HARCAD
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 35 filings
Turnover
≈ €300,000
Estimated: probably between €160,000 and €560,000
Total assets
€455,165▲ 3.6%
2024 · €439,238
Net result
€11,183▼ 56.0%
2024 · €25,396
Working capital
€259,686▲ 14.4%
2024 · €227,035
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€15,923
▼ 49.0%
2025
20182025
Net result
€11,183
▼ 56.0%
2025
middle half of the sector
20182025
Equity
€427,635
▲ 2.2%
2025
highest quarter of the sector
20182025
Total assets
€455,165
▲ 3.6%
2025
highest quarter of the sector
20182025
Debt
€27,529
▲ 33.1%
2025
20182025
Working capital
€259,686
▲ 14.4%
2025
highest quarter of the sector
20182025
Solvency
94.0%
▼ 1.3pp
2025
highest quarter of the sector
20182025
Current ratio
12.83
▲ 0.85
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.5%
▼ 3.3pp
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€14,325-€28,573▲ 99.5%€60,238▲ 111%€65,272▲ 8.4%€151,789▲ 133%€15,139▼ 90.0%€31,245▲ 106%€15,923▼ 49.0%
Net result€8,221-€19,734▲ 140%€46,826above the sector's middle half▲ 137%€48,246above the sector's middle half▲ 3.0%€102,232above the sector's middle half▲ 112%€11,871within the sector's middle half▼ 88.4%€25,396within the sector's middle half▲ 114%€11,183within the sector's middle half▼ 56.0%
Equity€533,474-€549,688▲ 3.0%€592,994above the sector's middle half▲ 7.9%€637,720above the sector's middle half▲ 7.5%€690,717above the sector's middle half▲ 8.3%€660,513above the sector's middle half▼ 4.4%€418,559above the sector's middle half▼ 36.6%€427,635above the sector's middle half▲ 2.2%
Total assets€800,180-€806,310▲ 0.8%€873,757above the sector's middle half▲ 8.4%€912,099above the sector's middle half▲ 4.4%€998,306above the sector's middle half▲ 9.5%€916,687above the sector's middle half▼ 8.2%€439,238above the sector's middle half▼ 52.1%€455,165above the sector's middle half▲ 3.6%
Debt€266,705-€256,622▼ 3.8%€280,763▲ 9.4%€274,380▼ 2.3%€307,589▲ 12.1%€256,174▼ 16.7%€20,679▼ 91.9%€27,529▲ 33.1%
Working capital€336,666-€344,858▲ 2.4%€379,394above the sector's middle half▲ 10.0%€427,021above the sector's middle half▲ 12.6%€471,771above the sector's middle half▲ 10.5%€440,105above the sector's middle half▼ 6.7%€227,035above the sector's middle half▼ 48.4%€259,686above the sector's middle half▲ 14.4%
Solvency66.7%-68.2%▲ 1.5pp67.9%above the sector's middle half▼ 0.3pp69.9%above the sector's middle half▲ 2.1pp69.2%above the sector's middle half▼ 0.7pp72.1%above the sector's middle half▲ 2.9pp95.3%above the sector's middle half▲ 23.2pp94.0%above the sector's middle half▼ 1.3pp
Current ratio3.99-3.61▼ 0.382.97within the sector's middle half▼ 0.642.92within the sector's middle half▼ 0.052.66within the sector's middle half▼ 0.262.73within the sector's middle half▲ 0.0711.98above the sector's middle half▲ 9.2512.83above the sector's middle half▲ 0.85
Return on assets (ROA)1.0%-2.4%▲ 1.4pp5.4%within the sector's middle half▲ 2.9pp5.3%within the sector's middle half▼ 0.1pp10.2%within the sector's middle half▲ 5.0pp1.3%within the sector's middle half▼ 8.9pp5.8%within the sector's middle half▲ 4.5pp2.5%within the sector's middle half▼ 3.3pp
Staff (FTE)1.1-1▼ 9.1%1within the sector's middle half=
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 49% lower than in 2024.
Large changes and their cause
- 2024 Total assets -52% on 2023. Partial demerger to A&G ATELIER D'ARCHITECTURE, proposed with effect from 01-01-2024.
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 €455,165
Fixed assets
€173,524 ▼ 9.4%
Current assets
€281,640 ▲ 13.7%
Equity and liabilities €455,165
Equity
€427,635 ▲ 2.2%
Debt
€27,529 ▲ 33.1%
Debt's share of the balance-sheet total rises from 4.7% to 6.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
€33,922▼
2024 · €49,287
Cash flow
€29,183▼
2024 · €43,437
Debt to equity
0.06▲
2024 · 0.05
ROE
2.6%▼
2024 · 6.1%
Interest coverage
24.54▼
2024 · 25.07
Debt ≤ 1 year
€21,954▲
2024 · €20,679
Income taxes
€5,464▼
2024 · €5,990
Staff costs
€492▼
2024 · €44,238
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €133,750 | €133,750 | €133,750 | - | - |
| Carrying value of the mortgaged assets | €239,962 | €222,843 | €164,558 | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,740 | €10,384 | €5,397 | €2,973 | - |
| Intangible fixed assets | - | €4,000 | - | - | - |
| Depreciation and write-downs of the year | €41,842 | €35,278 | €25,195 | €18,042 | €18,000 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €69,560 | €72,774 | €75,664 | €44,238 | €492 | ▼ 98.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €40,729 | €39,508 | €40,322 | €41,842 | €35,278 | €25,195 | €18,042 | €18,000 | ▼ 0.2% |
| Other operating charges640/8 | - | - | - | €9,574 | €10,434 | €11,452 | €10,883 | €11,084 | ▲ 1.9% |
| Non-recurring operating charges66A | - | - | - | €367 | - | - | - | - | - |
| Gross operating margin9900 | €136,856 | €147,187 | €179,922 | €186,614 | €270,275 | €127,450 | €104,408 | €45,498 | ▼ 56.4% |
| Operating profit (loss)9901 | €14,325 | €28,573 | €60,238 | €65,272 | €151,789 | €15,139 | €31,245 | €15,923 | ▼ 49.0% |
| Financial income75/76B | - | - | - | €3,520 | €3,520 | €3,520 | €2,106 | €2,106 | = |
| Recurring financial income75 | €3,520 | €3,520 | €3,520 | €3,520 | €3,520 | €3,520 | €2,106 | €2,106 | = |
| Financial charges65/66B | - | - | - | €4,657 | €3,419 | €2,567 | €1,966 | €1,382 | ▼ 29.7% |
| Recurring financial charges65 | €7,410 | €6,575 | €5,535 | €4,657 | €3,419 | €2,567 | €1,966 | €1,382 | ▼ 29.7% |
| Profit (loss) for the period before taxes9903 | €10,435 | €25,518 | €58,223 | €64,135 | €151,890 | €16,092 | €31,386 | €16,647 | ▼ 47.0% |
| Income taxes67/77 | €2,214 | €5,784 | €11,398 | €15,890 | €49,658 | €4,221 | €5,990 | €5,464 | ▼ 8.8% |
| Profit (loss) for the period9904 | €8,221 | €19,734 | €46,826 | €48,246 | €102,232 | €11,871 | €25,396 | €11,183 | ▼ 56.0% |
| Profit (loss) for the period to be appropriated9905 | €8,221 | €19,734 | €46,826 | €48,246 | €102,232 | €11,871 | €25,396 | €11,183 | ▼ 56.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €800,180 | €806,310 | €873,757 | €912,099 | €998,306 | €916,687 | €439,238 | €455,165 | ▲ 3.6% |
| Fixed assets21/28 | €351,103 | €329,456 | €301,974 | €262,872 | €241,977 | €222,180 | €191,524 | €173,524 | ▼ 9.4% |
| Intangible fixed assets21 | - | - | - | - | €3,571 | €2,237 | - | - | - |
| Tangible fixed assets22/27 | €351,103 | €329,456 | €301,974 | €262,872 | €238,407 | €219,943 | €191,524 | €173,524 | ▼ 9.4% |
| Land and buildings22 | - | - | - | €239,962 | €222,843 | €205,724 | €188,605 | €171,486 | ▼ 9.1% |
| Furniture and vehicles24 | - | - | - | €22,129 | €15,564 | €14,219 | €2,919 | €2,038 | ▼ 30.2% |
| Assets under construction and advance payments27 | - | - | - | €781 | - | - | - | - | - |
| Current assets29/58 | €449,077 | €476,854 | €571,784 | €649,228 | €756,329 | €694,507 | €247,714 | €281,640 | ▲ 13.7% |
| Amounts receivable within one year40/41 | €411,832 | €450,499 | €542,985 | €618,488 | €700,954 | €682,799 | €223,585 | €212,385 | ▼ 5.0% |
| Trade receivables40 | - | - | - | €616,388 | €651,743 | €682,799 | €123,721 | €135,880 | ▲ 9.8% |
| Other amounts receivable41 | - | - | - | €2,100 | €49,211 | - | €99,864 | €76,504 | ▼ 23.4% |
| Cash at bank and in hand54/58 | €16,052 | €7,882 | €10,924 | €18,606 | €50,180 | €11,102 | €24,122 | €68,505 | ▲ 184% |
| Deferred charges and accrued income490/1 | - | - | - | €12,133 | €5,195 | €607 | €7 | €751 | ▲ 111× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €800,180 | €806,310 | €873,757 | €912,099 | €998,306 | €916,687 | €439,238 | €455,165 | ▲ 3.6% |
| Equity10/15 | €533,474 | €549,688 | €592,994 | €637,720 | €690,717 | €660,513 | €418,559 | €427,635 | ▲ 2.2% |
| Contributions10/11 | €36,197 | €36,197 | - | €36,197 | €36,197 | €41,057 | €24,569 | €24,569 | = |
| Reserves13 | €21,869 | €21,869 | €21,869 | €21,869 | €122,669 | €17,009 | €10,179 | €10,179 | = |
| Non-distributable reserves130/1 | - | - | - | €4,859 | €4,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €4,859 | €4,859 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | €17,009 | €17,009 | €17,009 | €10,179 | €10,179 | = |
| Distributable reserves133 | - | - | - | - | €100,800 | - | - | - | - |
| Profit (loss) carried forward14 | €419,088 | €438,822 | €485,648 | €533,894 | €489,611 | €563,727 | €362,746 | €373,929 | ▲ 3.1% |
| Investment grants15 | - | - | - | €45,760 | €42,240 | €38,720 | €21,065 | €18,958 | ▼ 10.0% |
| Amounts payable17/49 | €266,705 | €256,622 | €280,763 | €274,380 | €307,589 | €256,174 | €20,679 | €27,529 | ▲ 33.1% |
| Amounts payable after more than one year17 | €154,295 | €124,626 | €88,374 | €52,173 | €23,031 | €1,772 | - | - | - |
| Financial debts170/4 | - | - | - | €52,173 | €23,031 | €1,772 | - | - | - |
| Amounts payable within one year42/48 | €112,411 | €131,996 | €192,389 | €222,207 | €284,558 | €254,403 | €20,679 | €21,954 | ▲ 6.2% |
| Current portion of amounts payable after more than one year42 | - | - | - | €36,201 | €29,142 | €21,259 | €1,772 | - | - |
| Financial debts43 | - | - | - | - | - | - | €9,000 | €9,000 | = |
| Credit institutions430/8 | - | - | - | - | - | - | €9,000 | €9,000 | = |
| Trade debts44 | €6,445 | €6,682 | €20,366 | €18,497 | €48,956 | €19,060 | €2,351 | €6,841 | ▲ 191% |
| Suppliers440/4 | - | - | - | €18,497 | €48,956 | €19,060 | €2,351 | €6,841 | ▲ 191% |
| Taxes, remuneration and social security45 | - | - | - | €151,985 | €95,055 | €109,486 | €6,893 | €4,964 | ▼ 28.0% |
| Taxes450/3 | - | - | - | €41,163 | €84,105 | €89,049 | €5,070 | €3,141 | ▼ 38.0% |
| Remuneration and social security454/9 | - | - | - | €110,821 | €10,950 | €20,437 | €1,823 | €1,823 | = |
| Other amounts payable47/48 | - | - | - | €15,524 | €111,404 | €104,597 | €664 | €1,150 | ▲ 73.2% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €5,575 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €8,221 | €19,734 | €46,826 | €48,246 | €102,232 | €11,871 | €25,396 | €11,183 | ▼ 56.0% |
| + Depreciation and write-downs630 | €40,729 | €39,508 | €40,322 | €41,842 | €35,278 | €25,195 | €18,042 | €18,000 | ▼ 0.2% |
| Operating cash flow (approximation) | €48,951 | €59,242 | €87,147 | €90,087 | €137,510 | €37,066 | €43,437 | €29,183 | ▼ 32.8% |
| Investment in fixed assets (approximation) | - | -€17,861 | -€12,839 | -€2,740 | -€14,384 | -€5,397 | €12,614 | €0 | ▼ 100% |
| Change in cash | - | -€8,170 | €3,042 | €7,682 | €31,573 | -€39,078 | €13,021 | €44,383 | ▲ 241% |
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, 14,766 companies had the same profile as HARCAD has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HARCAD 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 14,766 companies, not a prediction for HARCAD. 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 35 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 23-07-2026 | 2026-00339262 | |
| 31-12-2024 | micro format | 31-08-2025 | 2025-00477652 | |
| 31-12-2023 | micro format | 28-08-2024 | 2024-00386949 | |
| 31-12-2022 | micro format | 25-07-2023 | 2023-00264559 | |
| 31-12-2021 | micro format | 11-01-2023 | 2023-20556580 | |
| 31-12-2020 | micro format | 14-12-2021 | 2021-80200369 | |
| 31-12-2019 | micro format | 16-11-2020 | 2020-70600258 | |
| 31-12-2018 | micro format | 31-08-2019 | 2019-63100454 | |
| 31-12-2017 | micro format | 29-09-2018 | 2018-68500305 | |
| 31-12-2016 | micro format | 31-07-2017 | 2017-41200208 |