DSB
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 15 filings
Turnover
€133,673▼ 15.2%
2024 · €157,589
EBIT margin
-4.2%▼ 5.0pp
2024 · 0.8%
Net result
-€6,985
2024 · €351
Working capital
€4,135▼ 59.1%
2024 · €10,123
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€133,673
▼ 15.2%
2025
20182025
Operating result
-€5,640
2025
20182025
Net result
-€6,985
2025
lowest quarter of the sector
20182025
EBIT margin
-4.2%
▼ 5.0pp
2025
20182025
Equity
€10,904
▼ 39.0%
2025
middle half of the sector
20182025
Total assets
€29,092
▲ 15.0%
2025
lowest quarter of the sector
20182025
Debt
€18,188
▲ 146%
2025
20182025
Working capital
€4,135
▼ 59.1%
2025
middle half of the sector
20182025
Solvency
37.5%
▼ 33.2pp
2025
middle half of the sector
20182025
Current ratio
1.23
▼ 1.14
2025
middle half of the sector
20182025
Return on assets (ROA)
-24.0%
▼ 25.4pp
2025
lowest quarter 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€90,026€86,638▼ 3.8%€104,216▲ 20.3%€145,382▲ 39.5%€157,589▲ 8.4%€133,673▼ 15.2%
Operating result-€4,759-€10,609-€17,967-€20,930▼ 16.5%-€11,289▲ 46.1%-€1,438▲ 87.3%€1,281-€5,640
Net result-€10,033-€11,330-€9,771below the sector's middle half-€5,401below the sector's middle half▲ 44.7%-€6,842within the sector's middle half▼ 26.7%-€2,208within the sector's middle half▲ 67.7%€351within the sector's middle half-€6,985below the sector's middle half
EBIT margin-20.0%-24.2%▼ 4.2pp-10.8%▲ 13.3pp-1.0%▲ 9.8pp0.8%▲ 1.8pp-4.2%▼ 5.0pp
Equity€28,431-€39,761▲ 39.8%€31,990within the sector's middle half▼ 19.5%€26,589within the sector's middle half▼ 16.9%€19,747within the sector's middle half▼ 25.7%€17,539within the sector's middle half▼ 11.2%€17,890within the sector's middle half▲ 2.0%€10,904within the sector's middle half▼ 39.0%
Total assets€41,856-€49,128▲ 17.4%€37,238below the sector's middle half▼ 24.2%€31,572below the sector's middle half▼ 15.2%€27,193below the sector's middle half▼ 13.9%€25,415below the sector's middle half▼ 6.5%€25,293below the sector's middle half▼ 0.5%€29,092below the sector's middle half▲ 15.0%
Debt€13,425-€9,367▼ 30.2%€5,248▼ 44.0%€4,983▼ 5.1%€7,446▲ 49.4%€7,876▲ 5.8%€7,403▼ 6.0%€18,188▲ 146%
Working capital€25,307-€28,417▲ 12.3%€17,320within the sector's middle half▼ 39.0%€13,742within the sector's middle half▼ 20.7%€10,649within the sector's middle half▼ 22.5%€8,033within the sector's middle half▼ 24.6%€10,123within the sector's middle half▲ 26.0%€4,135within the sector's middle half▼ 59.1%
Solvency67.9%-80.9%▲ 13.0pp85.9%above the sector's middle half▲ 5.0pp84.2%above the sector's middle half▼ 1.7pp72.6%above the sector's middle half▼ 11.6pp69.0%above the sector's middle half▼ 3.6pp70.7%above the sector's middle half▲ 1.7pp37.5%within the sector's middle half▼ 33.2pp
Current ratio5.34-5.69▲ 0.354.30above the sector's middle half▼ 1.393.76above the sector's middle half▼ 0.542.43above the sector's middle half▼ 1.332.02within the sector's middle half▼ 0.412.37above the sector's middle half▲ 0.351.23within the sector's middle half▼ 1.14
Return on assets (ROA)-24.0%-23.1%▲ 47.0pp-26.2%below the sector's middle half▼ 49.3pp-17.1%below the sector's middle half▲ 9.1pp-25.2%below the sector's middle half▼ 8.1pp-8.7%below the sector's middle half▲ 16.5pp1.4%within the sector's middle half▲ 10.1pp-24.0%below the sector's middle half▼ 25.4pp
Staff (FTE)0.9-1▲ 11.1%
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 €5,640, after a profit of €1,281 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €29,092
Fixed assets
€6,769 ▼ 12.9%
Current assets
€22,323 ▲ 27.4%
Equity and liabilities €29,092
Equity
€10,904 ▼ 39.0%
Debt
€18,188 ▲ 146%
Debt's share of the balance-sheet total rises from 29.3% to 62.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€4,642▼
2024 · €3,019
Cash flow
-€5,987▼
2024 · €2,089
Quick ratio
0.67▼
2024 · 0.88
Debt to equity
1.67▲
2024 · 0.41
ROE
-64.1%▼
2024 · 2.0%
Interest coverage
-3.45▼
2024 · 3.25
Debt ≤ 1 year
€18,188▲
2024 · €7,403
Supplier credit
4 days
Staff costs
€552▲
2024 · €322
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 | €2,322 | - | €4,691 | - | - |
| Depreciation and write-downs of the year | €4,144 | €3,749 | €4,283 | €1,738 | €998 |
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 | - | - | €90,026 | €86,638 | €104,216 | €145,382 | €157,589 | €133,673 | ▼ 15.2% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €101,357 | €111,433 | €141,245 | €154,006 | €137,387 | ▼ 10.8% |
| Remuneration, social security and pensions62 | - | - | - | €601 | €110 | €1,055 | €322 | €552 | ▲ 71.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,162 | €8,789 | €3,680 | €4,144 | €3,749 | €4,283 | €1,738 | €998 | ▼ 42.6% |
| Other operating charges640/8 | - | - | - | €150 | €212 | €202 | €207 | €376 | ▲ 81.6% |
| Non-recurring operating charges66A | - | - | - | €1,315 | - | €35 | €35 | - | - |
| Gross operating margin9900 | €16,345 | €33,138 | -€14,156 | -€14,720 | -€7,218 | €4,137 | €3,584 | -€3,714 | - |
| Operating profit (loss)9901 | -€4,759 | €10,609 | -€17,967 | -€20,930 | -€11,289 | -€1,438 | €1,281 | -€5,640 | - |
| Financial income75/76B | - | - | - | €19,500 | €5,016 | €158 | €0 | €1 | ▲ 493% |
| Recurring financial income75 | - | - | - | €19,500 | €5,016 | €158 | €0 | €1 | ▲ 493% |
| Non-recurring financial income76B | - | - | - | €19,500 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €1,011 | €569 | €929 | €930 | €1,346 | ▲ 44.8% |
| Recurring financial charges65 | - | - | - | €1,011 | €569 | €929 | €930 | €1,346 | ▲ 44.8% |
| Profit (loss) for the period before taxes9903 | -€5,033 | €11,330 | -€14,771 | -€2,441 | -€6,842 | -€2,208 | €351 | -€6,985 | - |
| Transfer to deferred taxes680 | - | - | - | €2,960 | - | - | - | - | - |
| Profit (loss) for the period9904 | -€10,033 | €11,330 | -€9,771 | -€5,401 | -€6,842 | -€2,208 | €351 | -€6,985 | - |
| Profit (loss) for the period to be appropriated9905 | -€10,033 | €11,330 | -€9,771 | -€5,401 | -€6,842 | -€2,208 | €351 | -€6,985 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €41,856 | €49,128 | €37,238 | €31,572 | €27,193 | €25,415 | €25,293 | €29,092 | ▲ 15.0% |
| Fixed assets21/28 | €10,714 | €14,649 | €14,670 | €12,847 | €9,098 | €9,506 | €7,767 | €6,769 | ▼ 12.9% |
| Tangible fixed assets22/27 | €7,034 | €10,969 | €10,990 | €9,167 | €5,418 | €5,826 | €4,087 | €3,089 | ▼ 24.4% |
| Land and buildings22 | - | - | - | - | €3,973 | €1,669 | €464 | - | - |
| Plant, machinery and equipment23 | - | - | - | €1,168 | €584 | €3,833 | €3,407 | €2,981 | ▼ 12.5% |
| Furniture and vehicles24 | - | - | - | €1,722 | €861 | €324 | €216 | €108 | ▼ 50.0% |
| Other tangible fixed assets26 | - | - | - | €6,277 | - | - | - | - | - |
| Financial fixed assets28 | €3,680 | €3,680 | €3,680 | €3,680 | €3,680 | €3,680 | €3,680 | €3,680 | = |
| Current assets29/58 | €31,142 | €34,478 | €22,568 | €18,725 | €18,095 | €15,909 | €17,526 | €22,323 | ▲ 27.4% |
| Stocks and contracts in progress3 | - | €1,850 | €750 | €1,850 | €11,050 | €9,950 | €11,000 | €10,050 | ▼ 8.6% |
| Stocks30/36 | - | - | - | €1,850 | €11,050 | €9,950 | €11,000 | €10,050 | ▼ 8.6% |
| Amounts receivable within one year40/41 | €6,280 | €11,818 | €7,528 | - | €2,339 | - | €44 | - | - |
| Other amounts receivable41 | - | - | - | - | €2,339 | - | €44 | - | - |
| Cash at bank and in hand54/58 | €24,862 | €20,811 | €14,290 | €16,875 | €4,536 | €5,959 | €5,658 | €10,599 | ▲ 87.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | €171 | - | €823 | €1,675 | ▲ 103% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €41,856 | €49,128 | €37,238 | €31,572 | €27,193 | €25,415 | €25,293 | €29,092 | ▲ 15.0% |
| Equity10/15 | €28,431 | €39,761 | €31,990 | €26,589 | €19,747 | €17,539 | €17,890 | €10,904 | ▼ 39.0% |
| Contributions10/11 | €6,200 | €6,200 | €8,200 | €8,200 | €8,200 | €8,200 | €8,200 | €8,200 | = |
| Capital10 | - | - | - | €8,200 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,600 | - | - | - | - | - |
| Uncalled capital101 | - | - | - | €10,400 | - | - | - | - | - |
| Reserves13 | €2,038 | €2,038 | €2,038 | €2,038 | €2,038 | €2,038 | €2,038 | €2,038 | = |
| Non-distributable reserves130/1 | - | - | - | €2,038 | €2,038 | €2,038 | €2,038 | €2,038 | = |
| Legal reserve130 | - | - | - | €2,038 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €2,038 | €2,038 | €2,038 | €2,038 | = |
| Profit (loss) carried forward14 | €20,193 | €31,523 | €21,752 | €16,351 | €9,509 | €7,301 | €7,652 | €666 | ▼ 91.3% |
| Amounts payable17/49 | €13,425 | €9,367 | €5,248 | €4,983 | €7,446 | €7,876 | €7,403 | €18,188 | ▲ 146% |
| Amounts payable after more than one year17 | €7,590 | €3,305 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €5,835 | €6,062 | €5,248 | €4,983 | €7,446 | €7,876 | €7,403 | €18,188 | ▲ 146% |
| Financial debts43 | - | - | - | - | - | - | - | €6,384 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €6,384 | - |
| Trade debts44 | €314 | - | - | €126 | - | €249 | - | €1,553 | - |
| Suppliers440/4 | - | - | - | €126 | - | €249 | - | €1,553 | - |
| Taxes, remuneration and social security45 | - | - | - | €950 | €139 | €828 | €334 | €732 | ▲ 119% |
| Taxes450/3 | - | - | - | €950 | €139 | €828 | €334 | €732 | ▲ 119% |
| Other amounts payable47/48 | - | - | - | €3,907 | €7,307 | €6,799 | €7,069 | €9,519 | ▲ 34.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€10,033 | €11,330 | -€9,771 | -€5,401 | -€6,842 | -€2,208 | €351 | -€6,985 | - |
| + Depreciation and write-downs630 | €7,162 | €8,789 | €3,680 | €4,144 | €3,749 | €4,283 | €1,738 | €998 | ▼ 42.6% |
| Operating cash flow (approximation) | -€2,871 | €20,119 | -€6,091 | -€1,257 | -€3,092 | €2,075 | €2,089 | -€5,987 | - |
| Investment in fixed assets (approximation) | - | -€12,724 | -€3,700 | -€2,322 | €0 | -€4,691 | €0 | €0 | - |
| Change in cash | - | -€4,051 | -€6,521 | €2,585 | -€12,339 | €1,423 | -€301 | €4,940 | - |
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 DSB 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 DSB itself: 0.6% 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 DSB. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00220681 | |
| 31-12-2024 | micro format | 23-06-2025 | 2025-00162877 | |
| 31-12-2023 | micro format | 08-07-2024 | 2024-00218327 | |
| 31-12-2022 | micro format | 06-07-2023 | 2023-00208743 | |
| 31-12-2021 | micro format | 01-06-2022 | 2022-20042721 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-25200091 | |
| 31-12-2019 | micro format | 20-07-2020 | 2020-31900138 | |
| 31-12-2018 | micro format | 11-06-2019 | 2019-17600214 | |
| 31-12-2017 | micro format | 05-06-2018 | 2018-16000600 | |
| 31-12-2016 | micro format | 13-06-2017 | 2017-17000200 |