Dokter Inge Moerman
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-07-2026 at the NBB all 17 filings
Turnover
≈ €220,000
Estimated: probably between €170,000 and €290,000
Total assets
€696,780▲ 7.9%
2024 · €645,702
Net result
€56,482▼ 11.8%
2024 · €64,019
Working capital
€319,925▲ 4.3%
2024 · €306,854
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€79,945
▼ 10.7%
2025
20182025
Net result
€56,482
▼ 11.8%
2025
middle half of the sector
20182025
Equity
€673,333
▲ 9.2%
2025
highest quarter of the sector
20182025
Total assets
€696,780
▲ 7.9%
2025
highest quarter of the sector
20182025
Debt
€23,448
▼ 18.7%
2025
20182025
Working capital
€319,925
▲ 4.3%
2025
highest quarter of the sector
20182025
Solvency
96.6%
▲ 1.1pp
2025
highest quarter of the sector
20182025
Current ratio
14.64
▲ 3.01
2025
highest quarter of the sector
20182025
Return on assets (ROA)
8.1%
▼ 1.8pp
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€4,969-€80,965▲ 16×€92,017▲ 13.6%€49,665▼ 46.0%€75,439▲ 51.9%€96,135▲ 27.4%€89,504▼ 6.9%€79,945▼ 10.7%
Net result€788-€58,499▲ 74×€67,744within the sector's middle half▲ 15.8%€37,044within the sector's middle half▼ 45.3%€54,007within the sector's middle half▲ 45.8%€68,913within the sector's middle half▲ 27.6%€64,019within the sector's middle half▼ 7.1%€56,482within the sector's middle half▼ 11.8%
Equity€465,642-€524,141▲ 12.6%€591,884above the sector's middle half▲ 12.9%€480,487above the sector's middle half▼ 18.8%€483,919above the sector's middle half▲ 0.7%€552,831above the sector's middle half▲ 14.2%€616,851above the sector's middle half▲ 11.6%€673,333above the sector's middle half▲ 9.2%
Total assets€537,145-€543,753▲ 1.2%€618,245above the sector's middle half▲ 13.7%€504,605within the sector's middle half▼ 18.4%€525,251within the sector's middle half▲ 4.1%€603,268within the sector's middle half▲ 14.9%€645,702above the sector's middle half▲ 7.0%€696,780above the sector's middle half▲ 7.9%
Debt€71,503-€19,613▼ 72.6%€26,361▲ 34.4%€24,118▼ 8.5%€41,332▲ 71.4%€50,436▲ 22.0%€28,851▼ 42.8%€23,448▼ 18.7%
Working capital€151,322-€170,558▲ 12.7%€249,026above the sector's middle half▲ 46.0%€145,066within the sector's middle half▼ 41.7%€156,776within the sector's middle half▲ 8.1%€236,732within the sector's middle half▲ 51.0%€306,854above the sector's middle half▲ 29.6%€319,925above the sector's middle half▲ 4.3%
Solvency86.7%-96.4%▲ 9.7pp95.7%above the sector's middle half▼ 0.7pp95.2%above the sector's middle half▼ 0.5pp92.1%above the sector's middle half▼ 3.1pp91.6%above the sector's middle half▼ 0.5pp95.5%above the sector's middle half▲ 3.9pp96.6%above the sector's middle half▲ 1.1pp
Current ratio7.47-9.70▲ 2.2210.45above the sector's middle half▲ 0.767.02above the sector's middle half▼ 3.434.79within the sector's middle half▼ 2.235.71within the sector's middle half▲ 0.9211.64above the sector's middle half▲ 5.9214.64above the sector's middle half▲ 3.01
Return on assets (ROA)0.1%-10.8%▲ 10.6pp11.0%within the sector's middle half▲ 0.2pp7.3%below the sector's middle half▼ 3.6pp10.3%within the sector's middle half▲ 2.9pp11.4%within the sector's middle half▲ 1.1pp9.9%within the sector's middle half▼ 1.5pp8.1%below the sector's middle half▼ 1.8pp
above
within
below
The sector band is the middle half of the companies in Human health activities (NACE 86). 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 11% lower than in 2024. 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 €696,780
Fixed assets
€353,408 ▲ 14.0%
Current assets
€343,373 ▲ 2.3%
Equity and liabilities €696,780
Equity
€673,333 ▲ 9.2%
Debt
€23,448 ▼ 18.7%
Debt's share of the balance-sheet total falls from 4.5% to 3.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€97,793▼
2024 · €99,890
Cash flow
€74,331▼
2024 · €74,405
Debt to equity
0.03▼
2024 · 0.05
ROE
8.4%▼
2024 · 10.4%
Interest coverage
99.21▼
2024 · over 100
Debt ≤ 1 year
€23,448▼
2024 · €28,851
Income taxes
€22,477▼
2024 · €24,879
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 | €3,123 | €2,405 | - | €4,084 | €61,259 |
| Depreciation and write-downs of the year | €10,560 | €10,707 | €10,843 | €10,386 | €17,849 |
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 | - | - | - | - | - | - | - | €9,000 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €36,564 | €11,529 | €10,702 | €10,560 | €10,707 | €10,843 | €10,386 | €17,849 | ▲ 71.9% |
| Other operating charges640/8 | - | - | - | €2,201 | €2,233 | €2,919 | €2,381 | €2,042 | ▼ 14.2% |
| Gross operating margin9900 | €44,160 | €94,633 | €104,896 | €62,426 | €88,378 | €109,897 | €102,271 | €99,835 | ▼ 2.4% |
| Operating profit (loss)9901 | €4,969 | €80,965 | €92,017 | €49,665 | €75,439 | €96,135 | €89,504 | €79,945 | ▼ 10.7% |
| Financial income75/76B | - | - | - | €1,487 | €11 | €0 | - | - | - |
| Recurring financial income75 | €1,974 | €2,086 | €2,425 | €1,487 | €11 | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €321 | €361 | €465 | €605 | €986 | ▲ 62.9% |
| Recurring financial charges65 | €3,297 | €680 | €231 | €321 | €361 | €465 | €605 | €986 | ▲ 62.9% |
| Profit (loss) for the period before taxes9903 | €3,646 | €82,371 | €94,210 | €50,831 | €75,089 | €95,670 | €88,899 | €78,959 | ▼ 11.2% |
| Income taxes67/77 | €2,858 | €23,872 | €26,466 | €13,787 | €21,083 | €26,757 | €24,879 | €22,477 | ▼ 9.7% |
| Profit (loss) for the period9904 | €788 | €58,499 | €67,744 | €37,044 | €54,007 | €68,913 | €64,019 | €56,482 | ▼ 11.8% |
| Profit (loss) for the period to be appropriated9905 | €788 | €58,499 | €67,744 | €37,044 | €54,007 | €68,913 | €64,019 | €56,482 | ▼ 11.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €537,145 | €543,753 | €618,245 | €504,605 | €525,251 | €603,268 | €645,702 | €696,780 | ▲ 7.9% |
| Fixed assets21/28 | €362,452 | €353,583 | €342,881 | €335,444 | €327,142 | €316,299 | €309,997 | €353,408 | ▲ 14.0% |
| Tangible fixed assets22/27 | €362,452 | €353,583 | €342,881 | €335,444 | €327,142 | €316,299 | €309,997 | €353,408 | ▲ 14.0% |
| Land and buildings22 | - | - | - | €332,994 | €323,994 | €314,994 | €305,993 | €296,993 | ▼ 2.9% |
| Furniture and vehicles24 | - | - | - | €2,450 | €3,148 | €1,306 | €4,004 | €56,415 | ▲ 14× |
| Current assets29/58 | €174,693 | €190,171 | €275,365 | €169,161 | €198,109 | €286,969 | €335,705 | €343,373 | ▲ 2.3% |
| Amounts receivable within one year40/41 | €54,277 | €45,232 | €99,706 | €52,976 | €21,851 | €24,138 | €27,877 | €21,800 | ▼ 21.8% |
| Trade receivables40 | - | - | - | €20,536 | €21,851 | €24,138 | €27,877 | €21,800 | ▼ 21.8% |
| Other amounts receivable41 | - | - | - | €32,440 | €0 | - | - | - | - |
| Current investments50/53 | €17,060 | €8,560 | €30,001 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €103,031 | €136,027 | €145,309 | €115,479 | €169,107 | €255,797 | €301,527 | €318,715 | ▲ 5.7% |
| Deferred charges and accrued income490/1 | - | - | - | €706 | €7,150 | €7,034 | €6,301 | €2,858 | ▼ 54.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €537,145 | €543,753 | €618,245 | €504,605 | €525,251 | €603,268 | €645,702 | €696,780 | ▲ 7.9% |
| Equity10/15 | €465,642 | €524,141 | €591,884 | €480,487 | €483,919 | €552,831 | €616,851 | €673,333 | ▲ 9.2% |
| Contributions10/11 | €12,400 | €12,400 | - | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Reserves13 | €453,242 | €511,741 | €579,484 | €468,087 | €471,519 | €540,431 | €604,451 | €660,933 | ▲ 9.3% |
| Distributable reserves133 | - | - | - | €468,087 | €471,519 | €540,431 | €604,451 | €660,933 | ▲ 9.3% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | €0 | - | - | - |
| Amounts payable17/49 | €71,503 | €19,613 | €26,361 | €24,118 | €41,332 | €50,436 | €28,851 | €23,448 | ▼ 18.7% |
| Amounts payable after more than one year17 | €48,132 | €0 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €23,371 | €19,613 | €26,339 | €24,095 | €41,332 | €50,236 | €28,851 | €23,448 | ▼ 18.7% |
| Financial debts43 | - | - | - | €5,201 | €5,025 | €5,054 | €5,072 | €5,316 | ▲ 4.8% |
| Credit institutions430/8 | - | - | - | €5,201 | €5,025 | €5,054 | €5,072 | €5,316 | ▲ 4.8% |
| Trade debts44 | €2,438 | €4,269 | €184 | €436 | €4,064 | €4,920 | €5,880 | €9,099 | ▲ 54.7% |
| Suppliers440/4 | - | - | - | €436 | €4,064 | €4,920 | €5,880 | €9,099 | ▲ 54.7% |
| Taxes, remuneration and social security45 | - | - | - | €18,459 | €5,542 | €12,300 | €16,097 | €6,925 | ▼ 57.0% |
| Taxes450/3 | - | - | - | €13,999 | €1,083 | €7,840 | €11,637 | €2,465 | ▼ 78.8% |
| Remuneration and social security454/9 | - | - | - | €4,460 | €4,460 | €4,460 | €4,460 | €4,460 | = |
| Other amounts payable47/48 | - | - | - | - | €26,700 | €27,963 | €1,803 | €2,108 | ▲ 16.9% |
| Accrued charges and deferred income492/3 | - | - | - | €23 | €0 | €200 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €788 | €58,499 | €67,744 | €37,044 | €54,007 | €68,913 | €64,019 | €56,482 | ▼ 11.8% |
| + Depreciation and write-downs630 | €36,564 | €11,529 | €10,702 | €10,560 | €10,707 | €10,843 | €10,386 | €17,849 | ▲ 71.9% |
| Operating cash flow (approximation) | €37,352 | €70,028 | €78,445 | €47,604 | €64,714 | €79,756 | €74,405 | €74,331 | ▼ 0.1% |
| Investment in fixed assets (approximation) | - | -€2,660 | €0 | -€3,123 | -€2,405 | €0 | -€4,084 | -€61,259 | ▼ 1,400% |
| Change in cash | - | €32,995 | €9,282 | -€29,830 | €53,628 | €86,689 | €45,730 | €17,188 | ▼ 62.4% |
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, 17,811 companies had the same profile as Dokter Inge Moerman has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of Dokter Inge Moerman itself: < 0.1% 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 17,811 companies, not a prediction for Dokter Inge Moerman. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 09-07-2026 | 2026-00272275 | |
| 31-12-2024 | micro format | 30-06-2025 | 2025-00199105 | |
| 31-12-2023 | micro format | 12-07-2024 | 2024-00237874 | |
| 31-12-2022 | micro format | 27-07-2023 | 2023-00277268 | |
| 31-12-2021 | micro format | 09-06-2022 | 2022-20053235 | |
| 31-12-2020 | micro format | 09-07-2021 | 2021-33300579 | |
| 31-12-2019 | micro format | 31-07-2020 | 2020-38100159 | |
| 31-12-2018 | micro format | 29-08-2019 | 2019-54900430 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-59100369 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-53200386 |