DIVITIAM
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 3 days after the deadline Filed on 3 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00375252.
Annual accounts 2025 filed on 03-08-2026 at the NBB all 7 filings
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
-€3,589
2024 · €83,370
Working capital
€27,064▼ 11.7%
2024 · €30,654
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€3,046
2025
20192025
Net result
-€3,589
2025
middle half of the sector
20192025
Equity
€27,064
▼ 11.7%
2025
middle half of the sector
20192025
Total assets
€122,837
▼ 1.7%
2025
middle half of the sector
20192025
Debt
€95,773
▲ 1.6%
2025
20192025
Working capital
€27,064
▼ 11.7%
2025
middle half of the sector
20192025
Solvency
22.0%
▼ 2.5pp
2025
middle half of the sector
20192025
Current ratio
1.28
▼ 0.04
2025
middle half of the sector
20192025
Return on assets (ROA)
-2.9%
▼ 69.7pp
2025
middle half of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€66,150-€72,591€7,889▼ 89.1%-€7,945-€71,908▼ 805%€110,511-€3,046
Net result-€78,511-€63,779above the sector's middle half-€711within the sector's middle half-€16,487below the sector's middle half▼ 2,220%-€80,787below the sector's middle half▼ 390%€83,370within the sector's middle half-€3,589within the sector's middle half
Equity-€18,511-€45,268within the sector's middle half€44,558within the sector's middle half▼ 1.6%€28,071within the sector's middle half▼ 37.0%-€52,716below the sector's middle half€30,654below the sector's middle half€27,064within the sector's middle half▼ 11.7%
Total assets€442,787-€443,349above the sector's middle half▲ 0.1%€401,670above the sector's middle half▼ 9.4%€397,319above the sector's middle half▼ 1.1%€349,677below the sector's middle half▼ 12.0%€124,900below the sector's middle half▼ 64.3%€122,837within the sector's middle half▼ 1.7%
Debt€461,298-€398,081▼ 13.7%€357,112▼ 10.3%€369,248▲ 3.4%€402,394▲ 9.0%€94,246▼ 76.6%€95,773▲ 1.6%
Working capital-€111,749--€69,608below the sector's middle half▲ 37.7%-€86,690below the sector's middle half▼ 24.5%-€117,701below the sector's middle half▼ 35.8%-€205,483below the sector's middle half▼ 74.6%€30,654within the sector's middle half€27,064within the sector's middle half▼ 11.7%
Solvency-4.2%-10.2%within the sector's middle half▲ 14.4pp11.1%within the sector's middle half▲ 0.9pp7.1%within the sector's middle half▼ 4.0pp-15.1%below the sector's middle half▼ 22.1pp24.5%within the sector's middle half▲ 39.6pp22.0%within the sector's middle half▼ 2.5pp
Current ratio0.49-0.66below the sector's middle half▲ 0.170.59below the sector's middle half▼ 0.070.57below the sector's middle half▼ 0.020.42below the sector's middle half▼ 0.151.33within the sector's middle half▲ 0.901.28within the sector's middle half▼ 0.04
Return on assets (ROA)-17.7%-14.4%within the sector's middle half▲ 32.1pp-0.2%within the sector's middle half▼ 14.6pp-4.1%below the sector's middle half▼ 4.0pp-23.1%below the sector's middle half▼ 19.0pp66.7%above the sector's middle half▲ 89.9pp-2.9%within the sector's middle half▼ 69.7pp
Staff (FTE)2-7.4above the sector's middle half▲ 270%11▲ 48.6%11.8▲ 7.3%16.3above the sector's middle half▲ 38.1%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 €3,046, after a profit of €110,511 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €122,837
Equity
€27,064 ▼ 11.7%
Debt
€95,773 ▲ 1.6%
Debt's share of the balance-sheet total rises from 75.5% to 78.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€3,046▼
2024 · €110,533
Cash flow
-€3,589▼
2024 · €83,392
Debt to equity
3.54▲
2024 · 3.07
ROE
-13.3%▼
2024 · 272.0%
Interest coverage
-5.59▼
2024 · 4.07
Debt ≤ 1 year
€95,773▲
2024 · €94,246
Staff costs
€982▼
2024 · €123,754
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 12 | 7 | 13 |
| full-time | 1 | 0 | 1 |
| part-time | 11 | 7 | 12 |
| in full-time equivalents | 5.6 | 2.9 | 5.3 |
| Average over the year, in full-time equivalents | 6 | 5.4 | 7.2 |
| On a permanent contract | 1 | - | 1 |
| Joined | 17 | 25 | 211 |
| Left | 15 | 30 | 205 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €13,487 | €12,790 | €4,821 | - | - |
| Financial fixed assets | €1,679 | €1,679 | €1,679 | - | €0 |
| Depreciation and write-downs of the year | €47,405 | €49,254 | €49,523 | €22 | €0 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €0 | - |
| Remuneration, social security and pensions62 | - | - | €138,930 | €98,416 | €177,224 | €123,754 | €982 | ▼ 99.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €57,930 | €44,308 | €47,405 | €49,254 | €49,523 | €22 | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | €4,226 | €4,611 | €4,085 | €2,705 | €412 | ▼ 84.8% |
| Non-recurring operating charges66A | - | - | - | - | - | €6,017 | €0 | ▼ 100% |
| Gross operating margin9900 | €126,862 | €246,159 | €198,449 | €144,336 | €158,924 | €243,009 | -€1,652 | - |
| Operating profit (loss)9901 | -€66,150 | €72,591 | €7,889 | -€7,945 | -€71,908 | €110,511 | -€3,046 | - |
| Financial income75/76B | - | - | €1 | €3 | €9 | €2 | €2 | ▼ 14.4% |
| Recurring financial income75 | €23 | €12 | €1 | €3 | €9 | €2 | €2 | ▼ 14.4% |
| Financial charges65/66B | - | - | €8,601 | €8,545 | €8,889 | €27,143 | €545 | ▼ 98.0% |
| Recurring financial charges65 | €12,384 | €8,823 | €8,601 | €8,545 | €8,889 | €27,143 | €545 | ▼ 98.0% |
| Profit (loss) for the period before taxes9903 | -€78,511 | €63,779 | -€711 | -€16,487 | -€80,787 | €83,370 | -€3,589 | - |
| Profit (loss) for the period9904 | -€78,511 | €63,779 | -€711 | -€16,487 | -€80,787 | €83,370 | -€3,589 | - |
| Profit (loss) for the period to be appropriated9905 | -€78,511 | €63,779 | -€711 | -€16,487 | -€80,787 | €83,370 | -€3,589 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €442,787 | €443,349 | €401,670 | €397,319 | €349,677 | €124,900 | €122,837 | ▼ 1.7% |
| Fixed assets21/28 | €335,577 | €309,296 | €277,057 | €242,273 | €199,249 | €0 | - | - |
| Intangible fixed assets21 | €161,580 | €133,055 | €104,531 | €76,006 | €47,481 | €0 | - | - |
| Tangible fixed assets22/27 | €163,393 | €163,958 | €158,565 | €150,627 | €134,449 | €0 | - | - |
| Plant, machinery and equipment23 | - | - | €3,677 | €910 | €0 | - | - | - |
| Furniture and vehicles24 | - | - | €135,596 | €128,853 | €115,461 | €0 | - | - |
| Other tangible fixed assets26 | - | - | €19,292 | €20,864 | €18,989 | €0 | - | - |
| Financial fixed assets28 | €10,604 | €12,282 | €13,961 | €15,640 | €17,319 | €0 | - | - |
| Current assets29/58 | €107,210 | €134,053 | €124,612 | €155,046 | €150,428 | €124,900 | €122,837 | ▼ 1.7% |
| Stocks and contracts in progress3 | €67,782 | €72,304 | €69,882 | €73,649 | €74,234 | €0 | - | - |
| Stocks30/36 | - | - | €69,882 | €73,649 | €74,234 | €0 | - | - |
| Amounts receivable within one year40/41 | €22,668 | €40,068 | €29,814 | €62,562 | €52,443 | €33,495 | €119,747 | ▲ 258% |
| Trade receivables40 | - | - | €1,549 | €16,858 | €16,000 | €413 | €93,179 | ▲ 225× |
| Other amounts receivable41 | - | - | €28,266 | €45,704 | €36,443 | €33,082 | €26,568 | ▼ 19.7% |
| Cash at bank and in hand54/58 | €15,637 | €20,542 | €21,639 | €18,835 | €22,705 | €91,405 | €3,091 | ▼ 96.6% |
| Deferred charges and accrued income490/1 | - | - | €3,277 | €0 | €1,045 | €0 | - | - |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €442,787 | €443,349 | €401,670 | €397,319 | €349,677 | €124,900 | €122,837 | ▼ 1.7% |
| Equity10/15 | -€18,511 | €45,268 | €44,558 | €28,071 | -€52,716 | €30,654 | €27,064 | ▼ 11.7% |
| Contributions10/11 | €60,000 | - | €60,000 | €60,000 | €60,000 | €60,000 | €60,000 | = |
| Profit (loss) carried forward14 | -€78,511 | -€14,732 | -€15,442 | -€31,929 | -€112,716 | -€29,346 | -€32,936 | ▼ 12.2% |
| Amounts payable17/49 | €461,298 | €398,081 | €357,112 | €369,248 | €402,394 | €94,246 | €95,773 | ▲ 1.6% |
| Amounts payable after more than one year17 | €242,339 | €194,419 | €145,810 | €96,501 | €46,482 | €0 | - | - |
| Financial debts170/4 | - | - | €145,810 | €96,501 | €46,482 | €0 | - | - |
| Amounts payable within one year42/48 | €218,959 | €203,661 | €211,302 | €272,747 | €355,911 | €94,246 | €95,773 | ▲ 1.6% |
| Current portion of amounts payable after more than one year42 | - | - | €53,609 | €49,309 | €50,018 | €0 | - | - |
| Financial debts43 | - | - | €20,000 | €20,000 | €23,000 | €0 | - | - |
| Credit institutions430/8 | - | - | €20,000 | €20,000 | €23,000 | €0 | - | - |
| Trade debts44 | €142,628 | €127,133 | €103,962 | €151,203 | €217,607 | €41,022 | €60,024 | ▲ 46.3% |
| Suppliers440/4 | - | - | €103,962 | €151,203 | €217,607 | €41,022 | €60,024 | ▲ 46.3% |
| Taxes, remuneration and social security45 | - | - | €7,981 | €702 | €11,324 | €871 | €871 | = |
| Taxes450/3 | - | - | €459 | €702 | €702 | €871 | €871 | = |
| Remuneration and social security454/9 | - | - | €7,522 | €0 | €10,623 | €0 | - | - |
| Other amounts payable47/48 | - | - | €25,750 | €51,534 | €53,961 | €52,353 | €34,878 | ▼ 33.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€78,511 | €63,779 | -€711 | -€16,487 | -€80,787 | €83,370 | -€3,589 | - |
| + Depreciation and write-downs630 | €57,930 | €44,308 | €47,405 | €49,254 | €49,523 | €22 | €0 | ▼ 100% |
| Operating cash flow (approximation) | -€20,581 | €108,087 | €46,694 | €32,767 | -€31,264 | €83,392 | -€3,589 | - |
| Investment in fixed assets (approximation) | - | -€18,027 | -€15,166 | -€14,469 | -€6,500 | €199,228 | - | - |
| Change in cash | - | €4,904 | €1,098 | -€2,804 | €3,870 | €68,700 | -€88,314 | - |
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, 1,548 companies had the same profile as DIVITIAM has now. Two years later, 91.3% were still going and 4.3% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a small loss
91.3%
was still going
3.9%
stopped otherwise
4.3%
went bankrupt
Another 0.5% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DIVITIAM itself: 1.9% 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 1,548 companies, not a prediction for DIVITIAM. 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 | micro format | 03-08-2026 | 2026-00375252 | |
| 31-12-2024 | full format | 19-05-2025 | 2025-00098231 | |
| 31-12-2023 | full format | 26-09-2024 | 2024-00474044 | |
| 31-12-2022 | micro format | 22-08-2023 | 2023-00346243 | |
| 31-12-2021 | micro format | 22-06-2022 | 2022-20087496 | |
| 31-12-2020 | micro format | 01-07-2021 | 2021-30300050 | |
| 31-12-2019 | full format | 08-09-2020 | 2020-51900142 |