HARCO
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 14 days after the deadline Filed on 14 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00398152.
Annual accounts 2025 filed on 14-08-2026 at the NBB all 20 filings
Equity
-€1,088
2024 · €4,092
Total assets
€14,609▼ 31.9%
2024 · €21,468
Net result
-€5,179
2024 · €2,472
Working capital
-€1,203
2024 · €2,825
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€4,838
2025
20182025
Net result
-€5,179
2025
lowest quarter of the sector
20182025
Equity
-€1,088
2025
lowest quarter of the sector
20182025
Total assets
€14,609
▼ 31.9%
2025
lowest quarter of the sector
20182025
Debt
€15,697
▼ 9.7%
2025
20182025
Working capital
-€1,203
2025
lowest quarter of the sector
20182025
Solvency
-7.4%
▼ 26.5pp
2025
lowest quarter of the sector
20182025
Current ratio
0.92
▼ 0.24
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-35.5%
▼ 47.0pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€7,614-€13,516▲ 77.5%€5,741▼ 57.5%-€1,484€5,029€2,158▼ 57.1%€4,359▲ 102%-€4,838
Net result€6,071-€11,258▲ 85.5%€4,705within the sector's middle half▼ 58.2%-€1,963below the sector's middle half€3,450within the sector's middle half€1,166within the sector's middle half▼ 66.2%€2,472within the sector's middle half▲ 112%-€5,179below the sector's middle half
Equity-€16,998--€5,740▲ 66.2%-€1,035below the sector's middle half▲ 82.0%-€2,998below the sector's middle half▼ 190%€453below the sector's middle half€1,619below the sector's middle half▲ 258%€4,092below the sector's middle half▲ 153%-€1,088below the sector's middle half
Total assets€20,732-€27,533▲ 32.8%€32,190below the sector's middle half▲ 16.9%€25,805below the sector's middle half▼ 19.8%€20,364below the sector's middle half▼ 21.1%€20,645below the sector's middle half▲ 1.4%€21,468below the sector's middle half▲ 4.0%€14,609below the sector's middle half▼ 31.9%
Debt€37,730-€33,273▼ 11.8%€33,224▼ 0.1%€28,803▼ 13.3%€19,911▼ 30.9%€19,026▼ 4.4%€17,376▼ 8.7%€15,697▼ 9.7%
Working capital-€18,574--€15,631▲ 15.8%-€16,281below the sector's middle half▼ 4.2%-€15,192below the sector's middle half▲ 6.7%-€7,935below the sector's middle half▲ 47.8%-€3,831below the sector's middle half▲ 51.7%€2,825below the sector's middle half-€1,203below the sector's middle half
Solvency-82.0%--20.8%▲ 61.1pp-3.2%below the sector's middle half▲ 17.6pp-11.6%below the sector's middle half▼ 8.4pp2.2%below the sector's middle half▲ 13.8pp7.8%below the sector's middle half▲ 5.6pp19.1%below the sector's middle half▲ 11.2pp-7.4%below the sector's middle half▼ 26.5pp
Current ratio0.10-0.44▲ 0.340.49below the sector's middle half▲ 0.060.47below the sector's middle half▼ 0.020.60below the sector's middle half▲ 0.130.80below the sector's middle half▲ 0.201.16within the sector's middle half▲ 0.360.92below the sector's middle half▼ 0.24
Return on assets (ROA)29.3%-40.9%▲ 11.6pp14.6%within the sector's middle half▼ 26.3pp-7.6%below the sector's middle half▼ 22.2pp16.9%within the sector's middle half▲ 24.6pp5.7%within the sector's middle half▼ 11.3pp11.5%within the sector's middle half▲ 5.9pp-35.5%below the sector's middle half▼ 47.0pp
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 a loss of €4,838, after a profit of €4,359 in 2024. It is the lowest result since 2018.
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 €14,609
Fixed assets
€116 ▼ 90.9%
Current assets
€14,494 ▼ 28.3%
Equity and liabilities
Equity-€1,088
Debt€15,697
Equity is negative. Debt (€15,697) exceeds the balance-sheet total (€14,609).
Key figures and ratios
EBITDA
-€3,687▼
2024 · €8,542
Cash flow
-€4,029▼
2024 · €6,656
Debt ≤ 1 year
€15,697▼
2024 · €17,376
Income taxes
€350▼
2024 · €1,794
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | €57,800 | €57,800 | - | - | - |
| Carrying value of the mortgaged assets | €8,932 | €6,035 | - | - | - |
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 | - | - | €1,130 | - | - |
| Depreciation and write-downs of the year | €4,181 | €3,807 | €4,068 | €4,183 | €1,151 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €817 awarded · €814 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €15,818 | €3,271 | €3,649 | €4,181 | €3,807 | €4,068 | €4,183 | €1,151 | ▼ 72.5% |
| Other operating charges640/8 | - | - | - | €1,121 | €626 | €1,586 | €2,226 | €1,552 | ▼ 30.3% |
| Gross operating margin9900 | €24,780 | €18,200 | €10,459 | €3,818 | €9,462 | €7,812 | €10,768 | -€2,136 | - |
| Operating profit (loss)9901 | €7,614 | €13,516 | €5,741 | -€1,484 | €5,029 | €2,158 | €4,359 | -€4,838 | - |
| Financial income75/76B | - | - | - | €29 | €15 | €14 | €8 | €8 | ▼ 5.0% |
| Recurring financial income75 | €41 | - | €62 | €29 | €15 | €14 | €8 | €8 | ▼ 5.0% |
| Financial charges65/66B | - | - | - | €225 | €104 | €95 | €100 | €0 | ▼ 100% |
| Recurring financial charges65 | €1,253 | €792 | €436 | €225 | €104 | €95 | €100 | €0 | ▼ 100% |
| Profit (loss) for the period before taxes9903 | €6,402 | €12,724 | €5,367 | -€1,680 | €4,940 | €2,077 | €4,267 | -€4,830 | - |
| Income taxes67/77 | €331 | €1,466 | €662 | €282 | €1,489 | €911 | €1,794 | €350 | ▼ 80.5% |
| Profit (loss) for the period9904 | €6,071 | €11,258 | €4,705 | -€1,963 | €3,450 | €1,166 | €2,472 | -€5,179 | - |
| Profit (loss) for the period to be appropriated9905 | €6,071 | €11,258 | €4,705 | -€1,963 | €3,450 | €1,166 | €2,472 | -€5,179 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €20,732 | €27,533 | €32,190 | €25,805 | €20,364 | €20,645 | €21,468 | €14,609 | ▼ 31.9% |
| Fixed assets21/28 | €18,746 | €15,474 | €16,376 | €12,194 | €8,388 | €5,450 | €1,266 | €116 | ▼ 90.9% |
| Tangible fixed assets22/27 | €18,746 | €15,474 | €16,376 | €12,194 | €8,388 | €5,450 | €1,266 | €116 | ▼ 90.9% |
| Land and buildings22 | - | - | - | €8,932 | €6,035 | €3,138 | €241 | €0 | ▼ 100% |
| Plant, machinery and equipment23 | - | - | - | €3,263 | €2,353 | €1,443 | €533 | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | - | - | €869 | €492 | €116 | ▼ 76.5% |
| Current assets29/58 | €1,986 | €12,059 | €15,814 | €13,611 | €11,977 | €15,195 | €20,201 | €14,494 | ▼ 28.3% |
| Stocks and contracts in progress3 | - | - | - | €2,500 | €0 | - | - | - | - |
| Contracts in progress37 | - | - | - | €2,500 | €0 | - | - | - | - |
| Amounts receivable within one year40/41 | €288 | €9,881 | €5,673 | €6,026 | €5,726 | €5,699 | €15,442 | €7,099 | ▼ 54.0% |
| Trade receivables40 | - | - | - | €2,411 | €2,411 | €2,411 | €12,153 | €2,411 | ▼ 80.2% |
| Other amounts receivable41 | - | - | - | €3,616 | €3,315 | €3,288 | €3,288 | €4,688 | ▲ 42.6% |
| Cash at bank and in hand54/58 | €1,698 | €1,436 | €9,336 | €3,827 | €5,181 | €8,727 | €3,624 | €6,379 | ▲ 76.0% |
| Deferred charges and accrued income490/1 | - | - | - | €1,257 | €1,070 | €770 | €1,135 | €1,016 | ▼ 10.5% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €20,732 | €27,533 | €32,190 | €25,805 | €20,364 | €20,645 | €21,468 | €14,609 | ▼ 31.9% |
| Equity10/15 | -€16,998 | -€5,740 | -€1,035 | -€2,998 | €453 | €1,619 | €4,092 | -€1,088 | - |
| Contributions10/11 | €9,200 | €9,200 | - | €9,200 | €9,200 | €9,200 | €9,200 | €9,200 | = |
| Profit (loss) carried forward14 | -€26,198 | -€14,940 | -€10,235 | -€12,198 | -€8,747 | -€7,581 | -€5,108 | -€10,288 | ▼ 101% |
| Amounts payable17/49 | €37,730 | €33,273 | €33,224 | €28,803 | €19,911 | €19,026 | €17,376 | €15,697 | ▼ 9.7% |
| Amounts payable after more than one year17 | €17,170 | €5,583 | €1,130 | €0 | - | - | - | - | - |
| Financial debts170/4 | - | - | - | €0 | - | - | - | - | - |
| Amounts payable within one year42/48 | €20,560 | €27,690 | €32,095 | €28,803 | €19,911 | €19,026 | €17,376 | €15,697 | ▼ 9.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1,130 | €0 | - | - | - | - |
| Trade debts44 | €4,449 | €14,088 | €25,329 | €26,562 | €17,957 | €15,143 | €14,389 | €13,429 | ▼ 6.7% |
| Suppliers440/4 | - | - | - | €26,562 | €17,957 | €15,143 | €14,389 | €13,429 | ▼ 6.7% |
| Taxes, remuneration and social security45 | - | - | - | €1,111 | €1,954 | €3,883 | €2,987 | €2,268 | ▼ 24.1% |
| Taxes450/3 | - | - | - | €1,111 | €1,954 | €3,883 | €2,987 | €2,268 | ▼ 24.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,071 | €11,258 | €4,705 | -€1,963 | €3,450 | €1,166 | €2,472 | -€5,179 | - |
| + Depreciation and write-downs630 | €15,818 | €3,271 | €3,649 | €4,181 | €3,807 | €4,068 | €4,183 | €1,151 | ▼ 72.5% |
| Operating cash flow (approximation) | €21,888 | €14,530 | €8,354 | €2,218 | €7,257 | €5,234 | €6,656 | -€4,029 | - |
| Investment in fixed assets (approximation) | - | €0 | -€4,550 | €0 | €0 | -€1,130 | €0 | €0 | - |
| Change in cash | - | -€261 | €7,900 | -€5,509 | €1,353 | €3,546 | -€5,103 | €2,754 | - |
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, 6,619 companies had the same profile as HARCO has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of HARCO itself is lower: 0.7% within 12 months. It rests on far more data about HARCO than the profile alone.
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 6,619 companies, not a prediction for HARCO. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 14-08-2026 | 2026-00398152 | |
| 31-12-2024 | micro format | 29-08-2025 | 2025-00434460 | |
| 31-12-2023 | micro format | 18-08-2024 | 2024-00348773 | |
| 31-12-2022 | micro format | 24-08-2023 | 2023-00347744 | |
| 31-12-2021 | micro format | 19-08-2022 | 2022-20296787 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-43400585 | |
| 31-12-2019 | micro format | 03-10-2020 | 2020-58500021 | |
| 31-12-2018 | micro format | 23-08-2019 | 2019-49100288 | |
| 31-12-2017 | micro format | 16-08-2018 | 2018-45900093 | |
| 31-12-2016 | micro format | 18-07-2017 | 2017-31900241 |