DOUBLE-U
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 01-07-2026 at the NBB all 18 filings
Turnover
€452,175
EBIT margin
2.7%
Net result
€39,840
2024 · -€279
Working capital
€30,934▲ 13.0%
2024 · €27,365
In the rankings
#10 oldest company in Ternat, Telecoms and IT sector
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
no figure
2025
20192025
Operating result
€57,186
▲ 13×
2025
20192025
Net result
€39,840
2025
middle half of the sector
20192025
EBIT margin
no figure
2025
20192025
Equity
€54,245
▲ 7.4%
2025
middle half of the sector
20192025
Total assets
€153,999
▲ 30.0%
2025
middle half of the sector
20192025
Debt
€99,754
▲ 46.8%
2025
20192025
Working capital
€30,934
▲ 13.0%
2025
middle half of the sector
20192025
Solvency
35.2%
▼ 7.4pp
2025
middle half of the sector
20192025
Current ratio
1.32
▼ 0.08
2025
middle half of the sector
20192025
Return on assets (ROA)
25.9%
▲ 26.1pp
2025
middle half of the sector
20192025
Staff (FTE)
1.7
▲ 21.4%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€452,175-
Operating result€12,213-€601▼ 95.1%€13,482▲ 22×€24,236▲ 79.8%€44,303▲ 82.8%€4,495▼ 89.9%€57,186▲ 13×
Net result€9,106--€2,818below the sector's middle half€8,680within the sector's middle half€15,581within the sector's middle half▲ 79.5%€31,361within the sector's middle half▲ 101%-€279below the sector's middle half€39,840within the sector's middle half
EBIT margin2.7%-
Equity€27,431-€24,613below the sector's middle half▼ 10.3%€27,293below the sector's middle half▲ 10.9%€36,575within the sector's middle half▲ 34.0%€50,785within the sector's middle half▲ 38.9%€50,506within the sector's middle half▼ 0.6%€54,245within the sector's middle half▲ 7.4%
Total assets€66,384-€100,927within the sector's middle half▲ 52.0%€113,784within the sector's middle half▲ 12.7%€83,080within the sector's middle half▼ 27.0%€129,250within the sector's middle half▲ 55.6%€118,439within the sector's middle half▼ 8.4%€153,999within the sector's middle half▲ 30.0%
Debt€38,953-€76,314▲ 95.9%€86,491▲ 13.3%€46,505▼ 46.2%€78,465▲ 68.7%€67,933▼ 13.4%€99,754▲ 46.8%
Working capital€13,262-€8,999below the sector's middle half▼ 32.1%€10,964below the sector's middle half▲ 21.8%€16,559within the sector's middle half▲ 51.0%€32,539within the sector's middle half▲ 96.5%€27,365within the sector's middle half▼ 15.9%€30,934within the sector's middle half▲ 13.0%
Solvency41.3%-24.4%below the sector's middle half▼ 16.9pp24.0%below the sector's middle half▼ 0.4pp44.0%within the sector's middle half▲ 20.0pp39.3%within the sector's middle half▼ 4.7pp42.6%within the sector's middle half▲ 3.4pp35.2%within the sector's middle half▼ 7.4pp
Current ratio1.34-1.14below the sector's middle half▼ 0.201.13below the sector's middle half▼ 0.011.36below the sector's middle half▲ 0.221.42within the sector's middle half▲ 0.061.40within the sector's middle half▼ 0.011.32within the sector's middle half▼ 0.08
Return on assets (ROA)13.7%--2.8%below the sector's middle half▼ 16.5pp7.6%within the sector's middle half▲ 10.4pp18.8%within the sector's middle half▲ 11.1pp24.3%within the sector's middle half▲ 5.5pp-0.2%below the sector's middle half▼ 24.5pp25.9%within the sector's middle half▲ 26.1pp
Staff (FTE)0.21▲ 400%1.4▲ 40.0%1.7▲ 21.4%
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 nearly 13 times that of 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €153,999
Fixed assets
€25,788 ▲ 11.3%
Current assets
€128,211 ▲ 34.6%
Equity and liabilities €153,999
Equity
€54,245 ▲ 7.4%
Debt
€99,754 ▲ 46.8%
Debt's share of the balance-sheet total rises from 57.4% to 64.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€63,730▲
2024 · €9,948
Cash flow
€46,384▲
2024 · €5,173
Quick ratio
1.22▲
2024 · 1.19
Debt to equity
1.84▲
2024 · 1.35
ROE
73.4%▲
2024 · -0.6%
Interest coverage
12.58▲
2024 · 2.68
Debt ≤ 1 year
€97,277▲
2024 · €67,907
Debt > 1 year
€2,037
Income taxes
€12,957▲
2024 · €1,279
Staff costs
€46,572▼
2024 · €47,955
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 | 1 | 1 | 1 | 2 |
| full-time | - | - | 0 | 0 |
| part-time | 1 | 1 | 1 | 2 |
| in full-time equivalents | 0.2 | 0.3 | 0.8 | 1.3 |
| Average over the year, in full-time equivalents | 0.1 | 0.2 | 0.9 | 1.2 |
| On a permanent contract | 1 | 1 | 1 | 2 |
| Joined | 1 | - | 1 | 1 |
| Left | 0 | - | 1 | 0 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €6,962 | €4,445 | €2,788 | €5,191 |
| Intangible fixed assets | - | - | €7,054 | €3,975 |
| Financial fixed assets | - | - | - | €0 |
| Depreciation and write-downs of the year | €7,522 | €5,283 | €5,453 | €6,544 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €1,181 awarded · €1,181 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €0 | €1,181 |
| 2022 | 1 | €1,181 | €0 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €452,175 | - | - | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €2,942 | €13,679 | €47,955 | €46,572 | ▼ 2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €13,200 | €10,631 | €9,514 | €7,522 | €5,283 | €5,453 | €6,544 | ▲ 20.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €448 | - | -€448 | €0 | - |
| Other operating charges640/8 | - | - | - | €1,160 | €1,001 | €2,162 | €6,118 | ▲ 183% |
| Gross operating margin9900 | €26,046 | €12,087 | €25,302 | €36,309 | €64,266 | €59,617 | €116,419 | ▲ 95.3% |
| Operating profit (loss)9901 | €12,213 | €601 | €13,482 | €24,236 | €44,303 | €4,495 | €57,186 | ▲ 13× |
| Financial income75/76B | - | - | - | €186 | €28 | €219 | €678 | ▲ 209% |
| Recurring financial income75 | €28 | €179 | €8 | €186 | €28 | €219 | €678 | ▲ 209% |
| Financial charges65/66B | - | - | - | €2,936 | €2,443 | €3,715 | €5,067 | ▲ 36.4% |
| Recurring financial charges65 | €1,192 | €1,002 | €1,045 | €2,936 | €2,443 | €3,715 | €5,067 | ▲ 36.4% |
| Profit (loss) for the period before taxes9903 | €11,049 | -€222 | €12,446 | €21,486 | €41,889 | €999 | €52,796 | ▲ 53× |
| Income taxes67/77 | €1,943 | €2,596 | €3,766 | €5,905 | €10,528 | €1,279 | €12,957 | ▲ 913% |
| Profit (loss) for the period9904 | €9,106 | -€2,818 | €8,680 | €15,581 | €31,361 | -€279 | €39,840 | - |
| Profit (loss) for the period to be appropriated9905 | €9,106 | -€2,913 | €8,680 | €15,581 | €31,361 | -€279 | €39,840 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €66,384 | €100,927 | €113,784 | €83,080 | €129,250 | €118,439 | €153,999 | ▲ 30.0% |
| Fixed assets21/28 | €14,236 | €27,110 | €20,655 | €20,016 | €18,777 | €23,166 | €25,788 | ▲ 11.3% |
| Intangible fixed assets21 | - | - | - | - | - | €6,784 | €8,801 | ▲ 29.7% |
| Tangible fixed assets22/27 | €13,757 | €25,105 | €18,728 | €18,168 | €17,329 | €14,934 | €15,539 | ▲ 4.1% |
| Plant, machinery and equipment23 | - | - | - | €2,248 | €1,876 | €1,504 | €1,240 | ▼ 17.5% |
| Furniture and vehicles24 | - | - | - | €4,955 | €5,169 | €4,279 | €7,010 | ▲ 63.8% |
| Other tangible fixed assets26 | - | - | - | €10,965 | €10,284 | €9,151 | €7,289 | ▼ 20.4% |
| Financial fixed assets28 | €479 | €2,006 | €1,927 | €1,848 | €1,448 | €1,448 | €1,448 | = |
| Current assets29/58 | €52,149 | €73,817 | €93,129 | €63,064 | €110,473 | €95,272 | €128,211 | ▲ 34.6% |
| Stocks and contracts in progress3 | €13,265 | €10,543 | €11,315 | €12,633 | €12,879 | €14,444 | €9,756 | ▼ 32.5% |
| Stocks30/36 | - | - | - | €12,633 | €12,879 | €14,444 | €9,756 | ▼ 32.5% |
| Amounts receivable within one year40/41 | €32,559 | €42,556 | €42,719 | €20,880 | €35,669 | €29,898 | €33,865 | ▲ 13.3% |
| Trade receivables40 | - | - | - | €20,285 | €34,445 | €21,561 | €30,172 | ▲ 39.9% |
| Other amounts receivable41 | - | - | - | €595 | €1,224 | €8,337 | €3,692 | ▼ 55.7% |
| Current investments50/53 | - | - | - | - | €13,439 | €18,408 | €27,498 | ▲ 49.4% |
| Cash at bank and in hand54/58 | €5,945 | €15,837 | €30,642 | €21,074 | €41,543 | €21,574 | €45,192 | ▲ 109% |
| Deferred charges and accrued income490/1 | - | - | - | €8,477 | €6,942 | €10,948 | €11,900 | ▲ 8.7% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €66,384 | €100,927 | €113,784 | €83,080 | €129,250 | €118,439 | €153,999 | ▲ 30.0% |
| Equity10/15 | €27,431 | €24,613 | €27,293 | €36,575 | €50,785 | €50,506 | €54,245 | ▲ 7.4% |
| Contributions10/11 | €6,200 | - | - | €4,100 | €4,100 | €4,100 | €4,100 | = |
| Reserves13 | €1,860 | €1,955 | €10,555 | €22,555 | €36,055 | €36,055 | €39,455 | ▲ 9.4% |
| Tax-exempt reserves132 | - | - | - | €95 | €95 | €95 | €95 | = |
| Distributable reserves133 | - | - | - | €22,460 | €35,960 | €35,960 | €39,360 | ▲ 9.5% |
| Profit (loss) carried forward14 | €19,371 | €16,458 | €10,538 | €9,920 | €10,630 | €10,351 | €10,690 | ▲ 3.3% |
| Amounts payable17/49 | €38,953 | €76,314 | €86,491 | €46,505 | €78,465 | €67,933 | €99,754 | ▲ 46.8% |
| Amounts payable after more than one year17 | - | €10,557 | €3,628 | - | - | - | €2,037 | - |
| Financial debts170/4 | - | - | - | - | - | - | €2,037 | - |
| Amounts payable within one year42/48 | €38,887 | €64,818 | €82,165 | €46,505 | €77,934 | €67,907 | €97,277 | ▲ 43.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1,290 | - | - | €1,233 | - |
| Trade debts44 | €32,035 | €41,376 | €54,723 | €29,670 | €32,393 | €35,077 | €26,963 | ▼ 23.1% |
| Suppliers440/4 | - | - | - | €29,670 | €32,393 | €35,077 | €26,963 | ▼ 23.1% |
| Taxes, remuneration and social security45 | - | - | - | €13,266 | €27,628 | €24,697 | €29,555 | ▲ 19.7% |
| Taxes450/3 | - | - | - | €9,907 | €22,610 | €14,412 | €19,795 | ▲ 37.4% |
| Remuneration and social security454/9 | - | - | - | €3,359 | €5,018 | €10,285 | €9,760 | ▼ 5.1% |
| Other amounts payable47/48 | - | - | - | €2,280 | €17,913 | €8,133 | €39,527 | ▲ 386% |
| Accrued charges and deferred income492/3 | - | - | - | - | €531 | €26 | €439 | ▲ 17× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,106 | -€2,818 | €8,680 | €15,581 | €31,361 | -€279 | €39,840 | - |
| + Depreciation and write-downs630 | €13,200 | €10,631 | €9,514 | €7,522 | €5,283 | €5,453 | €6,544 | ▲ 20.0% |
| Operating cash flow (approximation) | €22,305 | €7,813 | €18,194 | €23,103 | €36,644 | €5,173 | €46,384 | ▲ 797% |
| Investment in fixed assets (approximation) | - | -€23,506 | -€3,059 | -€6,883 | -€4,045 | -€9,842 | -€9,166 | ▲ 6.9% |
| Change in cash | - | €9,892 | €14,805 | -€9,569 | €20,469 | -€19,969 | €23,618 | - |
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, 34,693 companies had the same profile as DOUBLE-U has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of DOUBLE-U itself: 0.2% 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 34,693 companies, not a prediction for DOUBLE-U. 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 | 01-07-2026 | 2026-00231559 | |
| 31-12-2024 | micro format | 27-06-2025 | 2025-00185465 | |
| 31-12-2023 | micro format | 19-07-2024 | 2024-00261426 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00178971 | |
| 30-06-2021 | micro format | 23-12-2021 | 2021-81700349 | |
| 30-06-2020 | micro format | 30-01-2021 | 2021-04600342 | |
| 30-06-2019 | abbreviated format | 23-12-2019 | 2019-77200553 | |
| 30-06-2018 | abbreviated format | 22-01-2019 | 2019-02200242 | |
| 30-06-2017 | abbreviated format | 25-01-2018 | 2018-02500236 | |
| 30-06-2016 | abbreviated format | 23-12-2016 | 2016-71700138 |