DSG Belgium

Active

Private limited companyfounded 199036 yrs activeVluchtenburgstraat 11, 2630 Aartselaar, BelgiumKBO/BCE: BE 0441.507.178

DSG Belgium has been active since 1990 and the Belgian State Gazette contains no insolvency or warning signals. The 2024 annual accounts show equity of €6.14M and a net result of €-546k. Equity is growing by ~5.6% per year across the filed fiscal years. Its solvency ranks better than 37% of 112 sector peers (fiscal year 2024). The computed 12-month bankruptcy probability is 0.8% (low).

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Checked score

Score 2024

48 / 100

Fair

The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2023

Profitability17▼-45

Solvency56▼-7

Growth63▼-18

Track record100

Bankruptcy probability, 12 months

0.8% Low

0%0.5%1.5%4%10%≥ 25%

Credit up to €290k at 30 days acceptable

Liquidity ample (current ratio 1.92 against 1.58 in 2023; short-term debt: 49.4% and cash: 3.5% of total assets), but 69.3% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Five signals. The signal on the left, the evidence on the right.

−lowers risk+raises risk○neutral

Higher-failure-rate sector

In this sector companies fail more often than the Belgian average.

Gazette · bankruptcies per sector, NACE 27

Relative position

BE, all sectors

reference

Sector 27

higher

← fewer bankruptcies more bankruptcies →

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

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 2024

Solvency, return and age of the figures

Solvency

30.7%

Return on assets

-2.7%

Age of the figures

21 mo

Filed after the deadline

The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 23-09-2025, 54 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.

NBB · 10 filings

Deviation from the deadline

2025

not confirmed

2024

54 d late

2023

8 d late

2022

23 d late

2021

26 d late

2020

15 d early

2019

91 d late

← before the deadline after the deadline →

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2024, full schema

Turnover

€31.86M▲ 7.9%

2023 · €29.53M

2018: €13.85M 2019: €17.32M 2020: €17.05M 2021: €15.28M 2022: €18.96M 2023: €29.53M

2018 → 2024

EBIT margin

-0.7%▼ 5.3pp

2023 · 4.6%

2018: 4.2% 2019: 1.0% 2020: 2.1% 2021: 4.5% 2022: 6.9% 2023: 4.6%

2018 → 2024

Net result

€-546k

2023 · €582k

2018: €263k 2019: €47k 2020: €330k 2021: €520k 2022: €146k 2023: €582k

2018 → 2024

Working capital

€9.11M▲ 48.6%

2023 · €6.13M

2018: €3.60M 2019: €3.48M 2020: €3.97M 2021: €4.42M 2022: €5.24M 2023: €6.13M

2018 → 2024

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20202021202220232024Trend

Turnover€17.05M-€15.28M▼ 10.4%€18.96M▲ 24.0%€29.53M▲ 55.8%€31.86M▲ 7.9%

Equity€5.44M-€5.96M▲ 9.6%€6.11M▲ 2.4%€6.69M▲ 9.5%€6.14M▼ 8.2%

Operating result€360k-€687k▲ 90.6%€1.31M▲ 91.0%€1.35M▲ 3.0%€-236k

Net result€330k-€520k▲ 57.8%€146k▼ 72.0%€582k▲ 299%€-546k

Result per fiscal year

Operating resultNet result

The operating result turns negative in 2024: a loss of €236k after €1.35M in 2023, the lowest result in the available series.

Balance-sheet composition

2024 in colour, 2023 as the grey bar beneath

Assets €19.74M

96.3%

Fixed assets €727k▼ 0.5%

Current assets €19.01M▲ 13.3%

Equity and liabilities €20.03M

30.7%

69.3%

Equity €6.14M▼ 8.2%

Provisions €11k▼ 17.9%

Debt €13.87M▲ 28.4%

The debt ratio rises from 61.7% to 69.3%. Equity is lower and debt is higher.

Key figures and ratios

2024 value · change against 2023

EBITDA

€-62k▼

2023 · €1.49M

Cash flow

€-372k▼

2023 · €724k

Solvency

30.7%▼

2023 · 38.2%

Current ratio

1.92▲

2023 · 1.58

Quick ratio

1.23▲

2023 · 1.16

Debt / equity

2.26▲

2023 · 1.62

ROE

-8.9%▼

2023 · 8.7%

ROA

-2.7%▼

2023 · 3.3%

Interest coverage

-0.17▼

2023 · 9.50

Debt

€13.87M▲

2023 · €10.81M

Debt ≤ 1 year

€9.90M▼

2023 · €10.65M

Debt > 1 year

€3.93M▲

2023 · €144k

Income taxes

€16k▼

2023 · €253k

Staff costs

€4.44M▲

2023 · €4.01M

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2024 against 2023

Balance sheet Code20232024

Assets

Total assets20/58€17.51M€20.03M▲

Formation expenses20-€293k

Fixed assets21/28€730k€727k▼

Intangible fixed assets21-€10k

Tangible fixed assets22/27€639k€626k▼

Land and buildings22€257k€233k▼

Plant, machinery and equipment23€202k€249k▲

Furniture and vehicles24€173k€138k▼

Leasing and similar rights25€7k€6k▼

Financial fixed assets28€92k€92k=

Affiliated companies280/1€90k€90k=

Participating interests280€90k€90k=

Amounts receivable281€0-

Other financial fixed assets284/8€1k€1k=

Amounts receivable and cash guarantees285/8€1k€1k=

Current assets29/58€16.78M€19.01M▲

Amounts receivable after more than one year29€1.10M€560k▼

Other amounts receivable291€1.10M€560k▼

Stocks and contracts in progress3€4.44M€6.83M▲

Stocks30/36€1.68M€1.64M▼

Goods purchased for resale34€1.68M€1.64M▼

Contracts in progress37€2.76M€5.19M▲

Amounts receivable within one year40/41€9.21M€10.63M▲

Trade receivables40€6.98M€7.90M▲

Other amounts receivable41€2.23M€2.74M▲

Cash at bank and in hand54/58€1.78M€701k▼

Deferred charges and accrued income490/1€249k€279k▲

Equity and liabilities

Total equity and liabilities10/49€17.51M€20.03M▲

Equity10/15€6.69M€6.14M▼

Contributions10/11€37k€37k=

Reserves13€5.34M€5.34M▼

Non-distributable reserves130/1€4k€4k=

Reserves not available under the articles1311€4k€4k=

Tax-exempt reserves132€31k€26k▼

Distributable reserves133€5.31M€5.31M=

Profit (loss) carried forward14€1.31M€766k▼

Provisions and deferred taxes16€13k€11k▼

Deferred taxes168€13k€11k▼

Amounts payable17/49€10.81M€13.87M▲

Amounts payable after more than one year17€144k€3.93M▲

Financial debts170/4€144k€3.93M▲

Leasing and similar obligations172€0-

Credit institutions173€144k€3.93M▲

Amounts payable within one year42/48€10.65M€9.90M▼

Current portion of amounts payable after more than one year42€48k€0▼

Financial debts43€3.76M€0▼

Credit institutions430/8€3.61M€0▼

Other loans439€150k€0▼

Trade debts44€4.03M€5.98M▲

Suppliers440/4€4.03M€5.98M▲

Advances received on contracts in progress46€1.61M€3.08M▲

Taxes, remuneration and social security45€1.09M€828k▼

Taxes450/3€531k€358k▼

Remuneration and social security454/9€558k€469k▼

Other amounts payable47/48€118k€12k▼

Accrued charges and deferred income492/3€12k€49k▲

Income statement Code20232024

Operating income70/76A€29.27M€35.10M▲

Turnover70€29.53M€31.86M▲

Change in stocks of work in progress, finished goods and contracts in progress71€-759k€2.43M▲

Other operating income74€481k€801k▲

Non-recurring operating income76A€21k€183▼

Operating charges60/66A€27.92M€35.33M▲

Goods for resale, raw materials and consumables60€20.67M€26.20M▲

Purchases600/8€20.43M€26.16M▲

Change in stocks: decrease (increase)609€238k€36k▼

Services and other goods61€3.05M€4.59M▲

Remuneration, social security and pensions62€4.01M€4.44M▲

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€143k€174k▲

Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0€173k▲

Other operating charges640/8€25k€22k▼

Operating charges capitalised as restructuring costs649-€-293k

Non-recurring operating charges66A€17k€30k▲

Operating profit (loss)9901€1.35M€-236k▼

Financial income75/76B€123k€127k▲

Recurring financial income75€123k€118k▼

Income from current assets751€99k€113k▲

Other financial income752/9€24k€6k▼

Non-recurring financial income76B-€9k

Financial charges65/66B€643k€424k▼

Recurring financial charges65€200k€415k▲

Debt charges650€157k€365k▲

Other financial charges652/9€43k€50k▲

Non-recurring financial charges66B€442k€9k▼

Profit (loss) for the period before taxes9903€832k€-533k▼

Transfer from deferred taxes780€3k€2k▼

Income taxes67/77€253k€16k▼

Taxes670/3€253k€16k▼

Profit (loss) for the period9904€582k€-546k▼

Transfer from tax-exempt reserves789€6k€6k▼

Profit (loss) for the period to be appropriated9905€588k€-541k▼

Appropriation of the result

Profit (loss) to be appropriated9906€1.31M€766k▼

Profit (loss) brought forward from the previous period14P€719k€1.31M▲

Social balance

Average headcount (FTE)908741.842.4▲

The notes to these accounts (89 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

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Timeline · acts, filings and financial milestones

All 31Financial 2Gazette 19Filings 10

2026

10-02

State Gazette act Resignations & appointments

General meeting · Director resignation · Auditor appointment5 facts ▸

General meeting, 2025-12-05
Director resignation, PKF Bofidi Audit BV (commissaris)
Director resignation, Jeroen Rans (commissaris)
Auditor appointment, PwC Bedrijfsrevisoren (commissaris)
Permanent representative, Roel Boons (vaste vertegenwoordiger)

2025

23-09

NBB filing Annual accounts filed

fiscal year 2024 · full schema · 54 days late

19-06

State Gazette act Resignations & appointments

General meeting · Auditor appointment · Permanent representative3 facts ▸

General meeting, 2025-04-25
Auditor appointment, PKF Bodifi Audit (commissaris)
Permanent representative, Jeroen Rans

08-01

State Gazette act Statutes amendment · Resignations & appointments

General meeting · Director resignation · Director appointment23 facts ▸

General meeting, 2024-11-06
Director resignation, Jeffun (bestuurder)
Director resignation, Jeco Energies (bestuurder)
Director resignation, Lefun (bestuurder)
Director resignation, FEST (bestuurder)
Director resignation, Jeffun (gedelegeerd bestuurder)
Director resignation, Jeco Energies (gedelegeerd bestuurder)
Director appointment, Jeffun (bestuurder)
Director appointment, Jeco Energies (bestuurder)
Permanent representative, Jef VAN DEN BRANDE
Permanent representative, Bob ZEGERS
Permanent representative, Jan VAN NUFFEL
+11 further facts in this act

2024

31-12

Financial Weakest financial yearnet €-546k ▼194%

Net result drops to €-546k, the lowest in the series.

08-08

NBB filing Annual accounts filed

fiscal year 2023 · full schema · 8 days late

2023

31-12

Financial Highest result since 2018net €582k ▲299%

Operating result €1.35M, net result €582k, both a record.

11-10

State Gazette act Statutes amendment · Legal-form change · Resignations & appointments

General meeting · Statutes amendment · Reserve release21 facts ▸

General meeting, 2023-09-29
Statutes amendment
Reserve release, Statutair onbeschikbare eigen vermogensrekening opgeheven en beschikbaar gemaakt voor uitkering
Director resignation, VAN DEN BRANDE Jef Irène Urbain (statutaire bestuurder)
Director resignation, VAN DEN BRANDE Rudi Leon Joseph (opvolgend statutair bestuurder)
Corporate purpose, De constructie, import, export en studie van elektrische machines, toestellen en toebehoren, zoals onder meer: - De fabricage, het installeren en onderhouden va…
Capital
Director appointment, Jeco Energies (gewone bestuurder)
Permanent representative, ZEGERS Bob
Director appointment, Jeffun (gewone bestuurder)
Permanent representative, VAN DEN BRANDE Jef
Director appointment, LeFun (gewone bestuurder)
+9 further facts in this act

23-08

NBB filing Annual accounts filed

fiscal year 2022 · full schema · 23 days late

2022

26-08

NBB filing Annual accounts filed

fiscal year 2021 · full schema · 26 days late

2021

18-11

State Gazette act Resignations & appointments

General meeting · Auditor appointment · Permanent representative3 facts ▸

General meeting, 2021-10-13
Auditor appointment, BB3 AUDIT (commissaris)
Permanent representative, Jeroen Rans

16-07

NBB filing Annual accounts filed

fiscal year 2020 · full schema

04-06

State Gazette act Resignations & appointments

Board meeting · Power of attorney5 facts ▸

Board meeting, 2021-01-01
Power of attorney, Erik Meeussen
Power of attorney, Nicky Sluyts
Power of attorney, Alexis Mertens
Power of attorney, Erwin Heesen

08-02

State Gazette act Resignations & appointments

General meeting · Permanent representative2 facts ▸

General meeting, 2020-12-15
Permanent representative, Bart Meganck

2020

30-10

NBB filing Annual accounts filed

fiscal year 2019 · full schema · 91 days late

2019

06-11

NBB filing Annual accounts filed

fiscal year 2018 · full schema · 98 days late

16-01

State Gazette act Resignations & appointments

General meeting · Auditor appointment · Permanent representative4 facts ▸

General meeting, 2018-11-20
Auditor appointment, Figurad Bedrijfsrevisoren (commissaris)
Permanent representative, Kris Meuldermans
Permanent representative, Abdellatif El Boudaati

2018

25-07

State Gazette act Capital & shares · Restructuring

General meeting · Merger · Share issue15 facts ▸

General meeting, 2018-06-29
Merger
Share issue, gewone aandelen, 790
Share cancellation, 748, eigen aandelen
Capital increase, €18.592,01
Capital, €37.192,01
Purpose change, De vennootschap heeft tot doel: de constructie, import, export en studie van elektrische machines, toestellen en toebehoren, zoals onder meer: -De fabricage, he…
Dissolution, 2018-06-29
Director discharge, Jef VAN dEN BRANDE (statutair zaakvoerder)
Power of attorney, zaakvoerder DSG Belgium
Power of attorney, Olivier VAN MAELE
Power of attorney, Filip DE HERDT
+3 further facts in this act

18-07

NBB filing Annual accounts filed

fiscal year 2017 · full schema

23-05

State Gazette act Restructuring

Merger · Capital · Share issue8 facts ▸

Merger, 2018-04-23
Capital, €18.600
Capital, €18.592,01
Share issue, 790, ruil voor aandelen van BVBA RELEC
Share cancellation, 748, aandelen in bezit van de over te nemen vennootschap
Accounting effect, 2018-01-01
Dividend entitlement, 2018-01-01
Cash premium

2017

28-08

NBB filing Annual accounts filed

fiscal year 2016 · full schema · 28 days late

03-02

State Gazette act Resignations & appointments

Board meeting · Power of attorney3 facts ▸

Board meeting, 2016-12-23
Power of attorney, Steven Daniels
Power of attorney, Erik Meeussen

26-01

State Gazette act Resignations & appointments

General meeting · Director resignation · Director discharge11 facts ▸

General meeting, 2016-12-22
Director resignation, Rudi Van den Brande (statutaire zaakvoerder)
Director discharge, Rudi Van den Brande
Director appointment, Jef Van den Brande (statutaire zaakvoerder)
Mandate compensation, Jef Van den Brande
Director appointment, Rudi Van den Brande (vervangend/opvolgend zaakvoerder)
Statutes amendment
Power of attorney, Cottyn
Director resignation, Nicole Van Herck (vervangend/opvolgend zaakvoerder)
Power of attorney, Olivier Van Maele
Power of attorney, Lien Couck

2016

29-06

NBB filing Annual accounts filed

fiscal year 2015 · full schema

2015

14-08

State Gazette act Resignations & appointments

General meeting · Auditor reappointment2 facts ▸

General meeting, 2015-06-30
Auditor reappointment, 3 years, 2018

2012

27-11

State Gazette act Resignations & appointments

Power of attorney1 fact ▸

Power of attorney, Daniels Steven

29-10

State Gazette act Resignations & appointments

General meeting · Auditor appointment2 facts ▸

General meeting, 2012-06-25
Auditor appointment, DE MOL MEULDERMANS & PARTNERS BVBA (commissaris)

28-02

State Gazette act Resignations & appointments

Corporate decision · Power of attorney3 facts ▸

Corporate decision, 2012-02-02
Power of attorney, Johan Vereecke
Power of attorney, Erik Meeussen

2011

03-08

State Gazette act Registered office

Board meeting · Registered-office move2 facts ▸

Board meeting, 2011-07-15
Registered-office move, VLUCHTENBURGSTRAAT 11 - 2630 AARTSELAAR

2010

03-02

State Gazette act Resignations & appointments

Decision · Power of attorney2 facts ▸

Decision, 2010-01-08
Power of attorney, Johan Vereecke

20-01

State Gazette act Statutes amendment · Resignations & appointments

General meeting · Name change · Director appointment5 facts ▸

General meeting, 2009-12-29
Name change, DSG Belgium
Director appointment, Van Herck Nicole Elisabeth Fernanda Augusta (opvolgend zaakvoerder)
Statutes amendment
Power of attorney, Incentive

Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

10 directors, no change since 2024

Jeco Energies

Director · since 06-11-2024 · Public limited company · perm. rep.: ZEGERS Bob

Current

Jeffun

Director · since 06-11-2024 · Private limited company · perm. rep.: VAN DEN BRANDE Jef

Current

Jef Van den Brande

Statutaire zaakvoerder · since 22-12-2016

Not recently confirmed

Rudi Van den Brande

Vervangend/opvolgend zaakvoerder · since 22-12-2016

Not recently confirmed

Van Herck Nicole Elisabeth Fernanda Augusta

Opvolgend zaakvoerder · since 29-12-2009

Not recently confirmed

06-11-2024 Jeco Energies: Appointed as Director

06-11-2024 Jeco Energies: Resigned as Managing director

06-11-2024 Jeco Energies: Resigned as Director

06-11-2024 Jeffun: Appointed as Director

06-11-2024 Jeffun: Resigned as Director

06-11-2024 Jeffun: Resigned as Managing director

06-11-2024 Fest: Resigned as Director

06-11-2024 LeFun: Resigned as Director

29-09-2023 Jeco Energies: Appointed as Gewone bestuurder

29-09-2023 Jeco Energies: Appointed as Managing director

29-09-2023 Jeffun: Appointed as Gewone bestuurder

29-09-2023 Jeffun: Appointed as Managing director

29-09-2023 Fest: Appointed as Gewone bestuurder

29-09-2023 LeFun: Appointed as Gewone bestuurder

29-09-2023 VAN DEN BRANDE Jef Irène Urbain: Resigned as Statutaire bestuurder

29-09-2023 VAN DEN BRANDE Rudi Leon Joseph: Resigned as Opvolgend statutair bestuurder

22-12-2016 Jef Van den Brande: Appointed as Statutaire zaakvoerder

22-12-2016 Rudi Van den Brande: Appointed as Vervangend/opvolgend zaakvoerder

22-12-2016 Rudi Van den Brande: Resigned as Statutaire zaakvoerder

22-12-2016 Nicole Van Herck: Resigned as Vervangend/opvolgend zaakvoerder

29-12-2009 Van Herck Nicole Elisabeth Fernanda Augusta: Appointed as Opvolgend zaakvoerder

Location & real-estate footprint

Registered office, Aartselaar · 1 establishment unit since 1990

establishment approximate The establishment unit on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Vluchtenburgstraat 112630 Aartselaar

Ground area

5,265 m²

Building footprint

2,946 m²

Volume, LiDAR

13,340 m³

Parcel 11372A0274/00S000, Flanders · tallest building 5.5 m, ±2 floors. Linked by address, not a title deed.

1 establishment unit

DSG Belgium

Vluchtenburgstraat 11, 2630 AartselaarNACE 31200

since 19902.049.201.214

1 parcel

Flanders 1 (100%)

Parcel (capakey)	Region	Area	Buildings	Height / fl.
11372A0274/00S000	Flanders	5,265 m²	1 · 2,946 m²	5.5 m · 2 fl.

Linked by address, not proof of ownership

Methodology

via registered seat: 1

1 of 1 parcel with an exact address match; the rest are indicative.

Linked through address data, this is not proof of ownership.

Statutory auditor

4 auditors

PricewaterhouseCoopers Reviseurs d'EntreprisesCurrent

Statutory auditor

05-12-2025 → present

Show 3 earlier auditors

FIGURAD BEDRIJFSREVISOREN Statutory auditor succeeded by PricewaterhouseCoopers Reviseurs d'Entreprises in 2025	20-11-2018 → 05-12-2025
Jeroen Rans Statutory auditor	- → 05-12-2025
PKF Bofidi Audit Statutory auditor · represented by Jeroen Rans	13-10-2021 → 05-12-2025