DIVALOE
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 20-02-2026 PDF all 7 filings
Turnover
≈ €110,000
Estimated: probably between €98,000 and €140,000
EBIT margin
Not included in this filing
Net result
€49,547▼ 17.2%
2024 · €59,840
Working capital
€510,340▲ 1.1%
2024 · €504,566
In the rankings
#9 company by equity in Theux, Real estate sector
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€71,379
▲ 4.0%
2025
20202025
Net result
€49,547
▼ 17.2%
2025
middle half of the sector
20202025
Equity
€476,147
▼ 7.8%
2025
middle half of the sector
20202025
Total assets
€576,562
▼ 0.1%
2025
lowest quarter of the sector
20202025
Debt
€100,415
▲ 66.5%
2025
20202025
Working capital
€510,340
▲ 1.1%
2025
middle half of the sector
20202025
Solvency
82.6%
▼ 7.0pp
2025
highest quarter of the sector
20202025
Current ratio
44.96
▼ 34.13
2025
highest quarter of the sector
20202025
Return on assets (ROA)
8.6%
▼ 1.8pp
2025
highest quarter of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€48,653-€52,768▲ 8.5%€56,796▲ 7.6%€66,693▲ 17.4%€68,616▲ 2.9%€71,379▲ 4.0%
Net result€32,599within the sector's middle half-€32,666within the sector's middle half▲ 0.2%€11,749within the sector's middle half▼ 64.0%€59,035within the sector's middle half▲ 402%€59,840within the sector's middle half▲ 1.4%€49,547within the sector's middle half▼ 17.2%
Equity€454,368within the sector's middle half-€487,033within the sector's middle half▲ 7.2%€397,726within the sector's middle half▼ 18.3%€456,760within the sector's middle half▲ 14.8%€516,601within the sector's middle half▲ 13.1%€476,147within the sector's middle half▼ 7.8%
Total assets€657,427within the sector's middle half-€542,650below the sector's middle half▼ 17.5%€552,177below the sector's middle half▲ 1.8%€606,342below the sector's middle half▲ 9.8%€576,917below the sector's middle half▼ 4.9%€576,562below the sector's middle half▼ 0.1%
Debt€203,059-€55,617▼ 72.6%€154,452▲ 178%€149,581▼ 3.2%€60,316▼ 59.7%€100,415▲ 66.5%
Working capital€536,377within the sector's middle half-€436,140within the sector's middle half▼ 18.7%€364,015within the sector's middle half▼ 16.5%€530,327within the sector's middle half▲ 45.7%€504,566within the sector's middle half▼ 4.9%€510,340within the sector's middle half▲ 1.1%
Solvency69.1%above the sector's middle half-89.8%above the sector's middle half▲ 20.6pp72.0%above the sector's middle half▼ 17.7pp75.3%above the sector's middle half▲ 3.3pp89.5%above the sector's middle half▲ 14.2pp82.6%above the sector's middle half▼ 7.0pp
Current ratio62.29above the sector's middle half4.41above the sector's middle half▼ 57.8793.61above the sector's middle half▲ 89.1979.09above the sector's middle half▼ 14.5244.96above the sector's middle half▼ 34.13
Return on assets (ROA)5.0%above the sector's middle half-6.0%above the sector's middle half▲ 1.1pp2.1%within the sector's middle half▼ 3.9pp9.7%above the sector's middle half▲ 7.6pp10.4%above the sector's middle half▲ 0.6pp8.6%above the sector's middle half▼ 1.8pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €576,562
Fixed assets
€54,612 ▼ 17.1%
Current assets
€521,950 ▲ 2.1%
Equity and liabilities €576,562
Equity
€476,147 ▼ 7.8%
Debt
€100,415 ▲ 66.5%
Debt's share of the balance-sheet total rises from 10.5% to 17.4%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€82,657▲
2024 · €80,125
Cash flow
€60,824▼
2024 · €71,349
Debt to equity
0.21▲
2024 · 0.12
ROE
10.4%▼
2024 · 11.6%
Interest coverage
-76.19▼
2024 · -7.00
Debt ≤ 1 year
€11,610▲
2024 · €6,461
Debt > 1 year
€88,805▲
2024 · €53,855
Income taxes
€22,918▼
2024 · €24,346
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 | - | - | - | €7,110 | - |
| Depreciation and write-downs of the year | €17,679 | €17,833 | €11,273 | €11,509 | €11,277 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,307 | €17,679 | €17,833 | €11,273 | €11,509 | €11,277 | ▼ 2.0% |
| Other operating charges640/8 | - | €3,772 | €4,212 | €4,619 | €4,795 | €4,945 | ▲ 3.1% |
| Gross operating margin9900 | €72,705 | €74,219 | €78,840 | €82,585 | €84,919 | €87,602 | ▲ 3.2% |
| Operating profit (loss)9901 | €48,653 | €52,768 | €56,796 | €66,693 | €68,616 | €71,379 | ▲ 4.0% |
| Financial income75/76B | - | - | - | €28 | €4,119 | - | - |
| Recurring financial income75 | €35 | - | - | €28 | €4,119 | - | - |
| Financial charges65/66B | - | €4,768 | €29,518 | -€14,055 | -€11,451 | -€1,085 | ▲ 90.5% |
| Recurring financial charges65 | €159 | €4,768 | €29,518 | -€14,055 | -€11,451 | -€1,085 | ▲ 90.5% |
| Profit (loss) for the period before taxes9903 | €48,530 | €48,001 | €27,277 | €80,775 | €84,187 | €72,464 | ▼ 13.9% |
| Income taxes67/77 | €15,930 | €15,335 | €15,528 | €21,741 | €24,346 | €22,918 | ▼ 5.9% |
| Profit (loss) for the period9904 | €32,599 | €32,666 | €11,749 | €59,035 | €59,840 | €49,547 | ▼ 17.2% |
| Transfer from tax-exempt reserves789 | - | €1,972 | €1,972 | €1,972 | €1,972 | €1,972 | = |
| Profit (loss) for the period to be appropriated9905 | €34,571 | €34,637 | €13,721 | €61,006 | €61,812 | €51,518 | ▼ 16.7% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €657,427 | €542,650 | €552,177 | €606,342 | €576,917 | €576,562 | ▼ 0.1% |
| Fixed assets21/28 | €117,073 | €99,394 | €81,562 | €70,288 | €65,889 | €54,612 | ▼ 17.1% |
| Tangible fixed assets22/27 | €117,073 | €99,394 | €81,562 | €70,288 | €65,889 | €54,612 | ▼ 17.1% |
| Land and buildings22 | - | €34,544 | €29,252 | €29,252 | €29,252 | €29,252 | = |
| Plant, machinery and equipment23 | - | €61,983 | €51,319 | €40,656 | €36,465 | €25,286 | ▼ 30.7% |
| Other tangible fixed assets26 | - | €2,868 | €990 | €380 | €172 | €74 | ▼ 56.9% |
| Financial fixed assets28 | €0 | - | - | - | - | - | - |
| Current assets29/58 | €540,354 | €443,256 | €470,616 | €536,053 | €511,027 | €521,950 | ▲ 2.1% |
| Amounts receivable within one year40/41 | €101,965 | €0 | €0 | €1,431 | €311 | €2,342 | ▲ 654% |
| Trade receivables40 | - | - | - | €1,431 | €0 | - | - |
| Other amounts receivable41 | - | - | - | - | €311 | €2,342 | ▲ 654% |
| Current investments50/53 | - | €195,376 | €166,019 | €404,801 | €291,298 | €409,455 | ▲ 40.6% |
| Cash at bank and in hand54/58 | €335,843 | €247,290 | €303,862 | €129,044 | €218,574 | €109,577 | ▼ 49.9% |
| Deferred charges and accrued income490/1 | - | €590 | €734 | €778 | €845 | €575 | ▼ 31.9% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €657,427 | €542,650 | €552,177 | €606,342 | €576,917 | €576,562 | ▼ 0.1% |
| Equity10/15 | €454,368 | €487,033 | €397,726 | €456,760 | €516,601 | €476,147 | ▼ 7.8% |
| Contributions10/11 | - | €20,277 | €20,277 | €20,277 | €20,277 | €20,277 | = |
| Reserves13 | €429,695 | €461,723 | €371,695 | €435,723 | €495,551 | €455,580 | ▼ 8.1% |
| Non-distributable reserves130/1 | - | €2,028 | €2,028 | €2,028 | €2,028 | €2,028 | = |
| Reserves not available under the articles1311 | - | €2,028 | €2,028 | €2,028 | €2,028 | €2,028 | = |
| Tax-exempt reserves132 | - | €53,294 | €51,322 | €49,350 | €47,379 | €45,407 | ▼ 4.2% |
| Distributable reserves133 | - | €406,402 | €318,345 | €384,345 | €446,145 | €408,145 | ▼ 8.5% |
| Profit (loss) carried forward14 | €4,396 | €5,033 | €5,754 | €761 | €773 | €291 | ▼ 62.4% |
| Amounts payable17/49 | €203,059 | €55,617 | €154,452 | €149,581 | €60,316 | €100,415 | ▲ 66.5% |
| Amounts payable after more than one year17 | €198,501 | €48,501 | €47,851 | €143,855 | €53,855 | €88,805 | ▲ 64.9% |
| Other amounts payable178/9 | - | €48,501 | €47,851 | €143,855 | €53,855 | €88,805 | ▲ 64.9% |
| Amounts payable within one year42/48 | €3,977 | €7,116 | €106,601 | €5,727 | €6,461 | €11,610 | ▲ 79.7% |
| Trade debts44 | €547 | €590 | €734 | €0 | €845 | €575 | ▼ 31.9% |
| Suppliers440/4 | - | €590 | €734 | - | €845 | €575 | ▼ 31.9% |
| Taxes, remuneration and social security45 | - | €6,265 | €4,774 | €5,691 | €5,617 | €11,035 | ▲ 96.5% |
| Taxes450/3 | - | €6,265 | €4,774 | €5,691 | €5,617 | €11,035 | ▲ 96.5% |
| Other amounts payable47/48 | - | €261 | €101,092 | €35 | €0 | €0 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,599 | €32,666 | €11,749 | €59,035 | €59,840 | €49,547 | ▼ 17.2% |
| + Depreciation and write-downs630 | €20,307 | €17,679 | €17,833 | €11,273 | €11,509 | €11,277 | ▼ 2.0% |
| Operating cash flow (approximation) | €52,907 | €50,344 | €29,582 | €70,308 | €71,349 | €60,824 | ▼ 14.8% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | -€7,110 | €0 | - |
| Change in cash | - | -€88,553 | €56,572 | -€174,819 | €89,531 | -€108,997 | - |
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, 6,782 companies had the same profile as DIVALOE has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of DIVALOE 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 6,782 companies, not a prediction for DIVALOE. 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.
Filings with the National Bank (7)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 20-02-2026 | 2026-00042849 | |
| 31-12-2024 | full format | 11-06-2025 | 2025-00137314 | |
| 31-12-2023 | full format | 12-06-2024 | 2024-00130651 | |
| 31-12-2022 | full format | 14-06-2023 | 2023-00129110 | |
| 31-12-2021 | full format | 24-06-2022 | 2022-20096889 | |
| 31-12-2020 | full format | 17-06-2021 | 2021-21600343 | |
| 31-12-2019 | full format | 25-06-2020 | 2020-23500182 |