Summary
HARS is a financial institution; the bankruptcy model is trained on trading and manufacturing companies and does not apply here. The 2025 annual accounts show equity of €60,764 and a net result of -€17,135. Equity is growing by about 17% per year across the filed financial years. Its solvency ranks better than 29% of 9,725 sector peers (NACE 64, financial year 2025). The company has been active since 2018 and the Belgian Official Gazette contains no insolvency or warning signals.
Financials · financial year 2025, micro format
Equity
€60,764▼ 22.0%
2024 · €77,899
Net result
-€17,135
2024 · €6,484
Total assets
€233,695▼ 3.0%
2024 · €240,820
Solvency
26.0%▼ 6.3pp
2024 · 32.3%
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result turns negative in 2025: a loss of €11,738 after €11,148 in 2024, the lowest result in the available series.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Operating result-€11,738
2025
Net result-€17,135
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€233,695
2025
Equity€60,764
2025
Debt€172,931
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€32,167
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
Return on assets (ROA)-7.3%
2025
The share of the company financed with its own means. The higher it is, the better it absorbs a shock.
Solvency26.0%
2025
Short-term assets per euro of short-term debt. Above 1 the short-term debts are covered.
Current ratio1.48
2025
Average staff in full-time equivalents (FTE).
Staff (FTE)2
2025
Use the arrow keys on the chart for the figures per year.
Sector: the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€10,025-€23,376▲ 133%€25,043▲ 7.1%€24,127▼ 3.7%€41,900▲ 73.7%€32,968▼ 21.3%€11,148▼ 66.2%-€11,738
Net result€4,537-€11,743▲ 159%€14,204within the sector's middle half▲ 21.0%€13,558within the sector's middle half▼ 4.5%€35,557within the sector's middle half▲ 162%€29,321within the sector's middle half▼ 17.5%€6,484within the sector's middle half▼ 77.9%-€17,135below the sector's middle half
Equity€17,037-€28,780▲ 68.9%€42,983within the sector's middle half▲ 49.4%€56,541within the sector's middle half▲ 31.5%€92,098within the sector's middle half▲ 62.9%€72,615within the sector's middle half▼ 21.2%€77,899within the sector's middle half▲ 7.3%€60,764within the sector's middle half▼ 22.0%
Total assets€230,253-€219,685▼ 4.6%€230,725within the sector's middle half▲ 5.0%€228,187within the sector's middle half▼ 1.1%€101,389below the sector's middle half▼ 55.6%€111,387below the sector's middle half▲ 9.9%€240,820within the sector's middle half▲ 116%€233,695within the sector's middle half▼ 3.0%
Debt€213,217-€190,905▼ 10.5%€187,742▼ 1.7%€171,646▼ 8.6%€9,291▼ 94.6%€38,772▲ 317%€162,921▲ 320%€172,931▲ 6.1%
Working capital-€44,300--€54,606▼ 23.3%-€49,337below the sector's middle half▲ 9.6%-€58,753below the sector's middle half▼ 19.1%€89,214within the sector's middle half€70,327within the sector's middle half▼ 21.2%€55,616within the sector's middle half▼ 20.9%€32,167within the sector's middle half▼ 42.2%
Solvency7.4%-13.1%▲ 5.7pp18.6%below the sector's middle half▲ 5.5pp24.8%within the sector's middle half▲ 6.1pp90.8%above the sector's middle half▲ 66.1pp65.2%within the sector's middle half▼ 25.6pp32.3%within the sector's middle half▼ 32.8pp26.0%within the sector's middle half▼ 6.3pp
Current ratio0.37-0.22▼ 0.150.35below the sector's middle half▲ 0.130.29below the sector's middle half▼ 0.0610.60above the sector's middle half▲ 10.312.81within the sector's middle half▼ 7.792.27within the sector's middle half▼ 0.541.48within the sector's middle half▼ 0.79
Return on assets (ROA)2.0%-5.3%▲ 3.4pp6.2%within the sector's middle half▲ 0.8pp5.9%within the sector's middle half▼ 0.2pp35.1%above the sector's middle half▲ 29.1pp26.3%above the sector's middle half▼ 8.7pp2.7%within the sector's middle half▼ 23.6pp-7.3%below the sector's middle half▼ 10.0pp
Staff (FTE)1.11.8▲ 63.6%2▲ 11.1%
above
within
below
the middle half of NACE 64, Financial service activities, except insurance and pension funding: a quarter of companies sit below it, a quarter above. Each year compared with accounts in the same format, and only where there are at least 30.
Turnover and EBIT margin not published: the micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €233,695
Fixed assets
€135,173 ▼ 4.5%
Current assets
€98,522 ▼ 0.8%
Equity and liabilities €233,695
Equity
€60,764 ▼ 22.0%
Debt
€172,931 ▲ 6.1%
Debt's share of the balance-sheet total rises from 67.7% to 74.0%. Equity is lower and debt is higher.
Key figures and ratios
ROE
-28.2%▼
2024 · 8.3%
Debt ≤ 1 year
€66,355▲
2024 · €43,696
Debt > 1 year
€106,100▼
2024 · €119,225
Income taxes
€204▲
2024 · €201
Staff costs
€115,194▲
2024 · €100,286
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | €100,000 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | - | €54,890 | €100,286 | €115,194 | ▲ 14.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €95 | €596 | €2,927 | €9,877 | ▲ 237% |
| Other operating charges640/8 | - | - | - | €502 | €710 | €768 | €16,775 | €1,045 | ▼ 93.8% |
| Gross operating margin9900 | €10,075 | €23,527 | €25,143 | €24,629 | €42,705 | €89,222 | €131,136 | €114,378 | ▼ 12.8% |
| Operating profit (loss)9901 | €10,025 | €23,376 | €25,043 | €24,127 | €41,900 | €32,968 | €11,148 | -€11,738 | - |
| Financial income75/76B | - | - | - | - | €338 | - | €3 | €1,025 | ▲ 342× |
| Recurring financial income75 | - | €0 | - | - | €338 | - | €3 | €1,025 | ▲ 342× |
| Financial charges65/66B | - | - | - | €3,764 | €6,568 | €2,537 | €4,467 | €6,217 | ▲ 39.2% |
| Recurring financial charges65 | €2,956 | €4,256 | €3,894 | €3,764 | €6,568 | €2,537 | €4,467 | €6,217 | ▲ 39.2% |
| Profit (loss) for the period before taxes9903 | €7,069 | €19,120 | €21,149 | €20,363 | €35,669 | €30,431 | €6,684 | -€16,931 | - |
| Income taxes67/77 | €2,532 | €7,377 | €6,946 | €6,806 | €112 | €1,109 | €201 | €204 | ▲ 1.8% |
| Profit (loss) for the period9904 | €4,537 | €11,743 | €14,204 | €13,558 | €35,557 | €29,321 | €6,484 | -€17,135 | - |
| Profit (loss) for the period to be appropriated9905 | €4,537 | €11,743 | €14,204 | €13,558 | €35,557 | €29,321 | €6,484 | -€17,135 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €230,253 | €219,685 | €230,725 | €228,187 | €101,389 | €111,387 | €240,820 | €233,695 | ▼ 3.0% |
| Fixed assets21/28 | €204,200 | €204,200 | €204,200 | €204,200 | €2,884 | €2,289 | €141,508 | €135,173 | ▼ 4.5% |
| Tangible fixed assets22/27 | - | - | - | - | €2,884 | €2,289 | €141,508 | €135,173 | ▼ 4.5% |
| Land and buildings22 | - | - | - | - | - | - | €120,476 | €114,759 | ▼ 4.7% |
| Plant, machinery and equipment23 | - | - | - | - | €2,884 | €2,289 | €12,474 | €11,732 | ▼ 5.9% |
| Furniture and vehicles24 | - | - | - | - | - | - | €8,559 | €8,682 | ▲ 1.4% |
| Financial fixed assets28 | €204,200 | €204,200 | €204,200 | €204,200 | - | - | - | - | - |
| Current assets29/58 | €26,053 | €15,485 | €26,525 | €23,987 | €98,505 | €109,098 | €99,312 | €98,522 | ▼ 0.8% |
| Amounts receivable within one year40/41 | €19,360 | €10,756 | €22,990 | €11,725 | €56,936 | €82,915 | €66,480 | €80,529 | ▲ 21.1% |
| Trade receivables40 | - | - | - | €11,725 | €13,331 | €75,086 | €45,093 | €57,227 | ▲ 26.9% |
| Other amounts receivable41 | - | - | - | - | €43,606 | €7,829 | €21,387 | €23,302 | ▲ 9.0% |
| Cash at bank and in hand54/58 | €5,527 | €3,562 | €2,468 | €12,262 | €40,693 | €23,578 | €32,831 | €15,667 | ▼ 52.3% |
| Deferred charges and accrued income490/1 | - | - | - | - | €876 | €2,606 | - | €2,326 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €230,253 | €219,685 | €230,725 | €228,187 | €101,389 | €111,387 | €240,820 | €233,695 | ▼ 3.0% |
| Equity10/15 | €17,037 | €28,780 | €42,983 | €56,541 | €92,098 | €72,615 | €77,899 | €60,764 | ▼ 22.0% |
| Contributions10/11 | €12,500 | €12,500 | - | €12,500 | €12,500 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €6,860 | €30,483 | €44,041 | €79,598 | €54,015 | €59,299 | €42,164 | ▼ 28.9% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | - | - | - |
| Distributable reserves133 | - | - | - | €42,181 | €77,738 | €52,155 | €59,299 | €42,164 | ▼ 28.9% |
| Profit (loss) carried forward14 | €2,677 | €9,420 | €2,677 | - | - | - | - | - | - |
| Amounts payable17/49 | €213,217 | €190,905 | €187,742 | €171,646 | €9,291 | €38,772 | €162,921 | €172,931 | ▲ 6.1% |
| Amounts payable after more than one year17 | €142,274 | €120,549 | €111,349 | €88,906 | - | - | €119,225 | €106,100 | ▼ 11.0% |
| Financial debts170/4 | - | - | - | €88,906 | - | - | €119,225 | €106,100 | ▼ 11.0% |
| Amounts payable within one year42/48 | €70,353 | €70,090 | €75,863 | €82,740 | €9,291 | €38,772 | €43,696 | €66,355 | ▲ 51.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €22,443 | - | - | €12,675 | €21,856 | ▲ 72.4% |
| Trade debts44 | €3,208 | €3,153 | €759 | €3,113 | €5,473 | €14,664 | €24,720 | €28,122 | ▲ 13.8% |
| Suppliers440/4 | - | - | - | €3,113 | €5,473 | €14,664 | €24,720 | €28,122 | ▲ 13.8% |
| Taxes, remuneration and social security45 | - | - | - | €8,474 | €3,818 | €8,141 | €5,101 | €16,377 | ▲ 221% |
| Taxes450/3 | - | - | - | €8,474 | €3,818 | €8,141 | €451 | €9,194 | ▲ 20× |
| Remuneration and social security454/9 | - | - | - | - | - | - | €4,650 | €7,184 | ▲ 54.5% |
| Other amounts payable47/48 | - | - | - | €48,710 | - | €15,966 | €1,200 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | - | €476 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,537 | €11,743 | €14,204 | €13,558 | €35,557 | €29,321 | €6,484 | -€17,135 | - |
| + Depreciation and write-downs630 | - | - | - | - | €95 | €596 | €2,927 | €9,877 | ▲ 237% |
| Operating cash flow (approximation) | €4,537 | €11,743 | €14,204 | €13,558 | €35,652 | €29,917 | €9,411 | -€7,258 | - |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €201,221 | €0 | -€142,146 | -€3,542 | ▲ 97.5% |
| Change in cash | - | -€1,964 | -€1,095 | €9,794 | €28,431 | -€17,115 | €9,254 | -€17,164 | - |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | micro format | 26-06-2026 | 2026-00203955 |
| 31-12-2024 | micro format | 22-07-2025 | 2025-00295546 |
| 31-12-2023 | micro format | 28-06-2024 | 2024-00174620 |
| 31-12-2022 | micro format | 28-06-2023 | 2023-00176387 |
| 31-12-2021 | micro format | 08-07-2022 | 2022-20173122 |
| 31-12-2020 | micro format | 12-07-2021 | 2021-34200082 |
| 31-12-2019 | micro format | 09-07-2020 | 2020-30100421 |
| 31-12-2018 | micro format | 24-07-2019 | 2019-39900128 |
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Of the 24,459 active companies whose main activity is activities of holding companies (NACE 64210), figures are known for 19,994. 11,148 are within a factor 10 of this equity. These 5 are the closest to it. See the whole sector
Subsidies and aid
Flemish government
2023 to 2025 · 3 entries · €4,223 awarded · €3,987 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €1,184 | €1,184 |
| 2024 | 1 | €587 | €642 |
| 2023 | 1 | €2,452 | €2,161 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.