DUCLA
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 06-01-2026 PDF all 30 filings
Turnover
≈ €300,000
Estimated: probably between €180,000 and €560,000
Total assets
€512,889▼ 7.5%
2024 · €554,686
Net result
€41,140▲ 23.5%
2024 · €33,313
Working capital
€125,260▲ 68.8%
2024 · €74,196
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€60,560
▲ 17.9%
2025
20192025
Net result
€41,140
▲ 23.5%
2025
20192025
Equity
€235,658
▲ 21.1%
2025
20192025
Total assets
€512,889
▼ 7.5%
2025
20192025
Debt
€277,231
▼ 23.0%
2025
20192025
Working capital
€125,260
▲ 68.8%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€34,707-€35,983▲ 3.7%€35,107▼ 2.4%€44,948▲ 28.0%€46,243▲ 2.9%€51,352▲ 11.0%€60,560▲ 17.9%
Net result€16,763-€23,331▲ 39.2%€22,983▼ 1.5%€25,620▲ 11.5%€30,429▲ 18.8%€33,313▲ 9.5%€41,140▲ 23.5%
Equity€268,276-€291,607▲ 8.7%€314,591▲ 7.9%€358,065▲ 13.8%€388,494▲ 8.5%€194,518▼ 49.9%€235,658▲ 21.1%
Total assets€711,039-€923,201▲ 29.8%€899,786▼ 2.5%€885,102▼ 1.6%€833,809▼ 5.8%€554,686▼ 33.5%€512,889▼ 7.5%
Debt€442,763-€631,594▲ 42.6%€585,196▼ 7.3%€527,037▼ 9.9%€445,315▼ 15.5%€360,168▼ 19.1%€277,231▼ 23.0%
Working capital€324,636-€279,479▼ 13.9%€270,708▼ 3.1%€312,413▲ 15.4%€309,854▼ 0.8%€74,196▼ 76.1%€125,260▲ 68.8%
The operating result for 2025 is 18% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The abbreviated 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 €512,889
Fixed assets
€349,262 ▼ 11.3%
Current assets
€163,627 ▲ 1.7%
Equity and liabilities €512,889
Equity
€235,658 ▲ 21.1%
Debt
€277,231 ▼ 23.0%
Debt's share of the balance-sheet total falls from 64.9% to 54.1%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€105,091▲
2024 · €95,882
Cash flow
€85,671▲
2024 · €77,843
Current ratio
4.26▲
2024 · 1.86
Debt to equity
1.18▼
2024 · 1.85
ROE
17.5%▲
2024 · 17.1%
ROA
8.0%▲
2024 · 6.0%
Interest coverage
18.57▲
2024 · 13.86
Debt ≤ 1 year
€38,367▼
2024 · €86,698
Debt > 1 year
€227,464▼
2024 · €262,071
Income taxes
€13,760▲
2024 · €11,121
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Debts secured on the company's own assets | €518,392 | €434,201 | €348,768 | €262,071 |
| Mortgages, amount registered | - | €322,262 | €322,262 | €322,262 |
| Carrying value of the mortgaged assets | - | €438,323 | €393,792 | €349,262 |
Source: notes to the 2022 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €320,337 | - | - | - |
| Depreciation and write-downs of the year | €39,829 | €44,530 | €44,530 | €44,530 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €35,127 | €35,127 | €35,127 | €39,829 | €44,530 | €44,530 | €44,530 | = |
| Other operating charges640/8 | - | - | - | €11,230 | €11,906 | €12,422 | €12,386 | ▼ 0.3% |
| Gross operating margin9900 | €75,784 | €76,614 | €75,990 | €96,006 | €102,680 | €108,305 | €117,477 | ▲ 8.5% |
| Operating profit (loss)9901 | €34,707 | €35,983 | €35,107 | €44,948 | €46,243 | €51,352 | €60,560 | ▲ 17.9% |
| Financial income75/76B | - | - | - | €0 | €0 | - | - | - |
| Recurring financial income75 | €3,541 | €3,541 | €5,343 | €0 | €0 | - | - | - |
| Financial charges65/66B | - | - | - | €10,500 | €5,659 | €6,918 | €5,660 | ▼ 18.2% |
| Recurring financial charges65 | €12,157 | €6,395 | €9,766 | €10,500 | €5,659 | €6,918 | €5,660 | ▼ 18.2% |
| Profit (loss) for the period before taxes9903 | €26,091 | €33,129 | €30,683 | €34,448 | €40,584 | €44,434 | €54,901 | ▲ 23.6% |
| Income taxes67/77 | €9,327 | €9,798 | €7,700 | €8,828 | €10,155 | €11,121 | €13,760 | ▲ 23.7% |
| Profit (loss) for the period9904 | €16,763 | €23,331 | €22,983 | €25,620 | €30,429 | €33,313 | €41,140 | ▲ 23.5% |
| Profit (loss) for the period to be appropriated9905 | €16,763 | €23,331 | €22,983 | €25,620 | €30,429 | €33,313 | €41,140 | ▲ 23.5% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €711,039 | €923,201 | €899,786 | €885,102 | €833,809 | €554,686 | €512,889 | ▼ 7.5% |
| Fixed assets21/28 | €333,818 | €564,691 | €529,565 | €482,853 | €438,323 | €393,792 | €349,262 | ▼ 11.3% |
| Tangible fixed assets22/27 | €333,818 | €298,691 | €263,565 | €482,853 | €438,323 | €393,792 | €349,262 | ▼ 11.3% |
| Land and buildings22 | - | - | - | €482,853 | €438,323 | €393,792 | €349,262 | ▼ 11.3% |
| Financial fixed assets28 | - | €266,000 | €266,000 | €0 | - | - | - | - |
| Current assets29/58 | €377,222 | €358,510 | €370,222 | €402,249 | €395,486 | €160,894 | €163,627 | ▲ 1.7% |
| Amounts receivable after more than one year29 | - | - | - | €0 | - | - | - | - |
| Other amounts receivable291 | - | - | - | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | - | - | €1,300 | €9,258 | €7,567 | €8,428 | €18,923 | ▲ 125% |
| Other amounts receivable41 | - | - | - | €9,258 | €7,567 | €8,428 | €18,923 | ▲ 125% |
| Cash at bank and in hand54/58 | €19,567 | €2,335 | €1,966 | €383,033 | €377,006 | €141,065 | €133,304 | ▼ 5.5% |
| Deferred charges and accrued income490/1 | - | - | - | €9,958 | €10,914 | €11,400 | €11,400 | = |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €711,039 | €923,201 | €899,786 | €885,102 | €833,809 | €554,686 | €512,889 | ▼ 7.5% |
| Equity10/15 | €268,276 | €291,607 | €314,591 | €358,065 | €388,494 | €194,518 | €235,658 | ▲ 21.1% |
| Contributions10/11 | €6,205 | - | - | €6,205 | €6,205 | €6,205 | €6,205 | = |
| Revaluation surpluses12 | - | - | - | €155,000 | €155,000 | €155,000 | €155,000 | = |
| Reserves13 | €262,071 | €285,402 | €308,385 | €196,860 | €227,289 | €33,313 | €74,453 | ▲ 123% |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - |
| Distributable reserves133 | - | - | - | €196,860 | €227,289 | €33,313 | €74,453 | ▲ 123% |
| Profit (loss) carried forward14 | - | - | - | - | - | €0 | €0 | - |
| Amounts payable17/49 | €442,763 | €631,594 | €585,196 | €527,037 | €445,315 | €360,168 | €277,231 | ▼ 23.0% |
| Amounts payable after more than one year17 | €390,149 | €547,102 | €480,181 | €434,201 | €348,768 | €262,071 | €227,464 | ▼ 13.2% |
| Financial debts170/4 | - | - | - | €434,201 | €348,768 | €262,071 | €227,464 | ▼ 13.2% |
| Amounts payable within one year42/48 | €52,586 | €79,031 | €99,514 | €89,836 | €85,632 | €86,698 | €38,367 | ▼ 55.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €84,191 | €85,432 | €86,698 | €34,606 | ▼ 60.1% |
| Trade debts44 | €5,295 | - | - | €5 | €0 | - | - | - |
| Suppliers440/4 | - | - | - | €5 | €0 | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €5,640 | €200 | €0 | €3,760 | - |
| Taxes450/3 | - | - | - | €5,640 | €200 | €0 | €3,760 | - |
| Other amounts payable47/48 | - | - | - | €0 | - | - | - | - |
| Accrued charges and deferred income492/3 | - | - | - | €3,000 | €10,914 | €11,400 | €11,400 | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €16,763 | €23,331 | €22,983 | €25,620 | €30,429 | €33,313 | €41,140 | ▲ 23.5% |
| + Depreciation and write-downs630 | €35,127 | €35,127 | €35,127 | €39,829 | €44,530 | €44,530 | €44,530 | = |
| Operating cash flow (approximation) | €51,890 | €58,457 | €58,110 | €65,449 | €74,960 | €77,843 | €85,671 | ▲ 10.1% |
| Investment in fixed assets (approximation) | - | -€266,000 | €0 | €6,883 | -€0 | €0 | €0 | - |
| Change in cash | - | -€17,232 | -€369 | €381,067 | -€6,027 | -€235,940 | -€7,761 | ▲ 96.7% |
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 DUCLA 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 DUCLA 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 DUCLA. 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 30 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 06-01-2026 | 2026-00002260 | |
| 30-06-2024 | abbreviated format | 24-01-2025 | 2025-00012827 | |
| 30-06-2023 | abbreviated format | 10-01-2024 | 2024-00546510 | |
| 30-06-2022 | abbreviated format | 13-01-2023 | 2023-00000619 | |
| 30-06-2021 | abbreviated format | 12-01-2022 | 2022-00900038 | |
| 30-06-2020 | abbreviated format | 29-01-2021 | 2021-03700427 | |
| 30-06-2019 | abbreviated format | 31-01-2020 | 2020-04400457 | |
| 30-06-2018 | abbreviated format | 31-01-2019 | 2019-03200445 | |
| 30-06-2017 | abbreviated format | 09-01-2018 | 2018-00900002 | |
| 30-06-2016 | abbreviated format | 13-01-2017 | 2017-01500174 |