HAECHTIFY
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 22-06-2026 at the NBB all 38 filings
Amounts without an identifiable currency are taken as euros.
Turnover
€9,073▲ 18.9%
2024 · €7,629
EBIT margin
Not meaningful: turnover is only a small part of operating income
Net result
-€28,939▲ 88.8%
2024 · -€258,907
Working capital
-€62,439▲ 55.5%
2024 · -€140,174
Multi-year overview
2019 to 2025, 7 financial yearsTurnover
€9,073
▲ 18.9%
2025
20192025
Operating result
-€84,380
▲ 66.1%
2025
20192025
Net result
-€28,939
▲ 88.8%
2025
middle half of the sector
20192025
Equity
€160,241
▼ 15.3%
2025
middle half of the sector
20192025
Total assets
€699,171
▼ 1.1%
2025
lowest quarter of the sector
20192025
Debt
€479,637
▲ 9.4%
2025
20192025
Working capital
-€62,439
▲ 55.5%
2025
middle half of the sector
20192025
Solvency
22.9%
▼ 3.9pp
2025
middle half of the sector
20192025
Current ratio
0.08
▲ 0.06
2025
lowest quarter of the sector
20192025
Return on assets (ROA)
-4.1%
▲ 32.5pp
2025
lowest quarter of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Turnover€9,690€7,629▼ 21.3%€9,073▲ 18.9%
Operating result€32,435-€58,041▲ 78.9%-€63,817-€60,009▲ 6.0%-€134,753▼ 125%-€249,121▼ 84.9%-€84,380▲ 66.1%
Net result€22,330-€40,986within the sector's middle half▲ 83.5%-€65,531below the sector's middle half-€59,124below the sector's middle half▲ 9.8%-€139,791below the sector's middle half▼ 136%-€258,907below the sector's middle half▼ 85.2%-€28,939within the sector's middle half▲ 88.8%
Equity€667,863-€708,849within the sector's middle half▲ 6.1%€643,318within the sector's middle half▼ 9.2%€584,193within the sector's middle half▼ 9.2%€444,402within the sector's middle half▼ 23.9%€189,181within the sector's middle half▼ 57.4%€160,241within the sector's middle half▼ 15.3%
Total assets€789,977-€818,274within the sector's middle half▲ 3.6%€752,811within the sector's middle half▼ 8.0%€745,773within the sector's middle half▼ 0.9%€722,268below the sector's middle half▼ 3.2%€706,685below the sector's middle half▼ 2.2%€699,171below the sector's middle half▼ 1.1%
Debt€95,404-€86,979▼ 8.8%€89,890▲ 3.3%€144,818▲ 61.1%€263,948▲ 82.3%€438,480▲ 66.1%€479,637▲ 9.4%
Working capital-€35,329--€30,142within the sector's middle half▲ 14.7%-€83,278within the sector's middle half▼ 176%€3,161within the sector's middle half-€72,411within the sector's middle half-€140,174within the sector's middle half▼ 93.6%-€62,439within the sector's middle half▲ 55.5%
Solvency84.5%-86.6%above the sector's middle half▲ 2.1pp85.5%above the sector's middle half▼ 1.2pp78.3%above the sector's middle half▼ 7.1pp61.5%within the sector's middle half▼ 16.8pp26.8%within the sector's middle half▼ 34.8pp22.9%within the sector's middle half▼ 3.9pp
Current ratio0.14-0.65within the sector's middle half▲ 0.510.07below the sector's middle half▼ 0.581.27within the sector's middle half▲ 1.200.08below the sector's middle half▼ 1.190.02below the sector's middle half▼ 0.060.08below the sector's middle half▲ 0.06
Return on assets (ROA)2.8%-5.0%above the sector's middle half▲ 2.2pp-8.7%below the sector's middle half▼ 13.7pp-7.9%below the sector's middle half▲ 0.8pp-19.4%below the sector's middle half▼ 11.4pp-36.6%below the sector's middle half▼ 17.3pp-4.1%below the sector's middle half▲ 32.5pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 €84,380, smaller than the loss of €249,121 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €699,171
Fixed assets
€693,595 ▼ 1.4%
Current assets
€5,577 ▲ 78.5%
Equity and liabilities €699,171
Equity
€160,241 ▼ 15.3%
Provisions
€59,293 ▼ 25.0%
Debt
€479,637 ▲ 9.4%
Debt's share of the balance-sheet total rises from 62.0% to 68.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€74,413▲
2024 · -€236,958
Cash flow
-€18,973▲
2024 · -€246,744
Debt to equity
2.99▲
2024 · 2.32
ROE
-18.1%▲
2024 · -136.9%
Interest coverage
-5.30▲
2024 · -19.55
Debt ≤ 1 year
€68,015▼
2024 · €143,298
Debt > 1 year
€410,299▲
2024 · €293,899
Customer credit
8 days
Supplier credit
72 days▼
2024 · 110 days
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €530,000 | - | - | - | - |
| Carrying value of the mortgaged assets | €80,688 | - | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | €9,690 | €7,629 | €9,073 | ▲ 18.9% |
| Non-recurring operating income76A | - | - | - | - | - | - | €25,572 | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | €46,349 | €68,064 | €43,506 | ▼ 36.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,158 | €22,856 | €15,237 | €15,237 | €15,237 | €12,163 | €9,967 | ▼ 18.1% |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | - | - | €71,124 | -€17,883 | - |
| Other operating charges640/8 | - | - | €22,298 | €38,971 | €82,858 | €105,400 | €83,436 | ▼ 20.8% |
| Gross operating margin9900 | €73,514 | €135,066 | -€26,281 | -€5,801 | -€36,658 | -€60,435 | -€8,861 | ▲ 85.3% |
| Operating profit (loss)9901 | €32,435 | €58,041 | -€63,817 | -€60,009 | -€134,753 | -€249,121 | -€84,380 | ▲ 66.1% |
| Financial income75/76B | - | - | €4 | - | - | - | €67,644 | - |
| Recurring financial income75 | €0 | €53 | €4 | - | - | - | €67,644 | - |
| Non-recurring financial income76B | - | - | - | - | - | - | €67,644 | - |
| Financial charges65/66B | - | - | €855 | €1,957 | €7,881 | €12,118 | €14,052 | ▲ 16.0% |
| Recurring financial charges65 | €1,708 | €917 | €855 | €1,957 | €7,881 | €12,118 | €14,052 | ▲ 16.0% |
| Profit (loss) for the period before taxes9903 | €30,727 | €57,177 | -€64,668 | -€61,966 | -€142,634 | -€261,239 | -€30,788 | ▲ 88.2% |
| Transfer from deferred taxes780 | - | - | €2,842 | €2,842 | €2,843 | €2,332 | €1,849 | ▼ 20.7% |
| Income taxes67/77 | €10,540 | €20,456 | €3,705 | - | - | - | - | - |
| Profit (loss) for the period9904 | €22,330 | €40,986 | -€65,531 | -€59,124 | -€139,791 | -€258,907 | -€28,939 | ▲ 88.8% |
| Transfer from tax-exempt reserves789 | - | - | €5,519 | €5,519 | €5,518 | €6,996 | €5,546 | ▼ 20.7% |
| Profit (loss) for the period to be appropriated9905 | €26,490 | €49,263 | -€60,012 | -€53,605 | -€134,273 | -€251,910 | -€23,394 | ▲ 90.7% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €789,977 | €818,274 | €752,811 | €745,773 | €722,268 | €706,685 | €699,171 | ▼ 1.1% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - |
| Fixed assets21/28 | €784,293 | €761,436 | €746,199 | €730,961 | €715,724 | €703,561 | €693,595 | ▼ 1.4% |
| Intangible fixed assets21 | €0 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €784,293 | €761,436 | €746,199 | €730,961 | €715,724 | €703,561 | €693,595 | ▼ 1.4% |
| Land and buildings22 | - | - | €746,199 | €730,961 | €715,724 | €703,561 | €693,595 | ▼ 1.4% |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - |
| Current assets29/58 | €5,684 | €56,837 | €6,612 | €14,812 | €6,544 | €3,124 | €5,577 | ▲ 78.5% |
| Stocks and contracts in progress3 | €0 | - | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | - | €32,634 | €4,815 | €12,875 | €1,168 | - | €216 | - |
| Trade receivables40 | - | - | €4,815 | €12,875 | €1,168 | - | €200 | - |
| Other amounts receivable41 | - | - | - | - | - | - | €16 | - |
| Current investments50/53 | €0 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €5,684 | €23,252 | €776 | €839 | €4,120 | €1,888 | €4,092 | ▲ 117% |
| Deferred charges and accrued income490/1 | - | - | €1,022 | €1,097 | €1,256 | €1,236 | €1,268 | ▲ 2.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €789,977 | €818,274 | €752,811 | €745,773 | €722,268 | €706,685 | €699,171 | ▼ 1.1% |
| Equity10/15 | €667,863 | €708,849 | €643,318 | €584,193 | €444,402 | €189,181 | €160,241 | ▼ 15.3% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €58,048 | €49,771 | €44,252 | €38,733 | €33,214 | €29,903 | €24,358 | ▼ 18.5% |
| Non-distributable reserves130/1 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Tax-exempt reserves132 | - | - | €38,052 | €32,533 | €27,014 | €23,703 | €18,158 | ▼ 23.4% |
| Profit (loss) carried forward14 | €547,815 | €597,078 | €537,066 | €483,461 | €349,188 | €97,277 | €73,884 | ▼ 24.0% |
| Provisions and deferred taxes16 | €26,710 | €22,446 | €19,604 | €16,762 | €13,919 | €79,025 | €59,293 | ▼ 25.0% |
| Provisions for liabilities and charges160/5 | - | - | - | - | - | €71,124 | €53,240 | ▼ 25.1% |
| Other liabilities and charges164/5 | - | - | - | - | - | €71,124 | €53,240 | ▼ 25.1% |
| Deferred taxes168 | - | - | €19,604 | €16,762 | €13,919 | €7,901 | €6,053 | ▼ 23.4% |
| Amounts payable17/49 | €95,404 | €86,979 | €89,890 | €144,818 | €263,948 | €438,480 | €479,637 | ▲ 9.4% |
| Amounts payable after more than one year17 | - | - | - | €132,000 | €183,750 | €293,899 | €410,299 | ▲ 39.6% |
| Other amounts payable178/9 | - | - | - | €132,000 | €183,750 | €293,899 | €410,299 | ▲ 39.6% |
| Amounts payable within one year42/48 | €41,014 | €86,979 | €89,890 | €11,651 | €78,955 | €143,298 | €68,015 | ▼ 52.5% |
| Trade debts44 | €2,008 | €9,679 | €3,885 | €11,651 | €71,306 | €20,587 | €8,640 | ▼ 58.0% |
| Suppliers440/4 | - | - | €3,885 | €11,651 | €71,306 | €20,587 | €8,640 | ▼ 58.0% |
| Taxes, remuneration and social security45 | - | - | €24,005 | - | - | €110,736 | €45,632 | ▼ 58.8% |
| Taxes450/3 | - | - | €24,005 | - | - | €110,736 | €45,632 | ▼ 58.8% |
| Other amounts payable47/48 | - | - | €62,000 | - | €7,649 | €11,975 | €13,744 | ▲ 14.8% |
| Accrued charges and deferred income492/3 | - | - | - | €1,167 | €1,242 | €1,282 | €1,323 | ▲ 3.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €22,330 | €40,986 | -€65,531 | -€59,124 | -€139,791 | -€258,907 | -€28,939 | ▲ 88.8% |
| + Depreciation and write-downs630 | €15,158 | €22,856 | €15,237 | €15,237 | €15,237 | €12,163 | €9,967 | ▼ 18.1% |
| Operating cash flow (approximation) | €37,488 | €63,842 | -€50,294 | -€43,887 | -€124,554 | -€246,744 | -€18,973 | ▲ 92.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €17,567 | -€22,476 | €63 | €3,281 | -€2,232 | €2,205 | - |
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, 2,507 companies had the same profile as HAECHTIFY has now. Two years later, 96.4% were still going and 1.6% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a small loss
96.4%
was still going
1.8%
stopped otherwise
1.6%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of HAECHTIFY itself is lower: 0.1% within 12 months. It rests on far more data about HAECHTIFY 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 2,507 companies, not a prediction for HAECHTIFY. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 22-06-2026 | 2026-00183402 | |
| 31-12-2024 | full format | 30-07-2025 | 2025-00332394 | |
| 31-12-2023 | full format | 26-06-2024 | 2024-00172743 | |
| 31-12-2022 | full format | 13-06-2023 | 2023-00122616 | |
| 31-12-2021 | full format | 07-07-2022 | 2022-20169678 | |
| 31-12-2020 | full format | 07-07-2021 | 2021-32500264 | |
| 30-06-2019 | full format | 06-01-2020 | 2020-00300413 | |
| 30-06-2018 | abbreviated format | 17-01-2019 | 2019-01700593 | |
| 30-06-2017 | abbreviated format | 15-01-2018 | 2018-01500576 | |
| 30-06-2016 | abbreviated format | 16-01-2017 | 2017-01400449 |