DYNACOS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 12-06-2026 PDF all 33 filings
Turnover
≈ €89,000
Estimated: probably between €64,000 and €120,000
Total assets
€491,663▼ 3.4%
2024 · €508,912
Net result
€15,663▼ 80.5%
2024 · €80,376
Working capital
€287,193▲ 4.1%
2024 · €275,977
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€25,376
▼ 79.0%
2025
20182025
Net result
€15,663
▼ 80.5%
2025
middle half of the sector
20182025
Equity
€456,237
▲ 3.6%
2025
highest quarter of the sector
20182025
Total assets
€491,663
▼ 3.4%
2025
highest quarter of the sector
20182025
Debt
€35,426
▼ 48.2%
2025
20182025
Working capital
€287,193
▲ 4.1%
2025
highest quarter of the sector
20182025
Solvency
92.8%
▲ 6.2pp
2025
highest quarter of the sector
20182025
Current ratio
9.11
▲ 3.49
2025
highest quarter of the sector
20182025
Return on assets (ROA)
3.2%
▼ 12.6pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€51,327-€49,913▼ 2.8%€117,886▲ 136%€139,736▲ 18.5%€102,499▼ 26.6%€139,089▲ 35.7%€120,867▼ 13.1%€25,376▼ 79.0%
Net result€31,858-€32,021▲ 0.5%€77,711above the sector's middle half▲ 143%€90,175above the sector's middle half▲ 16.0%€65,948within the sector's middle half▼ 26.9%€91,399above the sector's middle half▲ 38.6%€80,376above the sector's middle half▼ 12.1%€15,663within the sector's middle half▼ 80.5%
Equity€279,867-€279,388▼ 0.2%€354,099above the sector's middle half▲ 26.7%€424,774above the sector's middle half▲ 20.0%€323,723above the sector's middle half▼ 23.8%€360,197above the sector's middle half▲ 11.3%€440,574above the sector's middle half▲ 22.3%€456,237above the sector's middle half▲ 3.6%
Total assets€407,090-€420,630▲ 3.3%€463,703within the sector's middle half▲ 10.2%€534,960above the sector's middle half▲ 15.4%€487,564within the sector's middle half▼ 8.9%€501,875above the sector's middle half▲ 2.9%€508,912above the sector's middle half▲ 1.4%€491,663above the sector's middle half▼ 3.4%
Debt€127,223-€141,242▲ 11.0%€109,604▼ 22.4%€110,186▲ 0.5%€163,841▲ 48.7%€141,678▼ 13.5%€68,339▼ 51.8%€35,426▼ 48.2%
Working capital€142,917-€131,963▼ 7.7%€203,744above the sector's middle half▲ 54.4%€273,253above the sector's middle half▲ 34.1%€165,315within the sector's middle half▼ 39.5%€200,251above the sector's middle half▲ 21.1%€275,977above the sector's middle half▲ 37.8%€287,193above the sector's middle half▲ 4.1%
Solvency68.7%-66.4%▼ 2.3pp76.4%above the sector's middle half▲ 9.9pp79.4%above the sector's middle half▲ 3.0pp66.4%within the sector's middle half▼ 13.0pp71.8%within the sector's middle half▲ 5.4pp86.6%above the sector's middle half▲ 14.8pp92.8%above the sector's middle half▲ 6.2pp
Current ratio3.78-2.75▼ 1.034.75above the sector's middle half▲ 2.005.15above the sector's middle half▲ 0.402.26within the sector's middle half▼ 2.882.66within the sector's middle half▲ 0.405.62above the sector's middle half▲ 2.969.11above the sector's middle half▲ 3.49
Return on assets (ROA)7.8%-7.6%▼ 0.2pp16.8%within the sector's middle half▲ 9.1pp16.9%within the sector's middle half▲ 0.1pp13.5%within the sector's middle half▼ 3.3pp18.2%within the sector's middle half▲ 4.7pp15.8%within the sector's middle half▼ 2.4pp3.2%below the sector's middle half▼ 12.6pp
Staff (FTE)1.8-1▼ 44.4%1within the sector's middle half=1=1=1=
above
within
below
The sector band is the middle half of the companies in Legal and accounting activities (NACE 69). 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 79% lower than in 2024 and the lowest since 2021. It is the second fall in a row.
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 €491,663
Fixed assets
€169,044 ▼ 2.4%
Current assets
€322,620 ▼ 3.9%
Equity and liabilities €491,663
Equity
€456,237 ▲ 3.6%
Debt
€35,426 ▼ 48.2%
Debt's share of the balance-sheet total falls from 13.4% to 7.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€33,145▼
2024 · €130,174
Cash flow
€23,432▼
2024 · €89,684
Debt to equity
0.08▼
2024 · 0.16
ROE
3.4%▼
2024 · 18.2%
Interest coverage
14.72▼
2024 · 47.09
Debt ≤ 1 year
€35,426▼
2024 · €59,768
Income taxes
€8,277▼
2024 · €39,115
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 |
| in full-time equivalents | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 |
| Joined | - | - | 0 |
| Left | - | - | 1 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €1,160 | €29,001 | - | €1,493 | €3,646 |
| Depreciation and write-downs of the year | €10,935 | €11,219 | €10,313 | €9,307 | €7,769 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €52,760 | €53,466 | €46,811 | €200 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,740 | €8,794 | €10,039 | €10,935 | €11,219 | €10,313 | €9,307 | €7,769 | ▼ 16.5% |
| Other operating charges640/8 | - | - | - | €1,277 | €2,290 | €1,283 | €1,429 | €1,404 | ▼ 1.7% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €1,480 | - |
| Gross operating margin9900 | €116,863 | €109,928 | €179,604 | €204,709 | €169,474 | €197,497 | €131,803 | €36,029 | ▼ 72.7% |
| Operating profit (loss)9901 | €51,327 | €49,913 | €117,886 | €139,736 | €102,499 | €139,089 | €120,867 | €25,376 | ▼ 79.0% |
| Financial income75/76B | - | - | - | €1,715 | €282 | €253 | €1,389 | €815 | ▼ 41.3% |
| Recurring financial income75 | €781 | €1,238 | €3,384 | €1,715 | €282 | €253 | €1,389 | €815 | ▼ 41.3% |
| Financial charges65/66B | - | - | - | €4,258 | €3,954 | €3,306 | €2,764 | €2,251 | ▼ 18.6% |
| Recurring financial charges65 | €5,776 | €5,272 | €5,192 | €4,258 | €3,954 | €3,306 | €2,764 | €2,251 | ▼ 18.6% |
| Profit (loss) for the period before taxes9903 | €46,332 | €45,880 | €116,078 | €137,193 | €98,826 | €136,036 | €119,491 | €23,941 | ▼ 80.0% |
| Income taxes67/77 | €14,474 | €13,859 | €38,367 | €47,017 | €32,878 | €44,637 | €39,115 | €8,277 | ▼ 78.8% |
| Profit (loss) for the period9904 | €31,858 | €32,021 | €77,711 | €90,175 | €65,948 | €91,399 | €80,376 | €15,663 | ▼ 80.5% |
| Profit (loss) for the period to be appropriated9905 | €31,858 | €32,021 | €77,711 | €90,175 | €65,948 | €91,399 | €80,376 | €15,663 | ▼ 80.5% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €407,090 | €420,630 | €463,703 | €534,960 | €487,564 | €501,875 | €508,912 | €491,663 | ▼ 3.4% |
| Fixed assets21/28 | €212,738 | €213,277 | €205,596 | €195,821 | €191,295 | €180,982 | €173,167 | €169,044 | ▼ 2.4% |
| Tangible fixed assets22/27 | €212,738 | €213,277 | €205,596 | €195,821 | €191,295 | €180,982 | €173,167 | €169,044 | ▼ 2.4% |
| Land and buildings22 | - | - | - | €191,082 | €184,498 | €177,934 | €171,370 | €164,805 | ▼ 3.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €3,463 | - |
| Furniture and vehicles24 | - | - | - | €4,739 | €6,797 | €3,048 | €1,797 | €775 | ▼ 56.9% |
| Current assets29/58 | €194,352 | €207,354 | €258,107 | €339,139 | €296,269 | €320,894 | €335,746 | €322,620 | ▼ 3.9% |
| Amounts receivable after more than one year29 | - | - | - | €100,000 | - | - | - | - | - |
| Other amounts receivable291 | - | - | - | €100,000 | - | - | - | - | - |
| Amounts receivable within one year40/41 | €39,503 | €68,874 | €36,023 | €48,786 | €71,359 | €54,113 | €38,479 | €8,784 | ▼ 77.2% |
| Trade receivables40 | - | - | - | €29,974 | €63,237 | €45,991 | €38,479 | €5,876 | ▼ 84.7% |
| Other amounts receivable41 | - | - | - | €18,813 | €8,122 | €8,122 | - | €2,909 | - |
| Current investments50/53 | €9,499 | €15,499 | €23,051 | €29,163 | €35,329 | €41,359 | €47,512 | €53,707 | ▲ 13.0% |
| Cash at bank and in hand54/58 | €38,434 | €15,980 | €91,727 | €153,332 | €182,422 | €216,077 | €240,655 | €258,334 | ▲ 7.3% |
| Deferred charges and accrued income490/1 | - | - | - | €7,858 | €7,160 | €9,345 | €9,101 | €1,794 | ▼ 80.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €407,090 | €420,630 | €463,703 | €534,960 | €487,564 | €501,875 | €508,912 | €491,663 | ▼ 3.4% |
| Equity10/15 | €279,867 | €279,388 | €354,099 | €424,774 | €323,723 | €360,197 | €440,574 | €456,237 | ▲ 3.6% |
| Contributions10/11 | €154,697 | €154,697 | - | €154,697 | €6,197 | €6,197 | €6,197 | €6,197 | = |
| Contributions outside capital11 | - | - | - | €154,697 | - | - | - | - | - |
| Other1109/19 | - | - | - | €154,697 | - | - | - | - | - |
| Reserves13 | €77,709 | €107,709 | €181,709 | €265,709 | €310,709 | €354,000 | €434,376 | €450,039 | ▲ 3.6% |
| Non-distributable reserves130/1 | - | - | - | €16,709 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €16,709 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €249,000 | €310,709 | €354,000 | €434,376 | €450,039 | ▲ 3.6% |
| Profit (loss) carried forward14 | €47,460 | €16,981 | €17,692 | €4,368 | €6,816 | - | - | - | - |
| Amounts payable17/49 | €127,223 | €141,242 | €109,604 | €110,186 | €163,841 | €141,678 | €68,339 | €35,426 | ▼ 48.2% |
| Amounts payable after more than one year17 | €75,788 | €65,731 | €55,241 | €44,299 | €32,887 | €20,985 | €8,570 | - | - |
| Financial debts170/4 | - | - | - | €44,299 | €32,887 | €20,985 | €8,570 | - | - |
| Amounts payable within one year42/48 | €51,435 | €75,391 | €54,364 | €65,887 | €130,954 | €120,642 | €59,768 | €35,426 | ▼ 40.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,941 | €11,412 | €11,903 | €12,414 | €8,570 | ▼ 31.0% |
| Trade debts44 | €11,200 | €5,900 | €10,165 | €1,128 | €40,207 | €1,015 | €2,164 | €614 | ▼ 71.6% |
| Suppliers440/4 | - | - | - | €1,128 | €40,207 | €1,015 | €2,164 | €614 | ▼ 71.6% |
| Taxes, remuneration and social security45 | - | - | - | €34,318 | €36,099 | €28,388 | €17,097 | €2,897 | ▼ 83.1% |
| Taxes450/3 | - | - | - | €28,549 | €30,330 | €28,388 | €17,097 | €2,897 | ▼ 83.1% |
| Remuneration and social security454/9 | - | - | - | €5,769 | €5,769 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €19,500 | €43,236 | €79,337 | €28,093 | €23,345 | ▼ 16.9% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €51 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €31,858 | €32,021 | €77,711 | €90,175 | €65,948 | €91,399 | €80,376 | €15,663 | ▼ 80.5% |
| + Depreciation and write-downs630 | €7,740 | €8,794 | €10,039 | €10,935 | €11,219 | €10,313 | €9,307 | €7,769 | ▼ 16.5% |
| Operating cash flow (approximation) | €39,599 | €40,815 | €87,750 | €101,111 | €77,168 | €101,712 | €89,684 | €23,432 | ▼ 73.9% |
| Investment in fixed assets (approximation) | - | -€9,333 | -€2,358 | -€1,160 | -€6,693 | €0 | -€1,493 | -€3,646 | ▼ 144% |
| Change in cash | - | -€22,454 | €75,748 | €61,605 | €29,090 | €33,656 | €24,577 | €17,680 | ▼ 28.1% |
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, 14,766 companies had the same profile as DYNACOS has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of DYNACOS 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 14,766 companies, not a prediction for DYNACOS. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-06-2026 | 2026-00155320 | |
| 31-12-2024 | micro format | 16-09-2025 | 2025-00492036 | |
| 31-12-2023 | micro format | 21-08-2024 | 2024-00355781 | |
| 31-12-2022 | micro format | 04-08-2023 | 2023-00312503 | |
| 31-12-2021 | micro format | 12-08-2022 | 2022-20284711 | |
| 31-12-2020 | micro format | 23-08-2021 | 2021-51500346 | |
| 31-12-2019 | micro format | 23-10-2020 | 2020-62700355 | |
| 31-12-2018 | micro format | 30-08-2019 | 2019-57300198 | |
| 31-12-2017 | micro format | 22-08-2018 | 2018-48000596 | |
| 31-12-2016 | micro format | 29-08-2017 | 2017-51300082 |