DoCAD
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-06-2026 PDF all 15 filings
Turnover
≈ €990,000
Estimated: probably between €660,000 and €1.2m
Total assets
€327,216▲ 35.5%
2024 · €241,468
Net result
€55,343▲ 271%
2024 · €14,905
Working capital
€51,535▼ 25.4%
2024 · €69,098
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€63,496
▲ 174%
2025
20182025
Net result
€55,343
▲ 271%
2025
highest quarter of the sector
20182025
Equity
€194,161
▲ 39.9%
2025
highest quarter of the sector
20182025
Total assets
€327,216
▲ 35.5%
2025
highest quarter of the sector
20182025
Debt
€133,056
▲ 29.6%
2025
20182025
Working capital
€51,535
▼ 25.4%
2025
middle half of the sector
20182025
Solvency
59.3%
▲ 1.8pp
2025
middle half of the sector
20182025
Current ratio
1.56
▼ 0.56
2025
middle half of the sector
20182025
Return on assets (ROA)
16.9%
▲ 10.7pp
2025
middle half of the sector
20182025
Staff (FTE)
2.5
▲ 56.3%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€14,358-€18,708▲ 30.3%€35,382▲ 89.1%€28,351▼ 19.9%€870▼ 96.9%€29,718▲ 34×€23,209▼ 21.9%€63,496▲ 174%
Net result€11,158-€17,537▲ 57.2%€26,175above the sector's middle half▲ 49.3%€28,155above the sector's middle half▲ 7.6%€1,228within the sector's middle half▼ 95.6%€24,528within the sector's middle half▲ 20×€14,905within the sector's middle half▼ 39.2%€55,343above the sector's middle half▲ 271%
Equity€57,822-€75,359▲ 30.3%€101,534within the sector's middle half▲ 34.7%€117,605within the sector's middle half▲ 15.8%€112,897within the sector's middle half▼ 4.0%€137,425above the sector's middle half▲ 21.7%€138,818above the sector's middle half▲ 1.0%€194,161above the sector's middle half▲ 39.9%
Total assets€129,878-€157,651▲ 21.4%€164,051within the sector's middle half▲ 4.1%€174,644within the sector's middle half▲ 6.5%€187,458within the sector's middle half▲ 7.3%€175,425within the sector's middle half▼ 6.4%€241,468within the sector's middle half▲ 37.6%€327,216above the sector's middle half▲ 35.5%
Debt€72,056-€82,292▲ 14.2%€62,516▼ 24.0%€57,040▼ 8.8%€74,561▲ 30.7%€38,000▼ 49.0%€102,650▲ 170%€133,056▲ 29.6%
Working capital€27,564-€45,646▲ 65.6%€75,845within the sector's middle half▲ 66.2%€76,778within the sector's middle half▲ 1.2%€91,766above the sector's middle half▲ 19.5%€112,873above the sector's middle half▲ 23.0%€69,098within the sector's middle half▼ 38.8%€51,535within the sector's middle half▼ 25.4%
Solvency44.5%-47.8%▲ 3.3pp61.9%within the sector's middle half▲ 14.1pp67.3%above the sector's middle half▲ 5.4pp60.2%within the sector's middle half▼ 7.1pp78.3%above the sector's middle half▲ 18.1pp57.5%within the sector's middle half▼ 20.8pp59.3%within the sector's middle half▲ 1.8pp
Current ratio1.54-2.29▲ 0.753.63above the sector's middle half▲ 1.342.38within the sector's middle half▼ 1.252.41within the sector's middle half▲ 0.033.97above the sector's middle half▲ 1.562.12within the sector's middle half▼ 1.851.56within the sector's middle half▼ 0.56
Return on assets (ROA)8.6%-11.1%▲ 2.5pp16.0%within the sector's middle half▲ 4.8pp16.1%within the sector's middle half▲ 0.2pp0.7%below the sector's middle half▼ 15.5pp14.0%within the sector's middle half▲ 13.3pp6.2%within the sector's middle half▼ 7.8pp16.9%within the sector's middle half▲ 10.7pp
Staff (FTE)0.1-1.21.6▲ 33.3%1.8▲ 12.5%1.6▼ 11.1%2.5▲ 56.3%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 174% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
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 €327,216
Fixed assets
€182,944 ▲ 65.5%
Current assets
€144,272 ▲ 10.2%
Equity and liabilities €327,216
Equity
€194,161 ▲ 39.9%
Debt
€133,056 ▲ 29.6%
Debt's share of the balance-sheet total falls from 42.5% to 40.7%. Equity and debt are higher.
Key figures and ratios
EBITDA
€86,257▲
2024 · €32,895
Cash flow
€78,104▲
2024 · €24,592
Quick ratio
1.11▼
2024 · 1.83
Debt to equity
0.69▼
2024 · 0.74
ROE
28.5%▲
2024 · 10.7%
Interest coverage
22.28▼
2024 · 23.95
Debt ≤ 1 year
€92,738▲
2024 · €61,821
Debt > 1 year
€40,318▼
2024 · €40,830
Income taxes
€21,244▲
2024 · €10,074
Staff costs
€158,908▲
2024 · €98,514
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 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 1 | 2 | 2 | 3 |
| full-time | 1 | 1 | 1 | 1 | 2 |
| part-time | 1 | - | 1 | 1 | 1 |
| in full-time equivalents | 1.6 | 1 | 1.6 | 1.6 | 2.6 |
| Average over the year, in full-time equivalents | 1.2 | 1.6 | 1.8 | 1.6 | 2.5 |
| On a permanent contract | 2 | 1 | 2 | 2 | 3 |
| Joined | 1 | 0 | 2 | - | 3 |
| Left | 0 | 1 | 1 | - | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €23,915 | - | €12,571 | €95,684 | €95,156 |
| Depreciation and write-downs of the year | €20,953 | €22,591 | €7,412 | €9,687 | €22,761 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €1,662 awarded · €1,662 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €959 | €959 |
| 2024 | 1 | €404 | €404 |
| 2023 | 1 | €299 | €299 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €47,126 | €73,400 | €99,870 | €98,514 | €158,908 | ▲ 61.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,505 | €20,303 | €20,615 | €20,953 | €22,591 | €7,412 | €9,687 | €22,761 | ▲ 135% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | €5,584 | €199 | ▼ 96.4% |
| Other operating charges640/8 | - | - | - | €852 | €1,698 | €2,512 | €2,101 | €3,810 | ▲ 81.4% |
| Gross operating margin9900 | €33,196 | €40,303 | €86,418 | €97,281 | €98,559 | €139,512 | €139,094 | €249,174 | ▲ 79.1% |
| Operating profit (loss)9901 | €14,358 | €18,708 | €35,382 | €28,351 | €870 | €29,718 | €23,209 | €63,496 | ▲ 174% |
| Financial income75/76B | - | - | - | €6,379 | €3,119 | €5,376 | €3,144 | €16,961 | ▲ 439% |
| Recurring financial income75 | €2,030 | €2,219 | €2,674 | €6,379 | €3,119 | €5,376 | €3,144 | €6,961 | ▲ 121% |
| Non-recurring financial income76B | - | - | - | - | - | - | - | €10,000 | - |
| Financial charges65/66B | - | - | - | €931 | €768 | €513 | €1,373 | €3,871 | ▲ 182% |
| Recurring financial charges65 | €6,158 | €2,241 | €1,637 | €931 | €768 | €513 | €1,373 | €3,871 | ▲ 182% |
| Profit (loss) for the period before taxes9903 | €21,525 | €22,259 | €36,420 | €33,798 | €3,221 | €34,581 | €24,979 | €76,586 | ▲ 207% |
| Income taxes67/77 | €10,367 | €4,722 | €10,245 | €5,643 | €1,993 | €10,053 | €10,074 | €21,244 | ▲ 111% |
| Profit (loss) for the period9904 | €11,158 | €17,537 | €26,175 | €28,155 | €1,228 | €24,528 | €14,905 | €55,343 | ▲ 271% |
| Profit (loss) for the period to be appropriated9905 | €11,158 | €17,537 | €26,175 | €28,155 | €1,228 | €24,528 | €14,905 | €55,343 | ▲ 271% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €129,878 | €157,651 | €164,051 | €174,644 | €187,458 | €175,425 | €241,468 | €327,216 | ▲ 35.5% |
| Fixed assets21/28 | €51,576 | €76,657 | €59,409 | €42,261 | €30,624 | €24,552 | €110,549 | €182,944 | ▲ 65.5% |
| Tangible fixed assets22/27 | €51,576 | €76,657 | €59,409 | €42,261 | €30,624 | €24,552 | €110,549 | €182,944 | ▲ 65.5% |
| Land and buildings22 | - | - | - | €6,699 | €4,361 | €7,665 | €92,825 | €112,946 | ▲ 21.7% |
| Plant, machinery and equipment23 | - | - | - | €5,707 | €10,728 | €10,834 | €13,540 | €14,873 | ▲ 9.9% |
| Furniture and vehicles24 | - | - | - | €29,855 | €15,535 | €6,053 | €4,185 | €55,125 | ▲ 13× |
| Current assets29/58 | €78,302 | €80,994 | €104,641 | €132,383 | €156,834 | €150,873 | €130,919 | €144,272 | ▲ 10.2% |
| Stocks and contracts in progress3 | €14,058 | €8,737 | €14,142 | €36,278 | €45,842 | €55,942 | €17,819 | €41,581 | ▲ 133% |
| Stocks30/36 | - | - | - | €36,278 | €45,842 | €55,942 | €17,819 | €41,581 | ▲ 133% |
| Amounts receivable within one year40/41 | €23,683 | €35,896 | €54,579 | €67,074 | €90,631 | €72,252 | €84,946 | €71,209 | ▼ 16.2% |
| Trade receivables40 | - | - | - | €45,405 | €72,500 | €31,830 | €61,762 | €29,446 | ▼ 52.3% |
| Other amounts receivable41 | - | - | - | €21,669 | €18,132 | €40,423 | €23,184 | €41,763 | ▲ 80.1% |
| Cash at bank and in hand54/58 | €40,561 | €34,545 | €35,920 | €29,030 | €20,361 | €22,041 | €23,940 | €29,176 | ▲ 21.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €638 | €4,213 | €2,307 | ▼ 45.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €129,878 | €157,651 | €164,051 | €174,644 | €187,458 | €175,425 | €241,468 | €327,216 | ▲ 35.5% |
| Equity10/15 | €57,822 | €75,359 | €101,534 | €117,605 | €112,897 | €137,425 | €138,818 | €194,161 | ▲ 39.9% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €8,060 | €8,060 | = |
| Contributions outside capital11 | - | - | - | €6,200 | €6,200 | €6,200 | €8,060 | €8,060 | = |
| Share premium1100/10 | - | - | - | - | - | - | €6,200 | €6,200 | = |
| Other1109/19 | - | - | - | €6,200 | €6,200 | €6,200 | €1,860 | €1,860 | = |
| Reserves13 | €51,622 | €69,159 | €95,334 | €111,405 | €106,697 | €131,225 | €130,758 | €186,101 | ▲ 42.3% |
| Non-distributable reserves130/1 | - | - | - | €103,847 | €99,138 | €123,667 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €103,847 | €99,138 | €123,667 | - | - | - |
| Distributable reserves133 | - | - | - | €7,558 | €7,558 | €7,558 | €130,758 | €186,101 | ▲ 42.3% |
| Amounts payable17/49 | €72,056 | €82,292 | €62,516 | €57,040 | €74,561 | €38,000 | €102,650 | €133,056 | ▲ 29.6% |
| Amounts payable after more than one year17 | €21,317 | €46,944 | €33,720 | €1,435 | €9,493 | - | €40,830 | €40,318 | ▼ 1.3% |
| Financial debts170/4 | - | - | - | €1,435 | €9,493 | - | €40,830 | €40,318 | ▼ 1.3% |
| Amounts payable within one year42/48 | €50,739 | €35,348 | €28,797 | €55,605 | €65,068 | €38,000 | €61,821 | €92,738 | ▲ 50.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €32,284 | €10,779 | - | €11,453 | €25,246 | ▲ 120% |
| Trade debts44 | €4,632 | €4,654 | €4,341 | €19,754 | €50,007 | €27,613 | €38,594 | €47,744 | ▲ 23.7% |
| Suppliers440/4 | - | - | - | €19,754 | €50,007 | €27,613 | €38,594 | €47,744 | ▲ 23.7% |
| Taxes, remuneration and social security45 | - | - | - | €3,007 | €3,479 | €5,549 | €8,348 | €16,227 | ▲ 94.4% |
| Taxes450/3 | - | - | - | €3,007 | €2,979 | €5,549 | €2,761 | €10,445 | ▲ 278% |
| Remuneration and social security454/9 | - | - | - | - | €500 | - | €5,587 | €5,782 | ▲ 3.5% |
| Other amounts payable47/48 | - | - | - | €560 | €803 | €4,838 | €3,426 | €3,520 | ▲ 2.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €11,158 | €17,537 | €26,175 | €28,155 | €1,228 | €24,528 | €14,905 | €55,343 | ▲ 271% |
| + Depreciation and write-downs630 | €15,505 | €20,303 | €20,615 | €20,953 | €22,591 | €7,412 | €9,687 | €22,761 | ▲ 135% |
| Operating cash flow (approximation) | €26,664 | €37,840 | €46,789 | €49,108 | €23,819 | €31,940 | €24,592 | €78,104 | ▲ 218% |
| Investment in fixed assets (approximation) | - | -€45,384 | -€3,367 | -€3,805 | -€10,953 | -€1,340 | -€95,684 | -€95,156 | ▲ 0.6% |
| Change in cash | - | -€6,017 | €1,375 | -€6,889 | -€8,670 | €1,680 | €1,899 | €5,235 | ▲ 176% |
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, 34,693 companies had the same profile as DoCAD has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of DoCAD itself: 0.3% 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 34,693 companies, not a prediction for DoCAD. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-06-2026 | 2026-00136737 | |
| 31-12-2024 | micro format | 03-06-2025 | 2025-00115493 | |
| 31-12-2023 | micro format | 03-06-2024 | 2024-00105883 | |
| 31-12-2022 | micro format | 05-06-2023 | 2023-00107801 | |
| 31-12-2021 | micro format | 07-06-2022 | 2022-20059996 | |
| 31-12-2020 | micro format | 17-06-2021 | 2021-20800401 | |
| 31-12-2019 | micro format | 03-06-2020 | 2020-14300122 | |
| 31-12-2018 | micro format | 13-06-2019 | 2019-18700002 | |
| 31-12-2017 | micro format | 06-06-2018 | 2018-16600345 | |
| 31-12-2016 | abbreviated format | 09-06-2017 | 2017-16500014 |