DVspanplafond
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-04-2026 PDF all 14 filings
Equity
€21,030▼ 74.4%
2024 · €82,155
Total assets
€215,213▼ 26.0%
2024 · €290,959
Net result
-€61,125▼ 1,369%
2024 · -€4,161
Working capital
€61,139▼ 50.7%
2024 · €124,083
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€54,950
2025
20192025
Net result
-€61,125
▼ 1,369%
2025
lowest quarter of the sector
20192025
Equity
€21,030
▼ 74.4%
2025
middle half of the sector
20192025
Total assets
€215,213
▼ 26.0%
2025
middle half of the sector
20192025
Debt
€194,183
▼ 7.0%
2025
20192025
Working capital
€61,139
▼ 50.7%
2025
middle half of the sector
20192025
Solvency
9.8%
▼ 18.5pp
2025
lowest quarter of the sector
20192025
Current ratio
3.87
▼ 2.29
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-28.4%
▼ 27.0pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€19,130-€18,605€70,362▲ 278%€36,544▼ 48.1%€20,455▼ 44.0%€5,303▼ 74.1%-€54,950
Net result-€27,604-€11,661within the sector's middle half€62,915above the sector's middle half▲ 440%€22,727within the sector's middle half▼ 63.9%€7,083within the sector's middle half▼ 68.8%-€4,161below the sector's middle half-€61,125below the sector's middle half▼ 1,369%
Equity-€18,071--€6,410below the sector's middle half▲ 64.5%€56,505within the sector's middle half€79,232within the sector's middle half▲ 40.2%€86,315within the sector's middle half▲ 8.9%€82,155within the sector's middle half▼ 4.8%€21,030within the sector's middle half▼ 74.4%
Total assets€314,084-€300,907above the sector's middle half▼ 4.2%€331,051above the sector's middle half▲ 10.0%€350,472above the sector's middle half▲ 5.9%€313,430above the sector's middle half▼ 10.6%€290,959within the sector's middle half▼ 7.2%€215,213within the sector's middle half▼ 26.0%
Debt€332,155-€307,317▼ 7.5%€274,546▼ 10.7%€271,240▼ 1.2%€227,115▼ 16.3%€208,804▼ 8.1%€194,183▼ 7.0%
Working capital€11,079-€27,480within the sector's middle half▲ 148%€93,080above the sector's middle half▲ 239%€118,093above the sector's middle half▲ 26.9%€128,960above the sector's middle half▲ 9.2%€124,083above the sector's middle half▼ 3.8%€61,139within the sector's middle half▼ 50.7%
Solvency-5.8%--2.1%below the sector's middle half▲ 3.6pp17.1%below the sector's middle half▲ 19.2pp22.6%within the sector's middle half▲ 5.5pp27.5%within the sector's middle half▲ 4.9pp28.2%within the sector's middle half▲ 0.7pp9.8%below the sector's middle half▼ 18.5pp
Current ratio1.17-1.47within the sector's middle half▲ 0.303.15above the sector's middle half▲ 1.673.01within the sector's middle half▼ 0.135.20above the sector's middle half▲ 2.196.16above the sector's middle half▲ 0.963.87above the sector's middle half▼ 2.29
Return on assets (ROA)-8.8%-3.9%within the sector's middle half▲ 12.7pp19.0%above the sector's middle half▲ 15.1pp6.5%within the sector's middle half▼ 12.5pp2.3%within the sector's middle half▼ 4.2pp-1.4%below the sector's middle half▼ 3.7pp-28.4%below the sector's middle half▼ 27.0pp
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 €54,950, after a profit of €5,303 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 €215,213
Fixed assets
€132,762 ▼ 7.0%
Current assets
€82,451 ▼ 44.3%
Equity and liabilities €215,213
Equity
€21,030 ▼ 74.4%
Debt
€194,183 ▼ 7.0%
Debt's share of the balance-sheet total rises from 71.8% to 90.2%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€44,835▼
2024 · €16,254
Cash flow
-€51,010▼
2024 · €6,791
Debt to equity
9.23▲
2024 · 2.54
ROE
-290.7%▼
2024 · -5.1%
Interest coverage
-7.25▼
2024 · 2.56
Debt ≤ 1 year
€21,313▼
2024 · €24,049
Debt > 1 year
€172,765▼
2024 · €184,755
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 |
|---|---|---|---|---|---|
| Financial fixed assets | €1,200 | - | - | - | €50 |
| Depreciation and write-downs of the year | €22,124 | €20,895 | €19,907 | €10,951 | €10,115 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | €2 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,874 | €23,755 | €22,124 | €20,895 | €19,907 | €10,951 | €10,115 | ▼ 7.6% |
| Other operating charges640/8 | - | - | €2,183 | €2,178 | €2,634 | €2,763 | €2,978 | ▲ 7.8% |
| Gross operating margin9900 | €52,480 | €64,200 | €94,671 | €59,617 | €42,997 | €19,017 | -€41,857 | - |
| Operating profit (loss)9901 | -€19,130 | €18,605 | €70,362 | €36,544 | €20,455 | €5,303 | -€54,950 | - |
| Financial income75/76B | - | - | - | €4 | - | €60 | €6 | ▼ 89.7% |
| Recurring financial income75 | €23 | €985 | - | €4 | - | €60 | €6 | ▼ 89.7% |
| Financial charges65/66B | - | - | €7,447 | €7,019 | €6,794 | €6,357 | €6,181 | ▼ 2.8% |
| Recurring financial charges65 | €8,454 | €7,929 | €7,447 | €7,019 | €6,794 | €6,357 | €6,181 | ▼ 2.8% |
| Profit (loss) for the period before taxes9903 | -€27,561 | €11,661 | €62,915 | €29,529 | €13,662 | -€994 | -€61,125 | ▼ 6,049% |
| Income taxes67/77 | €44 | - | - | €6,802 | €6,579 | €3,166 | - | - |
| Profit (loss) for the period9904 | -€27,604 | €11,661 | €62,915 | €22,727 | €7,083 | -€4,161 | -€61,125 | ▼ 1,369% |
| Profit (loss) for the period to be appropriated9905 | -€27,604 | €11,661 | €62,915 | €22,727 | €7,083 | -€4,161 | -€61,125 | ▼ 1,369% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €314,084 | €300,907 | €331,051 | €350,472 | €313,430 | €290,959 | €215,213 | ▼ 26.0% |
| Fixed assets21/28 | €239,260 | €215,504 | €194,581 | €173,686 | €153,778 | €142,827 | €132,762 | ▼ 7.0% |
| Tangible fixed assets22/27 | €238,635 | €214,879 | €192,756 | €171,861 | €151,953 | €141,002 | €130,887 | ▼ 7.2% |
| Land and buildings22 | - | - | €176,662 | €163,813 | €151,953 | €141,002 | €130,887 | ▼ 7.2% |
| Furniture and vehicles24 | - | - | €16,094 | €8,047 | - | - | - | - |
| Financial fixed assets28 | €625 | €625 | €1,825 | €1,825 | €1,825 | €1,825 | €1,875 | ▲ 2.7% |
| Current assets29/58 | €74,825 | €85,403 | €136,471 | €176,787 | €159,652 | €148,132 | €82,451 | ▼ 44.3% |
| Amounts receivable within one year40/41 | €19,604 | €1,588 | €5,276 | €10,531 | €2,090 | €3,044 | €15,448 | ▲ 407% |
| Trade receivables40 | - | - | €1,345 | €7,678 | €996 | €3,044 | €3,371 | ▲ 10.7% |
| Other amounts receivable41 | - | - | €3,930 | €2,853 | €1,094 | - | €12,077 | - |
| Cash at bank and in hand54/58 | €44,332 | €75,203 | €131,195 | €165,629 | €156,899 | €126,418 | €57,223 | ▼ 54.7% |
| Deferred charges and accrued income490/1 | - | - | - | €626 | €663 | €18,670 | €9,780 | ▼ 47.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €314,084 | €300,907 | €331,051 | €350,472 | €313,430 | €290,959 | €215,213 | ▼ 26.0% |
| Equity10/15 | -€18,071 | -€6,410 | €56,505 | €79,232 | €86,315 | €82,155 | €21,030 | ▼ 74.4% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Contributions outside capital11 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | - | - |
| Other1109/19 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | - | - |
| Reserves13 | €930 | €930 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| 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 | = |
| Profit (loss) carried forward14 | -€25,201 | -€13,540 | €48,445 | €71,172 | €78,255 | €74,095 | €12,970 | ▼ 82.5% |
| Amounts payable17/49 | €332,155 | €307,317 | €274,546 | €271,240 | €227,115 | €208,804 | €194,183 | ▼ 7.0% |
| Amounts payable after more than one year17 | €268,070 | €249,394 | €231,155 | €212,547 | €196,423 | €184,755 | €172,765 | ▼ 6.5% |
| Financial debts170/4 | - | - | €231,155 | €212,547 | €196,423 | €184,755 | €172,765 | ▼ 6.5% |
| Amounts payable within one year42/48 | €63,745 | €57,923 | €43,391 | €58,694 | €30,692 | €24,049 | €21,313 | ▼ 11.4% |
| Current portion of amounts payable after more than one year42 | - | - | €18,239 | €18,609 | €16,124 | €11,668 | €11,990 | ▲ 2.8% |
| Trade debts44 | €22,832 | €21,804 | €6,384 | €13,210 | €8,506 | €5,064 | €2,012 | ▼ 60.3% |
| Suppliers440/4 | - | - | €6,384 | €13,210 | €8,506 | €5,064 | €2,012 | ▼ 60.3% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €360 | - | - |
| Taxes450/3 | - | - | - | - | - | €360 | - | - |
| Other amounts payable47/48 | - | - | €18,768 | €26,875 | €6,062 | €6,957 | €7,310 | ▲ 5.1% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €106 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€27,604 | €11,661 | €62,915 | €22,727 | €7,083 | -€4,161 | -€61,125 | ▼ 1,369% |
| + Depreciation and write-downs630 | €26,874 | €23,755 | €22,124 | €20,895 | €19,907 | €10,951 | €10,115 | ▼ 7.6% |
| Operating cash flow (approximation) | -€730 | €35,416 | €85,039 | €43,622 | €26,991 | €6,791 | -€51,010 | - |
| Investment in fixed assets (approximation) | - | €0 | -€1,200 | €0 | €0 | €0 | -€50 | - |
| Change in cash | - | €30,871 | €55,992 | €34,434 | -€8,730 | -€30,481 | -€69,195 | ▼ 127% |
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, 642 companies had the same profile as DVspanplafond has now. Two years later, 89.9% were still going and 3.6% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a loss of 10% of the balance sheet or more
89.9%
was still going
5.5%
stopped otherwise
3.6%
went bankrupt
Another 1.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DVspanplafond itself: 0.9% 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 642 companies, not a prediction for DVspanplafond. 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 | 09-04-2026 | 2026-00077211 | |
| 30-09-2024 | micro format | 27-05-2025 | 2025-00109378 | |
| 30-09-2023 | micro format | 10-05-2024 | 2024-00089374 | |
| 30-09-2022 | micro format | 02-05-2023 | 2023-00076160 | |
| 30-09-2021 | micro format | 29-04-2022 | 2022-20014007 | |
| 30-09-2020 | micro format | 11-05-2021 | 2021-14100446 | |
| 30-09-2019 | micro format | 30-04-2020 | 2020-11300442 | |
| 30-09-2018 | micro format | 21-03-2019 | 2019-07600031 | |
| 30-09-2017 | micro format | 10-05-2018 | 2018-12600233 | |
| 30-09-2016 | abbreviated format | 26-04-2017 | 2017-10200359 |