HARMONY INDUSTRIES

Active

Public limited companyfounded 198837 yrs activeGrote Molstenstraat 21, 8710 Wielsbeke, BelgiumKBO/BCE: BE 0436.187.917

HARMONY INDUSTRIES has been active since 1988 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €75.81M and a net result of €176k. Equity is shrinking by ~7.7% per year across the filed fiscal years. Its solvency ranks better than 56% of 4501 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.1% (very low).

Watch Print / PDF

Checked score

Score 2025

58 / 100

Fair

The score weighs solvency, liquidity and profitability. Bankruptcy probability contributes 35%. Every signal that weighs is under Signals.

Axes · tick = 2024

Profitability19▼-1

Solvency70▼-2

Growth32=

Track record100

Bankruptcy probability, 12 months

0.1% Very low

0%0.5%1.5%4%10%≥ 25%

Credit up to €2M at 30 days acceptable

Liquidity short (current ratio 0.86 against 0.88 in 2024; short-term debt: 54.5% and cash: 0.3% of total assets), and 54.7% of the assets are financed with debt.

How do we compute the score and the probability?

Credit advice for your own amount and term

Signals

Seven signals. The signal on the left, the evidence on the right.

−lowers risk○neutral

Lower-failure-rate sector

In this sector companies fail less often than the Belgian average.

Gazette · bankruptcies per sector, NACE 68

Relative position

BE, all sectors

reference

Sector 68

lower

← fewer bankruptcies more bankruptcies →

Long track record

A company with a long track record statistically fails less often than a young one.

KBO · incorporation date

Age against the risk zone

Annual accounts: healthy financial profile

The latest annual accounts show a healthy profile in solvency, result and liquidity.

NBB · annual accounts 2025

Solvency, return and age of the figures

Solvency

45.3%

Return on assets

0.1%

Age of the figures

9 mo

Lower-risk legal form

Companies with this legal form statistically fail less often than a BV.

KBO · legal form

Latest accounts filed on time

The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 22-07-2026, 9 days ahead of the deadline.

NBB · 10 filings

Deviation from the deadline

2025

9 d early

2024

15 d early

2023

16 d early

2022

14 d early

2021

17 d early

2020

17 d early

2019

49 d late

← before the deadline after the deadline →

The next deadline is still running

The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.

Companies Code · seven months

Position in the running window

17-09-2026 today31-12-2026 close31-07-2027 deadline

No strike-offs in the KBO publications

We found no ex-officio strike-off or cessation. Our series starts in 2021 and has gaps, so this is not a confirmation that there is nothing.

KBO publications · our coverage

Financials · fiscal year 2025, full schema

Turnover

€896k

EBIT margin

-5.3%

Net result

€176k▼ 85.2%

2024 · €1.19M

2018: €75.38M 2019: €770k 2020: €-56k 2021: €13.10M 2022: €12.23M 2023: €66k 2024: €1.19M

2018 → 2025

Working capital

€-12.71M▼ 23.5%

2024 · €-10.29M

2018: €48.66M 2019: €46.82M 2020: €37.24M 2021: €46.33M 2022: €-14.26M 2023: €-9.64M 2024: €-10.29M

2018 → 2025

Multi-year overview

Every figure with its change against the year before

▲ rise ▼ fall

Line20212022202320242025Trend

Turnover€896k

Equity€135.78M-€74.37M▼ 45.2%€74.44M▲ 0.1%€75.63M▲ 1.6%€75.81M▲ 0.2%

Operating result€347k-€138k▼ 60.2%€-47k€-46k▲ 2.2%€-2.17M▼ 4,601%

Net result€13.10M-€12.23M▼ 6.6%€66k▼ 99.5%€1.19M▲ 1,695%€176k▼ 85.2%

Result per fiscal year

Operating resultNet result

The operating result stays negative: a loss of €2.17M in 2025 against €46k in 2024; the loss grows and 2025 has the lowest result in the available series.

Balance-sheet composition

2025 in colour, 2024 as the grey bar beneath

Assets €167.36M

53.1%

46.9%

Fixed assets €88.89M▲ 1.7%

Current assets €78.47M▲ 7.2%

Equity and liabilities €167.36M

45.3%

54.5%

Equity €75.81M▲ 0.2%

Provisions €321k▼ 5.7%

Debt €91.23M▲ 7.8%

The debt ratio rises from 52.7% to 54.5%. Equity and debt are higher.

Key figures and ratios

2025 value · change against 2024

EBITDA

€-1.94M▼

2024 · €174k

Cash flow

€404k▼

2024 · €1.41M

Solvency

45.3%▼

2024 · 47.1%

Current ratio

0.86▼

2024 · 0.88

Quick ratio

0.86▼

2024 · 0.88

Debt / equity

1.20▲

2024 · 1.12

ROE

0.2%▼

2024 · 1.6%

ROA

0.1%▼

2024 · 0.7%

Interest coverage

-0.33▼

2024 · 0.05

Debt

€91.23M▲

2024 · €84.63M

Debt ≤ 1 year

€91.18M▲

2024 · €83.48M

Income taxes

€63k▲

2024 · €51k

Green means a favourable move, even when the figure itself falls: as with debt or debt / equity.

Filed annual accounts

As filed with the NBB · 2025 against 2024

Balance sheet Code20242025

Assets

Total assets20/58€160.60M€167.36M▲

Fixed assets21/28€87.41M€88.89M▲

Tangible fixed assets22/27€7.13M€6.90M▼

Land and buildings22€7.13M€6.90M▼

Financial fixed assets28€80.28M€81.98M▲

Current assets29/58€73.19M€78.47M▲

Amounts receivable within one year40/41€67.60M€66.47M▼

Trade receivables40€58k€45k▼

Other amounts receivable41€67.55M€66.43M▼

Current investments50/53€5.50M€11.50M▲

Cash at bank and in hand54/58€78k€491k▲

Deferred charges and accrued income490/1€7k€7k▼

Equity and liabilities

Total equity and liabilities10/49€160.60M€167.36M▲

Equity10/15€75.63M€75.81M▲

Contributions10/11€750k€750k=

Capital10€750k€750k=

Issued capital100€750k€750k=

Reserves13€601k€544k▼

Non-distributable reserves130/1€75k€75k=

Legal reserve130€75k€75k=

Tax-exempt reserves132€526k€469k▼

Profit (loss) carried forward14€74.28M€74.51M▲

Provisions and deferred taxes16€340k€321k▼

Deferred taxes168€340k€321k▼

Amounts payable17/49€84.63M€91.23M▲

Amounts payable within one year42/48€83.48M€91.18M▲

Trade debts44€33k€57k▲

Suppliers440/4€33k€57k▲

Taxes, remuneration and social security45€12k€17k▲

Taxes450/3€12k€17k▲

Other amounts payable47/48€83.43M€91.10M▲

Accrued charges and deferred income492/3€1.15M€53k▼

Income statement Code20242025

Non-recurring operating income76A€74k-

Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€220k€228k▲

Other operating charges640/8€127k€127k▼

Non-recurring operating charges66A-€2.05M

Gross operating margin9900€301k€233k▼

Operating profit (loss)9901€-46k€-2.17M▼

Financial income75/76B€5.07M€8.35M▲

Recurring financial income75€5.07M€8.35M▲

Financial charges65/66B€3.80M€5.96M▲

Recurring financial charges65€3.80M€5.96M▲

Profit (loss) for the period before taxes9903€1.22M€220k▼

Transfer from deferred taxes780€19k€19k=

Income taxes67/77€51k€63k▲

Profit (loss) for the period9904€1.19M€176k▼

Transfer from tax-exempt reserves789€58k€58k=

Profit (loss) for the period to be appropriated9905€1.25M€234k▼

Appropriation of the result

Profit (loss) to be appropriated9906€74.28M€74.51M▲

Profit (loss) brought forward from the previous period14P€73.03M€74.28M▲

The notes to these accounts (6 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.

Download as CSV

Timeline · acts, filings and financial milestones

All 12Financial 2Filings 10

Next filing, fiscal year 2026, expected by 31-07-2027

2026

22-07

NBB filing Annual accounts filed

fiscal year 2025 · full schema

2025

16-07

NBB filing Annual accounts filed

fiscal year 2024 · abbreviated schema

2024

15-07

NBB filing Annual accounts filed

fiscal year 2023 · abbreviated schema

2023

17-07

NBB filing Annual accounts filed

fiscal year 2022 · abbreviated schema

2022

14-07

NBB filing Annual accounts filed

fiscal year 2021 · abbreviated schema

2021

31-12

Financial Back to profitnet €13.10M

Net result €13.10M after one loss-making year.

14-07

NBB filing Annual accounts filed

fiscal year 2020 · abbreviated schema

2020

31-12

Financial Weakest financial yearnet €-56k ▼107%

Net result drops to €-56k, the lowest in the series; recovery starts the following year.

18-09

NBB filing Annual accounts filed

fiscal year 2019 · abbreviated schema · 49 days late

2019

06-07

NBB filing Annual accounts filed

fiscal year 2018 · abbreviated schema

2018

29-06

NBB filing Annual accounts filed

fiscal year 2017 · abbreviated schema

2017

13-07

NBB filing Annual accounts filed

fiscal year 2016 · abbreviated schema

Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.

Directors · office · real estate

Directors

16 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.

Location & real-estate footprint

Registered office, Wielsbeke · 1 establishment unit since 1989

establishment The establishment unit on the map

Cannot be placed on the map

This address could not be matched to a point in the Belgian address register (BOSA BEST). The address below comes straight from the Crossroads Bank.

Grote Molstenstraat 218710 Wielsbeke

Ground area

2.7 ha

Building footprint

6,995 m²

Volume, LiDAR

54,356 m³