HARVAR
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 18 days after the deadline Filed on 18 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00408071.
Annual accounts 2025 filed on 18-08-2026 at the NBB all 3 filings
2023 to 2025, 3 financial years
The operating result for 2025 is a loss of €18,629, smaller than the loss of €34,188 in 2024.
Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.
Assets, equity and debt per financial year.
Above zero, the company can pay its short-term debts with what it holds in the short term.
The EBIT margin is the share of each euro of turnover left from operations. The return on assets is what the assets earn.
The higher the solvency, the better the company absorbs a setback.
A ratio above 1 means the short-term assets cover the short-term debts.
Use the arrow keys on the chart for the figures per year.
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio and return on assets (ROA).
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €541,166 | €1.8m | €93,218 |
| Depreciation and write-downs of the year | €7,426 | €134,815 | €127,821 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €7,426 | €134,815 | €127,821 | ▼ 5.2% |
| Other operating charges640/8 | €68,623 | €23,732 | €18,975 | ▼ 20.0% |
| Gross operating margin9900 | -€18,637 | €124,358 | €128,166 | ▲ 3.1% |
| Operating profit (loss)9901 | -€94,686 | -€34,188 | -€18,629 | ▲ 45.5% |
| Financial income75/76B | - | €61 | €0 | ▼ 99.4% |
| Recurring financial income75 | - | €61 | €0 | ▼ 99.4% |
| Financial charges65/66B | €4,879 | €112,264 | €84,322 | ▼ 24.9% |
| Recurring financial charges65 | €4,323 | €112,264 | €84,322 | ▼ 24.9% |
| Non-recurring financial charges66B | €556 | - | - | - |
| Profit (loss) for the period before taxes9903 | -€99,566 | -€146,391 | -€102,951 | ▲ 29.7% |
| Profit (loss) for the period9904 | -€99,566 | -€146,391 | -€102,951 | ▲ 29.7% |
| Profit (loss) for the period to be appropriated9905 | -€99,566 | -€146,391 | -€102,951 | ▲ 29.7% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €1.7m | €2.5m | €3.6m | ▲ 46.6% |
| Fixed assets21/28 | €0.5m | €2.2m | €3.4m | ▲ 53.0% |
| Tangible fixed assets22/27 | €0.5m | €2.2m | €3.4m | ▲ 53.0% |
| Land and buildings22 | €0.5m | €2.1m | €3.2m | ▲ 50.3% |
| Plant, machinery and equipment23 | - | €0.05m | €0.1m | ▲ 166% |
| Furniture and vehicles24 | - | €0.003m | €0.002m | ▼ 24.5% |
| Current assets29/58 | €1.2m | €0.3m | €0.3m | ▼ 1.5% |
| Stocks and contracts in progress3 | €1.1m | €0.3m | €0.3m | = |
| Stocks30/36 | €1.1m | €0.3m | €0.3m | = |
| Amounts receivable within one year40/41 | €0.02m | €0.003m | €0.005m | ▲ 30.0% |
| Trade receivables40 | €0.02m | €0.003m | €0.005m | ▲ 30.0% |
| Cash at bank and in hand54/58 | €0.002m | €0.007m | €415 | ▼ 94.1% |
| Deferred charges and accrued income490/1 | €0.005m | €0.004m | €0.005m | ▲ 30.6% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €1.7m | €2.5m | €3.6m | ▲ 46.6% |
| Equity10/15 | -€0.08m | -€0.2m | €0.9m | - |
| Contributions10/11 | €0.02m | €0.02m | €0.02m | = |
| Revaluation surpluses12 | - | - | €1.2m | - |
| Profit (loss) carried forward14 | -€0.1m | -€0.2m | -€0.3m | ▼ 41.9% |
| Amounts payable17/49 | €1.8m | €2.7m | €2.8m | ▲ 2.4% |
| Amounts payable after more than one year17 | €1.8m | €2.7m | €2.7m | ▲ 1.8% |
| Financial debts170/4 | €1.4m | €2.0m | €2.0m | ▼ 0.8% |
| Other amounts payable178/9 | €0.4m | €0.6m | €0.7m | ▲ 10.2% |
| Amounts payable within one year42/48 | €0.02m | €0.06m | €0.07m | ▲ 25.7% |
| Current portion of amounts payable after more than one year42 | €0.02m | €0.04m | €0.06m | ▲ 46.5% |
| Trade debts44 | €0.003m | €0.01m | €0.005m | ▼ 51.6% |
| Suppliers440/4 | €0.003m | €0.01m | €0.005m | ▼ 51.6% |
| Taxes, remuneration and social security45 | - | €0.003m | €0.003m | ▲ 0.6% |
| Taxes450/3 | - | €0.003m | €0.003m | ▲ 0.6% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.1m | -€0.1m | -€0.1m | ▲ 29.7% |
| + Depreciation and write-downs630 | €0.007m | €0.1m | €0.1m | ▼ 5.2% |
| Operating cash flow (approximation) | -€0.09m | -€0.01m | €0.02m | - |
| Investment in fixed assets (approximation) | - | -€1.8m | -€1.3m | ▲ 28.1% |
| Change in cash | - | €0.005m | -€0.007m | - |
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, 440 companies had the same profile as HARVAR has now. Two years later, 95.5% were still going and 1.6% had gone bankrupt.
- Small
- 2 to 5 years old
- solvency 10 to 30%
- a small loss
That fits the bankruptcy probability of HARVAR itself: 1.3% 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 440 companies, not a prediction for HARVAR. 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.