Dolfeyn
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 12-06-2026 at the NBB all 49 filings
Turnover
≈ €740,000
Estimated: probably between €580,000 and €1.0m
EBIT margin
Not included in this filing
Net result
€9,538
2024 · -€22,571
Working capital
€170,297▲ 77.6%
2024 · €95,877
In the rankings
#2 oldest company in Mortsel, Construction sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€18,937
2025
20182025
Net result
€9,538
2025
middle half of the sector
20182025
Equity
€206,395
▲ 4.8%
2025
middle half of the sector
20182025
Total assets
€453,409
▲ 1.0%
2025
middle half of the sector
20182025
Debt
€247,014
▼ 2.0%
2025
20182025
Working capital
€170,297
▲ 77.6%
2025
middle half of the sector
20182025
Solvency
45.5%
▲ 1.7pp
2025
middle half of the sector
20182025
Current ratio
2.76
▲ 0.99
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.1%
▲ 7.1pp
2025
middle half of the sector
20182025
Staff (FTE)
3
=
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€85,137--€96,045-€21,384▲ 77.7%€53,391€14,302▼ 73.2%€49,503▲ 246%-€13,053€18,937
Net result€72,128--€107,676-€32,955below the sector's middle half▲ 69.4%€43,329within the sector's middle half€5,074below the sector's middle half▼ 88.3%€40,731within the sector's middle half▲ 703%-€22,571below the sector's middle half€9,538within the sector's middle half
Equity€270,925-€163,249▼ 39.7%€130,294within the sector's middle half▼ 20.2%€173,623within the sector's middle half▲ 33.3%€178,697within the sector's middle half▲ 2.9%€219,428within the sector's middle half▲ 22.8%€196,857within the sector's middle half▼ 10.3%€206,395within the sector's middle half▲ 4.8%
Total assets€594,633-€500,599▼ 15.8%€457,652within the sector's middle half▼ 8.6%€503,678within the sector's middle half▲ 10.1%€491,754within the sector's middle half▼ 2.4%€482,021within the sector's middle half▼ 2.0%€448,976below the sector's middle half▼ 6.9%€453,409within the sector's middle half▲ 1.0%
Debt€323,708-€337,350▲ 4.2%€327,358▼ 3.0%€330,055▲ 0.8%€313,057▼ 5.2%€262,593▼ 16.1%€252,119▼ 4.0%€247,014▼ 2.0%
Working capital€169,651-€68,586▼ 59.6%€58,457within the sector's middle half▼ 14.8%€57,805within the sector's middle half▼ 1.1%€72,830within the sector's middle half▲ 26.0%€113,425within the sector's middle half▲ 55.7%€95,877within the sector's middle half▼ 15.5%€170,297within the sector's middle half▲ 77.6%
Solvency45.6%-32.6%▼ 13.0pp28.5%within the sector's middle half▼ 4.1pp34.5%within the sector's middle half▲ 6.0pp36.3%within the sector's middle half▲ 1.9pp45.5%within the sector's middle half▲ 9.2pp43.8%within the sector's middle half▼ 1.7pp45.5%within the sector's middle half▲ 1.7pp
Current ratio3.95-1.73▼ 2.221.60within the sector's middle half▼ 0.131.39within the sector's middle half▼ 0.201.53within the sector's middle half▲ 0.141.87within the sector's middle half▲ 0.341.77within the sector's middle half▼ 0.102.76above the sector's middle half▲ 0.99
Return on assets (ROA)12.1%--21.5%▼ 33.6pp-7.2%below the sector's middle half▲ 14.3pp8.6%within the sector's middle half▲ 15.8pp1.0%below the sector's middle half▼ 7.6pp8.5%within the sector's middle half▲ 7.4pp-5.0%below the sector's middle half▼ 13.5pp2.1%within the sector's middle half▲ 7.1pp
Staff (FTE)6-4▼ 33.3%4within the sector's middle half=5within the sector's middle half▲ 25.0%5within the sector's middle half=4within the sector's middle half▼ 20.0%3within the sector's middle half▼ 25.0%3below the sector's middle half=
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 a profit of €18,937, after a loss of €13,053 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €453,409
Fixed assets
€186,563 ▼ 18.4%
Current assets
€266,846 ▲ 21.1%
Equity and liabilities €453,409
Equity
€206,395 ▲ 4.8%
Debt
€247,014 ▼ 2.0%
Debt's share of the balance-sheet total falls from 56.2% to 54.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€79,186▲
2024 · €41,819
Cash flow
€69,787▲
2024 · €32,301
Quick ratio
2.24▲
2024 · 1.30
Debt to equity
1.20▼
2024 · 1.28
ROE
4.6%▲
2024 · -11.5%
Interest coverage
8.54▲
2024 · 4.41
Debt ≤ 1 year
€96,549▼
2024 · €124,482
Debt > 1 year
€146,031▲
2024 · €124,209
Income taxes
€132▲
2024 · €128
Staff costs
€184,417▼
2024 · €185,481
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 | 5 | 5 | 4 | 3 | 3 |
| full-time | 5 | 5 | 4 | 3 | 3 |
| in full-time equivalents | 5 | 5 | 4 | 3 | 3 |
| Average over the year, in full-time equivalents | 5 | 5 | 4 | 3 | 3 |
| On a permanent contract | 5 | 5 | 4 | 3 | 3 |
| Joined | 3 | - | - | 1 | - |
| Left | 3 | - | - | 1 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €63,830 | €38,039 | €14,088 | €44,761 | €18,500 |
| Depreciation and write-downs of the year | €54,123 | €54,890 | €51,080 | €54,872 | €60,249 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €202,020 | €177,407 | €171,269 | €185,481 | €184,417 | ▼ 0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €60,798 | €63,802 | €62,072 | €54,123 | €54,890 | €51,080 | €54,872 | €60,249 | ▲ 9.8% |
| Other operating charges640/8 | - | - | - | €3,467 | €5,183 | €4,633 | €4,231 | €4,144 | ▼ 2.1% |
| Gross operating margin9900 | €442,176 | €240,204 | €208,931 | €313,001 | €251,782 | €276,485 | €231,531 | €267,747 | ▲ 15.6% |
| Operating profit (loss)9901 | €85,137 | -€96,045 | -€21,384 | €53,391 | €14,302 | €49,503 | -€13,053 | €18,937 | - |
| Financial income75/76B | - | - | - | €359 | €5 | €560 | €100 | - | - |
| Recurring financial income75 | €477 | €16 | €498 | €359 | €5 | €560 | €100 | - | - |
| Financial charges65/66B | - | - | - | €10,250 | €9,050 | €9,101 | €9,490 | €9,267 | ▼ 2.3% |
| Recurring financial charges65 | €12,657 | €11,463 | €11,908 | €10,250 | €9,050 | €9,101 | €9,490 | €9,267 | ▼ 2.3% |
| Profit (loss) for the period before taxes9903 | €72,957 | -€107,492 | -€32,794 | €43,500 | €5,257 | €40,962 | -€22,443 | €9,670 | - |
| Income taxes67/77 | €829 | €184 | €161 | €171 | €183 | €231 | €128 | €132 | ▲ 3.1% |
| Profit (loss) for the period9904 | €72,128 | -€107,676 | -€32,955 | €43,329 | €5,074 | €40,731 | -€22,571 | €9,538 | - |
| Profit (loss) for the period to be appropriated9905 | €72,128 | -€107,676 | -€32,955 | €43,329 | €5,074 | €40,731 | -€22,571 | €9,538 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €594,633 | €500,599 | €457,652 | €503,678 | €491,754 | €482,021 | €448,976 | €453,409 | ▲ 1.0% |
| Fixed assets21/28 | €367,530 | €338,302 | €301,461 | €299,023 | €282,172 | €238,728 | €228,617 | €186,563 | ▼ 18.4% |
| Tangible fixed assets22/27 | €367,431 | €338,203 | €301,362 | €298,924 | €282,073 | €238,629 | €228,518 | €186,464 | ▼ 18.4% |
| Land and buildings22 | - | - | - | €200,929 | €181,630 | €159,084 | €136,539 | €116,061 | ▼ 15.0% |
| Plant, machinery and equipment23 | - | - | - | €10,660 | €11,641 | €21,833 | €19,141 | €25,163 | ▲ 31.5% |
| Furniture and vehicles24 | - | - | - | €82,084 | €88,086 | €57,361 | €72,838 | €45,240 | ▼ 37.9% |
| Other tangible fixed assets26 | - | - | - | €5,251 | €716 | €351 | - | - | - |
| Financial fixed assets28 | €99 | €99 | €99 | €99 | €99 | €99 | €99 | €99 | = |
| Current assets29/58 | €227,103 | €162,297 | €156,191 | €204,655 | €209,582 | €243,293 | €220,359 | €266,846 | ▲ 21.1% |
| Stocks and contracts in progress3 | €37,406 | €71,388 | €77,168 | €65,810 | €50,425 | €62,570 | €58,910 | €50,638 | ▼ 14.0% |
| Stocks30/36 | - | - | - | €45,810 | €50,425 | €62,570 | €58,910 | €50,638 | ▼ 14.0% |
| Contracts in progress37 | - | - | - | €20,000 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €71,433 | €42,432 | €28,835 | €27,581 | €68,982 | €50,101 | €54,139 | €105,688 | ▲ 95.2% |
| Trade receivables40 | - | - | - | €7,453 | €44,339 | €38,332 | €20,686 | €91,617 | ▲ 343% |
| Other amounts receivable41 | - | - | - | €20,128 | €24,643 | €11,769 | €33,453 | €14,071 | ▼ 57.9% |
| Cash at bank and in hand54/58 | €117,114 | €20,949 | €36,555 | €109,530 | €89,025 | €125,994 | €106,160 | €109,370 | ▲ 3.0% |
| Deferred charges and accrued income490/1 | - | - | - | €1,734 | €1,150 | €4,628 | €1,150 | €1,150 | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €594,633 | €500,599 | €457,652 | €503,678 | €491,754 | €482,021 | €448,976 | €453,409 | ▲ 1.0% |
| Equity10/15 | €270,925 | €163,249 | €130,294 | €173,623 | €178,697 | €219,428 | €196,857 | €206,395 | ▲ 4.8% |
| Contributions10/11 | €61,973 | €61,973 | - | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Capital10 | - | - | - | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Issued capital100 | - | - | - | €61,973 | €61,973 | €61,973 | €61,973 | €61,973 | = |
| Reserves13 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Non-distributable reserves130/1 | - | - | - | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Reserves not available under the articles1311 | - | - | - | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Profit (loss) carried forward14 | €202,755 | €95,079 | €62,124 | €105,453 | €110,527 | €151,258 | €128,687 | €138,225 | ▲ 7.4% |
| Amounts payable17/49 | €323,708 | €337,350 | €327,358 | €330,055 | €313,057 | €262,593 | €252,119 | €247,014 | ▼ 2.0% |
| Amounts payable after more than one year17 | €263,452 | €242,571 | €229,530 | €179,115 | €162,484 | €126,879 | €124,209 | €146,031 | ▲ 17.6% |
| Financial debts170/4 | - | - | - | €179,115 | €162,484 | €126,879 | €124,209 | €146,031 | ▲ 17.6% |
| Amounts payable within one year42/48 | €57,452 | €93,711 | €97,734 | €146,850 | €136,752 | €129,868 | €124,482 | €96,549 | ▼ 22.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €50,415 | €44,203 | €35,605 | €37,670 | €52,554 | ▲ 39.5% |
| Trade debts44 | €5,171 | - | €5,880 | - | - | - | €18,798 | - | - |
| Suppliers440/4 | - | - | - | - | - | - | €18,798 | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | €6,105 | €6,937 | - | €6,163 | - |
| Taxes450/3 | - | - | - | - | - | €1,049 | - | - | - |
| Remuneration and social security454/9 | - | - | - | - | €6,105 | €5,888 | - | €6,163 | - |
| Other amounts payable47/48 | - | - | - | €96,435 | €86,444 | €87,326 | €68,014 | €37,832 | ▼ 44.4% |
| Accrued charges and deferred income492/3 | - | - | - | €4,090 | €13,821 | €5,846 | €3,428 | €4,434 | ▲ 29.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €72,128 | -€107,676 | -€32,955 | €43,329 | €5,074 | €40,731 | -€22,571 | €9,538 | - |
| + Depreciation and write-downs630 | €60,798 | €63,802 | €62,072 | €54,123 | €54,890 | €51,080 | €54,872 | €60,249 | ▲ 9.8% |
| Operating cash flow (approximation) | €132,926 | -€43,874 | €29,117 | €97,452 | €59,964 | €91,811 | €32,301 | €69,787 | ▲ 116% |
| Investment in fixed assets (approximation) | - | -€34,574 | -€25,231 | -€51,685 | -€38,039 | -€7,636 | -€44,761 | -€18,195 | ▲ 59.4% |
| Change in cash | - | -€96,165 | €15,606 | €72,975 | -€20,505 | €36,969 | -€19,834 | €3,210 | - |
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, 17,041 companies had the same profile as Dolfeyn has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Dolfeyn 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 17,041 companies, not a prediction for Dolfeyn. 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 49 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 12-06-2026 | 2026-00174362 | |
| 31-12-2024 | abbreviated format | 02-06-2025 | 2025-00117065 | |
| 31-12-2023 | abbreviated format | 28-08-2024 | 2024-00414754 | |
| 31-12-2022 | abbreviated format | 28-06-2023 | 2023-00200565 | |
| 31-12-2021 | abbreviated format | 02-06-2022 | 2022-20051013 | |
| 31-12-2020 | abbreviated format | 13-09-2021 | 2021-67300205 | |
| 31-12-2019 | abbreviated format | 17-09-2020 | 2020-54100261 | |
| 31-12-2018 | abbreviated format | 04-07-2019 | 2019-30100143 | |
| 31-12-2017 | abbreviated format | 18-09-2018 | 2018-63500390 | |
| 31-12-2016 | abbreviated format | 27-07-2017 | 2017-38700589 |