dnf belgium
ActiveSummary
dnf belgium has been active since 2010 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €229k and a net result of €122k. Equity is growing by ~3% per year across the filed fiscal years. Its solvency ranks better than 31% of 3307 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability83▲+43
Solvency47▲+7
Growth78=
Track record100
Bankruptcy probability, 12 months
0.1%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €15k at 30 days acceptable
Liquidity tight (current ratio 1.22 against 1.11 in 2024; short-term debt: 78.4% and cash: 11.2% of total assets), and 78.4% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 69
Relative position
BE, all sectors
reference
Legal and accounting activities (NACE 69)
about 77% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
21.6%
Return on assets
11.5%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 01-07-2026, 30 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
30 d early
2024
on the day
2023
15 d early
2022
27 d early
2021
2 d early
2020
31 d late
2019
66 d late
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€229k▲ 58.2%
2024 · €145k
2018: €108klowest in 8 years
2019: €129k▲ +19.8% vs 2018
2020: €133k▲ +3.0% vs 2019
2021: €135k▲ +1.3% vs 2020
2022: €137k▲ +1.4% vs 2021
2023: €140k▲ +2.9% vs 2022
2024: €145k▲ +3.1% vs 2023
2025: €229k▲ +58.2% vs 2024highest in 8 years
2018 → 2025
Total assets
€1.06M▲ 10.6%
2024 · €958k
2018: €525klowest in 8 years
2019: €730k▲ +39.0% vs 2018
2020: €897k▲ +22.8% vs 2019
2021: €894k▼ -0.3% vs 2020
2022: €1.13M▲ +26.8% vs 2021
2023: €1.23M▲ +8.4% vs 2022highest in 8 years
2024: €958k▼ -22.1% vs 2023
2025: €1.06M▲ +10.6% vs 2024
2018 → 2025
Net result
€122k▲ 2,719%
2024 · €4k
2018: €1klowest in 8 years
2019: €21k▲ +1908% vs 2018
2020: €4k▼ -81.7% vs 2019
2021: €2k▼ -56.0% vs 2020
2022: €2k▲ +6.8% vs 2021
2023: €4k▲ +113% vs 2022
2024: €4k▲ +10.7% vs 2023
2025: €122k▲ +2719% vs 2024highest in 8 years
2018 → 2025
Working capital
€179k▲ 99.8%
2024 · €90k
2018: €66klowest in 8 years
2019: €80k▲ +22.0% vs 2018
2020: €92k▲ +14.7% vs 2019
2021: €98k▲ +6.7% vs 2020
2022: €88k▼ -9.7% vs 2021
2023: €84k▼ -4.5% vs 2022
2024: €90k▲ +6.2% vs 2023
2025: €179k▲ +99.8% vs 2024highest in 8 years
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€135k-€137k▲ 1.4%€140k▲ 2.9%€145k▲ 3.1%€229k▲ 58.2%
2021: €135klowest in 5 years
2022: €137k▲ +1.4% vs 2021
2023: €140k▲ +2.9% vs 2022
2024: €145k▲ +3.1% vs 2023
2025: €229k▲ +58.2% vs 2024highest in 5 years
Operating result€50k-€54k▲ 7.0%€62k▲ 14.6%€67k▲ 8.3%€226k▲ 239%
2021: €50klowest in 5 years
2022: €54k▲ +7.0% vs 2021
2023: €62k▲ +14.6% vs 2022
2024: €67k▲ +8.3% vs 2023
2025: €226k▲ +239% vs 2024highest in 5 years
Net result€2k-€2k▲ 6.8%€4k▲ 113%€4k▲ 10.7%€122k▲ 2,719%
2021: €2klowest in 5 years
2022: €2k▲ +6.8% vs 2021
2023: €4k▲ +113% vs 2022
2024: €4k▲ +10.7% vs 2023
2025: €122k▲ +2719% vs 2024highest in 5 years
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result has risen four years in a row; 2025 is 239% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.06M
Fixed assets
€50k ▼ 9.6%
Current assets
€1.01M ▲ 11.9%
Equity and liabilities €1.06M
Equity
€229k ▲ 58.2%
Debt
€831k ▲ 2.2%
Debt's share of the balance-sheet total falls from 84.9% to 78.4%. Equity and debt are higher.
Key figures and ratios
EBITDA
€237k▲
2024 · €78k
Cash flow
€133k▲
2024 · €16k
Current ratio
1.22▲
2024 · 1.11
Debt to equity
3.63▼
2024 · 5.61
ROE
53.2%▲
2024 · 3.0%
ROA
11.5%▲
2024 · 0.5%
Interest coverage
6.80▲
2024 · 2.43
Debt ≤ 1 year
€831k▲
2024 · €813k
Income taxes
€70k▲
2024 · €34k
Staff costs
€619k▼
2024 · €931k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 55 lines
Balance sheet
Code20242025
Assets
Total assets20/58€958k€1.06M▲
Fixed assets21/28€55k€50k▼
Tangible fixed assets22/27€52k€47k▼
Furniture and vehicles24€34k€29k▼
Other tangible fixed assets26€18k€18k=
Financial fixed assets28€3k€3k=
Current assets29/58€903k€1.01M▲
Amounts receivable within one year40/41€752k€811k▲
Trade receivables40€719k€770k▲
Other amounts receivable41€33k€41k▲
Cash at bank and in hand54/58€49k€119k▲
Deferred charges and accrued income490/1€102k€80k▼
Equity and liabilities
Total equity and liabilities10/49€958k€1.06M▲
Equity10/15€145k€229k▲
Contributions10/11€48k€48k=
Reserves13€97k€181k▲
Non-distributable reserves130/1€3k€3k=
Reserves not available under the articles1311€3k€3k=
Tax-exempt reserves132€11k€95k▲
Distributable reserves133€83k€83k=
Profit (loss) carried forward14-€0
Amounts payable17/49€813k€831k▲
Amounts payable within one year42/48€813k€831k▲
Financial debts43€250k€255k▲
Credit institutions430/8€250k€254k▲
Other loans439-€1k
Trade debts44€385k€347k▼
Suppliers440/4€385k€347k▼
Taxes, remuneration and social security45€101k€107k▲
Taxes450/3€34k€84k▲
Remuneration and social security454/9€67k€23k▼
Other amounts payable47/48€77k€123k▲
Income statement
Code20242025
Non-recurring operating income76A€7k€216k▲
Remuneration, social security and pensions62€931k€619k▼
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€11k€11k▼
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€140k€122k▼
Other operating charges640/8€32k€12k▼
Non-recurring operating charges66A€0€11k▲
Gross operating margin9900€1.18M€1.00M▼
Operating profit (loss)9901€67k€226k▲
Financial income75/76B€3k€1k▼
Recurring financial income75€3k€1k▼
Financial charges65/66B€32k€35k▲
Recurring financial charges65€32k€35k▲
Profit (loss) for the period before taxes9903€38k€192k▲
Income taxes67/77€34k€70k▲
Profit (loss) for the period9904€4k€122k▲
Transfer to tax-exempt reserves689-€84k
Profit (loss) for the period to be appropriated9905€4k€38k▲
Appropriation of the result
Profit (loss) to be appropriated9906€4k€38k▲
Transfer to equity691/2€4k€0▼
To other reserves6921€4k€0▼
Profit to be distributed694/7-€38k
Return on contributions (dividend)694-€38k
Social balance
Average headcount (FTE)908713.39.5▼
The notes to these accounts (17 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | €0 | - | - | €7k | €216k | ▲ 2,969% |
| Remuneration, social security and pensions62 | €998k | €907k | €948k | €931k | €619k | ▼ 33.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8k | €8k | €14k | €11k | €11k | ▼ 4.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | €16k | €6k | €140k | €122k | ▼ 12.8% |
| Other operating charges640/8 | €18k | €14k | €11k | €32k | €12k | ▼ 61.2% |
| Non-recurring operating charges66A | €0 | - | €6k | €0 | €11k | - |
| Gross operating margin9900 | €1.07M | €999k | €1.05M | €1.18M | €1.00M | ▼ 15.2% |
| Operating profit (loss)9901 | €50k | €54k | €62k | €67k | €226k | ▲ 239% |
| Financial income75/76B | €1k | €5k | €287 | €3k | €1k | ▼ 65.9% |
| Recurring financial income75 | €1k | €5k | €287 | €3k | €1k | ▼ 65.9% |
| Financial charges65/66B | €13k | €16k | €23k | €32k | €35k | ▲ 8.3% |
| Recurring financial charges65 | €13k | €16k | €23k | €32k | €35k | ▲ 8.3% |
| Profit (loss) for the period before taxes9903 | €38k | €43k | €39k | €38k | €192k | ▲ 407% |
| Income taxes67/77 | €36k | €41k | €35k | €34k | €70k | ▲ 109% |
| Profit (loss) for the period9904 | €2k | €2k | €4k | €4k | €122k | ▲ 2,719% |
| Transfer to tax-exempt reserves689 | - | - | - | - | €84k | - |
| Profit (loss) for the period to be appropriated9905 | €2k | €2k | €4k | €4k | €38k | ▲ 772% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €894k | €1.13M | €1.23M | €958k | €1.06M | ▲ 10.6% |
| Fixed assets21/28 | €37k | €48k | €56k | €55k | €50k | ▼ 9.6% |
| Tangible fixed assets22/27 | €37k | €45k | €53k | €52k | €47k | ▼ 10.2% |
| Furniture and vehicles24 | €19k | €27k | €35k | €34k | €29k | ▼ 15.6% |
| Other tangible fixed assets26 | €18k | €18k | €18k | €18k | €18k | = |
| Financial fixed assets28 | €0 | €3k | €3k | €3k | €3k | = |
| Current assets29/58 | €857k | €1.09M | €1.17M | €903k | €1.01M | ▲ 11.9% |
| Amounts receivable within one year40/41 | €701k | €823k | €948k | €752k | €811k | ▲ 7.9% |
| Trade receivables40 | €611k | €743k | €805k | €719k | €770k | ▲ 7.1% |
| Other amounts receivable41 | €89k | €80k | €142k | €33k | €41k | ▲ 24.0% |
| Cash at bank and in hand54/58 | €80k | €192k | €147k | €49k | €119k | ▲ 144% |
| Deferred charges and accrued income490/1 | €77k | €71k | €78k | €102k | €80k | ▼ 21.8% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €894k | €1.13M | €1.23M | €958k | €1.06M | ▲ 10.6% |
| Equity10/15 | €135k | €137k | €140k | €145k | €229k | ▲ 58.2% |
| Contributions10/11 | €48k | €48k | €48k | €48k | €48k | = |
| Reserves13 | €87k | €88k | €92k | €97k | €181k | ▲ 87.1% |
| Non-distributable reserves130/1 | €3k | €3k | €3k | €3k | €3k | = |
| Reserves not available under the articles1311 | €3k | €3k | €3k | €3k | €3k | = |
| Tax-exempt reserves132 | €11k | €11k | €11k | €11k | €95k | ▲ 787% |
| Distributable reserves133 | €73k | €75k | €79k | €83k | €83k | = |
| Profit (loss) carried forward14 | - | - | - | - | €0 | - |
| Amounts payable17/49 | €759k | €997k | €1.09M | €813k | €831k | ▲ 2.2% |
| Amounts payable within one year42/48 | €759k | €997k | €1.09M | €813k | €831k | ▲ 2.2% |
| Current portion of amounts payable after more than one year42 | €55k | €0 | - | - | - | - |
| Financial debts43 | €193k | €242k | €271k | €250k | €255k | ▲ 1.8% |
| Credit institutions430/8 | €193k | €242k | €271k | €250k | €254k | ▲ 1.4% |
| Other loans439 | - | - | - | - | €1k | - |
| Trade debts44 | €136k | €335k | €418k | €385k | €347k | ▼ 9.9% |
| Suppliers440/4 | €136k | €335k | €418k | €385k | €347k | ▼ 9.9% |
| Taxes, remuneration and social security45 | €120k | €95k | €132k | €101k | €107k | ▲ 5.9% |
| Taxes450/3 | €18k | €3k | €34k | €34k | €84k | ▲ 147% |
| Remuneration and social security454/9 | €102k | €91k | €98k | €67k | €23k | ▼ 66.1% |
| Other amounts payable47/48 | €256k | €324k | €267k | €77k | €123k | ▲ 58.9% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2k | €2k | €4k | €4k | €122k | ▲ 2,719% |
| + Depreciation and write-downs630 | €8k | €8k | €14k | €11k | €11k | ▼ 4.3% |
| Operating cash flow (approximation) | €10k | €9k | €18k | €16k | €133k | ▲ 752% |
| Investment in fixed assets (approximation) | - | €-19k | €-22k | €-10k | €-5k | ▲ 47.4% |
| Change in cash | - | €112k | €-45k | €-98k | €70k | ▲ 172% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
11-09
State Gazette act
Resignations: Alexander Verleysen (director) and DNF GROUP (director)Appointments: Ludovic Mertens (director) and MINERVA GROEP (director) · Permanent representatives: Alexander Verleysen and Ludovic Mertens7 facts ▸
State Gazette act
Resignations: Alexander Verleysen (director) and DNF GROUP (director)
Appointments: Ludovic Mertens (director) and MINERVA GROEP (director) · Permanent representatives: Alexander Verleysen and Ludovic Mertens7 facts ▸
- General meeting, 01-07-2026
- Director resignation, Alexander Verleysen (director)
- Director resignation, DNF GROUP (director)
- Director appointment, Ludovic Mertens (director)
- Director appointment, MINERVA GROEP (director)
- Permanent representative, Alexander Verleysen (permanent representative)
- Permanent representative, Ludovic Mertens (permanent representative)
01-07
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
31-12
Financial
Highest result since 2018net €122k ▲2,719%
Operating result €226k, net result €122k, both a record.
31-12
Financial
Equity above €200kEq €229k ▲58.2%
8 profitable years in a row build equity to €229k.
31-07
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
16-07
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
04-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
29-07
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-08
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema · 31 days late
2020
05-10
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema · 66 days late
2019
01-10
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema · 62 days late
2018
31-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
08-08
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema · 8 days late
Financial milestoneState Gazette actNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
1 of 17 acts read
About the unread acts
Of the 17 Belgian State Gazette acts we know for this company, 1 has been read. The other 16 have not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
2 directors, last change in 2026
Ludovic Mertens
CurrentDirector · since 01-07-2026
MINERVA GROEP
CurrentDirector · since 01-07-2026 · Private limited company · perm. rep.: Alexander Verleysen
01-07-2026
Ludovic Mertens: Appointed as Director
01-07-2026
MINERVA GROEP: Appointed as Director
30-06-2026
Alexander Verleysen: Resigned as Director
30-06-2026
DNF GROUP: Resigned as Director
Not every act has been read: a resignation may be missing here
16 of this company's 17 Belgian State Gazette acts have not been read yet. Appointments and resignations recorded in them are missing above: a director who resigned there may therefore still show here as sitting. The acts are in the Timeline.
Location & real-estate footprint
Registered office, Antwerpen · 2 establishment units since 2010
Ground area
9,273 m²
Building footprint
3,757 m²
Volume, LiDAR
35,429 m³
2 parcels, Flanders · tallest building 21.7 m, ±6 floors. Linked by address, not a title deed.
11
companies at this address
See who is registered here
2 establishment units
dnf belgium
since 20102.194.482.567
dnf Belgium
since 20102.342.184.170
2 parcels
Flanders
2
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 13029E0531/00D000 | Flanders | 5,400 m² | 1 · 2,679 m² | 7.5 m · 2 fl. |
| 11810K0015/00B003 | Flanders | 3,873 m² | 1 · 1,078 m² | 21.7 m · 6 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Connections & network
4 connected companiesThis company
Company
Director
Shareholding
Click a node to look further, drag to arrange, scroll to zoom.
Linked via shared directors
via Ludovic Mertens · Permanent representative
former→
Shared corporate director
→
Shared corporate director
→
Shared corporate director
→
Public money · subsidies and aid
Flemish government
2022 to 2025 · 7 entries · 19,986 EUR awarded · 20,272 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2025 | 2 | 1,813 EUR | 1,754 EUR |
| 2024 | 1 | 2,006 EUR | 2,006 EUR |
| 2023 | 2 | 6,910 EUR | 7,255 EUR |
| 2022 | 2 | 9,257 EUR | 9,257 EUR |
Schemes
Vlaams opleidingsverlof (VOV)
Subsidie voor opleiding en advies voor kmo's en zelfstandigen (kmo-portefeuille)
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Of 12,173 companies in sector 69201 we hold annual accounts for 7,638. 6,268 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded22-12-2010
Fiscal year end31-12
Activities, NACEBEL 2025
69201Certified accountants and tax accountants
Scores and ratios are computed by Checked and are not a credit decision.