HARMONIES
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 26-05-2026 PDF all 43 filings
Turnover
≈ €680,000
Estimated: probably between €520,000 and €1.0m
EBIT margin
Not included in this filing
Net result
€9,089
2024 · -€47,776
Working capital
€342,009▲ 9.8%
2024 · €311,417
In the rankings
#2 oldest company in La Hulpe, Wholesale and retail trade sector#10 company by equity in La Hulpe, Wholesale and retail trade sector
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€25,714
2025
20182025
Net result
€9,089
2025
middle half of the sector
20182025
Equity
€370,703
▲ 2.5%
2025
highest quarter of the sector
20182025
Total assets
€745,388
▲ 1.9%
2025
highest quarter of the sector
20182025
Debt
€374,685
▲ 1.3%
2025
20182025
Working capital
€342,009
▲ 9.8%
2025
highest quarter of the sector
20182025
Solvency
49.7%
▲ 0.3pp
2025
middle half of the sector
20182025
Current ratio
7.73
▲ 1.08
2025
highest quarter of the sector
20182025
Return on assets (ROA)
1.2%
▲ 7.7pp
2025
middle half of the sector
20182025
Staff (FTE)
1.8
=
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€22,426--€36,245▼ 61.6%-€4,797▲ 86.8%€7,692-€19,673-€36,390▼ 85.0%-€40,403▼ 11.0%€25,714
Net result-€14,979--€30,436▼ 103%€3,340within the sector's middle half€5,655within the sector's middle half▲ 69.3%€28,826within the sector's middle half▲ 410%-€44,785below the sector's middle half-€47,776below the sector's middle half▼ 6.7%€9,089within the sector's middle half
Equity€446,791-€416,356▼ 6.8%€419,695within the sector's middle half▲ 0.8%€425,350within the sector's middle half▲ 1.3%€454,176within the sector's middle half▲ 6.8%€409,391above the sector's middle half▼ 9.9%€361,614above the sector's middle half▼ 11.7%€370,703above the sector's middle half▲ 2.5%
Total assets€657,423-€642,800▼ 2.2%€657,090within the sector's middle half▲ 2.2%€862,751within the sector's middle half▲ 31.3%€848,610within the sector's middle half▼ 1.6%€753,130above the sector's middle half▼ 11.3%€731,663above the sector's middle half▼ 2.9%€745,388above the sector's middle half▲ 1.9%
Debt€102,824-€118,637▲ 15.4%€129,586▲ 9.2%€329,593▲ 154%€394,434▲ 19.7%€343,740▼ 12.9%€370,049▲ 7.7%€374,685▲ 1.3%
Working capital€541,710-€497,390▼ 8.2%€502,865above the sector's middle half▲ 1.1%€407,536within the sector's middle half▼ 19.0%€346,520within the sector's middle half▼ 15.0%€332,469above the sector's middle half▼ 4.1%€311,417above the sector's middle half▼ 6.3%€342,009above the sector's middle half▲ 9.8%
Solvency68.0%-64.8%▼ 3.2pp63.9%above the sector's middle half▼ 0.9pp49.3%within the sector's middle half▼ 14.6pp53.5%within the sector's middle half▲ 4.2pp54.4%within the sector's middle half▲ 0.8pp49.4%within the sector's middle half▼ 4.9pp49.7%within the sector's middle half▲ 0.3pp
Current ratio6.28-5.19▼ 1.084.88above the sector's middle half▼ 0.3110.20above the sector's middle half▲ 5.324.39above the sector's middle half▼ 5.819.03above the sector's middle half▲ 4.646.64above the sector's middle half▼ 2.387.73above the sector's middle half▲ 1.08
Return on assets (ROA)-2.3%--4.7%▼ 2.5pp0.5%within the sector's middle half▲ 5.2pp0.7%below the sector's middle half▲ 0.1pp3.4%within the sector's middle half▲ 2.7pp-5.9%below the sector's middle half▼ 9.3pp-6.5%below the sector's middle half▼ 0.6pp1.2%within the sector's middle half▲ 7.7pp
Staff (FTE)2-2=1.9below the sector's middle half▼ 5.0%2.1below the sector's middle half▲ 10.5%1.8below the sector's middle half▼ 14.3%1.8=1.8=1.8=
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). 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 profit of €25,714, after a loss of €40,403 in 2024. It is the highest result since 2021.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €745,388
Fixed assets
€352,544 ▼ 3.4%
Current assets
€392,844 ▲ 7.2%
Equity and liabilities €745,388
Equity
€370,703 ▲ 2.5%
Debt
€374,685 ▲ 1.3%
Debt's share of the balance-sheet total falls from 50.6% to 50.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€42,837▲
2024 · -€22,065
Cash flow
€26,212▲
2024 · -€29,439
Quick ratio
3.18▲
2024 · 2.66
Debt to equity
1.01▼
2024 · 1.02
ROE
2.5%▲
2024 · -13.2%
Interest coverage
3.37▲
2024 · -1.72
Debt ≤ 1 year
€50,835▼
2024 · €55,169
Debt > 1 year
€271,923▼
2024 · €274,730
Income taxes
€10,200
Staff costs
€75,672▼
2024 · €78,421
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 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 2 | 2 | 2 | 2 | 2 |
| full-time | 1 | 1 | 1 | 1 | 1 |
| part-time | 1 | 1 | 1 | 1 | 1 |
| in full-time equivalents | 1.8 | 1.8 | 1.8 | 1.8 | 1.8 |
| Average over the year, in full-time equivalents | 2.1 | 1.8 | 1.8 | 1.8 | 1.8 |
| On a permanent contract | 2 | 2 | 2 | 2 | 2 |
| Joined | 2 | - | - | - | - |
| Left | 2 | - | - | - | - |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €400,997 | €8,400 | - | €4,172 | €3,000 |
| Intangible fixed assets | - | - | - | - | €2,635 |
| Depreciation and write-downs of the year | €10,647 | €19,471 | €20,615 | €18,337 | €17,123 |
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 | - | - | - | - | - | - | - | €191 | - |
| Remuneration, social security and pensions62 | - | - | - | €67,361 | €77,348 | €76,829 | €78,421 | €75,672 | ▼ 3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,519 | €7,000 | €3,979 | €10,647 | €19,471 | €20,615 | €18,337 | €17,123 | ▼ 6.6% |
| Other operating charges640/8 | - | - | - | €1,451 | €746 | €8,126 | €2,436 | €1,920 | ▼ 21.2% |
| Gross operating margin9900 | €57,025 | €46,221 | €64,236 | €87,151 | €77,892 | €69,180 | €58,792 | €120,429 | ▲ 105% |
| Operating profit (loss)9901 | -€22,426 | -€36,245 | -€4,797 | €7,692 | -€19,673 | -€36,390 | -€40,403 | €25,714 | - |
| Financial income75/76B | - | - | - | €8,377 | €7,212 | €6,197 | €5,466 | €6,299 | ▲ 15.2% |
| Recurring financial income75 | €8,376 | €7,995 | €8,978 | €8,377 | €7,212 | €6,197 | €5,466 | €6,299 | ▲ 15.2% |
| Financial charges65/66B | - | - | - | €6,152 | €12,540 | €11,900 | €12,840 | €12,724 | ▼ 0.9% |
| Recurring financial charges65 | €930 | €2,183 | €841 | €6,152 | €12,540 | €11,900 | €12,840 | €12,724 | ▼ 0.9% |
| Profit (loss) for the period before taxes9903 | -€14,979 | -€30,433 | €3,340 | €9,918 | -€25,002 | -€42,094 | -€47,776 | €19,289 | - |
| Transfer from deferred taxes780 | - | - | - | - | €107,808 | - | - | - | - |
| Income taxes67/77 | - | €3 | - | €4,263 | €53,980 | €2,692 | - | €10,200 | - |
| Profit (loss) for the period9904 | -€14,979 | -€30,436 | €3,340 | €5,655 | €28,826 | -€44,785 | -€47,776 | €9,089 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €39,962 | €209,367 | - | - | - | - |
| Profit (loss) for the period to be appropriated9905 | -€14,979 | -€30,436 | €3,340 | €45,617 | €238,193 | -€44,785 | -€47,776 | €9,089 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €657,423 | €642,800 | €657,090 | €862,751 | €848,610 | €753,130 | €731,663 | €745,388 | ▲ 1.9% |
| Fixed assets21/28 | €13,023 | €26,773 | €24,769 | €410,929 | €399,858 | €379,243 | €365,077 | €352,544 | ▼ 3.4% |
| Intangible fixed assets21 | - | - | - | - | - | - | - | €2,148 | - |
| Tangible fixed assets22/27 | €13,023 | €26,773 | €24,769 | €410,929 | €399,858 | €379,243 | €365,077 | €350,395 | ▼ 4.0% |
| Land and buildings22 | - | - | - | €384,208 | €373,282 | €362,355 | €351,428 | €340,500 | ▼ 3.1% |
| Plant, machinery and equipment23 | - | - | - | €25,338 | €25,589 | €16,295 | €13,451 | €9,895 | ▼ 26.4% |
| Furniture and vehicles24 | - | - | - | €1,383 | €988 | €593 | €198 | - | - |
| Current assets29/58 | €644,400 | €616,027 | €632,320 | €451,822 | €448,752 | €373,888 | €366,586 | €392,844 | ▲ 7.2% |
| Stocks and contracts in progress3 | €241,757 | €233,305 | €206,073 | €243,304 | €239,134 | €225,971 | €219,772 | €231,264 | ▲ 5.2% |
| Stocks30/36 | - | - | - | €243,304 | €239,134 | €225,971 | €219,772 | €231,264 | ▲ 5.2% |
| Amounts receivable within one year40/41 | €37,644 | €34,738 | €35,818 | €34,962 | €36,533 | €55,896 | €24,754 | €33,875 | ▲ 36.8% |
| Trade receivables40 | - | - | - | €34,705 | €32,234 | €37,703 | €24,714 | €33,875 | ▲ 37.1% |
| Other amounts receivable41 | - | - | - | €257 | €4,299 | €18,193 | €41 | - | - |
| Current investments50/53 | - | - | - | €25,972 | €25,968 | €26,004 | - | - | - |
| Cash at bank and in hand54/58 | €353,152 | €343,244 | €385,801 | €142,938 | €139,725 | €54,618 | €115,113 | €118,107 | ▲ 2.6% |
| Deferred charges and accrued income490/1 | - | - | - | €4,646 | €7,392 | €11,399 | €6,947 | €9,598 | ▲ 38.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €657,423 | €642,800 | €657,090 | €862,751 | €848,610 | €753,130 | €731,663 | €745,388 | ▲ 1.9% |
| Equity10/15 | €446,791 | €416,356 | €419,695 | €425,350 | €454,176 | €409,391 | €361,614 | €370,703 | ▲ 2.5% |
| Contributions10/11 | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | = |
| Contributions outside capital11 | - | - | - | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | = |
| Share premium1100/10 | - | - | - | €24,789 | €24,789 | €24,789 | €24,789 | €24,789 | = |
| Reserves13 | €454,167 | €454,167 | €454,167 | €454,167 | €429,386 | €384,601 | €336,825 | €345,914 | ▲ 2.7% |
| Non-distributable reserves130/1 | - | - | - | €2,479 | €2,479 | €2,479 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €2,479 | €2,479 | €2,479 | - | - | - |
| Tax-exempt reserves132 | - | - | - | €209,367 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €242,321 | €426,907 | €382,122 | €336,825 | €345,914 | ▲ 2.7% |
| Profit (loss) carried forward14 | -€32,165 | -€62,601 | -€59,261 | -€53,606 | - | - | - | - | - |
| Provisions and deferred taxes16 | €107,808 | €107,808 | €107,808 | €107,808 | - | - | - | - | - |
| Deferred taxes168 | - | - | - | €107,808 | - | - | - | - | - |
| Amounts payable17/49 | €102,824 | €118,637 | €129,586 | €329,593 | €394,434 | €343,740 | €370,049 | €374,685 | ▲ 1.3% |
| Amounts payable after more than one year17 | - | - | - | €275,627 | €275,627 | €273,189 | €274,730 | €271,923 | ▼ 1.0% |
| Other amounts payable178/9 | - | - | - | €275,627 | €275,627 | €273,189 | €274,730 | €271,923 | ▼ 1.0% |
| Amounts payable within one year42/48 | €102,691 | €118,637 | €129,456 | €44,286 | €102,232 | €41,418 | €55,169 | €50,835 | ▼ 7.9% |
| Trade debts44 | €8,979 | €22,789 | €19,429 | €10,499 | €21,226 | €14,066 | €27,635 | €24,486 | ▼ 11.4% |
| Suppliers440/4 | - | - | - | €10,499 | €21,226 | €14,066 | €27,635 | €24,486 | ▼ 11.4% |
| Taxes, remuneration and social security45 | - | - | - | €33,787 | €81,006 | €27,352 | €27,533 | €26,349 | ▼ 4.3% |
| Taxes450/3 | - | - | - | €13,597 | €62,709 | €7,395 | €6,604 | €8,010 | ▲ 21.3% |
| Remuneration and social security454/9 | - | - | - | €20,190 | €18,298 | €19,957 | €20,929 | €18,339 | ▼ 12.4% |
| Accrued charges and deferred income492/3 | - | - | - | €9,680 | €16,576 | €29,132 | €40,150 | €51,926 | ▲ 29.3% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€14,979 | -€30,436 | €3,340 | €5,655 | €28,826 | -€44,785 | -€47,776 | €9,089 | - |
| + Depreciation and write-downs630 | €8,519 | €7,000 | €3,979 | €10,647 | €19,471 | €20,615 | €18,337 | €17,123 | ▼ 6.6% |
| Operating cash flow (approximation) | -€6,460 | -€23,436 | €7,319 | €16,301 | €48,297 | -€24,170 | -€29,439 | €26,212 | - |
| Investment in fixed assets (approximation) | - | -€20,750 | -€1,975 | -€396,807 | -€8,400 | €0 | -€4,172 | -€4,590 | ▼ 10.0% |
| Change in cash | - | -€9,908 | €42,557 | -€242,863 | -€3,213 | -€85,107 | €60,495 | €2,994 | ▼ 95.1% |
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 HARMONIES has now. Two years later, 94.3% 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
94.3%
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 HARMONIES 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 17,041 companies, not a prediction for HARMONIES. 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 43 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 26-05-2026 | 2026-00120990 | |
| 31-12-2024 | micro format | 19-05-2025 | 2025-00099360 | |
| 31-12-2023 | micro format | 28-05-2024 | 2024-00101570 | |
| 31-12-2022 | full format | 18-08-2023 | 2023-00342315 | |
| 31-12-2021 | full format | 31-08-2022 | 2022-20372465 | |
| 31-12-2020 | full format | 19-01-2022 | 2022-01100599 | |
| 31-12-2019 | full format | 29-11-2020 | 2020-72600270 | |
| 31-12-2018 | full format | 13-08-2019 | 2019-45500560 | |
| 31-12-2017 | full format | 12-08-2018 | 2018-45200473 | |
| 31-12-2016 | full format | 05-07-2017 | 2017-26600348 |