Durechain
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 13-07-2026 at the NBB all 46 filings
Turnover
≈ €3.2m
Estimated: probably between €2.2m and €5.3m
EBIT margin
Not included in this filing
Net result
€1.2m▲ 43.4%
2024 · €804,071
Working capital
€21.1m▲ 6.4%
2024 · €19.8m
In the rankings
#2 oldest company in the province of Liège, Rubber and plastics sector#3 company by equity in Verviers, Manufacturing sector#6 company by total assets in the province of Liège, Rubber and plastics sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1.4m
▲ 35.1%
2025
20182025
Net result
€1.2m
▲ 43.4%
2025
highest quarter of the sector
20182025
Equity
€20.8m
▲ 5.9%
2025
highest quarter of the sector
20182025
Total assets
€21.7m
▼ 2.2%
2025
highest quarter of the sector
20182025
Debt
€475,139
▼ 77.5%
2025
20182025
Working capital
€21.1m
▲ 6.4%
2025
highest quarter of the sector
20182025
Solvency
96.3%
▲ 7.3pp
2025
highest quarter of the sector
20182025
Current ratio
45.34
▲ 34.98
2025
highest quarter of the sector
20182025
Return on assets (ROA)
5.3%
▲ 1.7pp
2025
middle half of the sector
20182025
Staff (FTE)
7.9
▼ 12.2%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€3.2m-€3.2m▼ 1.6%€3.8m▲ 18.4%€5.4m▲ 43.5%€3.0m▼ 44.1%€1.4m▼ 53.0%€1.0m▼ 28.4%€1.4m▲ 35.1%
Net result€2.3m-€2.2m▼ 1.6%€2.9mabove the sector's middle half▲ 28.0%€4.0mabove the sector's middle half▲ 40.6%€2.3mabove the sector's middle half▼ 43.8%€1.1mwithin the sector's middle half▼ 49.9%€0.8mwithin the sector's middle half▼ 28.9%€1.2mabove the sector's middle half▲ 43.4%
Equity€15.9m-€18.1m▲ 14.1%€19.0mabove the sector's middle half▲ 4.7%€20.0mabove the sector's middle half▲ 5.4%€20.3mabove the sector's middle half▲ 1.3%€19.9mabove the sector's middle half▼ 1.8%€19.7mabove the sector's middle half▼ 1.0%€20.8mabove the sector's middle half▲ 5.9%
Total assets€16.2m-€18.2m▲ 12.8%€21.1mwithin the sector's middle half▲ 15.9%€23.2mabove the sector's middle half▲ 10.0%€22.5mwithin the sector's middle half▼ 3.2%€21.6mwithin the sector's middle half▼ 4.2%€22.1mwithin the sector's middle half▲ 2.7%€21.7mabove the sector's middle half▼ 2.2%
Debt€0.2m-€0.09m▼ 64.5%€2.1m▲ 24×€3.2m▲ 51.3%€2.2m▼ 31.2%€1.6m▼ 25.9%€2.1m▲ 28.5%€0.5m▼ 77.5%
Working capital€15.7m-€18.0m▲ 14.9%€18.7mabove the sector's middle half▲ 3.8%€19.6mabove the sector's middle half▲ 4.9%€19.7mabove the sector's middle half▲ 0.7%€19.5mabove the sector's middle half▼ 1.2%€19.8mabove the sector's middle half▲ 1.5%€21.1mabove the sector's middle half▲ 6.4%
Solvency98.3%-99.3%▲ 1.1pp89.8%above the sector's middle half▼ 9.6pp86.0%above the sector's middle half▼ 3.8pp90.0%above the sector's middle half▲ 4.0pp92.3%above the sector's middle half▲ 2.2pp88.9%above the sector's middle half▼ 3.3pp96.3%above the sector's middle half▲ 7.3pp
Current ratio64.67-9.80above the sector's middle half7.08above the sector's middle half▼ 2.719.89above the sector's middle half▲ 2.8112.85above the sector's middle half▲ 2.9710.37above the sector's middle half▼ 2.4945.34above the sector's middle half▲ 34.98
Return on assets (ROA)14.0%-12.2%▼ 1.8pp13.5%above the sector's middle half▲ 1.3pp17.3%above the sector's middle half▲ 3.8pp10.0%above the sector's middle half▼ 7.2pp5.2%within the sector's middle half▼ 4.8pp3.6%within the sector's middle half▼ 1.6pp5.3%within the sector's middle half▲ 1.7pp
Staff (FTE)11.4-11.6▲ 1.8%11.6below the sector's middle half=12.1below the sector's middle half▲ 4.3%10.2below the sector's middle half▼ 15.7%10.3below the sector's middle half▲ 1.0%9below the sector's middle half▼ 12.6%7.9within the sector's middle half▼ 12.2%
above
within
below
The sector band is the middle half of the companies in Manufacture of rubber and plastic products (NACE 22). 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 35% higher than in 2024. 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 €21.7m
Fixed assets
€119,284 ▼ 48.9%
Current assets
€21.5m ▼ 1.7%
Equity and liabilities €21.7m
Equity
€20.8m ▲ 5.9%
Provisions
€334,143 ▼ 0.5%
Debt
€475,139 ▼ 77.5%
Debt's share of the balance-sheet total falls from 9.5% to 2.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.5m▲
2024 · €1.2m
Cash flow
€1.3m▲
2024 · €986,259
Quick ratio
43.78▲
2024 · 10.09
Debt to equity
0.02▼
2024 · 0.11
ROE
5.5%▲
2024 · 4.1%
Interest coverage
84.57▲
2024 · 79.88
Debt ≤ 1 year
€474,853▼
2024 · €2.1m
Income taxes
€384,121▲
2024 · €372,930
Staff costs
€356,961▼
2024 · €373,702
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 | 10 | 9 | 11 | 8 | 9 |
| full-time | 9 | 8 | 10 | 7 | 7 |
| part-time | 1 | 1 | 1 | 1 | 2 |
| in full-time equivalents | 9.3 | 8.3 | 10.3 | 7.3 | 7.9 |
| Average over the year, in full-time equivalents | 12.1 | 10.2 | 10.3 | 9 | 7.8 |
| On a permanent contract | 9 | 8 | 10 | 8 | 9 |
| Joined | - | 14 | 5 | 1 | 3 |
| Left | - | 15 | 3 | 4 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €187,746 | €287,437 | €68,978 | - | €19,456 |
| Intangible fixed assets | €34,911 | - | - | - | - |
| Depreciation and write-downs of the year | €118,054 | €168,933 | €201,885 | €182,188 | €133,733 |
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 | €0.4m | €0.4m | €0.4m | €0.4m | ▼ 4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.2m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 26.6% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€0.002m | -€0.002m | -€0.001m | €0.3m | -€0.002m | - |
| Other operating charges640/8 | - | - | - | €0.2m | €0.002m | €0.007m | €0.004m | €0.004m | ▲ 10.6% |
| Gross operating margin9900 | €3.9m | €3.7m | €4.3m | €6.2m | €3.6m | €2.0m | €1.9m | €1.9m | ▼ 0.9% |
| Operating profit (loss)9901 | €3.2m | €3.2m | €3.8m | €5.4m | €3.0m | €1.4m | €1.0m | €1.4m | ▲ 35.1% |
| Financial income75/76B | - | - | - | €0.05m | €0.05m | €0.09m | €0.2m | €0.2m | ▲ 2.2% |
| Recurring financial income75 | €0.03m | €0.02m | €0.05m | €0.05m | €0.05m | €0.09m | €0.2m | €0.2m | ▲ 2.2% |
| Financial charges65/66B | - | - | - | €0.1m | €0.1m | €0.02m | €0.02m | €0.02m | ▲ 18.8% |
| Recurring financial charges65 | €0.05m | €0.04m | €0.06m | €0.1m | €0.1m | €0.02m | €0.02m | €0.02m | ▲ 18.8% |
| Profit (loss) for the period before taxes9903 | €3.2m | €3.2m | €3.8m | €5.3m | €3.0m | €1.5m | €1.2m | €1.5m | ▲ 30.6% |
| Income taxes67/77 | €1.0m | €0.9m | €0.9m | €1.3m | €0.7m | €0.4m | €0.4m | €0.4m | ▲ 3.0% |
| Profit (loss) for the period9904 | €2.3m | €2.2m | €2.9m | €4.0m | €2.3m | €1.1m | €0.8m | €1.2m | ▲ 43.4% |
| Profit (loss) for the period to be appropriated9905 | €2.3m | €2.2m | €2.9m | €4.0m | €2.3m | €1.1m | €0.8m | €1.2m | ▲ 43.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €16.2m | €18.2m | €21.1m | €23.2m | €22.5m | €21.6m | €22.1m | €21.7m | ▼ 2.2% |
| Fixed assets21/28 | €0.3m | €0.2m | €0.3m | €0.4m | €0.5m | €0.4m | €0.2m | €0.1m | ▼ 48.9% |
| Intangible fixed assets21 | €0.02m | €0.02m | €0.009m | €0.04m | €0.02m | €0.02m | €0.01m | €0.004m | ▼ 65.4% |
| Tangible fixed assets22/27 | €0.2m | €0.1m | €0.3m | €0.4m | €0.5m | €0.4m | €0.2m | €0.1m | ▼ 48.1% |
| Land and buildings22 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | ▼ 7.0% |
| Plant, machinery and equipment23 | - | - | - | €0.4m | €0.5m | €0.4m | €0.2m | €0.09m | ▼ 54.8% |
| Furniture and vehicles24 | - | - | - | €0.004m | €0.002m | €0.003m | €0.003m | €0.002m | ▼ 26.4% |
| Current assets29/58 | €15.9m | €18.1m | €20.8m | €22.8m | €22.0m | €21.1m | €21.9m | €21.5m | ▼ 1.7% |
| Stocks and contracts in progress3 | €0.5m | €0.4m | €0.4m | €0.6m | €1.1m | €0.8m | €0.6m | €0.7m | ▲ 28.3% |
| Stocks30/36 | - | - | - | €0.6m | €1.1m | €0.8m | €0.6m | €0.7m | ▲ 28.3% |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.2m | €0.3m | €0.08m | ▼ 71.6% |
| Trade receivables40 | - | - | - | €0.2m | €0.2m | €0.1m | €0.3m | €0.07m | ▼ 74.2% |
| Other amounts receivable41 | - | - | - | €0.07m | €0.1m | €0.08m | €0.03m | €0.02m | ▼ 52.3% |
| Current investments50/53 | €9.1m | €9.7m | €4.1m | €4.1m | €5.0m | €5.1m | €19.1m | €19.2m | ▲ 0.7% |
| Cash at bank and in hand54/58 | €6.1m | €7.7m | €16.1m | €17.8m | €15.5m | €15.0m | €1.9m | €1.5m | ▼ 23.2% |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.01m | €0.02m | €0.03m | €0.02m | ▼ 41.1% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €16.2m | €18.2m | €21.1m | €23.2m | €22.5m | €21.6m | €22.1m | €21.7m | ▼ 2.2% |
| Equity10/15 | €15.9m | €18.1m | €19.0m | €20.0m | €20.3m | €19.9m | €19.7m | €20.8m | ▲ 5.9% |
| Contributions10/11 | €0.05m | €0.05m | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Reserves13 | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Non-distributable reserves130/1 | - | - | - | €0.005m | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.005m | - | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Distributable reserves133 | - | - | - | - | €0.005m | €0.005m | €0.005m | €0.005m | = |
| Profit (loss) carried forward14 | €15.8m | €18.0m | €18.9m | €19.9m | €20.2m | €19.8m | €19.6m | €20.8m | ▲ 5.9% |
| Provisions and deferred taxes16 | €0.04m | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | €0.3m | €0.3m | ▼ 0.5% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.03m | €0.03m | €0.03m | €0.3m | €0.3m | ▼ 0.5% |
| Pensions and similar obligations160 | - | - | - | €0.03m | €0.03m | €0.03m | €0.02m | €0.02m | ▼ 7.3% |
| Environmental obligations163 | - | - | - | - | - | - | - | €0.3m | - |
| Other liabilities and charges164/5 | - | - | - | - | - | - | €0.3m | - | - |
| Amounts payable17/49 | €0.2m | €0.09m | €2.1m | €3.2m | €2.2m | €1.6m | €2.1m | €0.5m | ▼ 77.5% |
| Amounts payable within one year42/48 | €0.2m | €0.09m | €2.1m | €3.2m | €2.2m | €1.6m | €2.1m | €0.5m | ▼ 77.5% |
| Trade debts44 | €0.2m | €0.03m | €0.03m | €0.1m | €0.07m | €0.02m | €0.01m | €0.07m | ▲ 589% |
| Suppliers440/4 | - | - | - | €0.1m | €0.07m | €0.02m | €0.01m | €0.07m | ▲ 589% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.04m | €0.05m | €0.04m | €0.02m | ▼ 45.4% |
| Taxes450/3 | - | - | - | €0.05m | €0.006m | €0.01m | €0.007m | - | - |
| Remuneration and social security454/9 | - | - | - | €0.05m | €0.03m | €0.04m | €0.04m | €0.02m | ▼ 34.8% |
| Other amounts payable47/48 | - | - | - | €3.0m | €2.1m | €1.6m | €2.1m | €0.4m | ▼ 81.3% |
| Accrued charges and deferred income492/3 | - | - | - | €0.005m | €0.001m | €443 | €110 | €286 | ▲ 160% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2.3m | €2.2m | €2.9m | €4.0m | €2.3m | €1.1m | €0.8m | €1.2m | ▲ 43.4% |
| + Depreciation and write-downs630 | €0.2m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 26.6% |
| Operating cash flow (approximation) | €2.4m | €2.3m | €3.0m | €4.1m | €2.4m | €1.3m | €1.0m | €1.3m | ▲ 30.5% |
| Investment in fixed assets (approximation) | - | -€0.01m | -€0.3m | -€0.2m | -€0.3m | -€0.07m | €0 | -€0.02m | - |
| Change in cash | - | €1.6m | €8.4m | €1.7m | -€2.3m | -€0.5m | -€13.0m | -€0.5m | ▲ 96.5% |
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, 31,368 companies had the same profile as Durechain has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Durechain 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 31,368 companies, not a prediction for Durechain. 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 46 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 13-07-2026 | 2026-00285330 | |
| 31-12-2024 | full format | 10-07-2025 | 2025-00253648 | |
| 31-12-2023 | full format | 10-07-2024 | 2024-00230097 | |
| 31-12-2022 | full format | 12-07-2023 | 2023-00228683 | |
| 31-12-2021 | full format | 25-07-2022 | 2022-20216673 | |
| 31-12-2020 | full format | 16-08-2021 | 2021-49500288 | |
| 31-12-2019 | full format | 17-07-2020 | 2020-31300496 | |
| 31-12-2018 | full format | 31-07-2019 | 2019-41500462 | |
| 31-12-2017 | full format | 18-07-2018 | 2018-34300245 | |
| 31-12-2016 | full format | 19-03-2018 | 2018-07000526 |