BART HERTOGS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 06-03-2026 PDF all 5 filings
Turnover
≈ €77,000
Estimated: probably between €35,000 and €180,000
Total assets
€108,315▼ 1.9%
2024 · €110,461
Net result
-€4,552▲ 13.1%
2024 · -€5,239
Working capital
-€24,188▲ 6.1%
2024 · -€25,747
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
-€3,610
▲ 27.3%
2025
20212025
Net result
-€4,552
▲ 13.1%
2025
lowest quarter of the sector
20212025
Equity
€19,633
▼ 18.8%
2025
middle half of the sector
20212025
Total assets
€108,315
▼ 1.9%
2025
middle half of the sector
20212025
Debt
€88,682
▲ 2.8%
2025
20212025
Working capital
-€24,188
▲ 6.1%
2025
lowest quarter of the sector
20212025
Solvency
18.1%
▼ 3.8pp
2025
middle half of the sector
20212025
Current ratio
0.70
=
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
-4.2%
▲ 0.5pp
2025
lowest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€9,876-€31,649▲ 220%€53,489▲ 69.0%-€4,964-€3,610▲ 27.3%
Net result€7,255within the sector's middle half-€21,770within the sector's middle half▲ 200%€40,942above the sector's middle half▲ 88.1%-€5,239below the sector's middle half-€4,552below the sector's middle half▲ 13.1%
Equity€8,455below the sector's middle half-€29,425within the sector's middle half▲ 248%€70,367within the sector's middle half▲ 139%€24,186within the sector's middle half▼ 65.6%€19,633within the sector's middle half▼ 18.8%
Total assets€49,767below the sector's middle half-€75,159below the sector's middle half▲ 51.0%€131,945within the sector's middle half▲ 75.6%€110,461within the sector's middle half▼ 16.3%€108,315within the sector's middle half▼ 1.9%
Debt€41,312-€45,734▲ 10.7%€61,578▲ 34.6%€86,275▲ 40.1%€88,682▲ 2.8%
Working capital-€27,912below the sector's middle half-€843within the sector's middle half€44,415within the sector's middle half▲ 53×-€25,747below the sector's middle half-€24,188below the sector's middle half▲ 6.1%
Solvency17.0%within the sector's middle half-39.2%within the sector's middle half▲ 22.2pp53.3%within the sector's middle half▲ 14.2pp21.9%within the sector's middle half▼ 31.4pp18.1%within the sector's middle half▼ 3.8pp
Current ratio0.32below the sector's middle half-1.02within the sector's middle half▲ 0.691.72within the sector's middle half▲ 0.700.70below the sector's middle half▼ 1.020.70below the sector's middle half=
Return on assets (ROA)14.6%above the sector's middle half-29.0%above the sector's middle half▲ 14.4pp31.0%above the sector's middle half▲ 2.1pp-4.7%below the sector's middle half▼ 35.8pp-4.2%below the sector's middle half▲ 0.5pp
above
within
below
The sector band is the middle half of the companies in Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials (NACE 16). 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 €3,610, smaller than the loss of €4,964 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 €108,315
Fixed assets
€52,531 ▲ 4.9%
Current assets
€55,784 ▼ 7.6%
Equity and liabilities €108,315
Equity
€19,633 ▼ 18.8%
Debt
€88,682 ▲ 2.8%
Debt's share of the balance-sheet total rises from 78.1% to 81.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€9,142▲
2024 · €1,734
Cash flow
€8,199▲
2024 · €1,459
Quick ratio
0.68▼
2024 · 0.70
Debt to equity
4.52▲
2024 · 3.57
ROE
-23.2%▼
2024 · -21.7%
Interest coverage
17.66▼
2024 · 40.12
Debt ≤ 1 year
€79,972▼
2024 · €86,125
Debt > 1 year
€8,560
Income taxes
€427▲
2024 · €242
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 | €36,367 | - | €5,733 | €50,593 | €15,200 |
| Depreciation and write-downs of the year | - | €7,786 | €8,362 | €6,698 | €12,752 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | €7,786 | €8,362 | €6,698 | €12,752 | ▲ 90.4% |
| Other operating charges640/8 | - | €859 | €634 | €5,888 | €885 | ▼ 85.0% |
| Gross operating margin9900 | €9,876 | €40,294 | €62,485 | €7,622 | €10,027 | ▲ 31.6% |
| Operating profit (loss)9901 | €9,876 | €31,649 | €53,489 | -€4,964 | -€3,610 | ▲ 27.3% |
| Financial income75/76B | - | €0 | €0 | €10 | €2 | ▼ 77.8% |
| Recurring financial income75 | - | €0 | €0 | €10 | €2 | ▼ 77.8% |
| Financial charges65/66B | - | €30 | €732 | €43 | €518 | ▲ 12× |
| Recurring financial charges65 | - | €30 | €732 | €43 | €518 | ▲ 12× |
| Profit (loss) for the period before taxes9903 | €9,876 | €31,619 | €52,757 | -€4,998 | -€4,125 | ▲ 17.5% |
| Income taxes67/77 | €2,621 | €9,849 | €11,814 | €242 | €427 | ▲ 76.7% |
| Profit (loss) for the period9904 | €7,255 | €21,770 | €40,942 | -€5,239 | -€4,552 | ▲ 13.1% |
| Profit (loss) for the period to be appropriated9905 | €7,255 | €21,770 | €40,942 | -€5,239 | -€4,552 | ▲ 13.1% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €49,767 | €75,159 | €131,945 | €110,461 | €108,315 | ▼ 1.9% |
| Fixed assets21/28 | €36,367 | €28,582 | €25,952 | €50,083 | €52,531 | ▲ 4.9% |
| Tangible fixed assets22/27 | €36,367 | €28,582 | €25,952 | €50,083 | €52,531 | ▲ 4.9% |
| Plant, machinery and equipment23 | - | - | €1,147 | €3,411 | €16,423 | ▲ 381% |
| Furniture and vehicles24 | €35,078 | €27,421 | €23,773 | €45,769 | €35,335 | ▼ 22.8% |
| Other tangible fixed assets26 | €1,290 | €1,161 | €1,032 | €903 | €774 | ▼ 14.3% |
| Current assets29/58 | €13,400 | €46,578 | €105,993 | €60,378 | €55,784 | ▼ 7.6% |
| Stocks and contracts in progress3 | - | - | - | - | €1,596 | - |
| Stocks30/36 | - | - | - | - | €1,596 | - |
| Amounts receivable within one year40/41 | €11,400 | €44,433 | €0 | €23,731 | €5,821 | ▼ 75.5% |
| Trade receivables40 | €11,400 | €43,794 | €0 | €19,362 | €5,543 | ▼ 71.4% |
| Other amounts receivable41 | - | €639 | €0 | €4,369 | €278 | ▼ 93.6% |
| Cash at bank and in hand54/58 | €2,000 | €1,675 | €105,945 | €35,876 | €47,574 | ▲ 32.6% |
| Deferred charges and accrued income490/1 | - | €470 | €49 | €770 | €793 | ▲ 2.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €49,767 | €75,159 | €131,945 | €110,461 | €108,315 | ▼ 1.9% |
| Equity10/15 | €8,455 | €29,425 | €70,367 | €24,186 | €19,633 | ▼ 18.8% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | €6,455 | €27,425 | €68,367 | €27,425 | €27,425 | = |
| Distributable reserves133 | €6,455 | €27,425 | €68,367 | €27,425 | €27,425 | = |
| Profit (loss) carried forward14 | - | - | €0 | -€5,239 | -€9,792 | ▼ 86.9% |
| Amounts payable17/49 | €41,312 | €45,734 | €61,578 | €86,275 | €88,682 | ▲ 2.8% |
| Amounts payable after more than one year17 | - | - | - | - | €8,560 | - |
| Financial debts170/4 | - | - | - | - | €8,560 | - |
| Amounts payable within one year42/48 | €41,312 | €45,734 | €61,578 | €86,125 | €79,972 | ▼ 7.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €3,089 | - |
| Trade debts44 | €37,891 | €446 | €857 | €200 | €1,438 | ▲ 620% |
| Suppliers440/4 | €37,891 | €446 | €857 | €200 | €1,438 | ▲ 620% |
| Taxes, remuneration and social security45 | €2,621 | €4,171 | €10,353 | €1,742 | €2,597 | ▲ 49.1% |
| Taxes450/3 | €2,621 | €2,621 | €8,853 | €242 | €1,097 | ▲ 354% |
| Remuneration and social security454/9 | - | €1,550 | €1,500 | €1,500 | €1,500 | = |
| Other amounts payable47/48 | €800 | €41,118 | €50,368 | €84,184 | €72,849 | ▼ 13.5% |
| Accrued charges and deferred income492/3 | - | - | - | €150 | €150 | = |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,255 | €21,770 | €40,942 | -€5,239 | -€4,552 | ▲ 13.1% |
| + Depreciation and write-downs630 | - | €7,786 | €8,362 | €6,698 | €12,752 | ▲ 90.4% |
| Operating cash flow (approximation) | €7,255 | €29,555 | €49,305 | €1,459 | €8,199 | ▲ 462% |
| Investment in fixed assets (approximation) | - | €0 | -€5,733 | -€30,829 | -€15,200 | ▲ 50.7% |
| Change in cash | - | -€325 | €104,270 | -€70,068 | €11,698 | - |
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, 1,271 companies had the same profile as BART HERTOGS has now. Two years later, 93.5% were still going and 4.1% had gone bankrupt.
- Micro
- 2 to 5 years old
- solvency 10 to 30%
- a small loss
93.5%
was still going
2.0%
stopped otherwise
4.1%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of BART HERTOGS itself is lower: 0.7% within 12 months. It rests on far more data about BART HERTOGS than the profile alone.
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 1,271 companies, not a prediction for BART HERTOGS. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 06-03-2026 | 2026-00049924 | |
| 31-12-2024 | micro format | 07-04-2025 | 2025-00067364 | |
| 31-12-2023 | micro format | 17-06-2024 | 2024-00141982 | |
| 31-12-2022 | micro format | 30-05-2023 | 2023-00101059 | |
| 31-12-2021 | micro format | 09-06-2022 | 2022-20056611 |