HARVAR
ActiveSummary
HARVAR has been active since 2023 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €868,263 and a net result of -€102,951. Equity has been growing by about 210% per year since 2023. Its solvency ranks better than 46% of 17,145 sector peers (NACE 68, financial year 2025). The computed 12-month bankruptcy probability is 1.3% (low).
Overview
Overview
Official details
Source: KBO- Status
- Active since 09-06-2023 Normal situation
- Activity
- Buying and selling of own real estate NACE 68110and 1 other
- Establishment unit
- 2.347.143.048 1050 Elsene, since 09-06-2023
- Financial year end
- 31 December
- Peppol
- Reachable since 17-07-2025
Financial position
- Bankruptcy probabilitywithin 12 months
- 1.3%
- Gross margin
- €128,166
- ▲ 3.1%
- Turnover
- ≈ €230,000
- estimated
- Loss
- €102,951
- ▼ 29.7%
- Equity
- €868,263
- Total assets
- €3.6m
- ▲ 46.6%
- 2025 accounts filed 18 days after the deadline
Score breakdownraises riskLiquidity: current ratio 3.93, cash €415, halved1 change of registered office in 24 monthsFounded in 2023lowers riskSector: Real estate activities (NACE 68)Show the evidence
Checked score
About 1 in 100 comparable companies go bankrupt within 12 months (an estimate).
Calculation
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 68, small). It does better than 44% of them on solvency, 54% on liquidity, 18% on profitability and 98% on growth.
The bankruptcy probability was computed on 01-11-2026 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.
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).
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
The company filed its last 3 accounts on average 20 days after the deadline. In the sector (NACE 68), the median for financial year 2024 was 7 days before the deadline, and 36% of those companies filed late.
Searched, nothing found (2)
Financials
Financials · 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, 1.6% had gone bankrupt and 95.5% were still going.
- 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.
Board & ownership
Directors
Owners and capital
Shareholders
- van der VAEREN Harold Thierry Diane Marie Joseph 100 shares (100%) · €20,000 in cash
Capital transactions
- 13-06-2023 Incorporation · €20,000 · 100 shares
Articles of association
- Transfer restrictionThis rule says whether shareholders may sell their shares freely or need approval first.
- “Moitié cédant moitié acquéreurs proportionnellement si plusieurs, nullité”
- Statutory auditorA statutory auditor is a registered auditor who checks the annual accounts. Small companies need not have one. According to the deed, the legal criteria do not require one here.
- No statutory auditor
Articles of association, deed of 13-06-2023 (in French)
Network & group
Connections & network
1 connected companyThe connected companies are in the list below.
Timeline
Acts, filings and financial milestones
04-03
Gazette deed
Registered office moved to Ixelles2 points ▸
- Board meeting, 03-02-2025
- Registered-office move, rue Emmanuel Van Driessche 67 à 1050 Ixelles
13-06
Gazette deed
IncorporationStarting capital €20,000 · Appointment: van der VAEREN Harold Thierry Diane Marie Joseph (director) · Permanent representative: van der VAEREN Harold Thierry Diane Marie Joseph · Founder10 points ▸
- Incorporation, “HARVAR” (deed in French)
- Founder, van der VAEREN Harold Thierry Diane Marie Joseph (comparant)
- Founding capital, €20,000
- Bank account, 20000, “dépôt des versements” (deed in French)
- Registered office clause, “1200 Woluwe-Saint-Lambert,Avenue Guillaume Abeloos 15 bte 14” (deed in French)
- Other provision, “site internet et adresse électronique” (deed in French)
- Board rule, 1
- Director appointment, van der VAEREN Harold Thierry Diane Marie Joseph (director (not named in the articles))
- Permanent representative, van der VAEREN Harold Thierry Diane Marie Joseph
- Pre-incorporation commitments, “takeover, engagements,obligations et activités entrepris au nom et pour compte société en formation” (deed in French)
Sources:Publications in the Belgian Official GazetteFilings with the National Bank
History
HARVAR was incorporated on 9 June 2023 as a private limited company by one natural person, with a starting capital of €20,000.12 The registered office was moved to Ixelles in 2025.3 Van der VAEREN Harold Thierry Diane Marie Joseph is director of the company, appointed in the act of 13-06-2023.2 Total assets rose from €1.7m in 2023 to €3.6m in 2025.4
Company details
Register details
Identity
KBO recordRegistered office and establishments
Activities
NACEBEL 20254 activities
- L'achat,l'échange,la vente,la prise en location et en sous-location,ainsi que la cession en location et en sous-location,le tout avec ou sans option d'achat,l'exploitation et l'entretien des maisons,appartements,bureaux,magasins,fonds de commerce,terrains,terres et domaines,et de manière générale,de tous biens immobiliers,ainsi que toutes opérations de financement.Elle pourra ériger toutes constructions pour son compte ou pour compte de tiers,en tant que maître d'ouvrage ou entrepreneur général,et,effectuer,éventuellement aux biens immobiliers,des transformations et mises en valeur ainsi que l'étude et l'aménagement de lotissements y compris la construction de routes et égouts;souscrire des engagements en tant que conseiller en construction(études de génie civil et des divers équipements techniques des immeubles);acheter tous matériaux,signer tous contrats d'entreprises qui seraient nécessaires;réaliser toutes opérations de change,commission et courtage,ainsi que la gérance d'immeubles.
- La prise de participation financière dans d'autres sociétés.
- La prestation de tous services dans le cadre de son objet,y compris la gestion de patrimoine.
- La prestation de services de consultance en matière d'organisation et de gestion d'entreprises,la formation et le coaching en tout domaine et,notamment,dans le domaine financier,économique,du marketing et de la communication ainsi que l'intermédiation commerciale dans le sens le plus large.
Invoicing and payment
Financial year and general meeting
Accounts at the NBBSites & property
Buildings and parcels at the address
| Cadastral parcel | Region | Area | Buildings | Height / floors |
|---|---|---|---|---|
| 21447B0306/00W019 | Brussels | 159 m² | 1 · 88 m² | 18.7 m · 5 |