Equity
HARNAP has made a profit without a break since 2014.
HARNAP has made a profit without a break since 2014.
The micro format states no turnover.
Short-term debts rose from €142,348 to €149,181.
Latest accounts filed late: after the legal deadline.
Higher net result than 93% of companies in advertising and market research. Sector median €14,755 · 8,618 companies.
The dashed line is the sector median: 0.2% across 11,231 companies (NACE 73, micro).
About 4 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
The band follows from the bankruptcy probability. 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 73, micro). It does better than 48% of them on solvency, 42% on liquidity, 63% on profitability and 78% on growth.
The bankruptcy probability was computed on 10-11-2026 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.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
In July 2024, 17,811 companies had the same profile as HARNAP has now. Each dot stands for 45 companies, two years later.
That fits the bankruptcy probability of HARNAP itself: 0.4% within 12 months.
The method was tested on the 497,448 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 17,811 companies, not a prediction for HARNAP. 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.
Liquidity is ample, with a current ratio of 2.58 (1.98 in 2024), above the usual 1.5. Short-term debt is 17% and cash 5.2% of total assets. However, 51.4% of the assets are financed with debt and provisions.
Show the recommended maximum and see how the verdict changes with amount, term and advance.
The scores and ratios are Checked's own calculations, not a credit decision.
The company filed its last 7 accounts on average 63 days after the deadline. In the sector (NACE 73), the median for financial year 2024 was 6 days before the deadline, and 36% of those companies filed late.
| Company | ||||
|---|---|---|---|---|
| HARNAP Woluwe-Saint-Pierre | €877,261 | €196,238 | 48.6% | - |
| ATRIXIS Woluwe-Saint-Pierre | €718,817 | €191,661 | 96.9% | - |
| GUIDING TRANSITION Ghent | €889,428 | €210,419 | 14.9% | - |
| C the C Leuven | €906,132 | €178,274 | 51.4% | - |
| CO-AGENCY Wavre | €832,957 | €196,136 | 25.6% | - |
| The House of Conversation Lummen | €726,702 | €216,049 | 96.3% | - |
| AAFINLO Lochristi | €734,224 | €185,806 | 85.2% | - |
These companies have the same main activity as HARNAP: public relations and communication consultancy (NACE 73300). They are comparable in size and age: total assets between €719,000 and €906,000, founded between 2011 and 2013.
HARNAP files the micro format. That format states no turnover. The gross margin rose from €49,041 in 2013 to €196,238 in 2025.
The balance sheet grew most from 2014 to 2016 through fixed assets, financed with long-term debt.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Turnover ≈ €360,000. Estimated: probably between €270,000 and €720,000.
Higher than 46% of 8,617 companies in 2025.
Higher than 58% of 8,293 companies in 2025.
Higher than 56% of 8,402 companies in 2025.
Net result: top quarter · Equity: top quarter · Balance sheet total: top quarter · Working capital: top quarter
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance sheet: assets | ||||||||||||||
20/58 |
877,261 | 793,165 | 672,102 | 636,424 | 666,335 | 677,096 | 671,467 | 675,107 | 695,515 | 716,715 | 597,096 | 395,452 | 331,344 | |
21/28 |
492,208 | 511,305 | 530,403 | 543,537 | 571,556 | 599,574 | 601,782 | 623,327 | 639,747 | 655,516 | 501,738 | 300,233 | 269,999 | |
22/27 |
492,208 | 511,305 | 530,403 | 543,537 | 571,556 | 599,574 | 601,782 | 623,327 | 639,747 | 655,516 | 501,738 | 300,233 | 269,999 | |
22 |
491,591 | 510,409 | 529,227 | 539,838 | 561,762 | 583,685 | 601,782 | 623,327 | 639,747 | 655,516 | 501,738 | 297,566 | 264,665 | |
24 |
- | - | - | 3,699 | 9,794 | 15,889 | - | - | - | - | - | 2,667 | 5,334 | |
26 |
618 | 897 | 1,176 | - | - | - | - | - | - | - | - | - | - | |
29/58 |
385,053 | 281,860 | 141,699 | 92,887 | 94,779 | 77,521 | 69,685 | 51,780 | 55,768 | 61,199 | 95,358 | 95,219 | 61,345 | |
29 |
180,000 | 90,000 | - | - | - | - | - | - | - | - | - | - | - | |
291 |
180,000 | 90,000 | - | - | - | - | - | - | - | - | - | - | - | |
40/41 |
158,313 | 126,235 | 105,976 | 78,742 | 62,262 | 47,578 | 48,673 | 35,193 | 40,235 | 50,868 | 50,753 | 50,036 | 32,827 | |
40 |
31,409 | 39,093 | 45,930 | 35,698 | 29,187 | 21,075 | 17,841 | 14,258 | 12,076 | 11,218 | 6,411 | 1,473 | 3,636 | |
41 |
126,904 | 87,141 | 60,046 | 43,044 | 33,075 | 26,503 | 30,831 | 20,934 | 28,159 | 39,650 | 44,342 | 48,563 | 29,192 | |
54/58 |
45,838 | 64,770 | 34,917 | 12,436 | 30,894 | 27,757 | 19,580 | 15,228 | 14,220 | 9,068 | 43,385 | 44,497 | 27,810 | |
490/1 |
903 | 855 | 806 | 1,709 | 1,623 | 2,186 | 1,432 | 1,358 | 1,313 | 1,264 | 1,220 | 686 | 707 | |
| Balance sheet: equity and liabilities | ||||||||||||||
10/49 |
877,261 | 793,165 | 672,102 | 636,424 | 666,335 | 677,096 | 671,467 | 675,107 | 695,515 | 716,715 | 597,096 | 395,452 | 331,344 | |
10/15 |
426,149 | 313,663 | 182,841 | 128,434 | 114,267 | 94,840 | 46,142 | 28,548 | 16,096 | 8,383 | 8,395 | 8,291 | -11 | |
10/11 |
6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | 6,200 | |
100 |
- | - | - | - | - | - | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | 18,600 | |
101 |
- | - | - | - | - | - | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | 12,400 | |
13 |
329,575 | 207,089 | 66,267 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | |
130/1 |
- | - | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | |
130 |
- | - | - | - | - | - | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | 1,860 | - | |
1311 |
- | - | 1,860 | 1,860 | 1,860 | 1,860 | - | - | - | - | - | - | - | |
133 |
329,575 | 207,089 | 64,407 | - | - | - | - | - | - | - | - | - | - | |
14 |
90,374 | 100,374 | 110,374 | 120,374 | 106,207 | 86,780 | 38,082 | 20,488 | 8,036 | 323 | 335 | 231 | -6,211 | |
17/49 |
451,112 | 479,502 | 489,261 | 507,990 | 552,067 | 582,256 | 625,325 | 646,559 | 679,419 | 708,333 | 588,701 | 387,162 | 331,355 | |
17 |
301,431 | 337,154 | 370,750 | 405,700 | 444,898 | 486,078 | 515,317 | 548,640 | 579,102 | 614,644 | 509,667 | 330,511 | 299,495 | |
170/4 |
299,531 | 333,754 | 367,350 | 402,300 | 442,998 | 484,178 | 513,417 | 546,740 | 579,102 | 614,644 | 507,402 | 330,511 | 299,495 | |
178/9 |
1,900 | 3,400 | 3,400 | 3,400 | 1,900 | 1,900 | 1,900 | 1,900 | - | - | 2,265 | - | - | |
42/48 |
149,181 | 142,348 | 118,510 | 102,290 | 107,170 | 96,177 | 110,008 | 97,918 | 99,418 | 93,689 | 79,034 | 56,650 | 31,859 | |
42 |
34,223 | 33,596 | 36,241 | 40,698 | 41,180 | 40,340 | 33,324 | 32,361 | 35,455 | 34,375 | 24,109 | 15,746 | 10,905 | |
44 |
2,988 | 7,632 | 8,977 | 11,621 | 8,731 | 6,344 | 19,059 | 14,806 | 24,238 | 24,874 | 7,467 | 4,590 | 14,078 | |
440/4 |
2,988 | 7,632 | 8,977 | 11,621 | 8,731 | 6,344 | 19,059 | 14,806 | 24,238 | 24,874 | 7,467 | 4,590 | 14,078 | |
46 |
- | - | 4,083 | - | - | 1,161 | 11,609 | 5,249 | - | - | 1,577 | - | - | |
45 |
102,005 | 90,856 | 59,289 | 40,535 | 47,496 | 40,889 | 34,655 | 34,364 | 33,341 | 27,389 | 32,315 | 22,512 | 3,147 | |
450/3 |
102,005 | 90,856 | 59,289 | 40,535 | 47,496 | 40,889 | 34,655 | 34,364 | 33,341 | 27,389 | 32,315 | 22,512 | 3,147 | |
47/48 |
9,965 | 10,263 | 9,920 | 9,437 | 9,762 | 7,443 | 11,362 | 11,137 | 6,383 | 7,051 | 13,566 | 13,802 | 3,730 | |
492/3 |
500 | - | - | - | - | - | - | - | 900 | - | - | - | - | |
| Income statement | ||||||||||||||
9900 |
196,238 | 233,120 | 129,623 | 75,369 | 79,919 | 122,344 | 77,682 | 75,132 | 65,365 | 75,219 | 99,640 | 69,496 | 49,041 | |
630 |
19,097 | 19,097 | 23,169 | 28,019 | 28,019 | 24,279 | 21,545 | 21,545 | 21,033 | 48,719 | 56,003 | 13,161 | 50,987 | |
631/4 |
- | - | - | - | - | - | - | - | - | - | - | 1,322 | - | |
640/8 |
1,859 | 1,635 | 4,854 | 4,366 | 2,249 | 2,513 | 2,994 | 2,473 | 2,694 | 1,486 | 3,577 | 2,260 | 711 | |
9901 |
175,281 | 212,388 | 101,600 | 42,984 | 49,651 | 95,552 | 53,143 | 51,114 | 41,638 | 25,013 | 40,060 | 52,753 | -2,656 | |
75/76B |
13,115 | 4,460 | 2,725 | 3,072 | 1,870 | 2,783 | 2,177 | 2,101 | 2,852 | 3,996 | 3,642 | 0 | 1 | |
75 |
13,115 | 4,460 | 2,725 | 3,072 | 1,870 | 2,783 | 2,177 | 2,101 | 2,852 | 3,996 | 3,642 | 0 | 1 | |
65/66B |
8,501 | 8,615 | 10,078 | 9,862 | 10,504 | 21,027 | 17,545 | 19,363 | 20,876 | 18,767 | 13,723 | 13,351 | 3,556 | |
65 |
8,501 | 8,615 | 10,078 | 9,862 | 10,504 | 21,027 | 17,545 | 19,363 | 20,876 | 18,767 | 13,723 | 13,351 | 3,556 | |
9903 |
179,896 | 208,234 | 94,247 | 36,194 | 41,016 | 77,308 | 37,774 | 33,851 | 23,613 | 10,243 | 29,979 | 39,401 | -6,211 | |
67/77 |
57,410 | 67,412 | 29,840 | 12,027 | 11,589 | 18,610 | 10,181 | 8,899 | 10,900 | 5,755 | 12,875 | 15,600 | - | |
9904 |
122,486 | 140,822 | 64,407 | 24,167 | 29,427 | 58,698 | 27,594 | 24,953 | 12,713 | 4,487 | 17,104 | 23,801 | -6,211 | |
9905 |
122,486 | 140,822 | 64,407 | 24,167 | 29,427 | 58,698 | 27,594 | 24,953 | 12,713 | 4,487 | 17,104 | 23,801 | -6,211 | |
| Appropriation of the result | ||||||||||||||
9906 |
222,861 | 251,197 | 184,781 | 130,374 | 116,207 | 96,780 | 48,082 | 32,988 | 13,036 | 4,823 | 17,335 | 17,591 | -6,211 | |
14P |
100,374 | 110,374 | 120,374 | 106,207 | 86,780 | - | - | - | - | - | - | - | - | |
691/2 |
122,486 | 140,822 | 64,407 | - | - | - | - | - | - | - | - | 1,860 | - | |
6920 |
- | - | - | - | - | - | - | - | - | - | - | 1,860 | - | |
6921 |
122,486 | 140,822 | 64,407 | - | - | - | - | - | - | - | - | - | - | |
694/7 |
10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 12,500 | 5,000 | 4,500 | 17,000 | 15,500 | - | |
694 |
10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | 12,500 | 5,000 | 4,500 | 17,000 | 15,500 | - | |
| Document | ||||||||||||||
The notes to these accounts have 10 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the accounts filed with the NBB.
Source: Annual accounts 2025 at the NBB, filed on 29-10-2026.
2025 annual accounts filed 90 days after the deadline. Filed on 29 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00571889.
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-10-2026 | 2026-00571889 | |
| 31-12-2024 | micro format | 29-09-2025 | 2025-00508721 | |
| 31-12-2023 | micro format | 30-09-2024 | 2024-00480829 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00366595 | |
| 31-12-2021 | micro format | 23-10-2022 | 2022-20471080 | |
| 31-12-2020 | micro format | 28-10-2021 | 2021-73700038 | |
| 31-12-2019 | micro format | 28-08-2020 | 2020-45800147 | |
| 31-12-2018 | micro format | 30-09-2019 | 2019-66500551 | |
| 31-12-2017 | micro format | 28-08-2018 | 2018-50700496 | |
| 31-12-2016 | micro format | 29-09-2017 | 2017-63700192 | |
| 31-12-2015 | full format | 31-08-2016 | 2016-51800260 | |
| 31-12-2014 | full format | 30-09-2015 | 2015-61200181 | |
| 31-12-2013 | full format | 31-08-2014 | 2014-52200511 |
| Line | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 194,379 | 231,485 | 124,769 | 71,002 | 77,670 | 119,831 | 74,688 | 72,659 | 62,670 | 73,732 | 96,063 | 65,913 | 48,331 | ||
| 141,583 | 159,919 | 87,576 | 52,186 | 57,446 | 82,977 | 49,139 | 46,498 | 33,746 | 53,206 | 73,107 | 36,962 | 44,776 | ||
| 0 | 0 | 13,734 | 0 | 0 | 22,072 | 0 | 5,125 | 5,264 | 202,497 | 257,509 | 43,395 | 320,985 | ||
| -18,932 | 29,853 | 22,481 | -18,458 | 3,137 | 8,177 | 4,352 | 1,008 | 5,153 | -34,317 | -1,112 | 16,687 | - | ||
| 235,872 | 139,512 | 23,189 | -9,402 | -12,390 | -18,656 | -40,324 | -46,139 | -43,650 | -32,489 | 16,324 | 38,569 | 29,486 | ||
| 48.6% | 39.5% | 27.2% | 20.2% | 17.1% | 14.0% | 6.9% | 4.2% | 2.3% | 1.2% | 1.4% | 2.1% | 0.0% | ||
| 2.58 | 1.98 | 1.20 | 0.91 | 0.88 | 0.81 | 0.63 | 0.53 | 0.56 | 0.65 | 1.21 | 1.68 | 1.93 | ||
| 1.06 | 1.53 | 2.68 | 3.96 | 4.83 | 6.14 | 13.55 | 22.65 | 42.21 | 84.50 | 70.13 | 46.70 | - | ||
| 28.7% | 44.9% | 35.2% | 18.8% | 25.8% | 61.9% | 59.8% | 87.4% | 79.0% | 53.5% | 203.7% | 287.1% | - | ||
| 14.0% | 17.8% | 9.6% | 3.8% | 4.4% | 8.7% | 4.1% | 3.7% | 1.8% | 0.6% | 2.9% | 6.0% | -1.9% | ||
| 22.87 | 26.87 | 12.38 | 7.20 | 7.39 | - | - | - | - | - | - | - | - |
A Belgian filing has no cash-flow statement. Cash flow is therefore an approximation, derived from the income statement. Investment is the acquisitions in the notes and, without them, the balance-sheet move.
| Item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | - | €13,734 | - | - |
| €19,097 | €19,097 | €23,169 | €28,019 | €28,019 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
The operating result for 2025 is 17% lower than in 2024.
Debt's share of the balance-sheet total falls from 60.5% to 51.4%. Equity is higher and debt is lower.
HARNAP has no parent and no holdings in its annual accounts. CHITSIKE Chikomborero is the only director. HARNAP shares no director with another company.
| LCEBE
establishment since 01-08-1980 · founded in 1980 · group JCMLA HOLDING |
total assets €103.3m (2025) 0420.832.520 |
| DAI Global Belgium
registered office since 14-07-2016 · founded in 2016 · negative equity (2025) |
22 FTE (2025) 0659.684.132 |
| HELEXIA BELGIUM INVEST
establishment since 01-11-2012 · founded in 2012 |
total assets €18.1m (2025) 0849.306.066 |
| GODEFROID EUROPE
registered office since 16-01-1987 · founded in 1985 |
3 FTE (2025) 0427.939.155 |
| Green Energy Solutions Invest
establishment since 06-11-2009 · founded in 2009 |
total assets €11.6m (2025) 0820.441.935 |
| EPMF, European Precious Metals Federation
registered office since 01-04-2010 · founded in 2009 |
5 FTE (2025) 0821.614.645 |
| INTERNATIONAL ANTIMONY ASSOCIATION
registered office since 05-03-2008 · founded in 2007 |
total assets €6.2m (2025) 0894.536.176 |
| Euroalliages
registered office since 27-11-1992 · founded in 1992 · accounts filed late |
total assets €3.7m (2023) 0448.969.547 |
| Gerelage
registered office since 03-08-2015 · founded in 2015 |
total assets €3.5m (2025) 0633.839.471 |
| P.K. HORSESALE & TRAINING
registered office since 27-11-2006 · founded in 2006 |
total assets €2.8m (2025) 0884.590.906 |
Deadline for the 2026 accounts: 31-07-2027
Financial milestones sit on the financial year-end date, not the filing date.
Sources: Publications in the Belgian Official GazetteFilings with the National Bank
| Establishment | Since | Unit number |
|---|---|---|
| Tervurenlaan 168 registered office 1150 Woluwe-Saint-Pierre 70200 Business and other management consultancy | 22-04-2013 | 2.218.308.242 |
| Cadastral parcel | Area | Buildings | Height / floors |
|---|---|---|---|
| 21019A0206/00R005 | 2,566 m² | 1 · 974 m² | 28.5 m · 9 |
1 of these parcels carries protected heritage. Expect extra rules on renovation or sale.
If something looks wrong or is missing, please tell us.