DWARS
ActiveSummary
DWARS has been active since 2019 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €62,401 and a net result of €142. Equity has been growing by about 14% per year since 2020. Its solvency ranks better than 66% of 503 sector peers (NACE 59, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 08-08-2019 Normal situation
- Activity
- Video and film production, excluding cinema and television films NACE 59113and 1 other
- Establishment unit
- 2.292.589.159 2100 Antwerpen, since 08-08-2019
- Financial year end
- 31 December
- Peppol
- Reachable since 21-10-2026
Financial position
- Bankruptcy probabilitywithin 12 months
- 0.2%
Annual accounts 2025
- Gross margin
- €22,385
- ▼ 47.8%
- Turnover
- ≈ €74,000
- estimated
- Profit
- €142
- ▼ 98.9%
- Equity
- €62,401
- ▲ 0.2%
- Total assets
- €116,598
- ▼ 12.9%
Score breakdownlowers riskLiquidity: current ratio 1.70, cash €20,265Sector: Motion picture, video and television programme production, sound recording and music publishing activities (NACE 59)Equity €62,401 (53.5% of total assets)Figures for financial year 2025 (filed on 31-03-2026)Show the evidence
Checked score
Score 2025
89
/ 100
Excellent
Probability in this band: under 0.55%
Financially stronger than 51% of micro companies in film, video and music (NACE 59)
Financial strength · tick: 2024
Strong
Solvency
79+7
equity 53.5% of total assets
Liquidity
58+12
short-term debt 32.1% · cash 17.4%
Profitability
69-12
return on assets 0.1%
Bankruptcy probability within 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.8%
01-2025: 0.8%● unchanged vs 12-2024
02-2025: 0.8%● unchanged vs 01-2025
03-2025: 0.8%● unchanged vs 02-2025
04-2025: 0.8%● unchanged vs 03-2025highest value
05-2025: 0.8%● unchanged vs 04-2025
06-2025: 0.8%● unchanged vs 05-2025
07-2025: 0.8%● unchanged vs 06-2025
08-2025: 0.8%● unchanged vs 07-2025
09-2025: 0.8%● unchanged vs 08-2025
10-2025: 0.8%● unchanged vs 09-2025
11-2025: 0.7%▼ -0.1 percentage points vs 10-2025
12-2025: 0.7%● unchanged vs 11-2025
01-2026: 0.7%● unchanged vs 12-2025
02-2026: 0.7%● unchanged vs 01-2026
03-2026: 0.7%● unchanged vs 02-2026
04-2026: 0.3%▼ -0.4 percentage points vs 03-2026
05-2026: 0.3%● unchanged vs 04-2026
06-2026: 0.2%▼ -0.1 percentage points vs 05-2026
07-2026: 0.2%● unchanged vs 06-2026
08-2026: 0.2%● unchanged vs 07-2026
09-2026: 0.2%● unchanged vs 08-2026lowest value
10-2026: 0.2%● unchanged vs 09-2026lowest value
11-2026: 0.2%● unchanged vs 10-2026lowest value
Credit of up to €5,000 on 30-day terms is acceptable
Liquidity is ample, with a current ratio of 1.7 (1.55 in 2024), above the usual 1.5. Short-term debt is 32.1% and cash 17.4% of total assets. 46.5% of the assets are financed with debt and provisions.
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 59, micro). It does better than 58% of them on solvency, 52% on liquidity, 44% on profitability and 49% on growth.
The bankruptcy probability was computed on 02-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Credit check for an amount and term of your choice
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Five signals.
lowers riskneutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-03-2026, 122 days ahead of the deadline.
NBB · 6 filingsDeviation from the deadline
2025
122 days early
2024
99 days early
2023
36 days early
2022
35 days early
2021
2 days early
2020
30 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 6 accounts on average 44 days before the deadline. In the sector (NACE 59), the median for financial year 2024 was 2 days before the deadline, and 41% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 26 June (4 of the last 5 accounts filed within 64 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
03-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-03-2026 PDF all 6 filings
Turnover
≈ €74,000
Estimated: probably between €44,000 and €170,000
Total assets
€116,598▼ 12.9%
2024 · €133,842
Net result
€142▼ 98.9%
2024 · €13,405
Working capital
€26,264▲ 2.9%
2024 · €25,524
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€2,074
▼ 88.7%
2025
20202025
Net result
€142
▼ 98.9%
2025
middle half of the sector
20202025
Equity
€62,401
▲ 0.2%
2025
middle half of the sector
20202025
Total assets
€116,598
▼ 12.9%
2025
middle half of the sector
20202025
Debt
€54,198
▼ 24.3%
2025
20202025
Working capital
€26,264
▲ 2.9%
2025
middle half of the sector
20202025
Solvency
53.5%
▲ 7.0pp
2025
middle half of the sector
20202025
Current ratio
1.70
▲ 0.15
2025
middle half of the sector
20202025
Return on assets (ROA)
0.1%
▼ 9.9pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€32,431-€23,543▼ 27.4%€3,207▼ 86.4%€3,198▼ 0.3%€18,430▲ 476%€2,074▼ 88.7%
Net result€22,506above the sector's middle half-€18,463within the sector's middle half▼ 18.0%€1,762within the sector's middle half▼ 90.5%€1,122within the sector's middle half▼ 36.3%€13,405within the sector's middle half▲ 12×€142within the sector's middle half▼ 98.9%
Equity€27,506within the sector's middle half-€45,969within the sector's middle half▲ 67.1%€47,731within the sector's middle half▲ 3.8%€48,853within the sector's middle half▲ 2.4%€62,258within the sector's middle half▲ 27.4%€62,401within the sector's middle half▲ 0.2%
Total assets€46,405within the sector's middle half-€105,122within the sector's middle half▲ 127%€100,660within the sector's middle half▼ 4.2%€114,608below the sector's middle half▲ 13.9%€133,842below the sector's middle half▲ 16.8%€116,598within the sector's middle half▼ 12.9%
Debt€18,899-€59,153▲ 213%€52,929▼ 10.5%€65,754▲ 24.2%€71,584▲ 8.9%€54,198▼ 24.3%
Working capital€21,115within the sector's middle half-€23,709within the sector's middle half▲ 12.3%€15,891within the sector's middle half▼ 33.0%-€1,442below the sector's middle half€25,524within the sector's middle half€26,264within the sector's middle half▲ 2.9%
Solvency59.3%within the sector's middle half-43.7%within the sector's middle half▼ 15.5pp47.4%within the sector's middle half▲ 3.7pp42.6%within the sector's middle half▼ 4.8pp46.5%within the sector's middle half▲ 3.9pp53.5%within the sector's middle half▲ 7.0pp
Current ratio2.12within the sector's middle half-2.11within the sector's middle half=1.64within the sector's middle half▼ 0.470.97below the sector's middle half▼ 0.681.55within the sector's middle half▲ 0.581.70within the sector's middle half▲ 0.15
Return on assets (ROA)48.5%above the sector's middle half-17.6%within the sector's middle half▼ 30.9pp1.8%within the sector's middle half▼ 15.8pp1.0%within the sector's middle half▼ 0.8pp10.0%within the sector's middle half▲ 9.0pp0.1%within the sector's middle half▼ 9.9pp
above
within
below
The sector band is the middle half of the companies in Motion picture, video and television programme production, sound recording and music publishing activities (NACE 59). 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 89% lower than in 2024 and the lowest since 2021.
Turnover and EBIT margin are not published. The abbreviated or 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 €116,598
Fixed assets
€52,857 ▼ 14.5%
Current assets
€63,742 ▼ 11.5%
Equity and liabilities €116,598
Equity
€62,401 ▲ 0.2%
Debt
€54,198 ▼ 24.3%
Debt's share of the balance-sheet total falls from 53.5% to 46.5%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€17,345▼
2024 · €40,597
Cash flow
€15,413▼
2024 · €35,572
Debt to equity
0.87▼
2024 · 1.15
ROE
0.2%▼
2024 · 21.5%
Interest coverage
13.86▼
2024 · 29.69
Debt ≤ 1 year
€37,478▼
2024 · €46,486
Debt > 1 year
€14,000▼
2024 · €22,385
Income taxes
€681▼
2024 · €5,526
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 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | - | - | €28,150 | €21,851 | €8,385 |
| Pledge on the business | - | - | €49,000 | €49,000 | €49,000 |
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 | €58,778 | €15,642 | €34,771 | €9,515 | €24,672 |
| Financial fixed assets | - | - | €900 | - | - |
| Depreciation and write-downs of the year | €5,064 | €15,757 | €18,472 | €22,167 | €15,270 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,716 | €5,064 | €15,757 | €18,472 | €22,167 | €15,270 | ▼ 31.1% |
| Other operating charges640/8 | - | €596 | €1,222 | €3,688 | €2,323 | €5,040 | ▲ 117% |
| Gross operating margin9900 | €34,580 | €29,203 | €20,187 | €25,357 | €42,920 | €22,385 | ▼ 47.8% |
| Operating profit (loss)9901 | €32,431 | €23,543 | €3,207 | €3,198 | €18,430 | €2,074 | ▼ 88.7% |
| Financial income75/76B | - | €5 | €255 | €597 | €1,869 | - | - |
| Recurring financial income75 | €626 | €5 | €255 | €597 | €1,869 | - | - |
| Financial charges65/66B | - | €646 | €724 | €1,364 | €1,368 | €1,251 | ▼ 8.5% |
| Recurring financial charges65 | €51 | €646 | €724 | €1,364 | €1,368 | €1,251 | ▼ 8.5% |
| Profit (loss) for the period before taxes9903 | €33,006 | €22,902 | €2,739 | €2,430 | €18,931 | €823 | ▼ 95.7% |
| Income taxes67/77 | €10,500 | €4,439 | €976 | €1,308 | €5,526 | €681 | ▼ 87.7% |
| Profit (loss) for the period9904 | €22,506 | €18,463 | €1,762 | €1,122 | €13,405 | €142 | ▼ 98.9% |
| Profit (loss) for the period to be appropriated9905 | €22,506 | €18,463 | €1,762 | €1,122 | €13,405 | €142 | ▼ 98.9% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €46,405 | €105,122 | €100,660 | €114,608 | €133,842 | €116,598 | ▼ 12.9% |
| Fixed assets21/28 | €6,391 | €60,105 | €59,990 | €74,484 | €61,832 | €52,857 | ▼ 14.5% |
| Tangible fixed assets22/27 | €6,391 | €60,105 | €59,990 | €73,584 | €60,932 | €51,957 | ▼ 14.7% |
| Plant, machinery and equipment23 | - | - | €2,277 | €5,543 | €7,029 | €4,955 | ▼ 29.5% |
| Furniture and vehicles24 | - | €60,105 | €57,714 | €45,926 | €30,735 | €26,394 | ▼ 14.1% |
| Other tangible fixed assets26 | - | - | - | €22,115 | €23,168 | €20,607 | ▼ 11.1% |
| Financial fixed assets28 | - | - | - | €900 | €900 | €900 | = |
| Current assets29/58 | €40,014 | €45,017 | €40,670 | €40,124 | €72,011 | €63,742 | ▼ 11.5% |
| Amounts receivable within one year40/41 | €24,935 | €31,459 | €37,064 | €28,628 | €59,463 | €42,649 | ▼ 28.3% |
| Trade receivables40 | - | €21,054 | €32,168 | €26,112 | €59,463 | €42,649 | ▼ 28.3% |
| Other amounts receivable41 | - | €10,405 | €4,896 | €2,517 | - | - | - |
| Cash at bank and in hand54/58 | €15,079 | €13,558 | €3,584 | €11,045 | €12,547 | €20,265 | ▲ 61.5% |
| Deferred charges and accrued income490/1 | - | - | €21 | €450 | - | €828 | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €46,405 | €105,122 | €100,660 | €114,608 | €133,842 | €116,598 | ▼ 12.9% |
| Equity10/15 | €27,506 | €45,969 | €47,731 | €48,853 | €62,258 | €62,401 | ▲ 0.2% |
| Contributions10/11 | - | €5,000 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Reserves13 | €20,000 | €40,000 | €42,500 | €43,853 | €57,258 | €57,401 | ▲ 0.2% |
| Distributable reserves133 | - | €40,000 | €42,500 | €43,853 | €57,258 | €57,401 | ▲ 0.2% |
| Profit (loss) carried forward14 | €2,506 | €969 | €231 | - | - | - | - |
| Amounts payable17/49 | €18,899 | €59,153 | €52,929 | €65,754 | €71,584 | €54,198 | ▼ 24.3% |
| Amounts payable after more than one year17 | - | €37,845 | €28,150 | €21,851 | €22,385 | €14,000 | ▼ 37.5% |
| Financial debts170/4 | - | €37,845 | €28,150 | €21,851 | €22,385 | €14,000 | ▼ 37.5% |
| Amounts payable within one year42/48 | €18,899 | €21,308 | €24,779 | €41,566 | €46,486 | €37,478 | ▼ 19.4% |
| Current portion of amounts payable after more than one year42 | - | €9,572 | €9,695 | €13,481 | €13,465 | €8,385 | ▼ 37.7% |
| Financial debts43 | - | - | - | €254 | €163 | - | - |
| Credit institutions430/8 | - | - | - | €254 | €163 | - | - |
| Trade debts44 | €8,399 | €10,886 | €15,006 | €26,485 | €20,678 | €21,965 | ▲ 6.2% |
| Suppliers440/4 | - | €10,886 | €15,006 | €26,485 | €20,678 | €21,965 | ▲ 6.2% |
| Taxes, remuneration and social security45 | - | €850 | €77 | €1,345 | €12,180 | €6,762 | ▼ 44.5% |
| Taxes450/3 | - | €850 | €77 | €1,345 | €12,180 | €6,762 | ▼ 44.5% |
| Other amounts payable47/48 | - | - | - | - | - | €365 | - |
| Accrued charges and deferred income492/3 | - | - | - | €2,338 | €2,712 | €2,720 | ▲ 0.3% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,506 | €18,463 | €1,762 | €1,122 | €13,405 | €142 | ▼ 98.9% |
| + Depreciation and write-downs630 | €1,716 | €5,064 | €15,757 | €18,472 | €22,167 | €15,270 | ▼ 31.1% |
| Operating cash flow (approximation) | €24,222 | €23,527 | €17,520 | €19,594 | €35,572 | €15,413 | ▼ 56.7% |
| Investment in fixed assets (approximation) | - | -€58,778 | -€15,643 | -€32,965 | -€9,515 | -€6,295 | ▲ 33.8% |
| Change in cash | - | -€1,521 | -€9,974 | €7,461 | €1,502 | €7,718 | ▲ 414% |
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, 5,047 companies had the same profile as DWARS has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.9%
was still going
3.8%
stopped otherwise
2.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of DWARS itself is lower: 0.2% within 12 months. It rests on far more data about DWARS 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 5,047 companies, not a prediction for DWARS. 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 (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-03-2026 | 2026-00067340 | |
| 31-12-2024 | abbreviated format | 23-04-2025 | 2025-00073098 | |
| 31-12-2023 | abbreviated format | 25-06-2024 | 2024-00158288 | |
| 31-12-2022 | micro format | 26-06-2023 | 2023-00165781 | |
| 31-12-2021 | micro format | 29-07-2022 | 2022-20247753 | |
| 31-12-2020 | micro format | 30-08-2021 | 2021-59800337 |
Board & ownership
Directors
Directors
1 director, last change in 2025
SNDR BV
Current
Director · Legal entity · listed in the 2025 annual accounts, filed on 31-03-2026
Owners and capital
Owners
Mandate history
5 people, 1 in office
- Board
- began earlier
- end not dated
| Name | Functions and periods |
|---|---|
| SNDR BV |
|
| Marc Riemis |
|
| To Do's |
|
| Wannes Riemis |
|
| WAAN |
|
Network & group
DWARS shares no director with another company.
Companies at the same address
2 other companiesConnections & network
1 current directorThe network starts from the directors of DWARS. Every other company they run is a node.
This company
Company
Director
Shareholding
+N: links not shown yet
Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
31-03
abbreviated format · 122 days before the deadline
2025
31-12
Financial
Weakest financial yearnet €142 ▼98.9%
The net result drops to €142, the lowest from 2020 to 2025.
23-04
abbreviated format · 99 days before the deadline
13-01
Gazette deed
Resignations: To Do's (director) and Wannes Riemis (director)Permanent representative: Sander Denayer · Name change · Power of attorney7 points ▸
Gazette deed
Resignations: To Do's (director) and Wannes Riemis (director)
Permanent representative: Sander Denayer · Name change · Power of attorney7 points ▸
- General meeting, 24-06-2024
- Director resignation, To Do's (director)
- Name change, Polly
- Director resignation, Wannes Riemis (director)
- Director in office, Marc Riemis (actieve bestuurder)
- Power of attorney, Accountantskantoor J & J
- Permanent representative, Sander Denayer
2024
25-06
abbreviated format · 36 days before the deadline
29-05
Gazette deed
Registered office moved to Antwerpen2 points ▸
Gazette deed
Registered office moved to Antwerpen
2 points ▸
- Board meeting, 25-03-2024
- Registered-office move, Van Dornestraat 98,2100 Antwerpen
2023
07-07
Gazette deed
Resignation: Waan CommV (director)Director discharge5 points ▸
Gazette deed
Resignation: Waan CommV (director)
Director discharge5 points ▸
- General meeting, 31-05-2023
- Director resignation, Waan CommV (director)
- Director discharge, Waan CommV
- Other provision, “geen vervanging na ontslag bestuurder” (deed in Dutch)
- Other provision, “aanduiding bij ontslag bestuurder, ovv de heer David Struik” (deed in Dutch)
26-06
micro format · 35 days before the deadline
2022
29-07
micro format · 2 days before the deadline
2021
30-08
micro format · 30 days late
2019
12-08
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
DWARS in Dutch
Enterprise number
0731.971.502
Legal form
Private limited company
Status
Active, normale toestand
Founded
08-08-2019
Entity type
Legal entity
Registered office and establishments
Registered office
Van Dornestraat 98, 2100 Antwerpen, Belgium
Establishment unit
DWARS, Van Dornestraat 98, 2100 Antwerpen since 08-08-2019 · unit number 2.292.589.1591813005 Pre-press and pre-media services
Activities
NACEBEL 202559113
Video and film production, excluding cinema and television films main activity
74120
Graphic design and visual communication
Codes under NACEBEL 2008
59113
Motion picture, video and television programme production, sound recording and music publishing activities main activity
74103
Other professional, scientific and technical activities
Invoicing and payment
VAT number
BE 0731.971.502
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Sites & property
Location
Buildings and parcels at the address
Ground area
489 m²
Building footprint
456 m²
Building volume
1,833 m³
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 11342A0105/00P009 | Flanders | 489 m² | 1 · 456 m² | 9.3 m · 1 |