DUCARDIS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 11-07-2026 at the NBB all 21 filings
Turnover
≈ €9.9m
Estimated: probably between €6.1m and €12.0m
EBIT margin
Not included in this filing
Net result
€608,877▲ 39.4%
2024 · €436,820
Working capital
€650,506▲ 46.9%
2024 · €442,768
In the rankings
#6 company by equity in Péruwelz, Wholesale and retail trade sector#7 company by total assets in Péruwelz, Wholesale and retail trade sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€838,023
▲ 39.0%
2025
20182025
Net result
€608,877
▲ 39.4%
2025
highest quarter of the sector
20182025
Equity
€877,946
▲ 22.7%
2025
highest quarter of the sector
20182025
Total assets
€2.6m
▲ 13.5%
2025
highest quarter of the sector
20182025
Debt
€1.7m
▲ 9.4%
2025
20182025
Working capital
€650,506
▲ 46.9%
2025
highest quarter of the sector
20182025
Solvency
33.4%
▲ 2.5pp
2025
middle half of the sector
20182025
Current ratio
1.38
▲ 0.10
2025
middle half of the sector
20182025
Return on assets (ROA)
23.2%
▲ 4.3pp
2025
highest quarter of the sector
20182025
Staff (FTE)
17.9
▲ 7.8%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.4m-€0.5m▲ 15.0%€0.8m▲ 67.5%€0.5m▼ 35.5%€0.3m▼ 33.3%€0.7m▲ 99.9%€0.6m▼ 13.8%€0.8m▲ 39.0%
Net result€0.3m-€0.3m▲ 10.1%€0.6mabove the sector's middle half▲ 76.2%€0.4mabove the sector's middle half▼ 36.3%€0.2mabove the sector's middle half▼ 34.5%€0.5mabove the sector's middle half▲ 101%€0.4mabove the sector's middle half▼ 11.8%€0.6mabove the sector's middle half▲ 39.4%
Equity€0.8m-€0.9m▲ 21.6%€1.2mabove the sector's middle half▲ 27.1%€0.7mwithin the sector's middle half▼ 43.4%€0.7mwithin the sector's middle half=€0.7mwithin the sector's middle half▲ 0.6%€0.7mwithin the sector's middle half▲ 5.2%€0.9mabove the sector's middle half▲ 22.7%
Total assets€3.4m-€2.9m▼ 13.1%€3.3mabove the sector's middle half▲ 11.3%€2.9mabove the sector's middle half▼ 9.9%€2.2mwithin the sector's middle half▼ 25.3%€2.4mabove the sector's middle half▲ 8.8%€2.3mwithin the sector's middle half▼ 2.8%€2.6mabove the sector's middle half▲ 13.5%
Debt€2.6m-€2.0m▼ 23.4%€2.1m▲ 3.8%€2.3m▲ 9.5%€1.5m▼ 32.9%€1.7m▲ 12.5%€1.6m▼ 6.0%€1.7m▲ 9.4%
Working capital€0.4m-€0.5m▲ 34.0%€0.7mabove the sector's middle half▲ 34.9%€0.1mwithin the sector's middle half▼ 82.3%€0.2mwithin the sector's middle half▲ 64.0%€0.3mwithin the sector's middle half▲ 59.2%€0.4mwithin the sector's middle half▲ 29.9%€0.7mabove the sector's middle half▲ 46.9%
Solvency23.0%-32.1%▲ 9.2pp36.7%within the sector's middle half▲ 4.6pp23.1%within the sector's middle half▼ 13.6pp30.9%within the sector's middle half▲ 7.8pp28.6%within the sector's middle half▼ 2.3pp30.9%within the sector's middle half▲ 2.3pp33.4%within the sector's middle half▲ 2.5pp
Current ratio1.22-1.36▲ 0.151.41within the sector's middle half▲ 0.051.06within the sector's middle half▼ 0.351.14within the sector's middle half▲ 0.081.20within the sector's middle half▲ 0.061.28within the sector's middle half▲ 0.081.38within the sector's middle half▲ 0.10
Return on assets (ROA)9.0%-11.4%▲ 2.4pp18.1%above the sector's middle half▲ 6.7pp12.8%above the sector's middle half▼ 5.3pp11.2%above the sector's middle half▼ 1.6pp20.8%above the sector's middle half▲ 9.6pp18.9%above the sector's middle half▼ 1.9pp23.2%above the sector's middle half▲ 4.3pp
Staff (FTE)13.7-15.6▲ 13.9%15.2above the sector's middle half▼ 2.6%13.7within the sector's middle half▼ 9.9%15.8above the sector's middle half▲ 15.3%17.8above the sector's middle half▲ 12.7%16.6above the sector's middle half▼ 6.7%17.9above the sector's middle half▲ 7.8%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 39% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.6m
Fixed assets
€259,790 ▼ 12.5%
Current assets
€2.4m ▲ 17.3%
Equity and liabilities €2.6m
Equity
€877,946 ▲ 22.7%
Debt
€1.7m ▲ 9.4%
Debt's share of the balance-sheet total falls from 69.1% to 66.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€876,263▲
2024 · €713,938
Cash flow
€647,117▲
2024 · €547,906
Quick ratio
0.93▲
2024 · 0.83
Debt to equity
1.99▼
2024 · 2.24
ROE
69.4%▲
2024 · 61.1%
Interest coverage
41.39▲
2024 · 34.10
Debt ≤ 1 year
€1.7m▲
2024 · €1.6m
Income taxes
€219,361▲
2024 · €147,190
Staff costs
€589,659▲
2024 · €521,245
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 | 18 | 18 | 17 | 16 | 19 |
| full-time | 11 | 17 | 16 | 15 | 18 |
| part-time | 7 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 14.8 | 17.8 | 16.9 | 15.8 | 18.8 |
| Average over the year, in full-time equivalents | 13.7 | 15.8 | 17.8 | 16.6 | 17.9 |
| On a permanent contract | 9 | 14 | 15 | 15 | 14 |
| Joined | 8 | 7 | 6 | 13 | 6 |
| Left | 7 | 7 | 7 | 14 | 3 |
| Training hours | 13 | 26 | 16 | 25 | 10 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €275,917 | €56,046 | - | - | - |
| Pledge on the business | €250,000 | €250,000 | €250,000 | - | - |
| Mandates to pledge the business | €650,000 | €650,000 | €650,000 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €14,575 | €5,218 | €6,337 | €46,289 | €1,200 |
| Depreciation and write-downs of the year | €135,744 | €136,814 | €126,384 | €111,086 | €38,240 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €0.4m | €0.5m | €0.5m | €0.5m | €0.6m | ▲ 13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.04m | ▼ 65.6% |
| Other operating charges640/8 | - | - | - | €0.003m | €0.003m | €0.004m | €0.003m | €0.005m | ▲ 72.4% |
| Non-recurring operating charges66A | - | - | - | €0.02m | - | - | - | - | - |
| Gross operating margin9900 | €1.1m | €1.1m | €1.4m | €1.1m | €1.0m | €1.4m | €1.2m | €1.5m | ▲ 18.8% |
| Operating profit (loss)9901 | €0.4m | €0.5m | €0.8m | €0.5m | €0.3m | €0.7m | €0.6m | €0.8m | ▲ 39.0% |
| Financial income75/76B | - | - | - | €0.002m | €0.002m | €0.001m | €0.002m | €0.01m | ▲ 443% |
| Recurring financial income75 | €0.001m | €0.006m | €0.002m | €0.002m | €0.002m | €0.001m | €0.002m | €0.01m | ▲ 443% |
| Financial charges65/66B | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 1.1% |
| Recurring financial charges65 | €0.03m | €0.03m | €0.03m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 1.1% |
| Profit (loss) for the period before taxes9903 | €0.4m | €0.5m | €0.8m | €0.5m | €0.3m | €0.7m | €0.6m | €0.8m | ▲ 41.8% |
| Income taxes67/77 | €0.09m | €0.1m | €0.2m | €0.1m | €0.08m | €0.2m | €0.1m | €0.2m | ▲ 49.0% |
| Profit (loss) for the period9904 | €0.3m | €0.3m | €0.6m | €0.4m | €0.2m | €0.5m | €0.4m | €0.6m | ▲ 39.4% |
| Profit (loss) for the period to be appropriated9905 | €0.3m | €0.3m | €0.6m | €0.4m | €0.2m | €0.5m | €0.4m | €0.6m | ▲ 39.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €3.4m | €2.9m | €3.3m | €2.9m | €2.2m | €2.4m | €2.3m | €2.6m | ▲ 13.5% |
| Fixed assets21/28 | €1.1m | €0.9m | €0.7m | €0.6m | €0.5m | €0.4m | €0.3m | €0.3m | ▼ 12.5% |
| Tangible fixed assets22/27 | €0.9m | €0.7m | €0.6m | €0.5m | €0.3m | €0.2m | €0.1m | €0.1m | ▼ 25.2% |
| Plant, machinery and equipment23 | - | - | - | €0.1m | €0.08m | €0.04m | €0.01m | €0.008m | ▼ 26.2% |
| Furniture and vehicles24 | - | - | - | - | - | €0.003m | €0.002m | €351 | ▼ 78.8% |
| Other tangible fixed assets26 | - | - | - | €0.3m | €0.3m | €0.2m | €0.1m | €0.1m | ▼ 24.5% |
| Financial fixed assets28 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Current assets29/58 | €2.3m | €2.1m | €2.5m | €2.3m | €1.7m | €2.0m | €2.0m | €2.4m | ▲ 17.3% |
| Stocks and contracts in progress3 | €0.5m | €0.5m | €0.6m | €0.6m | €0.6m | €0.7m | €0.7m | €0.8m | ▲ 6.7% |
| Stocks30/36 | - | - | - | €0.6m | €0.6m | €0.7m | €0.7m | €0.8m | ▲ 6.7% |
| Amounts receivable within one year40/41 | €1.2m | €1.1m | €1.4m | €1.3m | €0.8m | €0.5m | €0.8m | €0.7m | ▼ 10.0% |
| Trade receivables40 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | ▲ 8.9% |
| Other amounts receivable41 | - | - | - | €1.1m | €0.5m | €0.3m | €0.6m | €0.5m | ▼ 14.4% |
| Cash at bank and in hand54/58 | €0.5m | €0.4m | €0.6m | €0.4m | €0.3m | €0.8m | €0.5m | €0.9m | ▲ 70.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.005m | €0.02m | €0.004m | - | €0.005m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €3.4m | €2.9m | €3.3m | €2.9m | €2.2m | €2.4m | €2.3m | €2.6m | ▲ 13.5% |
| Equity10/15 | €0.8m | €0.9m | €1.2m | €0.7m | €0.7m | €0.7m | €0.7m | €0.9m | ▲ 22.7% |
| Contributions10/11 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Capital10 | - | - | - | €0.2m | €0.2m | - | - | - | - |
| Issued capital100 | - | - | - | €0.2m | €0.2m | - | - | - | - |
| Reserves13 | €0.3m | €0.4m | €0.6m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | = |
| Non-distributable reserves130/1 | - | - | - | €0.02m | €0.02m | - | - | - | - |
| Legal reserve130 | - | - | - | €0.02m | €0.02m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Profit (loss) carried forward14 | €0.3m | €0.3m | €0.4m | €407 | €0.001m | €0.005m | €0.04m | €0.2m | ▲ 407% |
| Amounts payable17/49 | €2.6m | €2.0m | €2.1m | €2.3m | €1.5m | €1.7m | €1.6m | €1.7m | ▲ 9.4% |
| Amounts payable after more than one year17 | €0.7m | €0.5m | €0.3m | €0.05m | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €0.05m | - | - | - | - | - |
| Amounts payable within one year42/48 | €1.9m | €1.5m | €1.8m | €2.2m | €1.5m | €1.7m | €1.6m | €1.7m | ▲ 9.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.2m | €0.06m | €0.008m | - | - | - |
| Financial debts43 | - | - | - | €0.03m | €0.03m | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0.03m | €0.03m | - | - | - | - |
| Trade debts44 | €1.4m | €1.0m | €1.0m | €1.0m | €1.0m | €1.1m | €1.1m | €1.2m | ▲ 7.1% |
| Suppliers440/4 | - | - | - | €1.0m | €1.0m | €1.1m | €1.1m | €1.2m | ▲ 7.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.09m | €0.07m | €0.06m | €0.08m | ▲ 28.8% |
| Taxes450/3 | - | - | - | €0.03m | €0.03m | €0.01m | €0.001m | €0.007m | ▲ 829% |
| Remuneration and social security454/9 | - | - | - | €0.04m | €0.06m | €0.06m | €0.06m | €0.07m | ▲ 19.5% |
| Other amounts payable47/48 | - | - | - | €0.9m | €0.3m | €0.5m | €0.4m | €0.4m | ▲ 11.1% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.03m | ▲ 34.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €303,602 | €334,320 | €588,957 | €375,401 | €245,854 | €495,188 | €436,820 | €608,877 | ▲ 39.4% |
| + Depreciation and write-downs630 | €207,232 | €208,093 | €138,280 | €135,744 | €136,814 | €126,384 | €111,086 | €38,240 | ▼ 65.6% |
| Operating cash flow (approximation) | €510,834 | €542,413 | €727,237 | €511,145 | €382,668 | €621,572 | €547,906 | €647,117 | ▲ 18.1% |
| Investment in fixed assets (approximation) | - | -€9,039 | -€2,818 | -€14,575 | -€5,218 | -€6,337 | -€46,289 | -€1,200 | ▲ 97.4% |
| Change in cash | - | -€94,403 | €143,683 | -€162,871 | -€116,323 | €492,156 | -€275,623 | €373,862 | - |
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, 20,136 companies had the same profile as DUCARDIS has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of DUCARDIS itself: 0.1% 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 20,136 companies, not a prediction for DUCARDIS. 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.
Latest 10 of 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 11-07-2026 | 2026-00292056 | |
| 31-12-2024 | full format | 14-06-2025 | 2025-00147097 | |
| 31-12-2023 | full format | 15-06-2024 | 2024-00138837 | |
| 31-12-2022 | full format | 22-06-2023 | 2023-00153996 | |
| 31-12-2021 | full format | 20-06-2022 | 2022-20079699 | |
| 31-12-2020 | full format | 24-06-2021 | 2021-25000442 | |
| 31-12-2019 | full format | 07-07-2020 | 2020-27300342 | |
| 31-12-2018 | full format | 23-07-2019 | 2019-36400342 | |
| 31-12-2017 | full format | 26-06-2018 | 2018-22800442 | |
| 31-12-2016 | full format | 28-07-2017 | 2017-37300419 |