DSView
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-10-2025 PDF all 6 filings
Turnover
≈ €290,000
Estimated: probably between €220,000 and €600,000
Total assets
€493,282▼ 2.3%
2024 · €505,040
Net result
€3,590
2024 · -€57,762
Working capital
€27,454▲ 7.1%
2024 · €25,638
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€9,584
2025
20202025
Net result
€3,590
2025
middle half of the sector
20202025
Equity
€38,313
▲ 10.3%
2025
middle half of the sector
20202025
Total assets
€493,282
▼ 2.3%
2025
highest quarter of the sector
20202025
Debt
€454,968
▼ 3.3%
2025
20202025
Working capital
€27,454
▲ 7.1%
2025
middle half of the sector
20202025
Solvency
7.8%
▲ 0.9pp
2025
lowest quarter of the sector
20202025
Current ratio
1.24
▼ 0.05
2025
middle half of the sector
20202025
Return on assets (ROA)
0.7%
▲ 12.2pp
2025
middle half of the sector
20202025
Staff (FTE)
no figure
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€37,535-€68,488▲ 82.5%€50,552▼ 26.2%-€4,855-€51,606▼ 963%€9,584
Net result€29,218above the sector's middle half-€48,475above the sector's middle half▲ 65.9%€37,089above the sector's middle half▼ 23.5%-€12,275below the sector's middle half-€57,762below the sector's middle half▼ 371%€3,590within the sector's middle half
Equity€47,768within the sector's middle half-€86,243within the sector's middle half▲ 80.5%€104,761within the sector's middle half▲ 21.5%€92,485within the sector's middle half▼ 11.7%€34,723within the sector's middle half▼ 62.5%€38,313within the sector's middle half▲ 10.3%
Total assets€352,992above the sector's middle half-€680,453above the sector's middle half▲ 92.8%€785,584above the sector's middle half▲ 15.5%€791,351above the sector's middle half▲ 0.7%€505,040above the sector's middle half▼ 36.2%€493,282above the sector's middle half▼ 2.3%
Debt€305,224-€594,210▲ 94.7%€680,823▲ 14.6%€698,866▲ 2.7%€470,317▼ 32.7%€454,968▼ 3.3%
Working capital€90,849above the sector's middle half-€95,407above the sector's middle half▲ 5.0%€8,884within the sector's middle half▼ 90.7%€63,177within the sector's middle half▲ 611%€25,638within the sector's middle half▼ 59.4%€27,454within the sector's middle half▲ 7.1%
Solvency13.5%below the sector's middle half-12.7%below the sector's middle half▼ 0.9pp13.3%below the sector's middle half▲ 0.7pp11.7%below the sector's middle half▼ 1.6pp6.9%below the sector's middle half▼ 4.8pp7.8%below the sector's middle half▲ 0.9pp
Current ratio3.96above the sector's middle half-2.02within the sector's middle half▼ 1.941.04below the sector's middle half▼ 0.971.23within the sector's middle half▲ 0.191.29within the sector's middle half▲ 0.061.24within the sector's middle half▼ 0.05
Return on assets (ROA)8.3%within the sector's middle half-7.1%within the sector's middle half▼ 1.2pp4.7%within the sector's middle half▼ 2.4pp-1.6%below the sector's middle half▼ 6.3pp-11.4%below the sector's middle half▼ 9.9pp0.7%within the sector's middle half▲ 12.2pp
Staff (FTE)11=
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 profit of €9,584, after a loss of €51,606 in 2024.
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 €493,282
Fixed assets
€352,300 ▼ 10.1%
Current assets
€140,982 ▲ 24.5%
Equity and liabilities €493,282
Equity
€38,313 ▲ 10.3%
Debt
€454,968 ▼ 3.3%
Debt's share of the balance-sheet total falls from 93.1% to 92.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€50,232▲
2024 · -€5,407
Cash flow
€44,238▲
2024 · -€11,563
Quick ratio
1.20▲
2024 · 1.19
Debt to equity
11.88▼
2024 · 13.54
ROE
9.4%▲
2024 · -166.3%
Interest coverage
8.00▲
2024 · -0.85
Debt ≤ 1 year
€113,528▲
2024 · €87,618
Debt > 1 year
€341,440▼
2024 · €382,698
Staff costs
-€68▼
2024 · €26,210
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | - |
| full-time | 1 | 1 | - |
| part-time | 0 | 0 | - |
| in full-time equivalents | 0 | 1 | - |
| Average over the year, in full-time equivalents | 1 | 1 | - |
| On a permanent contract | 1 | 1 | - |
| Joined | - | - | 0 |
| Left | - | - | 1 |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €155,606 | €50,324 | €6,757 | €1,164 |
| Depreciation and write-downs of the year | €71,622 | €45,892 | €46,199 | €40,648 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,792 | €2,902 | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €7,544 | €26,210 | -€68 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €85,886 | €69,761 | €71,622 | €45,892 | €46,199 | €40,648 | ▼ 12.0% |
| Other operating charges640/8 | - | - | €2,158 | €4,069 | €3,585 | €7,280 | ▲ 103% |
| Gross operating margin9900 | €124,943 | €142,044 | €124,331 | €52,650 | €24,388 | €57,445 | ▲ 136% |
| Operating profit (loss)9901 | €37,535 | €68,488 | €50,552 | -€4,855 | -€51,606 | €9,584 | - |
| Financial income75/76B | - | - | €359 | €16 | €182 | €287 | ▲ 58.2% |
| Recurring financial income75 | €169 | €500 | €359 | €16 | €182 | €287 | ▲ 58.2% |
| Financial charges65/66B | - | - | €8,773 | €7,437 | €6,338 | €6,282 | ▼ 0.9% |
| Recurring financial charges65 | €5,564 | €3,742 | €8,773 | €7,437 | €6,338 | €6,282 | ▼ 0.9% |
| Non-recurring financial charges66B | - | - | €0 | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €32,140 | €62,631 | €42,137 | -€12,275 | -€57,762 | €3,590 | - |
| Income taxes67/77 | €2,922 | €14,156 | €5,048 | €0 | - | - | - |
| Profit (loss) for the period9904 | €29,218 | €48,475 | €37,089 | -€12,275 | -€57,762 | €3,590 | - |
| Profit (loss) for the period to be appropriated9905 | €29,218 | €48,475 | €37,089 | -€12,275 | -€57,762 | €3,590 | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €352,992 | €680,453 | €785,584 | €791,351 | €505,040 | €493,282 | ▼ 2.3% |
| Fixed assets21/28 | €231,460 | €491,393 | €575,377 | €452,682 | €391,784 | €352,300 | ▼ 10.1% |
| Tangible fixed assets22/27 | €231,325 | €491,258 | €575,242 | €452,547 | €391,649 | €352,165 | ▼ 10.1% |
| Land and buildings22 | - | - | €350,707 | €375,430 | €338,009 | €322,043 | ▼ 4.7% |
| Plant, machinery and equipment23 | - | - | €168,409 | €48,178 | €38,949 | €26,312 | ▼ 32.4% |
| Furniture and vehicles24 | - | - | €56,126 | €28,939 | €14,691 | €3,810 | ▼ 74.1% |
| Financial fixed assets28 | €135 | €135 | €135 | €135 | €135 | €135 | = |
| Current assets29/58 | €121,532 | €189,060 | €210,207 | €338,669 | €113,256 | €140,982 | ▲ 24.5% |
| Stocks and contracts in progress3 | - | - | €22,431 | €20,878 | €8,736 | €4,368 | ▼ 50.0% |
| Stocks30/36 | - | - | €22,431 | €20,878 | €8,736 | €4,368 | ▼ 50.0% |
| Amounts receivable within one year40/41 | €63,654 | €67,880 | €154,065 | €295,777 | €92,411 | €108,164 | ▲ 17.0% |
| Trade receivables40 | - | - | €147,925 | €295,200 | €36,341 | €94,005 | ▲ 159% |
| Other amounts receivable41 | - | - | €6,140 | €577 | €56,070 | €14,158 | ▼ 74.7% |
| Cash at bank and in hand54/58 | €56,284 | €117,807 | €29,604 | €20,022 | €9,851 | €28,450 | ▲ 189% |
| Deferred charges and accrued income490/1 | - | - | €4,107 | €1,992 | €2,258 | €0 | ▼ 100% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €352,992 | €680,453 | €785,584 | €791,351 | €505,040 | €493,282 | ▼ 2.3% |
| Equity10/15 | €47,768 | €86,243 | €104,761 | €92,485 | €34,723 | €38,313 | ▲ 10.3% |
| Contributions10/11 | €18,550 | - | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €29,218 | €67,693 | €86,211 | €86,211 | €86,211 | €86,211 | = |
| Distributable reserves133 | - | - | €86,211 | €86,211 | €86,211 | €86,211 | = |
| Profit (loss) carried forward14 | - | - | €0 | -€12,275 | -€70,037 | -€66,448 | ▲ 5.1% |
| Amounts payable17/49 | €305,224 | €594,210 | €680,823 | €698,866 | €470,317 | €454,968 | ▼ 3.3% |
| Amounts payable after more than one year17 | €271,040 | €496,198 | €473,562 | €423,374 | €382,698 | €341,440 | ▼ 10.8% |
| Financial debts170/4 | - | - | €473,562 | €423,374 | €382,698 | €341,440 | ▼ 10.8% |
| Amounts payable within one year42/48 | €30,684 | €93,653 | €201,322 | €275,492 | €87,618 | €113,528 | ▲ 29.6% |
| Current portion of amounts payable after more than one year42 | - | - | €49,406 | €50,188 | €40,616 | €42,718 | ▲ 5.2% |
| Trade debts44 | €494 | €8,424 | €113,709 | €208,058 | €16,915 | €39,825 | ▲ 135% |
| Suppliers440/4 | - | - | €113,709 | €208,058 | €16,915 | €39,825 | ▲ 135% |
| Advances received on contracts in progress46 | - | - | - | - | - | €950 | - |
| Taxes, remuneration and social security45 | - | - | €19,636 | €17,246 | €30,087 | €30,036 | ▼ 0.2% |
| Taxes450/3 | - | - | €14,729 | €4,612 | €20,316 | €17,223 | ▼ 15.2% |
| Remuneration and social security454/9 | - | - | €4,907 | €12,634 | €9,772 | €12,813 | ▲ 31.1% |
| Other amounts payable47/48 | - | - | €18,571 | €0 | - | - | - |
| Accrued charges and deferred income492/3 | - | - | €5,939 | €0 | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,218 | €48,475 | €37,089 | -€12,275 | -€57,762 | €3,590 | - |
| + Depreciation and write-downs630 | €85,886 | €69,761 | €71,622 | €45,892 | €46,199 | €40,648 | ▼ 12.0% |
| Operating cash flow (approximation) | €115,104 | €118,236 | €108,711 | €33,616 | -€11,563 | €44,238 | - |
| Investment in fixed assets (approximation) | - | -€329,694 | -€155,606 | €76,803 | €14,699 | -€1,164 | - |
| Change in cash | - | €61,523 | -€88,204 | -€9,581 | -€10,172 | €18,600 | - |
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, 1,603 companies had the same profile as DSView has now. Two years later, 96.1% were still going and 1.9% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency under 10%
- a profit under 5% of the balance sheet
96.1%
was still going
1.8%
stopped otherwise
1.9%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DSView itself: 2.1% 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 1,603 companies, not a prediction for DSView. 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 |
|---|---|---|---|---|
| 31-03-2025 | micro format | 31-10-2025 | 2025-00563547 | |
| 31-03-2024 | micro format | 09-07-2025 | 2025-00262554 | |
| 31-03-2023 | micro format | 08-07-2025 | 2025-00262519 | |
| 31-03-2022 | micro format | 03-11-2022 | 2022-20482770 | |
| 31-03-2021 | micro format | 29-10-2021 | 2021-74800040 | |
| 31-03-2020 | micro format | 24-12-2020 | 2020-77400301 |