DWP
ActiveFinancials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 13-10-2026 at the NBB all 29 filings
Turnover
≈ €76,000
Estimated: probably between €31,000 and €180,000
Total assets
€86,493▼ 3.7%
2025 · €89,817
Net result
-€4,017▲ 79.1%
2025 · -€19,202
Working capital
€43,674▼ 14.9%
2025 · €51,323
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€2,224
2026
20192026
Net result
-€4,017
▲ 79.1%
2026
20192026
Equity
€794
▼ 83.5%
2026
20192026
Total assets
€86,493
▼ 3.7%
2026
20192026
Debt
€85,699
▲ 0.8%
2026
20192026
Working capital
€43,674
▼ 14.9%
2026
20192026
Solvency
0.9%
▼ 4.4pp
2026
20192026
Current ratio
2.08
▼ 0.41
2026
20192026
Return on assets (ROA)
-4.6%
▲ 16.7pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result-€1,244-€2,876€3,050▲ 6.0%€3,060▲ 0.3%€4,501▲ 47.1%€7,964▲ 76.9%-€12,745€2,224
Net result-€2,655-€745€624within the sector's middle half▼ 16.3%-€599within the sector's middle half-€744within the sector's middle half▼ 24.2%€3,483within the sector's middle half-€19,202below the sector's middle half-€4,017▲ 79.1%
Equity€20,505-€21,250▲ 3.6%€21,874within the sector's middle half▲ 2.9%€21,275within the sector's middle half▼ 2.7%€20,530within the sector's middle half▼ 3.5%€24,013within the sector's middle half▲ 17.0%€4,811below the sector's middle half▼ 80.0%€794▼ 83.5%
Total assets€66,829-€73,880▲ 10.5%€78,901within the sector's middle half▲ 6.8%€79,624within the sector's middle half▲ 0.9%€83,360within the sector's middle half▲ 4.7%€105,606within the sector's middle half▲ 26.7%€89,817within the sector's middle half▼ 15.0%€86,493▼ 3.7%
Debt€46,324-€52,630▲ 13.6%€57,027▲ 8.4%€58,350▲ 2.3%€62,829▲ 7.7%€81,593▲ 29.9%€85,006▲ 4.2%€85,699▲ 0.8%
Working capital€14,277-€17,665▲ 23.7%€27,346within the sector's middle half▲ 54.8%€26,261within the sector's middle half▼ 4.0%€31,094within the sector's middle half▲ 18.4%€48,426within the sector's middle half▲ 55.7%€51,323within the sector's middle half▲ 6.0%€43,674▼ 14.9%
Solvency30.7%-28.8%▼ 1.9pp27.7%within the sector's middle half▼ 1.0pp26.7%within the sector's middle half▼ 1.0pp24.6%within the sector's middle half▼ 2.1pp22.7%within the sector's middle half▼ 1.9pp5.4%below the sector's middle half▼ 17.4pp0.9%▼ 4.4pp
Current ratio1.33-1.44▲ 0.111.71within the sector's middle half▲ 0.261.82within the sector's middle half▲ 0.111.83within the sector's middle half=2.00within the sector's middle half▲ 0.172.49within the sector's middle half▲ 0.492.08▼ 0.41
Return on assets (ROA)-4.0%-1.0%▲ 5.0pp0.8%within the sector's middle half▼ 0.2pp-0.8%within the sector's middle half▼ 1.5pp-0.9%within the sector's middle half▼ 0.1pp3.3%within the sector's middle half▲ 4.2pp-21.4%below the sector's middle half▼ 24.7pp-4.6%▲ 16.7pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 2026 is a profit of €2,224, after a loss of €12,745 in 2025.
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
2026 in colour, 2025 as the grey bar beneath
Assets €86,493
Fixed assets
€2,231 ▼ 44.2%
Current assets
€84,262 ▼ 1.8%
Equity and liabilities €86,493
Equity
€794 ▼ 83.5%
Debt
€85,699 ▲ 0.8%
Debt's share of the balance-sheet total rises from 94.6% to 99.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€3,988▲
2025 · -€7,924
Cash flow
-€2,253▲
2025 · -€14,382
Quick ratio
0.84▲
2025 · 0.75
Interest coverage
0.53▲
2025 · -1.23
Debt ≤ 1 year
€40,587▲
2025 · €34,498
Debt > 1 year
€45,112▼
2025 · €50,508
The equity ratios are withheld because equity of €794 is too small for a meaningful ratio.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €8,500 | €434 | - | - | - |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | - | €7,237 | €5,820 | €4,820 | €1,764 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €6,886 | - | €7,237 | €5,820 | €4,820 | €1,764 | ▼ 63.4% |
| Other operating charges640/8 | - | - | - | €665 | €767 | €848 | €1,142 | €2,567 | ▲ 125% |
| Gross operating margin9900 | -€514 | €3,694 | €10,786 | €3,725 | €12,505 | €14,632 | -€6,782 | €6,555 | - |
| Operating profit (loss)9901 | -€1,244 | €2,876 | €3,050 | €3,060 | €4,501 | €7,964 | -€12,745 | €2,224 | - |
| Financial income75/76B | - | - | - | €1 | €0 | €694 | €0 | €1,266 | - |
| Recurring financial income75 | - | - | €1 | €1 | €0 | €694 | €0 | €1,266 | - |
| Financial charges65/66B | - | - | - | €3,660 | €5,246 | €5,176 | €6,458 | €7,507 | ▲ 16.2% |
| Recurring financial charges65 | €1,411 | €2,131 | €2,427 | €3,660 | €5,246 | €5,176 | €6,458 | €7,507 | ▲ 16.2% |
| Profit (loss) for the period before taxes9903 | -€2,655 | €745 | €624 | -€599 | -€744 | €3,483 | -€19,202 | -€4,017 | ▲ 79.1% |
| Profit (loss) for the period9904 | -€2,655 | €745 | €624 | -€599 | -€744 | €3,483 | -€19,202 | -€4,017 | ▲ 79.1% |
| Profit (loss) for the period to be appropriated9905 | -€2,655 | €745 | €624 | -€599 | -€744 | €3,483 | -€19,202 | -€4,017 | ▲ 79.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €66,829 | €73,880 | €78,901 | €79,624 | €83,360 | €105,606 | €89,817 | €86,493 | ▼ 3.7% |
| Fixed assets21/28 | €9,617 | €16,501 | €12,939 | €21,439 | €14,636 | €8,816 | €3,996 | €2,231 | ▼ 44.2% |
| Tangible fixed assets22/27 | €9,617 | €16,501 | €12,939 | €21,439 | €14,636 | €8,816 | €3,996 | €2,231 | ▼ 44.2% |
| Plant, machinery and equipment23 | - | - | - | €7,297 | €5,220 | €2,858 | €1,496 | €356 | ▼ 76.2% |
| Furniture and vehicles24 | - | - | - | €14,142 | €9,417 | €5,958 | €2,500 | €1,875 | ▼ 25.0% |
| Current assets29/58 | €57,213 | €57,379 | €65,962 | €58,185 | €68,723 | €96,790 | €85,822 | €84,262 | ▼ 1.8% |
| Stocks and contracts in progress3 | €46,000 | €51,000 | €51,000 | €51,000 | €52,100 | €65,000 | €60,000 | €50,000 | ▼ 16.7% |
| Stocks30/36 | - | - | - | €51,000 | €52,100 | €65,000 | €60,000 | €50,000 | ▼ 16.7% |
| Amounts receivable within one year40/41 | €6,178 | €1,190 | €9,891 | €2,143 | €11,623 | €24,790 | €22,814 | €29,262 | ▲ 28.3% |
| Trade receivables40 | - | - | - | €1,626 | €1,176 | €6,876 | €1,176 | €965 | ▼ 18.0% |
| Other amounts receivable41 | - | - | - | €518 | €10,447 | €17,914 | €21,638 | €28,297 | ▲ 30.8% |
| Cash at bank and in hand54/58 | €35 | €189 | €70 | €42 | - | €2,000 | €7 | €0 | ▼ 100% |
| Deferred charges and accrued income490/1 | - | - | - | €5,000 | €5,000 | €5,000 | €3,000 | €5,000 | ▲ 66.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €66,829 | €73,880 | €78,901 | €79,624 | €83,360 | €105,606 | €89,817 | €86,493 | ▼ 3.7% |
| Equity10/15 | €20,505 | €21,250 | €21,874 | €21,275 | €20,530 | €24,013 | €4,811 | €794 | ▼ 83.5% |
| Contributions10/11 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Capital10 | - | - | - | €18,592 | - | - | - | - | - |
| Issued capital100 | - | - | - | €18,592 | - | - | - | - | - |
| Contributions outside capital11 | - | - | - | - | - | - | €18,592 | €18,592 | = |
| Other1109/19 | - | - | - | - | - | - | €18,592 | €18,592 | = |
| Reserves13 | €1,913 | €2,658 | €3,282 | €2,683 | €1,938 | €5,421 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Legal reserve130 | - | - | - | €1,860 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €823 | €78 | €3,561 | €0 | - | - |
| Profit (loss) carried forward14 | - | - | - | - | - | - | -€15,641 | -€19,658 | ▼ 25.7% |
| Amounts payable17/49 | €46,324 | €52,630 | €57,027 | €58,350 | €62,829 | €81,593 | €85,006 | €85,699 | ▲ 0.8% |
| Amounts payable after more than one year17 | €3,389 | €12,915 | €18,411 | €26,426 | €25,200 | €33,229 | €50,508 | €45,112 | ▼ 10.7% |
| Financial debts170/4 | - | - | - | €26,426 | €25,200 | €33,229 | €50,508 | €45,112 | ▼ 10.7% |
| Amounts payable within one year42/48 | €42,935 | €39,714 | €38,615 | €31,924 | €37,629 | €48,365 | €34,498 | €40,587 | ▲ 17.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €8,005 | €13,599 | €16,866 | €8,334 | €14,211 | ▲ 70.5% |
| Financial debts43 | - | - | - | €12,745 | €15,039 | €14,699 | €14,126 | €15,589 | ▲ 10.4% |
| Credit institutions430/8 | - | - | - | €12,745 | €15,039 | €14,699 | €14,126 | €15,589 | ▲ 10.4% |
| Trade debts44 | €6,571 | €2,888 | €1,041 | €1,915 | €1,791 | €9,477 | €4,838 | €3,587 | ▼ 25.9% |
| Suppliers440/4 | - | - | - | €1,915 | €1,791 | €9,477 | €4,838 | €3,587 | ▼ 25.9% |
| Taxes, remuneration and social security45 | - | - | - | - | - | €123 | €0 | - | - |
| Taxes450/3 | - | - | - | - | - | €123 | €0 | - | - |
| Other amounts payable47/48 | - | - | - | €9,259 | €7,200 | €7,200 | €7,200 | €7,200 | = |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€2,655 | €745 | €624 | -€599 | -€744 | €3,483 | -€19,202 | -€4,017 | ▲ 79.1% |
| + Depreciation and write-downs630 | - | - | €6,886 | - | €7,237 | €5,820 | €4,820 | €1,764 | ▼ 63.4% |
| Operating cash flow (approximation) | -€2,655 | €745 | €7,510 | -€599 | €6,493 | €9,303 | -€14,382 | -€2,253 | ▲ 84.3% |
| Investment in fixed assets (approximation) | - | -€6,884 | -€3,324 | -€8,500 | -€434 | €0 | €0 | €0 | - |
| Change in cash | - | €154 | -€119 | -€28 | - | - | -€1,993 | -€7 | ▲ 99.6% |
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, 974 companies had the same profile as DWP has now. Two years later, 92.8% were still going and 2.3% had gone bankrupt.
- Micro
- 20 years or older
- solvency under 10%
- a small loss
92.8%
was still going
4.5%
stopped otherwise
2.3%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DWP itself: 0.7% 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 974 companies, not a prediction for DWP. 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 29 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | abbreviated format | 13-10-2026 | 2026-00555015 | |
| 31-03-2025 | micro format | 21-10-2025 | 2025-00546239 | |
| 31-03-2024 | micro format | 22-11-2024 | 2024-00604050 | |
| 31-03-2023 | micro format | 31-10-2023 | 2023-00503875 | |
| 31-03-2022 | micro format | 02-12-2022 | 2022-20531658 | |
| 31-03-2021 | micro format | 17-11-2021 | 2021-77500110 | |
| 31-03-2020 | micro format | 13-11-2020 | 2020-70300065 | |
| 31-03-2019 | micro format | 02-10-2019 | 2019-67900450 | |
| 31-03-2018 | micro format | 23-10-2018 | 2018-69800326 | |
| 31-03-2017 | micro format | 31-10-2017 | 2017-68600566 |