Diverpro²
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 21-06-2026 at the NBB all 4 filings
Turnover
≈ €460,000
Estimated: probably between €230,000 and €1.1m
Total assets
€854,513▼ 1.4%
2024 · €866,309
Net result
€179▼ 93.7%
2024 · €2,843
Working capital
€27,739▲ 14.7%
2024 · €24,183
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
€80,180
▲ 126%
2025
20222025
Net result
€179
▼ 93.7%
2025
middle half of the sector
20222025
Equity
€46,858
▲ 0.4%
2025
middle half of the sector
20222025
Total assets
€854,513
▼ 1.4%
2025
highest quarter of the sector
20222025
Debt
€807,655
▼ 1.5%
2025
20222025
Working capital
€27,739
▲ 14.7%
2025
middle half of the sector
20222025
Solvency
5.5%
▲ 0.1pp
2025
lowest quarter of the sector
20222025
Current ratio
1.04
=
2025
middle half of the sector
20222025
Return on assets (ROA)
0.0%
▼ 0.3pp
2025
middle half of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result€28,186-€30,165▲ 7.0%€35,475▲ 17.6%€80,180▲ 126%
Net result€21,965within the sector's middle half-€19,371within the sector's middle half▼ 11.8%€2,843within the sector's middle half▼ 85.3%€179within the sector's middle half▼ 93.7%
Equity€24,465within the sector's middle half-€43,836within the sector's middle half▲ 79.2%€46,679within the sector's middle half▲ 6.5%€46,858within the sector's middle half▲ 0.4%
Total assets€38,268below the sector's middle half-€594,453above the sector's middle half▲ 16×€866,309above the sector's middle half▲ 45.7%€854,513above the sector's middle half▼ 1.4%
Debt€13,802-€550,616▲ 40×€819,630▲ 48.9%€807,655▼ 1.5%
Working capital€24,465within the sector's middle half-€38,651within the sector's middle half▲ 58.0%€24,183within the sector's middle half▼ 37.4%€27,739within the sector's middle half▲ 14.7%
Solvency63.9%within the sector's middle half-7.4%below the sector's middle half▼ 56.6pp5.4%below the sector's middle half▼ 2.0pp5.5%below the sector's middle half▲ 0.1pp
Current ratio2.77within the sector's middle half-1.07within the sector's middle half▼ 1.701.03within the sector's middle half▼ 0.041.04within the sector's middle half=
Return on assets (ROA)57.4%above the sector's middle half-3.3%within the sector's middle half▼ 54.1pp0.3%within the sector's middle half▼ 2.9pp0.0%within the sector's middle half▼ 0.3pp
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 126% higher than in 2024 and the highest since 2022. It is the third rise in a row.
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 €854,513
Fixed assets
€49,090 ▼ 25.6%
Current assets
€805,423 ▲ 0.6%
Equity and liabilities €854,513
Equity
€46,858 ▲ 0.4%
Debt
€807,655 ▼ 1.5%
Debt's share of the balance-sheet total falls from 94.6% to 94.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€96,341▲
2024 · €50,633
Cash flow
€16,340▼
2024 · €18,000
Quick ratio
0.20▲
2024 · 0.04
Debt to equity
17.24▼
2024 · 17.56
ROE
0.4%▼
2024 · 6.1%
Interest coverage
1.23▼
2024 · 1.60
Debt ≤ 1 year
€777,684▲
2024 · €776,124
Debt > 1 year
€29,971▼
2024 · €43,506
Income taxes
€1,554▲
2024 · €1,517
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | €5,584 | €75,223 | - |
| Financial fixed assets | - | - | €750 | €0 |
| Depreciation and write-downs of the year | - | €398 | €15,157 | €16,161 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €2,018 awarded · €1,856 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €545 | €383 |
| 2024 | 1 | €231 | €231 |
| 2023 | 1 | €1,242 | €1,242 |
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €398 | €15,157 | €16,161 | ▲ 6.6% |
| Other operating charges640/8 | €1,470 | €1,177 | €3,601 | €2,730 | ▼ 24.2% |
| Gross operating margin9900 | €29,656 | €31,739 | €54,234 | €99,072 | ▲ 82.7% |
| Operating profit (loss)9901 | €28,186 | €30,165 | €35,475 | €80,180 | ▲ 126% |
| Financial income75/76B | - | €0 | €510 | €201 | ▼ 60.6% |
| Recurring financial income75 | - | €0 | €510 | €201 | ▼ 60.6% |
| Financial charges65/66B | €0 | €5,241 | €31,626 | €78,648 | ▲ 149% |
| Recurring financial charges65 | €0 | €5,241 | €31,626 | €78,262 | ▲ 147% |
| Non-recurring financial charges66B | - | - | - | €385 | - |
| Profit (loss) for the period before taxes9903 | €28,186 | €24,924 | €4,359 | €1,733 | ▼ 60.2% |
| Income taxes67/77 | €6,221 | €5,553 | €1,517 | €1,554 | ▲ 2.5% |
| Profit (loss) for the period9904 | €21,965 | €19,371 | €2,843 | €179 | ▼ 93.7% |
| Profit (loss) for the period to be appropriated9905 | €21,965 | €19,371 | €2,843 | €179 | ▼ 93.7% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €38,268 | €594,453 | €866,309 | €854,513 | ▼ 1.4% |
| Fixed assets21/28 | - | €5,186 | €66,002 | €49,090 | ▼ 25.6% |
| Tangible fixed assets22/27 | - | €5,186 | €65,252 | €49,090 | ▼ 24.8% |
| Plant, machinery and equipment23 | - | €5,186 | €6,201 | €4,580 | ▼ 26.1% |
| Furniture and vehicles24 | - | - | €59,051 | €44,510 | ▼ 24.6% |
| Financial fixed assets28 | - | - | €750 | €0 | ▼ 100% |
| Current assets29/58 | €38,268 | €589,267 | €800,307 | €805,423 | ▲ 0.6% |
| Stocks and contracts in progress3 | - | €553,393 | €770,493 | €648,563 | ▼ 15.8% |
| Stocks30/36 | - | €528,393 | €732,993 | €648,563 | ▼ 11.5% |
| Contracts in progress37 | - | €25,000 | €37,500 | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €10,285 | €9,345 | €22,350 | €127,936 | ▲ 472% |
| Trade receivables40 | €10,285 | €9,342 | €16,975 | €127,710 | ▲ 652% |
| Other amounts receivable41 | - | €3 | €5,375 | €226 | ▼ 95.8% |
| Cash at bank and in hand54/58 | €27,983 | €26,394 | €7,410 | €28,924 | ▲ 290% |
| Deferred charges and accrued income490/1 | - | €135 | €54 | €0 | ▼ 100% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €38,268 | €594,453 | €866,309 | €854,513 | ▼ 1.4% |
| Equity10/15 | €24,465 | €43,836 | €46,679 | €46,858 | ▲ 0.4% |
| Contributions10/11 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | €21,965 | €41,336 | €44,179 | €44,358 | ▲ 0.4% |
| Distributable reserves133 | €21,965 | €41,336 | €44,179 | €44,358 | ▲ 0.4% |
| Amounts payable17/49 | €13,802 | €550,616 | €819,630 | €807,655 | ▼ 1.5% |
| Amounts payable after more than one year17 | - | - | €43,506 | €29,971 | ▼ 31.1% |
| Financial debts170/4 | - | - | €43,506 | €29,971 | ▼ 31.1% |
| Amounts payable within one year42/48 | €13,802 | €550,616 | €776,124 | €777,684 | ▲ 0.2% |
| Current portion of amounts payable after more than one year42 | - | - | €13,012 | €13,535 | ▲ 4.0% |
| Financial debts43 | - | €318,500 | €521,726 | €489,000 | ▼ 6.3% |
| Other loans439 | - | €318,500 | €521,726 | €489,000 | ▼ 6.3% |
| Trade debts44 | €831 | €348 | €351 | €9,118 | ▲ 26× |
| Suppliers440/4 | €831 | €348 | €351 | €9,118 | ▲ 26× |
| Taxes, remuneration and social security45 | €11,520 | €12,485 | €18,084 | €18,156 | ▲ 0.4% |
| Taxes450/3 | €11,411 | €12,485 | €18,084 | €18,156 | ▲ 0.4% |
| Remuneration and social security454/9 | €108 | - | - | - | - |
| Other amounts payable47/48 | €1,452 | €219,284 | €222,952 | €247,875 | ▲ 11.2% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,965 | €19,371 | €2,843 | €179 | ▼ 93.7% |
| + Depreciation and write-downs630 | - | €398 | €15,157 | €16,161 | ▲ 6.6% |
| Operating cash flow (approximation) | €21,965 | €19,769 | €18,000 | €16,340 | ▼ 9.2% |
| Investment in fixed assets (approximation) | - | - | -€75,973 | €750 | - |
| Change in cash | - | -€1,589 | -€18,984 | €21,515 | - |
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, 1,514 companies had the same profile as Diverpro² has now. Two years later, 95.8% were still going and 2.4% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency under 10%
- a profit under 5% of the balance sheet
95.8%
was still going
1.5%
stopped otherwise
2.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Diverpro² itself: 0.6% 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 1,514 companies, not a prediction for Diverpro². 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.