DWL
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 10-06-2026 PDF all 10 filings
Turnover
≈ €450,000
Estimated: probably between €280,000 and €1.0m
Total assets
€779,650▼ 67.2%
2024 · €2.4m
Net result
€95,027▼ 58.2%
2024 · €227,564
Working capital
€6,971▼ 96.1%
2024 · €177,477
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€153,716
▼ 55.7%
2025
20182025
Net result
€95,027
▼ 58.2%
2025
highest quarter of the sector
20182025
Equity
€355,863
▲ 36.4%
2025
middle half of the sector
20182025
Total assets
€779,650
▼ 67.2%
2025
middle half of the sector
20182025
Debt
€423,786
▼ 80.0%
2025
20182025
Working capital
€6,971
▼ 96.1%
2025
middle half of the sector
20182025
Solvency
45.6%
▲ 34.7pp
2025
middle half of the sector
20182025
Current ratio
1.05
▼ 0.07
2025
middle half of the sector
20182025
Return on assets (ROA)
12.2%
▲ 2.6pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.04m-€0.04m▲ 1.0%€0.04m▼ 8.5%€0.03m▼ 25.9%€0.06m▲ 101%€0.06m▼ 2.2%€0.3m▲ 496%€0.2m▼ 55.7%
Net result€0.01m-€0.01m▲ 19.7%€0.01mwithin the sector's middle half▼ 15.4%€0.001mwithin the sector's middle half▼ 93.2%€0.02mwithin the sector's middle half▲ 35×€0.02mwithin the sector's middle half▼ 16.5%€0.2mabove the sector's middle half▲ 12×€0.1mabove the sector's middle half▼ 58.2%
Equity-€0.03m--€0.02m▲ 36.3%-€0.01mbelow the sector's middle half▲ 48.2%-€0.01mbelow the sector's middle half▲ 6.3%€0.01mbelow the sector's middle half€0.03mbelow the sector's middle half▲ 144%€0.3mwithin the sector's middle half▲ 684%€0.4mwithin the sector's middle half▲ 36.4%
Total assets€1.1m-€1.1m▼ 2.1%€1.1mwithin the sector's middle half▲ 0.8%€1.1mwithin the sector's middle half▼ 2.7%€1.1mwithin the sector's middle half▼ 1.8%€1.1mwithin the sector's middle half▲ 5.0%€2.4mwithin the sector's middle half▲ 114%€0.8mwithin the sector's middle half▼ 67.2%
Debt€1.2m-€1.1m▼ 3.0%€1.1m▼ 0.1%€1.1m▼ 2.7%€1.0m▼ 4.0%€1.1m▲ 3.1%€2.1m▲ 96.4%€0.4m▼ 80.0%
Working capital-€0.05m--€0.07m▼ 57.8%-€0.07mwithin the sector's middle half▲ 3.1%-€0.08mwithin the sector's middle half▼ 15.6%-€0.08mwithin the sector's middle half▲ 1.1%-€0.1mwithin the sector's middle half▼ 19.5%€0.2mwithin the sector's middle half€0.007mwithin the sector's middle half▼ 96.1%
Solvency-2.8%--1.9%▲ 1.0pp-1.0%below the sector's middle half▲ 0.9pp-0.9%below the sector's middle half=1.3%below the sector's middle half▲ 2.2pp3.0%below the sector's middle half▲ 1.7pp11.0%within the sector's middle half▲ 8.0pp45.6%within the sector's middle half▲ 34.7pp
Current ratio0.51-0.43▼ 0.090.60within the sector's middle half▲ 0.170.57within the sector's middle half▼ 0.030.60within the sector's middle half▲ 0.030.69within the sector's middle half▲ 0.091.12within the sector's middle half▲ 0.431.05within the sector's middle half▼ 0.07
Return on assets (ROA)0.9%-1.1%▲ 0.2pp0.9%within the sector's middle half▼ 0.2pp0.1%within the sector's middle half▼ 0.8pp2.2%within the sector's middle half▲ 2.2pp1.8%within the sector's middle half▼ 0.5pp9.6%above the sector's middle half▲ 7.8pp12.2%above the sector's middle half▲ 2.6pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 56% lower than in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €779,650
Fixed assets
€644,104 ▼ 15.5%
Current assets
€135,546 ▼ 91.6%
Equity and liabilities €779,650
Equity
€355,863 ▲ 36.4%
Debt
€423,786 ▼ 80.0%
Debt's share of the balance-sheet total falls from 89.0% to 54.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€202,522▼
2024 · €389,178
Cash flow
€143,834▼
2024 · €269,823
Debt to equity
1.19▼
2024 · 8.11
ROE
26.7%▼
2024 · 87.2%
Interest coverage
5.61▼
2024 · 7.75
Debt ≤ 1 year
€128,575▼
2024 · €1.4m
Debt > 1 year
€288,523▼
2024 · €658,716
Income taxes
€23,691▼
2024 · €70,554
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 | €10,361 | €17,119 | €511 | €1,307 | €82,978 |
| Depreciation and write-downs of the year | €44,509 | €46,746 | €41,996 | €42,259 | €48,807 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €2,730 awarded · €2,730 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €40,700 | €44,066 | €44,066 | €44,509 | €46,746 | €41,996 | €42,259 | €48,807 | ▲ 15.5% |
| Other operating charges640/8 | - | - | - | €9,451 | €9,524 | €9,745 | €10,359 | €9,954 | ▼ 3.9% |
| Gross operating margin9900 | €92,491 | €96,965 | €93,498 | €83,613 | €115,803 | €109,939 | €399,537 | €212,476 | ▼ 46.8% |
| Operating profit (loss)9901 | €43,271 | €43,720 | €40,014 | €29,653 | €59,534 | €58,198 | €346,919 | €153,716 | ▼ 55.7% |
| Financial income75/76B | - | - | - | - | - | - | €1,444 | €1,103 | ▼ 23.6% |
| Recurring financial income75 | €13 | - | - | - | - | - | €1,444 | €1,103 | ▼ 23.6% |
| Financial charges65/66B | - | - | - | €28,005 | €29,040 | €32,440 | €50,245 | €36,101 | ▼ 28.1% |
| Recurring financial charges65 | €33,231 | €31,804 | €29,921 | €28,005 | €29,040 | €32,440 | €50,245 | €36,101 | ▼ 28.1% |
| Profit (loss) for the period before taxes9903 | €10,053 | €11,916 | €10,093 | €1,648 | €30,495 | €25,759 | €298,118 | €118,718 | ▼ 60.2% |
| Income taxes67/77 | €361 | €312 | €274 | €980 | €6,981 | €6,131 | €70,554 | €23,691 | ▼ 66.4% |
| Profit (loss) for the period9904 | €9,692 | €11,604 | €9,819 | €669 | €23,514 | €19,628 | €227,564 | €95,027 | ▼ 58.2% |
| Profit (loss) for the period to be appropriated9905 | €9,692 | €11,604 | €9,819 | €669 | €23,514 | €19,628 | €227,564 | €95,027 | ▼ 58.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €2.4m | €0.8m | ▼ 67.2% |
| Fixed assets21/28 | €1.1m | €1.0m | €1.0m | €1.0m | €0.9m | €0.9m | €0.8m | €0.6m | ▼ 15.5% |
| Tangible fixed assets22/27 | €1.1m | €1.0m | €1.0m | €1.0m | €0.9m | €0.9m | €0.8m | €0.6m | ▼ 15.5% |
| Land and buildings22 | - | - | - | €1.0m | €0.9m | €0.9m | €0.8m | €0.6m | ▼ 25.6% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €0.009m | - |
| Furniture and vehicles24 | - | - | - | €0.003m | - | €492 | €0.002m | €0.002m | ▲ 12.5% |
| Other tangible fixed assets26 | - | - | - | €0.01m | €0.01m | €0.009m | €0.008m | €0.07m | ▲ 840% |
| Current assets29/58 | €0.05m | €0.06m | €0.1m | €0.1m | €0.1m | €0.2m | €1.6m | €0.1m | ▼ 91.6% |
| Stocks and contracts in progress3 | €0.03m | €0.05m | €0.1m | €0.1m | €0.1m | €0.2m | €1.1m | - | - |
| Stocks30/36 | - | - | - | €0.1m | €0.1m | €0.2m | €1.1m | - | - |
| Amounts receivable within one year40/41 | €0.02m | €0.001m | €47 | - | - | €0.002m | €0.01m | €0.09m | ▲ 637% |
| Trade receivables40 | - | - | - | - | - | - | - | €0.004m | - |
| Other amounts receivable41 | - | - | - | - | - | €0.002m | €0.01m | €0.08m | ▲ 598% |
| Cash at bank and in hand54/58 | €0.005m | - | - | - | - | - | €0.5m | €0.03m | ▼ 92.8% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | €0.01m | €0.01m | €0.02m | €0.02m | ▼ 3.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €1.1m | €2.4m | €0.8m | ▼ 67.2% |
| Equity10/15 | -€0.03m | -€0.02m | -€0.01m | -€0.01m | €0.01m | €0.03m | €0.3m | €0.4m | ▲ 36.4% |
| Contributions10/11 | €0.007m | €0.007m | - | €0.007m | €0.007m | €0.007m | €0.007m | €0.007m | = |
| Reserves13 | - | - | - | - | - | €0.007m | €0.03m | €0.3m | ▲ 866% |
| Distributable reserves133 | - | - | - | - | - | €0.007m | €0.03m | €0.3m | ▲ 866% |
| Profit (loss) carried forward14 | -€0.04m | -€0.03m | -€0.02m | -€0.02m | €0.007m | €0.02m | €0.2m | €0.1m | ▼ 58.2% |
| Amounts payable17/49 | €1.2m | €1.1m | €1.1m | €1.1m | €1.0m | €1.1m | €2.1m | €0.4m | ▼ 80.0% |
| Amounts payable after more than one year17 | €1.0m | €1.0m | €0.9m | €0.9m | €0.8m | €0.7m | €0.7m | €0.3m | ▼ 56.2% |
| Financial debts170/4 | - | - | - | €0.9m | €0.8m | €0.7m | €0.7m | €0.3m | ▼ 56.2% |
| Amounts payable within one year42/48 | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €1.4m | €0.1m | ▼ 91.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.07m | €0.07m | €0.07m | €0.1m | €0.07m | ▼ 49.0% |
| Financial debts43 | - | - | - | €0.03m | €0.03m | €0.1m | €1.1m | - | - |
| Credit institutions430/8 | - | - | - | €0.03m | €0.03m | €0.1m | €1.1m | - | - |
| Trade debts44 | €0.003m | €0.04m | €0.004m | €0.006m | €0.004m | €0.005m | €0.04m | €0.007m | ▼ 80.9% |
| Suppliers440/4 | - | - | - | €0.006m | €0.004m | €0.005m | €0.04m | €0.007m | ▼ 80.9% |
| Taxes, remuneration and social security45 | - | - | - | €0.005m | €0.01m | €0.01m | €0.006m | €0.002m | ▼ 69.1% |
| Taxes450/3 | - | - | - | €0.001m | €0.01m | €0.01m | €0.006m | €0.002m | ▼ 69.1% |
| Remuneration and social security454/9 | - | - | - | €0.003m | €0.004m | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.09m | €0.09m | €0.1m | €0.2m | €0.05m | ▼ 75.4% |
| Accrued charges and deferred income492/3 | - | - | - | €0.02m | €0.03m | €0.03m | €0.02m | €0.007m | ▼ 66.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €9,692 | €11,604 | €9,819 | €669 | €23,514 | €19,628 | €227,564 | €95,027 | ▼ 58.2% |
| + Depreciation and write-downs630 | €40,700 | €44,066 | €44,066 | €44,509 | €46,746 | €41,996 | €42,259 | €48,807 | ▲ 15.5% |
| Operating cash flow (approximation) | €50,392 | €55,670 | €53,885 | €45,177 | €70,259 | €61,624 | €269,823 | €143,834 | ▼ 46.7% |
| Investment in fixed assets (approximation) | - | -€14,910 | €0 | -€10,361 | -€13,994 | -€511 | €86,693 | €69,130 | ▼ 20.3% |
| Change in cash | - | - | - | - | - | - | - | -€450,391 | - |
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 DWL 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 DWL 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 DWL. 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 | abbreviated format | 10-06-2026 | 2026-00149635 | |
| 31-12-2024 | abbreviated format | 09-07-2025 | 2025-00249154 | |
| 31-12-2023 | abbreviated format | 28-06-2024 | 2024-00176649 | |
| 31-12-2022 | abbreviated format | 18-07-2023 | 2023-00244207 | |
| 31-12-2021 | abbreviated format | 13-06-2022 | 2022-20058916 | |
| 31-12-2020 | abbreviated format | 11-06-2021 | 2021-18800428 | |
| 31-12-2019 | abbreviated format | 10-06-2020 | 2020-15600113 | |
| 31-12-2018 | abbreviated format | 03-06-2019 | 2019-15200370 | |
| 31-12-2017 | abbreviated format | 19-06-2018 | 2018-19400451 | |
| 31-12-2016 | abbreviated format | 30-06-2017 | 2017-23600242 |