HANDSCHOENMARKT
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 12-01-2026 PDF all 32 filings
Equity
€698,550▼ 5.3%
2024 · €737,570
Total assets
€831,420▼ 4.6%
2024 · €871,655
Net result
-€39,021▼ 4.9%
2024 · -€37,212
Working capital
€556,061▼ 4.1%
2024 · €579,745
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€35,217
▼ 4.5%
2025
20192025
Net result
-€39,021
▼ 4.9%
2025
20192025
Equity
€698,550
▼ 5.3%
2025
20192025
Total assets
€831,420
▼ 4.6%
2025
20192025
Debt
€132,871
▼ 0.9%
2025
20192025
Working capital
€556,061
▼ 4.1%
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€0.3m--€0.02m-€0.05m▼ 211%-€0.03m▲ 51.0%-€0.04m▼ 65.1%-€0.03m▲ 21.9%-€0.04m▼ 4.5%
Net result€0.2m--€0.02m-€0.06m▼ 177%-€0.03m▲ 48.0%-€0.05m▼ 59.2%-€0.04m▲ 19.7%-€0.04m▼ 4.9%
Equity€0.9m-€0.9m▼ 2.2%€0.9m▼ 6.2%€0.8m▼ 3.4%€0.8m▼ 5.6%€0.7m▼ 4.8%€0.7m▼ 5.3%
Total assets€1.2m-€1.1m▼ 12.2%€1.0m▼ 9.6%€1.0m▼ 2.2%€0.9m▼ 4.3%€0.9m▼ 6.2%€0.8m▼ 4.6%
Debt€0.3m-€0.2m▼ 40.8%€0.1m▼ 25.8%€0.1m▲ 5.3%€0.2m▲ 3.3%€0.1m▼ 13.2%€0.1m▼ 0.9%
Working capital€0.9m-€0.7m▼ 15.9%€0.7m▼ 8.9%€0.6m▼ 7.3%€0.6m▼ 3.5%€0.6m▼ 2.2%€0.6m▼ 4.1%
The operating result for 2025 is a loss of €35,217, larger than the loss of €33,691 in 2024.
Turnover and EBIT margin are not published. The micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €831,420
Fixed assets
€162,789 ▼ 8.6%
Current assets
€668,632 ▼ 3.6%
Equity and liabilities €831,420
Equity
€698,550 ▼ 5.3%
Debt
€132,871 ▼ 0.9%
Debt's share of the balance-sheet total rises from 15.4% to 16.0%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€10,928▼
2024 · -€9,774
Cash flow
-€14,732▼
2024 · -€13,294
Current ratio
5.94▼
2024 · 6.10
Debt to equity
0.19▲
2024 · 0.18
ROE
-5.6%▼
2024 · -5.0%
ROA
-4.7%▼
2024 · -4.3%
Interest coverage
-3.05▼
2024 · -2.96
Debt ≤ 1 year
€112,570▼
2024 · €113,784
Debt > 1 year
€20,301=
2024 · €20,301
Income taxes
€219▲
2024 · €215
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 |
|---|---|---|---|---|
| Tangible fixed assets | €38,642 | - | - | €8,952 |
| Depreciation and write-downs of the year | €19,054 | €24,674 | €23,918 | €24,289 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,487 | €15,521 | €15,480 | €19,054 | €24,674 | €23,918 | €24,289 | ▲ 1.6% |
| Other operating charges640/8 | - | - | - | €6,894 | €4,098 | €4,404 | €4,679 | ▲ 6.2% |
| Gross operating margin9900 | €325,198 | €1,281 | -€23,371 | -€188 | -€14,388 | -€5,369 | -€6,249 | ▼ 16.4% |
| Operating profit (loss)9901 | €317,304 | -€17,135 | -€53,324 | -€26,136 | -€43,159 | -€33,691 | -€35,217 | ▼ 4.5% |
| Financial income75/76B | - | - | - | €1 | €36 | €0 | €0 | ▼ 90.0% |
| Recurring financial income75 | €0 | €500 | €1 | €1 | €36 | €0 | €0 | ▼ 90.0% |
| Financial charges65/66B | - | - | - | €2,849 | €3,019 | €3,306 | €3,585 | ▲ 8.5% |
| Recurring financial charges65 | €6,721 | €3,419 | €2,552 | €2,849 | €3,019 | €3,306 | €3,585 | ▲ 8.5% |
| Profit (loss) for the period before taxes9903 | €310,583 | -€20,054 | -€55,875 | -€28,985 | -€46,143 | -€36,997 | -€38,802 | ▼ 4.9% |
| Income taxes67/77 | €135,008 | €131 | €116 | €118 | €200 | €215 | €219 | ▲ 1.6% |
| Profit (loss) for the period9904 | €226,882 | -€20,185 | -€55,992 | -€29,103 | -€46,342 | -€37,212 | -€39,021 | ▼ 4.9% |
| Profit (loss) for the period to be appropriated9905 | €326,524 | -€20,185 | -€55,992 | -€29,103 | -€46,342 | -€37,212 | -€39,021 | ▼ 4.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €1.2m | €1.1m | €1.0m | €1.0m | €0.9m | €0.9m | €0.8m | ▼ 4.6% |
| Fixed assets21/28 | €0.08m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 8.6% |
| Tangible fixed assets22/27 | €0.08m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 8.6% |
| Land and buildings22 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 6.2% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.01m | €0.005m | €0.001m | ▼ 88.3% |
| Current assets29/58 | €1.2m | €0.9m | €0.8m | €0.7m | €0.7m | €0.7m | €0.7m | ▼ 3.6% |
| Amounts receivable within one year40/41 | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Trade receivables40 | - | - | - | €0.04m | €0.03m | €0.04m | €0.04m | = |
| Other amounts receivable41 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Cash at bank and in hand54/58 | €0.6m | €0.3m | €0.2m | €0.1m | €0.1m | €0.08m | €0.06m | ▼ 30.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.003m | ▲ 4.5% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €1.2m | €1.1m | €1.0m | €1.0m | €0.9m | €0.9m | €0.8m | ▼ 4.6% |
| Equity10/15 | €0.9m | €0.9m | €0.9m | €0.8m | €0.8m | €0.7m | €0.7m | ▼ 5.3% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | - | - | - | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.9m | €0.8m | €0.8m | €0.8m | €0.7m | €0.7m | €0.6m | ▼ 5.8% |
| Non-distributable reserves130/1 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Distributable reserves133 | - | - | - | €0.8m | €0.7m | €0.7m | €0.6m | ▼ 5.8% |
| Amounts payable17/49 | €0.3m | €0.2m | €0.1m | €0.1m | €0.2m | €0.1m | €0.1m | ▼ 0.9% |
| Amounts payable after more than one year17 | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Other amounts payable178/9 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Amounts payable within one year42/48 | €0.3m | €0.2m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 1.1% |
| Financial debts43 | - | - | - | - | - | - | €15 | - |
| Credit institutions430/8 | - | - | - | - | - | - | €15 | - |
| Trade debts44 | €0.003m | €484 | €0.001m | €0.001m | €0.001m | €0 | €0.005m | - |
| Suppliers440/4 | - | - | - | €0.001m | €0.001m | €0 | €0.005m | - |
| Taxes, remuneration and social security45 | - | - | - | €118 | €200 | €215 | €219 | ▲ 1.6% |
| Taxes450/3 | - | - | - | €118 | €200 | €215 | €219 | ▲ 1.6% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 5.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €226,882 | -€20,185 | -€55,992 | -€29,103 | -€46,342 | -€37,212 | -€39,021 | ▼ 4.9% |
| + Depreciation and write-downs630 | €2,487 | €15,521 | €15,480 | €19,054 | €24,674 | €23,918 | €24,289 | ▲ 1.6% |
| Operating cash flow (approximation) | €229,370 | -€4,664 | -€40,512 | -€10,050 | -€21,669 | -€13,294 | -€14,732 | ▼ 10.8% |
| Investment in fixed assets (approximation) | - | -€132,947 | -€24,697 | -€38,642 | €0 | €0 | -€8,952 | - |
| Change in cash | - | -€279,570 | -€115,154 | -€47,139 | -€14,166 | -€35,662 | -€25,009 | ▲ 29.9% |
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 HANDSCHOENMARKT 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 HANDSCHOENMARKT 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 8,617 companies, not a prediction for HANDSCHOENMARKT. 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 32 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2025 | micro format | 12-01-2026 | 2026-00007057 | |
| 30-06-2024 | micro format | 02-01-2025 | 2025-00002605 | |
| 30-06-2023 | micro format | 04-01-2024 | 2024-00000489 | |
| 30-06-2022 | micro format | 27-01-2023 | 2023-00017799 | |
| 30-06-2021 | micro format | 06-01-2022 | 2022-00800224 | |
| 30-06-2020 | micro format | 28-01-2021 | 2021-04400031 | |
| 30-06-2019 | micro format | 02-12-2019 | 2019-75400424 | |
| 30-06-2018 | micro format | 15-11-2018 | 2018-72700079 | |
| 30-06-2017 | micro format | 02-11-2017 | 2017-69400115 | |
| 30-06-2016 | abbreviated format | 02-11-2016 | 2016-67600085 |