DSDAVID
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 30-06-2026 at the NBB all 6 filings
Turnover
≈ €300,000
Estimated: probably between €270,000 and €380,000
Total assets
€278,588▼ 6.4%
2024 · €297,527
Net result
€4,236▼ 73.2%
2024 · €15,797
Working capital
€57,811▲ 4.3%
2024 · €55,435
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€17,118
▼ 51.6%
2025
20202025
Net result
€4,236
▼ 73.2%
2025
middle half of the sector
20202025
Equity
€173,552
▲ 2.5%
2025
highest quarter of the sector
20202025
Total assets
€278,588
▼ 6.4%
2025
highest quarter of the sector
20202025
Debt
€105,036
▼ 18.1%
2025
20202025
Working capital
€57,811
▲ 4.3%
2025
highest quarter of the sector
20202025
Solvency
62.3%
▲ 5.4pp
2025
highest quarter of the sector
20202025
Current ratio
1.56
▲ 0.11
2025
middle half of the sector
20202025
Return on assets (ROA)
1.5%
▼ 3.8pp
2025
middle half of the sector
20202025
Staff (FTE)
1.7
▲ 88.9%
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result-€2,925-€99,412€45,303▼ 54.4%€49,917▲ 10.2%€35,395▼ 29.1%€17,118▼ 51.6%
Net result-€4,414within the sector's middle half-€80,422above the sector's middle half€30,041above the sector's middle half▼ 62.6%€27,470above the sector's middle half▼ 8.6%€15,797within the sector's middle half▼ 42.5%€4,236within the sector's middle half▼ 73.2%
Equity€15,586within the sector's middle half-€96,008above the sector's middle half▲ 516%€126,049above the sector's middle half▲ 31.3%€153,519above the sector's middle half▲ 21.8%€169,316above the sector's middle half▲ 10.3%€173,552above the sector's middle half▲ 2.5%
Total assets€83,148within the sector's middle half-€209,757within the sector's middle half▲ 152%€272,796above the sector's middle half▲ 30.1%€296,479above the sector's middle half▲ 8.7%€297,527above the sector's middle half▲ 0.4%€278,588above the sector's middle half▼ 6.4%
Debt€67,562-€113,749▲ 68.4%€146,747▲ 29.0%€142,959▼ 2.6%€128,211▼ 10.3%€105,036▼ 18.1%
Working capital-€43,082below the sector's middle half-€34,063within the sector's middle half€50,488above the sector's middle half▲ 48.2%€42,391above the sector's middle half▼ 16.0%€55,435above the sector's middle half▲ 30.8%€57,811above the sector's middle half▲ 4.3%
Solvency18.7%within the sector's middle half-45.8%within the sector's middle half▲ 27.0pp46.2%within the sector's middle half▲ 0.4pp51.8%within the sector's middle half▲ 5.6pp56.9%within the sector's middle half▲ 5.1pp62.3%above the sector's middle half▲ 5.4pp
Current ratio0.21below the sector's middle half-1.33within the sector's middle half▲ 1.121.39within the sector's middle half▲ 0.061.32within the sector's middle half▼ 0.071.45within the sector's middle half▲ 0.131.56within the sector's middle half▲ 0.11
Return on assets (ROA)-5.3%within the sector's middle half-38.3%above the sector's middle half▲ 43.6pp11.0%within the sector's middle half▼ 27.3pp9.3%within the sector's middle half▼ 1.7pp5.3%within the sector's middle half▼ 4.0pp1.5%within the sector's middle half▼ 3.8pp
Staff (FTE)0.2below the sector's middle half-0.7▲ 250%2.1▲ 200%1.9▼ 9.5%0.9▼ 52.6%1.7▲ 88.9%
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 52% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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 €278,588
Fixed assets
€116,913 ▼ 1.4%
Current assets
€161,675 ▼ 9.7%
Equity and liabilities €278,588
Equity
€173,552 ▲ 2.5%
Debt
€105,036 ▼ 18.1%
Debt's share of the balance-sheet total falls from 43.1% to 37.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€38,391▼
2024 · €57,692
Cash flow
€25,509▼
2024 · €38,094
Quick ratio
1.53▲
2024 · 1.42
Debt to equity
0.61▼
2024 · 0.76
ROE
2.4%▼
2024 · 9.3%
Interest coverage
3.62▼
2024 · 5.11
Debt ≤ 1 year
€103,864▼
2024 · €123,556
Debt > 1 year
€1,172▼
2024 · €4,655
Income taxes
€2,665▼
2024 · €8,710
Staff costs
€65,079▲
2024 · €48,472
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 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 7 | 4 | 2 | 3 |
| full-time | 1 | 4 | 2 | - | 2 |
| part-time | - | 3 | 2 | 2 | 1 |
| in full-time equivalents | 1 | 6.5 | 3.3 | 1 | 2.5 |
| Average over the year, in full-time equivalents | 0.6 | 2.1 | 1.9 | 0.9 | 1.7 |
| On a permanent contract | 1 | 2 | 1 | 1 | 1 |
| Joined | 222 | 265 | 277 | 54 | 329 |
| Left | 221 | 260 | 297 | 58 | 329 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €10,140 | €37,010 | €13,051 | €20,559 | €2,197 |
| Financial fixed assets | - | - | €44,285 | - | €17,453 |
| Depreciation and write-downs of the year | €8,856 | €17,273 | €19,421 | €22,297 | €21,273 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | €34,893 | €83,139 | €83,360 | €48,472 | €65,079 | ▲ 34.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €9,028 | €8,856 | €17,273 | €19,421 | €22,297 | €21,273 | ▼ 4.6% |
| Other operating charges640/8 | - | €732 | €4,780 | €5,004 | €1,560 | €10,096 | ▲ 547% |
| Non-recurring operating charges66A | - | €697 | - | - | - | - | - |
| Gross operating margin9900 | €13,290 | €144,589 | €150,495 | €157,702 | €107,725 | €113,565 | ▲ 5.4% |
| Operating profit (loss)9901 | -€2,925 | €99,412 | €45,303 | €49,917 | €35,395 | €17,118 | ▼ 51.6% |
| Financial income75/76B | - | €121 | €197 | €119 | €402 | €384 | ▼ 4.5% |
| Recurring financial income75 | €211 | €121 | €197 | €119 | €402 | €384 | ▼ 4.5% |
| Financial charges65/66B | - | €2,465 | €6,090 | €7,309 | €11,291 | €10,601 | ▼ 6.1% |
| Recurring financial charges65 | €1,701 | €2,465 | €6,090 | €7,309 | €11,291 | €10,601 | ▼ 6.1% |
| Profit (loss) for the period before taxes9903 | -€4,414 | €97,068 | €39,410 | €42,727 | €24,506 | €6,901 | ▼ 71.8% |
| Income taxes67/77 | - | €16,646 | €9,369 | €15,257 | €8,710 | €2,665 | ▼ 69.4% |
| Profit (loss) for the period9904 | -€4,414 | €80,422 | €30,041 | €27,470 | €15,797 | €4,236 | ▼ 73.2% |
| Profit (loss) for the period to be appropriated9905 | -€4,414 | €80,422 | €30,041 | €27,470 | €15,797 | €4,236 | ▼ 73.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €83,148 | €209,757 | €272,796 | €296,479 | €297,527 | €278,588 | ▼ 6.4% |
| Fixed assets21/28 | €71,934 | €72,522 | €92,259 | €120,274 | €118,536 | €116,913 | ▼ 1.4% |
| Tangible fixed assets22/27 | €62,034 | €62,622 | €82,359 | €75,989 | €74,251 | €55,175 | ▼ 25.7% |
| Land and buildings22 | - | €37,396 | €42,072 | €44,103 | €48,935 | €37,063 | ▼ 24.3% |
| Plant, machinery and equipment23 | - | €9,788 | €24,318 | €17,451 | €11,821 | €7,879 | ▼ 33.3% |
| Furniture and vehicles24 | - | €15,438 | €15,970 | €14,436 | €13,495 | €10,233 | ▼ 24.2% |
| Financial fixed assets28 | €9,900 | €9,900 | €9,900 | €44,285 | €44,285 | €61,738 | ▲ 39.4% |
| Current assets29/58 | €11,214 | €137,236 | €180,537 | €176,205 | €178,992 | €161,675 | ▼ 9.7% |
| Stocks and contracts in progress3 | - | €986 | €1,249 | €10,259 | €3,587 | €2,824 | ▼ 21.3% |
| Stocks30/36 | - | €986 | €1,249 | €10,259 | €3,587 | €2,824 | ▼ 21.3% |
| Amounts receivable within one year40/41 | €3,805 | €6,470 | €4,364 | €85,039 | €72,277 | €103,712 | ▲ 43.5% |
| Trade receivables40 | - | €5,896 | €3,487 | €25,359 | €6,359 | €5,891 | ▼ 7.4% |
| Other amounts receivable41 | - | €574 | €877 | €59,681 | €65,918 | €97,821 | ▲ 48.4% |
| Cash at bank and in hand54/58 | €7,409 | €129,757 | €174,064 | €78,451 | €103,129 | €51,549 | ▼ 50.0% |
| Deferred charges and accrued income490/1 | - | €23 | €860 | €2,456 | - | €3,590 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €83,148 | €209,757 | €272,796 | €296,479 | €297,527 | €278,588 | ▼ 6.4% |
| Equity10/15 | €15,586 | €96,008 | €126,049 | €153,519 | €169,316 | €173,552 | ▲ 2.5% |
| Contributions10/11 | - | €20,000 | €20,000 | €20,000 | €20,000 | €20,000 | = |
| Reserves13 | - | €76,008 | €106,049 | €133,519 | €149,316 | €149,316 | = |
| Distributable reserves133 | - | €76,008 | €106,049 | €133,519 | €149,316 | €149,316 | = |
| Profit (loss) carried forward14 | -€4,414 | - | - | - | - | €4,236 | - |
| Amounts payable17/49 | €67,562 | €113,749 | €146,747 | €142,959 | €128,211 | €105,036 | ▼ 18.1% |
| Amounts payable after more than one year17 | €13,266 | €10,576 | €16,698 | €9,146 | €4,655 | €1,172 | ▼ 74.8% |
| Financial debts170/4 | - | €10,576 | €16,698 | €9,146 | €4,655 | €1,172 | ▼ 74.8% |
| Amounts payable within one year42/48 | €54,296 | €103,173 | €130,049 | €133,813 | €123,556 | €103,864 | ▼ 15.9% |
| Current portion of amounts payable after more than one year42 | - | €11,681 | €8,692 | €7,552 | €4,491 | €3,483 | ▼ 22.4% |
| Financial debts43 | - | - | - | - | - | €4,407 | - |
| Credit institutions430/8 | - | - | - | - | - | €4,407 | - |
| Trade debts44 | €4,864 | €10,019 | €11,806 | €28,053 | €30,035 | €22,617 | ▼ 24.7% |
| Suppliers440/4 | - | €10,019 | €11,806 | €28,053 | €30,035 | €22,617 | ▼ 24.7% |
| Taxes, remuneration and social security45 | - | €35,879 | €57,771 | €55,562 | €46,384 | €28,081 | ▼ 39.5% |
| Taxes450/3 | - | €30,094 | €46,085 | €43,762 | €35,331 | €21,867 | ▼ 38.1% |
| Remuneration and social security454/9 | - | €5,786 | €11,686 | €11,800 | €11,053 | €6,214 | ▼ 43.8% |
| Other amounts payable47/48 | - | €45,594 | €51,779 | €42,647 | €42,647 | €45,276 | ▲ 6.2% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,414 | €80,422 | €30,041 | €27,470 | €15,797 | €4,236 | ▼ 73.2% |
| + Depreciation and write-downs630 | €9,028 | €8,856 | €17,273 | €19,421 | €22,297 | €21,273 | ▼ 4.6% |
| Operating cash flow (approximation) | €4,614 | €89,278 | €47,314 | €46,891 | €38,094 | €25,509 | ▼ 33.0% |
| Investment in fixed assets (approximation) | - | -€9,444 | -€37,010 | -€47,436 | -€20,559 | -€19,650 | ▲ 4.4% |
| Change in cash | - | €122,348 | €44,307 | -€95,613 | €24,678 | -€51,579 | - |
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, 5,047 companies had the same profile as DSDAVID has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.9%
was still going
3.8%
stopped otherwise
2.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DSDAVID itself: 1.0% 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 5,047 companies, not a prediction for DSDAVID. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 30-06-2026 | 2026-00219503 | |
| 31-12-2024 | micro format | 03-07-2025 | 2025-00223521 | |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00175685 | |
| 31-12-2022 | micro format | 22-08-2023 | 2023-00340381 | |
| 31-12-2021 | micro format | 28-08-2022 | 2022-20329499 | |
| 31-12-2020 | micro format | 30-09-2021 | 2021-70900186 |