Summary
DORA is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €251,079 and a net result of €232,479. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 27% of 5558 sector peers (fiscal year 2025). The company has been active since 2018 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score weighs liquidity, leverage and margins against norms for trading and manufacturing companies. A bank, insurer or financial holding has a fundamentally different balance-sheet structure, so those ratios, and hence the score, carry no meaning here. That is why we show no financial axes either.
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Signals
Two signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Growing equity
Reported equity is higher than in 2023 and did not fall compared with 2024. These amounts do not establish the cause of the change.
NBB · annual accounts 2025Equity per financial year
1819202122232425
2018 to 2025 · latest year €251,079
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 17-07-2026, 14 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
14 d early
2024
57 d early
2023
19 d early
2022
70 d early
2021
3 d late
2020
4 d early
2019
30 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 27 days before the deadline; the sector median for financial year 2024 is 14 days before the deadline, and 28% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€251,079▲ 1,250%
2024 · €18,600
Net result
€232,479▼ 50.6%
2024 · €470,554
Total assets
€967,780▲ 59.3%
2024 · €607,461
Solvency
25.9%▲ 22.9pp
2024 · 3.1%
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€73,440▼ 3.8%€107,719▲ 46.7%€50,061▼ 53.5%-€57,884-€92,426▼ 59.7%
Net result€133,829▲ 3.3%€164,890▲ 23.2%€85,614▼ 48.1%€470,554▲ 450%€232,479▼ 50.6%
Equity€344,342▲ 63.6%€315,431▼ 8.4%€18,600▼ 94.1%€18,600=€251,079▲ 1,250%
Total assets€667,706▲ 13.5%€791,024▲ 18.5%€627,777▼ 20.6%€607,461▼ 3.2%€967,780▲ 59.3%
Debt€323,364▼ 14.4%€475,593▲ 47.1%€609,177▲ 28.1%€588,861▼ 3.3%€716,701▲ 21.7%
Working capital€10,138-€94,811-€460,589▼ 386%-€333,784▲ 27.5%-€217,943▲ 34.7%
Solvency51.6%▲ 15.8pp39.9%▼ 11.7pp3.0%▼ 36.9pp3.1%▲ 0.1pp25.9%▲ 22.9pp
Staff (FTE)0▼ 100%000
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Why a figure moved sharply
- 2025 Net result -51%, Equity +1,250%, Total assets +59% on 2024. Cause not known from the registers.
- 2024 Net result +450% on 2023. Cause not known from the registers.
- 2023 Equity -94% on 2022. Cause not known from the registers.
- 2021 Equity +64% on 2020. Cause not known from the registers.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €92,426 in 2025 against €57,884 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €967,780
Fixed assets
€599,913 ▲ 60.8%
Current assets
€367,868 ▲ 57.0%
Equity and liabilities €967,780
Equity
€251,079 ▲ 1,250%
Debt
€716,701 ▲ 21.7%
Debt's share of the balance-sheet total falls from 96.9% to 74.1%. Equity and debt are higher.
Key figures and ratios
ROE
92.6%
ROA
24.0%▼
2024 · 77.5%
Debt ≤ 1 year
€585,810▲
2024 · €568,114
Debt > 1 year
€130,891▲
2024 · €0
Income taxes
€272▲
2024 · -€13,088
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | €31,764 | €0 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,295 | €6,815 | €7,806 | €7,909 | €12,425 | ▲ 57.1% |
| Other operating charges640/8 | €1,802 | €2,363 | €2,204 | €2,159 | €3,200 | ▲ 48.3% |
| Non-recurring operating charges66A | €1,368 | €0 | - | - | €58,932 | - |
| Gross operating margin9900 | €81,905 | €116,897 | €60,070 | -€47,816 | -€17,869 | ▲ 62.6% |
| Operating profit (loss)9901 | €73,440 | €107,719 | €50,061 | -€57,884 | -€92,426 | ▼ 59.7% |
| Financial income75/76B | €82,842 | €87,684 | €66,056 | €520,974 | €346,001 | ▼ 33.6% |
| Recurring financial income75 | €82,842 | €87,684 | €66,056 | €81,387 | €127,932 | ▲ 57.2% |
| Non-recurring financial income76B | - | - | - | €439,587 | €218,069 | ▼ 50.4% |
| Financial charges65/66B | €6,345 | €7,784 | €7,324 | €5,624 | €20,823 | ▲ 270% |
| Recurring financial charges65 | €6,345 | €7,784 | €7,324 | €5,624 | €20,823 | ▲ 270% |
| Profit (loss) for the period before taxes9903 | €149,937 | €187,620 | €108,794 | €457,466 | €232,751 | ▼ 49.1% |
| Income taxes67/77 | €16,108 | €22,730 | €23,180 | -€13,088 | €272 | ▲ 102% |
| Profit (loss) for the period9904 | €133,829 | €164,890 | €85,614 | €470,554 | €232,479 | ▼ 50.6% |
| Profit (loss) for the period to be appropriated9905 | €133,829 | €164,890 | €85,614 | €470,554 | €232,479 | ▼ 50.6% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €667,706 | €791,024 | €627,777 | €607,461 | €967,780 | ▲ 59.3% |
| Fixed assets21/28 | €484,621 | €489,623 | €526,769 | €373,131 | €599,913 | ▲ 60.8% |
| Tangible fixed assets22/27 | €26,183 | €31,186 | €68,332 | €105,072 | €294,032 | ▲ 180% |
| Land and buildings22 | - | - | - | - | €259,057 | - |
| Plant, machinery and equipment23 | €1,611 | - | - | - | - | - |
| Furniture and vehicles24 | - | €911 | €556 | €208 | €71 | ▼ 65.8% |
| Other tangible fixed assets26 | €24,573 | €30,275 | €67,775 | €104,864 | €34,904 | ▼ 66.7% |
| Financial fixed assets28 | €458,438 | €458,438 | €458,438 | €268,059 | €305,881 | ▲ 14.1% |
| Current assets29/58 | €183,085 | €301,401 | €101,008 | €234,330 | €367,868 | ▲ 57.0% |
| Amounts receivable after more than one year29 | - | €160,000 | €0 | - | - | - |
| Other amounts receivable291 | - | €160,000 | €0 | - | - | - |
| Amounts receivable within one year40/41 | €171,065 | €125,549 | €76,412 | €39,260 | €25,558 | ▼ 34.9% |
| Trade receivables40 | €60,000 | €124,736 | €2,876 | €0 | €7,882 | - |
| Other amounts receivable41 | €111,065 | €813 | €73,536 | €39,260 | €17,676 | ▼ 55.0% |
| Current investments50/53 | - | - | - | - | €172,052 | - |
| Cash at bank and in hand54/58 | €4,583 | €14,662 | €23,887 | €192,365 | €167,296 | ▼ 13.0% |
| Deferred charges and accrued income490/1 | €7,438 | €1,190 | €709 | €2,705 | €2,962 | ▲ 9.5% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €667,706 | €791,024 | €627,777 | €607,461 | €967,780 | ▲ 59.3% |
| Equity10/15 | €344,342 | €315,431 | €18,600 | €18,600 | €251,079 | ▲ 1,250% |
| Contributions10/11 | €12,400 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €331,942 | €296,831 | €0 | - | - | - |
| Distributable reserves133 | €331,942 | €296,831 | €0 | - | - | - |
| Profit (loss) carried forward14 | €0 | €0 | €0 | €0 | €232,479 | - |
| Amounts payable17/49 | €323,364 | €475,593 | €609,177 | €588,861 | €716,701 | ▲ 21.7% |
| Amounts payable after more than one year17 | €150,417 | €79,381 | €11,452 | €0 | €130,891 | - |
| Financial debts170/4 | €150,417 | €79,381 | €11,452 | €0 | €130,891 | - |
| Amounts payable within one year42/48 | €172,947 | €396,212 | €561,597 | €568,114 | €585,810 | ▲ 3.1% |
| Current portion of amounts payable after more than one year42 | €72,789 | €71,036 | €67,929 | €11,452 | €9,361 | ▼ 18.3% |
| Financial debts43 | €32 | €2,951 | €5,490 | €5,127 | €169,621 | ▲ 3,209% |
| Credit institutions430/8 | €32 | €2,951 | €5,490 | €5,127 | €169,621 | ▲ 3,209% |
| Trade debts44 | €1,958 | €4,801 | €4,653 | €2,581 | €47,527 | ▲ 1,742% |
| Suppliers440/4 | €1,958 | €4,801 | €4,653 | €2,581 | €47,527 | ▲ 1,742% |
| Advances received on contracts in progress46 | - | €36,300 | €0 | €12,100 | €18,559 | ▲ 53.4% |
| Taxes, remuneration and social security45 | €39,143 | €31,267 | €20,741 | €3,844 | €3,844 | = |
| Taxes450/3 | €39,143 | €31,267 | €20,741 | €3,844 | €3,844 | = |
| Other amounts payable47/48 | €59,025 | €249,856 | €462,783 | €533,010 | €336,899 | ▼ 36.8% |
| Accrued charges and deferred income492/3 | - | - | €36,128 | €20,747 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €133,829 | €164,890 | €85,614 | €470,554 | €232,479 | ▼ 50.6% |
| + Depreciation and write-downs630 | €5,295 | €6,815 | €7,806 | €7,909 | €12,425 | ▲ 57.1% |
| Operating cash flow (approximation) | €139,124 | €171,704 | €93,419 | €478,463 | €244,905 | ▼ 48.8% |
| Investment in fixed assets (approximation) | - | -€11,817 | -€44,952 | €145,729 | -€239,207 | ▼ 264% |
| Change in cash | - | €10,080 | €9,224 | €168,478 | -€25,069 | ▼ 115% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
17-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Equity above €200,000Eq €251,079 ▲1,250%
7 profitable years in a row build equity to €251,079.
04-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Highest result since 2018net €470,554 ▲450%
Net result €470,554, the highest in the series.
12-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
22-05
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
03-08
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema · 3 days late
2021
27-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
31-12
Financial
Equity above €200,000Eq €210,513 ▲160%
2 profitable years in a row build equity to €210,513.
01-07
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
31-12
Financial
Back to profitnet €78,868
Net result €78,868 after one loss-making year.
01-08
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 1 day late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 4 acts read
About the unread acts
We know of 4 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
4 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Waasmunster · 1 establishment unit since 2018
Ground area
2,297 m²
Building footprint
258 m²
Volume, LiDAR
1,538 m³
Parcel 42342C1563/00E000, Flanders · tallest building 10.0 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
DORA
since 20182.272.472.745
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 42342C1563/00E000 | Flanders | 2,297 m² | 1 · 258 m² | 9.9 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
2 holdingsOwners 0
The accounts to 31-12-2025 list no shareholders, and no other source names one.
Holdings 2
-
20%
-
20%
According to the 2025 annual accounts of DORA and those of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 24,729 companies in sector 64210 we hold annual accounts for 19,773. 13,665 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded16-01-2018
Fiscal year end31-12
Activities, NACEBEL 2025
64210Activities of holding companies
E-invoicing
Reachable via Peppol
Peppol ID
0208:0687979626
Also
9925:BE0687979626
Registered
21-01-2026
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.