DP-IMMO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 10 filings
Turnover
€52,387▼ 7.7%
2024 · €56,761
EBIT margin
-1.0%▼ 7.9pp
2024 · 6.9%
Net result
-€3,553
2024 · €1,240
Working capital
-€942▲ 89.3%
2024 · -€8,793
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€52,387
▼ 7.7%
2025
20182025
Operating result
-€509
2025
20182025
Net result
-€3,553
2025
middle half of the sector
20182025
EBIT margin
-1.0%
▼ 7.9pp
2025
20182025
Equity
€13,957
▼ 20.3%
2025
middle half of the sector
20182025
Total assets
€22,779
▼ 49.3%
2025
lowest quarter of the sector
20182025
Debt
€8,822
▼ 67.8%
2025
20182025
Working capital
-€942
▲ 89.3%
2025
middle half of the sector
20182025
Solvency
61.3%
▲ 22.3pp
2025
middle half of the sector
20182025
Current ratio
0.89
▲ 0.21
2025
middle half of the sector
20182025
Return on assets (ROA)
-15.6%
▼ 18.4pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€528€14,258▲ 27×€30,594▲ 115%€56,761▲ 85.5%€52,387▼ 7.7%
Operating result-€2,103--€2,119▼ 0.7%€722-€1,203€5,843-€7,439€3,909-€509
Net result-€2,242--€2,258▼ 0.7%€533within the sector's middle half-€1,361within the sector's middle half€5,677within the sector's middle half-€9,057within the sector's middle half€1,240within the sector's middle half-€3,553within the sector's middle half
EBIT margin-227.8%41.0%▲ 268.8pp-24.3%▼ 65.3pp6.9%▲ 31.2pp-1.0%▼ 7.9pp
Equity€22,736-€20,478▼ 9.9%€21,011within the sector's middle half▲ 2.6%€19,650within the sector's middle half▼ 6.5%€25,327within the sector's middle half▲ 28.9%€16,270within the sector's middle half▼ 35.8%€17,510within the sector's middle half▲ 7.6%€13,957within the sector's middle half▼ 20.3%
Total assets€26,621-€23,379▼ 12.2%€21,267below the sector's middle half▼ 9.0%€19,669below the sector's middle half▼ 7.5%€28,331below the sector's middle half▲ 44.0%€48,422below the sector's middle half▲ 70.9%€44,897below the sector's middle half▼ 7.3%€22,779below the sector's middle half▼ 49.3%
Debt€3,886-€2,901▼ 25.3%€256▼ 91.2%€19▼ 92.6%€3,004▲ 158×€32,152▲ 970%€27,387▼ 14.8%€8,822▼ 67.8%
Working capital€22,736-€20,478▼ 9.9%€21,011within the sector's middle half▲ 2.6%€19,650within the sector's middle half▼ 6.5%€24,840within the sector's middle half▲ 26.4%-€11,556within the sector's middle half-€8,793within the sector's middle half▲ 23.9%-€942within the sector's middle half▲ 89.3%
Solvency85.4%-87.6%▲ 2.2pp98.8%above the sector's middle half▲ 11.2pp99.9%above the sector's middle half▲ 1.1pp89.4%above the sector's middle half▼ 10.5pp33.6%within the sector's middle half▼ 55.8pp39.0%within the sector's middle half▲ 5.4pp61.3%within the sector's middle half▲ 22.3pp
Current ratio6.85-8.06▲ 1.2183.13above the sector's middle half▲ 75.089.27above the sector's middle half0.64within the sector's middle half▼ 8.630.68within the sector's middle half▲ 0.040.89within the sector's middle half▲ 0.21
Return on assets (ROA)-8.4%--9.7%▼ 1.2pp2.5%within the sector's middle half▲ 12.2pp-6.9%below the sector's middle half▼ 9.4pp20.0%above the sector's middle half▲ 27.0pp-18.7%below the sector's middle half▼ 38.7pp2.8%within the sector's middle half▲ 21.5pp-15.6%below the sector's middle half▼ 18.4pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 €509, after a profit of €3,909 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €22,779
Fixed assets
€14,899 ▼ 43.4%
Current assets
€7,880 ▼ 57.6%
Equity and liabilities €22,779
Equity
€13,957 ▼ 20.3%
Debt
€8,822 ▼ 67.8%
Debt's share of the balance-sheet total falls from 61.0% to 38.7%. Equity and debt are lower.
Key figures and ratios
EBITDA
€11,650▼
2024 · €15,227
Cash flow
€8,606▼
2024 · €12,558
Debt to equity
0.63▼
2024 · 1.56
ROE
-25.5%▼
2024 · 7.1%
Interest coverage
4.96▼
2024 · 5.71
Debt ≤ 1 year
€8,822▼
2024 · €27,387
Income taxes
€694
Customer credit
39 days▲
2024 · 32 days
Supplier credit
9 days▼
2024 · 24 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €510 | €31,825 | €9,795 | €755 |
| Depreciation and write-downs of the year | - | €23 | €4,486 | €11,318 | €12,159 |
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 | - | - | - | €528 | €14,258 | €30,594 | €56,761 | €52,387 | ▼ 7.7% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €1,067 | €7,470 | €33,169 | €47,265 | €46,830 | ▼ 0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €23 | €4,486 | €11,318 | €12,159 | ▲ 7.4% |
| Other operating charges640/8 | - | - | - | €564 | €922 | €3,395 | €1,065 | €1,088 | ▲ 2.2% |
| Non-recurring operating charges66A | - | - | - | €100 | - | - | - | - | - |
| Gross operating margin9900 | -€1,967 | -€1,893 | €878 | -€539 | €6,788 | €442 | €16,292 | €12,738 | ▼ 21.8% |
| Operating profit (loss)9901 | -€2,103 | -€2,119 | €722 | -€1,203 | €5,843 | -€7,439 | €3,909 | -€509 | - |
| Recurring financial income75 | €0 | - | - | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €158 | €166 | €1,318 | €2,669 | €2,350 | ▼ 12.0% |
| Recurring financial charges65 | €139 | €139 | €189 | €158 | €166 | €1,318 | €2,669 | €2,350 | ▼ 12.0% |
| Profit (loss) for the period before taxes9903 | -€2,242 | -€2,258 | €533 | -€1,361 | €5,677 | -€8,757 | €1,240 | -€2,859 | - |
| Income taxes67/77 | - | - | - | - | - | €300 | - | €694 | - |
| Profit (loss) for the period9904 | -€2,242 | -€2,258 | €533 | -€1,361 | €5,677 | -€9,057 | €1,240 | -€3,553 | - |
| Profit (loss) for the period to be appropriated9905 | -€2,242 | -€2,258 | €533 | -€1,361 | €5,677 | -€9,057 | €1,240 | -€3,553 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €26,621 | €23,379 | €21,267 | €19,669 | €28,331 | €48,422 | €44,897 | €22,779 | ▼ 49.3% |
| Fixed assets21/28 | - | - | - | - | €487 | €27,826 | €26,303 | €14,899 | ▼ 43.4% |
| Tangible fixed assets22/27 | - | - | - | - | €487 | €27,826 | €26,303 | €14,899 | ▼ 43.4% |
| Plant, machinery and equipment23 | - | - | - | - | €487 | €13,719 | €8,451 | €3,490 | ▼ 58.7% |
| Furniture and vehicles24 | - | - | - | - | - | €14,107 | €12,028 | €6,206 | ▼ 48.4% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €5,824 | €5,203 | ▼ 10.7% |
| Current assets29/58 | €26,621 | €23,379 | €21,267 | €19,669 | €27,844 | €20,596 | €18,594 | €7,880 | ▼ 57.6% |
| Amounts receivable within one year40/41 | €5,127 | €5,689 | €3,369 | €3,412 | €9,157 | €8,212 | €6,232 | €6,573 | ▲ 5.5% |
| Trade receivables40 | - | - | - | €2,887 | €8,240 | €6,390 | €5,028 | €5,644 | ▲ 12.3% |
| Other amounts receivable41 | - | - | - | €525 | €917 | €1,822 | €1,204 | €929 | ▼ 22.8% |
| Cash at bank and in hand54/58 | €21,494 | €17,690 | €17,897 | €16,257 | €18,687 | €12,384 | €12,362 | €1,307 | ▼ 89.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €26,621 | €23,379 | €21,267 | €19,669 | €28,331 | €48,422 | €44,897 | €22,779 | ▼ 49.3% |
| Equity10/15 | €22,736 | €20,478 | €21,011 | €19,650 | €25,327 | €16,270 | €17,510 | €13,957 | ▼ 20.3% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €2,276 | €18 | €551 | -€810 | €4,867 | -€4,190 | -€2,950 | -€6,503 | ▼ 120% |
| Amounts payable17/49 | €3,886 | €2,901 | €256 | €19 | €3,004 | €32,152 | €27,387 | €8,822 | ▼ 67.8% |
| Amounts payable within one year42/48 | €3,886 | €2,901 | €256 | €19 | €3,004 | €32,152 | €27,387 | €8,822 | ▼ 67.8% |
| Trade debts44 | - | €226 | €231 | €19 | €2,504 | €26,600 | €3,169 | €1,132 | ▼ 64.3% |
| Suppliers440/4 | - | - | - | €19 | €2,504 | €26,600 | €3,169 | €1,132 | ▼ 64.3% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €300 | €300 | €694 | ▲ 131% |
| Taxes450/3 | - | - | - | - | - | €300 | €300 | €694 | ▲ 131% |
| Other amounts payable47/48 | - | - | - | - | €500 | €5,252 | €23,918 | €6,996 | ▼ 70.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,242 | -€2,258 | €533 | -€1,361 | €5,677 | -€9,057 | €1,240 | -€3,553 | - |
| + Depreciation and write-downs630 | - | - | - | - | €23 | €4,486 | €11,318 | €12,159 | ▲ 7.4% |
| Operating cash flow (approximation) | -€2,242 | -€2,258 | €533 | -€1,361 | €5,700 | -€4,571 | €12,558 | €8,606 | ▼ 31.5% |
| Investment in fixed assets (approximation) | - | - | - | - | - | -€31,825 | -€9,795 | -€755 | ▲ 92.3% |
| Change in cash | - | -€3,803 | €207 | -€1,640 | €2,430 | -€6,303 | -€22 | -€11,055 | ▼ 50,150% |
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, 4,805 companies had the same profile as DP-IMMO has now. Two years later, 88.1% were still going and 2.0% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a loss of 10% of the balance sheet or more
88.1%
was still going
9.8%
stopped otherwise
2.0%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DP-IMMO itself: 0.4% 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 4,805 companies, not a prediction for DP-IMMO. 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.
Filings with the National Bank (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-06-2026 | 2026-00186805 | |
| 31-12-2024 | micro format | 06-06-2025 | 2025-00127705 | |
| 31-12-2023 | micro format | 21-08-2024 | 2024-00358403 | |
| 31-12-2022 | micro format | 21-08-2023 | 2023-00337458 | |
| 31-12-2021 | micro format | 08-08-2022 | 2022-20274477 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-42000586 | |
| 31-12-2019 | micro format | 24-08-2020 | 2020-44000530 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-42300143 | |
| 31-12-2017 | micro format | 20-08-2018 | 2018-47700443 | |
| 31-12-2016 | full format | 21-08-2017 | 2017-45400478 |