DINES
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 24 days after the deadline Filed on 24 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00430978.
Annual accounts 2025 filed on 24-08-2026 at the NBB all 12 filings
Turnover
€1.2m▲ 48.1%
2024 · €836,651
EBIT margin
17.9%▲ 12.4pp
2024 · 5.5%
Net result
€166,061▲ 395%
2024 · €33,555
Working capital
€172,451▲ 97.5%
2024 · €87,321
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€1.2m
▲ 48.1%
2025
20182025
Operating result
€222,379
▲ 380%
2025
20182025
Net result
€166,061
▲ 395%
2025
highest quarter of the sector
20182025
EBIT margin
17.9%
▲ 12.4pp
2025
20182025
Equity
€339,191
▲ 95.9%
2025
middle half of the sector
20182025
Total assets
€532,523
▲ 83.5%
2025
middle half of the sector
20182025
Debt
€193,332
▲ 65.1%
2025
20182025
Working capital
€172,451
▲ 97.5%
2025
middle half of the sector
20182025
Solvency
63.7%
▲ 4.0pp
2025
highest quarter of the sector
20182025
Current ratio
1.89
▲ 0.14
2025
middle half of the sector
20182025
Return on assets (ROA)
31.2%
▲ 19.6pp
2025
highest quarter 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
Turnover€0.5m€0.5m▲ 5.9%€0.8m▲ 74.6%€1.2m▲ 48.1%
Operating result€0.04m-€0.02m▼ 58.6%€0.008m▼ 50.6%€0.04m▲ 446%€0.04m▼ 3.5%€0.002m▼ 94.3%€0.05m▲ 20×€0.2m▲ 380%
Net result€0.02m--€272€189within the sector's middle half€0.04mabove the sector's middle half▲ 201×€0.02mabove the sector's middle half▼ 35.0%€0.004mwithin the sector's middle half▼ 83.5%€0.03mwithin the sector's middle half▲ 724%€0.2mabove the sector's middle half▲ 395%
EBIT margin9.1%0.5%▼ 8.7pp5.5%▲ 5.0pp17.9%▲ 12.4pp
Equity€0.07m-€0.07m▼ 0.4%€0.07mwithin the sector's middle half▲ 0.3%€0.1mabove the sector's middle half▲ 52.4%€0.1mabove the sector's middle half▲ 22.4%€0.1mabove the sector's middle half▲ 3.0%€0.2mwithin the sector's middle half▲ 24.0%€0.3mwithin the sector's middle half▲ 95.9%
Total assets€0.2m-€0.1m▼ 21.2%€0.1mwithin the sector's middle half▼ 15.5%€0.2mwithin the sector's middle half▲ 60.1%€0.2mwithin the sector's middle half▲ 36.1%€0.2mwithin the sector's middle half▼ 16.6%€0.3mbelow the sector's middle half▲ 46.9%€0.5mwithin the sector's middle half▲ 83.5%
Debt€0.09m-€0.06m▼ 37.9%€0.04m▼ 35.9%€0.06m▲ 75.8%€0.1m▲ 60.0%€0.06m▼ 42.9%€0.1m▲ 102%€0.2m▲ 65.1%
Working capital€0.03m-€0.03m▼ 21.4%€0.05mabove the sector's middle half▲ 101%€0.1mabove the sector's middle half▲ 99.5%€0.08mabove the sector's middle half▼ 20.1%€0.09mabove the sector's middle half▲ 8.4%€0.09mwithin the sector's middle half=€0.2mwithin the sector's middle half▲ 97.5%
Solvency44.6%-56.3%▲ 11.8pp66.8%above the sector's middle half▲ 10.5pp63.6%within the sector's middle half▼ 3.2pp57.2%within the sector's middle half▼ 6.4pp70.7%above the sector's middle half▲ 13.5pp59.6%above the sector's middle half▼ 11.0pp63.7%above the sector's middle half▲ 4.0pp
Current ratio1.35-1.45▲ 0.092.40within the sector's middle half▲ 0.952.59within the sector's middle half▲ 0.191.79within the sector's middle half▼ 0.802.51above the sector's middle half▲ 0.711.75within the sector's middle half▼ 0.761.89within the sector's middle half▲ 0.14
Return on assets (ROA)12.1%--0.2%▼ 12.3pp0.2%within the sector's middle half▲ 0.4pp21.9%above the sector's middle half▲ 21.7pp10.4%within the sector's middle half▼ 11.4pp2.1%within the sector's middle half▼ 8.4pp11.6%above the sector's middle half▲ 9.5pp31.2%above the sector's middle half▲ 19.6pp
Staff (FTE)12.79above the sector's middle half▼ 29.1%5▼ 44.4%8.3▲ 66.0%
above
within
below
The sector band is the middle half of the companies in Land transport and transport via pipelines (NACE 49). 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 4.8 times that of 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Large changes and their cause
- 2025 Net result +395% on 2024. The accounts now follow the abbreviated format, last year the full format.
- 2024 Turnover +75% on 2023. The accounts now follow the full format, last year the micro format.
Staff figure correction
- 2024 The accounts state 301,029.6 FTE. That amounts to under EUR 100 of staff costs per FTE. The figure is therefore left out.
- 2021 The accounts state 48,551 FTE. That amounts to under EUR 100 of staff costs per FTE. The figure is therefore left out.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €532,523
Fixed assets
€166,741 ▲ 93.6%
Current assets
€365,783 ▲ 79.2%
Equity and liabilities €532,523
Equity
€339,191 ▲ 95.9%
Debt
€193,332 ▲ 65.1%
Debt's share of the balance-sheet total falls from 40.4% to 36.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€257,966▲
2024 · €76,712
Cash flow
€201,647▲
2024 · €63,965
Debt to equity
0.57▼
2024 · 0.68
ROE
49.0%▲
2024 · 19.4%
Interest coverage
over 100▲
2024 · 28.66
Debt ≤ 1 year
€193,332▲
2024 · €116,828
Income taxes
€55,991▲
2024 · €11,657
Customer credit
8 days▼
2024 · 10 days
Supplier credit
27 days▼
2024 · 31 days
Staff costs
€333,879▲
2024 · €301,030
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 |
|---|---|---|
| Employees at the balance-sheet date | 13 | 14 |
| full-time | 9 | 6 |
| part-time | 4 | 8 |
| in full-time equivalents | 10.2 | 8.9 |
| Average over the year, in full-time equivalents | - | 8.3 |
| On a permanent contract | 5 | 5 |
| Joined | 8 | 8 |
| Left | 3 | 7 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,210 | €55,219 | €6,500 | €33,622 | €115,165 |
| Financial fixed assets | - | - | - | - | €1,050 |
| Depreciation and write-downs of the year | €18,462 | €10,195 | €21,774 | €30,410 | €35,587 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | €0.5m | €0.5m | €0.8m | €1.2m | ▲ 48.1% |
| Non-recurring operating income76A | - | - | - | - | - | €0.005m | €0.01m | €0.004m | ▼ 58.6% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.1m | €0.3m | €0.3m | €0.5m | €0.6m | ▲ 37.9% |
| Remuneration, social security and pensions62 | - | - | - | €0.06m | €0.1m | €0.1m | €0.3m | €0.3m | ▲ 10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.03m | €0.03m | €0.02m | €0.01m | €0.02m | €0.03m | €0.04m | ▲ 17.0% |
| Other operating charges640/8 | - | - | - | €0.005m | €0.002m | €0.008m | €0.008m | €0.01m | ▲ 33.9% |
| Gross operating margin9900 | €0.3m | €0.2m | €0.08m | €0.1m | €0.2m | €0.2m | €0.4m | €0.6m | ▲ 56.2% |
| Operating profit (loss)9901 | €0.04m | €0.02m | €0.008m | €0.04m | €0.04m | €0.002m | €0.05m | €0.2m | ▲ 380% |
| Financial income75/76B | - | - | - | €0.002m | €231 | €0.006m | €0.002m | €1 | ▼ 99.9% |
| Recurring financial income75 | €123 | - | €28 | €0.002m | €231 | €0.006m | €0.002m | €1 | ▼ 99.9% |
| Financial charges65/66B | - | - | - | €0.003m | €0.005m | €0.004m | €0.003m | €329 | ▼ 87.7% |
| Recurring financial charges65 | €0.006m | €0.007m | €0.004m | €0.003m | €0.005m | €0.004m | €0.003m | €329 | ▼ 87.7% |
| Profit (loss) for the period before taxes9903 | €0.03m | €0.009m | €0.004m | €0.04m | €0.04m | €0.004m | €0.05m | €0.2m | ▲ 391% |
| Income taxes67/77 | €0.01m | €0.009m | €0.004m | €0.004m | €0.01m | - | €0.01m | €0.06m | ▲ 380% |
| Profit (loss) for the period9904 | €0.02m | -€272 | €189 | €0.04m | €0.02m | €0.004m | €0.03m | €0.2m | ▲ 395% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.005m | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.02m | €0.003m | €0.02m | €0.04m | €0.02m | €0.004m | €0.03m | €0.2m | ▲ 395% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €163,353 | €128,768 | €108,745 | €174,122 | €236,928 | €197,538 | €290,261 | €532,523 | ▲ 83.5% |
| Fixed assets21/28 | €40,746 | €47,332 | €22,137 | €9,886 | €54,910 | €52,240 | €86,112 | €166,741 | ▲ 93.6% |
| Tangible fixed assets22/27 | €40,246 | €46,832 | €21,697 | €9,446 | €54,470 | €51,800 | €85,422 | €165,001 | ▲ 93.2% |
| Furniture and vehicles24 | - | - | - | €8,660 | €54,470 | €51,800 | €85,422 | €165,001 | ▲ 93.2% |
| Other tangible fixed assets26 | - | - | - | €786 | - | - | - | - | - |
| Financial fixed assets28 | €500 | €500 | €440 | €440 | €440 | €440 | €690 | €1,740 | ▲ 152% |
| Current assets29/58 | €122,607 | €81,436 | €86,608 | €164,236 | €182,019 | €145,298 | €204,149 | €365,783 | ▲ 79.2% |
| Amounts receivable within one year40/41 | €64,485 | €42,488 | €47,202 | €64,383 | €68,791 | €86,237 | €87,720 | €119,813 | ▲ 36.6% |
| Trade receivables40 | - | - | - | €14,060 | €19,755 | €22,891 | €22,735 | €26,656 | ▲ 17.2% |
| Other amounts receivable41 | - | - | - | €50,323 | €49,036 | €63,346 | €64,985 | €93,157 | ▲ 43.4% |
| Cash at bank and in hand54/58 | €41,316 | €35,143 | €23,759 | €91,415 | €104,533 | €59,061 | €116,429 | €243,529 | ▲ 109% |
| Deferred charges and accrued income490/1 | - | - | - | €8,437 | €8,695 | - | - | €2,441 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €163,353 | €128,768 | €108,745 | €174,122 | €236,928 | €197,538 | €290,261 | €532,523 | ▲ 83.5% |
| Equity10/15 | €72,774 | €72,502 | €72,691 | €110,749 | €135,501 | €139,576 | €173,131 | €339,191 | ▲ 95.9% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Contributions outside capital11 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Share premium1100/10 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €25,590 | €21,840 | €6,840 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €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 | = |
| Profit (loss) carried forward14 | €40,984 | €44,462 | €59,651 | €102,689 | €127,441 | €131,516 | €165,071 | €331,131 | ▲ 101% |
| Amounts payable17/49 | €90,579 | €56,266 | €36,054 | €63,373 | €101,427 | €57,962 | €117,130 | €193,332 | ▲ 65.1% |
| Amounts payable within one year42/48 | €90,579 | €56,266 | €36,054 | €63,373 | €101,427 | €57,962 | €116,828 | €193,332 | ▲ 65.5% |
| Trade debts44 | €48,011 | €6,977 | €2,042 | €15,759 | €21,175 | €14,113 | €39,161 | €46,565 | ▲ 18.9% |
| Suppliers440/4 | - | - | - | €15,759 | €21,175 | €14,113 | €39,161 | €46,565 | ▲ 18.9% |
| Taxes, remuneration and social security45 | - | - | - | €32,614 | €62,858 | €28,199 | €77,017 | €139,123 | ▲ 80.6% |
| Taxes450/3 | - | - | - | €1,509 | €23,999 | €10,225 | €13,164 | €51,568 | ▲ 292% |
| Remuneration and social security454/9 | - | - | - | €31,104 | €38,859 | €17,974 | €63,853 | €87,555 | ▲ 37.1% |
| Other amounts payable47/48 | - | - | - | €15,000 | €17,394 | €15,650 | €650 | €7,644 | ▲ 12× |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €303 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,699 | -€272 | €189 | €38,057 | €24,753 | €4,074 | €33,555 | €166,061 | ▲ 395% |
| + Depreciation and write-downs630 | €26,768 | €28,024 | €25,135 | €18,462 | €10,195 | €21,774 | €30,410 | €35,587 | ▲ 17.0% |
| Operating cash flow (approximation) | €46,467 | €27,752 | €25,324 | €56,519 | €34,947 | €25,849 | €63,965 | €201,647 | ▲ 215% |
| Investment in fixed assets (approximation) | - | -€34,610 | €60 | -€6,210 | -€55,219 | -€19,105 | -€64,281 | -€116,215 | ▼ 80.8% |
| Change in cash | - | -€6,173 | -€11,384 | €67,656 | €13,117 | -€45,472 | €57,368 | €127,100 | ▲ 122% |
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, 17,811 companies had the same profile as DINES has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of DINES 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 17,811 companies, not a prediction for DINES. 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 12 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 24-08-2026 | 2026-00430978 | |
| 31-12-2024 | full format | 13-10-2025 | 2025-00543247 | |
| 31-12-2023 | micro format | 12-09-2024 | 2024-00461315 | |
| 31-12-2022 | micro format | 23-08-2023 | 2023-00350919 | |
| 31-12-2021 | micro format | 09-08-2022 | 2022-20284306 | |
| 31-12-2020 | micro format | 24-08-2021 | 2021-53100064 | |
| 31-12-2019 | micro format | 27-11-2020 | 2020-73700327 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-60300081 | |
| 31-12-2017 | micro format | 30-09-2018 | 2018-67600291 | |
| 31-12-2015 | full format | 31-08-2016 | 2016-55100347 |