DULLERS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 70 days after the deadline Filed on 9 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00552277.
Annual accounts 2025 filed on 09-10-2026 at the NBB all 4 filings
Every figure per financial year
The operating result for 2025 is 18% lower than in 2024 and the lowest since 2022. It is the third fall in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Investments
| Item | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €21,721 | €8,326 | - | - |
| Depreciation and write-downs of the year | €1,962 | €1,786 | €2,075 | €1,901 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Non-recurring operating income76A | €1,133 | €166 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,962 | €1,786 | €2,075 | €1,901 | ▼ 8.4% |
| Other operating charges640/8 | €62 | €2,438 | €344 | €638 | ▲ 85.9% |
| Gross operating margin9900 | €30,865 | €17,151 | €4,312 | €4,097 | ▼ 5.0% |
| Operating profit (loss)9901 | €28,841 | €12,926 | €1,893 | €1,557 | ▼ 17.8% |
| Financial income75/76B | €264 | €483 | €574 | €625 | ▲ 8.9% |
| Recurring financial income75 | €264 | €483 | €574 | €625 | ▲ 8.9% |
| Financial charges65/66B | €333 | €12,436 | €663 | €306 | ▼ 53.8% |
| Recurring financial charges65 | €333 | €63 | €663 | €306 | ▼ 53.8% |
| Non-recurring financial charges66B | - | €12,373 | - | - | - |
| Profit (loss) for the period before taxes9903 | €28,772 | €974 | €1,804 | €1,875 | ▲ 4.0% |
| Income taxes67/77 | €6,977 | €367 | €885 | €680 | ▼ 23.2% |
| Profit (loss) for the period9904 | €21,794 | €607 | €919 | €1,195 | ▲ 30.1% |
| Profit (loss) for the period to be appropriated9905 | €21,794 | €607 | €919 | €1,195 | ▲ 30.1% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €45,454 | €44,244 | €34,130 | €36,108 | ▲ 5.8% |
| Fixed assets21/28 | €19,759 | €9,926 | €7,851 | €5,950 | ▼ 24.2% |
| Tangible fixed assets22/27 | €19,759 | €9,926 | €7,851 | €5,950 | ▼ 24.2% |
| Plant, machinery and equipment23 | €2,252 | €1,485 | €718 | €0 | ▼ 100% |
| Furniture and vehicles24 | €17,507 | €8,441 | €7,133 | €5,950 | ▼ 16.6% |
| Current assets29/58 | €25,695 | €34,318 | €26,279 | €30,158 | ▲ 14.8% |
| Amounts receivable within one year40/41 | €14,147 | €19,191 | €22,643 | €21,540 | ▼ 4.9% |
| Trade receivables40 | €7,985 | €9,785 | €9,082 | €6,490 | ▼ 28.5% |
| Other amounts receivable41 | €6,162 | €9,406 | €13,562 | €15,050 | ▲ 11.0% |
| Cash at bank and in hand54/58 | €11,548 | €15,025 | €3,636 | €8,619 | ▲ 137% |
| Deferred charges and accrued income490/1 | - | €101 | - | - | - |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €45,454 | €44,244 | €34,130 | €36,108 | ▲ 5.8% |
| Equity10/15 | €24,294 | €24,901 | €25,820 | €27,016 | ▲ 4.6% |
| Contributions10/11 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | €21,794 | €22,401 | €23,320 | €24,516 | ▲ 5.1% |
| Distributable reserves133 | €21,794 | €22,401 | €23,320 | €24,516 | ▲ 5.1% |
| Amounts payable17/49 | €21,160 | €19,343 | €8,309 | €9,092 | ▲ 9.4% |
| Amounts payable after more than one year17 | €10,935 | €7,770 | €4,739 | €1,607 | ▼ 66.1% |
| Financial debts170/4 | €10,935 | €7,770 | €4,739 | €1,607 | ▼ 66.1% |
| Amounts payable within one year42/48 | €10,225 | €11,573 | €3,571 | €7,486 | ▲ 110% |
| Current portion of amounts payable after more than one year42 | €2,838 | €2,716 | €3,031 | €3,140 | ▲ 3.6% |
| Trade debts44 | €409 | €3,955 | - | €927 | - |
| Suppliers440/4 | €409 | €3,955 | - | €927 | - |
| Taxes, remuneration and social security45 | €6,977 | €4,902 | €540 | €3,420 | ▲ 534% |
| Taxes450/3 | €6,977 | €4,902 | €540 | €1,220 | ▲ 126% |
| Remuneration and social security454/9 | - | - | - | €2,200 | - |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €21,794 | €607 | €919 | €1,195 | ▲ 30.1% |
| + Depreciation and write-downs630 | €1,962 | €1,786 | €2,075 | €1,901 | ▼ 8.4% |
| Operating cash flow (approximation) | €23,756 | €2,394 | €2,994 | €3,097 | ▲ 3.4% |
| Investment in fixed assets (approximation) | - | €8,046 | €0 | €0 | - |
| Change in cash | - | €3,477 | -€11,390 | €4,983 | - |
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, 5,047 companies had the same profile as DULLERS has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DULLERS itself: 1.2% 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 5,047 companies, not a prediction for DULLERS. 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.