DW projects
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00466951.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 19 filings
Turnover
≈ €870,000
Estimated: probably between €550,000 and €1.2m
Total assets
€392,769▼ 0.4%
2024 · €394,423
Net result
€10,653▲ 4.2%
2024 · €10,227
Working capital
€307,203▲ 6.3%
2024 · €288,870
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€17,465
▲ 12.8%
2025
20182025
Net result
€10,653
▲ 4.2%
2025
middle half of the sector
20182025
Equity
€376,023
▲ 2.9%
2025
highest quarter of the sector
20182025
Total assets
€392,769
▼ 0.4%
2025
highest quarter of the sector
20182025
Debt
€16,746
▼ 42.4%
2025
20182025
Working capital
€307,203
▲ 6.3%
2025
highest quarter of the sector
20182025
Solvency
95.7%
▲ 3.1pp
2025
highest quarter of the sector
20182025
Current ratio
19.35
▲ 8.40
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.7%
▲ 0.1pp
2025
middle half of the sector
20182025
Staff (FTE)
3.8
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€60,811-€25,351▼ 58.3%€32,308▲ 27.4%€30,628▼ 5.2%€20,735▼ 32.3%€53,329▲ 157%€15,487▼ 71.0%€17,465▲ 12.8%
Net result€37,107-€14,444▼ 61.1%€10,682within the sector's middle half▼ 26.0%€27,518above the sector's middle half▲ 158%€11,335within the sector's middle half▼ 58.8%€35,132above the sector's middle half▲ 210%€10,227within the sector's middle half▼ 70.9%€10,653within the sector's middle half▲ 4.2%
Equity€256,032-€270,476▲ 5.6%€281,158above the sector's middle half▲ 3.9%€308,676above the sector's middle half▲ 9.8%€320,011above the sector's middle half▲ 3.7%€355,143above the sector's middle half▲ 11.0%€365,370above the sector's middle half▲ 2.9%€376,023above the sector's middle half▲ 2.9%
Total assets€349,923-€319,877▼ 8.6%€300,562above the sector's middle half▼ 6.0%€331,434above the sector's middle half▲ 10.3%€330,851above the sector's middle half▼ 0.2%€393,153above the sector's middle half▲ 18.8%€394,423above the sector's middle half▲ 0.3%€392,769above the sector's middle half▼ 0.4%
Debt€93,891-€49,402▼ 47.4%€19,405▼ 60.7%€22,758▲ 17.3%€10,840▼ 52.4%€38,010▲ 251%€29,053▼ 23.6%€16,746▼ 42.4%
Working capital€140,260-€140,885▲ 0.4%€163,306above the sector's middle half▲ 15.9%€203,232above the sector's middle half▲ 24.4%€227,824above the sector's middle half▲ 12.1%€271,297above the sector's middle half▲ 19.1%€288,870above the sector's middle half▲ 6.5%€307,203above the sector's middle half▲ 6.3%
Solvency73.2%-84.6%▲ 11.4pp93.5%above the sector's middle half▲ 9.0pp93.1%above the sector's middle half▼ 0.4pp96.7%above the sector's middle half▲ 3.6pp90.3%above the sector's middle half▼ 6.4pp92.6%above the sector's middle half▲ 2.3pp95.7%above the sector's middle half▲ 3.1pp
Current ratio3.45-4.91▲ 1.459.42above the sector's middle half▲ 4.519.93above the sector's middle half▲ 0.5122.02above the sector's middle half▲ 12.098.14above the sector's middle half▼ 13.8810.94above the sector's middle half▲ 2.8119.35above the sector's middle half▲ 8.40
Return on assets (ROA)10.6%-4.5%▼ 6.1pp3.6%within the sector's middle half▼ 1.0pp8.3%within the sector's middle half▲ 4.7pp3.4%within the sector's middle half▼ 4.9pp8.9%within the sector's middle half▲ 5.5pp2.6%within the sector's middle half▼ 6.3pp2.7%within the sector's middle half▲ 0.1pp
Staff (FTE)3-2.9▼ 3.3%3.4above the sector's middle half▲ 17.2%3.8▲ 11.8%3.1▼ 18.4%4▲ 29.0%3.8▼ 5.0%3.8=
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 13% higher than in 2024. It is a recovery after the fall in 2024.
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 €392,769
Fixed assets
€68,819 ▼ 10.0%
Current assets
€323,949 ▲ 1.9%
Equity and liabilities €392,769
Equity
€376,023 ▲ 2.9%
Debt
€16,746 ▼ 42.4%
Debt's share of the balance-sheet total falls from 7.4% to 4.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€26,090▲
2024 · €25,974
Cash flow
€19,278▼
2024 · €20,714
Quick ratio
13.48▲
2024 · 7.50
Debt to equity
0.04▼
2024 · 0.08
ROE
2.8%▲
2024 · 2.8%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€16,746▼
2024 · €29,053
Income taxes
€8,743▲
2024 · €5,553
Staff costs
€256,453▲
2024 · €249,325
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 3 | 4 | 4 | 4 | 4 |
| full-time | 3 | 3 | 3 | 3 | 3 |
| part-time | - | 1 | 1 | 1 | 1 |
| in full-time equivalents | 3 | 3.8 | 3.8 | 3.8 | 3.8 |
| Average over the year, in full-time equivalents | 3.8 | 3.1 | 4 | 3.8 | 3.8 |
| On a permanent contract | 3 | 4 | 4 | 4 | 4 |
| Joined | 7 | 2 | 1 | - | - |
| Left | 7 | 1 | 1 | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | €50,000 | €50,000 | - |
| Carrying value of the mortgaged assets | - | - | €80,403 | €71,300 | - |
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 | €1,092 | - | €1,635 | €5,103 | €775 |
| Financial fixed assets | €65 | €310 | €585 | - | €169 |
| Depreciation and write-downs of the year | €13,566 | €13,566 | €10,562 | €10,487 | €8,625 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €162,303 | €187,316 | €237,909 | €249,325 | €256,453 | ▲ 2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,032 | €12,670 | €13,252 | €13,566 | €13,566 | €10,562 | €10,487 | €8,625 | ▼ 17.7% |
| Other operating charges640/8 | - | - | - | €2,211 | €1,998 | €2,208 | €2,022 | €2,471 | ▲ 22.2% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €465 | - | - |
| Gross operating margin9900 | €255,129 | €131,313 | €187,835 | €208,708 | €223,615 | €304,008 | €277,786 | €285,014 | ▲ 2.6% |
| Operating profit (loss)9901 | €60,811 | €25,351 | €32,308 | €30,628 | €20,735 | €53,329 | €15,487 | €17,465 | ▲ 12.8% |
| Financial income75/76B | - | - | - | €319 | €252 | €562 | €546 | €2,013 | ▲ 269% |
| Recurring financial income75 | €0 | €1 | €0 | €319 | €252 | €562 | €546 | €2,013 | ▲ 269% |
| Financial charges65/66B | - | - | - | €581 | €704 | €299 | €252 | €82 | ▼ 67.5% |
| Recurring financial charges65 | €1,813 | €1,513 | €1,069 | €581 | €704 | €299 | €252 | €82 | ▼ 67.5% |
| Profit (loss) for the period before taxes9903 | €58,998 | €23,839 | €31,240 | €30,366 | €20,283 | €53,593 | €15,780 | €19,396 | ▲ 22.9% |
| Income taxes67/77 | €21,891 | €9,395 | €20,558 | €2,848 | €8,948 | €18,461 | €5,553 | €8,743 | ▲ 57.4% |
| Profit (loss) for the period9904 | €37,107 | €14,444 | €10,682 | €27,518 | €11,335 | €35,132 | €10,227 | €10,653 | ▲ 4.2% |
| Profit (loss) for the period to be appropriated9905 | €37,107 | €14,444 | €10,682 | €27,518 | €11,335 | €35,132 | €10,227 | €10,653 | ▲ 4.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €349,923 | €319,877 | €300,562 | €331,434 | €330,851 | €393,153 | €394,423 | €392,769 | ▼ 0.4% |
| Fixed assets21/28 | €152,517 | €142,923 | €117,852 | €105,443 | €92,187 | €83,846 | €76,500 | €68,819 | ▼ 10.0% |
| Tangible fixed assets22/27 | €151,617 | €141,698 | €116,459 | €103,986 | €90,420 | €81,493 | €76,109 | €68,260 | ▼ 10.3% |
| Land and buildings22 | - | - | - | €99,708 | €90,056 | €80,403 | €71,300 | €64,400 | ▼ 9.7% |
| Plant, machinery and equipment23 | - | - | - | €4,277 | €364 | €1,090 | €4,809 | €3,860 | ▼ 19.7% |
| Financial fixed assets28 | €899 | €1,225 | €1,393 | €1,458 | €1,767 | €2,353 | €391 | €560 | ▲ 43.2% |
| Current assets29/58 | €197,406 | €176,954 | €182,710 | €225,991 | €238,664 | €309,308 | €317,923 | €323,949 | ▲ 1.9% |
| Amounts receivable after more than one year29 | - | - | - | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Other amounts receivable291 | - | - | - | €25,000 | €25,000 | €25,000 | €25,000 | €25,000 | = |
| Stocks and contracts in progress3 | €14,750 | €9,180 | €10,260 | €12,810 | €51,780 | €33,115 | €99,901 | €98,200 | ▼ 1.7% |
| Stocks30/36 | - | - | - | €12,810 | €30,600 | €20,615 | €32,401 | €36,200 | ▲ 11.7% |
| Contracts in progress37 | - | - | - | - | €21,180 | €12,500 | €67,500 | €62,000 | ▼ 8.1% |
| Amounts receivable within one year40/41 | €78,931 | €61,679 | €75,267 | €12,472 | €72,053 | €41,013 | €66,570 | €40,129 | ▼ 39.7% |
| Trade receivables40 | - | - | - | €3,372 | €66,041 | €41,013 | €63,070 | €37,076 | ▼ 41.2% |
| Other amounts receivable41 | - | - | - | €9,100 | €6,012 | - | €3,500 | €3,053 | ▼ 12.8% |
| Current investments50/53 | - | - | - | - | - | - | €75,000 | €50,000 | ▼ 33.3% |
| Cash at bank and in hand54/58 | €98,690 | €100,521 | €92,767 | €169,607 | €84,466 | €203,418 | €44,645 | €103,688 | ▲ 132% |
| Deferred charges and accrued income490/1 | - | - | - | €6,101 | €5,366 | €6,762 | €6,808 | €6,932 | ▲ 1.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €349,923 | €319,877 | €300,562 | €331,434 | €330,851 | €393,153 | €394,423 | €392,769 | ▼ 0.4% |
| Equity10/15 | €256,032 | €270,476 | €281,158 | €308,676 | €320,011 | €355,143 | €365,370 | €376,023 | ▲ 2.9% |
| Contributions10/11 | €115,296 | €115,296 | - | €115,296 | €115,296 | €115,296 | €115,296 | €115,296 | = |
| Reserves13 | €140,737 | €155,180 | €165,862 | €193,380 | €204,715 | €239,847 | €250,074 | €260,727 | ▲ 4.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €191,520 | €202,855 | €239,847 | €250,074 | €260,727 | ▲ 4.3% |
| Amounts payable17/49 | €93,891 | €49,402 | €19,405 | €22,758 | €10,840 | €38,010 | €29,053 | €16,746 | ▼ 42.4% |
| Amounts payable after more than one year17 | €36,745 | €13,332 | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €57,146 | €36,069 | €19,405 | €22,758 | €10,840 | €38,010 | €29,053 | €16,746 | ▼ 42.4% |
| Trade debts44 | €16,959 | €6,455 | €3,272 | €19,096 | €6,592 | €25,850 | €10,463 | €12,869 | ▲ 23.0% |
| Suppliers440/4 | - | - | - | €19,096 | €6,592 | €25,850 | €10,463 | €12,869 | ▲ 23.0% |
| Taxes, remuneration and social security45 | - | - | - | €2,752 | €1,134 | €8,526 | €15,374 | €1,065 | ▼ 93.1% |
| Taxes450/3 | - | - | - | €2,752 | €1,134 | €8,526 | €15,374 | €1,065 | ▼ 93.1% |
| Other amounts payable47/48 | - | - | - | €911 | €3,115 | €3,634 | €3,216 | €2,812 | ▼ 12.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €37,107 | €14,444 | €10,682 | €27,518 | €11,335 | €35,132 | €10,227 | €10,653 | ▲ 4.2% |
| + Depreciation and write-downs630 | €18,032 | €12,670 | €13,252 | €13,566 | €13,566 | €10,562 | €10,487 | €8,625 | ▼ 17.7% |
| Operating cash flow (approximation) | €55,139 | €27,113 | €23,934 | €41,084 | €24,901 | €45,694 | €20,714 | €19,278 | ▼ 6.9% |
| Investment in fixed assets (approximation) | - | -€3,076 | €11,819 | -€1,157 | -€310 | -€2,220 | -€3,141 | -€944 | ▲ 69.9% |
| Change in cash | - | €1,831 | -€7,754 | €76,840 | -€85,142 | €118,953 | -€158,774 | €59,043 | - |
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 DW projects has now. Two years later, 95.1% 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
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of DW projects 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 10,904 companies, not a prediction for DW projects. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00466951 | |
| 31-12-2024 | micro format | 16-09-2025 | 2025-00492043 | |
| 31-12-2023 | micro format | 26-08-2024 | 2024-00369009 | |
| 31-12-2022 | micro format | 14-08-2023 | 2023-00326898 | |
| 31-12-2021 | micro format | 29-06-2022 | 2022-20103627 | |
| 31-12-2020 | micro format | 14-07-2021 | 2021-34800168 | |
| 31-12-2019 | micro format | 30-07-2020 | 2020-36600349 | |
| 31-12-2018 | micro format | 12-07-2019 | 2019-31600514 | |
| 31-12-2017 | abbreviated format | 01-08-2018 | 2018-41200591 | |
| 31-12-2016 | abbreviated format | 28-06-2017 | 2017-22000368 |