Harmony Concept
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 02-06-2026 PDF all 6 filings
Turnover
≈ €160,000
Estimated: probably between €130,000 and €200,000
Total assets
€104,420▼ 16.4%
2024 · €124,966
Net result
€15,182▲ 23×
2024 · €654
Working capital
-€12,359▲ 69.8%
2024 · -€40,874
Multi-year overview
2020 to 2025, 6 financial yearsOperating result
€23,682
▲ 518%
2025
20202025
Net result
€15,182
▲ 23×
2025
middle half of the sector
20202025
Equity
€22,332
▲ 212%
2025
middle half of the sector
20202025
Total assets
€104,420
▼ 16.4%
2025
middle half of the sector
20202025
Debt
€82,088
▼ 30.3%
2025
20202025
Working capital
-€12,359
▲ 69.8%
2025
middle half of the sector
20202025
Solvency
21.4%
▲ 15.7pp
2025
middle half of the sector
20202025
Current ratio
0.80
▲ 0.26
2025
middle half of the sector
20202025
Return on assets (ROA)
14.5%
▲ 14.0pp
2025
middle half of the sector
20202025
Staff (FTE)
0.6
▲ 100%
2025
20202025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202020212022202320242025
Operating result€9,182-€5,409▼ 41.1%-€11,158€2,661€3,830▲ 43.9%€23,682▲ 518%
Net result€7,643within the sector's middle half-€3,744within the sector's middle half▼ 51.0%-€11,706below the sector's middle half€814within the sector's middle half€654within the sector's middle half▼ 19.7%€15,182within the sector's middle half▲ 23×
Equity€13,643within the sector's middle half-€17,387within the sector's middle half▲ 27.4%€5,681within the sector's middle half▼ 67.3%€6,496within the sector's middle half▲ 14.3%€7,149within the sector's middle half▲ 10.1%€22,332within the sector's middle half▲ 212%
Total assets€128,092within the sector's middle half-€154,322within the sector's middle half▲ 20.5%€138,361within the sector's middle half▼ 10.3%€142,255within the sector's middle half▲ 2.8%€124,966within the sector's middle half▼ 12.2%€104,420within the sector's middle half▼ 16.4%
Debt€114,449-€136,935▲ 19.6%€132,680▼ 3.1%€135,759▲ 2.3%€117,817▼ 13.2%€82,088▼ 30.3%
Working capital-€19,055within the sector's middle half--€28,119below the sector's middle half▼ 47.6%-€49,290below the sector's middle half▼ 75.3%-€46,292below the sector's middle half▲ 6.1%-€40,874below the sector's middle half▲ 11.7%-€12,359within the sector's middle half▲ 69.8%
Solvency10.7%within the sector's middle half-11.3%within the sector's middle half▲ 0.6pp4.1%within the sector's middle half▼ 7.2pp4.6%within the sector's middle half▲ 0.5pp5.7%within the sector's middle half▲ 1.2pp21.4%within the sector's middle half▲ 15.7pp
Current ratio0.76within the sector's middle half-0.74within the sector's middle half▼ 0.020.54within the sector's middle half▼ 0.190.56within the sector's middle half▲ 0.020.54within the sector's middle half▼ 0.020.80within the sector's middle half▲ 0.26
Return on assets (ROA)6.0%within the sector's middle half-2.4%within the sector's middle half▼ 3.5pp-8.5%within the sector's middle half▼ 10.9pp0.6%within the sector's middle half▲ 9.0pp0.5%within the sector's middle half=14.5%within the sector's middle half▲ 14.0pp
Staff (FTE)1.5within the sector's middle half-1.7▲ 13.3%1.7=1.4▼ 17.6%0.3▼ 78.6%0.6▲ 100%
above
within
below
The sector band is the middle half of the companies in Personal service activities (NACE 96). 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 6.2 times that of 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
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 €104,420
Fixed assets
€55,646 ▼ 28.2%
Current assets
€48,774 ▲ 2.7%
Equity and liabilities €104,420
Equity
€22,332 ▲ 212%
Debt
€82,088 ▼ 30.3%
Debt's share of the balance-sheet total falls from 94.3% to 78.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€47,053▲
2024 · €28,855
Cash flow
€38,554▲
2024 · €25,679
Quick ratio
0.33▲
2024 · 0.17
Debt to equity
3.68▼
2024 · 16.48
ROE
68.0%▲
2024 · 9.1%
Interest coverage
34.53▲
2024 · 19.19
Debt ≤ 1 year
€61,133▼
2024 · €88,363
Debt > 1 year
€20,956▼
2024 · €29,454
Income taxes
€7,137▲
2024 · €1,691
Staff costs
€23,733▲
2024 · €14,113
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 | 1 | - | - |
| full-time | 1 | - | - | - | - |
| part-time | 1 | 2 | 1 | - | - |
| in full-time equivalents | 1.8 | 1.6 | 0.8 | - | - |
| Average over the year, in full-time equivalents | 1.7 | 1.6 | 1.4 | 0.3 | 0.6 |
| On a permanent contract | 2 | 2 | 1 | - | - |
| Joined | 30 | - | 17 | 36 | 50 |
| Left | 31 | - | 18 | 37 | 50 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €19,942 | €43,660 | €48,284 | €19,614 | €1,540 |
| Depreciation and write-downs of the year | €12,560 | €14,964 | €21,875 | €25,025 | €23,371 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2023 to 2024 · 3 entries · €4,500 awarded · €4,500 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2024 | 1 | €2,000 | €2,000 |
| 2023 | 2 | €2,500 | €2,500 |
Annual accounts
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €2,665 | €3,912 | €728 | - | - | - |
| Remuneration, social security and pensions62 | - | €53,048 | €63,026 | €45,561 | €14,113 | €23,733 | ▲ 68.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €11,888 | €12,560 | €14,964 | €21,875 | €25,025 | €23,371 | ▼ 6.6% |
| Other operating charges640/8 | - | €3,619 | €1,763 | €694 | €732 | €735 | ▲ 0.4% |
| Non-recurring operating charges66A | - | - | - | - | €1,249 | - | - |
| Gross operating margin9900 | €63,439 | €74,635 | €68,596 | €70,791 | €44,950 | €71,521 | ▲ 59.1% |
| Operating profit (loss)9901 | €9,182 | €5,409 | -€11,158 | €2,661 | €3,830 | €23,682 | ▲ 518% |
| Financial income75/76B | - | €158 | €1 | €25 | €19 | €0 | ▼ 98.6% |
| Recurring financial income75 | €64 | €158 | €1 | €25 | €19 | €0 | ▼ 98.6% |
| Financial charges65/66B | - | €1,823 | €549 | €1,871 | €1,504 | €1,363 | ▼ 9.4% |
| Recurring financial charges65 | €1,604 | €1,823 | €549 | €1,871 | €1,504 | €1,363 | ▼ 9.4% |
| Profit (loss) for the period before taxes9903 | €7,643 | €3,744 | -€11,706 | €814 | €2,345 | €22,319 | ▲ 852% |
| Income taxes67/77 | - | - | - | - | €1,691 | €7,137 | ▲ 322% |
| Profit (loss) for the period9904 | €7,643 | €3,744 | -€11,706 | €814 | €654 | €15,182 | ▲ 23× |
| Profit (loss) for the period to be appropriated9905 | €7,643 | €3,744 | -€11,706 | €814 | €654 | €15,182 | ▲ 23× |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Assets | |||||||
| Total assets20/58 | €128,092 | €154,322 | €138,361 | €142,255 | €124,966 | €104,420 | ▼ 16.4% |
| Fixed assets21/28 | €68,243 | €75,625 | €79,874 | €82,889 | €77,478 | €55,646 | ▼ 28.2% |
| Tangible fixed assets22/27 | €68,243 | €75,625 | €79,874 | €82,889 | €77,478 | €55,646 | ▼ 28.2% |
| Land and buildings22 | - | €17,571 | €29,782 | €40,530 | €40,468 | €29,403 | ▼ 27.3% |
| Plant, machinery and equipment23 | - | €57,386 | €49,646 | €42,136 | €37,010 | €26,243 | ▼ 29.1% |
| Furniture and vehicles24 | - | €669 | €446 | €223 | - | - | - |
| Current assets29/58 | €59,849 | €78,697 | €58,487 | €59,366 | €47,489 | €48,774 | ▲ 2.7% |
| Stocks and contracts in progress3 | €49,498 | €51,369 | €36,243 | €39,313 | €32,663 | €28,629 | ▼ 12.4% |
| Stocks30/36 | - | €51,369 | €36,243 | €39,313 | €32,663 | €28,629 | ▼ 12.4% |
| Amounts receivable within one year40/41 | €3,588 | €13,334 | €592 | €30 | €30 | €1,240 | ▲ 41× |
| Trade receivables40 | - | €13,290 | €562 | - | - | €1,210 | - |
| Other amounts receivable41 | - | €44 | €30 | €30 | €30 | €30 | = |
| Cash at bank and in hand54/58 | €393 | €13,322 | €20,497 | €17,006 | €13,517 | €17,876 | ▲ 32.2% |
| Deferred charges and accrued income490/1 | - | €672 | €1,155 | €3,017 | €1,279 | €1,029 | ▼ 19.5% |
| Equity and liabilities | |||||||
| Total equity and liabilities10/49 | €128,092 | €154,322 | €138,361 | €142,255 | €124,966 | €104,420 | ▼ 16.4% |
| Equity10/15 | €13,643 | €17,387 | €5,681 | €6,496 | €7,149 | €22,332 | ▲ 212% |
| Contributions10/11 | - | €6,000 | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Contributions outside capital11 | - | - | €6,000 | €6,000 | €6,000 | €6,000 | = |
| Share premium1100/10 | - | - | - | €6,000 | €6,000 | €6,000 | = |
| Other1109/19 | - | - | €6,000 | - | - | - | - |
| Reserves13 | - | - | - | €496 | €1,149 | €16,332 | ▲ 14× |
| Distributable reserves133 | - | - | - | €496 | €1,149 | €16,332 | ▲ 14× |
| Profit (loss) carried forward14 | €7,643 | €11,387 | -€319 | - | - | - | - |
| Amounts payable17/49 | €114,449 | €136,935 | €132,680 | €135,759 | €117,817 | €82,088 | ▼ 30.3% |
| Amounts payable after more than one year17 | €23,503 | €20,843 | €24,902 | €30,101 | €29,454 | €20,956 | ▼ 28.9% |
| Financial debts170/4 | - | €20,843 | €24,902 | €30,101 | €29,454 | €20,956 | ▼ 28.9% |
| Amounts payable within one year42/48 | €78,905 | €106,816 | €107,777 | €105,658 | €88,363 | €61,133 | ▼ 30.8% |
| Current portion of amounts payable after more than one year42 | - | €13,246 | €10,628 | €15,134 | €9,307 | €8,498 | ▼ 8.7% |
| Financial debts43 | - | €6,016 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Credit institutions430/8 | - | €6,016 | €5,000 | €5,000 | €5,000 | €5,000 | = |
| Trade debts44 | €10,427 | €4,439 | €19,410 | €10,541 | €17,889 | €13,751 | ▼ 23.1% |
| Suppliers440/4 | - | €4,439 | €19,410 | €10,541 | €17,889 | €13,751 | ▼ 23.1% |
| Advances received on contracts in progress46 | - | €10,894 | - | - | - | - | - |
| Taxes, remuneration and social security45 | - | €21,419 | €18,878 | €18,719 | €8,473 | €14,187 | ▲ 67.4% |
| Taxes450/3 | - | €6,577 | €6,672 | €6,890 | €5,258 | €14,187 | ▲ 170% |
| Remuneration and social security454/9 | - | €14,842 | €12,206 | €11,828 | €3,216 | - | - |
| Other amounts payable47/48 | - | €50,803 | €53,862 | €56,264 | €47,694 | €19,696 | ▼ 58.7% |
| Accrued charges and deferred income492/3 | - | €9,276 | - | - | - | - | - |
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,643 | €3,744 | -€11,706 | €814 | €654 | €15,182 | ▲ 23× |
| + Depreciation and write-downs630 | €11,888 | €12,560 | €14,964 | €21,875 | €25,025 | €23,371 | ▼ 6.6% |
| Operating cash flow (approximation) | €19,531 | €16,304 | €3,259 | €22,689 | €25,679 | €38,554 | ▲ 50.1% |
| Investment in fixed assets (approximation) | - | -€19,942 | -€19,213 | -€24,890 | -€19,614 | -€1,540 | ▲ 92.1% |
| Change in cash | - | €12,928 | €7,175 | -€3,491 | -€3,488 | €4,359 | - |
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, 6,713 companies had the same profile as Harmony Concept has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Harmony Concept itself: 0.5% 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 6,713 companies, not a prediction for Harmony Concept. 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.
Filings with the National Bank (6)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 02-06-2026 | 2026-00135966 | |
| 31-12-2024 | micro format | 02-06-2025 | 2025-00125456 | |
| 31-12-2023 | micro format | 03-06-2024 | 2024-00118626 | |
| 31-12-2022 | micro format | 09-06-2023 | 2023-00125063 | |
| 31-12-2021 | micro format | 28-07-2022 | 2022-20250415 | |
| 31-12-2020 | micro format | 19-07-2021 | 2021-37800232 |