HaiT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 21-05-2026 PDF all 14 filings
Turnover
≈ €510,000
Estimated: probably between €250,000 and €930,000
Total assets
€338,801▲ 10.6%
2024 · €306,385
Net result
€62,688▲ 9.2%
2024 · €57,432
Working capital
€317,002▲ 13.7%
2024 · €278,869
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€90,512
▲ 10.0%
2025
20182025
Net result
€62,688
▲ 9.2%
2025
highest quarter of the sector
20182025
Equity
€320,826
▲ 9.3%
2025
highest quarter of the sector
20182025
Total assets
€338,801
▲ 10.6%
2025
middle half of the sector
20182025
Debt
€17,975
▲ 40.6%
2025
20182025
Working capital
€317,002
▲ 13.7%
2025
highest quarter of the sector
20182025
Solvency
94.7%
▼ 1.1pp
2025
highest quarter of the sector
20182025
Current ratio
18.64
▼ 4.18
2025
highest quarter of the sector
20182025
Return on assets (ROA)
18.5%
▼ 0.2pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€41,949-€57,928▲ 38.1%€85,676▲ 47.9%€54,069▼ 36.9%€78,224▲ 44.7%€80,660▲ 3.1%€82,315▲ 2.1%€90,512▲ 10.0%
Net result€29,086-€35,464▲ 21.9%€57,370above the sector's middle half▲ 61.8%€36,115above the sector's middle half▼ 37.0%€53,027above the sector's middle half▲ 46.8%€54,194above the sector's middle half▲ 2.2%€57,432above the sector's middle half▲ 6.0%€62,688above the sector's middle half▲ 9.2%
Equity€170,500-€205,964▲ 20.8%€229,700above the sector's middle half▲ 11.5%€239,598above the sector's middle half▲ 4.3%€246,294above the sector's middle half▲ 2.8%€265,256above the sector's middle half▲ 7.7%€293,602above the sector's middle half▲ 10.7%€320,826above the sector's middle half▲ 9.3%
Total assets€193,825-€227,023▲ 17.1%€281,337within the sector's middle half▲ 23.9%€282,340within the sector's middle half▲ 0.4%€279,796within the sector's middle half▼ 0.9%€291,994within the sector's middle half▲ 4.4%€306,385within the sector's middle half▲ 4.9%€338,801within the sector's middle half▲ 10.6%
Debt€23,325-€21,059▼ 9.7%€51,637▲ 145%€42,742▼ 17.2%€33,502▼ 21.6%€26,739▼ 20.2%€12,784▼ 52.2%€17,975▲ 40.6%
Working capital€162,953-€203,639▲ 25.0%€210,764above the sector's middle half▲ 3.5%€217,530above the sector's middle half▲ 3.2%€224,053above the sector's middle half▲ 3.0%€243,411above the sector's middle half▲ 8.6%€278,869above the sector's middle half▲ 14.6%€317,002above the sector's middle half▲ 13.7%
Solvency88.0%-90.7%▲ 2.8pp81.6%above the sector's middle half▼ 9.1pp84.9%above the sector's middle half▲ 3.2pp88.0%above the sector's middle half▲ 3.2pp90.8%above the sector's middle half▲ 2.8pp95.8%above the sector's middle half▲ 5.0pp94.7%above the sector's middle half▼ 1.1pp
Current ratio11.71-11.32▼ 0.3915.64above the sector's middle half▲ 4.3212.69above the sector's middle half▼ 2.9511.97above the sector's middle half▼ 0.7210.48above the sector's middle half▼ 1.4922.81above the sector's middle half▲ 12.3418.64above the sector's middle half▼ 4.18
Return on assets (ROA)15.0%-15.6%▲ 0.6pp20.4%above the sector's middle half▲ 4.8pp12.8%within the sector's middle half▼ 7.6pp19.0%above the sector's middle half▲ 6.2pp18.6%above the sector's middle half▼ 0.4pp18.7%above the sector's middle half▲ 0.2pp18.5%above the sector's middle half▼ 0.2pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 10% higher than in 2024 and the highest since 2021. It is the fourth rise in a row.
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 €338,801
Fixed assets
€3,824 ▼ 74.0%
Current assets
€334,977 ▲ 14.9%
Equity and liabilities €338,801
Equity
€320,826 ▲ 9.3%
Debt
€17,975 ▲ 40.6%
Debt's share of the balance-sheet total rises from 4.2% to 5.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€101,420▲
2024 · €94,154
Cash flow
€73,597▲
2024 · €69,271
Debt to equity
0.06▲
2024 · 0.04
ROE
19.5%▼
2024 · 19.6%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€17,975▲
2024 · €12,784
Income taxes
€30,344▲
2024 · €27,504
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 | €2,415 | €1,516 | - | €3,670 | - |
| Depreciation and write-downs of the year | €12,391 | €12,403 | €11,857 | €11,839 | €10,908 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €7,500 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €152 | €0 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,002 | €12,002 | €2,599 | €12,391 | €12,403 | €11,857 | €11,839 | €10,908 | ▼ 7.9% |
| Other operating charges640/8 | - | - | - | €12,840 | €6,103 | €565 | €58 | €160 | ▲ 176% |
| Non-recurring operating charges66A | - | - | - | - | - | €553 | - | - | - |
| Gross operating margin9900 | €55,422 | €71,212 | €89,761 | €79,452 | €96,730 | €93,635 | €94,212 | €101,580 | ▲ 7.8% |
| Operating profit (loss)9901 | €41,949 | €57,928 | €85,676 | €54,069 | €78,224 | €80,660 | €82,315 | €90,512 | ▲ 10.0% |
| Financial income75/76B | - | - | - | €4 | €7 | - | €2,761 | €2,607 | ▼ 5.6% |
| Recurring financial income75 | - | - | €71 | €4 | €7 | - | €2,761 | €2,607 | ▼ 5.6% |
| Financial charges65/66B | - | - | - | €468 | €427 | €264 | €140 | €86 | ▼ 38.7% |
| Recurring financial charges65 | €455 | €488 | €284 | €468 | €427 | €264 | €140 | €86 | ▼ 38.7% |
| Profit (loss) for the period before taxes9903 | €41,494 | €57,440 | €85,463 | €53,605 | €77,804 | €80,396 | €84,936 | €93,032 | ▲ 9.5% |
| Income taxes67/77 | €12,408 | €21,976 | €28,093 | €17,490 | €24,777 | €26,202 | €27,504 | €30,344 | ▲ 10.3% |
| Profit (loss) for the period9904 | €29,086 | €35,464 | €57,370 | €36,115 | €53,027 | €54,194 | €57,432 | €62,688 | ▲ 9.2% |
| Profit (loss) for the period to be appropriated9905 | €29,086 | €35,464 | €57,370 | €36,115 | €53,027 | €54,194 | €57,432 | €62,688 | ▲ 9.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €193,825 | €227,023 | €281,337 | €282,340 | €279,796 | €291,994 | €306,385 | €338,801 | ▲ 10.6% |
| Fixed assets21/28 | €15,653 | €3,651 | €56,175 | €46,199 | €35,312 | €22,902 | €14,732 | €3,824 | ▼ 74.0% |
| Tangible fixed assets22/27 | €15,653 | €3,651 | €56,175 | €46,199 | €35,312 | €22,902 | €14,732 | €3,824 | ▼ 74.0% |
| Plant, machinery and equipment23 | - | - | - | €2,535 | €3,337 | €2,238 | €1,692 | €1,300 | ▼ 23.2% |
| Furniture and vehicles24 | - | - | - | €43,664 | €31,975 | €20,663 | €13,040 | €2,524 | ▼ 80.6% |
| Current assets29/58 | €178,171 | €223,372 | €225,162 | €236,141 | €244,484 | €269,093 | €291,653 | €334,977 | ▲ 14.9% |
| Amounts receivable after more than one year29 | - | - | - | €15,000 | €0 | - | - | - | - |
| Other amounts receivable291 | - | - | - | €15,000 | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | €21,560 | €18,978 | €20,938 | €35,448 | €223 | €45 | €39,066 | €77,512 | ▲ 98.4% |
| Trade receivables40 | - | - | - | €29,833 | €0 | €45 | €35,079 | €77,074 | ▲ 120% |
| Other amounts receivable41 | - | - | - | €5,615 | €223 | - | €3,987 | €438 | ▼ 89.0% |
| Current investments50/53 | - | - | - | - | - | €50,000 | €50,500 | €500 | ▼ 99.0% |
| Cash at bank and in hand54/58 | €156,167 | €188,930 | €180,554 | €175,213 | €227,326 | €205,847 | €200,186 | €255,804 | ▲ 27.8% |
| Deferred charges and accrued income490/1 | - | - | - | €10,480 | €16,935 | €13,201 | €1,901 | €1,161 | ▼ 39.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €193,825 | €227,023 | €281,337 | €282,340 | €279,796 | €291,994 | €306,385 | €338,801 | ▲ 10.6% |
| Equity10/15 | €170,500 | €205,964 | €229,700 | €239,598 | €246,294 | €265,256 | €293,602 | €320,826 | ▲ 9.3% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | - | - | - | - |
| Reserves13 | €164,300 | €199,764 | €223,500 | €233,398 | €240,094 | €265,256 | €293,602 | €320,826 | ▲ 9.3% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €231,538 | €238,234 | €265,256 | €293,602 | €320,826 | ▲ 9.3% |
| Profit (loss) carried forward14 | - | - | - | €0 | €0 | - | - | - | - |
| Amounts payable17/49 | €23,325 | €21,059 | €51,637 | €42,742 | €33,502 | €26,739 | €12,784 | €17,975 | ▲ 40.6% |
| Amounts payable after more than one year17 | €7,494 | €0 | €36,554 | €24,131 | €11,594 | - | - | - | - |
| Financial debts170/4 | - | - | - | €24,131 | €11,594 | - | - | - | - |
| Amounts payable within one year42/48 | €15,218 | €19,732 | €14,399 | €18,611 | €20,431 | €25,682 | €12,784 | €17,975 | ▲ 40.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €12,423 | €12,537 | €11,594 | - | - | - |
| Trade debts44 | €510 | €381 | €1,988 | €406 | €496 | €1,225 | €714 | €468 | ▼ 34.5% |
| Suppliers440/4 | - | - | - | €406 | €496 | €1,225 | €714 | €468 | ▼ 34.5% |
| Taxes, remuneration and social security45 | - | - | - | €5,782 | €4,414 | €9,629 | €12,070 | €17,090 | ▲ 41.6% |
| Taxes450/3 | - | - | - | €5,782 | €4,414 | €9,629 | €12,070 | €17,090 | ▲ 41.6% |
| Remuneration and social security454/9 | - | - | - | €0 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | - | €2,984 | €3,234 | - | €418 | - |
| Accrued charges and deferred income492/3 | - | - | - | €0 | €1,477 | €1,057 | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €29,086 | €35,464 | €57,370 | €36,115 | €53,027 | €54,194 | €57,432 | €62,688 | ▲ 9.2% |
| + Depreciation and write-downs630 | €12,002 | €12,002 | €2,599 | €12,391 | €12,403 | €11,857 | €11,839 | €10,908 | ▼ 7.9% |
| Operating cash flow (approximation) | €41,088 | €47,466 | €59,969 | €48,505 | €65,430 | €66,051 | €69,271 | €73,597 | ▲ 6.2% |
| Investment in fixed assets (approximation) | - | €0 | -€55,122 | -€2,415 | -€1,516 | €553 | -€3,670 | €0 | - |
| Change in cash | - | €32,763 | -€8,376 | -€5,341 | €52,113 | -€21,479 | -€5,661 | €55,619 | - |
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, 34,693 companies had the same profile as HaiT has now. Two years later, 95.3% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.3%
was still going
3.9%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of HaiT itself: < 0.1% within 12 months.
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 34,693 companies, not a prediction for HaiT. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 21-05-2026 | 2026-00124606 | |
| 31-12-2024 | micro format | 15-07-2025 | 2025-00269433 | |
| 31-12-2023 | micro format | 03-07-2024 | 2024-00233045 | |
| 31-12-2022 | micro format | 31-07-2023 | 2023-00303768 | |
| 31-12-2021 | micro format | 19-07-2022 | 2022-20220253 | |
| 31-12-2020 | micro format | 09-07-2021 | 2021-34900139 | |
| 31-12-2019 | micro format | 14-08-2020 | 2020-42100281 | |
| 31-12-2018 | micro format | 30-07-2019 | 2019-41900295 | |
| 31-12-2017 | micro format | 06-06-2018 | 2018-16600412 | |
| 31-12-2016 | micro format | 01-06-2017 | 2017-14600590 |