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 has been growing by about 17% per year since 2018. Its solvency ranks better than 29% of 9,754 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.
Overview
Overview
Official details
Source: KBO- Status
- Active since 04-07-2018 Normal situation
- Activity
- Activities of holding companies NACE 64210and 3 others
- Establishment unit
- 2.277.920.977 2910 Essen, since 04-07-2018
- Financial year end
- 31 December
- Peppol
- Reachable since 16-09-2025
Board and ownership
Board
Financial position
Financial institution: outside the modelBankruptcy probability: sector outside the model
Annual accounts 2025
- Loss
- €17,135
- Equity
- €60,764
- ▼ 22.0%
- Total assets
- €233,695
- ▼ 3.0%
- Employees on 31-12-2025
- 2
- =
SignalsneutralLatest accounts filed on timeShow the evidence
Checked score
Outside the general model
Model not applicable to financial institutions
The Checked score measures liquidity, leverage and margins against the norms for trading and manufacturing companies. A bank, insurer or financial holding has a very different balance sheet. Those ratios and the score mean nothing here. So there is no financial strength either.
Bankruptcy probability within 12 months
The company is a financial institution: a bank, insurer or financial holding. Its balance sheet works differently from that of a trading or manufacturing company. A bankruptcy probability from the general model would mislead here.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
1 signal.
neutral
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 26-06-2026, 35 days ahead of the deadline.
NBB · 8 filingsDeviation from the deadline
2025
35 days early
2024
9 days early
2023
33 days early
2022
33 days early
2021
23 days early
2020
19 days early
2019
22 days early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 25 days before the deadline. In the sector (NACE 64), the median for financial year 2024 was 14 days before the deadline, and 28% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 29 June (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
03-11-2026 today31-12-2026 year end31-07-2027 deadline
Financials
Financials · financial year 2025, micro format
Annual accounts 2025 filed on 26-06-2026 at the NBB all 8 filings
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%
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€11,738
2025
20182025
Net result
-€17,135
2025
lowest quarter of the sector
20182025
Equity
€60,764
▼ 22.0%
2025
middle half of the sector
20182025
Total assets
€233,695
▼ 3.0%
2025
middle half of the sector
20182025
Debt
€172,931
▲ 6.1%
2025
20182025
Working capital
€32,167
▼ 42.2%
2025
middle half of the sector
20182025
Solvency
26.0%
▼ 6.3pp
2025
middle half of the sector
20182025
Current ratio
1.48
▼ 0.79
2025
middle half of the sector
20182025
Return on assets (ROA)
-7.3%
▼ 10.0pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
2
▲ 11.1%
2025
20182025
Every figure per financial year
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 sector band is the middle half of the companies in Financial service activities, except insurance and pension funding (NACE 64). 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 a loss of €11,738, after a profit of €11,148 in 2024. It is the lowest result since 2021.
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 €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.
Staff
| Item | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|
| Employees at the balance-sheet date | 1 | 2 | 2 |
| part-time | 1 | 2 | 2 |
| in full-time equivalents | 0.8 | 1.7 | 1.7 |
| Average over the year, in full-time equivalents | 1.1 | 1.6 | 1.7 |
| On a permanent contract | - | 2 | 2 |
| Joined | 6 | 4 | - |
| Left | 5 | 3 | - |
Source: social balance sheet in the 2023 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €2,979 | - | €142,146 | €3,542 |
| Depreciation and write-downs of the year | - | €95 | €596 | €2,927 | €9,877 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
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 |
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 | - | - | - | - | - | - | - |
| 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 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 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 |
Board & ownership
Directors
Directors
1 director, last change in 2023
FRENCKEN Heidi Léo Isabella Maria
Current
Director (not named in the articles) · appointed in the act of 17-04-2023 · term without a fixed end · listed in the 2025 annual accounts, filed on 26-06-2026
Signing authorityThe articles say who may bind the company, for example by signing a contract.
Each director alone
deed of 17-04-2023Owners and capital
Shareholders
Stated in the act
act of 17-04-2023 ↗
- FRENCKEN Heidi Léo Isabella Maria all shares
Capital transactions
Capital over time
- 17-04-2023 Converted to unavailable equity
Mandate history
1 person, 1 in office
- Board
- began earlier
| Name | Functions and periods |
|---|---|
| FRENCKEN Heidi Léo Isabella Maria |
|
Network & group
Holdings and subsidiaries
1 holdingHoldings 1
- Sourceown accounts 2024Equity €1.4m Profit of €23,765 in 2025 (profit of €33,783 in 2024)20%
Companies at the same address
1 other companyConnections & network
1 current directorThe network starts from the directors of HARS. Every other company they run is a node.
This company
Company
Director
Shareholding
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Click a node to look further, drag to arrange, zoom with the mouse wheel.
Timeline
Acts, filings and financial milestones
Deadline for the 2026 accounts:
2026
26-06
micro format · 35 days before the deadline
2025
31-12
Financial
Weakest financial yearnet -€17,135
The net result drops to -€17,135, the lowest from 2018 to 2025.
22-07
micro format · 9 days before the deadline
03-04
Gazette deed
Registered office moved within EssenNew seat: Nieuwstraat 109 te 2910 Essen · Previous seat: Velodreef 15, 2910 Essen, België2 points ▸
Gazette deed
Registered office moved within Essen
New seat: Nieuwstraat 109 te 2910 Essen · Previous seat: Velodreef 15, 2910 Essen, België2 points ▸
- General meeting, 20-12-2024
- Registered-office move, Nieuwstraat 109 te 2910 Essen
2024
28-06
micro format · 33 days before the deadline
2023
28-06
micro format · 33 days before the deadline
17-04
Gazette deed
Capital & shares · Amendment of the articles · Legal-form change · Resignations & appointments · MiscellaneousResignation: FRENCKEN Heidi Léo Isabella Maria (director) · Appointment: FRENCKEN Heidi Léo Isabella Maria (director) · Incorporation16 points ▸
Gazette deed
Capital & shares · Amendment of the articles · Legal-form change · Resignations & appointments · Miscellaneous
Resignation: FRENCKEN Heidi Léo Isabella Maria (director) · Appointment: FRENCKEN Heidi Léo Isabella Maria (director) · Incorporation16 points ▸
- General meeting, 12-04-2023
- Incorporation, 04-07-2018
- Other provision, “statutenwijziging sinds oprichting, niet gewijzigd” (deed in Dutch)
- Other provision, “vergaderbureau, geen bureau samengesteld” (deed in Dutch)
- FRENCKEN Heidi Léo Isabella Maria holds all the shares
- Amendment of the articles, mentioned 2 times in the deed
- Capital conversion, “statutair onbeschikbare eigen vermogensrekening” (deed in Dutch)
- Power of attorney
- Other provision, “schriftelijke en elektronische algemene vergadering, eenparigheid van stemmen” (deed in Dutch)
- Kind of shares, “onderverdeling en omzetting in twee soorten”, 100% (deed in Dutch)
- FRENCKEN Heidi Léo Isabella Maria holds 18,600 shares
- Other provision, “van rechtswege, benaming zaakvoerder naar bestuurder” (deed in Dutch)
- The act holds 4 more points.
2022
31-12
Financial
Highest result from 2018 to 2025net €35,557 ▲162%
The operating result of €41,900 and the net result of €35,557 are both a record.
31-12
Financial
Liquidity more than 36 timescurrent ratio 10.60
The current ratio rises from 0.29 to 10.60. Short-term debt falls from €82,740 to €9,291.
08-07
micro format · 23 days before the deadline
2021
12-07
micro format · 19 days before the deadline
2020
09-07
micro format · 22 days before the deadline
2019
24-07
micro format · 7 days before the deadline
2018
06-07
Financial milestoneGazette deedNBB filingFinancial milestones sit on the financial year-end date, not the filing date.
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
Company details
Register details
Identity
KBO recordName
HARS in Dutch
Enterprise number
0699.602.996
Legal form
Private limited company
Status
Active, normale toestand
Founded
04-07-2018
Entity type
Legal entity
DurationMost companies exist for an unlimited period, until they are dissolved.
Unlimited
deed of 17-04-2023 (in Dutch)Registered office and establishments
Registered office
Nieuwstraat 109, 2910 Essen, Belgium
Establishment unit
Hars, Velodreef 15, 2910 Essen since 04-07-2018 · unit number 2.277.920.977
E-mail
Heidi@harsbv.be
Phone
0473466810
E-mail
heide@acd.beEssen
Activities
NACEBEL 2025VAT activities
64210
Activities of holding companies main activity
68110
Buying and selling of own real estate
77400
Rental and leasing activities
82990
Other business support services
Social security (RSZ) activities
82990
Other business support services main activity
Codes under NACEBEL 2008
VAT activities
64200
Holdings main activity
68100
Real estate activities
77400
Rental and leasing activities
82990
Other business support services
Social security (RSZ) activities
82990
Other business support services main activity
Invoicing and payment
VAT number
BE 0699.602.996
Financial year and general meeting
Accounts at the NBBFinancial year end
31-12
Sites & property
Location
Buildings and parcels at the addresses
Ground area
1,075 m²
Building footprint
265 m²
Building volume
1,349 m³
Tallest building: 13.2 m.
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 11642D0113/00D014 | Flanders | 927 m² | 1 · 165 m² | 6.6 m · 1 |
| 11016A0010/00V000 | Flanders | 148 m² | 1 · 100 m² | 13.2 m · 2 |