DITRANS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 18 filings
Turnover
≈ €140,000
Estimated: probably between €65,000 and €220,000
Total assets
€75,865▲ 16.9%
2024 · €64,900
Net result
€7,541▼ 74.7%
2024 · €29,850
Working capital
€46,467▲ 26.6%
2024 · €36,703
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€13,231
▼ 73.9%
2025
20182025
Net result
€7,541
▼ 74.7%
2025
middle half of the sector
20182025
Equity
€49,973
▲ 17.8%
2025
middle half of the sector
20182025
Total assets
€75,865
▲ 16.9%
2025
middle half of the sector
20182025
Debt
€25,892
▲ 15.2%
2025
20182025
Working capital
€46,467
▲ 26.6%
2025
middle half of the sector
20182025
Solvency
65.9%
▲ 0.5pp
2025
highest quarter of the sector
20182025
Current ratio
2.79
▲ 0.16
2025
highest quarter of the sector
20182025
Return on assets (ROA)
9.9%
▼ 36.1pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€23,656--€4,098▲ 82.7%-€421▲ 89.7%€8,097€16,560▲ 105%€10,241▼ 38.2%€50,606▲ 394%€13,231▼ 73.9%
Net result-€20,527--€27,236▼ 32.7%-€346within the sector's middle half▲ 98.7%€6,605within the sector's middle half€7,128within the sector's middle half▲ 7.9%-€19,716below the sector's middle half€29,850above the sector's middle half€7,541within the sector's middle half▼ 74.7%
Equity€46,148-€18,912▼ 59.0%€18,565within the sector's middle half▼ 1.8%€25,170within the sector's middle half▲ 35.6%€32,298within the sector's middle half▲ 28.3%€12,582within the sector's middle half▼ 61.0%€42,432within the sector's middle half▲ 237%€49,973within the sector's middle half▲ 17.8%
Total assets€136,803-€54,308▼ 60.3%€29,796below the sector's middle half▼ 45.1%€31,639below the sector's middle half▲ 6.2%€58,361within the sector's middle half▲ 84.5%€24,108below the sector's middle half▼ 58.7%€64,900within the sector's middle half▲ 169%€75,865within the sector's middle half▲ 16.9%
Debt€65,162-€18,401▼ 71.8%€2,733▼ 85.1%€6,469▲ 137%€26,063▲ 303%€11,526▼ 55.8%€22,468▲ 94.9%€25,892▲ 15.2%
Working capital€39,720-€24,462▼ 38.4%€15,363within the sector's middle half▼ 37.2%€20,448within the sector's middle half▲ 33.1%€28,266within the sector's middle half▲ 38.2%€10,004within the sector's middle half▼ 64.6%€36,703within the sector's middle half▲ 267%€46,467within the sector's middle half▲ 26.6%
Solvency33.7%-34.8%▲ 1.1pp62.3%within the sector's middle half▲ 27.5pp79.6%above the sector's middle half▲ 17.2pp55.3%within the sector's middle half▼ 24.2pp52.2%within the sector's middle half▼ 3.2pp65.4%above the sector's middle half▲ 13.2pp65.9%above the sector's middle half▲ 0.5pp
Current ratio1.99-2.33▲ 0.346.62above the sector's middle half▲ 4.294.16above the sector's middle half▼ 2.462.08within the sector's middle half▼ 2.081.87within the sector's middle half▼ 0.222.63above the sector's middle half▲ 0.772.79above the sector's middle half▲ 0.16
Return on assets (ROA)-15.0%--50.2%▼ 35.1pp-1.2%within the sector's middle half▲ 49.0pp20.9%above the sector's middle half▲ 22.0pp12.2%within the sector's middle half▼ 8.7pp-81.8%below the sector's middle half▼ 94.0pp46.0%above the sector's middle half▲ 127.8pp9.9%within the sector's middle half▼ 36.1pp
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 74% lower than in 2024.
Turnover and EBIT margin are not published. The 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 €75,865
Fixed assets
€3,506 ▼ 38.8%
Current assets
€72,359 ▲ 22.3%
Equity and liabilities €75,865
Equity
€49,973 ▲ 17.8%
Debt
€25,892 ▲ 15.2%
Debt's share of the balance-sheet total falls from 34.6% to 34.1%. Equity and debt are higher.
Key figures and ratios
EBITDA
€15,454▼
2024 · €117,515
Cash flow
€9,764▼
2024 · €96,759
Debt to equity
0.52▼
2024 · 0.53
ROE
15.1%▼
2024 · 70.3%
Interest coverage
4.37▼
2024 · 22.81
Debt ≤ 1 year
€25,892▲
2024 · €22,468
Income taxes
€3,900▼
2024 · €15,603
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €3,500 | - | €70,060 | - |
| Depreciation and write-downs of the year | €6,978 | €4,190 | €1,454 | €66,909 | €2,223 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €645 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €38,920 | €64,270 | €4,001 | €6,978 | €4,190 | €1,454 | €66,909 | €2,223 | ▼ 96.7% |
| Other operating charges640/8 | - | - | - | €390 | €244 | €803 | €821 | €434 | ▼ 47.1% |
| Gross operating margin9900 | €16,217 | €60,580 | €3,834 | €15,465 | €20,994 | €12,498 | €118,336 | €15,888 | ▼ 86.6% |
| Operating profit (loss)9901 | -€23,656 | -€4,098 | -€421 | €8,097 | €16,560 | €10,241 | €50,606 | €13,231 | ▼ 73.9% |
| Financial income75/76B | - | - | - | €87 | €11 | €68 | - | €1,743 | - |
| Recurring financial income75 | €26 | €4 | €37 | €87 | €11 | €68 | - | €1,743 | - |
| Financial charges65/66B | - | - | - | €5,708 | €4,587 | €8,660 | €5,153 | €3,533 | ▼ 31.4% |
| Recurring financial charges65 | €5,395 | €6,672 | €8,460 | €5,708 | €4,587 | €8,660 | €5,153 | €3,533 | ▼ 31.4% |
| Profit (loss) for the period before taxes9903 | -€29,025 | -€10,766 | -€8,844 | €2,476 | €11,984 | €1,649 | €45,453 | €11,441 | ▼ 74.8% |
| Transfer from deferred taxes780 | - | - | - | €8,498 | - | - | - | - | - |
| Income taxes67/77 | - | €24,968 | - | €4,369 | €4,856 | €21,365 | €15,603 | €3,900 | ▼ 75.0% |
| Profit (loss) for the period9904 | -€20,527 | -€27,236 | -€346 | €6,605 | €7,128 | -€19,716 | €29,850 | €7,541 | ▼ 74.7% |
| Transfer from tax-exempt reserves789 | - | - | - | €16,502 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€4,024 | -€10,733 | €16,156 | €23,107 | €7,128 | -€19,716 | €29,850 | €7,541 | ▼ 74.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €136,803 | €54,308 | €29,796 | €31,639 | €58,361 | €24,108 | €64,900 | €75,865 | ▲ 16.9% |
| Fixed assets21/28 | €56,937 | €11,445 | €11,700 | €4,722 | €4,032 | €2,578 | €5,729 | €3,506 | ▼ 38.8% |
| Intangible fixed assets21 | - | - | €3,011 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €56,937 | €11,445 | €8,689 | €4,722 | €4,032 | €2,578 | €5,729 | €3,506 | ▼ 38.8% |
| Plant, machinery and equipment23 | - | - | - | €1,000 | €500 | - | €3,851 | €2,328 | ▼ 39.5% |
| Furniture and vehicles24 | - | - | - | €3,722 | €3,532 | €2,578 | €1,878 | €1,178 | ▼ 37.3% |
| Current assets29/58 | €79,866 | €42,863 | €18,096 | €26,917 | €54,329 | €21,530 | €59,171 | €72,359 | ▲ 22.3% |
| Amounts receivable within one year40/41 | €66,917 | €25,717 | €6,859 | €15,474 | €7,425 | €9,160 | €23,717 | €45,534 | ▲ 92.0% |
| Trade receivables40 | - | - | - | - | €4,661 | €6,396 | €2,420 | €2,970 | ▲ 22.7% |
| Other amounts receivable41 | - | - | - | €15,474 | €2,764 | €2,764 | €21,297 | €42,564 | ▲ 99.9% |
| Cash at bank and in hand54/58 | €12,949 | €8,254 | €11,237 | €11,443 | €46,904 | €12,370 | €35,454 | €26,825 | ▼ 24.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €136,803 | €54,308 | €29,796 | €31,639 | €58,361 | €24,108 | €64,900 | €75,865 | ▲ 16.9% |
| Equity10/15 | €46,148 | €18,912 | €18,565 | €25,170 | €32,298 | €12,582 | €42,432 | €49,973 | ▲ 17.8% |
| Contributions10/11 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €49,508 | €33,005 | €16,502 | €1,860 | €1,860 | €1,860 | €23,832 | €31,373 | ▲ 31.6% |
| 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 | = |
| Distributable reserves133 | - | - | - | - | - | - | €21,972 | €29,513 | ▲ 34.3% |
| Profit (loss) carried forward14 | -€21,960 | -€32,693 | -€16,537 | €4,710 | €11,838 | -€7,878 | - | - | - |
| Provisions and deferred taxes16 | €25,493 | €16,995 | €8,498 | - | - | - | - | - | - |
| Amounts payable17/49 | €65,162 | €18,401 | €2,733 | €6,469 | €26,063 | €11,526 | €22,468 | €25,892 | ▲ 15.2% |
| Amounts payable after more than one year17 | €25,016 | - | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €40,146 | €18,401 | €2,733 | €6,469 | €26,063 | €11,526 | €22,468 | €25,892 | ▲ 15.2% |
| Trade debts44 | €40,026 | €3,505 | €624 | €570 | €6,138 | €6,276 | €5,617 | €5,800 | ▲ 3.3% |
| Suppliers440/4 | - | - | - | €570 | €6,138 | €6,276 | €5,617 | €5,800 | ▲ 3.3% |
| Taxes, remuneration and social security45 | - | - | - | €3,142 | €8,898 | €3,712 | €16,851 | €20,092 | ▲ 19.2% |
| Taxes450/3 | - | - | - | €3,142 | €6,221 | €2,343 | €16,851 | €20,092 | ▲ 19.2% |
| Remuneration and social security454/9 | - | - | - | - | €2,677 | €1,369 | - | - | - |
| Other amounts payable47/48 | - | - | - | €2,757 | €11,027 | €1,538 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€20,527 | -€27,236 | -€346 | €6,605 | €7,128 | -€19,716 | €29,850 | €7,541 | ▼ 74.7% |
| + Depreciation and write-downs630 | €38,920 | €64,270 | €4,001 | €6,978 | €4,190 | €1,454 | €66,909 | €2,223 | ▼ 96.7% |
| Operating cash flow (approximation) | €18,393 | €37,034 | €3,655 | €13,583 | €11,318 | -€18,262 | €96,759 | €9,764 | ▼ 89.9% |
| Investment in fixed assets (approximation) | - | -€18,778 | -€4,256 | €0 | -€3,500 | €0 | -€70,060 | €0 | - |
| Change in cash | - | -€4,695 | €2,983 | €206 | €35,461 | -€34,534 | €23,084 | -€8,629 | - |
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, 34,693 companies had the same profile as DITRANS has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of DITRANS 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 34,693 companies, not a prediction for DITRANS. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-07-2026 | 2026-00369983 | |
| 31-12-2024 | micro format | 25-07-2025 | 2025-00311948 | |
| 31-12-2023 | micro format | 21-09-2024 | 2024-00467429 | |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00398185 | |
| 31-12-2021 | micro format | 31-10-2022 | 2022-20515526 | |
| 31-12-2020 | micro format | 10-11-2021 | 2021-77000496 | |
| 31-12-2019 | micro format | 05-11-2020 | 2020-68600510 | |
| 31-12-2018 | micro format | 31-10-2019 | 2019-73100293 | |
| 31-12-2017 | micro format | 07-01-2019 | 2019-00500183 | |
| 31-12-2016 | abbreviated format | 23-01-2018 | 2018-02000257 |