DONNET & CO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 08-06-2026 PDF all 24 filings
Equity
€14,809▼ 23.3%
2024 · €19,305
Total assets
€26,721▼ 19.2%
2024 · €33,070
Net result
-€4,496
2024 · €1,763
Working capital
€3,694▼ 46.7%
2024 · €6,934
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€4,267
2025
20182025
Net result
-€4,496
2025
lowest quarter of the sector
20182025
Equity
€14,809
▼ 23.3%
2025
middle half of the sector
20182025
Total assets
€26,721
▼ 19.2%
2025
lowest quarter of the sector
20182025
Debt
€11,912
▼ 13.5%
2025
20182025
Working capital
€3,694
▼ 46.7%
2025
middle half of the sector
20182025
Solvency
55.4%
▼ 3.0pp
2025
middle half of the sector
20182025
Current ratio
2.78
▼ 2.97
2025
middle half of the sector
20182025
Return on assets (ROA)
-16.8%
▼ 22.2pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€6,484--€6,326▲ 2.4%€11,513€39,815▲ 246%-€755-€19,358▼ 2,464%€1,873-€4,267
Net result-€6,727--€5,502▲ 18.2%€12,566within the sector's middle half€34,899above the sector's middle half▲ 178%-€1,843within the sector's middle half-€19,714below the sector's middle half▼ 970%€1,763within the sector's middle half-€4,496below the sector's middle half
Equity€5,136--€366€12,200within the sector's middle half€39,099within the sector's middle half▲ 220%€37,256within the sector's middle half▼ 4.7%€17,542within the sector's middle half▼ 52.9%€19,305within the sector's middle half▲ 10.1%€14,809within the sector's middle half▼ 23.3%
Total assets€35,156-€21,758▼ 38.1%€32,362below the sector's middle half▲ 48.7%€64,568below the sector's middle half▲ 99.5%€54,893below the sector's middle half▼ 15.0%€36,291below the sector's middle half▼ 33.9%€33,070below the sector's middle half▼ 8.9%€26,721below the sector's middle half▼ 19.2%
Debt€30,020-€22,124▼ 26.3%€20,162▼ 8.9%€25,469▲ 26.3%€17,637▼ 30.8%€18,749▲ 6.3%€13,765▼ 26.6%€11,912▼ 13.5%
Working capital€1,109--€1,839€10,416within the sector's middle half-€831within the sector's middle half€6,165within the sector's middle half€4,175within the sector's middle half▼ 32.3%€6,934within the sector's middle half▲ 66.1%€3,694within the sector's middle half▼ 46.7%
Solvency14.6%--1.7%▼ 16.3pp37.7%within the sector's middle half▲ 39.4pp60.6%within the sector's middle half▲ 22.9pp67.9%above the sector's middle half▲ 7.3pp48.3%within the sector's middle half▼ 19.5pp58.4%within the sector's middle half▲ 10.0pp55.4%within the sector's middle half▼ 3.0pp
Current ratio1.04-0.91▼ 0.121.52within the sector's middle half▲ 0.600.97within the sector's middle half▼ 0.551.35within the sector's middle half▲ 0.383.14within the sector's middle half▲ 1.795.74above the sector's middle half▲ 2.602.78within the sector's middle half▼ 2.97
Return on assets (ROA)-19.1%--25.3%▼ 6.2pp38.8%above the sector's middle half▲ 64.1pp54.0%above the sector's middle half▲ 15.2pp-3.4%below the sector's middle half▼ 57.4pp-54.3%below the sector's middle half▼ 51.0pp5.3%within the sector's middle half▲ 59.7pp-16.8%below the sector's middle half▼ 22.2pp
Staff (FTE)2-2=2within the sector's middle half=2=2=0.1▼ 95.0%
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 loss of €4,267, after a profit of €1,873 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €26,721
Fixed assets
€20,946 ▼ 15.1%
Current assets
€5,775 ▼ 31.2%
Equity and liabilities €26,721
Equity
€14,809 ▼ 23.3%
Debt
€11,912 ▼ 13.5%
Debt's share of the balance-sheet total rises from 41.6% to 44.6%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€2,993▼
2024 · €3,495
Cash flow
-€3,222▼
2024 · €3,385
Debt to equity
0.80▲
2024 · 0.71
ROE
-30.4%▼
2024 · 9.1%
Interest coverage
-13.07▼
2024 · 31.77
Debt ≤ 1 year
€2,081▲
2024 · €1,462
Debt > 1 year
€9,831▼
2024 · €12,303
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 |
|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | - |
| full-time | 2 | 2 | - |
| in full-time equivalents | 2 | 2 | - |
| Average over the year, in full-time equivalents | 2 | 2 | 0.1 |
| On a permanent contract | 2 | 2 | - |
| Joined | - | 0 | 0 |
| Left | - | 1 | 2 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €41,956 | €565 | €7,177 | - | - |
| Financial fixed assets | - | - | €1,062 | - | €1,418 |
| Depreciation and write-downs of the year | €3,810 | €9,404 | €9,163 | €1,622 | €1,274 |
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 | - | - | - | €49,706 | €50,772 | €2,061 | €339 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,827 | €2,122 | €1,570 | €3,810 | €9,404 | €9,163 | €1,622 | €1,274 | ▼ 21.5% |
| Other operating charges640/8 | - | - | - | €894 | €1,244 | €1,126 | €847 | €908 | ▲ 7.2% |
| Gross operating margin9900 | €68,174 | €69,247 | €87,878 | €94,225 | €60,665 | -€7,008 | €4,681 | -€2,085 | - |
| Operating profit (loss)9901 | -€6,484 | -€6,326 | €11,513 | €39,815 | -€755 | -€19,358 | €1,873 | -€4,267 | - |
| Financial income75/76B | - | - | - | €598 | €473 | - | - | - | - |
| Recurring financial income75 | - | €1,176 | €1,265 | €598 | €473 | - | - | - | - |
| Financial charges65/66B | - | - | - | €1,130 | €1,606 | €356 | €110 | €229 | ▲ 108% |
| Recurring financial charges65 | €243 | €352 | €212 | €1,130 | €1,606 | €356 | €110 | €229 | ▲ 108% |
| Profit (loss) for the period before taxes9903 | -€6,727 | -€5,502 | €12,566 | €39,283 | -€1,888 | -€19,714 | €1,763 | -€4,496 | - |
| Income taxes67/77 | - | - | - | €4,384 | -€45 | - | - | - | - |
| Profit (loss) for the period9904 | -€6,727 | -€5,502 | €12,566 | €34,899 | -€1,843 | -€19,714 | €1,763 | -€4,496 | - |
| Profit (loss) for the period to be appropriated9905 | -€6,727 | -€5,502 | €12,566 | €34,899 | -€1,843 | -€19,714 | €1,763 | -€4,496 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €35,156 | €21,758 | €32,362 | €64,568 | €54,893 | €36,291 | €33,070 | €26,721 | ▼ 19.2% |
| Fixed assets21/28 | €4,427 | €2,305 | €1,784 | €39,930 | €31,091 | €30,167 | €24,674 | €20,946 | ▼ 15.1% |
| Tangible fixed assets22/27 | €4,427 | €2,305 | €1,784 | €39,930 | €31,091 | €29,105 | €23,612 | €18,466 | ▼ 21.8% |
| Plant, machinery and equipment23 | - | - | - | €2,974 | €2,113 | €8,341 | €6,907 | €5,653 | ▼ 18.2% |
| Furniture and vehicles24 | - | - | - | €36,956 | €28,978 | €20,764 | €16,705 | €12,813 | ▼ 23.3% |
| Financial fixed assets28 | - | - | - | - | - | €1,062 | €1,062 | €2,480 | ▲ 134% |
| Current assets29/58 | €30,729 | €19,453 | €30,578 | €24,638 | €23,802 | €6,124 | €8,396 | €5,775 | ▼ 31.2% |
| Stocks and contracts in progress3 | €1,053 | €461 | €3,902 | €2,189 | €471 | - | - | - | - |
| Stocks30/36 | - | - | - | €2,189 | €471 | - | - | - | - |
| Amounts receivable within one year40/41 | €14,590 | €14,482 | €14,428 | €4,629 | €8,818 | €3,939 | €1,321 | €3,612 | ▲ 173% |
| Trade receivables40 | - | - | - | - | - | €1,054 | €1,321 | €3,612 | ▲ 173% |
| Other amounts receivable41 | - | - | - | €4,629 | €8,818 | €2,885 | - | - | - |
| Cash at bank and in hand54/58 | €11,469 | €4,386 | €12,248 | €16,785 | €13,395 | €1,020 | €6,487 | €1,118 | ▼ 82.8% |
| Deferred charges and accrued income490/1 | - | - | - | €1,035 | €1,118 | €1,165 | €588 | €1,045 | ▲ 77.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €35,156 | €21,758 | €32,362 | €64,568 | €54,893 | €36,291 | €33,070 | €26,721 | ▼ 19.2% |
| Equity10/15 | €5,136 | -€366 | €12,200 | €39,099 | €37,256 | €17,542 | €19,305 | €14,809 | ▼ 23.3% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €818 | €818 | €818 | €818 | €818 | €818 | €818 | €818 | = |
| Non-distributable reserves130/1 | - | - | - | €818 | €818 | €818 | €818 | €818 | = |
| Reserves not available under the articles1311 | - | - | - | €818 | €818 | €818 | €818 | €818 | = |
| Profit (loss) carried forward14 | -€14,282 | -€19,784 | -€7,218 | €19,681 | €17,838 | -€1,876 | -€113 | -€4,609 | ▼ 3,979% |
| Amounts payable17/49 | €30,020 | €22,124 | €20,162 | €25,469 | €17,637 | €18,749 | €13,765 | €11,912 | ▼ 13.5% |
| Amounts payable after more than one year17 | - | - | - | - | - | €16,800 | €12,303 | €9,831 | ▼ 20.1% |
| Other amounts payable178/9 | - | - | - | - | - | €16,800 | €12,303 | €9,831 | ▼ 20.1% |
| Amounts payable within one year42/48 | €29,620 | €21,292 | €20,162 | €25,469 | €17,637 | €1,949 | €1,462 | €2,081 | ▲ 42.3% |
| Trade debts44 | €11,666 | €11,376 | €7,854 | €2,506 | €2,558 | €637 | - | €767 | - |
| Suppliers440/4 | - | - | - | €2,506 | €2,558 | €637 | - | €767 | - |
| Taxes, remuneration and social security45 | - | - | - | €14,963 | €15,079 | €121 | €544 | €148 | ▼ 72.8% |
| Taxes450/3 | - | - | - | €11,208 | €6,551 | - | - | €148 | - |
| Remuneration and social security454/9 | - | - | - | €3,755 | €8,528 | €121 | €544 | - | - |
| Other amounts payable47/48 | - | - | - | €8,000 | - | €1,191 | €918 | €1,166 | ▲ 27.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€6,727 | -€5,502 | €12,566 | €34,899 | -€1,843 | -€19,714 | €1,763 | -€4,496 | - |
| + Depreciation and write-downs630 | €2,827 | €2,122 | €1,570 | €3,810 | €9,404 | €9,163 | €1,622 | €1,274 | ▼ 21.5% |
| Operating cash flow (approximation) | -€3,900 | -€3,380 | €14,136 | €38,709 | €7,561 | -€10,551 | €3,385 | -€3,222 | - |
| Investment in fixed assets (approximation) | - | €0 | -€1,049 | -€41,956 | -€565 | -€8,239 | €3,871 | €2,454 | ▼ 36.6% |
| Change in cash | - | -€7,083 | €7,862 | €4,537 | -€3,390 | -€12,375 | €5,467 | -€5,369 | - |
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, 5,831 companies had the same profile as DONNET & CO has now. Two years later, 84.6% were still going and 1.7% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a loss of 10% of the balance sheet or more
84.6%
was still going
13.4%
stopped otherwise
1.7%
went bankrupt
Another 0.3% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DONNET & CO itself: 0.4% 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 5,831 companies, not a prediction for DONNET & CO. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-06-2026 | 2026-00143881 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00407153 | |
| 31-12-2023 | micro format | 03-06-2024 | 2024-00106582 | |
| 31-12-2022 | micro format | 19-06-2023 | 2023-00139295 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20385775 | |
| 31-12-2020 | micro format | 31-05-2021 | 2021-16000419 | |
| 31-12-2019 | micro format | 27-07-2020 | 2020-37700432 | |
| 31-12-2018 | micro format | 27-05-2019 | 2019-14600119 | |
| 31-12-2017 | micro format | 17-07-2018 | 2018-33800348 | |
| 31-12-2016 | micro format | 13-06-2017 | 2017-17600557 |