HALIXO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 18-06-2026 at the NBB all 6 filings
Turnover
≈ €330,000
Estimated: probably between €270,000 and €390,000
Total assets
€712,577▲ 11.2%
2024 · €640,825
Net result
€123,969▼ 25.1%
2024 · €165,534
Working capital
€205,613▼ 50.4%
2024 · €414,796
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€175,802
▼ 20.9%
2025
20202025
Net result
€123,969
▼ 25.1%
2025
highest quarter of the sector
20202025
Equity
€237,707
▼ 49.8%
2025
highest quarter of the sector
20202025
Total assets
€712,577
▲ 11.2%
2025
highest quarter of the sector
20202025
Debt
€474,870
▲ 183%
2025
20202025
Working capital
€205,613
▼ 50.4%
2025
highest quarter of the sector
20202025
Solvency
33.4%
▼ 40.5pp
2025
middle half of the sector
20202025
Current ratio
1.45
▼ 2.10
2025
middle half of the sector
20202025
Return on assets (ROA)
17.4%
▼ 8.4pp
2025
middle half of the sector
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€150,482-€130,897▼ 13.0%€148,051▲ 13.1%€208,017▲ 40.5%€222,365▲ 6.9%€175,802▼ 20.9%
Net result€102,159above the sector's middle half-€91,728above the sector's middle half▼ 10.2%€103,738above the sector's middle half▲ 13.1%€157,407above the sector's middle half▲ 51.7%€165,534above the sector's middle half▲ 5.2%€123,969above the sector's middle half▼ 25.1%
Equity€112,159within the sector's middle half-€203,887within the sector's middle half▲ 81.8%€307,625above the sector's middle half▲ 50.9%€465,032above the sector's middle half▲ 51.2%€473,159above the sector's middle half▲ 1.7%€237,707above the sector's middle half▼ 49.8%
Total assets€163,909within the sector's middle half-€304,888within the sector's middle half▲ 86.0%€402,836within the sector's middle half▲ 32.1%€508,373above the sector's middle half▲ 26.2%€640,825above the sector's middle half▲ 26.1%€712,577above the sector's middle half▲ 11.2%
Debt€51,749-€101,001▲ 95.2%€95,210▼ 5.7%€43,340▼ 54.5%€167,665▲ 287%€474,870▲ 183%
Working capital€109,100within the sector's middle half-€201,419above the sector's middle half▲ 84.6%€289,965above the sector's middle half▲ 44.0%€444,714above the sector's middle half▲ 53.4%€414,796above the sector's middle half▼ 6.7%€205,613above the sector's middle half▼ 50.4%
Solvency68.4%within the sector's middle half-66.9%within the sector's middle half▼ 1.6pp76.4%within the sector's middle half▲ 9.5pp91.5%above the sector's middle half▲ 15.1pp73.8%within the sector's middle half▼ 17.6pp33.4%within the sector's middle half▼ 40.5pp
Current ratio3.11within the sector's middle half-2.99within the sector's middle half▼ 0.114.05within the sector's middle half▲ 1.0511.26above the sector's middle half▲ 7.223.55within the sector's middle half▼ 7.711.45within the sector's middle half▼ 2.10
Return on assets (ROA)62.3%above the sector's middle half-30.1%above the sector's middle half▼ 32.2pp25.8%within the sector's middle half▼ 4.3pp31.0%above the sector's middle half▲ 5.2pp25.8%within the sector's middle half▼ 5.1pp17.4%within the sector's middle half▼ 8.4pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 21% lower than in 2024.
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 €712,577
Fixed assets
€51,496 ▼ 18.5%
Current assets
€661,081 ▲ 14.4%
Equity and liabilities €712,577
Equity
€237,707 ▼ 49.8%
Debt
€474,870 ▲ 183%
Debt's share of the balance-sheet total rises from 26.2% to 66.6%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€190,571▼
2024 · €229,079
Cash flow
€138,737▼
2024 · €172,248
Debt to equity
2.00▲
2024 · 0.35
ROE
52.2%▲
2024 · 35.0%
Interest coverage
9.32▼
2024 · 37.99
Debt ≤ 1 year
€455,468▲
2024 · €162,830
Income taxes
€37,595▼
2024 · €50,831
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 | - | €16,994 | €6,542 | €49,595 | €3,065 |
| Depreciation and write-downs of the year | €591 | €1,301 | €3,884 | €6,714 | €14,769 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,304 | €591 | €1,301 | €3,884 | €6,714 | €14,769 | ▲ 120% |
| Other operating charges640/8 | - | €677 | €1,009 | €1,199 | €1,114 | €1,190 | ▲ 6.7% |
| Gross operating margin9900 | €152,836 | €132,165 | €150,361 | €213,100 | €230,194 | €191,760 | ▼ 16.7% |
| Operating profit (loss)9901 | €150,482 | €130,897 | €148,051 | €208,017 | €222,365 | €175,802 | ▼ 20.9% |
| Financial income75/76B | - | - | €1 | €0 | €30 | €6,202 | ▲ 204× |
| Recurring financial income75 | €24 | - | €1 | €0 | €30 | €6,202 | ▲ 204× |
| Financial charges65/66B | - | €1,342 | €1,986 | €1,368 | €6,030 | €20,440 | ▲ 239% |
| Recurring financial charges65 | €1,307 | €1,342 | €1,986 | €1,368 | €6,030 | €20,440 | ▲ 239% |
| Profit (loss) for the period before taxes9903 | €149,198 | €129,555 | €146,066 | €206,649 | €216,366 | €161,564 | ▼ 25.3% |
| Income taxes67/77 | €47,039 | €37,827 | €42,328 | €49,242 | €50,831 | €37,595 | ▼ 26.0% |
| Profit (loss) for the period9904 | €102,159 | €91,728 | €103,738 | €157,407 | €165,534 | €123,969 | ▼ 25.1% |
| Profit (loss) for the period to be appropriated9905 | €102,159 | €91,728 | €103,738 | €157,407 | €165,534 | €123,969 | ▼ 25.1% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €163,909 | €304,888 | €402,836 | €508,373 | €640,825 | €712,577 | ▲ 11.2% |
| Fixed assets21/28 | €3,059 | €2,468 | €17,660 | €20,318 | €63,199 | €51,496 | ▼ 18.5% |
| Tangible fixed assets22/27 | €2,559 | €1,968 | €17,660 | €20,318 | €63,199 | €51,496 | ▼ 18.5% |
| Plant, machinery and equipment23 | - | - | €7,532 | €6,759 | €8,193 | €6,968 | ▼ 15.0% |
| Furniture and vehicles24 | - | €1,968 | €10,128 | €13,559 | €55,005 | €44,527 | ▼ 19.0% |
| Financial fixed assets28 | €500 | €500 | €0 | - | - | - | - |
| Current assets29/58 | €160,850 | €302,421 | €385,175 | €488,055 | €577,626 | €661,081 | ▲ 14.4% |
| Amounts receivable within one year40/41 | €26,334 | €31,488 | €27,705 | €31,825 | €33,739 | €30,329 | ▼ 10.1% |
| Trade receivables40 | - | €30,580 | €27,416 | €31,825 | €33,739 | €30,329 | ▼ 10.1% |
| Other amounts receivable41 | - | €908 | €289 | €0 | - | - | - |
| Current investments50/53 | - | - | - | - | €200,000 | €150,000 | ▼ 25.0% |
| Cash at bank and in hand54/58 | €118,164 | €269,912 | €356,379 | €456,229 | €343,887 | €480,752 | ▲ 39.8% |
| Deferred charges and accrued income490/1 | - | €1,021 | €1,092 | €0 | - | - | - |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €163,909 | €304,888 | €402,836 | €508,373 | €640,825 | €712,577 | ▲ 11.2% |
| Equity10/15 | €112,159 | €203,887 | €307,625 | €465,032 | €473,159 | €237,707 | ▼ 49.8% |
| Contributions10/11 | - | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Reserves13 | €102,159 | €193,887 | €297,625 | €455,032 | €463,159 | €103,738 | ▼ 77.6% |
| Distributable reserves133 | - | €193,887 | €297,625 | €455,032 | €463,159 | €103,738 | ▼ 77.6% |
| Profit (loss) carried forward14 | - | - | - | - | €0 | €123,969 | - |
| Amounts payable17/49 | €51,749 | €101,001 | €95,210 | €43,340 | €167,665 | €474,870 | ▲ 183% |
| Amounts payable within one year42/48 | €51,749 | €101,001 | €95,210 | €43,340 | €162,830 | €455,468 | ▲ 180% |
| Trade debts44 | €2,804 | €5,318 | €7,978 | €4,795 | €3,905 | €7,288 | ▲ 86.6% |
| Suppliers440/4 | - | €5,318 | €7,978 | €4,795 | €3,905 | €7,288 | ▲ 86.6% |
| Taxes, remuneration and social security45 | - | €92,277 | €86,827 | €37,980 | €38,905 | €20,139 | ▼ 48.2% |
| Taxes450/3 | - | €89,527 | €84,077 | €35,230 | €37,544 | €18,744 | ▼ 50.1% |
| Remuneration and social security454/9 | - | €2,750 | €2,750 | €2,750 | €1,362 | €1,395 | ▲ 2.5% |
| Other amounts payable47/48 | - | €3,406 | €406 | €565 | €120,019 | €428,041 | ▲ 257% |
| Accrued charges and deferred income492/3 | - | - | - | - | €4,835 | €19,401 | ▲ 301% |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €102,159 | €91,728 | €103,738 | €157,407 | €165,534 | €123,969 | ▼ 25.1% |
| + Depreciation and write-downs630 | €1,304 | €591 | €1,301 | €3,884 | €6,714 | €14,769 | ▲ 120% |
| Operating cash flow (approximation) | €103,463 | €92,319 | €105,039 | €161,291 | €172,248 | €138,737 | ▼ 19.5% |
| Investment in fixed assets (approximation) | - | €0 | -€16,494 | -€6,542 | -€49,595 | -€3,065 | ▲ 93.8% |
| Change in cash | - | €151,748 | €86,467 | €99,850 | -€112,342 | €136,865 | - |
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, 6,782 companies had the same profile as HALIXO has now. Two years later, 96.7% were still going and 0.6% had gone bankrupt.
- Small
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.7%
was still going
2.7%
stopped otherwise
0.6%
went bankrupt
That fits the bankruptcy probability of HALIXO 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 6,782 companies, not a prediction for HALIXO. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 18-06-2026 | 2026-00170465 | |
| 31-12-2024 | micro format | 20-06-2025 | 2025-00156779 | |
| 31-12-2023 | micro format | 25-06-2024 | 2024-00158324 | |
| 31-12-2022 | micro format | 16-06-2023 | 2023-00130605 | |
| 31-12-2021 | micro format | 16-06-2022 | 2022-20066277 | |
| 31-12-2020 | micro format | 02-07-2021 | 2021-28900563 |