DUYTSCHAEVER PASCAL
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 14-07-2026 at the NBB all 22 filings
Equity
-€19,242
2024 · €43,683
Total assets
€176,059▼ 11.7%
2024 · €199,336
Net result
-€62,925▼ 425%
2024 · -€11,994
Working capital
-€113,820▼ 95.5%
2024 · -€58,209
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€58,153
▼ 824%
2025
20182025
Net result
-€62,925
▼ 425%
2025
lowest quarter of the sector
20182025
Equity
-€19,242
2025
lowest quarter of the sector
20182025
Total assets
€176,059
▼ 11.7%
2025
middle half of the sector
20182025
Debt
€195,301
▲ 25.5%
2025
20182025
Working capital
-€113,820
▼ 95.5%
2025
lowest quarter of the sector
20182025
Solvency
-10.9%
▼ 32.8pp
2025
lowest quarter of the sector
20182025
Current ratio
0.35
▼ 0.12
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-35.7%
▼ 29.7pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€32,420--€47,068▼ 45.2%€72,187-€18,209€33,836-€4,270-€6,294▼ 47.4%-€58,153▼ 824%
Net result-€36,631--€49,433▼ 34.9%€70,709above the sector's middle half-€18,901below the sector's middle half€31,949above the sector's middle half-€9,929below the sector's middle half-€11,994below the sector's middle half▼ 20.8%-€62,925below the sector's middle half▼ 425%
Equity€31,282--€18,152€52,557within the sector's middle half€33,655within the sector's middle half▼ 36.0%€65,605within the sector's middle half▲ 94.9%€55,676within the sector's middle half▼ 15.1%€43,683within the sector's middle half▼ 21.5%-€19,242below the sector's middle half
Total assets€171,930-€120,300▼ 30.0%€158,886within the sector's middle half▲ 32.1%€173,443within the sector's middle half▲ 9.2%€297,490within the sector's middle half▲ 71.5%€259,732within the sector's middle half▼ 12.7%€199,336within the sector's middle half▼ 23.3%€176,059within the sector's middle half▼ 11.7%
Debt€140,648-€138,452▼ 1.6%€106,330▼ 23.2%€139,788▲ 31.5%€231,885▲ 65.9%€204,055▼ 12.0%€155,653▼ 23.7%€195,301▲ 25.5%
Working capital-€91,816--€101,187▼ 10.2%-€24,443below the sector's middle half▲ 75.8%-€44,141below the sector's middle half▼ 80.6%-€20,955below the sector's middle half▲ 52.5%-€52,422below the sector's middle half▼ 150%-€58,209below the sector's middle half▼ 11.0%-€113,820below the sector's middle half▼ 95.5%
Solvency18.2%--15.1%▼ 33.3pp33.1%within the sector's middle half▲ 48.2pp19.4%below the sector's middle half▼ 13.7pp22.1%below the sector's middle half▲ 2.6pp21.4%below the sector's middle half▼ 0.6pp21.9%below the sector's middle half▲ 0.5pp-10.9%below the sector's middle half▼ 32.8pp
Current ratio0.34-0.26▼ 0.080.77below the sector's middle half▲ 0.510.58below the sector's middle half▼ 0.190.84below the sector's middle half▲ 0.260.62below the sector's middle half▼ 0.220.48below the sector's middle half▼ 0.140.35below the sector's middle half▼ 0.12
Return on assets (ROA)-21.3%--41.1%▼ 19.8pp44.5%above the sector's middle half▲ 85.6pp-10.9%below the sector's middle half▼ 55.4pp10.7%within the sector's middle half▲ 21.6pp-3.8%below the sector's middle half▼ 14.6pp-6.0%below the sector's middle half▼ 2.2pp-35.7%below the sector's middle half▼ 29.7pp
Staff (FTE)0.2-0▼ 100%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 a loss of €58,153, larger than the loss of €6,294 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €176,059
Fixed assets
€114,134 ▼ 22.2%
Current assets
€61,926 ▲ 17.4%
Equity and liabilities
Equity-€19,242
Debt€195,301
Equity is negative. Debt (€195,301) exceeds the balance-sheet total (€176,059).
Key figures and ratios
EBITDA
-€25,676▼
2024 · €26,467
Cash flow
-€30,448▼
2024 · €20,767
Quick ratio
0.30▼
2024 · 0.39
Interest coverage
-5.36▼
2024 · 4.64
Debt ≤ 1 year
€175,746▲
2024 · €110,935
Debt > 1 year
€17,617▼
2024 · €41,093
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Overdue debts
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Overdue tax debts | €3,106 | €3,056 | €3,770 | €2,140 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €53,891 | €101,080 | €15,424 | €4,987 | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €11,990 | €24,046 | €30,164 | €32,761 | €32,477 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2023 · 2 entries · €183 awarded · €117 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2023 | 1 | €66 | €0 |
| 2022 | 1 | €117 | €117 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €27,290 | €19,134 | €11,211 | €11,990 | €24,046 | €30,164 | €32,761 | €32,477 | ▼ 0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €1,235 | €0 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €784 | €1,386 | €1,017 | €1,216 | €1,240 | ▲ 2.0% |
| Gross operating margin9900 | €1,034 | -€27,474 | €84,558 | -€4,201 | €59,268 | €26,911 | €27,683 | -€24,436 | - |
| Operating profit (loss)9901 | -€32,420 | -€47,068 | €72,187 | -€18,209 | €33,836 | -€4,270 | -€6,294 | -€58,153 | ▼ 824% |
| Financial income75/76B | - | - | - | €0 | €0 | €10 | €1 | €20 | ▲ 22× |
| Recurring financial income75 | €0 | €0 | €36 | €0 | €0 | €10 | €1 | €20 | ▲ 22× |
| Financial charges65/66B | - | - | - | €692 | €1,887 | €5,669 | €5,701 | €4,793 | ▼ 15.9% |
| Recurring financial charges65 | €3,134 | €2,900 | €1,515 | €692 | €1,887 | €5,669 | €5,701 | €4,793 | ▼ 15.9% |
| Profit (loss) for the period before taxes9903 | -€35,554 | -€49,968 | €70,709 | -€18,901 | €31,949 | -€9,929 | -€11,994 | -€62,925 | ▼ 425% |
| Income taxes67/77 | €1,077 | -€534 | €0 | - | - | - | - | - | - |
| Profit (loss) for the period9904 | -€36,631 | -€49,433 | €70,709 | -€18,901 | €31,949 | -€9,929 | -€11,994 | -€62,925 | ▼ 425% |
| Profit (loss) for the period to be appropriated9905 | -€36,631 | -€49,433 | €70,709 | -€18,901 | €31,949 | -€9,929 | -€11,994 | -€62,925 | ▼ 425% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €171,930 | €120,300 | €158,886 | €173,443 | €297,490 | €259,732 | €199,336 | €176,059 | ▼ 11.7% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €125,046 | €85,019 | €77,751 | €112,090 | €189,124 | €174,384 | €146,610 | €114,134 | ▼ 22.2% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €125,046 | €85,019 | €77,751 | €112,090 | €189,124 | €174,384 | €146,610 | €114,134 | ▼ 22.2% |
| Plant, machinery and equipment23 | - | - | - | €20,836 | €21,704 | €29,993 | €25,249 | €15,801 | ▼ 37.4% |
| Furniture and vehicles24 | - | - | - | €83,678 | €79,792 | €69,619 | €59,446 | €49,273 | ▼ 17.1% |
| Leasing and similar rights25 | - | - | - | - | €81,051 | €69,194 | €57,337 | €45,479 | ▼ 20.7% |
| Other tangible fixed assets26 | - | - | - | €7,577 | €6,578 | €5,579 | €4,579 | €3,580 | ▼ 21.8% |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €46,884 | €35,282 | €81,135 | €61,353 | €108,366 | €85,347 | €52,726 | €61,926 | ▲ 17.4% |
| Stocks and contracts in progress3 | €21,547 | €21,547 | €17,159 | €10,126 | €22,371 | €20,328 | €9,750 | €8,350 | ▼ 14.4% |
| Stocks30/36 | - | - | - | €10,126 | €22,371 | €20,328 | €9,750 | €8,350 | ▼ 14.4% |
| Amounts receivable within one year40/41 | €19,572 | €8,595 | €33,336 | €16,499 | €52,443 | €38,227 | €31,431 | €39,173 | ▲ 24.6% |
| Trade receivables40 | - | - | - | €15,581 | €33,355 | €32,909 | €31,006 | €36,926 | ▲ 19.1% |
| Other amounts receivable41 | - | - | - | €918 | €19,088 | €5,318 | €425 | €2,247 | ▲ 429% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €1,391 | €1,397 | €18,164 | €29,896 | €1,391 | €1,391 | €1,391 | €1,391 | = |
| Deferred charges and accrued income490/1 | - | - | - | €4,832 | €32,161 | €25,401 | €10,154 | €13,012 | ▲ 28.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €171,930 | €120,300 | €158,886 | €173,443 | €297,490 | €259,732 | €199,336 | €176,059 | ▼ 11.7% |
| Equity10/15 | €31,282 | -€18,152 | €52,557 | €33,655 | €65,605 | €55,676 | €43,683 | -€19,242 | - |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €98,422 | €98,422 | €98,422 | €98,422 | €98,422 | €98,422 | €98,422 | €98,422 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Tax-exempt reserves132 | - | - | - | €16,062 | €16,062 | €16,062 | €16,062 | €16,062 | = |
| Distributable reserves133 | - | - | - | €80,500 | €80,500 | €80,500 | €80,500 | €80,500 | = |
| Profit (loss) carried forward14 | -€73,340 | -€122,774 | -€52,065 | -€70,966 | -€39,017 | -€48,946 | -€60,939 | -€123,864 | ▼ 103% |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €140,648 | €138,452 | €106,330 | €139,788 | €231,885 | €204,055 | €155,653 | €195,301 | ▲ 25.5% |
| Amounts payable after more than one year17 | €0 | - | - | €33,145 | €85,462 | €63,694 | €41,093 | €17,617 | ▼ 57.1% |
| Financial debts170/4 | - | - | - | €33,145 | €85,462 | €63,694 | €41,093 | €17,617 | ▼ 57.1% |
| Amounts payable within one year42/48 | €138,700 | €136,468 | €105,579 | €105,494 | €129,321 | €137,770 | €110,935 | €175,746 | ▲ 58.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,855 | €20,971 | €21,768 | €22,601 | €23,477 | ▲ 3.9% |
| Financial debts43 | - | - | - | - | €16,455 | €12,351 | €14,818 | €23,209 | ▲ 56.6% |
| Credit institutions430/8 | - | - | - | - | €16,455 | €12,351 | €14,818 | €23,209 | ▲ 56.6% |
| Trade debts44 | €6,239 | €4,706 | €5,460 | €10,835 | €25,965 | €48,946 | €9,124 | €25,999 | ▲ 185% |
| Suppliers440/4 | - | - | - | €10,835 | €25,965 | €48,946 | €9,124 | €25,999 | ▲ 185% |
| Taxes, remuneration and social security45 | - | - | - | €10,858 | €3,056 | €7,992 | €4,928 | €5,315 | ▲ 7.9% |
| Taxes450/3 | - | - | - | €3,106 | €3,056 | €3,770 | €2,140 | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | €7,752 | €0 | €4,222 | €2,788 | €5,315 | ▲ 90.6% |
| Other amounts payable47/48 | - | - | - | €75,946 | €62,874 | €46,713 | €59,464 | €97,748 | ▲ 64.4% |
| Accrued charges and deferred income492/3 | - | - | - | €1,149 | €17,103 | €2,592 | €3,625 | €1,939 | ▼ 46.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€36,631 | -€49,433 | €70,709 | -€18,901 | €31,949 | -€9,929 | -€11,994 | -€62,925 | ▼ 425% |
| + Depreciation and write-downs630 | €27,290 | €19,134 | €11,211 | €11,990 | €24,046 | €30,164 | €32,761 | €32,477 | ▼ 0.9% |
| Operating cash flow (approximation) | -€9,342 | -€30,299 | €81,920 | -€6,912 | €55,995 | €20,236 | €20,767 | -€30,448 | - |
| Investment in fixed assets (approximation) | - | €20,893 | -€3,944 | -€46,329 | -€101,080 | -€15,424 | -€4,987 | €0 | - |
| Change in cash | - | €7 | €16,766 | €11,732 | -€28,505 | €0 | €0 | €0 | - |
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, 6,619 companies had the same profile as DUYTSCHAEVER PASCAL has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DUYTSCHAEVER PASCAL itself: 2.0% 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 6,619 companies, not a prediction for DUYTSCHAEVER PASCAL. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-07-2026 | 2026-00289063 | |
| 31-12-2024 | micro format | 18-07-2025 | 2025-00284279 | |
| 31-12-2023 | micro format | 24-06-2024 | 2024-00153944 | |
| 31-12-2022 | micro format | 23-06-2023 | 2023-00151079 | |
| 31-12-2021 | micro format | 24-06-2022 | 2022-20088867 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-44300082 | |
| 31-12-2019 | micro format | 10-07-2020 | 2020-29000454 | |
| 31-12-2018 | micro format | 29-07-2019 | 2019-40200293 | |
| 31-12-2017 | micro format | 03-07-2018 | 2018-27400378 | |
| 31-12-2016 | micro format | 29-06-2017 | 2017-23500207 |