HANS MOERMAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 17-06-2026 at the NBB all 33 filings
Turnover
≈ €250,000
Estimated: probably between €140,000 and €460,000
Total assets
€243,640▲ 20.6%
2024 · €202,007
Net result
€9,109▼ 19.4%
2024 · €11,297
Working capital
€75,515▼ 0.6%
2024 · €75,938
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€15,413
▼ 7.9%
2025
20182025
Net result
€9,109
▼ 19.4%
2025
middle half of the sector
20182025
Equity
€115,060
▲ 8.6%
2025
highest quarter of the sector
20182025
Total assets
€243,640
▲ 20.6%
2025
middle half of the sector
20182025
Debt
€128,579
▲ 33.9%
2025
20182025
Working capital
€75,515
▼ 0.6%
2025
middle half of the sector
20182025
Solvency
47.2%
▼ 5.2pp
2025
middle half of the sector
20182025
Current ratio
1.81
▼ 0.54
2025
middle half of the sector
20182025
Return on assets (ROA)
3.7%
▼ 1.9pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€6,183-€7,579▲ 22.6%€12,602▲ 66.3%€29,160▲ 131%€40,746▲ 39.7%€95,968▲ 136%€16,740▼ 82.6%€15,413▼ 7.9%
Net result€4,128-€4,824▲ 16.9%€10,666within the sector's middle half▲ 121%€34,853above the sector's middle half▲ 227%€31,524above the sector's middle half▼ 9.6%€69,921above the sector's middle half▲ 122%€11,297within the sector's middle half▼ 83.8%€9,109within the sector's middle half▼ 19.4%
Equity€269,542-€274,366▲ 1.8%€285,032above the sector's middle half▲ 3.9%€319,884above the sector's middle half▲ 12.2%€39,020within the sector's middle half▼ 87.8%€108,941above the sector's middle half▲ 179%€105,952within the sector's middle half▼ 2.7%€115,060above the sector's middle half▲ 8.6%
Total assets€307,997-€314,996▲ 2.3%€305,321within the sector's middle half▼ 3.1%€334,271above the sector's middle half▲ 9.5%€83,110within the sector's middle half▼ 75.1%€142,813within the sector's middle half▲ 71.8%€202,007within the sector's middle half▲ 41.4%€243,640within the sector's middle half▲ 20.6%
Debt€38,455-€40,631▲ 5.7%€20,290▼ 50.1%€14,386▼ 29.1%€44,090▲ 206%€33,873▼ 23.2%€96,055▲ 184%€128,579▲ 33.9%
Working capital€168,876-€173,904▲ 3.0%€153,324above the sector's middle half▼ 11.8%€161,357above the sector's middle half▲ 5.2%€30,334within the sector's middle half▼ 81.2%€95,115above the sector's middle half▲ 214%€75,938within the sector's middle half▼ 20.2%€75,515within the sector's middle half▼ 0.6%
Solvency87.5%-87.1%▼ 0.4pp93.4%above the sector's middle half▲ 6.3pp95.7%above the sector's middle half▲ 2.3pp46.9%within the sector's middle half▼ 48.7pp76.3%above the sector's middle half▲ 29.3pp52.4%within the sector's middle half▼ 23.8pp47.2%within the sector's middle half▼ 5.2pp
Current ratio5.39-5.28▼ 0.118.56above the sector's middle half▲ 3.2812.65above the sector's middle half▲ 4.101.75within the sector's middle half▼ 10.903.81above the sector's middle half▲ 2.052.36within the sector's middle half▼ 1.451.81within the sector's middle half▼ 0.54
Return on assets (ROA)1.3%-1.5%▲ 0.2pp3.5%within the sector's middle half▲ 2.0pp10.4%within the sector's middle half▲ 6.9pp37.9%above the sector's middle half▲ 27.5pp49.0%above the sector's middle half▲ 11.0pp5.6%within the sector's middle half▼ 43.4pp3.7%within the sector's middle half▼ 1.9pp
Staff (FTE)2-2=2within the sector's middle half=1.6▼ 20.0%1▼ 37.5%0▼ 100%
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 8% lower than in 2024 and the lowest since 2020. It is the second fall 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 €243,640
Fixed assets
€75,195 ▲ 7.3%
Current assets
€168,445 ▲ 27.7%
Equity and liabilities €243,640
Equity
€115,060 ▲ 8.6%
Debt
€128,579 ▲ 33.9%
Debt's share of the balance-sheet total rises from 47.6% to 52.8%. Equity and debt are higher.
Key figures and ratios
EBITDA
€33,037▲
2024 · €32,133
Cash flow
€26,733▲
2024 · €26,690
Quick ratio
1.65▼
2024 · 1.91
Debt to equity
1.12▲
2024 · 0.91
ROE
7.9%▼
2024 · 10.7%
Interest coverage
10.16▼
2024 · 12.33
Debt ≤ 1 year
€92,930▲
2024 · €56,020
Debt > 1 year
€35,225▼
2024 · €40,036
Income taxes
€3,224▲
2024 · €3,078
Staff costs
€1,521▲
2024 · €1,512
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 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | - |
| full-time | 1 | 1 | 1 | - |
| part-time | 0 | 0 | 0 | - |
| in full-time equivalents | 1 | 1 | 1 | - |
| Average over the year, in full-time equivalents | 1.6 | 1 | - | - |
| On a permanent contract | 1 | 1 | 1 | - |
| Joined | 0 | - | - | 0 |
| Left | 1 | - | - | 1 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €7,982 | €73,212 | €22,769 |
| Financial fixed assets | €44,354 | - | - | - | €0 |
| Depreciation and write-downs of the year | €6,248 | €5,940 | €6,296 | €15,393 | €17,624 |
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 | - | - | - | €0 | - | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €46,504 | €40,008 | €908 | €1,512 | €1,521 | ▲ 0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €10,585 | €9,978 | €5,744 | €6,248 | €5,940 | €6,296 | €15,393 | €17,624 | ▲ 14.5% |
| Other operating charges640/8 | - | - | - | €1,460 | €1,867 | €1,128 | €4,706 | €1,349 | ▼ 71.3% |
| Non-recurring operating charges66A | - | - | - | - | - | €428 | €1,595 | €0 | ▼ 100% |
| Gross operating margin9900 | €109,506 | €111,254 | €97,375 | €83,370 | €88,562 | €104,729 | €39,947 | €35,907 | ▼ 10.1% |
| Operating profit (loss)9901 | €6,183 | €7,579 | €12,602 | €29,160 | €40,746 | €95,968 | €16,740 | €15,413 | ▼ 7.9% |
| Financial income75/76B | - | - | - | €16,603 | €561 | €34 | €240 | €172 | ▼ 28.4% |
| Recurring financial income75 | €1,032 | €706 | €2,636 | €16,603 | €561 | €34 | €240 | €172 | ▼ 28.4% |
| Financial charges65/66B | - | - | - | €1,430 | €270 | €130 | €2,605 | €3,252 | ▲ 24.8% |
| Recurring financial charges65 | €717 | €637 | €1,862 | €1,430 | €270 | €130 | €2,605 | €3,252 | ▲ 24.8% |
| Profit (loss) for the period before taxes9903 | €6,498 | €7,648 | €13,375 | €44,333 | €41,038 | €95,872 | €14,375 | €12,333 | ▼ 14.2% |
| Income taxes67/77 | €2,370 | €2,824 | €2,710 | €9,481 | €9,514 | €25,951 | €3,078 | €3,224 | ▲ 4.7% |
| Profit (loss) for the period9904 | €4,128 | €4,824 | €10,666 | €34,853 | €31,524 | €69,921 | €11,297 | €9,109 | ▼ 19.4% |
| Profit (loss) for the period to be appropriated9905 | €4,128 | €4,824 | €10,666 | €34,853 | €31,524 | €69,921 | €11,297 | €9,109 | ▼ 19.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €307,997 | €314,996 | €305,321 | €334,271 | €83,110 | €142,813 | €202,007 | €243,640 | ▲ 20.6% |
| Fixed assets21/28 | €100,666 | €100,462 | €131,707 | €159,067 | €12,569 | €13,826 | €70,050 | €75,195 | ▲ 7.3% |
| Tangible fixed assets22/27 | €18,985 | €10,138 | €24,571 | €18,324 | €12,384 | €13,641 | €69,865 | €75,010 | ▲ 7.4% |
| Plant, machinery and equipment23 | - | - | - | €808 | €428 | €5,952 | €5,825 | €3,929 | ▼ 32.6% |
| Furniture and vehicles24 | - | - | - | €17,516 | €11,956 | €7,689 | €1,823 | €681 | ▼ 62.6% |
| Leasing and similar rights25 | - | - | - | - | - | - | €47,486 | €36,486 | ▼ 23.2% |
| Other tangible fixed assets26 | - | - | - | - | - | - | €14,730 | €33,914 | ▲ 130% |
| Financial fixed assets28 | €81,681 | €90,323 | €107,136 | €140,744 | €185 | €185 | €185 | €185 | = |
| Current assets29/58 | €207,331 | €214,535 | €173,614 | €175,203 | €70,542 | €128,987 | €131,957 | €168,445 | ▲ 27.7% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | - | €5,139 | - |
| Other amounts receivable291 | - | - | - | - | - | - | - | €5,139 | - |
| Stocks and contracts in progress3 | - | - | - | - | - | - | €25,000 | €15,000 | ▼ 40.0% |
| Contracts in progress37 | - | - | - | - | - | - | €25,000 | €15,000 | ▼ 40.0% |
| Amounts receivable within one year40/41 | €140,031 | €123,565 | €104,473 | €96,101 | €49,879 | €89,635 | €74,656 | €147,465 | ▲ 97.5% |
| Trade receivables40 | - | - | - | €87,040 | €34,033 | €74,278 | €52,335 | €121,582 | ▲ 132% |
| Other amounts receivable41 | - | - | - | €9,061 | €15,846 | €15,357 | €22,321 | €25,884 | ▲ 16.0% |
| Cash at bank and in hand54/58 | €67,301 | €90,970 | €69,141 | €79,102 | €20,663 | €39,352 | €32,301 | €631 | ▼ 98.0% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | - | - | €210 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €307,997 | €314,996 | €305,321 | €334,271 | €83,110 | €142,813 | €202,007 | €243,640 | ▲ 20.6% |
| Equity10/15 | €269,542 | €274,366 | €285,032 | €319,884 | €39,020 | €108,941 | €105,952 | €115,060 | ▲ 8.6% |
| Contributions10/11 | €105,150 | €105,150 | - | €105,150 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €163,615 | €168,415 | €179,081 | €213,933 | €19,619 | €89,540 | €86,551 | €95,660 | ▲ 10.5% |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €213,933 | €19,619 | €89,540 | €86,551 | €95,660 | ▲ 10.5% |
| Profit (loss) carried forward14 | €777 | €801 | €801 | €801 | €801 | €801 | €801 | €801 | = |
| Amounts payable17/49 | €38,455 | €40,631 | €20,290 | €14,386 | €44,090 | €33,873 | €96,055 | €128,579 | ▲ 33.9% |
| Amounts payable after more than one year17 | - | - | - | - | - | - | €40,036 | €35,225 | ▼ 12.0% |
| Financial debts170/4 | - | - | - | - | - | - | €40,036 | €35,225 | ▼ 12.0% |
| Amounts payable within one year42/48 | €38,455 | €40,631 | €20,290 | €13,846 | €40,208 | €33,873 | €56,020 | €92,930 | ▲ 65.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | €13,997 | €14,189 | ▲ 1.4% |
| Financial debts43 | - | - | - | - | - | - | - | €13,121 | - |
| Credit institutions430/8 | - | - | - | - | - | - | - | €13,121 | - |
| Trade debts44 | €38,095 | €40,376 | €20,290 | €5,809 | €11,936 | €27,055 | €31,910 | €62,953 | ▲ 97.3% |
| Suppliers440/4 | - | - | - | €5,809 | €11,936 | €27,055 | €31,910 | €62,953 | ▲ 97.3% |
| Advances received on contracts in progress46 | - | - | - | - | - | - | €3,008 | €0 | ▼ 100% |
| Taxes, remuneration and social security45 | - | - | - | - | €1,600 | €6,469 | €6,439 | €2,255 | ▼ 65.0% |
| Taxes450/3 | - | - | - | - | - | €6,469 | €6,439 | €0 | ▼ 100% |
| Remuneration and social security454/9 | - | - | - | - | €1,600 | €0 | - | €2,255 | - |
| Other amounts payable47/48 | - | - | - | €8,037 | €26,672 | €349 | €665 | €412 | ▼ 38.1% |
| Accrued charges and deferred income492/3 | - | - | - | €540 | €3,883 | €0 | - | €424 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,128 | €4,824 | €10,666 | €34,853 | €31,524 | €69,921 | €11,297 | €9,109 | ▼ 19.4% |
| + Depreciation and write-downs630 | €10,585 | €9,978 | €5,744 | €6,248 | €5,940 | €6,296 | €15,393 | €17,624 | ▲ 14.5% |
| Operating cash flow (approximation) | €14,712 | €14,801 | €16,409 | €41,100 | €37,464 | €76,217 | €26,690 | €26,733 | ▲ 0.2% |
| Investment in fixed assets (approximation) | - | -€9,774 | -€36,989 | -€33,608 | €140,559 | -€7,553 | -€71,617 | -€22,769 | ▲ 68.2% |
| Change in cash | - | €23,669 | -€21,829 | €9,961 | -€58,440 | €18,689 | -€7,051 | -€31,671 | ▼ 349% |
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, 17,041 companies had the same profile as HANS MOERMAN has now. Two years later, 94.4% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.4%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HANS MOERMAN itself: 0.7% 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 17,041 companies, not a prediction for HANS MOERMAN. 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 |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-06-2026 | 2026-00169280 | |
| 31-12-2024 | micro format | 13-06-2025 | 2025-00147613 | |
| 31-12-2023 | micro format | 04-06-2024 | 2024-00111023 | |
| 31-12-2022 | micro format | 06-06-2023 | 2023-00108313 | |
| 31-12-2021 | micro format | 29-06-2022 | 2022-20104916 | |
| 31-12-2020 | micro format | 21-06-2021 | 2021-22400176 | |
| 31-12-2019 | micro format | 24-08-2020 | 2020-44000296 | |
| 31-12-2018 | micro format | 19-08-2019 | 2019-48000421 | |
| 31-12-2017 | micro format | 25-06-2018 | 2018-23100352 | |
| 31-12-2016 | micro format | 20-06-2017 | 2017-19600317 |