Dormouse
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-12-2025 PDF all 4 filings
Equity
-€200,366▼ 83.8%
2024 · -€109,011
Total assets
€102,220▲ 22.7%
2024 · €83,333
Net result
-€91,355▼ 61.9%
2024 · -€56,419
Working capital
-€205,145▼ 74.0%
2024 · -€117,930
Multi-year overview
2022 to 2025, 4 financial yearsOperating result
-€91,264
▼ 62.0%
2025
20222025
Net result
-€91,355
▼ 61.9%
2025
lowest quarter of the sector
20222025
Equity
-€200,366
▼ 83.8%
2025
lowest quarter of the sector
20222025
Total assets
€102,220
▲ 22.7%
2025
middle half of the sector
20222025
Debt
€302,585
▲ 57.3%
2025
20222025
Working capital
-€205,145
▼ 74.0%
2025
lowest quarter of the sector
20222025
Solvency
-196.0%
▼ 65.2pp
2025
lowest quarter of the sector
20222025
Current ratio
0.32
▼ 0.06
2025
lowest quarter of the sector
20222025
Return on assets (ROA)
-89.4%
▼ 21.7pp
2025
lowest quarter of the sector
20222025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2022202320242025
Operating result-€18,740--€45,002▼ 140%-€56,337▼ 25.2%-€91,264▼ 62.0%
Net result-€17,413below the sector's middle half--€45,179below the sector's middle half▼ 159%-€56,419below the sector's middle half▼ 24.9%-€91,355below the sector's middle half▼ 61.9%
Equity-€7,413below the sector's middle half--€52,592below the sector's middle half▼ 609%-€109,011below the sector's middle half▼ 107%-€200,366below the sector's middle half▼ 83.8%
Total assets€80,752within the sector's middle half-€136,865within the sector's middle half▲ 69.5%€83,333within the sector's middle half▼ 39.1%€102,220within the sector's middle half▲ 22.7%
Debt€88,165-€189,457▲ 115%€192,343▲ 1.5%€302,585▲ 57.3%
Working capital-€24,454within the sector's middle half--€65,622below the sector's middle half▼ 168%-€117,930below the sector's middle half▼ 79.7%-€205,145below the sector's middle half▼ 74.0%
Solvency-9.2%below the sector's middle half--38.4%below the sector's middle half▼ 29.2pp-130.8%below the sector's middle half▼ 92.4pp-196.0%below the sector's middle half▼ 65.2pp
Current ratio0.72within the sector's middle half-0.65within the sector's middle half▼ 0.070.38below the sector's middle half▼ 0.270.32below the sector's middle half▼ 0.06
Return on assets (ROA)-21.6%below the sector's middle half--33.0%below the sector's middle half▼ 11.4pp-67.7%below the sector's middle half▼ 34.7pp-89.4%below the sector's middle half▼ 21.7pp
above
within
below
The sector band is the middle half of the companies in Manufacture of food products (NACE 10). 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 €91,264, larger than the loss of €56,337 in 2024. It is the lowest result since 2022.
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 €102,220
Fixed assets
€6,258 ▼ 39.4%
Current assets
€95,961 ▲ 31.4%
Equity and liabilities
Equity-€200,366
Debt€302,585
Equity is negative. Debt (€302,585) exceeds the balance-sheet total (€102,220).
Key figures and ratios
EBITDA
-€87,203▼
2024 · -€52,276
Cash flow
-€87,294▼
2024 · -€52,358
Quick ratio
0.25▼
2024 · 0.27
Interest coverage
-585.77▼
2024 · -288.01
Debt ≤ 1 year
€301,106▲
2024 · €190,943
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Intangible fixed assets | €20,305 | - | - | - |
| Depreciation and write-downs of the year | €1,864 | €4,061 | €4,061 | €4,061 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2024 · 2 entries · €9,000 awarded · €9,000 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €0 | €9,000 |
| 2023 | 1 | €9,000 | €0 |
Annual accounts
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,864 | €4,061 | €4,061 | €4,061 | = |
| Other operating charges640/8 | €680 | €656 | €1,517 | €738 | ▼ 51.4% |
| Gross operating margin9900 | -€16,197 | -€40,285 | -€50,759 | -€86,465 | ▼ 70.3% |
| Operating profit (loss)9901 | -€18,740 | -€45,002 | -€56,337 | -€91,264 | ▼ 62.0% |
| Financial income75/76B | €1,349 | €13 | €100 | €58 | ▼ 42.0% |
| Recurring financial income75 | €1,349 | €13 | €100 | €58 | ▼ 42.0% |
| Financial charges65/66B | €21 | €191 | €182 | €149 | ▼ 18.0% |
| Recurring financial charges65 | €21 | €191 | €182 | €149 | ▼ 18.0% |
| Profit (loss) for the period before taxes9903 | -€17,413 | -€45,179 | -€56,419 | -€91,355 | ▼ 61.9% |
| Profit (loss) for the period9904 | -€17,413 | -€45,179 | -€56,419 | -€91,355 | ▼ 61.9% |
| Profit (loss) for the period to be appropriated9905 | -€17,413 | -€45,179 | -€56,419 | -€91,355 | ▼ 61.9% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €80,752 | €136,865 | €83,333 | €102,220 | ▲ 22.7% |
| Fixed assets21/28 | €18,441 | €14,380 | €10,319 | €6,258 | ▼ 39.4% |
| Intangible fixed assets21 | €18,441 | €14,380 | €10,319 | €6,258 | ▼ 39.4% |
| Current assets29/58 | €62,310 | €122,484 | €73,013 | €95,961 | ▲ 31.4% |
| Stocks and contracts in progress3 | €37,240 | €19,499 | €20,924 | €20,241 | ▼ 3.3% |
| Stocks30/36 | €37,240 | €19,499 | €20,924 | €20,241 | ▼ 3.3% |
| Amounts receivable within one year40/41 | €2,551 | €9,166 | €10,028 | €6,074 | ▼ 39.4% |
| Trade receivables40 | - | €7,500 | €8,360 | €2,129 | ▼ 74.5% |
| Other amounts receivable41 | €2,551 | €1,666 | €1,668 | €3,945 | ▲ 136% |
| Cash at bank and in hand54/58 | €22,520 | €93,819 | €41,992 | €68,985 | ▲ 64.3% |
| Deferred charges and accrued income490/1 | - | - | €69 | €661 | ▲ 851% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €80,752 | €136,865 | €83,333 | €102,220 | ▲ 22.7% |
| Equity10/15 | -€7,413 | -€52,592 | -€109,011 | -€200,366 | ▼ 83.8% |
| Contributions10/11 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Profit (loss) carried forward14 | -€17,413 | -€62,592 | -€119,011 | -€210,366 | ▼ 76.8% |
| Amounts payable17/49 | €88,165 | €189,457 | €192,343 | €302,585 | ▲ 57.3% |
| Amounts payable within one year42/48 | €86,765 | €188,107 | €190,943 | €301,106 | ▲ 57.7% |
| Trade debts44 | €1,765 | €3,107 | €5,943 | €4,287 | ▼ 27.9% |
| Suppliers440/4 | €1,765 | €3,107 | €5,943 | €4,287 | ▼ 27.9% |
| Other amounts payable47/48 | €85,000 | €185,000 | €185,000 | €296,819 | ▲ 60.4% |
| Accrued charges and deferred income492/3 | €1,400 | €1,350 | €1,400 | €1,479 | ▲ 5.6% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€17,413 | -€45,179 | -€56,419 | -€91,355 | ▼ 61.9% |
| + Depreciation and write-downs630 | €1,864 | €4,061 | €4,061 | €4,061 | = |
| Operating cash flow (approximation) | -€15,549 | -€41,118 | -€52,358 | -€87,294 | ▼ 66.7% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | - |
| Change in cash | - | €71,299 | -€51,827 | €26,993 | - |
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, 6,008 companies had the same profile as Dormouse has now. Two years later, 83.0% were still going and 7.9% had gone bankrupt.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
83.0%
was still going
8.4%
stopped otherwise
7.9%
went bankrupt
Another 0.8% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Dormouse itself: 1.8% 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 6,008 companies, not a prediction for Dormouse. 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.