DTO
ActiveSummary
DTO has been active since 1994 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.8m and a net result of €75,139. Equity is shrinking by ~26.8% per year across the filed fiscal years. Its solvency ranks better than 51% of 2062 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.5% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability34▼-34
Solvency69▼-3
Growth22▼-37
Track record100
Bankruptcy probability, 12 months
0.5%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €95,000 at 30 days acceptable
Liquidity ample (current ratio 1.64 against 1.82 in 2024; short-term debt: 55.4% and cash: 1.5% of total assets), but 56.3% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
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
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
43.7%
Return on assets
1.8%
Age of the figures
9 mo
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 13-07-2026, 18 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
18 d early
2024
23 d early
2023
19 d early
2021
9 d early
2020
11 d early
2019
8 d early
2018
12 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 14 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 (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, full schema
Turnover
€1.7m▼ 92.0%
2024 · €21.2m
EBIT margin
-0.3%▼ 3.6pp
2024 · 3.2%
Net result
€75,139▼ 90.1%
2024 · €761,876
Working capital
€1.5m▼ 46.8%
2024 · €2.7m
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
Line20202021202320242025
Turnover€12.7m▼ 25.6%€13.6m▲ 7.3%€38.9m-€21.2m▼ 45.5%€1.7m▼ 92.0%
Operating result€884,875▲ 14.7%€927,034▲ 4.8%-€2.9m-€689,559-€5,177
Net result€782,465▲ 11.4%€826,889▲ 5.7%-€3.0m-€761,876€75,139▼ 90.1%
EBIT margin7.0%▲ 2.4pp6.8%▼ 0.2pp-7.6%-3.2%▲ 10.8pp-0.3%▼ 3.6pp
Equity€15.3m▲ 5.2%€16.2m▲ 5.4%€2.3m-€3.1m▲ 33.2%€1.8m▼ 41.7%
Total assets€26.1m▲ 1.0%€27.4m▲ 5.0%€10.2m-€6.5m▼ 36.3%€4.1m▼ 37.2%
Debt€10.8m▼ 2.8%€11.3m▲ 4.5%€7.9m-€3.4m▼ 56.5%€2.3m▼ 33.2%
Working capital€13.8m▼ 4.4%€15.2m▲ 10.3%€1.9m-€2.7m▲ 41.7%€1.5m▼ 46.8%
Staff (FTE)88.5▼ 4.1%83.5▼ 5.6%
Why a figure moved sharply
- 2025 Turnover -92%, Net result -90% on 2024. The previous fiscal year ran 18 months, this one 12.
Result per fiscal year
Operating resultNet result
The operating result turns negative in 2025: a loss of €5,177 after €689,559 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.1m
Fixed assets
€366,090 ▼ 15.5%
Current assets
€3.7m ▼ 38.8%
Equity and liabilities €4.1m
Equity
€1.8m ▼ 41.7%
Debt
€2.3m ▼ 33.2%
Debt's share of the balance-sheet total rises from 52.9% to 56.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€62,037▼
2024 · €836,852
Cash flow
€142,353▼
2024 · €909,169
Current ratio
1.64▼
2024 · 1.82
Debt to equity
1.29▲
2024 · 1.12
ROE
4.2%▼
2024 · 24.9%
ROA
1.8%▼
2024 · 11.8%
Interest coverage
1.53▼
2024 · 7.30
Debt ≤ 1 year
€2.3m▼
2024 · €3.3m
Debt > 1 year
€36,582▼
2024 · €106,647
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 14,684 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 96% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
0.2%
went bankrupt
3.5%
stopped otherwise
96%
still going
A further 0.2% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.5% 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 14,684 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 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Operating income70/76A | - | €14.7m | €36.0m | €22.4m | €1.9m | ▼ 91.3% |
| Turnover70 | €12.7m | €13.6m | €38.9m | €21.2m | €1.7m | ▼ 92.0% |
| Change in stocks of work in progress, finished goods and contracts in progress71 | - | -€587,949 | -€4.4m | - | - | - |
| Other operating income74 | - | €1.1m | €708,418 | €484,251 | €233,344 | ▼ 51.8% |
| Non-recurring operating income76A | - | €488,950 | €724,096 | €701,129 | €1,081 | ▼ 99.8% |
| Operating charges60/66A | - | €13.7m | €38.9m | €21.7m | €1.9m | ▼ 91.0% |
| Goods for resale, raw materials and consumables60 | - | €7.4m | €36.8m | €21.2m | €1.6m | ▼ 92.3% |
| Purchases600/8 | - | €7.5m | €36.8m | €21.2m | €1.6m | ▼ 92.3% |
| Change in stocks: decrease (increase)609 | - | -€47,342 | - | - | - | - |
| Services and other goods61 | - | €2.1m | €1.2m | €284,415 | €171,515 | ▼ 39.7% |
| Remuneration, social security and pensions62 | - | €3.9m | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €214,835 | €215,099 | €286,469 | €147,293 | €67,214 | ▼ 54.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | €551,667 | - | - | - |
| Other operating charges640/8 | - | €50,989 | €129,198 | €64,113 | €63,414 | ▼ 1.1% |
| Non-recurring operating charges66A | - | €82 | €2,151 | - | - | - |
| Operating profit (loss)9901 | €884,875 | €927,034 | -€2.9m | €689,559 | -€5,177 | ▼ 101% |
| Financial income75/76B | - | €80,917 | €112,166 | €186,945 | €120,799 | ▼ 35.4% |
| Recurring financial income75 | €91,363 | €80,917 | €112,166 | €186,945 | €120,799 | ▼ 35.4% |
| Income from current assets751 | - | €68,880 | €107,072 | €186,100 | €120,799 | ▼ 35.1% |
| Other financial income752/9 | - | €12,038 | €5,094 | €845 | - | - |
| Financial charges65/66B | - | €177,655 | €208,185 | €114,628 | €40,484 | ▼ 64.7% |
| Recurring financial charges65 | €192,958 | €177,655 | €208,185 | €114,628 | €40,484 | ▼ 64.7% |
| Debt charges650 | €143,289 | €173,300 | €177,904 | €114,613 | €40,484 | ▼ 64.7% |
| Other financial charges652/9 | - | €4,355 | €30,281 | €15 | - | - |
| Profit (loss) for the period before taxes9903 | €783,280 | €830,297 | -€3.0m | €761,876 | €75,139 | ▼ 90.1% |
| Transfer from deferred taxes780 | - | €17 | €9 | - | - | - |
| Income taxes67/77 | €3,590 | €3,425 | - | - | - | - |
| Taxes670/3 | - | €3,425 | - | - | - | - |
| Profit (loss) for the period9904 | €782,465 | €826,889 | -€3.0m | €761,876 | €75,139 | ▼ 90.1% |
| Transfer to tax-exempt reserves689 | - | €82,130 | €9 | €37,579 | - | - |
| Profit (loss) for the period to be appropriated9905 | €782,465 | €744,759 | -€3.0m | €724,298 | €75,139 | ▼ 89.6% |
| Line | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €26.1m | €27.4m | €10.2m | €6.5m | €4.1m | ▼ 37.2% |
| Fixed assets21/28 | €3.0m | €2.3m | €583,530 | €433,304 | €366,090 | ▼ 15.5% |
| Intangible fixed assets21 | €64,312 | - | - | - | - | - |
| Tangible fixed assets22/27 | €2.3m | €1.7m | €292,387 | €142,161 | €74,947 | ▼ 47.3% |
| Land and buildings22 | - | €222,693 | - | - | - | - |
| Plant, machinery and equipment23 | - | €26,174 | - | - | - | - |
| Furniture and vehicles24 | - | €7,977 | €2,485 | €397 | €67 | ▼ 83.1% |
| Leasing and similar rights25 | - | €1.0m | €289,902 | €141,764 | €74,880 | ▼ 47.2% |
| Other tangible fixed assets26 | - | €368,417 | - | - | - | - |
| Financial fixed assets28 | €613,384 | €647,484 | €291,142 | €291,142 | €291,142 | = |
| Other financial fixed assets284/8 | - | €647,484 | €291,142 | €291,142 | €291,142 | = |
| Shares284 | - | €38,899 | €38,775 | €38,775 | €38,775 | = |
| Amounts receivable and cash guarantees285/8 | - | €608,585 | €252,367 | €252,367 | €252,367 | = |
| Current assets29/58 | €23.1m | €25.1m | €9.6m | €6.1m | €3.7m | ▼ 38.8% |
| Amounts receivable after more than one year29 | - | €1.8m | - | - | - | - |
| Trade receivables290 | - | €1.8m | - | - | - | - |
| Stocks and contracts in progress3 | €235,117 | €11.1m | - | - | - | - |
| Contracts in progress37 | - | €11.1m | - | - | - | - |
| Amounts receivable within one year40/41 | €8.0m | €10.9m | €9.5m | €6.0m | €3.6m | ▼ 39.6% |
| Trade receivables40 | - | €6.2m | €6.4m | €2.7m | €906,805 | ▼ 66.5% |
| Other amounts receivable41 | - | €4.7m | €3.1m | €3.3m | €2.7m | ▼ 17.7% |
| Current investments50/53 | €5,579 | €5,571 | - | - | - | - |
| Other investments51/53 | - | €5,571 | - | - | - | - |
| Cash at bank and in hand54/58 | €266,725 | €294,237 | €87,441 | €18,197 | €59,128 | ▲ 225% |
| Deferred charges and accrued income490/1 | - | €1.0m | €3,734 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €26.1m | €27.4m | €10.2m | €6.5m | €4.1m | ▼ 37.2% |
| Equity10/15 | €15.3m | €16.2m | €2.3m | €3.1m | €1.8m | ▼ 41.7% |
| Contributions10/11 | €7.0m | €7.0m | €1.6m | €1.6m | €1.6m | = |
| Capital10 | - | €7.0m | €1.6m | €1.6m | €1.6m | = |
| Issued capital100 | - | €7.0m | €1.6m | €1.6m | €1.6m | = |
| Reserves13 | €7.4m | €7.5m | €62,459 | €136,252 | €140,012 | ▲ 2.8% |
| Non-distributable reserves130/1 | - | €274,425 | €62,459 | €98,674 | €102,434 | ▲ 3.8% |
| Legal reserve130 | - | €274,425 | €62,459 | €98,674 | €102,434 | ▲ 3.8% |
| Tax-exempt reserves132 | - | - | - | €37,579 | €37,579 | = |
| Distributable reserves133 | - | €7.3m | - | - | - | - |
| Profit (loss) carried forward14 | €907,014 | €1.6m | €637,904 | €1.3m | €47,365 | ▼ 96.4% |
| Investment grants15 | - | €8,593 | €843 | - | - | - |
| Provisions and deferred taxes16 | €44 | €27 | - | - | - | - |
| Deferred taxes168 | - | €27 | - | - | - | - |
| Amounts payable17/49 | €10.8m | €11.3m | €7.9m | €3.4m | €2.3m | ▼ 33.2% |
| Amounts payable after more than one year17 | €1.3m | €1.2m | €215,165 | €106,647 | €36,582 | ▼ 65.7% |
| Financial debts170/4 | - | €1.2m | €215,165 | €90,437 | €26,266 | ▼ 71.0% |
| Leasing and similar obligations172 | - | €775,408 | €215,165 | €90,437 | €26,266 | ▼ 71.0% |
| Credit institutions173 | - | €417,640 | - | - | - | - |
| Other amounts payable178/9 | - | - | - | €16,210 | €10,316 | ▼ 36.4% |
| Amounts payable within one year42/48 | €9.3m | €9.9m | €7.7m | €3.3m | €2.3m | ▼ 32.2% |
| Current portion of amounts payable after more than one year42 | - | €356,223 | €117,656 | €85,360 | €70,065 | ▼ 17.9% |
| Financial debts43 | - | €3.0m | - | - | - | - |
| Credit institutions430/8 | - | €3.0m | - | - | - | - |
| Trade debts44 | €3.8m | €3.1m | €5.4m | €2.1m | €833,020 | ▼ 60.6% |
| Suppliers440/4 | - | €3.1m | €5.4m | €2.1m | €833,020 | ▼ 60.6% |
| Advances received on contracts in progress46 | - | €266,245 | - | - | - | - |
| Taxes, remuneration and social security45 | - | €660,630 | €231 | €31,391 | €172 | ▼ 99.5% |
| Taxes450/3 | - | €61,732 | €231 | €31,391 | €172 | ▼ 99.5% |
| Remuneration and social security454/9 | - | €598,898 | - | - | - | - |
| Other amounts payable47/48 | - | €2.5m | €2.1m | €1.1m | €1.4m | ▲ 24.0% |
| Accrued charges and deferred income492/3 | - | €154,246 | - | - | €500 | - |
| Line | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €782,465 | €826,889 | -€3.0m | €761,876 | €75,139 | ▼ 90.1% |
| + Depreciation and write-downs630 | €214,835 | €215,099 | €286,469 | €147,293 | €67,214 | ▼ 54.4% |
| Operating cash flow (approximation) | €997,300 | €1.0m | -€2.8m | €909,169 | €142,353 | ▼ 84.3% |
| Investment in fixed assets (approximation) | - | €472,961 | - | €2,933 | €0 | ▼ 100% |
| Change in cash | - | €27,511 | - | -€69,244 | €40,931 | ▲ 159% |
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
Next filing, fiscal year 2026, expected by
2026
13-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
08-07
NBB filing
Annual accounts filed
fiscal year 2024 · full schema
2024
31-12
Financial
Back to profitnet €761,876
Net result €761,876 after one loss-making year.
12-01
NBB filing
Annual accounts filed
fiscal year 2023 · full schema
2023
30-06
Financial
Weakest financial yearnet -€3.0m
Net result drops to -€3.0m, the lowest in the series; recovery starts the following year.
2022
22-07
NBB filing
Annual accounts filed
fiscal year 2021 · full schema
2021
31-12
Financial
Highest result since 2018net €826,889 ▲5.7%
Operating result €927,034, net result €826,889, both a record.
20-07
NBB filing
Annual accounts filed
fiscal year 2020 · full schema
2020
23-07
NBB filing
Annual accounts filed
fiscal year 2019 · full schema
2019
19-07
NBB filing
Annual accounts filed
fiscal year 2018 · full schema
2018
31-10
NBB filing
Annual accounts filed
fiscal year 2017 · full schema · 92 days late
2017
24-07
NBB filing
Annual accounts filed
fiscal year 2016 · full schema
2016
26-07
NBB filing
Annual accounts filed
fiscal year 2015 · full schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 21 acts read
About the unread acts
We know of 21 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
21 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, Herstal · 1 establishment unit since 1994
Ground area
2,544 m²
Building footprint
483 m²
Volume, LiDAR
3,013 m³
Parcel 62312A0453/00K000, Wallonia · tallest building 7.5 m, ±2 floors. Linked by address, not a title deed.
11
companies at this address
See who is registered here
1 establishment unit
Rue d'Abhooz 23, 4040 Herstal
since 19942.066.581.040
1 parcel
Wallonia
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 62312A0453/00K000 | Wallonia | 2,544 m² | 1 · 483 m² | 7.5 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.
Structure & network
Part of the group
PHDJ
10 companies
Group, risk and exposure
Owners and holdings
1 ownerChain of control
- PHDJ
- DELTA GROUP
- DTO
Highest known parent: PHDJ. The sources do not say who stands above it.
Owners 1
- DELTA GROUPparent99.99%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
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Of 9,536 companies in sector 43222 we hold annual accounts for 5,667. 2,230 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded16-03-1994
Fiscal year end31-12
Activities, NACEBEL 2025
43222Installation of electric heating, air conditioning, cooling and ventilation
Contact
Phone
04 240 33 80Herstal
Fax
04 240 33 70Herstal
E-invoicing
Reachable via Peppol
Peppol ID
0208:0452126797
Also
9925:BE0452126797
Registered
15-12-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.