DP Projects
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 21 days after the deadline Filed on 21 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00411665.
Annual accounts 2025 filed on 21-08-2026 at the NBB all 16 filings
Turnover
≈ €220,000
Estimated: probably between €180,000 and €310,000
Total assets
€186,137▼ 2.3%
2024 · €190,582
Net result
€23,280
2024 · -€41,917
Working capital
€73,471▲ 88.4%
2024 · €39,003
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€28,090
2025
20182025
Net result
€23,280
2025
middle half of the sector
20182025
Equity
€87,748
▲ 36.1%
2025
middle half of the sector
20182025
Total assets
€186,137
▼ 2.3%
2025
middle half of the sector
20182025
Debt
€98,389
▼ 22.0%
2025
20182025
Working capital
€73,471
▲ 88.4%
2025
middle half of the sector
20182025
Solvency
47.1%
▲ 13.3pp
2025
middle half of the sector
20182025
Current ratio
2.30
▲ 0.73
2025
middle half of the sector
20182025
Return on assets (ROA)
12.5%
▲ 34.5pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€21,051-€21,302▲ 1.2%€27,255▲ 27.9%€16,793▼ 38.4%€20,742▲ 23.5%€7,406▼ 64.3%-€38,677€28,090
Net result€18,259-€19,361▲ 6.0%€24,859within the sector's middle half▲ 28.4%€8,665within the sector's middle half▼ 65.1%€19,976within the sector's middle half▲ 131%€6,751within the sector's middle half▼ 66.2%-€41,917below the sector's middle half€23,280within the sector's middle half
Equity€26,773-€46,133▲ 72.3%€70,993within the sector's middle half▲ 53.9%€79,658within the sector's middle half▲ 12.2%€99,634within the sector's middle half▲ 25.1%€106,385within the sector's middle half▲ 6.8%€64,468within the sector's middle half▼ 39.4%€87,748within the sector's middle half▲ 36.1%
Total assets€134,434-€108,078▼ 19.6%€134,917within the sector's middle half▲ 24.8%€129,590within the sector's middle half▼ 3.9%€168,813within the sector's middle half▲ 30.3%€144,100within the sector's middle half▼ 14.6%€190,582within the sector's middle half▲ 32.3%€186,137within the sector's middle half▼ 2.3%
Debt€107,661-€61,945▼ 42.5%€63,924▲ 3.2%€49,932▼ 21.9%€69,179▲ 38.5%€37,715▼ 45.5%€126,114▲ 234%€98,389▼ 22.0%
Working capital€50,371-€58,507▲ 16.2%€71,441within the sector's middle half▲ 22.1%€78,848within the sector's middle half▲ 10.4%€92,819above the sector's middle half▲ 17.7%€97,613above the sector's middle half▲ 5.2%€39,003within the sector's middle half▼ 60.0%€73,471within the sector's middle half▲ 88.4%
Solvency19.9%-42.7%▲ 22.8pp52.6%within the sector's middle half▲ 9.9pp61.5%within the sector's middle half▲ 8.8pp59.0%within the sector's middle half▼ 2.4pp73.8%above the sector's middle half▲ 14.8pp33.8%within the sector's middle half▼ 40.0pp47.1%within the sector's middle half▲ 13.3pp
Current ratio1.60-2.19▲ 0.582.13within the sector's middle half▼ 0.062.59within the sector's middle half▲ 0.462.35within the sector's middle half▼ 0.243.59above the sector's middle half▲ 1.241.56within the sector's middle half▼ 2.022.30within the sector's middle half▲ 0.73
Return on assets (ROA)13.6%-17.9%▲ 4.3pp18.4%above the sector's middle half▲ 0.5pp6.7%within the sector's middle half▼ 11.7pp11.8%within the sector's middle half▲ 5.1pp4.7%within the sector's middle half▼ 7.1pp-22.0%below the sector's middle half▼ 26.7pp12.5%within the sector's middle half▲ 34.5pp
Staff (FTE)1.6-1.1▼ 31.3%0.8below the sector's middle half▼ 27.3%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 profit of €28,090, after a loss of €38,677 in 2024. It is the highest result since 2021.
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 €186,137
Fixed assets
€56,013 ▼ 32.1%
Current assets
€130,124 ▲ 20.4%
Equity and liabilities €186,137
Equity
€87,748 ▲ 36.1%
Debt
€98,389 ▼ 22.0%
Debt's share of the balance-sheet total falls from 66.2% to 52.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€54,605▲
2024 · -€21,583
Cash flow
€49,796▲
2024 · -€24,823
Quick ratio
2.10▲
2024 · 1.36
Debt to equity
1.12▼
2024 · 1.96
ROE
26.5%▲
2024 · -65.0%
Interest coverage
12.10▲
2024 · -6.68
Debt ≤ 1 year
€56,654▼
2024 · €69,050
Debt > 1 year
€41,735▼
2024 · €57,064
Income taxes
€389▲
2024 · €140
Staff costs
€3,694▼
2024 · €6,972
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 | €11,197 | €6,488 | €4,548 | €90,851 | - |
| Depreciation and write-downs of the year | €198 | €493 | €2,823 | €17,094 | €26,516 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2024 to 2025 · 2 entries · €62 awarded · €124 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €62 | €62 |
| 2024 | 1 | €0 | €62 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €386 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €7,214 | - | €9,541 | €6,972 | €3,694 | ▼ 47.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €16,265 | €365 | €365 | €198 | €493 | €2,823 | €17,094 | €26,516 | ▲ 55.1% |
| Other operating charges640/8 | - | - | - | €250 | €3,345 | €302 | €337 | €346 | ▲ 2.6% |
| Non-recurring operating charges66A | - | - | - | €250 | - | - | - | - | - |
| Gross operating margin9900 | €99,104 | €71,975 | €61,560 | €24,705 | €24,580 | €20,072 | -€14,274 | €58,645 | - |
| Operating profit (loss)9901 | €21,051 | €21,302 | €27,255 | €16,793 | €20,742 | €7,406 | -€38,677 | €28,090 | - |
| Financial income75/76B | - | - | - | €282 | €273 | €358 | €132 | €94 | ▼ 28.9% |
| Recurring financial income75 | €818 | €706 | €307 | €282 | €273 | €358 | €132 | €94 | ▼ 28.9% |
| Financial charges65/66B | - | - | - | €1,267 | €1,038 | €1,013 | €3,233 | €4,514 | ▲ 39.6% |
| Recurring financial charges65 | €3,611 | €2,647 | €2,703 | €1,267 | €1,038 | €1,013 | €3,233 | €4,514 | ▲ 39.6% |
| Profit (loss) for the period before taxes9903 | €18,259 | €19,361 | €24,859 | €15,809 | €19,976 | €6,751 | -€41,778 | €23,669 | - |
| Income taxes67/77 | - | - | - | €7,144 | - | - | €140 | €389 | ▲ 179% |
| Profit (loss) for the period9904 | €18,259 | €19,361 | €24,859 | €8,665 | €19,976 | €6,751 | -€41,917 | €23,280 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €48,042 | - | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | €18,259 | €19,361 | €24,859 | €56,707 | €19,976 | €6,751 | -€41,917 | €23,280 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €134,434 | €108,078 | €134,917 | €129,590 | €168,813 | €144,100 | €190,582 | €186,137 | ▼ 2.3% |
| Fixed assets21/28 | €730 | €365 | - | €1,053 | €7,048 | €8,772 | €82,529 | €56,013 | ▼ 32.1% |
| Tangible fixed assets22/27 | €730 | €365 | - | €1,053 | €7,048 | €8,772 | €82,529 | €56,013 | ▼ 32.1% |
| Land and buildings22 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Plant, machinery and equipment23 | - | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Furniture and vehicles24 | - | - | - | €1,053 | €7,048 | €8,772 | €82,529 | €56,013 | ▼ 32.1% |
| Current assets29/58 | €133,703 | €107,713 | €134,917 | €128,537 | €161,765 | €135,328 | €108,053 | €130,124 | ▲ 20.4% |
| Stocks and contracts in progress3 | €17,395 | €22,822 | €13,867 | €16,295 | €25,326 | €14,517 | €14,156 | €11,065 | ▼ 21.8% |
| Stocks30/36 | - | - | - | €16,295 | €25,326 | €14,517 | €14,156 | €11,065 | ▼ 21.8% |
| Amounts receivable within one year40/41 | €84,211 | €82,496 | €80,402 | €72,424 | €71,989 | €77,404 | €70,472 | €72,674 | ▲ 3.1% |
| Trade receivables40 | - | - | - | €9,464 | €9,858 | €15,333 | €11,253 | €11,126 | ▼ 1.1% |
| Other amounts receivable41 | - | - | - | €62,960 | €62,131 | €62,071 | €59,219 | €61,548 | ▲ 3.9% |
| Cash at bank and in hand54/58 | €30,284 | €1,338 | €36,538 | €35,642 | €60,348 | €39,280 | €18,489 | €40,343 | ▲ 118% |
| Deferred charges and accrued income490/1 | - | - | - | €4,175 | €4,102 | €4,127 | €4,936 | €6,043 | ▲ 22.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €134,434 | €108,078 | €134,917 | €129,590 | €168,813 | €144,100 | €190,582 | €186,137 | ▼ 2.3% |
| Equity10/15 | €26,773 | €46,133 | €70,993 | €79,658 | €99,634 | €106,385 | €64,468 | €87,748 | ▲ 36.1% |
| Contributions10/11 | €119,400 | €119,400 | - | €119,400 | €119,400 | €119,400 | €119,400 | €119,400 | = |
| Reserves13 | €49,902 | €49,902 | €49,902 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | -€142,529 | -€123,169 | -€98,309 | -€41,602 | -€21,626 | -€14,875 | -€56,792 | -€33,512 | ▲ 41.0% |
| Amounts payable17/49 | €107,661 | €61,945 | €63,924 | €49,932 | €69,179 | €37,715 | €126,114 | €98,389 | ▼ 22.0% |
| Amounts payable after more than one year17 | €24,329 | €12,335 | - | - | - | - | €57,064 | €41,735 | ▼ 26.9% |
| Financial debts170/4 | - | - | - | - | - | - | €57,064 | €41,735 | ▼ 26.9% |
| Amounts payable within one year42/48 | €83,332 | €49,206 | €63,476 | €49,689 | €68,947 | €37,715 | €69,050 | €56,654 | ▼ 18.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €14,602 | €15,328 | ▲ 5.0% |
| Trade debts44 | €4,194 | €2,466 | €9,210 | €5,887 | €29,870 | €4,201 | €6,785 | €3,704 | ▼ 45.4% |
| Suppliers440/4 | - | - | - | €5,887 | €29,870 | €4,201 | €6,785 | €3,704 | ▼ 45.4% |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | €8,550 | €529 | ▼ 93.8% |
| Taxes450/3 | - | - | - | - | - | - | €8,550 | €529 | ▼ 93.8% |
| Other amounts payable47/48 | - | - | - | €43,802 | €39,077 | €33,514 | €39,113 | €37,093 | ▼ 5.2% |
| Accrued charges and deferred income492/3 | - | - | - | €244 | €233 | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €18,259 | €19,361 | €24,859 | €8,665 | €19,976 | €6,751 | -€41,917 | €23,280 | - |
| + Depreciation and write-downs630 | €16,265 | €365 | €365 | €198 | €493 | €2,823 | €17,094 | €26,516 | ▲ 55.1% |
| Operating cash flow (approximation) | €34,524 | €19,726 | €25,224 | €8,863 | €20,470 | €9,574 | -€24,823 | €49,796 | - |
| Investment in fixed assets (approximation) | - | €0 | - | - | -€6,488 | -€4,548 | -€90,851 | €0 | - |
| Change in cash | - | -€28,946 | €35,200 | -€896 | €24,706 | -€21,068 | -€20,791 | €21,854 | - |
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 DP Projects 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 DP Projects 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 34,693 companies, not a prediction for DP Projects. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 21-08-2026 | 2026-00411665 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00339048 | |
| 31-12-2023 | micro format | 23-08-2024 | 2024-00362852 | |
| 31-12-2022 | micro format | 26-07-2023 | 2023-00271557 | |
| 31-12-2021 | micro format | 27-07-2022 | 2022-20227822 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-44600310 | |
| 31-12-2019 | micro format | 30-10-2020 | 2020-67800015 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-41500601 | |
| 31-12-2017 | micro format | 31-07-2018 | 2018-41000478 | |
| 31-12-2016 | micro format | 31-08-2017 | 2017-56200531 |