DK Project
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 6 filings
Turnover
≈ €220,000
Estimated: probably between €120,000 and €400,000
Total assets
€82,944▼ 1.7%
2024 · €84,339
Net result
€3,467▼ 52.8%
2024 · €7,347
Working capital
€42,605▲ 9.8%
2024 · €38,804
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€6,724
▼ 49.7%
2025
20202025
Net result
€3,467
▼ 52.8%
2025
middle half of the sector
20202025
Equity
€60,284
▲ 6.1%
2025
middle half of the sector
20202025
Total assets
€82,944
▼ 1.7%
2025
middle half of the sector
20202025
Debt
€22,660
▼ 17.7%
2025
20202025
Working capital
€42,605
▲ 9.8%
2025
middle half of the sector
20202025
Solvency
72.7%
▲ 5.3pp
2025
highest quarter of the sector
20202025
Current ratio
4.52
▼ 0.35
2025
highest quarter of the sector
20202025
Return on assets (ROA)
4.2%
▼ 4.5pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€7,190-€25,826▲ 259%€14,019▼ 45.7%€22,381▲ 59.6%€13,356▼ 40.3%€6,724▼ 49.7%
Net result€4,554within the sector's middle half-€19,129within the sector's middle half▲ 320%€8,501within the sector's middle half▼ 55.6%€14,285within the sector's middle half▲ 68.0%€7,347within the sector's middle half▼ 48.6%€3,467within the sector's middle half▼ 52.8%
Equity€7,554below the sector's middle half-€26,683within the sector's middle half▲ 253%€35,184within the sector's middle half▲ 31.9%€49,470within the sector's middle half▲ 40.6%€56,817within the sector's middle half▲ 14.9%€60,284within the sector's middle half▲ 6.1%
Total assets€16,312below the sector's middle half-€30,413below the sector's middle half▲ 86.4%€38,623below the sector's middle half▲ 27.0%€87,241within the sector's middle half▲ 126%€84,339within the sector's middle half▼ 3.3%€82,944within the sector's middle half▼ 1.7%
Debt€8,758-€3,730▼ 57.4%€3,439▼ 7.8%€37,771▲ 998%€27,523▼ 27.1%€22,660▼ 17.7%
Working capital€6,394within the sector's middle half-€15,880within the sector's middle half▲ 148%€25,003within the sector's middle half▲ 57.4%€33,015within the sector's middle half▲ 32.0%€38,804within the sector's middle half▲ 17.5%€42,605within the sector's middle half▲ 9.8%
Solvency46.3%within the sector's middle half-87.7%above the sector's middle half▲ 41.4pp91.1%above the sector's middle half▲ 3.4pp56.7%within the sector's middle half▼ 34.4pp67.4%above the sector's middle half▲ 10.7pp72.7%above the sector's middle half▲ 5.3pp
Current ratio1.73within the sector's middle half-5.26above the sector's middle half▲ 3.538.27above the sector's middle half▲ 3.013.54above the sector's middle half▼ 4.734.87above the sector's middle half▲ 1.334.52above the sector's middle half▼ 0.35
Return on assets (ROA)27.9%above the sector's middle half-62.9%above the sector's middle half▲ 35.0pp22.0%above the sector's middle half▼ 40.9pp16.4%within the sector's middle half▼ 5.6pp8.7%within the sector's middle half▼ 7.7pp4.2%within the sector's middle half▼ 4.5pp
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 50% lower than in 2024 and the lowest since 2021. It is the second fall 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 €82,944
Fixed assets
€28,232 ▼ 20.5%
Current assets
€54,711 ▲ 12.0%
Equity and liabilities €82,944
Equity
€60,284 ▲ 6.1%
Debt
€22,660 ▼ 17.7%
Debt's share of the balance-sheet total falls from 32.6% to 27.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€16,012▼
2024 · €22,832
Cash flow
€12,755▼
2024 · €16,823
Debt to equity
0.38▼
2024 · 0.48
ROE
5.8%▼
2024 · 12.9%
Interest coverage
16.09▲
2024 · 14.29
Debt ≤ 1 year
€12,106▲
2024 · €10,037
Debt > 1 year
€10,554▼
2024 · €17,486
Income taxes
€2,977▼
2024 · €4,838
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 | €10,163 | €1,140 | €39,111 | €9,334 | €3,031 |
| Depreciation and write-downs of the year | €520 | €1,761 | €8,077 | €9,476 | €9,288 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €127 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €45 | €520 | €1,761 | €8,077 | €9,476 | €9,288 | ▼ 2.0% |
| Other operating charges640/8 | - | €856 | €1,709 | €1,411 | €879 | €1,257 | ▲ 43.1% |
| Non-recurring operating charges66A | - | - | - | - | - | €1,009 | - |
| Gross operating margin9900 | €9,098 | €27,201 | €17,489 | €31,869 | €23,711 | €18,277 | ▼ 22.9% |
| Operating profit (loss)9901 | €7,190 | €25,826 | €14,019 | €22,381 | €13,356 | €6,724 | ▼ 49.7% |
| Financial income75/76B | - | €0 | €140 | €257 | €426 | €715 | ▲ 67.8% |
| Recurring financial income75 | €20 | €0 | €140 | €257 | €426 | €715 | ▲ 67.8% |
| Financial charges65/66B | - | €701 | €591 | €1,703 | €1,598 | €995 | ▼ 37.7% |
| Recurring financial charges65 | €276 | €701 | €591 | €1,703 | €1,598 | €995 | ▼ 37.7% |
| Profit (loss) for the period before taxes9903 | €6,934 | €25,125 | €13,568 | €20,935 | €12,185 | €6,444 | ▼ 47.1% |
| Income taxes67/77 | €2,380 | €5,996 | €5,067 | €6,650 | €4,838 | €2,977 | ▼ 38.5% |
| Profit (loss) for the period9904 | €4,554 | €19,129 | €8,501 | €14,285 | €7,347 | €3,467 | ▼ 52.8% |
| Profit (loss) for the period to be appropriated9905 | €4,554 | €19,129 | €8,501 | €14,285 | €7,347 | €3,467 | ▼ 52.8% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €16,312 | €30,413 | €38,623 | €87,241 | €84,339 | €82,944 | ▼ 1.7% |
| Fixed assets21/28 | €1,160 | €10,803 | €10,181 | €41,215 | €35,498 | €28,232 | ▼ 20.5% |
| Tangible fixed assets22/27 | €1,160 | €10,803 | €10,181 | €41,215 | €35,498 | €28,232 | ▼ 20.5% |
| Land and buildings22 | - | - | €1,070 | €956 | €4,350 | €3,860 | ▼ 11.3% |
| Plant, machinery and equipment23 | - | €3,405 | €2,458 | €2,711 | €1,885 | €2,370 | ▲ 25.7% |
| Furniture and vehicles24 | - | €7,397 | €6,654 | €37,548 | €29,263 | €22,002 | ▼ 24.8% |
| Current assets29/58 | €15,152 | €19,610 | €28,442 | €46,026 | €48,841 | €54,711 | ▲ 12.0% |
| Amounts receivable within one year40/41 | €1,490 | €0 | €3,999 | €6,781 | €13,627 | €2,342 | ▼ 82.8% |
| Trade receivables40 | - | €0 | - | - | €8,351 | €0 | ▼ 100% |
| Other amounts receivable41 | - | - | €3,999 | €6,781 | €5,276 | €2,342 | ▼ 55.6% |
| Cash at bank and in hand54/58 | €12,849 | €17,204 | €23,047 | €37,313 | €33,254 | €50,395 | ▲ 51.5% |
| Deferred charges and accrued income490/1 | - | €2,405 | €1,396 | €1,932 | €1,960 | €1,974 | ▲ 0.7% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €16,312 | €30,413 | €38,623 | €87,241 | €84,339 | €82,944 | ▼ 1.7% |
| Equity10/15 | €7,554 | €26,683 | €35,184 | €49,470 | €56,817 | €60,284 | ▲ 6.1% |
| Contributions10/11 | - | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Reserves13 | - | - | - | €14,285 | €21,632 | €25,099 | ▲ 16.0% |
| Distributable reserves133 | - | - | - | €14,285 | €21,632 | €25,099 | ▲ 16.0% |
| Profit (loss) carried forward14 | €4,554 | €23,683 | €32,184 | €32,184 | €32,184 | €32,184 | = |
| Amounts payable17/49 | €8,758 | €3,730 | €3,439 | €37,771 | €27,523 | €22,660 | ▼ 17.7% |
| Amounts payable after more than one year17 | - | - | - | €24,760 | €17,486 | €10,554 | ▼ 39.6% |
| Financial debts170/4 | - | - | - | €24,760 | €17,486 | €10,554 | ▼ 39.6% |
| Amounts payable within one year42/48 | €8,758 | €3,730 | €3,439 | €13,011 | €10,037 | €12,106 | ▲ 20.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €6,985 | €7,274 | €6,932 | ▼ 4.7% |
| Trade debts44 | €2,352 | €753 | €782 | €2,578 | €350 | €2,120 | ▲ 506% |
| Suppliers440/4 | - | €753 | €782 | €2,578 | €350 | €2,120 | ▲ 506% |
| Taxes, remuneration and social security45 | - | €2,739 | €2,657 | €3,448 | €2,413 | €3,054 | ▲ 26.6% |
| Taxes450/3 | - | €2,739 | €2,657 | €3,448 | €2,413 | €3,054 | ▲ 26.6% |
| Other amounts payable47/48 | - | €238 | €0 | - | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,554 | €19,129 | €8,501 | €14,285 | €7,347 | €3,467 | ▼ 52.8% |
| + Depreciation and write-downs630 | €45 | €520 | €1,761 | €8,077 | €9,476 | €9,288 | ▼ 2.0% |
| Operating cash flow (approximation) | €4,599 | €19,649 | €10,262 | €22,363 | €16,823 | €12,755 | ▼ 24.2% |
| Investment in fixed assets (approximation) | - | -€10,163 | -€1,140 | -€39,111 | -€3,759 | -€2,022 | ▲ 46.2% |
| Change in cash | - | €4,355 | €5,843 | €14,266 | -€4,059 | €17,141 | - |
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, 5,047 companies had the same profile as DK Project has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.9%
was still going
3.8%
stopped otherwise
2.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DK Project 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 5,047 companies, not a prediction for DK Project. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-07-2026 | 2026-00346633 | |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00185658 | |
| 31-12-2023 | micro format | 18-07-2024 | 2024-00256421 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00178803 | |
| 31-12-2021 | micro format | 22-07-2022 | 2022-20211706 | |
| 31-12-2020 | micro format | 02-07-2021 | 2021-28900597 |