DYAD
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-06-2026 at the NBB all 14 filings
Turnover
€97,500▲ 0.5%
2024 · €97,039
EBIT margin
4.0%▲ 6.5pp
2024 · -2.5%
Net result
€2,631▼ 91.0%
2024 · €29,178
Working capital
€489,367▲ 0.7%
2024 · €486,136
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€97,500
▲ 0.5%
2025
20182025
Operating result
€3,888
2025
20182025
Net result
€2,631
▼ 91.0%
2025
middle half of the sector
20182025
EBIT margin
4.0%
▲ 6.5pp
2025
20182025
Equity
€490,058
▲ 0.5%
2025
highest quarter of the sector
20182025
Total assets
€506,857
▲ 1.1%
2025
highest quarter of the sector
20182025
Debt
€16,799
▲ 22.7%
2025
20182025
Working capital
€489,367
▲ 0.7%
2025
highest quarter of the sector
20182025
Solvency
96.7%
▼ 0.6pp
2025
highest quarter of the sector
20182025
Current ratio
30.13
▼ 6.39
2025
highest quarter of the sector
20182025
Return on assets (ROA)
0.5%
▼ 5.3pp
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
Turnover€171,216-€173,288▲ 1.2%€164,595▼ 5.0%€147,980▼ 10.1%€152,517▲ 3.1%€95,903▼ 37.1%€97,039▲ 1.2%€97,500▲ 0.5%
Operating result€115,942-€60,591▼ 47.7%€82,942▲ 36.9%€71,144▼ 14.2%€70,481▼ 0.9%-€853-€2,464▼ 189%€3,888
Net result€92,442-€48,399▼ 47.6%€65,832above the sector's middle half▲ 36.0%€58,020above the sector's middle half▼ 11.9%€49,412above the sector's middle half▼ 14.8%€666within the sector's middle half▼ 98.7%€29,178within the sector's middle half▲ 44×€2,631within the sector's middle half▼ 91.0%
EBIT margin67.7%-35.0%▼ 32.8pp50.4%▲ 15.4pp48.1%▼ 2.3pp46.2%▼ 1.9pp-0.9%▼ 47.1pp-2.5%▼ 1.6pp4.0%▲ 6.5pp
Equity€277,920-€309,319▲ 11.3%€365,151above the sector's middle half▲ 18.0%€408,171above the sector's middle half▲ 11.8%€457,583above the sector's middle half▲ 12.1%€458,249above the sector's middle half▲ 0.1%€487,427above the sector's middle half▲ 6.4%€490,058above the sector's middle half▲ 0.5%
Total assets€305,604-€342,038▲ 11.9%€434,067above the sector's middle half▲ 26.9%€473,094above the sector's middle half▲ 9.0%€500,684above the sector's middle half▲ 5.8%€494,278above the sector's middle half▼ 1.3%€501,114above the sector's middle half▲ 1.4%€506,857above the sector's middle half▲ 1.1%
Debt€27,684-€32,719▲ 18.2%€68,916▲ 111%€64,923▼ 5.8%€43,101▼ 33.6%€36,029▼ 16.4%€13,687▼ 62.0%€16,799▲ 22.7%
Working capital€274,374-€307,098▲ 11.9%€360,540above the sector's middle half▲ 17.4%€405,346above the sector's middle half▲ 12.4%€455,748above the sector's middle half▲ 12.4%€457,450above the sector's middle half▲ 0.4%€486,136above the sector's middle half▲ 6.3%€489,367above the sector's middle half▲ 0.7%
Solvency90.9%-90.4%▼ 0.5pp84.1%above the sector's middle half▼ 6.3pp86.3%above the sector's middle half▲ 2.2pp91.4%above the sector's middle half▲ 5.1pp92.7%above the sector's middle half▲ 1.3pp97.3%above the sector's middle half▲ 4.6pp96.7%above the sector's middle half▼ 0.6pp
Current ratio10.91-10.39▼ 0.536.23above the sector's middle half▼ 4.157.24above the sector's middle half▲ 1.0111.57above the sector's middle half▲ 4.3313.70above the sector's middle half▲ 2.1236.52above the sector's middle half▲ 22.8230.13above the sector's middle half▼ 6.39
Return on assets (ROA)30.2%-14.2%▼ 16.1pp15.2%within the sector's middle half▲ 1.0pp12.3%within the sector's middle half▼ 2.9pp9.9%within the sector's middle half▼ 2.4pp0.1%within the sector's middle half▼ 9.7pp5.8%within the sector's middle half▲ 5.7pp0.5%within the sector's middle half▼ 5.3pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 a profit of €3,888, after a loss of €2,464 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €506,857
Fixed assets
€691 ▼ 46.5%
Current assets
€506,166 ▲ 1.3%
Equity and liabilities €506,857
Equity
€490,058 ▲ 0.5%
Debt
€16,799 ▲ 22.7%
Debt's share of the balance-sheet total rises from 2.7% to 3.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€4,488▲
2024 · -€1,154
Cash flow
€3,231▼
2024 · €30,488
Debt to equity
0.03▲
2024 · 0.03
ROE
0.5%▼
2024 · 6.0%
Interest coverage
24.00▲
2024 · -4.91
Debt ≤ 1 year
€16,799▲
2024 · €13,687
Income taxes
€11,960▲
2024 · -€20,376
Customer credit
32 days▼
2024 · 57 days
Supplier credit
10 days▲
2024 · 7 days
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 | €4,007 | - | - | €1,802 | - |
| Depreciation and write-downs of the year | €1,832 | €990 | €1,036 | €1,310 | €600 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €171,216 | €173,288 | €164,595 | €147,980 | €152,517 | €95,903 | €97,039 | €97,500 | ▲ 0.5% |
| Non-recurring operating income76A | - | - | - | €4,170 | - | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €78,202 | €79,585 | €94,611 | €97,706 | €92,595 | ▼ 5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,542 | €1,325 | €1,572 | €1,832 | €990 | €1,036 | €1,310 | €600 | ▼ 54.2% |
| Other operating charges640/8 | - | - | - | €972 | €986 | €1,109 | €487 | €417 | ▼ 14.4% |
| Non-recurring operating charges66A | - | - | - | - | €475 | - | - | - | - |
| Gross operating margin9900 | €117,853 | €62,425 | €85,188 | €73,948 | €72,932 | €1,292 | -€667 | €4,905 | - |
| Operating profit (loss)9901 | €115,942 | €60,591 | €82,942 | €71,144 | €70,481 | -€853 | -€2,464 | €3,888 | - |
| Financial income75/76B | - | - | - | - | - | €4,455 | €11,501 | €10,890 | ▼ 5.3% |
| Recurring financial income75 | - | - | - | - | - | €4,455 | €11,501 | €10,890 | ▼ 5.3% |
| Financial charges65/66B | - | - | - | €124 | €129 | €134 | €235 | €187 | ▼ 20.4% |
| Recurring financial charges65 | - | €192 | €110 | €124 | €129 | €134 | €235 | €187 | ▼ 20.4% |
| Profit (loss) for the period before taxes9903 | €115,942 | €60,399 | €82,832 | €71,020 | €70,352 | €3,468 | €8,802 | €14,591 | ▲ 65.8% |
| Income taxes67/77 | €23,500 | €12,000 | €17,000 | €13,000 | €20,940 | €2,802 | -€20,376 | €11,960 | - |
| Profit (loss) for the period9904 | €92,442 | €48,399 | €65,832 | €58,020 | €49,412 | €666 | €29,178 | €2,631 | ▼ 91.0% |
| Profit (loss) for the period to be appropriated9905 | €92,442 | €48,399 | €65,832 | €58,020 | €49,412 | €666 | €29,178 | €2,631 | ▼ 91.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €305,604 | €342,038 | €434,067 | €473,094 | €500,684 | €494,278 | €501,114 | €506,857 | ▲ 1.1% |
| Fixed assets21/28 | €3,546 | €2,221 | €4,611 | €2,825 | €1,835 | €799 | €1,291 | €691 | ▼ 46.5% |
| Tangible fixed assets22/27 | €3,475 | €2,150 | €4,540 | €2,754 | €1,764 | €728 | €1,220 | €620 | ▼ 49.2% |
| Furniture and vehicles24 | - | - | - | €2,754 | €1,764 | €728 | €1,220 | €620 | ▼ 49.2% |
| Financial fixed assets28 | €71 | €71 | €71 | €71 | €71 | €71 | €71 | €71 | = |
| Current assets29/58 | €302,058 | €339,817 | €429,456 | €470,269 | €498,849 | €493,479 | €499,823 | €506,166 | ▲ 1.3% |
| Amounts receivable within one year40/41 | €12,136 | €16,096 | €30,681 | €27,866 | €14,555 | €336,164 | €348,000 | €352,468 | ▲ 1.3% |
| Trade receivables40 | - | - | - | €27,866 | €14,555 | €6,164 | €15,239 | €8,584 | ▼ 43.7% |
| Other amounts receivable41 | - | - | - | - | - | €330,000 | €332,761 | €343,884 | ▲ 3.3% |
| Current investments50/53 | €100,000 | €200,000 | €200,000 | €200,000 | €200,000 | €100,419 | €100,838 | €100,838 | = |
| Cash at bank and in hand54/58 | €189,922 | €123,721 | €198,775 | €242,403 | €284,294 | €56,896 | €50,985 | €52,860 | ▲ 3.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €305,604 | €342,038 | €434,067 | €473,094 | €500,684 | €494,278 | €501,114 | €506,857 | ▲ 1.1% |
| Equity10/15 | €277,920 | €309,319 | €365,151 | €408,171 | €457,583 | €458,249 | €487,427 | €490,058 | ▲ 0.5% |
| Contributions10/11 | €6,200 | €6,200 | €6,200 | €8,060 | €8,060 | €8,060 | €8,060 | €8,060 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | - | €49,400 | €50,066 | €78,066 | €80,697 | ▲ 3.4% |
| Distributable reserves133 | - | - | - | - | €49,400 | €50,066 | €78,066 | €80,697 | ▲ 3.4% |
| Profit (loss) carried forward14 | €269,860 | €301,259 | €357,091 | €400,111 | €400,123 | €400,123 | €401,301 | €401,301 | = |
| Amounts payable17/49 | €27,684 | €32,719 | €68,916 | €64,923 | €43,101 | €36,029 | €13,687 | €16,799 | ▲ 22.7% |
| Amounts payable within one year42/48 | €27,684 | €32,719 | €68,916 | €64,923 | €43,101 | €36,029 | €13,687 | €16,799 | ▲ 22.7% |
| Trade debts44 | €4,108 | €4,030 | €8,380 | €1,898 | €288 | €256 | €1,968 | €2,422 | ▲ 23.1% |
| Suppliers440/4 | - | - | - | €1,898 | €288 | €256 | €1,968 | €2,422 | ▲ 23.1% |
| Taxes, remuneration and social security45 | - | - | - | €38,058 | €35,462 | €31,949 | €11,719 | €14,377 | ▲ 22.7% |
| Taxes450/3 | - | - | - | €38,058 | €35,462 | €29,646 | €11,166 | €13,650 | ▲ 22.2% |
| Remuneration and social security454/9 | - | - | - | - | - | €2,303 | €553 | €727 | ▲ 31.5% |
| Other amounts payable47/48 | - | - | - | €24,967 | €7,351 | €3,824 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €92,442 | €48,399 | €65,832 | €58,020 | €49,412 | €666 | €29,178 | €2,631 | ▼ 91.0% |
| + Depreciation and write-downs630 | €1,542 | €1,325 | €1,572 | €1,832 | €990 | €1,036 | €1,310 | €600 | ▼ 54.2% |
| Operating cash flow (approximation) | €93,984 | €49,724 | €67,404 | €59,852 | €50,402 | €1,702 | €30,488 | €3,231 | ▼ 89.4% |
| Investment in fixed assets (approximation) | - | €0 | -€3,962 | -€46 | €0 | €0 | -€1,802 | €0 | - |
| Change in cash | - | -€66,201 | €75,054 | €43,628 | €41,891 | -€227,398 | -€5,911 | €1,875 | - |
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, 6,049 companies had the same profile as DYAD has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of DYAD 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 6,049 companies, not a prediction for DYAD. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-06-2026 | 2026-00187860 | |
| 31-12-2024 | micro format | 22-07-2025 | 2025-00297678 | |
| 31-12-2023 | micro format | 03-07-2024 | 2024-00199822 | |
| 31-12-2022 | micro format | 06-07-2023 | 2023-00208773 | |
| 31-12-2021 | micro format | 01-09-2022 | 2022-20402293 | |
| 31-12-2020 | micro format | 12-07-2021 | 2021-34600023 | |
| 31-12-2019 | micro format | 31-07-2020 | 2020-37300249 | |
| 31-12-2018 | full format | 08-05-2019 | 2019-12600037 | |
| 31-12-2017 | full format | 14-08-2018 | 2018-47000326 | |
| 31-12-2015 | full format | 12-07-2016 | 2016-32500320 |