H & E EXPLOITATIONS
Absorbed by LET'S THINKFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 18 days after the deadline Filed on 18 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00404524.
Annual accounts 2025 filed on 18-08-2026 at the NBB all 14 filings
Turnover
≈ €120,000
Estimated: probably between €51,000 and €300,000
Total assets
€464,359▼ 14.4%
2024 · €542,280
Net result
-€109,272
2024 · €192,535
Working capital
-€672,282▼ 2.5%
2024 · -€656,113
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€92,478
2025
20182025
Net result
-€109,272
2025
20182025
Equity
-€889,587
▼ 14.0%
2025
20182025
Total assets
€464,359
▼ 14.4%
2025
20182025
Debt
€1.4m
▲ 2.4%
2025
20182025
Working capital
-€672,282
▼ 2.5%
2025
20182025
Staff (FTE)
0.1
▼ 90.0%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€1.0m--€0.1m-€0.2m▼ 84.5%€0.07m€0.01m▼ 81.7%€0.04m▲ 265%€0.2m▲ 334%-€0.09m
Net result€1.0m--€0.1m-€0.2m▼ 75.4%€0.07m€0.01m▼ 82.7%€0.04m▲ 283%€0.2m▲ 334%-€0.1m
Equity-€0.7m--€0.8m▼ 19.9%-€1.1m▼ 29.1%-€1.0m▲ 6.1%-€1.0m▲ 1.1%-€1.0m▲ 4.4%-€0.8m▲ 19.8%-€0.9m▼ 14.0%
Total assets€0.4m-€0.3m▼ 16.4%€0.3m▼ 4.1%€0.6m▲ 99.6%€0.5m▼ 17.9%€0.4m▼ 26.8%€0.5m▲ 48.9%€0.5m▼ 14.4%
Debt€1.1m-€1.2m▲ 7.2%€1.4m▲ 20.0%€1.6m▲ 16.9%€1.5m▼ 7.3%€1.3m▼ 11.7%€1.3m▼ 1.1%€1.4m▲ 2.4%
Working capital-€0.9m--€0.6m▲ 28.0%-€0.8m▼ 35.9%-€1.0m▼ 15.3%-€1.1m▼ 10.8%-€0.9m▲ 13.1%-€0.7m▲ 29.4%-€0.7m▼ 2.5%
Staff (FTE)5.4-2.1▼ 61.1%21.8▲ 938%5.4▼ 75.2%1.4▼ 74.1%1.1▼ 21.4%1▼ 9.1%0.1▼ 90.0%
The operating result for 2025 is a loss of €92,478, after a profit of €193,129 in 2024. It is the lowest result since 2020.
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 €464,359
Fixed assets
€135,389 ▼ 43.1%
Current assets
€328,970 ▲ 8.2%
Equity and liabilities
Equity-€889,587
Debt€1.4m
Equity is negative. Debt (€1.4m) exceeds the balance-sheet total (€464,359).
Key figures and ratios
EBITDA
€10,281▼
2024 · €297,587
Cash flow
-€6,513▼
2024 · €296,993
Solvency
-191.6%▼
2024 · -143.9%
Current ratio
0.33▲
2024 · 0.32
ROA
-23.5%▼
2024 · 35.5%
Interest coverage
0.61▼
2024 · over 100
Debt ≤ 1 year
€1.0m▲
2024 · €960,245
Debt > 1 year
€347,683=
2024 · €347,683
Staff costs
€6,415▼
2024 · €117,098
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | 1 | 1 | 1 | 1 | - |
| full-time | 1 | 1 | 1 | 1 | - |
| in full-time equivalents | 1 | 1 | 1 | 1 | - |
| Average over the year, in full-time equivalents | 5.4 | 1.4 | 1.1 | 1 | 0.1 |
| On a permanent contract | 1 | 1 | 1 | 1 | - |
| Joined | 106 | 20 | 10 | - | 0 |
| Left | 110 | 20 | 10 | - | 1 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €257,951 | €63,357 | €5,675 | - | - |
| Financial fixed assets | €400 | - | - | - | - |
| Depreciation and write-downs of the year | €58,980 | €100,752 | €105,216 | €104,458 | €102,759 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €1,386 awarded · €1,386 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.006m | ▼ 94.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.03m | €0.04m | €0.04m | €0.06m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 1.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | - | - | -€0.003m | - |
| Other operating charges640/8 | - | - | - | €0.01m | €0.01m | €0.007m | €0.006m | €0.004m | ▼ 36.7% |
| Non-recurring operating charges66A | - | - | - | €0.006m | €0.002m | - | - | - | - |
| Gross operating margin9900 | €1.3m | €0.08m | €0.1m | €0.3m | €0.3m | €0.3m | €0.4m | €0.02m | ▼ 95.7% |
| Operating profit (loss)9901 | €1.0m | -€0.1m | -€0.2m | €0.07m | €0.01m | €0.04m | €0.2m | -€0.09m | - |
| Financial income75/76B | - | - | - | €494 | €0.001m | €0.001m | €2 | - | - |
| Recurring financial income75 | €0.001m | €39 | €132 | €494 | €0.001m | €0.001m | €2 | - | - |
| Financial charges65/66B | - | - | - | €489 | €0.001m | €0.002m | €0.001m | €0.02m | ▲ 28× |
| Recurring financial charges65 | €0.009m | €0.007m | €0.001m | €489 | €0.001m | €0.002m | €0.001m | €0.02m | ▲ 28× |
| Profit (loss) for the period before taxes9903 | €1.0m | -€0.1m | -€0.2m | €0.07m | €0.01m | €0.04m | €0.2m | -€0.1m | - |
| Profit (loss) for the period9904 | €1.0m | -€0.1m | -€0.2m | €0.07m | €0.01m | €0.04m | €0.2m | -€0.1m | - |
| Profit (loss) for the period to be appropriated9905 | -€0.2m | -€0.1m | -€0.2m | €0.07m | €0.01m | €0.04m | €0.2m | -€0.1m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.4m | €0.3m | €0.3m | €0.6m | €0.5m | €0.4m | €0.5m | €0.5m | ▼ 14.4% |
| Fixed assets21/28 | €0.3m | €0.3m | €0.3m | €0.5m | €0.4m | €0.3m | €0.2m | €0.1m | ▼ 43.1% |
| Intangible fixed assets21 | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | €0.1m | €0.08m | ▼ 30.0% |
| Tangible fixed assets22/27 | €0.01m | €0.01m | €0.03m | €0.3m | €0.3m | €0.2m | €0.1m | €0.05m | ▼ 55.8% |
| Plant, machinery and equipment23 | - | - | - | €0.005m | €0.01m | €0.01m | €0.01m | €0.005m | ▼ 44.3% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.007m | €0.004m | €0.002m | - | - |
| Other tangible fixed assets26 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.05m | ▼ 56.2% |
| Financial fixed assets28 | €119 | - | - | €400 | €400 | €400 | €400 | €400 | = |
| Current assets29/58 | €0.04m | €0.01m | €0.02m | €0.1m | €0.06m | €0.02m | €0.3m | €0.3m | ▲ 8.2% |
| Stocks and contracts in progress3 | €0.01m | - | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €0.02m | €0.01m | €0.02m | €0.1m | €0.05m | €0.02m | €0.3m | €0.3m | ▲ 8.0% |
| Trade receivables40 | - | - | - | €0.08m | €0.04m | €0.02m | €0.3m | €0.3m | ▼ 7.7% |
| Other amounts receivable41 | - | - | - | €0.03m | €0.009m | €0.004m | - | €0.05m | - |
| Current investments50/53 | - | - | - | - | - | - | €388 | €0.001m | ▲ 134% |
| Cash at bank and in hand54/58 | €0.01m | €0.001m | €0.002m | €0.001m | €0.001m | €76 | - | - | - |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.002m | - | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.4m | €0.3m | €0.3m | €0.6m | €0.5m | €0.4m | €0.5m | €0.5m | ▼ 14.4% |
| Equity10/15 | -€0.7m | -€0.8m | -€1.1m | -€1.0m | -€1.0m | -€1.0m | -€0.8m | -€0.9m | ▼ 14.0% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | €1.2m | = |
| Tax-exempt reserves132 | - | - | - | €1.2m | €1.2m | €1.2m | - | - | - |
| Distributable reserves133 | - | - | - | €0.002m | €0.002m | €0.002m | €1.2m | €1.2m | = |
| Profit (loss) carried forward14 | -€1.9m | -€2.0m | -€2.3m | -€2.2m | -€2.2m | -€2.2m | -€2.0m | -€2.1m | ▼ 5.5% |
| Amounts payable17/49 | €1.1m | €1.2m | €1.4m | €1.6m | €1.5m | €1.3m | €1.3m | €1.4m | ▲ 2.4% |
| Amounts payable after more than one year17 | €0.2m | €0.5m | €0.5m | €0.5m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Financial debts170/4 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Trade debts175 | - | - | - | €0.2m | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.9m | €0.6m | €0.9m | €1.1m | €1.1m | €1.0m | €1.0m | €1.0m | ▲ 4.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | €0.001m | €0.002m | - | - | - |
| Trade debts44 | €0.2m | €0.1m | €0.3m | €0.4m | €0.5m | €0.4m | €0.4m | €0.3m | ▼ 13.7% |
| Suppliers440/4 | - | - | - | €0.4m | €0.5m | €0.4m | €0.4m | €0.3m | ▼ 13.7% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.03m | €0.01m | €0.01m | €0.001m | ▼ 91.3% |
| Taxes450/3 | - | - | - | - | €0.02m | - | €0.002m | - | - |
| Remuneration and social security454/9 | - | - | - | €0.01m | €0.01m | €0.01m | €0.009m | €0.001m | ▼ 89.1% |
| Other amounts payable47/48 | - | - | - | €0.7m | €0.6m | €0.6m | €0.6m | €0.7m | ▲ 16.8% |
| Accrued charges and deferred income492/3 | - | - | - | €0.007m | €0.04m | €0.04m | €0.01m | €0.005m | ▼ 65.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.0m | -€0.1m | -€0.2m | €0.07m | €0.01m | €0.04m | €0.2m | -€0.1m | - |
| + Depreciation and write-downs630 | €0.03m | €0.04m | €0.04m | €0.06m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 1.6% |
| Operating cash flow (approximation) | €1.0m | -€0.1m | -€0.2m | €0.1m | €0.1m | €0.1m | €0.3m | -€0.007m | - |
| Investment in fixed assets (approximation) | - | -€0.005m | -€0.02m | -€0.3m | -€0.06m | -€0.006m | €0 | €0 | - |
| Change in cash | - | -€0.009m | €0.001m | -€0.001m | -€214 | -€0.001m | - | - | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Latest 10 of 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 18-08-2026 | 2026-00404524 | |
| 31-12-2024 | abbreviated format | 28-08-2025 | 2025-00426597 | |
| 31-12-2023 | abbreviated format | 13-08-2024 | 2024-00343458 | |
| 31-12-2022 | abbreviated format | 29-08-2023 | 2023-00401340 | |
| 31-12-2021 | abbreviated format | 22-08-2022 | 2022-20302148 | |
| 31-12-2020 | abbreviated format | 02-08-2021 | 2021-46000417 | |
| 31-12-2019 | abbreviated format | 21-09-2020 | 2020-54600050 | |
| 31-12-2018 | abbreviated format | 09-08-2019 | 2019-45300349 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-54400391 | |
| 31-12-2016 | abbreviated format | 06-07-2017 | 2017-28500048 |