DIRECT SOLUTIONS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 05-03-2026 PDF all 31 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €110,000
Estimated: probably between €80,000 and €140,000
Total assets
€4.3m▼ 9.9%
2024 · €4.8m
Net result
€110,471▼ 95.2%
2024 · €2.3m
Working capital
€3.1m▼ 1.0%
2024 · €3.2m
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€48,411
▼ 98.1%
2025
20192025
Net result
€110,471
▼ 95.2%
2025
highest quarter of the sector
20192025
Equity
€2.8m
▲ 4.1%
2025
highest quarter of the sector
20192025
Total assets
€4.3m
▼ 9.9%
2025
highest quarter of the sector
20192025
Debt
€1.5m
▼ 28.1%
2025
20192025
Working capital
€3.1m
▼ 1.0%
2025
highest quarter of the sector
20192025
Solvency
65.4%
▲ 8.8pp
2025
middle half of the sector
20192025
Current ratio
3.63
▲ 0.65
2025
middle half of the sector
20192025
Return on assets (ROA)
2.5%
▼ 45.0pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.05m-€0.03m▼ 23.6%€0.03m▼ 20.2%€0.07m▲ 144%€0.03m▼ 54.9%€2.5m▲ 83×€0.05m▼ 98.1%
Net result€0.01m-€0.002mwithin the sector's middle half▼ 77.5%€0.02mwithin the sector's middle half▲ 585%€0.05mwithin the sector's middle half▲ 196%€0.005mwithin the sector's middle half▼ 90.6%€2.3mabove the sector's middle half▲ 492×€0.1mabove the sector's middle half▼ 95.2%
Equity€0.4m-€0.4mwithin the sector's middle half▲ 0.7%€0.4mwithin the sector's middle half▲ 4.5%€0.4mwithin the sector's middle half▲ 12.9%€0.4mabove the sector's middle half▲ 1.1%€2.7mabove the sector's middle half▲ 524%€2.8mabove the sector's middle half▲ 4.1%
Total assets€4.1m-€4.4mabove the sector's middle half▲ 7.0%€4.1mabove the sector's middle half▼ 7.6%€3.8mabove the sector's middle half▼ 7.9%€3.6mabove the sector's middle half▼ 4.2%€4.8mabove the sector's middle half▲ 33.4%€4.3mabove the sector's middle half▼ 9.9%
Debt€3.7m-€4.0m▲ 7.8%€3.6m▼ 8.9%€3.2m▼ 10.3%€3.1m▼ 5.0%€2.1m▼ 32.2%€1.5m▼ 28.1%
Working capital€0.2m-€2.2mabove the sector's middle half▲ 996%€2.0mabove the sector's middle half▼ 7.2%€1.9mabove the sector's middle half▼ 6.1%€1.6mabove the sector's middle half▼ 14.9%€3.2mabove the sector's middle half▲ 97.4%€3.1mabove the sector's middle half▼ 1.0%
Solvency8.8%-8.3%below the sector's middle half▼ 0.5pp9.4%below the sector's middle half▲ 1.1pp11.5%below the sector's middle half▲ 2.1pp12.1%below the sector's middle half▲ 0.6pp56.6%within the sector's middle half▲ 44.5pp65.4%within the sector's middle half▲ 8.8pp
Current ratio1.05-2.08within the sector's middle half▲ 1.032.10within the sector's middle half▲ 0.022.16within the sector's middle half▲ 0.061.91within the sector's middle half▼ 0.252.97within the sector's middle half▲ 1.063.63within the sector's middle half▲ 0.65
Return on assets (ROA)0.3%-0.1%below the sector's middle half▼ 0.2pp0.4%below the sector's middle half▲ 0.4pp1.3%within the sector's middle half▲ 0.9pp0.1%below the sector's middle half▼ 1.2pp47.5%above the sector's middle half▲ 47.4pp2.5%within the sector's middle half▼ 45.0pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 98% lower than in 2024.
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 €4.3m
Fixed assets
€778 ▼ 97.6%
Current assets
€4.3m ▼ 9.3%
Equity and liabilities €4.3m
Equity
€2.8m ▲ 4.1%
Debt
€1.5m ▼ 28.1%
Debt's share of the balance-sheet total falls from 43.4% to 34.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€48,670▼
2024 · €2.5m
Cash flow
€110,731▼
2024 · €2.3m
Debt to equity
0.53▼
2024 · 0.77
ROE
3.9%▼
2024 · 84.0%
Interest coverage
1.18▼
2024 · 59.28
Debt ≤ 1 year
€1.2m▼
2024 · €1.6m
Debt > 1 year
€306,250▼
2024 · €481,250
Income taxes
€30,983▼
2024 · €238,945
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | €2.5m | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €259 | ▼ 90.7% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | -€0.09m | - | - |
| Other operating charges640/8 | €0.002m | €0.002m | €0.004m | €0.002m | €0.002m | €0.002m | €0.003m | ▲ 63.5% |
| Gross operating margin9900 | €0.05m | €0.04m | €0.03m | €0.07m | €0.04m | €2.4m | €0.05m | ▼ 97.9% |
| Operating profit (loss)9901 | €0.05m | €0.03m | €0.03m | €0.07m | €0.03m | €2.5m | €0.05m | ▼ 98.1% |
| Financial income75/76B | €0.05m | €0.06m | €0.07m | €0.08m | €0.06m | €0.04m | €0.1m | ▲ 255% |
| Recurring financial income75 | €0.05m | €0.06m | €0.07m | €0.08m | €0.06m | €0.04m | €0.1m | ▲ 255% |
| Non-recurring financial income76B | - | - | - | - | €4 | - | €20 | - |
| Financial charges65/66B | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.04m | €0.04m | ▼ 3.2% |
| Recurring financial charges65 | €0.08m | €0.08m | €0.08m | €0.08m | €0.08m | €0.04m | €0.04m | ▼ 3.2% |
| Profit (loss) for the period before taxes9903 | €0.01m | €0.01m | €0.02m | €0.06m | €0.007m | €2.5m | €0.1m | ▼ 94.4% |
| Income taxes67/77 | €0.003m | €0.008m | €0.003m | €0.02m | €0.002m | €0.2m | €0.03m | ▼ 87.0% |
| Profit (loss) for the period9904 | €0.01m | €0.002m | €0.02m | €0.05m | €0.005m | €2.3m | €0.1m | ▼ 95.2% |
| Profit (loss) for the period to be appropriated9905 | €0.01m | €0.002m | €0.02m | €0.05m | €0.005m | €2.3m | €0.1m | ▼ 95.2% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €4.1m | €4.4m | €4.1m | €3.8m | €3.6m | €4.8m | €4.3m | ▼ 9.9% |
| Fixed assets21/28 | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.03m | €0.001m | ▼ 97.6% |
| Tangible fixed assets22/27 | €0.02m | €0.01m | €0.009m | €0.007m | €0.004m | €0.001m | €0.001m | ▼ 25.0% |
| Land and buildings22 | €0.01m | €0.01m | €0.008m | €0.005m | €0.003m | - | - | - |
| Furniture and vehicles24 | €0.002m | €0.002m | €0.002m | €0.002m | €0.001m | €0.001m | €0.001m | ▼ 25.0% |
| Financial fixed assets28 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.03m | - | - |
| Current assets29/58 | €3.9m | €4.2m | €3.8m | €3.5m | €3.4m | €4.8m | €4.3m | ▼ 9.3% |
| Amounts receivable after more than one year29 | €3.4m | €3.5m | €3.3m | €3.0m | €2.8m | €2.0m | €1.9m | ▼ 8.6% |
| Other amounts receivable291 | €3.4m | €3.5m | €3.3m | €3.0m | €2.8m | €2.0m | €1.9m | ▼ 8.6% |
| Amounts receivable within one year40/41 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 8.9% |
| Trade receivables40 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.08m | €0.02m | ▼ 74.8% |
| Other amounts receivable41 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▲ 10.8% |
| Current investments50/53 | - | - | - | - | - | €2.2m | €1.5m | ▼ 31.8% |
| Cash at bank and in hand54/58 | €0.04m | €0.2m | €0.09m | €0.05m | €0.04m | €0.1m | €0.6m | ▲ 354% |
| Deferred charges and accrued income490/1 | €0.01m | €0.02m | €0.03m | €0.05m | €0.07m | €0.08m | €0.1m | ▲ 19.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €4.1m | €4.4m | €4.1m | €3.8m | €3.6m | €4.8m | €4.3m | ▼ 9.9% |
| Equity10/15 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €2.7m | €2.8m | ▲ 4.1% |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Capital10 | €0.02m | - | - | - | - | - | - | - |
| Issued capital100 | €0.02m | - | - | - | - | - | - | - |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €2.3m | €2.3m | = |
| Non-distributable reserves130/1 | - | €0.002m | €0.002m | - | - | - | - | - |
| Legal reserve130 | €0.002m | - | - | - | - | - | - | - |
| Reserves not available under the articles1311 | - | €0.002m | €0.002m | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.002m | €0.002m | €2.3m | €2.3m | = |
| Profit (loss) carried forward14 | €0.3m | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | ▲ 26.5% |
| Provisions and deferred taxes16 | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | - | - | - |
| Provisions for liabilities and charges160/5 | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | - | - | - |
| Other liabilities and charges164/5 | €0.09m | €0.09m | €0.09m | €0.09m | €0.09m | - | - | - |
| Amounts payable17/49 | €3.7m | €4.0m | €3.6m | €3.2m | €3.1m | €2.1m | €1.5m | ▼ 28.1% |
| Amounts payable after more than one year17 | - | €2.0m | €1.8m | €1.6m | €1.3m | €0.5m | €0.3m | ▼ 36.4% |
| Financial debts170/4 | - | €2.0m | €1.8m | €1.6m | €1.3m | €0.5m | €0.3m | ▼ 36.4% |
| Amounts payable within one year42/48 | €3.7m | €2.0m | €1.8m | €1.6m | €1.8m | €1.6m | €1.2m | ▼ 25.7% |
| Financial debts43 | €3.1m | €1.4m | €1.2m | €1.1m | €1.2m | €0.8m | €0.8m | = |
| Credit institutions430/8 | €0.8m | €0.7m | €0.5m | €0.4m | €0.4m | - | - | - |
| Other loans439 | €2.4m | €0.7m | €0.7m | €0.7m | €0.8m | €0.8m | €0.8m | = |
| Trade debts44 | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.05m | ▼ 76.6% |
| Suppliers440/4 | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | €0.2m | €0.05m | ▼ 76.6% |
| Taxes, remuneration and social security45 | €0.007m | €0.009m | €0.02m | €0.01m | €0.02m | €0.2m | €0.03m | ▼ 89.6% |
| Taxes450/3 | €0.007m | €0.009m | €0.02m | €0.01m | €0.02m | €0.2m | €0.03m | ▼ 89.6% |
| Other amounts payable47/48 | €0.3m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 9.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.01m | €0.002m | €0.02m | €0.05m | €0.005m | €2.3m | €0.1m | ▼ 95.2% |
| + Depreciation and write-downs630 | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €0.003m | €259 | ▼ 90.7% |
| Operating cash flow (approximation) | €0.01m | €0.005m | €0.02m | €0.05m | €0.007m | €2.3m | €0.1m | ▼ 95.2% |
| Investment in fixed assets (approximation) | - | -€1 | €0 | €0 | €0 | €0.2m | €0.03m | ▼ 85.2% |
| Change in cash | - | €0.2m | -€0.1m | -€0.04m | -€0.006m | €0.08m | €0.4m | ▲ 428% |
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, 14,766 companies had the same profile as DIRECT SOLUTIONS has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DIRECT SOLUTIONS 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 14,766 companies, not a prediction for DIRECT SOLUTIONS. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 05-03-2026 | 2026-00049024 | |
| 30-09-2024 | micro format | 06-03-2025 | 2025-00044336 | |
| 30-09-2023 | micro format | 26-02-2024 | 2024-00034239 | |
| 30-09-2022 | abbreviated format | 03-03-2023 | 2023-00034849 | |
| 30-09-2021 | abbreviated format | 13-01-2023 | 2023-20557586 | |
| 30-09-2020 | abbreviated format | 01-03-2021 | 2021-06800146 | |
| 30-09-2019 | abbreviated format | 05-03-2020 | 2020-06300343 | |
| 30-09-2018 | abbreviated format | 05-03-2019 | 2019-06500536 | |
| 30-09-2017 | abbreviated format | 24-02-2018 | 2018-05500580 | |
| 30-09-2016 | abbreviated format | 28-02-2017 | 2017-05600201 |