HARDWORK STUDIO
ActiveSummary
HARDWORK STUDIO has been active since 2021 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show negative equity (-€3,197) and a net result of -€710. Equity is shrinking by about 45% per year across the filed financial years. Its solvency ranks better than 5% of 21,074 sector peers (NACE 62, financial year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Overview
- Equity
- -€3,197
- Loss
- -€710
Why 53raises riskCapped at 59: negative equityNegative equity -€3,197Loss of €710, the second in a row (financial year 2025)lowers riskSector: Computer programming, consultancy and related activities (NACE 62)Size: total assets €468Show the evidence
Checked score
About 2 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
How it is calculated
The band follows from the bankruptcy probability, on a scale where 10 more points roughly halve it:
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 62, micro): better than 3% on solvency, 10% on liquidity, 5% on profitability and 21% on growth.
The bankruptcy probability was computed on 26-10-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
Some facts cap the score, however low the probability. Negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late hold it at Fair at most (59); two missing filings, at Weak (44). An ongoing judicial reorganisation or the company's end (bankruptcy, dissolution, liquidation) holds it at Critical at most (24).
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Signals
This company filed its last 4 accounts on average 6 days after the deadline; the sector median (NACE 62) for financial year 2024 is 9 days before the deadline, and 33% of those companies filed late.
Searched, nothing found (2)
- Annual accounts filedfinancial year 2025 · micro…
- Annual accounts filedfinancial year 2024 · micro…
- Resignation: Mirza Abdul-llah (director)Appointment: Mirza Hassan (director) ·…
Financials · financial year 2025, micro format
2022 to 2025, 4 financial years
The operating result stays negative: a loss of €614 in 2025 against €1,494 in 2024; the loss shrinks.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 62, Computer programming, consultancy and related activities: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital.
Peer companies
Historical observationOf the 6,007 companies that looked in July 2024 the way this one looks now, 7.9% went bankrupt within 24 months and 82.9% are still going.
- Micro
- 5 to 10 years old
- negative equity
- a loss of 10% of the balance sheet or more
A further 0.9% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a lower bankruptcy probability: 0.2% over twelve months. The score reads more about this company than the group's four characteristics; both figures are right about what they measure.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,475 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74.5% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 6,007 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €539 | €688 | €688 | €149 | ▼ 78.4% |
| Gross operating margin9900 | -€1,318 | €675 | -€807 | -€465 | ▲ 42.3% |
| Operating profit (loss)9901 | -€1,857 | -€13 | -€1,494 | -€614 | ▲ 58.9% |
| Financial charges65/66B | €61 | €49 | €13 | €96 | ▲ 668% |
| Recurring financial charges65 | €61 | €49 | €13 | €96 | ▲ 668% |
| Profit (loss) for the period before taxes9903 | -€1,918 | -€62 | -€1,507 | -€710 | ▲ 52.9% |
| Profit (loss) for the period9904 | -€1,918 | -€62 | -€1,507 | -€710 | ▲ 52.9% |
| Profit (loss) for the period to be appropriated9905 | -€1,918 | -€62 | -€1,507 | -€710 | ▲ 52.9% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Assets | |||||
| Total assets20/58 | €2,945 | €1,801 | €540 | €468 | ▼ 13.3% |
| Fixed assets21/28 | €1,524 | €837 | €149 | - | - |
| Tangible fixed assets22/27 | €1,524 | €837 | €149 | - | - |
| Plant, machinery and equipment23 | €1,524 | €837 | €149 | - | - |
| Current assets29/58 | €1,420 | €964 | €391 | €468 | ▲ 19.7% |
| Amounts receivable within one year40/41 | - | €363 | €363 | €363 | = |
| Trade receivables40 | - | €363 | €363 | €363 | = |
| Cash at bank and in hand54/58 | €1,420 | €601 | €28 | €105 | ▲ 273% |
| Equity and liabilities | |||||
| Total equity and liabilities10/49 | €2,945 | €1,801 | €540 | €468 | ▼ 13.3% |
| Equity10/15 | -€918 | -€980 | -€2,487 | -€3,197 | ▼ 28.6% |
| Contributions10/11 | €1,000 | €1,000 | €1,000 | €1,000 | = |
| Profit (loss) carried forward14 | -€1,918 | -€1,980 | -€3,487 | -€4,197 | ▼ 20.4% |
| Amounts payable17/49 | €3,863 | €2,781 | €3,027 | €3,665 | ▲ 21.1% |
| Amounts payable within one year42/48 | €3,863 | €2,781 | €3,027 | €3,665 | ▲ 21.1% |
| Taxes, remuneration and social security45 | - | €142 | - | - | - |
| Taxes450/3 | - | €142 | - | - | - |
| Other amounts payable47/48 | €3,863 | €2,640 | €3,027 | €3,665 | ▲ 21.1% |
| Line | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€1,918 | -€62 | -€1,507 | -€710 | ▲ 52.9% |
| + Depreciation and write-downs630 | €539 | €688 | €688 | €149 | ▼ 78.4% |
| Operating cash flow (approximation) | -€1,379 | €626 | -€819 | -€561 | ▲ 31.5% |
| Investment in fixed assets (approximation) | - | €0 | €0 | - | - |
| Change in cash | - | -€819 | -€573 | €77 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (4)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 16-07-2026 | 2026-00305709 |
| 31-12-2024 | micro format | 26-07-2025 | 2025-00331112 |
| 31-12-2023 | micro format | 13-08-2024 | 2024-00359855 |
| 31-12-2022 | micro format | 31-08-2023 | 2023-00435162 |
Similar companies · same sector and region
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.
Directors
Not every act has been read: a resignation may still be missing
Mandate history
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| Mirza Hassan |
|
| Mirza Abdul-llah |
|
Owners and capital
Capital and shareholders
- Mirza Hassan 100 shares
- Mirza Abdul-llah to Mirza Hassan 100 shares
- Mirza Abdul-llah 100 shares
- Mirza Hassan to Mirza Abdul-llah 75 shares
The Belgian Official Gazette names shareholders only when an act mentions them; the share register itself is not published.
Group and network
Connections & network
1 current directorThe network starts from this company’s directors. Other companies they run appear here as nodes.
History
Acts, filings and financial milestones
02-12
Gazette deed
Resignation: Mirza Abdul-llah (director)Appointment: Mirza Hassan (director) · Share transfer · Director discharge6 facts ▸
- General meeting, 01-10-2024
- Share transfer, Mirza Abdul-llah → Mirza Hassan
- Director resignation, Mirza Abdul-llah (director)
- Director discharge, Mirza Abdul-llah (director)
- Director appointment, Mirza Hassan (director)
- Shareholding, 100
25-10
Gazette deed
Resignation: Mirza Hassan (director)Share transfer · Director discharge · Shareholding6 facts ▸
- General meeting, 30-06-2023
- Share transfer, Mirza Hassan → Mirza Abdul-llah
- Director resignation, Mirza Hassan (director)
- Director discharge, Mirza Hassan (director)
- Other provision, “successivement, vote des résolutions” (deed in French)
- Shareholding, 100
About the unread acts
Of the 4 Belgian Official Gazette deeds we know for this company, 2 have been read. The other 2 have not been read yet: what they contain is neither established nor disproved here.
Register details
No listing in the Peppol Directory under this enterprise or VAT number. That proves nothing: being listed there is voluntary.
What can you do?
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If you follow this company, Checked tells you the day it appears in the Peppol register.
Register as of 26 October 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
Environmental permits: No permit applications found in Flanders. Brussels and Wallonia do not publish the applicant.
Sites & property
1 establishment unit
1 parcel
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21012A0074/02H002 | Brussels | 62 m² | 1 · 52 m² | 15.0 m · 4 |