fixed assets21/28 | €237,185 | €200,558 | €208,816 | €194,034 | €180,694 | €169,570 | €165,806 | €153,356 | ▼ 7.5% |
| Intangible fixed assets21 | €4,000 | €4,667 | €3,826 | €2,642 | €2,042 | €1,500 | €1,000 | €500 | ▼ 50.0% |
| Tangible fixed assets22/27 | €230,435 | €193,141 | €202,241 | €188,642 | €175,901 | €165,320 | €162,056 | €150,106 | ▼ 7.4% |
| Land and buildings22 | - | - | €167,453 | €162,410 | €157,367 | €152,324 | €147,281 | €142,238 | ▼ 3.4% |
| Plant, machinery and equipment23 | - | - | €716 | €233 | €52 | - | €0 | €1,443 | - |
| Furniture and vehicles24 | - | - | €29,109 | €24,763 | €18,263 | €12,996 | €14,776 | €6,425 | ▼ 56.5% |
| Leasing and similar rights25 | - | - | €4,084 | €796 | - | - | €0 | €0 | - |
| Other tangible fixed assets26 | - | - | €880 | €440 | €220 | - | €0 | €0 | - |
| Financial fixed assets28 | €2,750 | €2,750 | €2,750 | €2,750 | €2,750 | €2,750 | €2,750 | €2,750 | = |
| Current assets29/58 | €319,162 | €387,513 | €485,915 | €503,456 | €470,753 | €606,528 | €530,611 | €680,525 | ▲ 28.3% |
| Stocks and contracts in progress3 | €247,021 | €361,150 | €448,500 | €439,688 | €437,797 | €485,426 | €415,436 | €434,485 | ▲ 4.6% |
| Stocks30/36 | - | - | €448,500 | €439,688 | €437,797 | €485,426 | €415,436 | €434,485 | ▲ 4.6% |
| Amounts receivable within one year40/41 | €12,052 | €2,178 | €22,914 | €943 | €20 | €918 | €1,805 | €16,961 | ▲ 840% |
| Trade receivables40 | - | - | - | - | - | - | - | €15,692 | - |
| Other amounts receivable41 | - | - | €22,914 | €943 | €20 | €918 | €1,805 | €1,268 | ▼ 29.7% |
| Cash at bank and in hand54/58 | €55,357 | €20,374 | €11,507 | €62,140 | €31,605 | €118,685 | €110,904 | €227,192 | ▲ 105% |
| Deferred charges and accrued income490/1 | - | - | €2,993 | €685 | €1,331 | €1,498 | €2,466 | €1,887 | ▼ 23.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €556,346 | €588,071 | €694,731 | €697,490 | €651,446 | €776,097 | €696,418 | €833,881 | ▲ 19.7% |
| Equity10/15 | €156,797 | €218,232 | €286,934 | €323,374 | €338,748 | €404,414 | €447,985 | €476,626 | ▲ 6.4% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €136,337 | €197,772 | €266,474 | €302,914 | €318,288 | €383,954 | €427,525 | €456,166 | ▲ 6.7% |
| Amounts payable17/49 | €399,549 | €369,839 | €407,797 | €374,116 | €312,699 | €371,684 | €248,432 | €357,255 | ▲ 43.8% |
| Amounts payable after more than one year17 | €130,026 | €118,167 | €127,818 | €114,265 | €103,282 | €92,089 | €82,263 | €122,015 | ▲ 48.3% |
| Financial debts170/4 | - | - | €127,818 | €114,265 | €103,282 | €92,089 | €82,263 | €77,015 | ▼ 6.4% |
| Other amounts payable178/9 | - | - | - | - | - | - | - | €45,000 | - |
| Amounts payable within one year42/48 | €268,960 | €251,672 | €279,979 | €259,331 | €209,417 | €279,595 | €166,169 | €235,240 | ▲ 41.6% |
| Current portion of amounts payable after more than one year42 | - | - | €17,250 | €13,653 | €10,983 | €11,193 | €9,826 | €5,248 | ▼ 46.6% |
| Trade debts44 | €164,577 | €112,284 | €136,309 | €148,269 | €152,381 | €186,628 | €61,656 | €152,902 | ▲ 148% |
| Suppliers440/4 | - | - | €136,309 | €148,269 | €152,381 | €186,628 | €61,656 | €152,902 | ▲ 148% |
| Taxes, remuneration and social security45 | - | - | €45,448 | €42,147 | €23,053 | €53,428 | €63,275 | €44,254 | ▼ 30.1% |
| Taxes450/3 | - | - | €33,789 | €29,387 | €10,233 | €40,576 | €49,648 | €31,616 | ▼ 36.3% |
| Remuneration and social security454/9 | - | - | €11,659 | €12,760 | €12,820 | €12,853 | €13,627 | €12,638 | ▼ 7.3% |
| Other amounts payable47/48 | - | - | €80,972 | €55,262 | €23,000 | €28,345 | €31,413 | €32,837 | ▲ 4.5% |
| Accrued charges and deferred income492/3 | - | - | - | €519 | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €70,230 | €61,435 | €68,701 | €36,441 | €15,374 | €65,666 | €43,571 | €28,641 | ▼ 34.3% |
| + Depreciation and write-downs630 | €20,379 | €26,290 | €18,674 | €17,446 | €14,001 | €13,354 | €16,544 | €15,553 | ▼ 6.0% |
| Operating cash flow (approximation) | €90,609 | €87,725 | €87,376 | €53,887 | €29,374 | €79,020 | €60,115 | €44,194 | ▼ 26.5% |
| Investment in fixed assets (approximation) | - | €10,337 | -€26,933 | -€2,664 | -€660 | -€2,230 | -€12,781 | -€3,103 | ▲ 75.7% |
| Change in cash | - | -€34,983 | -€8,867 | €50,633 | -€30,535 | €87,080 | -€7,781 | €116,287 | - |
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, 6,049 companies had the same profile as Dillo has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of Dillo itself: < 0.1% 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 6,049 companies, not a prediction for Dillo. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 24-07-2026 | 2026-00374053 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00459479 | |
| 31-12-2023 | abbreviated format | 11-07-2024 | 2024-00233561 | |
| 31-12-2022 | abbreviated format | 30-08-2023 | 2023-00379020 | |
| 31-12-2021 | abbreviated format | 14-04-2023 | 2023-00059043 | |
| 31-12-2020 | abbreviated format | 23-09-2022 | 2022-20434127 | |
| 31-12-2019 | micro format | 28-12-2020 | 2020-77100117 | |
| 31-12-2018 | micro format | 11-10-2019 | 2019-69500116 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-40200163 | |
| 31-12-2016 | micro format | 03-07-2017 | 2017-24700212 |