DVW Consult
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-07-2026 at the NBB all 5 filings
Turnover
≈ €240,000
Estimated: probably between €170,000 and €310,000
Total assets
€742,932▼ 7.6%
2024 · €803,714
Net result
€153,527▲ 155%
2024 · €60,304
Working capital
€104,339▲ 57.7%
2024 · €66,152
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€86,223
▼ 5.3%
2025
20212025
Net result
€153,527
▲ 155%
2025
highest quarter of the sector
20212025
Equity
€336,876
▲ 2.6%
2025
highest quarter of the sector
20212025
Total assets
€742,932
▼ 7.6%
2025
highest quarter of the sector
20212025
Debt
€406,056
▼ 14.6%
2025
20212025
Working capital
€104,339
▲ 57.7%
2025
middle half of the sector
20212025
Solvency
45.3%
▲ 4.5pp
2025
middle half of the sector
20212025
Current ratio
1.74
▲ 0.26
2025
middle half of the sector
20212025
Return on assets (ROA)
20.7%
▲ 13.2pp
2025
middle half of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€111,615-€92,269▼ 17.3%€147,262▲ 59.6%€91,062▼ 38.2%€86,223▼ 5.3%
Net result€85,497above the sector's middle half-€68,253above the sector's middle half▼ 20.2%€111,295above the sector's middle half▲ 63.1%€60,304within the sector's middle half▼ 45.8%€153,527above the sector's middle half▲ 155%
Equity€88,497within the sector's middle half-€156,750within the sector's middle half▲ 77.1%€268,044above the sector's middle half▲ 71.0%€328,348above the sector's middle half▲ 22.5%€336,876above the sector's middle half▲ 2.6%
Total assets€170,403within the sector's middle half-€473,990within the sector's middle half▲ 178%€553,375above the sector's middle half▲ 16.7%€803,714above the sector's middle half▲ 45.2%€742,932above the sector's middle half▼ 7.6%
Debt€81,906-€317,240▲ 287%€285,331▼ 10.1%€475,365▲ 66.6%€406,056▼ 14.6%
Working capital€78,140within the sector's middle half-€129,420within the sector's middle half▲ 65.6%€166,437within the sector's middle half▲ 28.6%€66,152within the sector's middle half▼ 60.3%€104,339within the sector's middle half▲ 57.7%
Solvency51.9%within the sector's middle half-33.1%within the sector's middle half▼ 18.9pp48.4%within the sector's middle half▲ 15.4pp40.9%within the sector's middle half▼ 7.6pp45.3%within the sector's middle half▲ 4.5pp
Current ratio2.39within the sector's middle half-2.20within the sector's middle half▼ 0.192.31within the sector's middle half▲ 0.101.48within the sector's middle half▼ 0.831.74within the sector's middle half▲ 0.26
Return on assets (ROA)50.2%above the sector's middle half-14.4%within the sector's middle half▼ 35.8pp20.1%within the sector's middle half▲ 5.7pp7.5%within the sector's middle half▼ 12.6pp20.7%within the sector's middle half▲ 13.2pp
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 5% 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 €742,932
Fixed assets
€496,655 ▼ 17.1%
Current assets
€246,277 ▲ 20.2%
Equity and liabilities €742,932
Equity
€336,876 ▲ 2.6%
Debt
€406,056 ▼ 14.6%
Debt's share of the balance-sheet total falls from 59.1% to 54.7%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€97,121▼
2024 · €142,208
Cash flow
€164,425▲
2024 · €111,449
Debt to equity
1.21▼
2024 · 1.45
ROE
45.6%▲
2024 · 18.4%
Interest coverage
7.27▼
2024 · 9.66
Debt ≤ 1 year
€141,938▲
2024 · €138,821
Debt > 1 year
€263,701▼
2024 · €336,544
Income taxes
€19,176▼
2024 · €20,442
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Pledge on other assets, amount secured | - | - | €209,768 | €409,143 | €409,143 |
| Carrying value of the other pledged assets | - | - | €330,030 | €499,543 | €499,543 |
| Guarantees given for others' debts | - | €1,370 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €43,333 | €20,034 | €14,759 | €220,658 | €24,443 |
| Financial fixed assets | - | €217,104 | €10,921 | €169,698 | €7,500 |
| Depreciation and write-downs of the year | €7,288 | €1,822 | €3,248 | €51,145 | €10,898 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,288 | €1,822 | €3,248 | €51,145 | €10,898 | ▼ 78.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | -€738 | - | - | - | - |
| Other operating charges640/8 | €806 | €469 | €4,357 | €3,133 | €2,759 | ▼ 11.9% |
| Gross operating margin9900 | €119,709 | €93,822 | €154,866 | €145,340 | €99,880 | ▼ 31.3% |
| Operating profit (loss)9901 | €111,615 | €92,269 | €147,262 | €91,062 | €86,223 | ▼ 5.3% |
| Financial income75/76B | €381 | €1,009 | €4,574 | €4,407 | €99,844 | ▲ 23× |
| Recurring financial income75 | €381 | €1,009 | €4,574 | €4,407 | €142 | ▼ 96.8% |
| Non-recurring financial income76B | - | - | - | - | €99,702 | - |
| Financial charges65/66B | €259 | €3,462 | €3,319 | €14,723 | €13,364 | ▼ 9.2% |
| Recurring financial charges65 | €259 | €3,462 | €3,319 | €14,723 | €13,364 | ▼ 9.2% |
| Profit (loss) for the period before taxes9903 | €111,736 | €89,816 | €148,517 | €80,746 | €172,703 | ▲ 114% |
| Income taxes67/77 | €26,239 | €21,563 | €37,222 | €20,442 | €19,176 | ▼ 6.2% |
| Profit (loss) for the period9904 | €85,497 | €68,253 | €111,295 | €60,304 | €153,527 | ▲ 155% |
| Profit (loss) for the period to be appropriated9905 | €85,497 | €68,253 | €111,295 | €60,304 | €153,527 | ▲ 155% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €170,403 | €473,990 | €553,375 | €803,714 | €742,932 | ▼ 7.6% |
| Fixed assets21/28 | €36,044 | €237,098 | €259,530 | €598,741 | €496,655 | ▼ 17.1% |
| Tangible fixed assets22/27 | €36,044 | €19,994 | €31,505 | €201,018 | €214,563 | ▲ 6.7% |
| Land and buildings22 | - | €15,450 | €24,063 | €194,563 | €210,900 | ▲ 8.4% |
| Plant, machinery and equipment23 | - | €3,174 | €2,847 | €3,296 | €1,939 | ▼ 41.2% |
| Furniture and vehicles24 | €36,044 | €1,370 | €4,595 | €3,160 | €1,724 | ▼ 45.4% |
| Financial fixed assets28 | - | €217,104 | €228,025 | €397,723 | €282,091 | ▼ 29.1% |
| Current assets29/58 | €134,359 | €236,892 | €293,845 | €204,973 | €246,277 | ▲ 20.2% |
| Amounts receivable after more than one year29 | €43,500 | €54,000 | €70,500 | - | - | - |
| Other amounts receivable291 | €43,500 | €54,000 | €70,500 | - | - | - |
| Amounts receivable within one year40/41 | €13,464 | €963 | €34,500 | €2,058 | €4,476 | ▲ 117% |
| Trade receivables40 | €13,464 | - | - | €0 | €4,172 | - |
| Other amounts receivable41 | - | €963 | €34,500 | €2,058 | €304 | ▼ 85.2% |
| Current investments50/53 | - | €28,176 | - | €28,176 | €72,515 | ▲ 157% |
| Cash at bank and in hand54/58 | €76,436 | €152,545 | €184,069 | €164,514 | €169,230 | ▲ 2.9% |
| Deferred charges and accrued income490/1 | €959 | €1,208 | €4,777 | €10,225 | €56 | ▼ 99.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €170,403 | €473,990 | €553,375 | €803,714 | €742,932 | ▼ 7.6% |
| Equity10/15 | €88,497 | €156,750 | €268,044 | €328,348 | €336,876 | ▲ 2.6% |
| Contributions10/11 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Capital10 | €3,000 | €3,000 | €3,000 | - | - | - |
| Issued capital100 | €3,000 | €3,000 | €3,000 | - | - | - |
| Reserves13 | €300 | €300 | €300 | €300 | €300 | = |
| Non-distributable reserves130/1 | €300 | €300 | €300 | - | - | - |
| Legal reserve130 | €300 | €300 | €300 | - | - | - |
| Distributable reserves133 | - | - | - | €300 | €300 | = |
| Profit (loss) carried forward14 | €85,197 | €153,450 | €264,744 | €325,048 | €333,576 | ▲ 2.6% |
| Amounts payable17/49 | €81,906 | €317,240 | €285,331 | €475,365 | €406,056 | ▼ 14.6% |
| Amounts payable after more than one year17 | €25,688 | €209,768 | €157,923 | €336,544 | €263,701 | ▼ 21.6% |
| Financial debts170/4 | €25,688 | €209,768 | €157,923 | €336,544 | €263,701 | ▼ 21.6% |
| Amounts payable within one year42/48 | €56,219 | €107,472 | €127,409 | €138,821 | €141,938 | ▲ 2.2% |
| Current portion of amounts payable after more than one year42 | €7,384 | €51,346 | €51,845 | €75,770 | €72,844 | ▼ 3.9% |
| Trade debts44 | €8,909 | - | €73 | €4,999 | €14,473 | ▲ 190% |
| Suppliers440/4 | €8,909 | - | €73 | €4,999 | €14,473 | ▲ 190% |
| Taxes, remuneration and social security45 | €39,611 | €56,126 | €75,491 | €57,928 | €33,721 | ▼ 41.8% |
| Taxes450/3 | €39,611 | €56,126 | €75,491 | €57,928 | €33,721 | ▼ 41.8% |
| Other amounts payable47/48 | €315 | - | - | €124 | €20,900 | ▲ 169× |
| Accrued charges and deferred income492/3 | - | - | - | - | €418 | - |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €85,497 | €68,253 | €111,295 | €60,304 | €153,527 | ▲ 155% |
| + Depreciation and write-downs630 | €7,288 | €1,822 | €3,248 | €51,145 | €10,898 | ▼ 78.7% |
| Operating cash flow (approximation) | €92,785 | €70,075 | €114,543 | €111,449 | €164,425 | ▲ 47.5% |
| Investment in fixed assets (approximation) | - | -€202,876 | -€25,680 | -€390,356 | €91,188 | - |
| Change in cash | - | €76,109 | €31,524 | -€19,555 | €4,716 | - |
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, 6,782 companies had the same profile as DVW Consult has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of DVW Consult 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 6,782 companies, not a prediction for DVW Consult. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-07-2026 | 2026-00239731 | |
| 31-12-2024 | micro format | 15-07-2025 | 2025-00269768 | |
| 31-12-2023 | micro format | 20-08-2024 | 2024-00352748 | |
| 31-12-2022 | micro format | 26-08-2023 | 2023-00356577 | |
| 31-12-2021 | micro format | 18-08-2022 | 2022-20293839 |