DUSC
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 27-04-2026 PDF all 14 filings
Turnover
≈ €180,000
Estimated: probably between €150,000 and €230,000
Total assets
€439,234▲ 5.5%
2024 · €416,272
Net result
€63,367▼ 5.1%
2024 · €66,793
Working capital
€383,374▲ 5.7%
2024 · €362,695
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€71,848
▼ 5.9%
2025
20192025
Net result
€63,367
▼ 5.1%
2025
highest quarter of the sector
20192025
Equity
€392,864
▲ 5.9%
2025
highest quarter of the sector
20192025
Total assets
€439,234
▲ 5.5%
2025
highest quarter of the sector
20192025
Debt
€46,370
▲ 2.2%
2025
20192025
Working capital
€383,374
▲ 5.7%
2025
highest quarter of the sector
20192025
Solvency
89.4%
▲ 0.3pp
2025
highest quarter of the sector
20192025
Current ratio
9.60
▲ 0.61
2025
highest quarter of the sector
20192025
Return on assets (ROA)
14.4%
▼ 1.6pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€46,624-€47,868▲ 2.7%€43,025▼ 10.1%€62,657▲ 45.6%€68,601▲ 9.5%€76,387▲ 11.3%€71,848▼ 5.9%
Net result€39,668-€41,542within the sector's middle half▲ 4.7%€37,603within the sector's middle half▼ 9.5%€52,655above the sector's middle half▲ 40.0%€60,477above the sector's middle half▲ 14.9%€66,793above the sector's middle half▲ 10.4%€63,367above the sector's middle half▼ 5.1%
Equity€290,639-€330,581above the sector's middle half▲ 13.7%€338,184above the sector's middle half▲ 2.3%€341,328above the sector's middle half▲ 0.9%€367,807above the sector's middle half▲ 7.8%€370,883above the sector's middle half▲ 0.8%€392,864above the sector's middle half▲ 5.9%
Total assets€323,901-€367,267above the sector's middle half▲ 13.4%€373,858above the sector's middle half▲ 1.8%€381,372above the sector's middle half▲ 2.0%€407,574above the sector's middle half▲ 6.9%€416,272above the sector's middle half▲ 2.1%€439,234above the sector's middle half▲ 5.5%
Debt€33,262-€36,686▲ 10.3%€35,675▼ 2.8%€40,043▲ 12.2%€39,767▼ 0.7%€45,389▲ 14.1%€46,370▲ 2.2%
Working capital€289,148-€327,552above the sector's middle half▲ 13.3%€333,927above the sector's middle half▲ 1.9%€337,630above the sector's middle half▲ 1.1%€363,679above the sector's middle half▲ 7.7%€362,695above the sector's middle half▼ 0.3%€383,374above the sector's middle half▲ 5.7%
Solvency89.7%-90.0%above the sector's middle half▲ 0.3pp90.5%above the sector's middle half▲ 0.4pp89.5%above the sector's middle half▼ 1.0pp90.2%above the sector's middle half▲ 0.7pp89.1%above the sector's middle half▼ 1.1pp89.4%above the sector's middle half▲ 0.3pp
Current ratio9.69-9.93above the sector's middle half▲ 0.2410.36above the sector's middle half▲ 0.439.43above the sector's middle half▼ 0.9310.15above the sector's middle half▲ 0.718.99above the sector's middle half▼ 1.159.60above the sector's middle half▲ 0.61
Return on assets (ROA)12.2%-11.3%within the sector's middle half▼ 0.9pp10.1%within the sector's middle half▼ 1.3pp13.8%within the sector's middle half▲ 3.7pp14.8%within the sector's middle half▲ 1.0pp16.0%within the sector's middle half▲ 1.2pp14.4%within the sector's middle half▼ 1.6pp
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 6% lower than in 2024.
Turnover and EBIT margin are not published. The micro 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 €439,234
Fixed assets
€11,290 ▲ 37.9%
Current assets
€427,943 ▲ 4.9%
Equity and liabilities €439,234
Equity
€392,864 ▲ 5.9%
Debt
€46,370 ▲ 2.2%
Debt's share of the balance-sheet total falls from 10.9% to 10.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€75,459▼
2024 · €79,592
Cash flow
€66,978▼
2024 · €69,998
Debt to equity
0.12▼
2024 · 0.12
ROE
16.1%▼
2024 · 18.0%
Interest coverage
32.95▼
2024 · 42.45
Debt ≤ 1 year
€44,570▼
2024 · €45,389
Income taxes
€25,402▼
2024 · €26,902
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3,110 | €1,295 | €2,614 | €7,265 | €6,713 |
| Depreciation and write-downs of the year | €1,883 | €1,852 | €2,185 | €3,205 | €3,611 |
Source: notes to the 2021 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 | €1,337 | €1,177 | €1,883 | €1,852 | €2,185 | €3,205 | €3,611 | ▲ 12.7% |
| Other operating charges640/8 | - | - | €1,280 | €1,326 | €1,003 | €1,155 | €1,371 | ▲ 18.7% |
| Gross operating margin9900 | €49,180 | €50,046 | €46,188 | €65,835 | €71,789 | €80,748 | €76,830 | ▼ 4.9% |
| Operating profit (loss)9901 | €46,624 | €47,868 | €43,025 | €62,657 | €68,601 | €76,387 | €71,848 | ▼ 5.9% |
| Financial income75/76B | - | - | €12,919 | €13,013 | €18,400 | €19,183 | €19,211 | ▲ 0.2% |
| Recurring financial income75 | €11,549 | €12,373 | €12,919 | €13,013 | €18,400 | €19,183 | €19,211 | ▲ 0.2% |
| Financial charges65/66B | - | - | €1,369 | €808 | €1,378 | €1,875 | €2,290 | ▲ 22.1% |
| Recurring financial charges65 | €1,414 | €1,375 | €1,369 | €808 | €1,378 | €1,875 | €2,290 | ▲ 22.1% |
| Profit (loss) for the period before taxes9903 | €56,760 | €58,866 | €54,575 | €74,862 | €85,624 | €93,695 | €88,769 | ▼ 5.3% |
| Income taxes67/77 | €17,092 | €17,324 | €16,973 | €22,208 | €25,147 | €26,902 | €25,402 | ▼ 5.6% |
| Profit (loss) for the period9904 | €39,668 | €41,542 | €37,603 | €52,655 | €60,477 | €66,793 | €63,367 | ▼ 5.1% |
| Profit (loss) for the period to be appropriated9905 | €39,668 | €41,542 | €37,603 | €52,655 | €60,477 | €66,793 | €63,367 | ▼ 5.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €323,901 | €367,267 | €373,858 | €381,372 | €407,574 | €416,272 | €439,234 | ▲ 5.5% |
| Fixed assets21/28 | €1,491 | €3,029 | €4,256 | €3,699 | €4,128 | €8,188 | €11,290 | ▲ 37.9% |
| Tangible fixed assets22/27 | €1,491 | €3,029 | €4,256 | €3,699 | €4,128 | €8,188 | €11,290 | ▲ 37.9% |
| Land and buildings22 | - | - | €781 | €684 | €586 | - | - | - |
| Plant, machinery and equipment23 | - | - | €3,266 | €2,872 | €3,465 | €2,883 | €1,860 | ▼ 35.5% |
| Furniture and vehicles24 | - | - | €210 | €143 | €77 | €4,400 | €8,724 | ▲ 98.3% |
| Other tangible fixed assets26 | - | - | - | - | - | €905 | €706 | ▼ 21.9% |
| Current assets29/58 | €322,410 | €364,237 | €369,602 | €377,673 | €403,446 | €408,084 | €427,943 | ▲ 4.9% |
| Amounts receivable within one year40/41 | €296,626 | €340,014 | €336,474 | €342,761 | €366,068 | €362,555 | €383,270 | ▲ 5.7% |
| Trade receivables40 | - | - | €21,379 | €39,923 | €59,596 | €59,110 | €41,348 | ▼ 30.0% |
| Other amounts receivable41 | - | - | €315,096 | €302,838 | €306,472 | €303,445 | €341,922 | ▲ 12.7% |
| Cash at bank and in hand54/58 | €14,078 | €11,851 | €19,696 | €21,294 | €18,596 | €24,332 | €23,457 | ▼ 3.6% |
| Deferred charges and accrued income490/1 | - | - | €13,432 | €13,618 | €18,782 | €21,197 | €21,216 | ▲ 0.1% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €323,901 | €367,267 | €373,858 | €381,372 | €407,574 | €416,272 | €439,234 | ▲ 5.5% |
| Equity10/15 | €290,639 | €330,581 | €338,184 | €341,328 | €367,807 | €370,883 | €392,864 | ▲ 5.9% |
| Contributions10/11 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €284,439 | €324,381 | €331,984 | €335,128 | €361,607 | €364,683 | €386,664 | ▲ 6.0% |
| Non-distributable reserves130/1 | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Reserves not available under the articles1311 | - | - | €1,860 | €1,860 | €1,860 | €0 | - | - |
| Distributable reserves133 | - | - | €330,124 | €333,268 | €359,747 | €364,683 | €386,664 | ▲ 6.0% |
| Profit (loss) carried forward14 | - | - | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €33,262 | €36,686 | €35,675 | €40,043 | €39,767 | €45,389 | €46,370 | ▲ 2.2% |
| Amounts payable within one year42/48 | €33,262 | €36,686 | €35,675 | €40,043 | €39,767 | €45,389 | €44,570 | ▼ 1.8% |
| Financial debts43 | - | - | €21,213 | €20,866 | €20,981 | €26,341 | €25,040 | ▼ 4.9% |
| Credit institutions430/8 | - | - | €21,213 | €20,866 | €20,981 | €26,341 | €25,040 | ▼ 4.9% |
| Trade debts44 | €2,159 | €1,603 | €1,165 | €1,290 | €5,718 | €2,455 | €6,556 | ▲ 167% |
| Suppliers440/4 | - | - | €1,165 | €1,290 | €5,718 | €2,455 | €6,556 | ▲ 167% |
| Taxes, remuneration and social security45 | - | - | €13,297 | €17,887 | €13,067 | €16,593 | €12,974 | ▼ 21.8% |
| Taxes450/3 | - | - | €13,297 | €17,887 | €13,067 | €16,593 | €12,974 | ▼ 21.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €1,800 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €39,668 | €41,542 | €37,603 | €52,655 | €60,477 | €66,793 | €63,367 | ▼ 5.1% |
| + Depreciation and write-downs630 | €1,337 | €1,177 | €1,883 | €1,852 | €2,185 | €3,205 | €3,611 | ▲ 12.7% |
| Operating cash flow (approximation) | €41,005 | €42,719 | €39,485 | €54,507 | €62,661 | €69,998 | €66,978 | ▼ 4.3% |
| Investment in fixed assets (approximation) | - | -€2,715 | -€3,110 | -€1,295 | -€2,614 | -€7,265 | -€6,713 | ▲ 7.6% |
| Change in cash | - | -€2,227 | €7,845 | €1,599 | -€2,698 | €5,735 | -€874 | - |
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, 34,693 companies had the same profile as DUSC has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of DUSC 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 34,693 companies, not a prediction for DUSC. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 27-04-2026 | 2026-00090450 | |
| 30-09-2024 | micro format | 28-04-2025 | 2025-00079078 | |
| 30-09-2023 | micro format | 11-04-2024 | 2024-00061191 | |
| 30-09-2022 | micro format | 27-04-2023 | 2023-00067640 | |
| 30-09-2021 | micro format | 16-05-2022 | 2022-20026983 | |
| 30-09-2020 | micro format | 01-04-2021 | 2021-09400447 | |
| 30-09-2019 | micro format | 28-05-2020 | 2020-13400265 | |
| 30-09-2018 | micro format | 17-05-2019 | 2019-13400130 | |
| 30-09-2017 | micro format | 29-05-2018 | 2018-14300464 | |
| 30-09-2016 | abbreviated format | 09-05-2017 | 2017-11600195 |