HAROL PROJECTS
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 29-07-2026 at the NBB all 38 filings
Turnover
€1.9m▼ 11.0%
2024 · €2.1m
EBIT margin
3.4%▲ 1.8pp
2024 · 1.6%
Net result
€32,644▲ 105%
2024 · €15,917
Working capital
€1.3m▲ 3.1%
2024 · €1.3m
In the rankings
#8 company by equity in Diest, Manufacturing sector#9 oldest company in Diest, Manufacturing sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€1.9m
▼ 11.0%
2025
20182025
Operating result
€62,849
▲ 91.0%
2025
20182025
Net result
€32,644
▲ 105%
2025
middle half of the sector
20182025
EBIT margin
3.4%
▲ 1.8pp
2025
20182025
Equity
€1.3m
▲ 0.6%
2025
middle half of the sector
20182025
Total assets
€1.5m
▼ 0.9%
2025
lowest quarter of the sector
20182025
Debt
€196,469
▼ 9.9%
2025
20182025
Working capital
€1.3m
▲ 3.1%
2025
middle half of the sector
20182025
Solvency
87.0%
▲ 1.3pp
2025
highest quarter of the sector
20182025
Current ratio
7.58
▲ 0.83
2025
highest quarter of the sector
20182025
Return on assets (ROA)
2.2%
▲ 1.1pp
2025
middle half of the sector
20182025
Staff (FTE)
8
▼ 29.2%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€3.8m-€3.8m▼ 0.2%€3.3m▼ 11.9%€2.9m▼ 12.8%€3.2m▲ 10.3%€2.4m▼ 25.9%€2.1m▼ 12.3%€1.9m▼ 11.0%
Operating result-€0.09m-€0.1m€0.2m▲ 67.1%€0.06m▼ 68.5%€0.09m▲ 48.1%€0.1m▲ 8.1%€0.03m▼ 66.7%€0.06m▲ 91.0%
Net result-€0.1m-€0.1m€0.2mwithin the sector's middle half▲ 68.1%€0.05mwithin the sector's middle half▼ 70.8%€0.06mwithin the sector's middle half▲ 9.6%€0.06mwithin the sector's middle half▲ 7.0%€0.02mwithin the sector's middle half▼ 73.8%€0.03mwithin the sector's middle half▲ 105%
EBIT margin-2.5%-3.1%▲ 5.6pp5.9%▲ 2.8pp2.1%▼ 3.8pp2.8%▲ 0.7pp4.2%▲ 1.3pp1.6%▼ 2.6pp3.4%▲ 1.8pp
Equity€0.9m-€1.0m▲ 12.2%€1.1mwithin the sector's middle half▲ 18.3%€1.2mwithin the sector's middle half▲ 4.5%€1.3mwithin the sector's middle half▲ 4.7%€1.3mwithin the sector's middle half▲ 2.8%€1.3mwithin the sector's middle half▲ 1.2%€1.3mwithin the sector's middle half▲ 0.6%
Total assets€1.5m-€1.5m▲ 1.0%€1.4mbelow the sector's middle half▼ 3.8%€1.5mbelow the sector's middle half▲ 6.1%€1.5mbelow the sector's middle half▼ 0.3%€1.6mbelow the sector's middle half▲ 4.5%€1.5mbelow the sector's middle half▼ 3.8%€1.5mbelow the sector's middle half▼ 0.9%
Debt€0.6m-€0.5m▼ 14.9%€0.3m▼ 44.8%€0.3m▲ 12.3%€0.3m▼ 18.8%€0.3m▲ 12.3%€0.2m▼ 26.1%€0.2m▼ 9.9%
Working capital€0.9m-€1.0m▲ 6.2%€1.1mwithin the sector's middle half▲ 15.8%€1.2mwithin the sector's middle half▲ 3.3%€1.2mwithin the sector's middle half▲ 0.2%€1.2mwithin the sector's middle half▲ 5.1%€1.3mwithin the sector's middle half▲ 3.3%€1.3mwithin the sector's middle half▲ 3.1%
Solvency58.5%-65.0%▲ 6.5pp79.9%above the sector's middle half▲ 14.9pp78.8%above the sector's middle half▼ 1.2pp82.7%above the sector's middle half▲ 3.9pp81.4%above the sector's middle half▼ 1.3pp85.7%above the sector's middle half▲ 4.3pp87.0%above the sector's middle half▲ 1.3pp
Current ratio2.65-2.86▲ 0.214.88above the sector's middle half▲ 2.014.57above the sector's middle half▼ 0.315.40above the sector's middle half▲ 0.835.12above the sector's middle half▼ 0.286.75above the sector's middle half▲ 1.637.58above the sector's middle half▲ 0.83
Return on assets (ROA)-6.8%-7.1%▲ 13.9pp12.4%above the sector's middle half▲ 5.3pp3.4%within the sector's middle half▼ 9.0pp3.7%within the sector's middle half▲ 0.3pp3.8%within the sector's middle half▲ 0.1pp1.0%within the sector's middle half▼ 2.8pp2.2%within the sector's middle half▲ 1.1pp
Staff (FTE)17.1-17.3▲ 1.2%17.9within the sector's middle half▲ 3.5%16.1within the sector's middle half▼ 10.1%16.2below the sector's middle half▲ 0.6%13.9within the sector's middle half▼ 14.2%11.3below the sector's middle half▼ 18.7%8below the sector's middle half▼ 29.2%
above
within
below
The sector band is the middle half of the companies in Manufacture of basic metals (NACE 24). 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 91% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.5m
Fixed assets
€22,726 ▼ 58.0%
Current assets
€1.5m ▲ 1.2%
Equity and liabilities €1.5m
Equity
€1.3m ▲ 0.6%
Debt
€196,469 ▼ 9.9%
Debt's share of the balance-sheet total falls from 14.3% to 13.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€87,249▲
2024 · €56,518
Cash flow
€57,045▲
2024 · €39,526
Debt to equity
0.15▼
2024 · 0.17
ROE
2.5%▲
2024 · 1.2%
Interest coverage
over 100▲
2024 · 10.09
Debt ≤ 1 year
€196,469▼
2024 · €217,944
Income taxes
€17,019▲
2024 · €12,085
Customer credit
75 days▼
2024 · 121 days
Supplier credit
35 days▼
2024 · 43 days
Staff costs
€556,303▼
2024 · €808,798
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 | 15 | 16 | 12 | 11 | 7 |
| full-time | 14 | 15 | 12 | 11 | 6 |
| part-time | 1 | 1 | 0 | 0 | 1 |
| in full-time equivalents | 14.8 | 15.8 | 12 | 11 | 6.8 |
| Average over the year, in full-time equivalents | 16.1 | 16.2 | 13.9 | 11.3 | 8 |
| On a permanent contract | 15 | 16 | 12 | 10 | 7 |
| Joined | 3 | 2 | 1 | 2 | 0 |
| Left | 5 | 1 | 5 | 3 | 4 |
| Agency workers, average number | 0.4 | 0.3 | 0.3 | 0.4 | - |
| Training hours | 79 | 458 | 621 | 567 | 149 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €28,772 | €56,211 | - | €6,800 | - |
| Depreciation and write-downs of the year | €13,819 | €16,313 | €22,609 | €23,609 | €24,400 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
The auditor is PKF Bofidi Audit.
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €4,370 | €4,620 | €5,100 | €5,274 | €6,304 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €3.0m | €3.3m | €2.4m | €2.1m | €1.9m | ▼ 11.0% |
| Turnover70 | €3.8m | €3.8m | €3.3m | €2.9m | €3.2m | €2.4m | €2.1m | €1.9m | ▼ 11.0% |
| Other operating income74 | - | - | - | €0.05m | €0.06m | €0.05m | €0.04m | €0.03m | ▼ 23.4% |
| Non-recurring operating income76A | - | - | - | €0.02m | €0.02m | €0.01m | €0.005m | €0.01m | ▲ 131% |
| Operating charges60/66A | - | - | - | €2.9m | €3.2m | €2.3m | €2.1m | €1.8m | ▼ 12.6% |
| Goods for resale, raw materials and consumables60 | - | - | - | €1.5m | €1.7m | €1.0m | €0.9m | €1.0m | ▲ 9.1% |
| Purchases600/8 | - | - | - | €1.5m | €1.7m | €1.0m | €0.9m | €1.0m | ▲ 9.1% |
| Services and other goods61 | - | - | - | €0.4m | €0.4m | €0.4m | €0.3m | €0.2m | ▼ 33.1% |
| Remuneration, social security and pensions62 | - | - | - | €1.0m | €1.0m | €1.0m | €0.8m | €0.6m | ▼ 31.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.02m | €0.01m | €0.007m | €0.01m | €0.02m | €0.02m | €0.02m | €0.02m | ▲ 3.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0 | €414 | -€0.007m | €0.01m | €0 | ▼ 100% |
| Other operating charges640/8 | - | - | - | €0.003m | €0.006m | €0.009m | €0.002m | €0.004m | ▲ 125% |
| Non-recurring operating charges66A | - | - | - | €0.001m | €0.004m | €0.03m | €0.006m | €0.03m | ▲ 368% |
| Operating profit (loss)9901 | -€0.09m | €0.1m | €0.2m | €0.06m | €0.09m | €0.1m | €0.03m | €0.06m | ▲ 91.0% |
| Financial income75/76B | - | - | - | €87 | €169 | €0 | €0.001m | €1 | ▼ 99.9% |
| Recurring financial income75 | €0.007m | €30 | €103 | €87 | €169 | €0 | €0.001m | €1 | ▼ 99.9% |
| Other financial income752/9 | - | - | - | €87 | €169 | €0 | €0.001m | €1 | ▼ 99.9% |
| Financial charges65/66B | - | - | - | €0.009m | €0.008m | €0.01m | €0.006m | €0.01m | ▲ 136% |
| Recurring financial charges65 | €0.01m | €0.01m | €0.02m | €0.009m | €0.008m | €0.01m | €0.006m | €0.01m | ▲ 136% |
| Debt charges650 | €457 | €331 | €73 | €21 | €0 | - | - | €50 | - |
| Other financial charges652/9 | - | - | - | €0.009m | €0.008m | €0.01m | €0.006m | €0.01m | ▲ 135% |
| Profit (loss) for the period before taxes9903 | -€0.1m | €0.1m | €0.2m | €0.05m | €0.08m | €0.09m | €0.03m | €0.05m | ▲ 77.4% |
| Income taxes67/77 | €0.001m | €0.001m | €0.001m | €0.001m | €0.03m | €0.03m | €0.01m | €0.02m | ▲ 40.8% |
| Taxes670/3 | - | - | - | €0.001m | €0.03m | €0.03m | €0.01m | €0.02m | ▲ 40.8% |
| Profit (loss) for the period9904 | -€0.1m | €0.1m | €0.2m | €0.05m | €0.06m | €0.06m | €0.02m | €0.03m | ▲ 105% |
| Profit (loss) for the period to be appropriated9905 | -€0.1m | €0.1m | €0.2m | €0.05m | €0.06m | €0.06m | €0.02m | €0.03m | ▲ 105% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.5m | €1.5m | €1.4m | €1.5m | €1.5m | €1.6m | €1.5m | €1.5m | ▼ 0.9% |
| Fixed assets21/28 | €0.02m | €0.01m | €0.03m | €0.05m | €0.1m | €0.08m | €0.05m | €0.02m | ▼ 58.0% |
| Tangible fixed assets22/27 | €0.02m | €0.01m | €0.03m | €0.05m | €0.09m | €0.06m | €0.05m | €0.02m | ▼ 51.8% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €0.005m | €0.003m | ▼ 40.0% |
| Furniture and vehicles24 | - | - | - | €0.05m | €0.09m | €0.06m | €0.04m | €0.02m | ▼ 53.3% |
| Leasing and similar rights25 | - | - | - | €0 | - | - | - | - | - |
| Financial fixed assets28 | - | - | - | - | €0.01m | €0.01m | €0.007m | €0 | ▼ 100% |
| Other financial fixed assets284/8 | - | - | - | - | €0.01m | €0.01m | €0.007m | €0 | ▼ 100% |
| Amounts receivable and cash guarantees285/8 | - | - | - | - | €0.01m | €0.01m | €0.007m | €0 | ▼ 100% |
| Current assets29/58 | €1.5m | €1.5m | €1.4m | €1.5m | €1.4m | €1.5m | €1.5m | €1.5m | ▲ 1.2% |
| Stocks and contracts in progress3 | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts receivable within one year40/41 | €1.1m | €1.3m | €1.2m | €1.0m | €1.2m | €1.4m | €1.2m | €1.3m | ▲ 12.6% |
| Trade receivables40 | - | - | - | €1.0m | €1.2m | €1.4m | €0.7m | €0.4m | ▼ 44.9% |
| Other amounts receivable41 | - | - | - | €375 | €0 | €0.001m | €0.5m | €0.9m | ▲ 96.5% |
| Cash at bank and in hand54/58 | €0.3m | €0.2m | €0.2m | €0.4m | €0.2m | €0.08m | €0.3m | €0.2m | ▼ 44.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €0 | - | €0.007m | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.5m | €1.5m | €1.4m | €1.5m | €1.5m | €1.6m | €1.5m | €1.5m | ▼ 0.9% |
| Equity10/15 | €0.9m | €1.0m | €1.1m | €1.2m | €1.3m | €1.3m | €1.3m | €1.3m | ▲ 0.6% |
| Contributions10/11 | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Capital10 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Issued capital100 | - | - | - | €1.0m | €1.0m | €1.0m | €1.0m | €1.0m | = |
| Reserves13 | €151 | €151 | €0.009m | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | ▲ 8.9% |
| Non-distributable reserves130/1 | - | - | - | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | ▲ 8.9% |
| Legal reserve130 | - | - | - | €0.01m | €0.01m | €0.02m | €0.02m | €0.02m | ▲ 8.9% |
| Profit (loss) carried forward14 | -€0.2m | -€0.05m | €0.1m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 2.2% |
| Amounts payable17/49 | €0.6m | €0.5m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 9.9% |
| Amounts payable after more than one year17 | €0.01m | €0.005m | €0 | - | - | - | - | - | - |
| Amounts payable within one year42/48 | €0.5m | €0.5m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | ▼ 9.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0 | - | - | - | - | - |
| Trade debts44 | €0.4m | €0.3m | €0.1m | €0.2m | €0.07m | €0.1m | €0.1m | €0.1m | ▼ 10.3% |
| Suppliers440/4 | - | - | - | €0.2m | €0.07m | €0.1m | €0.1m | €0.1m | ▼ 10.3% |
| Taxes, remuneration and social security45 | - | - | - | €0.1m | €0.2m | €0.1m | €0.1m | €0.06m | ▼ 41.0% |
| Taxes450/3 | - | - | - | €0.02m | €0.04m | €0.02m | €0.02m | €0.02m | ▼ 18.5% |
| Remuneration and social security454/9 | - | - | - | €0.1m | €0.1m | €0.1m | €0.08m | €0.04m | ▼ 46.5% |
| Other amounts payable47/48 | - | - | - | €0.03m | €0.01m | €0.03m | €0.008m | €0.04m | ▲ 397% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€100,947 | €105,681 | €177,667 | €51,799 | €56,766 | €60,761 | €15,917 | €32,644 | ▲ 105% |
| + Depreciation and write-downs630 | €15,582 | €11,424 | €7,282 | €13,819 | €16,313 | €22,609 | €23,609 | €24,400 | ▲ 3.3% |
| Operating cash flow (approximation) | -€85,364 | €117,106 | €184,950 | €65,618 | €73,080 | €83,370 | €39,526 | €57,045 | ▲ 44.3% |
| Investment in fixed assets (approximation) | - | -€1,252 | -€27,485 | -€28,836 | -€70,281 | €0 | €235 | €7,035 | ▲ 30× |
| Change in cash | - | -€165,527 | €6,324 | €269,436 | -€228,548 | -€135,844 | €222,435 | -€136,045 | - |
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 HAROL PROJECTS 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 HAROL PROJECTS itself: 0.4% 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 HAROL PROJECTS. 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 38 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 29-07-2026 | 2026-00357612 | |
| 31-12-2024 | full format | 04-08-2025 | 2025-00359677 | |
| 31-12-2023 | full format | 17-07-2024 | 2024-00290375 | |
| 31-12-2022 | full format | 19-07-2023 | 2023-00268500 | |
| 31-12-2021 | full format | 28-07-2022 | 2022-20259691 | |
| 31-12-2020 | full format | 16-07-2021 | 2021-38600331 | |
| 31-12-2019 | full format | 10-08-2020 | 2020-40500001 | |
| 31-12-2018 | full format | 26-07-2019 | 2019-40900206 | |
| 31-12-2017 | full format | 21-06-2018 | 2018-23000264 | |
| 31-12-2016 | full format | 19-07-2017 | 2017-34000458 |