REDERIJ DEVAN
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-01-2026 PDF all 13 filings
Turnover
≈ €2.2m
Estimated: probably between €1.5m and €3.7m
Total assets
€6.7m▼ 6.6%
2024 · €7.2m
Net result
-€154,389
2024 · €507,885
Working capital
€377,282▼ 27.8%
2024 · €522,215
In the rankings
#5 company by total assets in West Flanders, Fishing and aquaculture sector#7 company by equity in West Flanders, Fishing and aquaculture sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€174,108
2025
20192025
Net result
-€154,389
2025
lowest quarter of the sector
20192025
Equity
€2.4m
▼ 11.5%
2025
highest quarter of the sector
20192025
Total assets
€6.7m
▼ 6.6%
2025
highest quarter of the sector
20192025
Debt
€4.1m
▼ 3.5%
2025
20192025
Working capital
€377,282
▼ 27.8%
2025
highest quarter of the sector
20192025
Solvency
35.6%
▼ 1.9pp
2025
middle half of the sector
20192025
Current ratio
1.71
▼ 0.45
2025
middle half of the sector
20192025
Return on assets (ROA)
-2.3%
▼ 9.4pp
2025
middle half of the sector
20192025
Staff (FTE)
9.1
▼ 1.1%
2025
highest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€0.005m-€1.3m-€0.3m-€0.05m▲ 80.6%€0.1m€0.5m▲ 331%-€0.2m
Net result€0.03m-€1.2mabove the sector's middle half▲ 37×-€0.2mbelow the sector's middle half€0.03mwithin the sector's middle half€0.1mwithin the sector's middle half▲ 325%€0.5mabove the sector's middle half▲ 309%-€0.2mbelow the sector's middle half
Equity€0.6m-€2.1mabove the sector's middle half▲ 269%€2.2mabove the sector's middle half▲ 3.4%€2.3mabove the sector's middle half▲ 4.5%€2.2mabove the sector's middle half▼ 2.2%€2.7mabove the sector's middle half▲ 19.8%€2.4mabove the sector's middle half▼ 11.5%
Total assets€2.4m-€3.3mabove the sector's middle half▲ 37.3%€7.5mabove the sector's middle half▲ 124%€7.5mabove the sector's middle half▼ 0.5%€7.1mabove the sector's middle half▼ 4.4%€7.2mabove the sector's middle half▲ 0.4%€6.7mabove the sector's middle half▼ 6.6%
Debt€1.8m-€1.0m▼ 46.3%€5.0m▲ 411%€4.9m▼ 2.6%€4.6m▼ 5.4%€4.2m▼ 8.6%€4.1m▼ 3.5%
Working capital€0.03m-€0.5mwithin the sector's middle half▲ 15×€0.3mwithin the sector's middle half▼ 40.5%-€0.2mbelow the sector's middle half-€0.09mbelow the sector's middle half▲ 43.3%€0.5mwithin the sector's middle half€0.4mabove the sector's middle half▼ 27.8%
Solvency23.6%-63.4%within the sector's middle half▲ 39.8pp29.3%within the sector's middle half▼ 34.1pp30.7%within the sector's middle half▲ 1.5pp31.5%within the sector's middle half▲ 0.7pp37.6%within the sector's middle half▲ 6.1pp35.6%within the sector's middle half▼ 1.9pp
Current ratio1.08-2.98within the sector's middle half▲ 1.902.00within the sector's middle half▼ 0.970.71below the sector's middle half▼ 1.290.85below the sector's middle half▲ 0.142.15within the sector's middle half▲ 1.301.71within the sector's middle half▼ 0.45
Return on assets (ROA)1.3%-34.3%above the sector's middle half▲ 33.1pp-2.7%within the sector's middle half▼ 37.1pp0.4%within the sector's middle half▲ 3.1pp1.7%within the sector's middle half▲ 1.4pp7.1%within the sector's middle half▲ 5.3pp-2.3%within the sector's middle half▼ 9.4pp
Staff (FTE)8.2-15.2above the sector's middle half▲ 85.4%7.7within the sector's middle half▼ 49.3%3.6below the sector's middle half▼ 53.2%8.6within the sector's middle half▲ 139%9.2within the sector's middle half▲ 7.0%9.1above the sector's middle half▼ 1.1%
above
within
below
The sector band is the middle half of the companies in Fishing and aquaculture (NACE 03). 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 loss of €174,108, after a profit of €539,001 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 €6.7m
Fixed assets
€5.8m ▼ 6.7%
Current assets
€911,771 ▼ 6.4%
Equity and liabilities €6.7m
Equity
€2.4m ▼ 11.5%
Provisions
€207,283 ▼ 8.5%
Debt
€4.1m ▼ 3.5%
Debt's share of the balance-sheet total rises from 59.3% to 61.3%. Equity and debt are lower.
Key figures and ratios
EBITDA
€387,611▼
2024 · €1.1m
Cash flow
€407,330▼
2024 · €1.1m
Debt to equity
1.72▲
2024 · 1.58
ROE
-6.5%▼
2024 · 18.9%
Interest coverage
7.22▼
2024 · 19.46
Debt ≤ 1 year
€534,489▲
2024 · €452,257
Debt > 1 year
€3.6m▼
2024 · €3.8m
Staff costs
€899,318▼
2024 · €903,639
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Employees at the balance-sheet date | - | 6 | 6 | 7 |
| full-time | - | 6 | 6 | 7 |
| in full-time equivalents | - | 6 | 6 | 7 |
| Average over the year, in full-time equivalents | 3.4 | 8.6 | 9.2 | 9.1 |
| On a permanent contract | - | 6 | 6 | 7 |
| Joined | 11 | 6 | 18 | 16 |
| Left | 5 | 6 | 18 | 15 |
Source: social balance sheet in the 2022 to 2025 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €841,369 | €70,877 | €133,417 | €149,851 |
| Depreciation and write-downs of the year | €494,816 | €528,880 | €548,008 | €561,719 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2024 · 2 entries · €11,940 awarded · €11,115 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €0 | €11,115 |
| 2023 | 1 | €11,940 | €0 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €1.2m | €1.0m | €0.9m | €0.9m | ▼ 0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m | €0.2m | €0.5m | €0.5m | €0.5m | €0.5m | €0.6m | ▲ 2.5% |
| Other operating charges640/8 | - | - | - | €0.005m | €0.002m | €0.003m | €0.004m | ▲ 26.0% |
| Non-recurring operating charges66A | - | - | - | €0.05m | - | - | - | - |
| Gross operating margin9900 | €1.8m | €3.0m | €1.0m | €1.7m | €1.7m | €2.0m | €1.3m | ▼ 35.3% |
| Operating profit (loss)9901 | -€0.005m | €1.3m | -€0.3m | -€0.05m | €0.1m | €0.5m | -€0.2m | - |
| Financial income75/76B | - | - | - | €0.1m | €0.06m | €0.06m | €0.05m | ▼ 9.1% |
| Recurring financial income75 | €0.06m | €0.07m | €0.08m | €0.1m | €0.06m | €0.06m | €0.05m | ▼ 9.1% |
| Financial charges65/66B | - | - | - | €0.06m | €0.06m | €0.06m | €0.05m | ▼ 3.9% |
| Recurring financial charges65 | €0.03m | €0.04m | €0.06m | €0.06m | €0.06m | €0.06m | €0.05m | ▼ 3.9% |
| Profit (loss) for the period before taxes9903 | €0.03m | €1.4m | -€0.2m | €0.007m | €0.1m | €0.5m | -€0.2m | - |
| Transfer from deferred taxes780 | - | - | - | €0.03m | €0.02m | €0.02m | €0.02m | ▼ 1.6% |
| Income taxes67/77 | €0.003m | €0.03m | - | €0.007m | €0.02m | €0.05m | - | - |
| Profit (loss) for the period9904 | €0.03m | €1.2m | -€0.2m | €0.03m | €0.1m | €0.5m | -€0.2m | - |
| Transfer from tax-exempt reserves789 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Profit (loss) for the period to be appropriated9905 | €0.03m | €0.6m | -€0.2m | €0.07m | €0.2m | €0.5m | -€0.1m | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.4m | €3.3m | €7.5m | €7.5m | €7.1m | €7.2m | €6.7m | ▼ 6.6% |
| Fixed assets21/28 | €1.9m | €2.5m | €6.9m | €7.1m | €6.6m | €6.2m | €5.8m | ▼ 6.7% |
| Intangible fixed assets21 | €0.008m | €0.04m | €0.03m | €0.4m | €0.3m | €0.2m | €0.05m | ▼ 66.7% |
| Tangible fixed assets22/27 | €1.9m | €2.5m | €6.8m | €6.7m | €6.3m | €6.0m | €5.7m | ▼ 5.2% |
| Land and buildings22 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 11.5% |
| Plant, machinery and equipment23 | - | - | - | €0.05m | €0.07m | €0.2m | €0.2m | ▲ 24.8% |
| Furniture and vehicles24 | - | - | - | €6.4m | €6.0m | €5.6m | €5.3m | ▼ 5.9% |
| Financial fixed assets28 | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Current assets29/58 | €0.5m | €0.8m | €0.6m | €0.4m | €0.5m | €1.0m | €0.9m | ▼ 6.4% |
| Amounts receivable within one year40/41 | €0.1m | €0.02m | €0.007m | €0.09m | €0.07m | €0.09m | €0.06m | ▼ 27.9% |
| Trade receivables40 | - | - | - | €0.07m | €0.06m | €0.08m | €0.06m | ▼ 28.1% |
| Other amounts receivable41 | - | - | - | €0.01m | €0.009m | €0.007m | €0.005m | ▼ 25.4% |
| Cash at bank and in hand54/58 | €0.2m | €0.5m | €0.6m | €0.3m | €0.4m | €0.8m | €0.8m | ▼ 5.5% |
| Deferred charges and accrued income490/1 | - | - | - | €0.06m | €0.05m | €0.07m | €0.07m | ▲ 11.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.4m | €3.3m | €7.5m | €7.5m | €7.1m | €7.2m | €6.7m | ▼ 6.6% |
| Equity10/15 | €0.6m | €2.1m | €2.2m | €2.3m | €2.2m | €2.7m | €2.4m | ▼ 11.5% |
| Contributions10/11 | €0.2m | - | - | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Reserves13 | €0.2m | €0.8m | €0.8m | €0.8m | €0.8m | €1.3m | €1.2m | ▼ 10.8% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves not available under the articles1311 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Tax-exempt reserves132 | - | - | - | €0.5m | €0.5m | €0.4m | €0.4m | ▼ 8.7% |
| Distributable reserves133 | - | - | - | €0.3m | €0.4m | €0.9m | €0.8m | ▼ 12.0% |
| Profit (loss) carried forward14 | €0.01m | €0.6m | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 30.7% |
| Investment grants15 | - | - | - | €0.7m | €0.6m | €0.6m | €0.6m | ▼ 8.1% |
| Provisions and deferred taxes16 | €0.02m | €0.2m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 8.5% |
| Deferred taxes168 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 8.5% |
| Amounts payable17/49 | €1.8m | €1.0m | €5.0m | €4.9m | €4.6m | €4.2m | €4.1m | ▼ 3.5% |
| Amounts payable after more than one year17 | €1.4m | €0.7m | €4.7m | €4.3m | €4.0m | €3.8m | €3.6m | ▼ 6.1% |
| Financial debts170/4 | - | - | - | €4.3m | €3.9m | €3.7m | €3.5m | ▼ 6.2% |
| Other amounts payable178/9 | - | - | - | €0.08m | €0.08m | €0.08m | €0.08m | = |
| Amounts payable within one year42/48 | €0.5m | €0.3m | €0.3m | €0.6m | €0.6m | €0.5m | €0.5m | ▲ 18.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.4m | €0.3m | €0.2m | €0.2m | = |
| Financial debts43 | - | - | - | €0.03m | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0.03m | - | - | - | - |
| Trade debts44 | €0.2m | €0.03m | €0.06m | €0.07m | €0.08m | €0.08m | €0.1m | ▲ 40.4% |
| Suppliers440/4 | - | - | - | €0.07m | €0.08m | €0.08m | €0.1m | ▲ 40.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.07m | €0.08m | €0.09m | €0.07m | ▼ 26.7% |
| Taxes450/3 | - | - | - | €0.06m | €0.06m | €0.08m | €0.05m | ▼ 44.7% |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.02m | €0.009m | €0.02m | ▲ 130% |
| Other amounts payable47/48 | - | - | - | €0.03m | €0.1m | €0.05m | €0.1m | ▲ 148% |
| Accrued charges and deferred income492/3 | - | - | - | €0.005m | €0.007m | €0.009m | €0.009m | ▲ 2.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.03m | €1.2m | -€0.2m | €0.03m | €0.1m | €0.5m | -€0.2m | - |
| + Depreciation and write-downs630 | €0.4m | €0.2m | €0.5m | €0.5m | €0.5m | €0.5m | €0.6m | ▲ 2.5% |
| Operating cash flow (approximation) | €0.5m | €1.4m | €0.3m | €0.5m | €0.7m | €1.1m | €0.4m | ▼ 61.4% |
| Investment in fixed assets (approximation) | - | -€0.8m | -€4.8m | -€0.7m | -€0.07m | -€0.1m | -€0.1m | ▼ 12.3% |
| Change in cash | - | €0.3m | €0.06m | -€0.3m | €0.1m | €0.4m | -€0.05m | - |
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, 6,908 companies had the same profile as REDERIJ DEVAN has now. Two years later, 90.9% were still going and 1.1% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a small loss
90.9%
was still going
7.8%
stopped otherwise
1.1%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of REDERIJ DEVAN itself: 0.4% 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 6,908 companies, not a prediction for REDERIJ DEVAN. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | abbreviated format | 31-01-2026 | 2026-00025464 | |
| 30-06-2024 | abbreviated format | 10-12-2024 | 2024-00613340 | |
| 30-06-2023 | abbreviated format | 31-01-2024 | 2024-00020714 | |
| 30-06-2022 | abbreviated format | 22-12-2022 | 2022-20543983 | |
| 30-06-2021 | abbreviated format | 03-01-2022 | 2022-00300357 | |
| 30-06-2020 | abbreviated format | 30-01-2021 | 2021-03700273 | |
| 30-06-2019 | abbreviated format | 30-12-2019 | 2019-77700409 | |
| 30-06-2018 | abbreviated format | 20-12-2018 | 2018-75200362 | |
| 30-06-2017 | abbreviated format | 21-02-2018 | 2018-05300550 | |
| 31-12-2015 | abbreviated format | 21-06-2016 | 2016-20200159 |