DS Technics
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 03-07-2026 at the NBB all 13 filings
Turnover
€284,124▼ 69.9%
2022 · €944,408
EBIT margin
-1.5%▼ 11.6pp
2022 · 10.2%
Net result
€5,667▲ 93.3%
2024 · €2,932
Working capital
€278,255▲ 4.5%
2024 · €266,177
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€284,124
2025
20182025
Operating result
-€4,147
2025
20182025
Net result
€5,667
▲ 93.3%
2025
middle half of the sector
20182025
EBIT margin
-1.5%
2025
20182025
Equity
€293,495
▲ 2.0%
2025
middle half of the sector
20182025
Total assets
€359,918
▼ 9.6%
2025
middle half of the sector
20182025
Debt
€66,423
▼ 39.8%
2025
20182025
Working capital
€278,255
▲ 4.5%
2025
middle half of the sector
20182025
Solvency
81.5%
▲ 9.3pp
2025
highest quarter of the sector
20182025
Current ratio
6.05
▲ 2.37
2025
highest quarter of the sector
20182025
Return on assets (ROA)
1.6%
▲ 0.8pp
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
Turnover€754,294€719,334▼ 4.6%€964,319▲ 34.1%€944,408▼ 2.1%€284,124
Operating result€36,856-€114,083▲ 210%€76,402▼ 33.0%€110,579▲ 44.7%€95,918▼ 13.3%€22,581▼ 76.5%€4,577▼ 79.7%-€4,147
Net result€35,338-€94,023▲ 166%€62,434above the sector's middle half▼ 33.6%€85,833above the sector's middle half▲ 37.5%€77,082above the sector's middle half▼ 10.2%€42,568above the sector's middle half▼ 44.8%€2,932within the sector's middle half▼ 93.1%€5,667within the sector's middle half▲ 93.3%
EBIT margin15.1%10.6%▼ 4.5pp11.5%▲ 0.8pp10.2%▼ 1.3pp-1.5%
Equity€126,255-€200,279▲ 58.6%€244,712above the sector's middle half▲ 22.2%€310,546above the sector's middle half▲ 26.9%€369,827above the sector's middle half▲ 19.1%€284,896above the sector's middle half▼ 23.0%€287,828above the sector's middle half▲ 1.0%€293,495within the sector's middle half▲ 2.0%
Total assets€190,856-€273,748▲ 43.4%€314,247above the sector's middle half▲ 14.8%€392,890above the sector's middle half▲ 25.0%€429,464above the sector's middle half▲ 9.3%€408,003above the sector's middle half▼ 5.0%€398,233above the sector's middle half▼ 2.4%€359,918within the sector's middle half▼ 9.6%
Debt€64,601-€73,470▲ 13.7%€69,535▼ 5.4%€82,345▲ 18.4%€59,637▼ 27.6%€123,108▲ 106%€110,405▼ 10.3%€66,423▼ 39.8%
Working capital€132,873-€186,805▲ 40.6%€236,916above the sector's middle half▲ 26.8%€283,321above the sector's middle half▲ 19.6%€340,503above the sector's middle half▲ 20.2%€275,026above the sector's middle half▼ 19.2%€266,177above the sector's middle half▼ 3.2%€278,255within the sector's middle half▲ 4.5%
Solvency66.2%-73.2%▲ 7.0pp77.9%above the sector's middle half▲ 4.7pp79.0%above the sector's middle half▲ 1.2pp86.1%above the sector's middle half▲ 7.1pp69.8%above the sector's middle half▼ 16.3pp72.3%above the sector's middle half▲ 2.4pp81.5%above the sector's middle half▲ 9.3pp
Current ratio7.06-4.86▼ 2.206.33above the sector's middle half▲ 1.474.44above the sector's middle half▼ 1.896.71above the sector's middle half▲ 2.273.35above the sector's middle half▼ 3.363.69above the sector's middle half▲ 0.346.05above the sector's middle half▲ 2.37
Return on assets (ROA)18.5%-34.3%▲ 15.8pp19.9%above the sector's middle half▼ 14.5pp21.8%above the sector's middle half▲ 2.0pp17.9%within the sector's middle half▼ 3.9pp10.4%within the sector's middle half▼ 7.5pp0.7%within the sector's middle half▼ 9.7pp1.6%within the sector's middle half▲ 0.8pp
Staff (FTE)1-1=2within the sector's middle half▲ 100%2=1▼ 50.0%
above
within
below
The sector band is the middle half of the companies in Civil engineering (NACE 42). 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 €4,147, after a profit of €4,577 in 2024. It is the lowest result since 2018.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €359,918
Fixed assets
€26,588 ▼ 19.4%
Current assets
€333,330 ▼ 8.7%
Equity and liabilities €359,918
Equity
€293,495 ▲ 2.0%
Debt
€66,423 ▼ 39.8%
Debt's share of the balance-sheet total falls from 27.7% to 18.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€3,255▼
2024 · €7,510
Cash flow
€13,069▲
2024 · €5,866
Quick ratio
4.82▲
2024 · 1.81
Debt to equity
0.23▼
2024 · 0.38
ROE
1.9%▲
2024 · 1.0%
Interest coverage
1.68▼
2024 · 5.97
Debt ≤ 1 year
€55,075▼
2024 · €99,057
Debt > 1 year
€11,347=
2024 · €11,347
Income taxes
-€8,275▼
2024 · €2,120
Customer credit
174 days
Staff costs
€498▲
2024 · €326
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 |
|---|---|---|
| Employees at the balance-sheet date | 2 | - |
| full-time | 2 | - |
| in full-time equivalents | 2 | - |
| Average over the year, in full-time equivalents | 2 | 1 |
| On a permanent contract | 2 | - |
| Joined | - | 0 |
| Left | - | 1 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €9,568 | - | €20,063 | €991 |
| Depreciation and write-downs of the year | €5,678 | €7,469 | €5,678 | €2,934 | €7,402 |
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 | - | €754,294 | €719,334 | €964,319 | €944,408 | - | - | €284,124 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €901,367 | €664,878 | €488,182 | €219,529 | €279,558 | ▲ 27.3% |
| Remuneration, social security and pensions62 | - | - | - | €77,094 | €45,057 | €679 | €326 | €498 | ▲ 52.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,693 | €6,042 | €5,678 | €5,678 | €7,469 | €5,678 | €2,934 | €7,402 | ▲ 152% |
| Other operating charges640/8 | - | - | - | €1,176 | €2,248 | €842 | €928 | €812 | ▼ 12.5% |
| Gross operating margin9900 | €132,544 | €171,075 | €149,135 | €194,527 | €150,692 | €29,780 | €8,764 | €4,565 | ▼ 47.9% |
| Operating profit (loss)9901 | €36,856 | €114,083 | €76,402 | €110,579 | €95,918 | €22,581 | €4,577 | -€4,147 | - |
| Financial income75/76B | - | - | - | €6,217 | €3,350 | €45,590 | €1,733 | €3,481 | ▲ 101% |
| Recurring financial income75 | €12,441 | €8,578 | €4,728 | €6,217 | €3,350 | €2,866 | €1,733 | €3,481 | ▲ 101% |
| Non-recurring financial income76B | - | - | - | - | - | €42,723 | - | - | - |
| Financial charges65/66B | - | - | - | €2,557 | €1,201 | €592 | €1,257 | €1,941 | ▲ 54.4% |
| Recurring financial charges65 | €1,387 | €2,311 | €2,321 | €2,557 | €1,201 | €445 | €1,257 | €1,941 | ▲ 54.4% |
| Non-recurring financial charges66B | - | - | - | - | - | €146 | - | - | - |
| Profit (loss) for the period before taxes9903 | €47,911 | €120,350 | €78,810 | €114,239 | €98,067 | €67,579 | €5,052 | -€2,608 | - |
| Income taxes67/77 | €12,572 | €26,327 | €16,377 | €28,406 | €20,985 | €25,011 | €2,120 | -€8,275 | - |
| Profit (loss) for the period9904 | €35,338 | €94,023 | €62,434 | €85,833 | €77,082 | €42,568 | €2,932 | €5,667 | ▲ 93.3% |
| Profit (loss) for the period to be appropriated9905 | €35,338 | €94,023 | €62,434 | €85,833 | €77,082 | €42,568 | €2,932 | €5,667 | ▲ 93.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €190,856 | €273,748 | €314,247 | €392,890 | €429,464 | €408,003 | €398,233 | €359,918 | ▼ 9.6% |
| Fixed assets21/28 | €36,072 | €38,580 | €32,903 | €27,225 | €29,324 | €15,870 | €32,999 | €26,588 | ▼ 19.4% |
| Tangible fixed assets22/27 | €36,072 | €38,580 | €32,903 | €27,225 | €29,324 | €15,870 | €32,999 | €26,588 | ▼ 19.4% |
| Furniture and vehicles24 | - | - | - | €27,225 | €29,324 | €15,870 | €32,999 | €26,588 | ▼ 19.4% |
| Current assets29/58 | €154,785 | €235,168 | €281,345 | €365,665 | €400,140 | €392,133 | €365,234 | €333,330 | ▼ 8.7% |
| Stocks and contracts in progress3 | - | - | - | €130,000 | - | €139,800 | €186,432 | €67,850 | ▼ 63.6% |
| Stocks30/36 | - | - | - | - | - | €32,800 | €72,600 | €67,850 | ▼ 6.5% |
| Contracts in progress37 | - | - | - | €130,000 | - | €107,000 | €113,832 | - | - |
| Amounts receivable within one year40/41 | €50,458 | €117,370 | €130,799 | €40,469 | €218,071 | €85,938 | €39,946 | €162,475 | ▲ 307% |
| Trade receivables40 | - | - | - | €12,764 | €198,844 | €85,471 | €4,736 | €135,778 | ▲ 29× |
| Other amounts receivable41 | - | - | - | €27,705 | €19,227 | €467 | €35,210 | €26,697 | ▼ 24.2% |
| Cash at bank and in hand54/58 | €104,327 | €26,660 | €150,546 | €195,196 | €182,069 | €166,396 | €138,856 | €103,005 | ▼ 25.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €190,856 | €273,748 | €314,247 | €392,890 | €429,464 | €408,003 | €398,233 | €359,918 | ▼ 9.6% |
| Equity10/15 | €126,255 | €200,279 | €244,712 | €310,546 | €369,827 | €284,896 | €287,828 | €293,495 | ▲ 2.0% |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Capital10 | - | - | - | €12,400 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Issued capital100 | - | - | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Uncalled capital101 | - | - | - | €6,200 | - | - | - | - | - |
| Reserves13 | €113,855 | €187,879 | €232,312 | €298,146 | €351,227 | €266,296 | €269,228 | €274,895 | ▲ 2.1% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €296,286 | €349,367 | €264,436 | €267,368 | €273,035 | ▲ 2.1% |
| Amounts payable17/49 | €64,601 | €73,470 | €69,535 | €82,345 | €59,637 | €123,108 | €110,405 | €66,423 | ▼ 39.8% |
| Amounts payable after more than one year17 | €42,690 | €25,106 | €25,106 | - | - | - | €11,347 | €11,347 | = |
| Financial debts170/4 | - | - | - | - | - | - | €11,347 | €11,347 | = |
| Amounts payable within one year42/48 | €21,911 | €48,364 | €44,429 | €82,345 | €59,637 | €117,108 | €99,057 | €55,075 | ▼ 44.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,559 | - | - | €14,439 | - | - |
| Trade debts44 | €5,602 | €6,701 | €12,503 | €53,232 | €22,047 | €8,013 | €2,611 | - | - |
| Suppliers440/4 | - | - | - | €53,232 | €22,047 | €8,013 | €2,611 | - | - |
| Taxes, remuneration and social security45 | - | - | - | €10,814 | €13,590 | €39,990 | €44,602 | €17,670 | ▼ 60.4% |
| Taxes450/3 | - | - | - | €4,800 | €517 | €7,057 | €11,602 | €1,170 | ▼ 89.9% |
| Remuneration and social security454/9 | - | - | - | €6,014 | €13,073 | €32,933 | €33,000 | €16,500 | ▼ 50.0% |
| Other amounts payable47/48 | - | - | - | €5,739 | €24,000 | €69,106 | €37,406 | €37,406 | = |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €6,000 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €35,338 | €94,023 | €62,434 | €85,833 | €77,082 | €42,568 | €2,932 | €5,667 | ▲ 93.3% |
| + Depreciation and write-downs630 | €4,693 | €6,042 | €5,678 | €5,678 | €7,469 | €5,678 | €2,934 | €7,402 | ▲ 152% |
| Operating cash flow (approximation) | €40,031 | €100,065 | €68,111 | €91,511 | €84,550 | €48,246 | €5,866 | €13,069 | ▲ 123% |
| Investment in fixed assets (approximation) | - | -€8,550 | €0 | €0 | -€9,568 | €7,777 | -€20,063 | -€991 | ▲ 95.1% |
| Change in cash | - | -€77,667 | €123,886 | €44,651 | -€13,127 | -€15,673 | -€27,540 | -€35,851 | ▼ 30.2% |
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, 10,904 companies had the same profile as DS Technics has now. Two years later, 95.2% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.2%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of DS Technics 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 10,904 companies, not a prediction for DS Technics. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 03-07-2026 | 2026-00247744 | |
| 31-12-2024 | micro format | 26-08-2025 | 2025-00404282 | |
| 31-12-2023 | micro format | 17-06-2024 | 2024-00133657 | |
| 31-12-2022 | micro format | 18-06-2023 | 2023-00133941 | |
| 31-12-2021 | micro format | 17-06-2022 | 2022-20075023 | |
| 31-12-2020 | micro format | 29-06-2021 | 2021-28200495 | |
| 31-12-2019 | micro format | 15-06-2020 | 2020-17300407 | |
| 31-12-2018 | micro format | 03-09-2019 | 2019-62600571 | |
| 31-12-2017 | micro format | 27-07-2018 | 2018-40400529 | |
| 31-12-2016 | abbreviated format | 19-06-2017 | 2017-18700274 |