DOSTEE
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 18 filings
Turnover
€607,858▼ 14.6%
2024 · €711,475
EBIT margin
3.2%▲ 2.0pp
2024 · 1.2%
Net result
€13,346▲ 152%
2024 · €5,301
Working capital
€82,554▲ 26.4%
2024 · €65,311
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€607,858
▼ 14.6%
2025
20182025
Operating result
€19,268
▲ 131%
2025
20182025
Net result
€13,346
▲ 152%
2025
middle half of the sector
20182025
EBIT margin
3.2%
▲ 2.0pp
2025
20182025
Equity
€48,408
▲ 38.1%
2025
middle half of the sector
20182025
Total assets
€280,933
▲ 3.8%
2025
middle half of the sector
20182025
Debt
€232,525
▼ 1.3%
2025
20182025
Working capital
€82,554
▲ 26.4%
2025
middle half of the sector
20182025
Solvency
17.2%
▲ 4.3pp
2025
middle half of the sector
20182025
Current ratio
1.43
▲ 0.10
2025
middle half of the sector
20182025
Return on assets (ROA)
4.8%
▲ 2.8pp
2025
middle half of the sector
20182025
Staff (FTE)
4.1
▲ 7.9%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€525,371-€785,824▲ 49.6%€311,414▼ 60.4%€264,481▼ 15.1%€568,606▲ 115%€695,041▲ 22.2%€711,475▲ 2.4%€607,858▼ 14.6%
Operating result€6,431--€180€8,271-€4,149€5,400€6,642▲ 23.0%€8,337▲ 25.5%€19,268▲ 131%
Net result-€2,584-€5,761€3,166within the sector's middle half▼ 45.0%-€5,049below the sector's middle half€2,256within the sector's middle half€2,993within the sector's middle half▲ 32.7%€5,301within the sector's middle half▲ 77.1%€13,346within the sector's middle half▲ 152%
EBIT margin1.2%-0.0%▼ 1.2pp2.7%▲ 2.7pp-1.6%▼ 4.2pp0.9%▲ 2.5pp1.0%=1.2%▲ 0.2pp3.2%▲ 2.0pp
Equity€20,634-€26,396▲ 27.9%€29,561below the sector's middle half▲ 12.0%€24,513within the sector's middle half▼ 17.1%€26,769within the sector's middle half▲ 9.2%€29,761within the sector's middle half▲ 11.2%€35,062within the sector's middle half▲ 17.8%€48,408within the sector's middle half▲ 38.1%
Total assets€284,864-€236,090▼ 17.1%€215,875below the sector's middle half▼ 8.6%€170,182within the sector's middle half▼ 21.2%€182,102within the sector's middle half▲ 7.0%€198,992within the sector's middle half▲ 9.3%€270,645within the sector's middle half▲ 36.0%€280,933within the sector's middle half▲ 3.8%
Debt€264,230-€209,694▼ 20.6%€186,314▼ 11.1%€145,669▼ 21.8%€155,333▲ 6.6%€169,231▲ 8.9%€235,583▲ 39.2%€232,525▼ 1.3%
Working capital€60,256-€65,945▲ 9.4%€67,195within the sector's middle half▲ 1.9%€63,618within the sector's middle half▼ 5.3%€50,105within the sector's middle half▼ 21.2%€62,343within the sector's middle half▲ 24.4%€65,311within the sector's middle half▲ 4.8%€82,554within the sector's middle half▲ 26.4%
Solvency7.2%-11.2%▲ 3.9pp13.7%within the sector's middle half▲ 2.5pp14.4%within the sector's middle half▲ 0.7pp14.7%within the sector's middle half▲ 0.3pp15.0%within the sector's middle half▲ 0.3pp13.0%within the sector's middle half▼ 2.0pp17.2%within the sector's middle half▲ 4.3pp
Current ratio1.30-1.43▲ 0.131.50within the sector's middle half▲ 0.071.67within the sector's middle half▲ 0.171.41within the sector's middle half▼ 0.271.48within the sector's middle half▲ 0.071.32within the sector's middle half▼ 0.151.43within the sector's middle half▲ 0.10
Return on assets (ROA)-0.9%-2.4%▲ 3.3pp1.5%within the sector's middle half▼ 1.0pp-3.0%below the sector's middle half▼ 4.4pp1.2%within the sector's middle half▲ 4.2pp1.5%within the sector's middle half▲ 0.3pp2.0%within the sector's middle half▲ 0.5pp4.8%within the sector's middle half▲ 2.8pp
Staff (FTE)1.7-1.9▲ 11.8%1.9below the sector's middle half=2.23.1▲ 40.9%3.8▲ 22.6%4.1▲ 7.9%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 131% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €280,933
Fixed assets
€4,280 =
Current assets
€276,653 ▲ 3.9%
Equity and liabilities €280,933
Equity
€48,408 ▲ 38.1%
Debt
€232,525 ▼ 1.3%
Debt's share of the balance-sheet total falls from 87.0% to 82.8%. Equity is higher and debt is lower.
Key figures and ratios
Quick ratio
0.06▼
2024 · 0.12
Debt to equity
4.80▼
2024 · 6.72
ROE
27.6%▲
2024 · 15.1%
Debt ≤ 1 year
€194,099▼
2024 · €201,054
Debt > 1 year
€38,426▲
2024 · €34,529
Income taxes
€3,337
Customer credit
3 days
Supplier credit
49 days▲
2024 · 41 days
Staff costs
€111,520▼
2024 · €121,685
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 4 | 5 | 6 |
| full-time | 2 | 2 | 3 | 3 |
| part-time | 2 | 2 | 2 | 3 |
| in full-time equivalents | 2.8 | 2.9 | 3.9 | 4.1 |
| Average over the year, in full-time equivalents | 2.2 | 3.1 | 3.8 | 4.1 |
| On a permanent contract | - | - | 5 | 6 |
| Joined | 2 | 2 | 3 | 1 |
| Left | 0 | 2 | 2 | 0 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €6,518 | €3,182 | €177 | €177 | €177 |
| Financial fixed assets | €5,403 | €5,403 | €5,403 | €4,103 | €4,103 |
| Depreciation and write-downs of the year | €3,159 | €3,336 | €3,005 | - | - |
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 | €525,371 | €785,824 | €311,414 | €264,481 | €568,606 | €695,041 | €711,475 | €607,858 | ▼ 14.6% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €298,971 | €553,461 | €639,992 | €657,219 | €583,086 | ▼ 11.3% |
| Remuneration, social security and pensions62 | - | - | - | - | €43,961 | €87,645 | €121,685 | €111,520 | ▼ 8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,804 | €4,687 | €2,960 | €3,159 | €3,336 | €3,005 | - | - | - |
| Other operating charges640/8 | - | - | - | €850 | €1,036 | €1,451 | €5,822 | €1,739 | ▼ 70.1% |
| Gross operating margin9900 | €52,642 | €52,080 | €38,393 | -€140 | €53,733 | €98,743 | €135,844 | €132,527 | ▼ 2.4% |
| Operating profit (loss)9901 | €6,431 | -€180 | €8,271 | -€4,149 | €5,400 | €6,642 | €8,337 | €19,268 | ▲ 131% |
| Financial income75/76B | - | - | - | €2,105 | - | - | - | - | - |
| Recurring financial income75 | - | €10,000 | - | €2,105 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €3,005 | €2,478 | €2,765 | €3,036 | €2,585 | ▼ 14.9% |
| Recurring financial charges65 | €5,903 | €934 | €3,595 | €3,005 | €2,478 | €2,765 | €3,036 | €2,585 | ▼ 14.9% |
| Profit (loss) for the period before taxes9903 | €528 | €8,886 | €4,676 | -€5,049 | €2,922 | €3,877 | €5,301 | €16,683 | ▲ 215% |
| Income taxes67/77 | €3,112 | €3,125 | €1,510 | - | €666 | €884 | - | €3,337 | - |
| Profit (loss) for the period9904 | -€2,584 | €5,761 | €3,166 | -€5,049 | €2,256 | €2,993 | €5,301 | €13,346 | ▲ 152% |
| Profit (loss) for the period to be appropriated9905 | -€2,584 | €5,761 | €3,166 | -€5,049 | €2,256 | €2,993 | €5,301 | €13,346 | ▲ 152% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €284,864 | €236,090 | €215,875 | €170,182 | €182,102 | €198,992 | €270,645 | €280,933 | ▲ 3.8% |
| Fixed assets21/28 | €21,554 | €16,867 | €13,907 | €11,921 | €8,585 | €5,580 | €4,280 | €4,280 | = |
| Tangible fixed assets22/27 | €16,151 | €11,464 | €8,505 | €6,518 | €3,182 | €177 | €177 | €177 | = |
| Plant, machinery and equipment23 | - | - | - | €5,559 | €2,614 | - | - | - | - |
| Furniture and vehicles24 | - | - | - | €959 | €568 | €177 | €177 | €177 | = |
| Financial fixed assets28 | €5,403 | €5,403 | €5,402 | €5,403 | €5,403 | €5,403 | €4,103 | €4,103 | = |
| Current assets29/58 | €263,310 | €219,223 | €201,968 | €158,261 | €173,517 | €193,412 | €266,365 | €276,653 | ▲ 3.9% |
| Amounts receivable after more than one year29 | - | - | - | €925 | €925 | €925 | €925 | €925 | = |
| Trade receivables290 | - | - | - | €925 | €925 | €925 | €925 | €925 | = |
| Stocks and contracts in progress3 | €244,624 | €194,581 | €176,110 | €134,854 | €153,642 | €170,298 | €242,819 | €264,903 | ▲ 9.1% |
| Stocks30/36 | - | - | - | €134,854 | €153,642 | €170,298 | €242,819 | €264,903 | ▲ 9.1% |
| Amounts receivable within one year40/41 | - | - | - | €352 | - | - | - | €5,800 | - |
| Trade receivables40 | - | - | - | - | - | - | - | €5,800 | - |
| Other amounts receivable41 | - | - | - | €352 | - | - | - | - | - |
| Cash at bank and in hand54/58 | €17,761 | €23,717 | €24,933 | €22,130 | €18,950 | €22,189 | €22,621 | €5,025 | ▼ 77.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €284,864 | €236,090 | €215,875 | €170,182 | €182,102 | €198,992 | €270,645 | €280,933 | ▲ 3.8% |
| Equity10/15 | €20,634 | €26,396 | €29,561 | €24,513 | €26,769 | €29,761 | €35,062 | €48,408 | ▲ 38.1% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Capital10 | - | - | - | €6,200 | €6,200 | €6,200 | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | €18,600 | - | - | - |
| Uncalled capital101 | - | - | - | €12,400 | €12,400 | €12,400 | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | - | €6,200 | - | - |
| Other1109/19 | - | - | - | - | - | - | €6,200 | - | - |
| Reserves13 | €3,766 | €4,159 | €4,392 | €4,393 | €4,539 | €4,732 | €4,732 | €4,732 | = |
| Non-distributable reserves130/1 | - | - | - | €4,393 | €4,539 | €4,732 | €4,732 | €4,732 | = |
| Legal reserve130 | - | - | - | €4,393 | €4,539 | €4,732 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | - | - | €4,732 | €4,732 | = |
| Profit (loss) carried forward14 | €10,668 | €16,037 | €18,969 | €13,920 | €16,030 | €18,829 | €24,130 | €37,476 | ▲ 55.3% |
| Amounts payable17/49 | €264,230 | €209,694 | €186,314 | €145,669 | €155,333 | €169,231 | €235,583 | €232,525 | ▼ 1.3% |
| Amounts payable after more than one year17 | €61,176 | €56,416 | €51,541 | €51,026 | €31,921 | €38,162 | €34,529 | €38,426 | ▲ 11.3% |
| Financial debts170/4 | - | - | - | €51,026 | €31,921 | €38,162 | €34,529 | €38,426 | ▲ 11.3% |
| Amounts payable within one year42/48 | €203,054 | €153,278 | €134,773 | €94,643 | €123,412 | €131,069 | €201,054 | €194,099 | ▼ 3.5% |
| Current portion of amounts payable after more than one year42 | - | - | - | €371 | - | - | - | - | - |
| Trade debts44 | €77,472 | €35,181 | €31,605 | €14,556 | €55,702 | €72,636 | €74,187 | €78,077 | ▲ 5.2% |
| Suppliers440/4 | - | - | - | €14,556 | €55,702 | €72,636 | €74,187 | €78,077 | ▲ 5.2% |
| Taxes, remuneration and social security45 | - | - | - | €60,353 | €22,298 | €31,047 | €46,637 | €74,758 | ▲ 60.3% |
| Taxes450/3 | - | - | - | €12,760 | €8,333 | €15,966 | €23,384 | €46,164 | ▲ 97.4% |
| Remuneration and social security454/9 | - | - | - | €47,593 | €13,965 | €15,081 | €23,253 | €28,594 | ▲ 23.0% |
| Other amounts payable47/48 | - | - | - | €19,363 | €45,412 | €27,386 | €80,230 | €41,264 | ▼ 48.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,584 | €5,761 | €3,166 | -€5,049 | €2,256 | €2,993 | €5,301 | €13,346 | ▲ 152% |
| + Depreciation and write-downs630 | €4,804 | €4,687 | €2,960 | €3,159 | €3,336 | €3,005 | - | - | - |
| Operating cash flow (approximation) | €2,220 | €10,448 | €6,126 | -€1,890 | €5,592 | €5,998 | €5,301 | €13,346 | ▲ 152% |
| Investment in fixed assets (approximation) | - | €0 | €0 | -€1,173 | €0 | €0 | €1,300 | €0 | ▼ 100% |
| Change in cash | - | €5,956 | €1,216 | -€2,803 | -€3,180 | €3,239 | €432 | -€17,596 | - |
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, 4,508 companies had the same profile as DOSTEE has now. Two years later, 96.9% were still going and 1.4% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 10 to 30%
- a profit under 5% of the balance sheet
96.9%
was still going
1.6%
stopped otherwise
1.4%
went bankrupt
That fits the bankruptcy probability of DOSTEE itself: 0.7% 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 4,508 companies, not a prediction for DOSTEE. 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 18 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-07-2026 | 2026-00350041 | |
| 31-12-2024 | micro format | 22-07-2025 | 2025-00295164 | |
| 31-12-2023 | micro format | 29-08-2024 | 2024-00448414 | |
| 31-12-2022 | micro format | 24-08-2023 | 2023-00362584 | |
| 31-12-2021 | micro format | 29-08-2022 | 2022-20389747 | |
| 31-12-2020 | full format | 26-08-2021 | 2021-56400355 | |
| 31-12-2019 | full format | 01-08-2020 | 2020-39000260 | |
| 31-12-2018 | full format | 17-07-2019 | 2019-35300049 | |
| 31-12-2017 | full format | 07-08-2018 | 2018-44600136 | |
| 31-12-2016 | full format | 12-07-2017 | 2017-31500128 |