DW+
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 3 days after the deadline Filed on 3 February 2026, deadline 31 January 2026 (7 months after the close on 30 June 2025, Companies Code art. 3:10). Source: NBB, 2026-00030539.
Annual accounts 2025 filed on 03-02-2026 PDF all 5 filings
Amounts without an identifiable currency are taken as euros.
Every figure per financial year
The operating result for 2025 is a loss of €13,507, larger than the loss of €3,343 in 2024. It is the lowest result since 2021.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €2,697 | - | - | - |
| Depreciation and write-downs of the year | €539 | €539 | - | - |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €1,182 | €0 | ▼ 100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €539 | €539 | - | - | - |
| Other operating charges640/8 | - | €112 | €10,065 | €1,214 | €7,330 | ▲ 504% |
| Gross operating margin9900 | €298,884 | €5,533 | €33,888 | -€2,130 | -€6,176 | ▼ 190% |
| Operating profit (loss)9901 | €297,516 | €4,881 | €23,284 | -€3,343 | -€13,507 | ▼ 304% |
| Financial income75/76B | - | €6 | €1,267 | €38 | €0 | ▼ 100% |
| Recurring financial income75 | €4,510 | €6 | €1,267 | €38 | €0 | ▼ 100% |
| Financial charges65/66B | - | €3,130 | €670 | €537 | €3,119 | ▲ 480% |
| Recurring financial charges65 | €10,871 | €3,130 | €670 | €537 | €3,119 | ▲ 480% |
| Profit (loss) for the period before taxes9903 | €291,156 | €1,756 | €23,881 | -€3,843 | -€16,626 | ▼ 333% |
| Income taxes67/77 | €77,114 | €267 | €4,825 | - | - | - |
| Profit (loss) for the period9904 | €214,042 | €1,489 | €19,056 | -€3,843 | -€16,626 | ▼ 333% |
| Profit (loss) for the period to be appropriated9905 | €214,042 | €1,489 | €19,056 | -€3,843 | -€16,626 | ▼ 333% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €1.1m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 60.7% |
| Fixed assets21/28 | - | €0.002m | €0.002m | - | - | - |
| Tangible fixed assets22/27 | - | €0.002m | €0.002m | - | - | - |
| Plant, machinery and equipment23 | - | €0.002m | €0.002m | - | - | - |
| Current assets29/58 | €1.1m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 60.7% |
| Stocks and contracts in progress3 | €0.1m | €0.2m | €0.2m | €0.2m | €0.4m | ▲ 52.7% |
| Stocks30/36 | - | €0.2m | €0.2m | €0.2m | €0.4m | ▲ 52.7% |
| Amounts receivable within one year40/41 | €0.08m | €318 | €0.001m | €0.004m | €0.02m | ▲ 482% |
| Trade receivables40 | - | €0 | - | €0.001m | €0.02m | ▲ 23× |
| Other amounts receivable41 | - | €318 | €0.001m | €0.003m | €302 | ▼ 89.1% |
| Cash at bank and in hand54/58 | €0.9m | €0.1m | €0.03m | €0.005m | €0.01m | ▲ 138% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €1.1m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 60.7% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 6.8% |
| Contributions10/11 | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Profit (loss) carried forward14 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 7.2% |
| Amounts payable17/49 | €0.9m | €0.1m | €0.006m | €0.01m | €0.2m | ▲ 17× |
| Amounts payable after more than one year17 | - | - | - | - | €0.2m | - |
| Other amounts payable178/9 | - | - | - | - | €0.2m | - |
| Amounts payable within one year42/48 | €0.9m | €0.1m | €0.005m | €0.009m | €0.008m | ▼ 11.5% |
| Trade debts44 | €0.1m | €0.002m | €78 | €0.003m | €76 | ▼ 97.1% |
| Suppliers440/4 | - | €0.002m | €78 | €0.003m | €76 | ▼ 97.1% |
| Taxes, remuneration and social security45 | - | €331 | €0.005m | - | - | - |
| Taxes450/3 | - | €331 | €0.005m | - | - | - |
| Other amounts payable47/48 | - | €0.1m | - | €0.007m | €0.008m | ▲ 23.1% |
| Accrued charges and deferred income492/3 | - | - | €0.002m | €0.002m | €0.005m | ▲ 221% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €214,042 | €1,489 | €19,056 | -€3,843 | -€16,626 | ▼ 333% |
| + Depreciation and write-downs630 | - | €539 | €539 | - | - | - |
| Operating cash flow (approximation) | €214,042 | €2,029 | €19,595 | -€3,843 | -€16,626 | ▼ 333% |
| Investment in fixed assets (approximation) | - | - | €0 | - | - | - |
| Change in cash | - | -€785,983 | -€103,170 | -€20,524 | €7,437 | - |
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, 3,440 companies had the same profile as DW+ has now. Two years later, 90.0% were still going and 2.3% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a small loss
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of DW+ itself is lower: 0.2% within 12 months. It rests on far more data about DW+ than the profile alone.
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 3,440 companies, not a prediction for DW+. 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 |
|---|---|---|---|---|
| 30-06-2025 | micro format | 03-02-2026 | 2026-00030539 | |
| 30-06-2024 | micro format | 28-02-2025 | 2025-00041500 | |
| 30-06-2023 | abbreviated format | 31-01-2024 | 2024-00018154 | |
| 30-06-2022 | micro format | 30-01-2023 | 2023-00008873 | |
| 30-06-2021 | micro format | 29-01-2022 | 2022-03700415 |