Equity
HaDoRee paid out €2,499 in dividends. That is 19% of the 2025 profit.
HaDoRee paid out €2,499 in dividends. That is 19% of the 2025 profit.
The micro format states no turnover.
Of this, €181,341 falls due within a year.
Fewer staff in 2025 from 9.1 FTE to 5.2 FTE.
The 2024 accounts came latest: 31 days after the end of the period.
Higher gross margin than 84% of companies in sports and recreation. Sector median €33,908 · 2,867 companies.
The dashed line is the sector median: 0.3% across 4,270 companies (NACE 93, micro).
About 5 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 93, micro). It does better than 33% of them on solvency, 42% on liquidity, 38% on profitability and 76% on growth.
The bankruptcy probability was computed on 09-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 2,135 companies had the same profile as HaDoRee has now. Each dot stands for 6 companies, two years later.
Another 0.3% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of HaDoRee itself is lower: 0.5% within 12 months. It rests on far more data about HaDoRee than the profile alone.
The method was tested on the 497,447 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 2,135 companies, not a prediction for HaDoRee. 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.
Liquidity is insufficient, with a current ratio of 0.34 (0.24 in 2024), below 1. Short-term debt is 35.9% and cash 10% of total assets. 90.7% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 3 accounts on average 31 days after the deadline. In the sector (NACE 93), the median for financial year 2024 was 1 day before the deadline, and 42% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| HaDoRee Waterloo | €505,313 | €148,178 | 9.3% | - |
| FinanceAir Services Lasne | €519,640 | €125,925 | 3.0% | - |
| KOUKKI Rotselaar | €454,983 | €166,297 | 43.4% | - |
| Quiz Room Belgique Brussels | €592,027 | €203,923 | 20.4% | 4.2 |
| Prego Hench Brecht | €506,111 | €103,300 | 18.7% | - |
| Pro-fun.com Namur | €330,758 | €129,460 | 3.1% | - |
| BattleKart J&Q Mons | €391,622 | €240,595 | 40.9% | - |
These companies have the same main activity as HaDoRee: other amusement and recreation activities (NACE 93299). They are comparable in size and age: total assets between €331,000 and €592,000, founded between 2022 and 2024.
HaDoRee files the micro format. That format states no turnover. The gross margin rose from €38,799 in 2023 to €148,178 in 2025.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €370,000. Estimated: probably between €250,000 and €570,000.
Higher than 34% of 2,880 companies in 2025.
Higher than 21% of 2,765 companies in 2025.
Higher than 49% of 2,789 companies in 2025.
Net result: middle half · Equity: middle half · Balance sheet total: top quarter · Working capital: bottom quarter
Staff costs divided by the average number of full-time equivalents.
In 2025, 14 people joined and 28 left.
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Balance sheet: assets | ||||
20/58 |
505,313 | 535,808 | 468,777 | |
21/28 |
444,087 | 497,847 | 439,287 | |
21 |
348,480 | 393,480 | 438,480 | |
22/27 |
94,607 | 104,367 | 806 | |
23 |
36,259 | 38,667 | 806 | |
26 |
58,347 | 65,700 | - | |
28 |
1,000 | - | - | |
29/58 |
61,226 | 37,960 | 29,490 | |
3 |
3,000 | 3,000 | 3,000 | |
30/36 |
3,000 | 3,000 | 3,000 | |
40/41 |
5,608 | 6,534 | 157 | |
40 |
18 | 974 | 157 | |
41 |
5,589 | 5,559 | - | |
54/58 |
50,671 | 27,752 | 25,482 | |
490/1 |
1,948 | 674 | 851 | |
| Balance sheet: equity and liabilities | ||||
10/49 |
505,313 | 535,808 | 468,777 | |
10/15 |
46,795 | 36,144 | 30,206 | |
10/11 |
30,000 | 30,000 | 30,000 | |
14 |
16,795 | 6,144 | 206 | |
17/49 |
458,519 | 499,664 | 438,571 | |
17 |
276,552 | 339,635 | 306,602 | |
170/4 |
276,552 | 339,635 | 306,602 | |
42/48 |
181,341 | 159,746 | 129,547 | |
42 |
63,083 | 60,631 | 45,917 | |
44 |
39,081 | 19,575 | 9,379 | |
440/4 |
39,081 | 19,575 | 9,379 | |
45 |
9,518 | 18,347 | 10,734 | |
450/3 |
8,309 | 9,600 | 9,168 | |
454/9 |
1,209 | 8,747 | 1,566 | |
47/48 |
69,659 | 61,193 | 63,517 | |
492/3 |
625 | 283 | 2,422 | |
| Income statement | ||||
9900 |
148,178 | 155,450 | 38,799 | |
62 |
38,725 | 62,742 | 12,082 | |
630 |
61,777 | 51,733 | 11,532 | |
640/8 |
8,830 | 11,852 | 1,380 | |
9901 |
38,846 | 29,123 | 13,805 | |
75/76B |
69 | 7 | - | |
75 |
69 | 7 | - | |
65/66B |
23,097 | 23,191 | 10,536 | |
65 |
23,097 | 23,191 | 10,536 | |
9903 |
15,818 | 5,939 | 3,269 | |
67/77 |
2,668 | - | 663 | |
9904 |
13,150 | 5,939 | 2,606 | |
9905 |
13,150 | 5,939 | 2,606 | |
| Appropriation of the result | ||||
9906 |
19,294 | 6,144 | 2,606 | |
14P |
6,144 | 206 | - | |
694/7 |
2,499 | - | 2,400 | |
694 |
2,499 | - | 2,400 | |
| Social balance sheet | ||||
9087 |
5.2 | 9.1 | - | |
| Document | ||||
The notes to these accounts have 12 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 31-08-2026.
2025 annual accounts filed 31 days after the deadline. Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00474024.
| Line | Trend | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| 100,623 | 80,855 | 25,337 | ||
| 74,926 | 57,671 | 14,138 | ||
| 8,016 | 110,294 | 450,819 | ||
| 22,919 | 2,271 | - | ||
| -120,115 | -121,785 | -100,057 | ||
| 9.3% | 6.7% | 6.4% | ||
| 0.34 | 0.24 | 0.23 | ||
| 0.32 | 0.22 | 0.20 | ||
| 9.80 | 13.82 | 14.52 | ||
| 28.1% | 16.4% | 8.6% | ||
| 2.6% | 1.1% | 0.6% | ||
| 4.36 | 3.49 | 2.40 |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 31-12-2025 | 31-12-2024 |
|---|---|---|
| 2.3 | 3.9 | |
| Joined | 14 | 25 |
| Left | 28 | 19 |
Source: social balance sheet in the 2024 to 2025 annual accounts
| Item | 2025 | 2024 | 2023 |
|---|---|---|---|
| Tangible fixed assets | €7,016 | €110,294 | €819 |
| Intangible fixed assets | - | - | €450,000 |
| Financial fixed assets | €1,000 | - | - |
| €61,777 | €51,733 | €11,532 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 33% higher than in 2024 and the highest since 2023. It is the second rise in a row.
Debt's share of the balance-sheet total falls from 93.3% to 90.7%. Equity is higher and debt is lower.
HaDoRee has no parent and no holdings in its annual accounts.
| NAIA
establishment since 01-06-2026 · founded in 2003 |
40 FTE (2025) 0479.414.184 |
| King's Shops
establishment since 19-10-1970 · founded in 1970 |
12 FTE (2025) 0407.554.111 |
| MEUBLES NAOMI
registered office since 22-12-2005 · founded in 2005 · negative equity (2025) |
1.7 FTE (2025) 0877.206.533 |
| WAT-EXPRESS
registered office since 26-06-2009 · founded in 2009 |
7.9 FTE (2025) 0812.404.197 |
| Waterloo Wellfit
registered office since 14-07-2016 · founded in 2016 |
total assets €213,232 (2025) 0659.679.776 |
| Gbaligaza, Emmanuel (sole trader)
establishment since 01-01-2026 |
founded in 2026 1032.379.413 |
| Jourquin, Thomas (sole trader)
establishment since 01-01-2025 |
founded in 2025 1018.003.221 |
| MODEL PRODUCT DISTRIBUTION
establishment since 04-01-1990 |
founded in 1989 0439.228.272 |
The connected companies are in the list below.
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number | FASFC approval |
|---|---|---|---|
| Chaussée de Bruxelles 63 registered office 1410 Waterloo | 24-08-2023 | 2.351.562.189 | Restaurant |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 25763K0349/00A000 | 7,180 m² | 1 · 1,308 m² | 11.7 m · 3 |
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