DORP
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 23 filings
Turnover
≈ €280,000
Estimated: probably between €180,000 and €430,000
Total assets
€612,031▼ 6.3%
2024 · €652,863
Net result
€5,159▼ 77.8%
2024 · €23,240
Working capital
-€275,212▲ 9.1%
2024 · -€302,606
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€27,909
▼ 50.5%
2025
20182025
Net result
€5,159
▼ 77.8%
2025
20182025
Equity
€290,888
▲ 1.8%
2025
20182025
Total assets
€612,031
▼ 6.3%
2025
20182025
Debt
€321,143
▼ 12.5%
2025
20182025
Working capital
-€275,212
▲ 9.1%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.03m-€0.03m▼ 9.8%€0.04m▲ 37.9%€0.04m▲ 11.2%€0.02m▼ 38.1%€0.06m▲ 145%€0.06m▼ 7.4%€0.03m▼ 50.5%
Net result€0.002m-€0.003m▲ 56.6%€0.01m▲ 260%€0.02m▲ 53.2%€0.005m▼ 68.4%€0.03m▲ 419%€0.02m▼ 16.2%€0.005m▼ 77.8%
Equity€0.3m-€0.3m▲ 1.1%€0.3m▲ 3.9%€0.3m▲ 5.8%€0.3m▲ 1.7%€0.3m▼ 16.9%€0.3m▲ 8.9%€0.3m▲ 1.8%
Total assets€1.0m-€1.0m▼ 5.2%€1.0m▼ 4.3%€0.9m▼ 7.4%€0.8m▼ 7.2%€0.7m▼ 11.4%€0.7m▼ 9.7%€0.6m▼ 6.3%
Debt€0.8m-€0.7m▼ 7.5%€0.7m▼ 7.5%€0.6m▼ 13.3%€0.5m▼ 12.1%€0.5m▼ 7.9%€0.4m▼ 20.3%€0.3m▼ 12.5%
Working capital-€0.3m--€0.4m▼ 6.6%-€0.3m▲ 8.0%-€0.3m▲ 8.1%-€0.3m▲ 11.9%-€0.3m▼ 29.6%-€0.3m▲ 12.6%-€0.3m▲ 9.1%
The operating result for 2025 is 50% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €612,031
Fixed assets
€574,958 ▼ 9.1%
Current assets
€37,073 ▲ 80.9%
Equity and liabilities €612,031
Equity
€290,888 ▲ 1.8%
Debt
€321,143 ▼ 12.5%
Debt's share of the balance-sheet total falls from 56.2% to 52.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€89,746▼
2024 · €117,834
Cash flow
€66,996▼
2024 · €84,725
Current ratio
0.12▲
2024 · 0.06
Debt to equity
1.10▼
2024 · 1.28
ROE
1.8%▼
2024 · 8.1%
ROA
0.8%▼
2024 · 3.6%
Interest coverage
4.48▼
2024 · 5.41
Debt ≤ 1 year
€312,285▼
2024 · €323,103
Debt > 1 year
€6,358▼
2024 · €44,031
Income taxes
€2,717▼
2024 · €11,317
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €27,500 | €27,500 | €27,500 | €27,500 | €27,500 |
| Mortgage mandates | €566,500 | €566,500 | €566,500 | €566,500 | €225,500 |
| Carrying value of the mortgaged assets | €156,785 | €128,100 | €127,650 | €127,200 | €126,750 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €11,727 | €44,428 | €2,849 | €4,429 |
| Depreciation and write-downs of the year | €78,336 | €79,955 | €53,232 | €61,486 | €61,837 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €73,949 | €77,577 | €77,945 | €78,336 | €79,955 | €53,232 | €61,486 | €61,837 | ▲ 0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | €5,188 | - |
| Other operating charges640/8 | - | - | - | €13,261 | €13,562 | €14,936 | €15,053 | €15,105 | ▲ 0.3% |
| Gross operating margin9900 | €115,017 | €116,038 | €127,176 | €131,700 | €118,346 | €129,034 | €132,888 | €110,039 | ▼ 17.2% |
| Operating profit (loss)9901 | €28,989 | €26,151 | €36,063 | €40,103 | €24,829 | €60,865 | €56,349 | €27,909 | ▼ 50.5% |
| Financial income75/76B | - | - | - | €0 | €25 | €36 | €0 | - | - |
| Recurring financial income75 | €0 | - | €0 | €0 | €25 | €36 | €0 | - | - |
| Financial charges65/66B | - | - | - | €18,094 | €16,887 | €19,433 | €21,792 | €20,033 | ▼ 8.1% |
| Recurring financial charges65 | €25,865 | €21,234 | €19,591 | €18,094 | €16,887 | €19,433 | €21,792 | €20,033 | ▼ 8.1% |
| Profit (loss) for the period before taxes9903 | €3,124 | €4,918 | €16,472 | €22,009 | €7,967 | €41,468 | €34,557 | €7,876 | ▼ 77.2% |
| Income taxes67/77 | €1,166 | €1,853 | €5,446 | €5,117 | €2,626 | €13,751 | €11,317 | €2,717 | ▼ 76.0% |
| Profit (loss) for the period9904 | €1,958 | €3,065 | €11,026 | €16,892 | €5,341 | €27,717 | €23,240 | €5,159 | ▼ 77.8% |
| Profit (loss) for the period to be appropriated9905 | €1,958 | €3,065 | €11,026 | €16,892 | €5,341 | €27,717 | €23,240 | €5,159 | ▼ 77.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.0m | €1.0m | €1.0m | €0.9m | €0.8m | €0.7m | €0.7m | €0.6m | ▼ 6.3% |
| Fixed assets21/28 | €1.0m | €0.9m | €0.8m | €0.8m | €0.7m | €0.7m | €0.6m | €0.6m | ▼ 9.1% |
| Tangible fixed assets22/27 | €1.0m | €0.9m | €0.8m | €0.8m | €0.7m | €0.7m | €0.6m | €0.6m | ▼ 9.1% |
| Land and buildings22 | - | - | - | €0.7m | €0.7m | €0.6m | €0.6m | €0.5m | ▼ 8.0% |
| Plant, machinery and equipment23 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.02m | ▼ 14.3% |
| Furniture and vehicles24 | - | - | - | - | - | €0.04m | €0.03m | €0.02m | ▼ 25.2% |
| Current assets29/58 | €0.09m | €0.07m | €0.1m | €0.1m | €0.1m | €0.03m | €0.02m | €0.04m | ▲ 80.9% |
| Amounts receivable within one year40/41 | €0.005m | €0.008m | €0.01m | €0.02m | €0.005m | €0.001m | €0.01m | €0.008m | ▼ 41.5% |
| Trade receivables40 | - | - | - | €0.02m | €0.005m | €0.001m | €0.001m | €0.003m | ▲ 315% |
| Other amounts receivable41 | - | - | - | - | - | - | €0.01m | €0.005m | ▼ 61.8% |
| Cash at bank and in hand54/58 | €0.08m | €0.06m | €0.09m | €0.09m | €0.1m | €0.03m | €0.007m | €0.03m | ▲ 304% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €0.004m | €0 | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.0m | €1.0m | €1.0m | €0.9m | €0.8m | €0.7m | €0.7m | €0.6m | ▼ 6.3% |
| Equity10/15 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 1.8% |
| Contributions10/11 | €0.05m | €0.05m | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Reserves13 | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | €0.07m | €0.1m | €0.1m | ▲ 5.2% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0.01m | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €0.1m | €0.1m | €0.07m | €0.1m | €0.1m | ▲ 5.2% |
| Profit (loss) carried forward14 | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▲ 0.1% |
| Amounts payable17/49 | €0.8m | €0.7m | €0.7m | €0.6m | €0.5m | €0.5m | €0.4m | €0.3m | ▼ 12.5% |
| Amounts payable after more than one year17 | €0.3m | €0.3m | €0.2m | €0.2m | €0.1m | €0.08m | €0.04m | €0.006m | ▼ 85.6% |
| Financial debts170/4 | - | - | - | €0.2m | €0.1m | €0.08m | €0.04m | €0.006m | ▼ 85.6% |
| Amounts payable within one year42/48 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | €0.3m | ▼ 3.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.06m | €0.04m | €0.04m | €0.04m | €0.04m | ▲ 2.2% |
| Trade debts44 | €0.001m | €0.004m | - | €0.003m | €0.001m | €0.002m | €0.004m | €0.005m | ▲ 32.0% |
| Suppliers440/4 | - | - | - | €0.003m | €0.001m | €0.002m | €0.004m | €0.005m | ▲ 32.0% |
| Advances received on contracts in progress46 | - | - | - | €0.004m | €0.005m | €0.005m | €0.005m | €0.004m | ▼ 15.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.01m | €0.03m | €0.01m | €0.008m | ▼ 35.7% |
| Taxes450/3 | - | - | - | €0.02m | €0.01m | €0.03m | €0.01m | €0.008m | ▼ 35.7% |
| Other amounts payable47/48 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 2.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | €0 | €0.001m | €0 | €0.003m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1,958 | €3,065 | €11,026 | €16,892 | €5,341 | €27,717 | €23,240 | €5,159 | ▼ 77.8% |
| + Depreciation and write-downs630 | €73,949 | €77,577 | €77,945 | €78,336 | €79,955 | €53,232 | €61,486 | €61,837 | ▲ 0.6% |
| Operating cash flow (approximation) | €75,907 | €80,642 | €88,971 | €95,228 | €85,296 | €80,949 | €84,725 | €66,996 | ▼ 20.9% |
| Investment in fixed assets (approximation) | - | -€36,277 | -€3,792 | €0 | -€11,727 | -€44,428 | -€2,849 | -€4,429 | ▼ 55.5% |
| Change in cash | - | -€16,280 | €26,099 | €4,345 | €16,903 | -€84,361 | -€20,124 | €22,074 | - |
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, 14,766 companies had the same profile as DORP has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DORP 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 14,766 companies, not a prediction for DORP. 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 23 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 01-07-2026 | 2026-00255992 | |
| 31-12-2024 | micro format | 26-06-2025 | 2025-00180271 | |
| 31-12-2023 | micro format | 30-06-2024 | 2024-00184092 | |
| 31-12-2022 | micro format | 06-08-2023 | 2023-00322398 | |
| 31-12-2021 | micro format | 31-10-2022 | 2022-20477850 | |
| 31-12-2020 | micro format | 28-11-2021 | 2021-78400283 | |
| 31-12-2019 | micro format | 29-11-2020 | 2020-72500500 | |
| 31-12-2018 | micro format | 27-09-2019 | 2019-65800237 | |
| 31-12-2017 | micro format | 27-08-2018 | 2018-53400056 | |
| 31-12-2016 | micro format | 12-08-2017 | 2017-43000012 |