DVSAJ
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 06-07-2026 at the NBB all 11 filings
Turnover
≈ €72,000
Estimated: probably between €45,000 and €140,000
Total assets
€167,602▲ 5.3%
2024 · €159,116
Net result
€1,178▼ 95.6%
2024 · €26,600
Working capital
-€18,168▼ 42.3%
2024 · -€12,769
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€3,911
▼ 89.9%
2025
20182025
Net result
€1,178
▼ 95.6%
2025
middle half of the sector
20182025
Equity
€61,670
▲ 1.9%
2025
middle half of the sector
20182025
Total assets
€167,602
▲ 5.3%
2025
middle half of the sector
20182025
Debt
€105,933
▲ 25.2%
2025
20182025
Working capital
-€18,168
▼ 42.3%
2025
middle half of the sector
20182025
Solvency
36.8%
▼ 1.2pp
2025
middle half of the sector
20182025
Current ratio
0.79
▼ 0.06
2025
middle half of the sector
20182025
Return on assets (ROA)
0.7%
▼ 16.0pp
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-€2,958--€6,376▼ 116%-€11,749▼ 84.3%-€15,216▼ 29.5%€4,861€51,438▲ 958%€38,872▼ 24.4%€3,911▼ 89.9%
Net result-€4,069--€7,313▼ 79.7%-€12,659below the sector's middle half▼ 73.1%-€15,699below the sector's middle half▼ 24.0%€4,051within the sector's middle half€46,553above the sector's middle half▲ 11×€26,600above the sector's middle half▼ 42.9%€1,178within the sector's middle half▼ 95.6%
Equity€21,458-€14,145▼ 34.1%€1,486within the sector's middle half▼ 89.5%-€14,212below the sector's middle half-€10,162below the sector's middle half▲ 28.5%€36,392within the sector's middle half€60,492within the sector's middle half▲ 66.2%€61,670within the sector's middle half▲ 1.9%
Total assets€30,005-€18,749▼ 37.5%€12,905below the sector's middle half▼ 31.2%€81,930within the sector's middle half▲ 535%€123,522within the sector's middle half▲ 50.8%€153,182within the sector's middle half▲ 24.0%€159,116within the sector's middle half▲ 3.9%€167,602within the sector's middle half▲ 5.3%
Debt€8,546-€4,603▼ 46.1%€11,419▲ 148%€96,142▲ 742%€133,684▲ 39.0%€116,790▼ 12.6%€84,624▼ 27.5%€105,933▲ 25.2%
Working capital€19,834-€11,681▼ 41.1%-€758within the sector's middle half-€62,394below the sector's middle half▼ 8,126%-€78,680below the sector's middle half▼ 26.1%-€44,337below the sector's middle half▲ 43.6%-€12,769within the sector's middle half▲ 71.2%-€18,168within the sector's middle half▼ 42.3%
Solvency71.5%-75.4%▲ 3.9pp11.5%within the sector's middle half▼ 63.9pp-17.3%below the sector's middle half▼ 28.9pp-8.2%below the sector's middle half▲ 9.1pp23.8%within the sector's middle half▲ 32.0pp38.0%within the sector's middle half▲ 14.3pp36.8%within the sector's middle half▼ 1.2pp
Current ratio4.92-3.54▼ 1.380.93within the sector's middle half▼ 2.600.35below the sector's middle half▼ 0.580.41below the sector's middle half▲ 0.060.62within the sector's middle half▲ 0.210.85within the sector's middle half▲ 0.230.79within the sector's middle half▼ 0.06
Return on assets (ROA)-13.6%--39.0%▼ 25.4pp-98.1%below the sector's middle half▼ 59.1pp-19.2%below the sector's middle half▲ 78.9pp3.3%within the sector's middle half▲ 22.4pp30.4%above the sector's middle half▲ 27.1pp16.7%within the sector's middle half▼ 13.7pp0.7%within the sector's middle half▼ 16.0pp
above
within
below
The sector band is the middle half of the companies in Food and beverage service activities (NACE 56). 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 90% lower than in 2024 and the lowest since 2021. It is the second 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.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €167,602
Fixed assets
€98,240 ▲ 11.7%
Current assets
€69,363 ▼ 2.5%
Equity and liabilities €167,602
Equity
€61,670 ▲ 1.9%
Provisions
€0 ▼ 100%
Debt
€105,933 ▲ 25.2%
Debt's share of the balance-sheet total rises from 53.2% to 63.2%. Equity and debt are higher.
Key figures and ratios
EBITDA
€18,663▼
2024 · €50,756
Cash flow
€15,929▼
2024 · €38,484
Quick ratio
0.68▼
2024 · 0.80
Debt to equity
1.72▲
2024 · 1.40
ROE
1.9%▼
2024 · 44.0%
Interest coverage
7.01▼
2024 · 10.80
Debt ≤ 1 year
€87,530▲
2024 · €83,945
Debt > 1 year
€17,448
Income taxes
€108▼
2024 · €7,573
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €47,650 | €27,626 | €23,207 | €21,217 | €25,052 |
| Depreciation and write-downs of the year | €1,643 | €7,289 | €10,997 | €11,884 | €14,752 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,537 | €2,537 | €1,708 | €1,643 | €7,289 | €10,997 | €11,884 | €14,752 | ▲ 24.1% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | - | €14,000 | -€14,000 | - |
| Other operating charges640/8 | - | - | - | €200 | €603 | €362 | €428 | €1,045 | ▲ 144% |
| Gross operating margin9900 | €122 | -€3,639 | -€9,841 | -€13,373 | €12,754 | €62,797 | €65,184 | €5,708 | ▼ 91.2% |
| Operating profit (loss)9901 | -€2,958 | -€6,376 | -€11,749 | -€15,216 | €4,861 | €51,438 | €38,872 | €3,911 | ▼ 89.9% |
| Financial income75/76B | - | - | - | - | €27 | €76 | - | €36 | - |
| Recurring financial income75 | - | €1 | - | - | €27 | €76 | - | €36 | - |
| Financial charges65/66B | - | - | - | €483 | €690 | €2,033 | €4,699 | €2,661 | ▼ 43.4% |
| Recurring financial charges65 | €1,110 | €938 | €910 | €483 | €690 | €2,033 | €4,699 | €2,661 | ▼ 43.4% |
| Profit (loss) for the period before taxes9903 | -€4,069 | -€7,313 | -€12,659 | -€15,699 | €4,198 | €49,480 | €34,173 | €1,286 | ▼ 96.2% |
| Income taxes67/77 | - | - | - | - | €147 | €2,927 | €7,573 | €108 | ▼ 98.6% |
| Profit (loss) for the period9904 | -€4,069 | -€7,313 | -€12,659 | -€15,699 | €4,051 | €46,553 | €26,600 | €1,178 | ▼ 95.6% |
| Profit (loss) for the period to be appropriated9905 | -€4,069 | -€7,313 | -€12,659 | -€15,699 | €4,051 | €46,553 | €26,600 | €1,178 | ▼ 95.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €30,005 | €18,749 | €12,905 | €81,930 | €123,522 | €153,182 | €159,116 | €167,602 | ▲ 5.3% |
| Fixed assets21/28 | €5,105 | €2,464 | €2,245 | €48,182 | €68,519 | €80,729 | €87,940 | €98,240 | ▲ 11.7% |
| Intangible fixed assets21 | €690 | €460 | €230 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €4,178 | €1,871 | €1,945 | €48,182 | €68,519 | €80,729 | €87,940 | €98,240 | ▲ 11.7% |
| Plant, machinery and equipment23 | - | - | - | €6,901 | €17,776 | €22,183 | €15,999 | €13,091 | ▼ 18.2% |
| Furniture and vehicles24 | - | - | - | €732 | €3,874 | €2,123 | €884 | €457 | ▼ 48.3% |
| Other tangible fixed assets26 | - | - | - | €40,549 | €46,868 | €56,423 | €71,057 | €84,691 | ▲ 19.2% |
| Financial fixed assets28 | €236 | €133 | €70 | - | - | - | - | - | - |
| Current assets29/58 | €24,900 | €16,285 | €10,661 | €33,748 | €55,004 | €72,453 | €71,177 | €69,363 | ▼ 2.5% |
| Stocks and contracts in progress3 | - | - | - | - | €5,744 | €4,984 | €4,253 | €9,751 | ▲ 129% |
| Stocks30/36 | - | - | - | - | €5,744 | €4,984 | €4,253 | €9,751 | ▲ 129% |
| Amounts receivable within one year40/41 | €12,888 | €8,153 | €4,767 | €2,894 | €15,889 | €7,530 | €7,021 | €12,995 | ▲ 85.1% |
| Trade receivables40 | - | - | - | €732 | €11,305 | €3,828 | €3,642 | €2,408 | ▼ 33.9% |
| Other amounts receivable41 | - | - | - | €2,162 | €4,583 | €3,701 | €3,379 | €10,587 | ▲ 213% |
| Cash at bank and in hand54/58 | €11,717 | €7,460 | €5,768 | €30,345 | €32,896 | €59,829 | €59,715 | €46,186 | ▼ 22.7% |
| Deferred charges and accrued income490/1 | - | - | - | €509 | €475 | €111 | €189 | €430 | ▲ 128% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €30,005 | €18,749 | €12,905 | €81,930 | €123,522 | €153,182 | €159,116 | €167,602 | ▲ 5.3% |
| Equity10/15 | €21,458 | €14,145 | €1,486 | -€14,212 | -€10,162 | €36,392 | €60,492 | €61,670 | ▲ 1.9% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,466 | €1,466 | €1,466 | €1,466 | €1,466 | €28,739 | €52,839 | €52,839 | = |
| Non-distributable reserves130/1 | - | - | - | €1,466 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,466 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | - | €1,466 | €28,739 | €52,839 | €52,839 | = |
| Profit (loss) carried forward14 | €13,792 | €6,479 | -€6,180 | -€21,879 | -€17,828 | €1,453 | €1,453 | €2,630 | ▲ 81.1% |
| Provisions and deferred taxes16 | - | - | - | - | - | - | €14,000 | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | - | €14,000 | - | - |
| Environmental obligations163 | - | - | - | - | - | - | €14,000 | - | - |
| Amounts payable17/49 | €8,546 | €4,603 | €11,419 | €96,142 | €133,684 | €116,790 | €84,624 | €105,933 | ▲ 25.2% |
| Amounts payable after more than one year17 | €3,481 | - | - | - | - | - | - | €17,448 | - |
| Financial debts170/4 | - | - | - | - | - | - | - | €17,448 | - |
| Amounts payable within one year42/48 | €5,066 | €4,603 | €11,419 | €96,142 | €133,684 | €116,790 | €83,945 | €87,530 | ▲ 4.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €7,277 | - |
| Financial debts43 | - | - | - | - | - | - | - | €3,231 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €3,231 | - |
| Trade debts44 | €930 | €362 | €2,602 | €9,278 | €17,829 | €22,033 | €10,012 | €9,671 | ▼ 3.4% |
| Suppliers440/4 | - | - | - | €9,278 | €17,829 | €22,033 | €10,012 | €9,671 | ▼ 3.4% |
| Taxes, remuneration and social security45 | - | - | - | - | €2,341 | €6,205 | €9,226 | €7,323 | ▼ 20.6% |
| Taxes450/3 | - | - | - | - | €1,141 | €5,005 | €8,026 | €5,573 | ▼ 30.6% |
| Remuneration and social security454/9 | - | - | - | - | €1,200 | €1,200 | €1,200 | €1,750 | ▲ 45.8% |
| Other amounts payable47/48 | - | - | - | €86,864 | €113,514 | €88,553 | €64,708 | €60,028 | ▼ 7.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €679 | €954 | ▲ 40.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€4,069 | -€7,313 | -€12,659 | -€15,699 | €4,051 | €46,553 | €26,600 | €1,178 | ▼ 95.6% |
| + Depreciation and write-downs630 | €2,537 | €2,537 | €1,708 | €1,643 | €7,289 | €10,997 | €11,884 | €14,752 | ▲ 24.1% |
| Operating cash flow (approximation) | -€1,532 | -€4,776 | -€10,951 | -€14,056 | €11,340 | €57,550 | €38,484 | €15,929 | ▼ 58.6% |
| Investment in fixed assets (approximation) | - | €104 | -€1,489 | -€47,580 | -€27,626 | -€23,207 | -€19,094 | -€25,052 | ▼ 31.2% |
| Change in cash | - | -€4,258 | -€1,691 | €24,576 | €2,552 | €26,932 | -€114 | -€13,529 | ▼ 11,769% |
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, 10,904 companies had the same profile as DVSAJ has now. Two years later, 95.2% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.2%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of DVSAJ itself: 0.4% 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 10,904 companies, not a prediction for DVSAJ. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-07-2026 | 2026-00257141 | |
| 31-12-2024 | micro format | 08-07-2025 | 2025-00250232 | |
| 31-12-2023 | micro format | 23-07-2024 | 2024-00279583 | |
| 31-12-2022 | micro format | 11-07-2023 | 2023-00230422 | |
| 31-12-2021 | micro format | 12-07-2022 | 2022-20182024 | |
| 31-12-2020 | micro format | 06-07-2021 | 2021-31500396 | |
| 31-12-2019 | micro format | 03-08-2020 | 2020-38300472 | |
| 31-12-2018 | micro format | 31-07-2019 | 2019-41400530 | |
| 31-12-2017 | micro format | 22-08-2018 | 2018-48100117 | |
| 31-12-2016 | micro format | 22-08-2017 | 2017-45600294 |