DOLTEC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-05-2026 PDF all 27 filings
Turnover
€166,662▲ 65.8%
2024 · €100,539
EBIT margin
63.4%▲ 11.5pp
2024 · 51.9%
Net result
€68,670▲ 99.7%
2024 · €34,388
Working capital
€134,962▲ 110%
2024 · €64,119
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€166,662
▲ 65.8%
2025
20182025
Operating result
€105,680
▲ 103%
2025
20182025
Net result
€68,670
▲ 99.7%
2025
highest quarter of the sector
20182025
EBIT margin
63.4%
▲ 11.5pp
2025
20182025
Equity
€145,586
▲ 89.3%
2025
middle half of the sector
20182025
Total assets
€162,061
▲ 71.9%
2025
middle half of the sector
20182025
Debt
€16,475
▼ 5.1%
2025
20182025
Working capital
€134,962
▲ 110%
2025
highest quarter of the sector
20182025
Solvency
89.8%
▲ 8.2pp
2025
highest quarter of the sector
20182025
Current ratio
9.19
▲ 4.50
2025
highest quarter of the sector
20182025
Return on assets (ROA)
42.4%
▲ 5.9pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€51,563-€133,931▲ 160%€125,411▼ 6.4%€135,044▲ 7.7%€123,507▼ 8.5%€114,244▼ 7.5%€100,539▼ 12.0%€166,662▲ 65.8%
Operating result-€22,983-€26,495-€13,191€30,505-€246€50,605€52,161▲ 3.1%€105,680▲ 103%
Net result-€25,840-€19,122-€20,220below the sector's middle half€23,287within the sector's middle half-€1,671below the sector's middle half€33,261within the sector's middle half€34,388within the sector's middle half▲ 3.4%€68,670above the sector's middle half▲ 99.7%
EBIT margin-44.6%-19.8%▲ 64.4pp-10.5%▼ 30.3pp22.6%▲ 33.1pp-0.2%▼ 22.8pp44.3%▲ 44.5pp51.9%▲ 7.6pp63.4%▲ 11.5pp
Equity€47,944-€67,066▲ 39.9%€31,056within the sector's middle half▼ 53.7%€38,636within the sector's middle half▲ 24.4%€36,960within the sector's middle half▼ 4.3%€61,650within the sector's middle half▲ 66.8%€76,916within the sector's middle half▲ 24.8%€145,586within the sector's middle half▲ 89.3%
Total assets€109,930-€126,643▲ 15.2%€70,497below the sector's middle half▼ 44.3%€66,558below the sector's middle half▼ 5.6%€45,537below the sector's middle half▼ 31.6%€73,361below the sector's middle half▲ 61.1%€94,268within the sector's middle half▲ 28.5%€162,061within the sector's middle half▲ 71.9%
Debt€61,986-€59,577▼ 3.9%€39,441▼ 33.8%€27,922▼ 29.2%€8,576▼ 69.3%€11,711▲ 36.6%€17,352▲ 48.2%€16,475▼ 5.1%
Working capital-€27,063--€11,801▲ 56.4%€17,319within the sector's middle half€15,231within the sector's middle half▼ 12.1%€15,151within the sector's middle half▼ 0.5%€46,367within the sector's middle half▲ 206%€64,119within the sector's middle half▲ 38.3%€134,962above the sector's middle half▲ 110%
Solvency43.6%-53.0%▲ 9.3pp44.1%within the sector's middle half▼ 8.9pp58.0%within the sector's middle half▲ 14.0pp81.2%above the sector's middle half▲ 23.1pp84.0%above the sector's middle half▲ 2.9pp81.6%above the sector's middle half▼ 2.4pp89.8%above the sector's middle half▲ 8.2pp
Current ratio0.52-0.79▲ 0.271.53within the sector's middle half▲ 0.731.57within the sector's middle half▲ 0.052.93within the sector's middle half▲ 1.365.14above the sector's middle half▲ 2.204.70above the sector's middle half▼ 0.449.19above the sector's middle half▲ 4.50
Return on assets (ROA)-23.5%-15.1%▲ 38.6pp-28.7%below the sector's middle half▼ 43.8pp35.0%above the sector's middle half▲ 63.7pp-3.7%below the sector's middle half▼ 38.7pp45.3%above the sector's middle half▲ 49.0pp36.5%above the sector's middle half▼ 8.9pp42.4%above the sector's middle half▲ 5.9pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 103% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €162,061
Fixed assets
€10,625 ▼ 17.0%
Current assets
€151,437 ▲ 85.9%
Equity and liabilities €162,061
Equity
€145,586 ▲ 89.3%
Debt
€16,475 ▼ 5.1%
Debt's share of the balance-sheet total falls from 18.4% to 10.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€109,203▲
2024 · €54,956
Cash flow
€72,193▲
2024 · €37,183
Debt to equity
0.11▼
2024 · 0.23
ROE
47.2%▲
2024 · 44.7%
Interest coverage
66.74▲
2024 · 60.09
Debt ≤ 1 year
€16,475▼
2024 · €17,352
Debt > 1 year
€0
Income taxes
€36,288▲
2024 · €16,998
Customer credit
18 days▼
2024 · 38 days
Supplier credit
14 days▲
2024 · 7 days
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 | €9,410 | €4,438 | €0 | €4,911 | €103,836 |
| Depreciation and write-downs of the year | €4,961 | €6,697 | €6,763 | €2,795 | €3,523 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €51,563 | €133,931 | €125,411 | €135,044 | €123,507 | €114,244 | €100,539 | €166,662 | ▲ 65.8% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €102,661 | €120,588 | €60,645 | €53,421 | €48,975 | ▼ 8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,549 | €8,058 | €4,870 | €4,961 | €6,697 | €6,763 | €2,795 | €3,523 | ▲ 26.0% |
| Other operating charges640/8 | - | - | - | €496 | €529 | €588 | €917 | €17,802 | ▲ 19× |
| Gross operating margin9900 | -€16,252 | €35,530 | €30,558 | €35,961 | €6,980 | €57,955 | €55,873 | €127,005 | ▲ 127% |
| Operating profit (loss)9901 | -€22,983 | €26,495 | -€13,191 | €30,505 | -€246 | €50,605 | €52,161 | €105,680 | ▲ 103% |
| Financial income75/76B | - | - | - | - | €0 | €5 | €140 | €915 | ▲ 555% |
| Recurring financial income75 | - | - | - | - | €0 | €5 | €140 | €915 | ▲ 555% |
| Financial charges65/66B | - | - | - | €440 | €698 | €636 | €914 | €1,636 | ▲ 78.9% |
| Recurring financial charges65 | €2,323 | €2,400 | €1,649 | €440 | €698 | €636 | €914 | €1,636 | ▲ 78.9% |
| Profit (loss) for the period before taxes9903 | -€25,306 | €24,095 | -€14,840 | €30,065 | -€944 | €49,975 | €51,386 | €104,959 | ▲ 104% |
| Income taxes67/77 | €534 | €4,973 | €5,380 | €6,778 | €727 | €16,713 | €16,998 | €36,288 | ▲ 113% |
| Profit (loss) for the period9904 | -€25,840 | €19,122 | -€20,220 | €23,287 | -€1,671 | €33,261 | €34,388 | €68,670 | ▲ 99.7% |
| Profit (loss) for the period to be appropriated9905 | -€25,840 | €19,122 | -€20,220 | €23,287 | -€1,671 | €33,261 | €34,388 | €68,670 | ▲ 99.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €109,930 | €126,643 | €70,497 | €66,558 | €45,537 | €73,361 | €94,268 | €162,061 | ▲ 71.9% |
| Fixed assets21/28 | €80,489 | €81,268 | €20,355 | €24,804 | €22,545 | €15,783 | €12,797 | €10,625 | ▼ 17.0% |
| Tangible fixed assets22/27 | €6,230 | €7,009 | €20,355 | €24,804 | €22,545 | €15,783 | €12,797 | €10,625 | ▼ 17.0% |
| Furniture and vehicles24 | - | - | - | €13,869 | €12,887 | €7,394 | €1,183 | €976 | ▼ 17.5% |
| Other tangible fixed assets26 | - | - | - | €10,935 | €9,658 | €8,388 | €11,614 | €9,649 | ▼ 16.9% |
| Financial fixed assets28 | €74,259 | €74,259 | €0 | - | - | - | - | - | - |
| Current assets29/58 | €29,441 | €45,375 | €50,142 | €41,754 | €22,991 | €57,579 | €81,471 | €151,437 | ▲ 85.9% |
| Amounts receivable within one year40/41 | €29,441 | €45,375 | €12,275 | €15,322 | €6,419 | €4,072 | €10,337 | €26,286 | ▲ 154% |
| Trade receivables40 | - | - | - | €12,100 | €146 | €4,054 | €10,337 | €8,287 | ▼ 19.8% |
| Other amounts receivable41 | - | - | - | €3,222 | €6,273 | €19 | €0 | €17,999 | - |
| Cash at bank and in hand54/58 | €0 | €0 | €37,245 | €25,887 | €15,972 | €52,893 | €70,509 | €123,963 | ▲ 75.8% |
| Deferred charges and accrued income490/1 | - | - | - | €545 | €601 | €613 | €626 | €1,188 | ▲ 89.9% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €109,930 | €126,643 | €70,497 | €66,558 | €45,537 | €73,361 | €94,268 | €162,061 | ▲ 71.9% |
| Equity10/15 | €47,944 | €67,066 | €31,056 | €38,636 | €36,960 | €61,650 | €76,916 | €145,586 | ▲ 89.3% |
| Contributions10/11 | €6,197 | €6,197 | - | €6,197 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €67,586 | €60,868 | €45,079 | €32,439 | €32,431 | €55,450 | €70,716 | €139,386 | ▲ 97.1% |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €0 | - | - | - | - |
| Distributable reserves133 | - | - | - | €30,580 | €32,431 | €55,450 | €70,716 | €139,386 | ▲ 97.1% |
| Profit (loss) carried forward14 | -€25,840 | €0 | -€20,220 | €0 | -€1,671 | €0 | - | - | - |
| Amounts payable17/49 | €61,986 | €59,577 | €39,441 | €27,922 | €8,576 | €11,711 | €17,352 | €16,475 | ▼ 5.1% |
| Amounts payable after more than one year17 | €4,882 | €1,819 | €6,222 | €889 | €0 | - | - | €0 | - |
| Financial debts170/4 | - | - | - | €889 | €0 | - | - | €0 | - |
| Amounts payable within one year42/48 | €56,504 | €57,176 | €32,823 | €26,523 | €7,840 | €11,212 | €17,352 | €16,475 | ▼ 5.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,333 | €889 | €0 | - | €0 | - |
| Financial debts43 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Credit institutions430/8 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Trade debts44 | €1,393 | €7,104 | €1,305 | €368 | €0 | €0 | €1,075 | €1,903 | ▲ 77.1% |
| Suppliers440/4 | - | - | - | €368 | €0 | €0 | €1,075 | €1,903 | ▲ 77.1% |
| Taxes, remuneration and social security45 | - | - | - | €5,115 | €6,951 | €8,640 | €12,356 | €14,572 | ▲ 17.9% |
| Taxes450/3 | - | - | - | €5,115 | €6,946 | €8,068 | €11,128 | €14,572 | ▲ 30.9% |
| Remuneration and social security454/9 | - | - | - | €0 | €5 | €572 | €1,228 | €0 | ▼ 100% |
| Other amounts payable47/48 | - | - | - | €15,707 | €0 | €2,571 | €3,922 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €510 | €736 | €499 | €0 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€25,840 | €19,122 | -€20,220 | €23,287 | -€1,671 | €33,261 | €34,388 | €68,670 | ▲ 99.7% |
| + Depreciation and write-downs630 | €5,549 | €8,058 | €4,870 | €4,961 | €6,697 | €6,763 | €2,795 | €3,523 | ▲ 26.0% |
| Operating cash flow (approximation) | -€20,291 | €27,180 | -€15,351 | €28,248 | €5,027 | €40,024 | €37,183 | €72,193 | ▲ 94.2% |
| Investment in fixed assets (approximation) | - | -€8,837 | €56,044 | -€9,410 | -€4,438 | €0 | €191 | -€1,351 | - |
| Change in cash | - | €0 | €37,245 | -€11,358 | -€9,916 | €36,922 | €17,616 | €53,454 | ▲ 203% |
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, 31,368 companies had the same profile as DOLTEC has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DOLTEC 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 31,368 companies, not a prediction for DOLTEC. 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 27 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-05-2026 | 2026-00114744 | |
| 31-12-2024 | micro format | 16-05-2025 | 2025-00099547 | |
| 31-12-2023 | micro format | 05-06-2024 | 2024-00112853 | |
| 31-12-2022 | micro format | 09-05-2023 | 2023-00084627 | |
| 31-12-2021 | micro format | 25-05-2022 | 2022-20035865 | |
| 31-12-2020 | micro format | 25-05-2021 | 2021-15200020 | |
| 31-12-2019 | micro format | 26-05-2020 | 2020-13000395 | |
| 31-12-2018 | micro format | 03-06-2019 | 2019-15600597 | |
| 31-12-2017 | micro format | 05-07-2018 | 2018-29000219 | |
| 31-12-2016 | micro format | 03-07-2017 | 2017-26300418 |