DIVANAILS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 11 filings
Equity
-€37,783▼ 92.1%
2024 · -€19,663
Total assets
€43,341▼ 10.1%
2024 · €48,235
Net result
-€18,119▼ 7.5%
2024 · -€16,850
Working capital
-€43,542▼ 69.3%
2024 · -€25,724
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€17,378
▼ 9.0%
2025
20182025
Net result
-€18,119
▼ 7.5%
2025
lowest quarter of the sector
20182025
Equity
-€37,783
▼ 92.1%
2025
lowest quarter of the sector
20182025
Total assets
€43,341
▼ 10.1%
2025
lowest quarter of the sector
20182025
Debt
€81,124
▲ 19.5%
2025
20182025
Working capital
-€43,542
▼ 69.3%
2025
lowest quarter of the sector
20182025
Solvency
-87.2%
▼ 46.4pp
2025
lowest quarter of the sector
20182025
Current ratio
0.42
▼ 0.12
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-41.8%
▼ 6.9pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€2,788--€22,844▼ 719%€6,583-€297-€20,527▼ 6,805%-€7,566▲ 63.1%-€15,942▼ 111%-€17,378▼ 9.0%
Net result-€5,874--€24,678▼ 320%€5,105within the sector's middle half-€1,900within the sector's middle half-€21,597below the sector's middle half▼ 1,037%-€8,684below the sector's middle half▲ 59.8%-€16,850below the sector's middle half▼ 94.0%-€18,119below the sector's middle half▼ 7.5%
Equity€48,941-€24,263▼ 50.4%€29,368within the sector's middle half▲ 21.0%€27,468within the sector's middle half▼ 6.5%€5,871below the sector's middle half▼ 78.6%-€2,813below the sector's middle half-€19,663below the sector's middle half▼ 599%-€37,783below the sector's middle half▼ 92.1%
Total assets€114,703-€98,606▼ 14.0%€88,530within the sector's middle half▼ 10.2%€81,395within the sector's middle half▼ 8.1%€61,877below the sector's middle half▼ 24.0%€65,858below the sector's middle half▲ 6.4%€48,235below the sector's middle half▼ 26.8%€43,341below the sector's middle half▼ 10.1%
Debt€65,762-€74,343▲ 13.0%€59,162▼ 20.4%€53,927▼ 8.8%€56,005▲ 3.9%€68,671▲ 22.6%€67,898▼ 1.1%€81,124▲ 19.5%
Working capital€22,145-€1,389▼ 93.7%€8,399within the sector's middle half▲ 505%€10,998within the sector's middle half▲ 30.9%-€5,258within the sector's middle half-€12,623below the sector's middle half▼ 140%-€25,724below the sector's middle half▼ 104%-€43,542below the sector's middle half▼ 69.3%
Solvency42.7%-24.6%▼ 18.1pp33.2%within the sector's middle half▲ 8.6pp33.7%within the sector's middle half▲ 0.6pp9.5%within the sector's middle half▼ 24.3pp-4.3%below the sector's middle half▼ 13.8pp-40.8%below the sector's middle half▼ 36.5pp-87.2%below the sector's middle half▼ 46.4pp
Current ratio1.65-1.03▼ 0.621.25within the sector's middle half▲ 0.221.34within the sector's middle half▲ 0.090.85below the sector's middle half▼ 0.490.77below the sector's middle half▼ 0.090.54below the sector's middle half▼ 0.220.42below the sector's middle half▼ 0.12
Return on assets (ROA)-5.1%--25.0%▼ 19.9pp5.8%within the sector's middle half▲ 30.8pp-2.3%below the sector's middle half▼ 8.1pp-34.9%below the sector's middle half▼ 32.6pp-13.2%below the sector's middle half▲ 21.7pp-34.9%below the sector's middle half▼ 21.7pp-41.8%below the sector's middle half▼ 6.9pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 a loss of €17,378, larger than the loss of €15,942 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €43,341
Fixed assets
€11,565 ▼ 35.0%
Current assets
€31,776 ▲ 4.4%
Equity and liabilities
Equity-€37,783
Debt€81,124
Equity is negative. Debt (€81,124) exceeds the balance-sheet total (€43,341).
Key figures and ratios
EBITDA
-€11,139▼
2024 · -€9,324
Cash flow
-€11,881▼
2024 · -€10,232
Quick ratio
0.20▲
2024 · 0.13
Interest coverage
-19.10▼
2024 · -12.25
Debt ≤ 1 year
€75,318▲
2024 · €56,155
Debt > 1 year
€5,806▼
2024 · €9,744
Income taxes
€159▲
2024 · €148
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | €1,538 | €1,051 | €1,003 | €1,562 | €2,592 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,141 | - | - | - |
| Depreciation and write-downs of the year | €8,356 | €8,216 | €6,618 | €6,618 | €6,239 |
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 | - | - | - | €6,750 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,200 | €8,166 | €8,211 | €8,356 | €8,216 | €6,618 | €6,618 | €6,239 | ▼ 5.7% |
| Other operating charges640/8 | - | - | - | €2,052 | €2,361 | €1,916 | €2,928 | €1,779 | ▼ 39.2% |
| Non-recurring operating charges66A | - | - | - | - | - | €250 | - | €58 | - |
| Gross operating margin9900 | €7,722 | -€13,019 | €17,280 | €10,111 | -€9,950 | €1,218 | -€6,396 | -€9,303 | ▼ 45.5% |
| Operating profit (loss)9901 | -€2,788 | -€22,844 | €6,583 | -€297 | -€20,527 | -€7,566 | -€15,942 | -€17,378 | ▼ 9.0% |
| Financial income75/76B | - | - | - | €0 | €0 | €0 | €1 | €1 | ▲ 62.7% |
| Recurring financial income75 | - | €20 | €1 | €0 | €0 | €0 | €1 | €1 | ▲ 62.7% |
| Financial charges65/66B | - | - | - | €1,487 | €1,071 | €867 | €761 | €583 | ▼ 23.4% |
| Recurring financial charges65 | €3,086 | €1,589 | €1,478 | €1,487 | €1,071 | €867 | €761 | €583 | ▼ 23.4% |
| Profit (loss) for the period before taxes9903 | -€5,874 | -€24,413 | €5,105 | -€1,784 | -€21,597 | -€8,433 | -€16,702 | -€17,960 | ▼ 7.5% |
| Income taxes67/77 | - | €265 | - | €116 | - | €251 | €148 | €159 | ▲ 7.4% |
| Profit (loss) for the period9904 | -€5,874 | -€24,678 | €5,105 | -€1,900 | -€21,597 | -€8,684 | -€16,850 | -€18,119 | ▼ 7.5% |
| Profit (loss) for the period to be appropriated9905 | -€5,874 | -€24,678 | €5,105 | -€1,900 | -€21,597 | -€8,684 | -€16,850 | -€18,119 | ▼ 7.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €114,703 | €98,606 | €88,530 | €81,395 | €61,877 | €65,858 | €48,235 | €43,341 | ▼ 10.1% |
| Fixed assets21/28 | €58,449 | €51,982 | €46,471 | €38,115 | €31,040 | €24,422 | €17,804 | €11,565 | ▼ 35.0% |
| Tangible fixed assets22/27 | €58,449 | €51,982 | €46,471 | €38,115 | €31,040 | €24,422 | €17,804 | €11,565 | ▼ 35.0% |
| Plant, machinery and equipment23 | - | - | - | €1,940 | €1,400 | €860 | €320 | - | - |
| Furniture and vehicles24 | - | - | - | €1,818 | €981 | €601 | €221 | - | - |
| Other tangible fixed assets26 | - | - | - | €34,357 | €28,659 | €22,961 | €17,263 | €11,565 | ▼ 33.0% |
| Current assets29/58 | €56,255 | €46,624 | €42,059 | €43,280 | €30,836 | €41,436 | €30,431 | €31,776 | ▲ 4.4% |
| Stocks and contracts in progress3 | €23,156 | €27,011 | €25,843 | €28,434 | €21,934 | €23,996 | €22,890 | €16,807 | ▼ 26.6% |
| Stocks30/36 | - | - | - | €28,434 | €21,934 | €23,996 | €22,890 | €16,807 | ▼ 26.6% |
| Amounts receivable within one year40/41 | €9,663 | €13,897 | €9,656 | €3,029 | €2,342 | €4,195 | €1,809 | €1,240 | ▼ 31.5% |
| Trade receivables40 | - | - | - | €3,029 | €2,342 | €4,195 | €1,809 | €1,240 | ▼ 31.5% |
| Current investments50/53 | €23 | €23 | €23 | €23 | €23 | €23 | €23 | €23 | = |
| Cash at bank and in hand54/58 | €23,413 | €5,694 | €6,537 | €11,795 | €6,538 | €13,223 | €5,709 | €13,706 | ▲ 140% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €114,703 | €98,606 | €88,530 | €81,395 | €61,877 | €65,858 | €48,235 | €43,341 | ▼ 10.1% |
| Equity10/15 | €48,941 | €24,263 | €29,368 | €27,468 | €5,871 | -€2,813 | -€19,663 | -€37,783 | ▼ 92.1% |
| Contributions10/11 | €39,600 | €39,600 | - | €39,600 | €39,600 | €39,600 | €39,600 | €39,600 | = |
| Reserves13 | €3,960 | €3,960 | €3,960 | €3,960 | €3,960 | €3,960 | €3,960 | €3,960 | = |
| Non-distributable reserves130/1 | - | - | - | €3,960 | €3,960 | €3,960 | €3,960 | €3,960 | = |
| Reserves not available under the articles1311 | - | - | - | €3,960 | €3,960 | €3,960 | €3,960 | €3,960 | = |
| Profit (loss) carried forward14 | €5,381 | -€19,297 | -€14,192 | -€16,092 | -€37,689 | -€46,373 | -€63,223 | -€81,343 | ▼ 28.7% |
| Amounts payable17/49 | €65,762 | €74,343 | €59,162 | €53,927 | €56,005 | €68,671 | €67,898 | €81,124 | ▲ 19.5% |
| Amounts payable after more than one year17 | €31,652 | €28,108 | €24,502 | €21,145 | €17,411 | €13,612 | €9,744 | €5,806 | ▼ 40.4% |
| Financial debts170/4 | - | - | - | €21,145 | €17,411 | €13,612 | €9,744 | €5,806 | ▼ 40.4% |
| Amounts payable within one year42/48 | €34,110 | €45,235 | €33,660 | €32,282 | €36,094 | €54,059 | €56,155 | €75,318 | ▲ 34.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €3,980 | €4,045 | €4,111 | €4,179 | €4,249 | ▲ 1.7% |
| Trade debts44 | €3,648 | €11,015 | €454 | €2,648 | €2,214 | €904 | €1,307 | €1,287 | ▼ 1.6% |
| Suppliers440/4 | - | - | - | €2,648 | €2,214 | €904 | €1,307 | €1,287 | ▼ 1.6% |
| Taxes, remuneration and social security45 | - | - | - | €3,238 | €4,451 | €2,835 | €3,410 | €14,652 | ▲ 330% |
| Taxes450/3 | - | - | - | €1,538 | €1,051 | €1,135 | €1,710 | €2,752 | ▲ 60.9% |
| Remuneration and social security454/9 | - | - | - | €1,700 | €3,400 | €1,700 | €1,700 | €11,900 | ▲ 600% |
| Other amounts payable47/48 | - | - | - | €22,416 | €25,384 | €46,209 | €47,258 | €55,130 | ▲ 16.7% |
| Accrued charges and deferred income492/3 | - | - | - | €500 | €2,500 | €1,000 | €2,000 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,874 | -€24,678 | €5,105 | -€1,900 | -€21,597 | -€8,684 | -€16,850 | -€18,119 | ▼ 7.5% |
| + Depreciation and write-downs630 | €9,200 | €8,166 | €8,211 | €8,356 | €8,216 | €6,618 | €6,618 | €6,239 | ▼ 5.7% |
| Operating cash flow (approximation) | €3,327 | -€16,512 | €13,316 | €6,456 | -€13,381 | -€2,066 | -€10,232 | -€11,881 | ▼ 16.1% |
| Investment in fixed assets (approximation) | - | -€1,700 | -€2,700 | €0 | -€1,141 | €0 | €0 | €0 | - |
| Change in cash | - | -€17,719 | €844 | €5,258 | -€5,257 | €6,685 | -€7,513 | €7,996 | - |
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, 6,907 companies had the same profile as DIVANAILS has now. Two years later, 85.5% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.5%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DIVANAILS itself: 1.2% 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 6,907 companies, not a prediction for DIVANAILS. 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 | 06-07-2026 | 2026-00275712 | |
| 31-12-2024 | micro format | 29-07-2025 | 2025-00332878 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00324044 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00199635 | |
| 31-12-2021 | micro format | 04-08-2022 | 2022-20285494 | |
| 31-12-2020 | micro format | 01-07-2021 | 2021-28700405 | |
| 31-12-2019 | micro format | 02-07-2020 | 2020-25500069 | |
| 31-12-2018 | micro format | 27-06-2019 | 2019-23800285 | |
| 31-12-2017 | micro format | 09-07-2018 | 2018-32600376 | |
| 31-12-2016 | micro format | 03-07-2017 | 2017-27100076 |