KDCCVM
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-07-2026 at the NBB all 11 filings
Turnover
≈ €360,000
Estimated: probably between €300,000 and €630,000
Total assets
€589,594▲ 21.2%
2024 · €486,393
Net result
€10,358▼ 74.6%
2024 · €40,730
Working capital
€186,194▼ 44.3%
2024 · €333,995
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€9,026
▼ 78.8%
2025
20182025
Net result
€10,358
▼ 74.6%
2025
middle half of the sector
20182025
Equity
€195,384
▼ 41.7%
2025
middle half of the sector
20182025
Total assets
€589,594
▲ 21.2%
2025
highest quarter of the sector
20182025
Debt
€394,209
▲ 160%
2025
20182025
Working capital
€186,194
▼ 44.3%
2025
highest quarter of the sector
20182025
Solvency
33.1%
▼ 35.7pp
2025
middle half of the sector
20182025
Current ratio
1.47
▼ 1.75
2025
middle half of the sector
20182025
Return on assets (ROA)
1.8%
▼ 6.6pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
3.8
▼ 5.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€123,822-€157,709▲ 27.4%€221,312▲ 40.3%€108,098▼ 51.2%€61,599▼ 43.0%-€5,766€42,625€9,026▼ 78.8%
Net result€119,563-€156,828▲ 31.2%€219,813above the sector's middle half▲ 40.2%€107,193above the sector's middle half▼ 51.2%€61,020above the sector's middle half▼ 43.1%-€6,949below the sector's middle half€40,730within the sector's middle half€10,358within the sector's middle half▼ 74.6%
Equity€216,341-€279,369▲ 29.1%€499,182above the sector's middle half▲ 78.7%€606,375above the sector's middle half▲ 21.5%€667,396above the sector's middle half▲ 10.1%€294,296above the sector's middle half▼ 55.9%€335,026above the sector's middle half▲ 13.8%€195,384within the sector's middle half▼ 41.7%
Total assets€411,045-€403,508▼ 1.8%€603,927above the sector's middle half▲ 49.7%€695,874above the sector's middle half▲ 15.2%€706,715above the sector's middle half▲ 1.6%€500,835above the sector's middle half▼ 29.1%€486,393above the sector's middle half▼ 2.9%€589,594above the sector's middle half▲ 21.2%
Debt€194,704-€124,139▼ 36.2%€104,745▼ 15.6%€89,499▼ 14.6%€39,320▼ 56.1%€206,539▲ 425%€151,367▼ 26.7%€394,209▲ 160%
Working capital€335,531-€212,849▼ 36.6%€443,873above the sector's middle half▲ 109%€555,234above the sector's middle half▲ 25.1%€648,276above the sector's middle half▲ 16.8%€287,108above the sector's middle half▼ 55.7%€333,995above the sector's middle half▲ 16.3%€186,194above the sector's middle half▼ 44.3%
Solvency52.6%-69.2%▲ 16.6pp82.7%above the sector's middle half▲ 13.4pp87.1%above the sector's middle half▲ 4.5pp94.4%above the sector's middle half▲ 7.3pp58.8%within the sector's middle half▼ 35.7pp68.9%within the sector's middle half▲ 10.1pp33.1%within the sector's middle half▼ 35.7pp
Current ratio7.25-2.73▼ 4.525.28above the sector's middle half▲ 2.557.28above the sector's middle half▲ 2.0017.95above the sector's middle half▲ 10.672.40within the sector's middle half▼ 15.553.22within the sector's middle half▲ 0.821.47within the sector's middle half▼ 1.75
Return on assets (ROA)29.1%-38.9%▲ 9.8pp36.4%above the sector's middle half▼ 2.5pp15.4%within the sector's middle half▼ 21.0pp8.6%within the sector's middle half▼ 6.8pp-1.4%below the sector's middle half▼ 10.0pp8.4%within the sector's middle half▲ 9.8pp1.8%below the sector's middle half▼ 6.6pp
Staff (FTE)1-3.2▲ 220%4.6above the sector's middle half▲ 43.8%4.6=4.5▼ 2.2%4▼ 11.1%4=3.8▼ 5.0%
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 79% lower than in 2024.
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 €589,594
Fixed assets
€9,258 ▲ 342%
Current assets
€580,336 ▲ 19.8%
Equity and liabilities €589,594
Equity
€195,384 ▼ 41.7%
Debt
€394,209 ▲ 160%
Debt's share of the balance-sheet total rises from 31.1% to 66.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€10,865▼
2024 · €48,780
Cash flow
€12,197▼
2024 · €46,886
Debt to equity
2.02▲
2024 · 0.45
ROE
5.3%▼
2024 · 12.2%
Interest coverage
44.54▲
2024 · 25.75
Debt ≤ 1 year
€394,142▲
2024 · €150,301
Staff costs
€235,704▲
2024 · €230,127
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 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 5 | 4 | 4 | 4 | 3 |
| full-time | 4 | 4 | 4 | 4 | 3 |
| part-time | 1 | - | - | 0 | - |
| in full-time equivalents | 4.5 | 4 | 4 | 4 | 3 |
| Average over the year, in full-time equivalents | 4.6 | 4.5 | 4 | 4 | 3.8 |
| On a permanent contract | 5 | 4 | 4 | 4 | 3 |
| Joined | 0 | 0 | - | 0 | 0 |
| Left | 1 | 1 | - | 0 | 1 |
| Training hours | 0 | - | - | 0 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €25,525 | - | €1,400 | - | - |
| Intangible fixed assets | - | - | - | - | €9,000 |
| Depreciation and write-downs of the year | €29,691 | €32,014 | €13,332 | €6,156 | €1,839 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2025 · 4 entries · €168,156 awarded · €123,656 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 3 | €38,154 | €32,656 |
| 2023 | 1 | €130,002 | €91,000 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €218,982 | €224,705 | €243,139 | €230,127 | €235,704 | ▲ 2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,819 | €21,779 | €23,165 | €29,691 | €32,014 | €13,332 | €6,156 | €1,839 | ▼ 70.1% |
| Other operating charges640/8 | - | - | - | €772 | €1,290 | €2,492 | €5,429 | €5,821 | ▲ 7.2% |
| Gross operating margin9900 | €186,112 | €332,936 | €452,397 | €357,544 | €319,608 | €253,197 | €284,336 | €252,390 | ▼ 11.2% |
| Operating profit (loss)9901 | €123,822 | €157,709 | €221,312 | €108,098 | €61,599 | -€5,766 | €42,625 | €9,026 | ▼ 78.8% |
| Financial income75/76B | - | - | - | €2 | €112 | - | €0 | €1,577 | ▲ 157,657× |
| Recurring financial income75 | €6 | €1 | €1 | €2 | €112 | - | €0 | €1,577 | ▲ 157,657× |
| Financial charges65/66B | - | - | - | €907 | €690 | €1,183 | €1,894 | €244 | ▼ 87.1% |
| Recurring financial charges65 | €718 | €882 | €1,500 | €907 | €690 | €1,183 | €1,894 | €244 | ▼ 87.1% |
| Profit (loss) for the period before taxes9903 | €123,110 | €156,828 | €219,813 | €107,193 | €61,020 | -€6,949 | €40,730 | €10,358 | ▼ 74.6% |
| Income taxes67/77 | €3,547 | - | - | - | - | - | - | - | - |
| Profit (loss) for the period9904 | €119,563 | €156,828 | €219,813 | €107,193 | €61,020 | -€6,949 | €40,730 | €10,358 | ▼ 74.6% |
| Profit (loss) for the period to be appropriated9905 | €119,563 | €156,828 | €219,813 | €107,193 | €61,020 | -€6,949 | €40,730 | €10,358 | ▼ 74.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €411,045 | €403,508 | €603,927 | €695,874 | €706,715 | €500,835 | €486,393 | €589,594 | ▲ 21.2% |
| Fixed assets21/28 | €21,865 | €67,575 | €56,364 | €52,198 | €20,184 | €8,252 | €2,097 | €9,258 | ▲ 342% |
| Intangible fixed assets21 | €15,472 | €12,728 | €9,984 | €7,240 | €4,496 | €1,752 | - | €8,546 | - |
| Tangible fixed assets22/27 | €6,393 | €54,847 | €46,380 | €44,958 | €15,688 | €6,500 | €2,097 | €711 | ▼ 66.1% |
| Plant, machinery and equipment23 | - | - | - | €44,958 | €15,688 | €6,500 | €2,097 | €711 | ▼ 66.1% |
| Current assets29/58 | €389,180 | €335,933 | €547,563 | €643,677 | €686,532 | €492,583 | €484,296 | €580,336 | ▲ 19.8% |
| Stocks and contracts in progress3 | - | - | - | - | €52,950 | - | - | - | - |
| Stocks30/36 | - | - | - | - | €52,950 | - | - | - | - |
| Amounts receivable within one year40/41 | €181,819 | €111,262 | €480,150 | €361,014 | €320,539 | €170,970 | €173,514 | €395,375 | ▲ 128% |
| Trade receivables40 | - | - | - | €357,875 | €281,402 | €170,389 | €173,514 | €395,364 | ▲ 128% |
| Other amounts receivable41 | - | - | - | €3,139 | €39,137 | €581 | - | €11 | - |
| Cash at bank and in hand54/58 | €207,361 | €224,672 | €67,413 | €282,662 | €300,765 | €319,710 | €310,043 | €183,160 | ▼ 40.9% |
| Deferred charges and accrued income490/1 | - | - | - | - | €12,278 | €1,902 | €739 | €1,801 | ▲ 144% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €411,045 | €403,508 | €603,927 | €695,874 | €706,715 | €500,835 | €486,393 | €589,594 | ▲ 21.2% |
| Equity10/15 | €216,341 | €279,369 | €499,182 | €606,375 | €667,396 | €294,296 | €335,026 | €195,384 | ▼ 41.7% |
| Contributions10/11 | €12,400 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €1,860 | €1,860 | €1,860 | = |
| Profit (loss) carried forward14 | €202,081 | €258,909 | €478,722 | €585,915 | €646,936 | €273,836 | €314,566 | €174,924 | ▼ 44.4% |
| Amounts payable17/49 | €194,704 | €124,139 | €104,745 | €89,499 | €39,320 | €206,539 | €151,367 | €394,209 | ▲ 160% |
| Amounts payable within one year42/48 | €53,649 | €123,084 | €103,690 | €88,442 | €38,256 | €205,475 | €150,301 | €394,142 | ▲ 162% |
| Trade debts44 | €22,430 | €10,661 | €8,109 | €3,831 | €10,827 | €12,055 | €9,355 | €105,660 | ▲ 11× |
| Suppliers440/4 | - | - | - | €3,831 | €10,827 | €12,055 | €9,355 | €105,660 | ▲ 11× |
| Taxes, remuneration and social security45 | - | - | - | €37,872 | €26,335 | €106,924 | €54,848 | €88,298 | ▲ 61.0% |
| Taxes450/3 | - | - | - | €9,810 | - | €77,383 | €25,944 | €60,558 | ▲ 133% |
| Remuneration and social security454/9 | - | - | - | €28,062 | €26,335 | €29,541 | €28,904 | €27,740 | ▼ 4.0% |
| Other amounts payable47/48 | - | - | - | €46,739 | €1,094 | €86,495 | €86,098 | €200,184 | ▲ 133% |
| Accrued charges and deferred income492/3 | - | - | - | €1,057 | €1,064 | €1,064 | €1,066 | €67 | ▼ 93.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €119,563 | €156,828 | €219,813 | €107,193 | €61,020 | -€6,949 | €40,730 | €10,358 | ▼ 74.6% |
| + Depreciation and write-downs630 | €4,819 | €21,779 | €23,165 | €29,691 | €32,014 | €13,332 | €6,156 | €1,839 | ▼ 70.1% |
| Operating cash flow (approximation) | €124,382 | €178,606 | €242,978 | €136,885 | €93,035 | €6,383 | €46,886 | €12,197 | ▼ 74.0% |
| Investment in fixed assets (approximation) | - | -€67,488 | -€11,955 | -€25,525 | €0 | -€1,400 | €0 | -€9,000 | - |
| Change in cash | - | €17,311 | -€157,259 | €215,250 | €18,103 | €18,945 | -€9,667 | -€126,884 | ▼ 1,213% |
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, 10,904 companies had the same profile as KDCCVM has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of KDCCVM 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 10,904 companies, not a prediction for KDCCVM. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-07-2026 | 2026-00338520 | |
| 31-12-2024 | micro format | 28-08-2025 | 2025-00480098 | |
| 31-12-2023 | micro format | 03-09-2024 | 2024-00459271 | |
| 31-12-2022 | micro format | 06-10-2023 | 2023-00486229 | |
| 31-12-2021 | micro format | 12-10-2022 | 2022-20467588 | |
| 31-12-2020 | micro format | 27-10-2021 | 2021-75300416 | |
| 31-12-2019 | micro format | 13-11-2020 | 2020-71000443 | |
| 31-12-2018 | micro format | 30-09-2019 | 2019-68300404 | |
| 31-12-2017 | micro format | 02-10-2018 | 2018-68700521 | |
| 31-12-2016 | micro format | 26-09-2017 | 2017-64500283 |