DWDR
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-05-2026 PDF all 10 filings
Turnover
≈ €350,000
Estimated: probably between €290,000 and €410,000
Total assets
€751,137▲ 11.2%
2024 · €675,740
Net result
€96,542▼ 17.9%
2024 · €117,632
Working capital
-€173,161
2024 · €151,578
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€131,342
▼ 17.6%
2025
20182025
Net result
€96,542
▼ 17.9%
2025
highest quarter of the sector
20182025
Equity
€480,581
▼ 22.4%
2025
highest quarter of the sector
20182025
Total assets
€751,137
▲ 11.2%
2025
highest quarter of the sector
20182025
Debt
€270,555
▲ 380%
2025
20182025
Working capital
-€173,161
2025
lowest quarter of the sector
20182025
Solvency
64.0%
▼ 27.7pp
2025
middle half of the sector
20182025
Current ratio
0.36
▼ 3.33
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
12.9%
▼ 4.6pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€146,981-€146,853▼ 0.1%€116,910▼ 20.4%€170,278▲ 45.6%€203,839▲ 19.7%€150,396▼ 26.2%€159,395▲ 6.0%€131,342▼ 17.6%
Net result€110,527-€117,735▲ 6.5%€90,083above the sector's middle half▼ 23.5%€137,660above the sector's middle half▲ 52.8%€161,417above the sector's middle half▲ 17.3%€111,257above the sector's middle half▼ 31.1%€117,632above the sector's middle half▲ 5.7%€96,542above the sector's middle half▼ 17.9%
Equity€79,205-€109,290▲ 38.0%€199,373within the sector's middle half▲ 82.4%€277,033above the sector's middle half▲ 39.0%€426,450above the sector's middle half▲ 53.9%€501,707above the sector's middle half▲ 17.6%€619,339above the sector's middle half▲ 23.4%€480,581above the sector's middle half▼ 22.4%
Total assets€182,256-€396,999▲ 118%€371,455within the sector's middle half▼ 6.4%€542,015above the sector's middle half▲ 45.9%€711,697above the sector's middle half▲ 31.3%€621,195above the sector's middle half▼ 12.7%€675,740above the sector's middle half▲ 8.8%€751,137above the sector's middle half▲ 11.2%
Debt€103,052-€287,709▲ 179%€172,082▼ 40.2%€264,982▲ 54.0%€285,247▲ 7.6%€119,488▼ 58.1%€56,401▼ 52.8%€270,555▲ 380%
Working capital€73,083--€79,248€24,256within the sector's middle half-€59,466below the sector's middle half-€44,045below the sector's middle half▲ 25.9%€53,897within the sector's middle half€151,578above the sector's middle half▲ 181%-€173,161below the sector's middle half
Solvency43.5%-27.5%▼ 15.9pp53.7%within the sector's middle half▲ 26.1pp51.1%within the sector's middle half▼ 2.6pp59.9%within the sector's middle half▲ 8.8pp80.8%above the sector's middle half▲ 20.8pp91.7%above the sector's middle half▲ 10.9pp64.0%within the sector's middle half▼ 27.7pp
Current ratio1.71-0.72▼ 0.981.14within the sector's middle half▲ 0.420.78below the sector's middle half▼ 0.370.81below the sector's middle half▲ 0.041.81within the sector's middle half▲ 0.993.69within the sector's middle half▲ 1.880.36below the sector's middle half▼ 3.33
Return on assets (ROA)60.6%-29.7%▼ 31.0pp24.3%above the sector's middle half▼ 5.4pp25.4%within the sector's middle half▲ 1.1pp22.7%within the sector's middle half▼ 2.7pp17.9%within the sector's middle half▼ 4.8pp17.4%within the sector's middle half▼ 0.5pp12.9%within the sector's middle half▼ 4.6pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 18% lower than in 2024 and the lowest since 2021.
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 €751,137
Fixed assets
€653,743 ▲ 39.8%
Current assets
€97,394 ▼ 53.2%
Equity and liabilities €751,137
Equity
€480,581 ▼ 22.4%
Debt
€270,555 ▲ 380%
Debt's share of the balance-sheet total rises from 8.3% to 36.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€174,830▼
2024 · €194,122
Cash flow
€140,030▼
2024 · €152,359
Debt to equity
0.56▲
2024 · 0.09
ROE
20.1%▲
2024 · 19.0%
Interest coverage
64.80▼
2024 · 85.16
Debt ≤ 1 year
€270,555▲
2024 · €56,401
Income taxes
€32,965▼
2024 · €40,231
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €183,493 | €207,763 | €17,001 | €1,859 | €229,470 |
| Depreciation and write-downs of the year | €22,111 | €23,744 | €35,421 | €34,727 | €43,488 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,269 | €14,104 | €14,216 | €22,111 | €23,744 | €35,421 | €34,727 | €43,488 | ▲ 25.2% |
| Other operating charges640/8 | - | - | - | €1,711 | €2,673 | €7,365 | €3,816 | €29,305 | ▲ 668% |
| Gross operating margin9900 | €150,387 | €162,975 | €132,958 | €194,100 | €230,256 | €193,181 | €197,938 | €204,135 | ▲ 3.1% |
| Operating profit (loss)9901 | €146,981 | €146,853 | €116,910 | €170,278 | €203,839 | €150,396 | €159,395 | €131,342 | ▼ 17.6% |
| Financial income75/76B | - | - | - | €0 | €0 | €332 | €747 | €863 | ▲ 15.6% |
| Recurring financial income75 | €42 | €76 | €1 | €0 | €0 | €332 | €747 | €863 | ▲ 15.6% |
| Financial charges65/66B | - | - | - | €545 | €1,156 | €2,669 | €2,279 | €2,698 | ▲ 18.4% |
| Recurring financial charges65 | €391 | €205 | €222 | €545 | €1,156 | €2,669 | €2,279 | €2,698 | ▲ 18.4% |
| Profit (loss) for the period before taxes9903 | €146,632 | €146,724 | €116,689 | €169,733 | €202,683 | €148,059 | €157,863 | €129,508 | ▼ 18.0% |
| Income taxes67/77 | €36,105 | €28,989 | €26,606 | €32,073 | €41,266 | €36,801 | €40,231 | €32,965 | ▼ 18.1% |
| Profit (loss) for the period9904 | €110,527 | €117,735 | €90,083 | €137,660 | €161,417 | €111,257 | €117,632 | €96,542 | ▼ 17.9% |
| Profit (loss) for the period to be appropriated9905 | €110,527 | €117,735 | €90,083 | €137,660 | €161,417 | €111,257 | €117,632 | €96,542 | ▼ 17.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €182,256 | €396,999 | €371,455 | €542,015 | €711,697 | €621,195 | €675,740 | €751,137 | ▲ 11.2% |
| Fixed assets21/28 | €6,122 | €188,538 | €175,117 | €336,499 | €519,049 | €500,429 | €467,761 | €653,743 | ▲ 39.8% |
| Tangible fixed assets22/27 | €5,722 | €188,138 | €174,717 | €336,099 | €518,649 | €500,229 | €467,361 | €653,343 | ▲ 39.8% |
| Land and buildings22 | - | - | - | €331,364 | €514,722 | €498,533 | €466,044 | €652,212 | ▲ 39.9% |
| Plant, machinery and equipment23 | - | - | - | €1,469 | €2,308 | €1,317 | €1,161 | €1,113 | ▼ 4.2% |
| Furniture and vehicles24 | - | - | - | €3,267 | €1,619 | €380 | €156 | €17 | ▼ 88.8% |
| Financial fixed assets28 | €400 | €400 | €400 | €400 | €400 | €200 | €400 | €400 | = |
| Current assets29/58 | €176,135 | €208,461 | €196,338 | €205,516 | €192,647 | €120,766 | €207,979 | €97,394 | ▼ 53.2% |
| Amounts receivable within one year40/41 | €41,070 | €43,092 | €35,499 | €53,879 | €26,829 | €24,911 | €44,938 | €28,384 | ▼ 36.8% |
| Trade receivables40 | - | - | - | €42,449 | €26,074 | €21,411 | €42,295 | €25,570 | ▼ 39.5% |
| Other amounts receivable41 | - | - | - | €11,431 | €755 | €3,501 | €2,642 | €2,814 | ▲ 6.5% |
| Cash at bank and in hand54/58 | €133,235 | €163,539 | €159,009 | €150,264 | €147,711 | €82,748 | €151,095 | €57,344 | ▼ 62.0% |
| Deferred charges and accrued income490/1 | - | - | - | €1,372 | €18,107 | €13,107 | €11,947 | €11,666 | ▼ 2.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €182,256 | €396,999 | €371,455 | €542,015 | €711,697 | €621,195 | €675,740 | €751,137 | ▲ 11.2% |
| Equity10/15 | €79,205 | €109,290 | €199,373 | €277,033 | €426,450 | €501,707 | €619,339 | €480,581 | ▼ 22.4% |
| Contributions10/11 | €6,200 | €18,550 | - | €18,550 | €18,550 | €18,550 | €18,550 | €18,550 | = |
| Reserves13 | €73,005 | €90,740 | €180,823 | €258,483 | €407,900 | €483,157 | €600,789 | €462,031 | ▼ 23.1% |
| 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 | = |
| Distributable reserves133 | - | - | - | €256,623 | €406,040 | €481,297 | €598,929 | €460,171 | ▼ 23.2% |
| Amounts payable17/49 | €103,052 | €287,709 | €172,082 | €264,982 | €285,247 | €119,488 | €56,401 | €270,555 | ▲ 380% |
| Amounts payable after more than one year17 | - | - | - | - | €48,555 | €52,619 | - | - | - |
| Financial debts170/4 | - | - | - | - | €48,555 | €52,619 | - | - | - |
| Amounts payable within one year42/48 | €103,052 | €287,709 | €172,082 | €264,982 | €236,692 | €66,868 | €56,401 | €270,555 | ▲ 380% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €20,760 | €44,141 | €34,306 | €5,410 | ▼ 84.2% |
| Trade debts44 | €2,297 | €186,753 | €107,280 | €203,859 | €197,237 | €2,667 | €594 | €474 | ▼ 20.2% |
| Suppliers440/4 | - | - | - | €203,859 | €197,237 | €2,667 | €594 | €474 | ▼ 20.2% |
| Taxes, remuneration and social security45 | - | - | - | €18,676 | €11,042 | €11,211 | €12,651 | €13,830 | ▲ 9.3% |
| Taxes450/3 | - | - | - | €18,676 | €11,042 | €11,211 | €12,651 | €13,830 | ▲ 9.3% |
| Other amounts payable47/48 | - | - | - | €42,446 | €7,652 | €8,850 | €8,850 | €250,842 | ▲ 28× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €110,527 | €117,735 | €90,083 | €137,660 | €161,417 | €111,257 | €117,632 | €96,542 | ▼ 17.9% |
| + Depreciation and write-downs630 | €2,269 | €14,104 | €14,216 | €22,111 | €23,744 | €35,421 | €34,727 | €43,488 | ▲ 25.2% |
| Operating cash flow (approximation) | €112,796 | €131,839 | €104,299 | €159,771 | €185,161 | €146,678 | €152,359 | €140,030 | ▼ 8.1% |
| Investment in fixed assets (approximation) | - | -€196,520 | -€795 | -€183,493 | -€206,295 | -€16,801 | -€2,059 | -€229,470 | ▼ 11,045% |
| Change in cash | - | €30,304 | -€4,530 | -€8,745 | -€2,553 | -€64,964 | €68,347 | -€93,751 | - |
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, 17,811 companies had the same profile as DWDR has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of DWDR 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 17,811 companies, not a prediction for DWDR. 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 (10)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-05-2026 | 2026-00120909 | |
| 31-12-2024 | micro format | 10-06-2025 | 2025-00131959 | |
| 31-12-2023 | micro format | 18-06-2024 | 2024-00141878 | |
| 31-12-2022 | micro format | 30-06-2023 | 2023-00201950 | |
| 31-12-2021 | micro format | 30-05-2022 | 2022-20040659 | |
| 31-12-2020 | micro format | 07-04-2021 | 2021-10100322 | |
| 31-12-2019 | micro format | 12-06-2020 | 2020-17000272 | |
| 31-12-2018 | micro format | 11-02-2019 | 2019-04900537 | |
| 31-12-2017 | micro format | 29-06-2018 | 2018-25900527 | |
| 31-12-2016 | micro format | 19-05-2017 | 2017-12900106 |