HALFEN
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 22-05-2026 PDF all 50 filings
Turnover
€7.6m▲ 5.3%
2024 · €7.2m
EBIT margin
18.9%▲ 6.3pp
2024 · 12.6%
Net result
€1.1m▲ 19.8%
2024 · €934,931
Working capital
€282,743▼ 96.0%
2024 · €7.1m
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€7.6m
▲ 5.3%
2025
20182025
Operating result
€1.4m
▲ 58.3%
2025
20182025
Net result
€1.1m
▲ 19.8%
2025
highest quarter of the sector
20182025
EBIT margin
18.9%
▲ 6.3pp
2025
20182025
Equity
€739,306
▼ 89.6%
2025
middle half of the sector
20182025
Total assets
€5.7m
▼ 31.8%
2025
middle half of the sector
20182025
Debt
€4.9m
▲ 307%
2025
20182025
Working capital
€282,743
▼ 96.0%
2025
middle half of the sector
20182025
Solvency
13.0%
▼ 72.4pp
2025
lowest quarter of the sector
20182025
Current ratio
1.06
▼ 5.94
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
19.7%
▲ 8.5pp
2025
highest quarter of the sector
20182025
Staff (FTE)
12.3
▼ 5.4%
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€8.5m-€8.3m▼ 2.6%€9.7m▲ 16.3%€9.1m▼ 6.2%€9.4m▲ 4.0%€9.1m▼ 3.0%€7.2m▼ 20.8%€7.6m▲ 5.3%
Operating result€1.5m-€1.1m▼ 29.2%€1.7m▲ 55.5%€0.5m▼ 68.9%€0.4m▼ 22.6%€0.7m▲ 76.3%€0.9m▲ 27.9%€1.4m▲ 58.3%
Net result€1.1m-€0.8m▼ 30.4%€1.3mabove the sector's middle half▲ 66.5%€0.4mwithin the sector's middle half▼ 69.5%€0.4mwithin the sector's middle half▲ 10.9%€0.8mabove the sector's middle half▲ 99.6%€0.9mabove the sector's middle half▲ 10.8%€1.1mabove the sector's middle half▲ 19.8%
EBIT margin17.8%-13.0%▼ 4.9pp17.3%▲ 4.4pp5.8%▼ 11.6pp4.3%▼ 1.5pp7.8%▲ 3.5pp12.6%▲ 4.8pp18.9%▲ 6.3pp
Equity€22.5m-€23.3m▲ 3.3%€24.5mabove the sector's middle half▲ 5.4%€24.9mabove the sector's middle half▲ 1.6%€10.3mabove the sector's middle half▼ 58.5%€11.2mabove the sector's middle half▲ 8.2%€7.1mabove the sector's middle half▼ 36.3%€0.7mwithin the sector's middle half▼ 89.6%
Total assets€22.9m-€23.8m▲ 4.1%€25.0mabove the sector's middle half▲ 4.7%€26.3mabove the sector's middle half▲ 5.2%€26.0mabove the sector's middle half▼ 1.0%€11.9mwithin the sector's middle half▼ 54.2%€8.3mwithin the sector's middle half▼ 30.1%€5.7mwithin the sector's middle half▼ 31.8%
Debt€0.4m-€0.6m▲ 50.3%€0.4m▼ 21.8%€1.4m▲ 214%€15.7m▲ 12×€0.7m▼ 95.3%€1.2m▲ 65.4%€4.9m▲ 307%
Working capital€22.5m-€23.2m▲ 3.2%€24.5mabove the sector's middle half▲ 5.4%€24.9mabove the sector's middle half▲ 1.6%€10.3mabove the sector's middle half▼ 58.5%€11.2mabove the sector's middle half▲ 8.3%€7.1mabove the sector's middle half▼ 36.4%€0.3mwithin the sector's middle half▼ 96.0%
Solvency98.4%-97.7%▼ 0.7pp98.3%above the sector's middle half▲ 0.6pp94.8%above the sector's middle half▼ 3.4pp39.7%within the sector's middle half▼ 55.1pp93.8%above the sector's middle half▲ 54.1pp85.4%above the sector's middle half▼ 8.4pp13.0%below the sector's middle half▼ 72.4pp
Current ratio63.33-44.54▼ 18.7958.73above the sector's middle half▲ 14.1919.45above the sector's middle half▼ 39.281.66within the sector's middle half▼ 17.7916.72above the sector's middle half▲ 15.066.99above the sector's middle half▼ 9.721.06below the sector's middle half▼ 5.94
Return on assets (ROA)4.7%-3.2%▼ 1.6pp5.0%within the sector's middle half▲ 1.9pp1.5%within the sector's middle half▼ 3.6pp1.6%within the sector's middle half▲ 0.2pp7.1%within the sector's middle half▲ 5.5pp11.2%above the sector's middle half▲ 4.1pp19.7%above the sector's middle half▲ 8.5pp
Staff (FTE)13.5-14▲ 3.7%14.1within the sector's middle half▲ 0.7%14.1within the sector's middle half=12.5within the sector's middle half▼ 11.3%12.5within the sector's middle half=13within the sector's middle half▲ 4.0%12.3within the sector's middle half▼ 5.4%
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 58% higher than in 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.7m
Fixed assets
€577,390 ▲ 19×
Current assets
€5.1m ▼ 38.5%
Equity and liabilities €5.7m
Equity
€739,306 ▼ 89.6%
Debt
€4.9m ▲ 307%
Debt's share of the balance-sheet total rises from 14.6% to 87.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€1.5m▲
2024 · €919,260
Cash flow
€1.1m▲
2024 · €944,050
Debt to equity
6.68▲
2024 · 0.17
ROE
151.5%▲
2024 · 13.1%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€4.8m▲
2024 · €1.2m
Income taxes
€509,805▲
2024 · €334,734
Customer credit
70 days▲
2024 · 59 days
Supplier credit
110 days▲
2024 · 50 days
Staff costs
€1.1m▲
2024 · €1.1m
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 | 14 | 13 | 14 | 13 | 13 |
| full-time | 12 | 10 | 10 | 10 | 10 |
| part-time | 2 | 3 | 4 | 3 | 3 |
| in full-time equivalents | 13.6 | 12.4 | 13.2 | 12 | 12.2 |
| Average over the year, in full-time equivalents | 14.1 | 12.5 | 12.5 | 13 | 12.3 |
| On a permanent contract | 14 | 13 | 14 | 13 | 13 |
| Joined | 0 | 0 | 1 | 1 | 1 |
| Left | 1 | 1 | 0 | 2 | 1 |
| Agency workers, average number | - | - | 0.4 | 0.1 | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €5,209 | - | €9,042 | €11,837 | €8,567 |
| Intangible fixed assets | €4,774 | - | - | €1,421 | €563,172 |
| Depreciation and write-downs of the year | €17,808 | €8,711 | €7,263 | €9,119 | €21,050 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is VGD Bedrijfsrevisoren.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €7,800 | €8,244 | €9,097 | €11,000 | €11,348 |
| Other work by the auditor | - | - | €53 | - | - |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €9.1m | €9.5m | €9.5m | €7.6m | €8.0m | ▲ 5.1% |
| Turnover70 | €8.5m | €8.3m | €9.7m | €9.1m | €9.4m | €9.1m | €7.2m | €7.6m | ▲ 5.3% |
| Other operating income74 | - | - | - | €0.06m | €0.08m | €0.4m | €0.3m | €0.3m | ▼ 3.8% |
| Non-recurring operating income76A | - | - | - | €0.02m | €0.007m | €0.01m | - | €0.02m | - |
| Operating charges60/66A | - | - | - | €8.6m | €9.1m | €8.8m | €6.7m | €6.5m | ▼ 2.1% |
| Goods for resale, raw materials and consumables60 | - | - | - | €6.6m | €7.0m | €6.4m | €4.3m | €4.1m | ▼ 5.8% |
| Purchases600/8 | - | - | - | €6.6m | €7.0m | €6.4m | €4.3m | €4.1m | ▼ 5.8% |
| Change in stocks: decrease (increase)609 | - | - | - | €0.002m | - | - | - | - | - |
| Services and other goods61 | - | - | - | €1.0m | €1.0m | €1.3m | €1.3m | €1.3m | ▲ 4.9% |
| Remuneration, social security and pensions62 | - | - | - | €1.0m | €1.1m | €1.1m | €1.1m | €1.1m | ▲ 2.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.02m | €0.02m | €0.02m | €0.009m | €0.007m | €0.009m | €0.02m | ▲ 131% |
| Other operating charges640/8 | - | - | - | €0.007m | €0.009m | €0.007m | €0.006m | €0.005m | ▼ 24.5% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €0.007m | - |
| Operating profit (loss)9901 | €1.5m | €1.1m | €1.7m | €0.5m | €0.4m | €0.7m | €0.9m | €1.4m | ▲ 58.3% |
| Financial income75/76B | - | - | - | €60 | €0.2m | €0.4m | €0.4m | €0.2m | ▼ 46.4% |
| Recurring financial income75 | €0.001m | €0.002m | €0.001m | €60 | €0.2m | €0.4m | €0.4m | €0.2m | ▼ 46.4% |
| Income from current assets751 | - | - | - | - | €0.2m | €0.4m | €0.3m | €0.2m | ▼ 39.3% |
| Other financial income752/9 | - | - | - | €60 | €9 | €276 | €0.04m | €269 | ▼ 99.4% |
| Financial charges65/66B | - | - | - | €396 | €190 | €161 | €0.003m | €0.005m | ▲ 70.3% |
| Recurring financial charges65 | €0.002m | €0.001m | €94 | €396 | €190 | €161 | €0.003m | €0.005m | ▲ 70.3% |
| Debt charges650 | €0.001m | - | - | - | - | - | - | - | - |
| Other financial charges652/9 | - | - | - | €396 | €190 | €161 | €0.003m | €0.005m | ▲ 70.3% |
| Profit (loss) for the period before taxes9903 | €1.5m | €1.1m | €1.7m | €0.5m | €0.6m | €1.1m | €1.3m | €1.6m | ▲ 28.4% |
| Income taxes67/77 | €0.4m | €0.3m | €0.4m | €0.1m | €0.2m | €0.3m | €0.3m | €0.5m | ▲ 52.3% |
| Taxes670/3 | - | - | - | €0.1m | €0.2m | €0.3m | €0.3m | €0.5m | ▲ 52.3% |
| Profit (loss) for the period9904 | €1.1m | €0.8m | €1.3m | €0.4m | €0.4m | €0.8m | €0.9m | €1.1m | ▲ 19.8% |
| Profit (loss) for the period to be appropriated9905 | €1.1m | €0.8m | €1.3m | €0.4m | €0.4m | €0.8m | €0.9m | €1.1m | ▲ 19.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €22.9m | €23.8m | €25.0m | €26.3m | €26.0m | €11.9m | €8.3m | €5.7m | ▼ 31.8% |
| Fixed assets21/28 | €0.01m | €0.07m | €0.04m | €0.03m | €0.02m | €0.03m | €0.03m | €0.6m | ▲ 19× |
| Intangible fixed assets21 | €0.005m | €0.007m | €0.003m | €0.005m | €0.003m | €0.001m | €0.001m | €0.6m | ▲ 561× |
| Tangible fixed assets22/27 | €0.009m | €0.06m | €0.04m | €0.03m | €0.02m | €0.02m | €0.03m | €0.02m | ▼ 20.6% |
| Land and buildings22 | - | - | - | €0.02m | €0.01m | €0.01m | €0.01m | €0.008m | ▼ 22.3% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0.008m | €0.008m | €0.007m | ▼ 12.0% |
| Furniture and vehicles24 | - | - | - | €0.01m | €0.007m | €0.004m | €0.01m | €0.009m | ▼ 24.7% |
| Financial fixed assets28 | €20 | €20 | €20 | €20 | €16 | €84 | €84 | €0.001m | ▲ 845% |
| Other financial fixed assets284/8 | - | - | - | €20 | €16 | €84 | €84 | €0.001m | ▲ 845% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €20 | €16 | €84 | €84 | €0.001m | ▲ 845% |
| Current assets29/58 | €22.9m | €23.8m | €24.9m | €26.2m | €26.0m | €11.9m | €8.3m | €5.1m | ▼ 38.5% |
| Amounts receivable after more than one year29 | - | - | - | €15.0m | - | - | - | - | - |
| Other amounts receivable291 | - | - | - | €15.0m | - | - | - | - | - |
| Stocks and contracts in progress3 | €0.008m | €0.01m | €0.002m | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | €22.9m | €23.7m | €24.9m | €11.2m | €26.0m | €11.9m | €8.3m | €5.1m | ▼ 38.4% |
| Trade receivables40 | - | - | - | €1.8m | €1.1m | €1.3m | €1.2m | €1.5m | ▲ 24.4% |
| Other amounts receivable41 | - | - | - | €9.4m | €24.9m | €10.6m | €7.1m | €3.6m | ▼ 48.9% |
| Cash at bank and in hand54/58 | €145 | €9 | €108 | €82 | €82 | €82 | €0.001m | €0.02m | ▲ 16× |
| Deferred charges and accrued income490/1 | - | - | - | €0.01m | €0.01m | €0.01m | €0.04m | €0.003m | ▼ 92.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €22.9m | €23.8m | €25.0m | €26.3m | €26.0m | €11.9m | €8.3m | €5.7m | ▼ 31.8% |
| Equity10/15 | €22.5m | €23.3m | €24.5m | €24.9m | €10.3m | €11.2m | €7.1m | €0.7m | ▼ 89.6% |
| Contributions10/11 | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Capital10 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Issued capital100 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Reserves13 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | ▼ 27.9% |
| Non-distributable reserves130/1 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Legal reserve130 | - | - | - | €0.05m | €0.05m | €0.05m | €0.05m | €0.05m | = |
| Tax-exempt reserves132 | - | - | - | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | = |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | ▼ 38.8% |
| Profit (loss) carried forward14 | €21.7m | €22.5m | €23.7m | €24.1m | €9.5m | €10.4m | €6.3m | - | - |
| Amounts payable17/49 | €0.4m | €0.6m | €0.4m | €1.4m | €15.7m | €0.7m | €1.2m | €4.9m | ▲ 307% |
| Amounts payable after more than one year17 | - | €0.02m | - | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.4m | €0.5m | €0.4m | €1.3m | €15.7m | €0.7m | €1.2m | €4.8m | ▲ 306% |
| Trade debts44 | €0.1m | €0.3m | €0.2m | €1.1m | €0.2m | €0.2m | €0.6m | €1.2m | ▲ 106% |
| Suppliers440/4 | - | - | - | €1.1m | €0.2m | €0.2m | €0.6m | €1.2m | ▲ 106% |
| Advances received on contracts in progress46 | - | - | - | €0.03m | €0.06m | €0.05m | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €0.3m | €0.4m | €0.5m | €0.6m | €0.5m | ▼ 8.7% |
| Taxes450/3 | - | - | - | €0.03m | €0.2m | €0.3m | €0.4m | €0.2m | ▼ 45.8% |
| Remuneration and social security454/9 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 48.4% |
| Other amounts payable47/48 | - | - | - | €36 | €15.0m | - | - | €3.1m | - |
| Accrued charges and deferred income492/3 | - | - | - | €0.008m | €0.009m | €0.02m | €0.03m | €0.1m | ▲ 355% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €1.1m | €0.8m | €1.3m | €0.4m | €0.4m | €0.8m | €0.9m | €1.1m | ▲ 19.8% |
| + Depreciation and write-downs630 | €0.01m | €0.02m | €0.02m | €0.02m | €0.009m | €0.007m | €0.009m | €0.02m | ▲ 131% |
| Operating cash flow (approximation) | €1.1m | €0.8m | €1.3m | €0.4m | €0.4m | €0.9m | €0.9m | €1.1m | ▲ 20.9% |
| Investment in fixed assets (approximation) | - | -€0.07m | -€0.001m | -€0.006m | €4 | -€0.009m | -€0.01m | -€0.6m | ▼ 4,187% |
| Change in cash | - | -€136 | €99 | -€26 | €0 | €0 | €0.001m | €0.01m | ▲ 16× |
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, 2,613 companies had the same profile as HALFEN has now. Two years later, 97.3% were still going and 0.7% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
2.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of HALFEN itself: 0.6% 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 2,613 companies, not a prediction for HALFEN. 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 50 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 22-05-2026 | 2026-00121351 | |
| 31-12-2024 | full format | 29-07-2025 | 2025-00359163 | |
| 31-12-2023 | full format | 02-07-2024 | 2024-00227948 | |
| 31-12-2022 | full format | 06-07-2023 | 2023-00221833 | |
| 31-12-2021 | full format | 05-07-2022 | 2022-20159835 | |
| 31-12-2020 | full format | 06-07-2021 | 2021-33000367 | |
| 31-12-2019 | full format | 30-06-2020 | 2020-25300055 | |
| 31-12-2018 | full format | 19-06-2019 | 2019-20600012 | |
| 31-12-2017 | full format | 11-06-2018 | 2018-18100223 | |
| 31-12-2016 | full format | 02-06-2017 | 2017-14500457 |