HAKOL
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 30 days after the deadline Filed on 30 May 2026, deadline 30 April 2026 (7 months after the close on 30 September 2025, Companies Code art. 3:10). Source: NBB, 2026-00135390.
Annual accounts 2025 filed on 30-05-2026 PDF all 33 filings
Turnover
€100,357
EBIT margin
7.4%
Net result
-€96,593
2024 · €132,191
Working capital
€387,649▼ 58.6%
2024 · €937,369
Multi-year overview
2018 to 2025, 7 financial yearsTurnover
no figure
2025
20182025
Operating result
-€3,086
2025
20182025
Net result
-€96,593
2025
20182025
EBIT margin
no figure
2025
20182025
Equity
€2.6m
▼ 3.5%
2025
20182025
Total assets
€4.8m
▲ 19.9%
2025
20182025
Debt
€2.2m
▲ 70.7%
2025
20182025
Working capital
€387,649
▼ 58.6%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018202020212022202320242025
Turnover€0.1m-
Operating result€0.007m-€0.06m--€0.01m-€0.1m▼ 869%€0.2m€0.2m▲ 32.6%-€0.003m
Net result-€0.02m-€0.02m--€0.006m-€0.1m▼ 1,567%€0.2m€0.1m▼ 18.1%-€0.1m
EBIT margin7.4%-
Equity€2.5m-€2.6m-€2.5m▼ 0.2%€2.4m▼ 4.0%€2.6m▲ 6.6%€2.7m▲ 5.1%€2.6m▼ 3.5%
Total assets€5.9m-€6.0m-€5.7m▼ 5.4%€5.2m▼ 8.7%€4.5m▼ 12.4%€4.0m▼ 12.0%€4.8m▲ 19.9%
Debt€3.4m-€3.5m-€3.1m▼ 9.2%€2.7m▼ 12.5%€1.9m▼ 29.3%€1.3m▼ 34.9%€2.2m▲ 70.7%
Working capital€0.6m-€0.03m-€0.3m▲ 757%€0.5m▲ 80.2%€0.7m▲ 33.0%€0.9m▲ 34.7%€0.4m▼ 58.6%
The operating result for 2025 is a loss of €3,086, after a profit of €245,177 in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €4.8m
Fixed assets
€2.3m ▲ 25.2%
Current assets
€2.5m ▲ 15.5%
Equity and liabilities €4.8m
Equity
€2.6m ▼ 3.5%
Debt
€2.2m ▲ 70.7%
Debt's share of the balance-sheet total rises from 31.6% to 44.9%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€21,177▼
2024 · €275,882
Cash flow
-€72,330▼
2024 · €162,896
Current ratio
1.18▼
2024 · 1.74
Quick ratio
0.02▼
2024 · 0.11
Debt to equity
0.82▲
2024 · 0.46
ROE
-3.7%▼
2024 · 4.8%
ROA
-2.0%▼
2024 · 3.3%
Interest coverage
0.18▼
2024 · 3.40
Debt ≤ 1 year
€2.2m▲
2024 · €1.3m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €2.9m | €2.5m | €1.6m | €1.2m | - |
| Mortgages, amount registered | €82,500 | €82,500 | €82,500 | €82,500 | €82,500 |
| Mortgage mandates | €3.3m | €3.3m | €3.3m | €1.3m | €2.1m |
| Carrying value of the mortgaged assets | €3.7m | €3.6m | €3.3m | €2.0m | €3.0m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 30-09-2021 | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|---|
| Financial fixed assets | - | - | - | €283,563 | €524,129 |
| Depreciation and write-downs of the year | €95,827 | €95,827 | €67,377 | €30,705 | €24,263 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €100,357 | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | - | €253,805 | €39,209 | ▼ 84.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €68,881 | €167,697 | €95,827 | €95,827 | €67,377 | €30,705 | €24,263 | ▼ 21.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €73,437 | - | - | - | - |
| Other operating charges640/8 | - | - | €40,510 | €36,146 | €25,944 | €59,183 | €5,389 | ▼ 90.9% |
| Gross operating margin9900 | - | €293,318 | €126,506 | €110,111 | €278,259 | €335,065 | €26,566 | ▼ 92.1% |
| Operating profit (loss)9901 | €7,465 | €64,599 | -€9,830 | -€95,300 | €184,938 | €245,177 | -€3,086 | - |
| Financial income75/76B | - | - | €41,709 | €31,603 | €24,153 | €20,740 | €25,641 | ▲ 23.6% |
| Recurring financial income75 | €47,296 | €76,545 | €41,709 | €31,603 | €24,153 | €20,740 | €25,641 | ▲ 23.6% |
| Financial charges65/66B | - | - | €38,031 | €38,852 | €34,681 | €81,144 | €119,148 | ▲ 46.8% |
| Recurring financial charges65 | €73,778 | €124,734 | €38,031 | €38,852 | €34,681 | €81,144 | €119,148 | ▲ 46.8% |
| Profit (loss) for the period before taxes9903 | -€19,017 | €16,409 | -€6,152 | -€102,548 | €174,410 | €184,774 | -€96,593 | - |
| Income taxes67/77 | €51 | - | - | - | €13,084 | €52,582 | - | - |
| Profit (loss) for the period9904 | -€19,069 | €16,409 | -€6,152 | -€102,548 | €161,327 | €132,191 | -€96,593 | - |
| Profit (loss) for the period to be appropriated9905 | -€19,069 | €16,409 | -€6,152 | -€102,548 | €161,327 | €132,191 | -€96,593 | - |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €5.9m | €6.0m | €5.7m | €5.2m | €4.5m | €4.0m | €4.8m | ▲ 19.9% |
| Fixed assets21/28 | €1.9m | €3.7m | €3.4m | €2.9m | €2.1m | €1.8m | €2.3m | ▲ 25.2% |
| Tangible fixed assets22/27 | €1.9m | €1.6m | €1.5m | €1.4m | €1.0m | €0.6m | €0.6m | ▼ 10.9% |
| Land and buildings22 | - | - | €1.5m | €1.4m | €1.0m | €0.6m | €0.5m | ▼ 11.4% |
| Other tangible fixed assets26 | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Financial fixed assets28 | - | €2.1m | €1.8m | €1.4m | €1.1m | €1.2m | €1.7m | ▲ 45.3% |
| Current assets29/58 | €4.0m | €2.3m | €2.3m | €2.3m | €2.4m | €2.2m | €2.5m | ▲ 15.5% |
| Stocks and contracts in progress3 | €1.6m | €2.2m | €2.2m | €2.2m | €2.3m | €2.1m | €2.5m | ▲ 21.6% |
| Stocks30/36 | - | - | €2.2m | €2.2m | €2.3m | €2.1m | €2.5m | ▲ 21.6% |
| Amounts receivable within one year40/41 | €2.4m | €0.05m | €0.08m | €0.07m | €0.1m | €0.1m | €0.03m | ▼ 72.8% |
| Trade receivables40 | - | - | €0.04m | €0.004m | €0.02m | €0.005m | €0.004m | ▼ 26.1% |
| Other amounts receivable41 | - | - | €0.04m | €0.07m | €0.09m | €0.1m | €0.03m | ▼ 75.1% |
| Current investments50/53 | - | €0.007m | €0.001m | - | - | - | - | - |
| Cash at bank and in hand54/58 | - | - | - | €0.008m | €0.04m | - | €0.001m | - |
| Deferred charges and accrued income490/1 | - | - | €0.02m | €0.009m | €0.007m | €0.03m | €0.007m | ▼ 73.2% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €5.9m | €6.0m | €5.7m | €5.2m | €4.5m | €4.0m | €4.8m | ▲ 19.9% |
| Equity10/15 | €2.5m | €2.6m | €2.5m | €2.4m | €2.6m | €2.7m | €2.6m | ▼ 3.5% |
| Contributions10/11 | €2.1m | €2.1m | €2.1m | €2.1m | €2.1m | €2.1m | €2.1m | = |
| Capital10 | - | - | €2.1m | €2.1m | €2.1m | €2.1m | €2.1m | = |
| Issued capital100 | - | - | €2.1m | €2.1m | €2.1m | €2.1m | €2.1m | = |
| Reserves13 | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | = |
| Non-distributable reserves130/1 | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | = |
| Legal reserve130 | - | - | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | €0.3m | €0.3m | €0.3m | €0.2m | €0.4m | €0.5m | €0.4m | ▼ 19.2% |
| Amounts payable17/49 | €3.4m | €3.5m | €3.1m | €2.7m | €1.9m | €1.3m | €2.2m | ▲ 70.7% |
| Amounts payable after more than one year17 | - | €1.2m | €1.1m | €0.9m | €0.2m | - | - | - |
| Financial debts170/4 | - | - | €1.1m | €0.9m | €0.2m | - | - | - |
| Amounts payable within one year42/48 | €3.4m | €2.2m | €2.0m | €1.8m | €1.7m | €1.3m | €2.2m | ▲ 70.7% |
| Current portion of amounts payable after more than one year42 | - | - | €0.2m | €0.2m | €0.1m | - | - | - |
| Financial debts43 | - | - | €1.7m | €1.5m | €1.3m | €1.2m | €2.1m | ▲ 78.7% |
| Credit institutions430/8 | - | - | €1.7m | €1.5m | €1.3m | €1.2m | €2.1m | ▲ 78.7% |
| Trade debts44 | €0.05m | €0.05m | €0.03m | €0.06m | €0.06m | €0.05m | €0.04m | ▼ 27.9% |
| Suppliers440/4 | - | - | €0.03m | €0.06m | €0.06m | €0.05m | €0.04m | ▼ 27.9% |
| Taxes, remuneration and social security45 | - | - | - | - | €0.2m | €0.05m | - | - |
| Taxes450/3 | - | - | - | - | €0.2m | €0.05m | - | - |
| Other amounts payable47/48 | - | - | €0.2m | €0.1m | €0.006m | €0.006m | €0.05m | ▲ 788% |
| Accrued charges and deferred income492/3 | - | - | €0.01m | €0.007m | €0.01m | €0.002m | €0.003m | ▲ 58.0% |
| Line | 2018 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€19,069 | €16,409 | -€6,152 | -€102,548 | €161,327 | €132,191 | -€96,593 | - |
| + Depreciation and write-downs630 | €68,881 | €167,697 | €95,827 | €95,827 | €67,377 | €30,705 | €24,263 | ▼ 21.0% |
| Operating cash flow (approximation) | €49,812 | €184,106 | €89,675 | -€6,721 | €228,703 | €162,896 | -€72,330 | - |
| Investment in fixed assets (approximation) | - | - | €282,311 | €393,149 | €688,618 | €279,529 | -€478,338 | - |
| Change in cash | - | - | - | - | €34,577 | - | - | - |
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, 8,617 companies had the same profile as HAKOL has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HAKOL itself: 0.2% 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 8,617 companies, not a prediction for HAKOL. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | full format | 30-05-2026 | 2026-00135390 | |
| 30-09-2024 | full format | 30-04-2025 | 2025-00090890 | |
| 30-09-2023 | full format | 29-05-2024 | 2024-00103944 | |
| 30-09-2022 | full format | 29-04-2023 | 2023-00082851 | |
| 30-09-2021 | full format | 28-04-2022 | 2022-20018385 | |
| 30-09-2020 | full format | 28-04-2021 | 2021-11600221 | |
| 31-12-2018 | full format | 28-08-2019 | 2019-52900549 | |
| 31-12-2017 | full format | 29-08-2018 | 2018-52700511 | |
| 31-12-2016 | full format | 24-07-2017 | 2017-34600092 | |
| 31-12-2015 | full format | 07-07-2016 | 2016-28700463 |