DSE
ActiveSummary
The computed 12-month bankruptcy probability of DSE is 1.8% (moderate). The 2024 annual accounts show negative equity (-€25,897) and a net result of -€69,065. Equity is shrinking by ~22.3% per year across the filed fiscal years. Its solvency ranks better than 5% of 36380 sector peers (fiscal year 2024). The company has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2024
Axes · tick = 2023
Profitability0=
Solvency0▼-100
Growth32=
Track record100
Bankruptcy probability, 12 months
1.8%
Moderate
0%0.5%1.5%4%10%≥ 25%
No credit on open account
Liquidity short (current ratio 0.16 against 6.75 in 2023; short-term debt: 78.4% and cash: 5.8% of total assets), and equity is negative.
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Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Annual accounts: weaker financial profile
The latest annual accounts show a weaker profile in solvency, result or liquidity than companies that stay afloat.
NBB · annual accounts 2024Solvency, return and age of the figures
Solvency
-41%
Return on assets
-109.4%
Age of the figures
21 mo
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 43
Relative position
BE, all sectors
reference
Specialised construction activities (NACE 43)
about 85% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Negative equity
The 2024 annual accounts show negative equity and a net loss.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year -€25,897
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 26-06-2025, 35 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
35 d early
2023
71 d early
2022
45 d early
2021
32 d early
2020
45 d early
2019
50 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 46 days before the deadline; the sector median for financial year 2024 is 1 day before the deadline, and 42% of the sector filed late.
Checked, nothing found (1)
History
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Financials · fiscal year 2024, micro schema
Equity
-€25,897
2023 · €43,168
Total assets
€63,158▲ 24.8%
2023 · €50,595
Net result
-€69,065▼ 618%
2023 · -€9,623
Working capital
-€41,472
2023 · €42,727
Trend over the years
Click a name to add, emphasise or remove a line.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20202021202220232024
Operating result-€44,625-€47,917▼ 7.4%€45,982-€8,940-€67,454▼ 655%
Net result-€45,089-€48,462▼ 7.5%€44,987-€9,623-€69,065▼ 618%
Equity€56,267▼ 36.1%€7,805▼ 86.1%€52,791▲ 576%€43,168▼ 18.2%-€25,897
Total assets€62,000▼ 42.2%€11,570▼ 81.3%€60,610▲ 424%€50,595▼ 16.5%€63,158▲ 24.8%
Debt€5,733▼ 70.0%€3,765▼ 34.3%€7,819▲ 108%€7,427▼ 5.0%€89,055▲ 1,099%
Working capital€52,573▼ 36.9%€5,452▼ 89.6%€51,160▲ 838%€42,727▼ 16.5%-€41,472
Staff (FTE)
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €67,454 in 2024 against €8,940 in 2023; the loss grows and 2024 has the lowest result in the available series.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €63,158
Fixed assets
€55,119 ▲ 12,388%
Current assets
€8,039 ▼ 84.0%
Key figures and ratios
EBITDA
-€62,714▼
2023 · -€7,551
Cash flow
-€64,325▼
2023 · -€8,234
Solvency
-41.0%▼
2023 · 85.3%
Current ratio
0.16▼
2023 · 6.75
Quick ratio
0.16▼
2023 · 6.74
Debt to equity
-3.44▼
2023 · 0.17
ROA
-109.4%▼
2023 · -19.0%
Interest coverage
-42.74▼
2023 · -13.78
Debt ≤ 1 year
€49,511▲
2023 · €7,427
Debt > 1 year
€39,545
Income taxes
€189▲
2023 · €161
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 6,943 companies that looked in July 2024 the way this one looks now, 5.5% went bankrupt within 24 months and 85% are still going.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
5.5%
went bankrupt
8.1%
stopped otherwise
85%
still going
A further 1.5% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 1.8% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,943 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €90 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,341 | €1,341 | €1,422 | €1,389 | €4,740 | ▲ 241% |
| Other operating charges640/8 | - | €400 | €290 | €382 | €859 | ▲ 125% |
| Gross operating margin9900 | -€42,483 | -€46,177 | €47,783 | -€7,169 | -€61,855 | ▼ 763% |
| Operating profit (loss)9901 | -€44,625 | -€47,917 | €45,982 | -€8,940 | -€67,454 | ▼ 655% |
| Financial income75/76B | - | €52 | €0 | €25 | €46 | ▲ 79.3% |
| Recurring financial income75 | €31 | €52 | €0 | €25 | €46 | ▲ 79.3% |
| Financial charges65/66B | - | €512 | €851 | €548 | €1,467 | ▲ 168% |
| Recurring financial charges65 | €265 | €512 | €851 | €548 | €1,467 | ▲ 168% |
| Profit (loss) for the period before taxes9903 | -€44,860 | -€48,378 | €45,131 | -€9,462 | -€68,876 | ▼ 628% |
| Income taxes67/77 | €229 | €85 | €144 | €161 | €189 | ▲ 17.7% |
| Profit (loss) for the period9904 | -€45,089 | -€48,462 | €44,987 | -€9,623 | -€69,065 | ▼ 618% |
| Profit (loss) for the period to be appropriated9905 | -€45,089 | -€48,462 | €44,987 | -€9,623 | -€69,065 | ▼ 618% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €62,000 | €11,570 | €60,610 | €50,595 | €63,158 | ▲ 24.8% |
| Fixed assets21/28 | €3,693 | €2,352 | €1,631 | €441 | €55,119 | ▲ 12,388% |
| Tangible fixed assets22/27 | €3,618 | €2,277 | €1,556 | €366 | €55,044 | ▲ 14,923% |
| Plant, machinery and equipment23 | - | €2,277 | €1,392 | €151 | - | - |
| Furniture and vehicles24 | - | - | €165 | €215 | €348 | ▲ 62.0% |
| Leasing and similar rights25 | - | - | - | - | €54,696 | - |
| Financial fixed assets28 | €75 | €75 | €75 | €75 | €75 | = |
| Current assets29/58 | €58,306 | €9,218 | €58,979 | €50,154 | €8,039 | ▼ 84.0% |
| Stocks and contracts in progress3 | €295 | €335 | €111 | €130 | €130 | = |
| Stocks30/36 | - | €335 | €111 | €130 | €130 | = |
| Amounts receivable within one year40/41 | €14,088 | €7,841 | €18,819 | €3,279 | €3,335 | ▲ 1.7% |
| Trade receivables40 | - | €697 | €14,699 | €819 | €847 | ▲ 3.3% |
| Other amounts receivable41 | - | €7,144 | €4,120 | €2,459 | €2,488 | ▲ 1.2% |
| Cash at bank and in hand54/58 | €43,458 | €521 | €39,493 | €46,122 | €3,687 | ▼ 92.0% |
| Deferred charges and accrued income490/1 | - | €521 | €556 | €623 | €886 | ▲ 42.2% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €62,000 | €11,570 | €60,610 | €50,595 | €63,158 | ▲ 24.8% |
| Equity10/15 | €56,267 | €7,805 | €52,791 | €43,168 | -€25,897 | ▼ 160% |
| Contributions10/11 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €72,462 | €72,462 | €72,462 | €72,462 | €72,462 | = |
| Non-distributable reserves130/1 | - | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | €70,602 | €70,602 | €72,462 | €72,462 | = |
| Profit (loss) carried forward14 | -€22,395 | -€70,857 | -€25,871 | -€35,494 | -€104,559 | ▼ 195% |
| Amounts payable17/49 | €5,733 | €3,765 | €7,819 | €7,427 | €89,055 | ▲ 1,099% |
| Amounts payable after more than one year17 | - | - | - | - | €39,545 | - |
| Financial debts170/4 | - | - | - | - | €39,545 | - |
| Amounts payable within one year42/48 | €5,733 | €3,765 | €7,819 | €7,427 | €49,511 | ▲ 567% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €13,841 | - |
| Financial debts43 | - | €977 | - | - | - | - |
| Credit institutions430/8 | - | €977 | - | - | - | - |
| Trade debts44 | €508 | €586 | €811 | €755 | €529 | ▼ 29.9% |
| Suppliers440/4 | - | €586 | €811 | €755 | €529 | ▼ 29.9% |
| Taxes, remuneration and social security45 | - | €327 | €3,399 | €304 | €326 | ▲ 7.3% |
| Taxes450/3 | - | €327 | €3,399 | €304 | €326 | ▲ 7.3% |
| Other amounts payable47/48 | - | €1,876 | €3,609 | €6,369 | €34,815 | ▲ 447% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€45,089 | -€48,462 | €44,987 | -€9,623 | -€69,065 | ▼ 618% |
| + Depreciation and write-downs630 | €1,341 | €1,341 | €1,422 | €1,389 | €4,740 | ▲ 241% |
| Operating cash flow (approximation) | -€43,748 | -€47,121 | €46,408 | -€8,234 | -€64,325 | ▼ 681% |
| Investment in fixed assets (approximation) | - | €0 | -€701 | -€199 | -€59,418 | ▼ 29,733% |
| Change in cash | - | -€42,938 | €38,973 | €6,628 | -€42,434 | ▼ 740% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
2025
26-06
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
31-12
Financial
Weakest financial yearnet -€69,065
Net result drops to -€69,065, the lowest in the series.
21-05
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
16-06
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema
2022
31-12
Financial
Back to profitnet €44,987
Net result €44,987 after 2 loss-making years.
31-12
Financial
Liquidity triplescurrent ratio 7.54
Current ratio from 2.45 to 7.54.
29-06
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema
2021
16-06
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
11-06
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema
2019
31-12
Financial
Liquidity doublescurrent ratio 5.36
Current ratio from 2.27 to 5.36; short-term debt falls from €68,917 to €19,114.
17-06
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
16-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
24-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
2016
26-08
NBB filing
Annual accounts filed
fiscal year 2015 · abbreviated schema · 26 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 8 acts read
About the unread acts
We know of 8 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
8 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Antwerpen · 1 establishment unit since 2007
Ground area
146 m²
Building footprint
98 m²
Volume, LiDAR
453 m³
Parcel 11383B0511/00G003, Flanders · tallest building 7.2 m, ±2 floors. Linked by address, not a title deed.
1 establishment unit
D S E
since 20072.162.817.116
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 11383B0511/00G003 | Flanders | 146 m² | 1 · 98 m² | 7.2 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 22,831 companies in sector 43211 we hold annual accounts for 10,329. 8,415 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded04-04-2007
Fiscal year end31-12
Activities, NACEBEL 2025
43211General electrical installation work
E-invoicing
Reachable via Peppol
Peppol ID
0208:0888513466
Also
9925:BE0888513466
Registered
10-10-2024
Register as of 26 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.