HAS
ActiveSummary
The computed 12-month bankruptcy probability of HAS is 2.1% (moderate). The 2025 annual accounts show equity of €22k and a net result of €18k. Equity is growing by ~6.8% per year across the filed fiscal years. Its solvency ranks better than 67% of 10407 sector peers (fiscal year 2025). The company has been active since 2020 and the Belgian State Gazette contains no insolvency or warning signals.
Checked score
Score 2025
Axes · tick = 2024
Profitability100=
Solvency79▼-17
Growth78=
Track record100
Bankruptcy probability, 12 months
2.1%
Moderate
0%0.5%1.5%4%10%≥ 25%
Credit up to €1.5k at 30 days acceptable
Liquidity ample (current ratio 2.04 against 3.41 in 2024; short-term debt: 46.1% and cash: 17% of total assets), and 46.1% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Five signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
raises risk · Limited track record
This company has not been active as long as an established one and statistically fails somewhat more often.
KBO · incorporation dateAge against the risk zone
raises risk · Higher-failure-rate sector
In this sector companies fail more often than the Belgian average.
Gazette · bankruptcies per sector, NACE 47
Relative position
BE, all sectors
reference
Retail trade (NACE 47)
about 45% more bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
53.9%
Return on assets
45.2%
Age of the figures
9 mo
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 20-08-2026, 20 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 6 filingsDeviation from the deadline
2025
20 d late
2024
14 d early
2023
1 d early
2022
28 d late
2021
17 d late
2020
30 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, abbreviated schema
Equity
€22k▼ 34.4%
2024 · €33k
2020: €17klowest in 6 years
2021: €22k▲ +31.3% vs 2020
2022: €18k▼ -18.4% vs 2021
2023: €31k▲ +74.5% vs 2022
2024: €33k▲ +6.5% vs 2023highest in 6 years
2025: €22k▼ -34.4% vs 2024
2020 → 2025
Total assets
€41k▼ 13.7%
2024 · €47k
2020: €26klowest in 6 years
2021: €27k▲ +1.0% vs 2020
2022: €37k▲ +38.7% vs 2021
2023: €41k▲ +12.7% vs 2022
2024: €47k▲ +13.8% vs 2023highest in 6 years
2025: €41k▼ -13.7% vs 2024
2020 → 2025
Net result
€18k▲ 8.7%
2024 · €17k
2020: €14k
2021: €5k▼ -61.9% vs 2020
2022: €-4k▼ -177% vs 2021lowest in 6 years
2023: €13k▲ +431% vs 2022
2024: €17k▲ +26.3% vs 2023
2025: €18k▲ +8.7% vs 2024highest in 6 years
2020 → 2025
Working capital
€20k▼ 41.3%
2024 · €33k
2020: €17klowest in 6 years
2021: €22k▲ +31.5% vs 2020
2022: €18k▼ -18.5% vs 2021
2023: €31k▲ +75.0% vs 2022
2024: €33k▲ +6.5% vs 2023highest in 6 years
2025: €20k▼ -41.3% vs 2024
2020 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€22k-€18k▼ 18.4%€31k▲ 74.5%€33k▲ 6.5%€22k▼ 34.4%
2021: €22k
2022: €18k▼ -18.4% vs 2021lowest in 5 years
2023: €31k▲ +74.5% vs 2022
2024: €33k▲ +6.5% vs 2023highest in 5 years
2025: €22k▼ -34.4% vs 2024
Operating result€7k-€-5k€18k€23k▲ 28.6%€27k▲ 15.7%
2021: €7k
2022: €-5k▼ -170% vs 2021lowest in 5 years
2023: €18k▲ +497% vs 2022
2024: €23k▲ +28.6% vs 2023
2025: €27k▲ +15.7% vs 2024highest in 5 years
Net result€5k-€-4k€13k€17k▲ 26.3%€18k▲ 8.7%
2021: €5k
2022: €-4k▼ -177% vs 2021lowest in 5 years
2023: €13k▲ +431% vs 2022
2024: €17k▲ +26.3% vs 2023
2025: €18k▲ +8.7% vs 2024highest in 5 years
Turnover and EBIT margin not published: the abbreviated or micro schema does not require them.
Result per fiscal year
Operating resultNet result
After the dip in 2022 the operating result has climbed three years in a row; 2025 is 16% above 2024 and is the highest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €41k
Fixed assets
€2k ▲ 2,159%
Current assets
€38k ▼ 18.6%
Equity and liabilities €41k
Equity
€22k ▼ 34.4%
Debt
€19k ▲ 36.1%
Debt's share of the balance-sheet total rises from 29.2% to 46.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€27k
Cash flow
€18k
Current ratio
2.04▼
2024 · 3.41
Quick ratio
1.09▼
2024 · 2.22
Debt to equity
0.86▲
2024 · 0.41
ROE
83.9%▲
2024 · 50.7%
ROA
45.2%▲
2024 · 35.9%
Interest coverage
1137.12
Debt ≤ 1 year
€19k▲
2024 · €14k
Income taxes
€9k▲
2024 · €6k
Staff costs
€180▲
2024 · €174
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 46 lines
Balance sheet
Code20242025
Assets
Total assets20/58€47k€41k▼
Fixed assets21/28€105€2k▲
Tangible fixed assets22/27-€2k
Furniture and vehicles24-€2k
Financial fixed assets28€105€105=
Current assets29/58€47k€38k▼
Stocks and contracts in progress3€16k€18k▲
Stocks30/36€16k€18k▲
Current investments50/53€28k€13k▼
Cash at bank and in hand54/58€2k€7k▲
Deferred charges and accrued income490/1€664€659▼
Equity and liabilities
Total equity and liabilities10/49€47k€41k▼
Equity10/15€33k€22k▼
Contributions10/11€3k€3k=
Outside capital11€3k€3k=
Other1109/19€3k€3k=
Reserves13€15k€19k▲
Distributable reserves133€15k€19k▲
Profit (loss) carried forward14€15k-
Amounts payable17/49€14k€19k▲
Amounts payable within one year42/48€14k€19k▲
Trade debts44€68€106▲
Suppliers440/4€68€106▲
Taxes, remuneration and social security45€10k€16k▲
Taxes450/3€10k€16k▲
Remuneration and social security454/9€615-
Other amounts payable47/48€4k€2k▼
Income statement
Code20242025
Remuneration, social security and pensions62€174€180▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630-€84
Other operating charges640/8€696€647▼
Gross operating margin9900€24k€28k▲
Operating profit (loss)9901€23k€27k▲
Financial income75/76B€177€215▲
Recurring financial income75€177€215▲
Financial charges65/66B€47€24▼
Recurring financial charges65€47€24▼
Profit (loss) for the period before taxes9903€23k€27k▲
Income taxes67/77€6k€9k▲
Profit (loss) for the period9904€17k€18k▲
Profit (loss) for the period to be appropriated9905€17k€18k▲
Appropriation of the result
Profit (loss) to be appropriated9906€32k€33k▲
Profit (loss) brought forward from the previous period14P€15k€15k=
Transfer to equity691/2€2k€18k▲
To other reserves6921€2k€18k▲
Profit to be distributed694/7€15k€15k▲
Return on contributions (dividend)694€15k€15k▲
The notes to these accounts (5 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €174 | €180 | ▲ 3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | - | €84 | - |
| Other operating charges640/8 | €574 | €4k | €5k | €696 | €647 | ▼ 6.9% |
| Gross operating margin9900 | €7k | €-908 | €23k | €24k | €28k | ▲ 15.3% |
| Operating profit (loss)9901 | €7k | €-5k | €18k | €23k | €27k | ▲ 15.7% |
| Financial income75/76B | €60 | €362 | €123 | €177 | €215 | ▲ 21.6% |
| Recurring financial income75 | €60 | €362 | €123 | €177 | €215 | ▲ 21.6% |
| Financial charges65/66B | €56 | €134 | €327 | €47 | €24 | ▼ 49.9% |
| Recurring financial charges65 | €56 | €134 | €327 | €47 | €24 | ▼ 49.9% |
| Profit (loss) for the period before taxes9903 | €7k | €-4k | €18k | €23k | €27k | ▲ 15.9% |
| Income taxes67/77 | €1k | €-275 | €4k | €6k | €9k | ▲ 34.7% |
| Profit (loss) for the period9904 | €5k | €-4k | €13k | €17k | €18k | ▲ 8.7% |
| Profit (loss) for the period to be appropriated9905 | €5k | €-4k | €13k | €17k | €18k | ▲ 8.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €27k | €37k | €41k | €47k | €41k | ▼ 13.7% |
| Fixed assets21/28 | €105 | €105 | €105 | €105 | €2k | ▲ 2,159% |
| Tangible fixed assets22/27 | - | - | - | - | €2k | - |
| Furniture and vehicles24 | - | - | - | - | €2k | - |
| Financial fixed assets28 | €105 | €105 | €105 | €105 | €105 | = |
| Current assets29/58 | €26k | €37k | €41k | €47k | €38k | ▼ 18.6% |
| Stocks and contracts in progress3 | €23k | €29k | €27k | €16k | €18k | ▲ 8.9% |
| Stocks30/36 | €23k | €29k | €27k | €16k | €18k | ▲ 8.9% |
| Amounts receivable within one year40/41 | - | €6k | - | - | - | - |
| Trade receivables40 | - | €6k | - | - | - | - |
| Current investments50/53 | - | - | €12k | €28k | €13k | ▼ 54.2% |
| Cash at bank and in hand54/58 | €3k | €1k | €2k | €2k | €7k | ▲ 256% |
| Deferred charges and accrued income490/1 | €631 | €631 | €631 | €664 | €659 | ▼ 0.7% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €27k | €37k | €41k | €47k | €41k | ▼ 13.7% |
| Equity10/15 | €22k | €18k | €31k | €33k | €22k | ▼ 34.4% |
| Contributions10/11 | €3k | €3k | €3k | €3k | €3k | = |
| Capital10 | €3k | - | - | - | - | - |
| Issued capital100 | €3k | - | - | - | - | - |
| Outside capital11 | - | €3k | €3k | €3k | €3k | = |
| Other1109/19 | - | €3k | €3k | €3k | €3k | = |
| Reserves13 | - | - | €13k | €15k | €19k | ▲ 22.7% |
| Distributable reserves133 | - | - | €13k | €15k | €19k | ▲ 22.7% |
| Profit (loss) carried forward14 | €19k | €15k | €15k | €15k | - | - |
| Amounts payable17/49 | €5k | €19k | €10k | €14k | €19k | ▲ 36.1% |
| Amounts payable within one year42/48 | €5k | €19k | €10k | €14k | €19k | ▲ 36.1% |
| Trade debts44 | €88 | €9k | €484 | €68 | €106 | ▲ 55.2% |
| Suppliers440/4 | €88 | €9k | €484 | €68 | €106 | ▲ 55.2% |
| Taxes, remuneration and social security45 | €4k | €10k | €9k | €10k | €16k | ▲ 61.5% |
| Taxes450/3 | €4k | €8k | €8k | €10k | €16k | ▲ 72.0% |
| Remuneration and social security454/9 | - | €2k | €615 | €615 | - | - |
| Other amounts payable47/48 | €63 | €63 | €1k | €4k | €2k | ▼ 35.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €5k | €-4k | €13k | €17k | €18k | ▲ 8.7% |
| + Depreciation and write-downs630 | - | - | - | - | €84 | - |
| Operating cash flow (approximation) | €5k | €-4k | €13k | €17k | €18k | ▲ 9.2% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €-2k | - |
| Change in cash | - | €-1k | €388 | €62 | €5k | ▲ 7,924% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
20-08
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema · 20 days late
2025
31-12
Financial
Highest result since 2020net €18k ▲8.7%
Operating result €27k, net result €18k, both a record.
17-07
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema
2024
30-07
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema
2023
31-12
Financial
Back to profitnet €13k
Net result €13k after one loss-making year.
31-12
Financial
Liquidity doublescurrent ratio 4.09
Current ratio from 1.95 to 4.09; short-term debt falls from €19k to €10k.
28-08
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 28 days late
2022
31-12
Financial
Weakest financial yearnet €-4k
Net result drops to €-4k, the lowest in the series; recovery starts the following year.
17-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 17 days late
2021
31-12
Financial
Liquidity doublescurrent ratio 5.87
Current ratio from 2.76 to 5.87; short-term debt falls from €9k to €5k.
01-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 1 act read
About the unread acts
We know of 1 Belgian State Gazette act for this company. It has not been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
1 act for this company is in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Vilvoorde · 2 establishment units since 2020
Ground area
254 m²
Building footprint
320 m²
Volume, LiDAR
2,664 m³
2 parcels, Brussels, Flanders · tallest building 17.9 m, ±5 floors. Linked by address, not a title deed.
3
companies at this address
See who is registered here
2 establishment units
Leuvensestraat 51, 1800 Vilvoorde
since 20202.301.069.929
Has
since 20252.379.531.249
2 parcels
Flanders
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 23642D0728/00B000 | Flanders | 143 m² | 1 · 210 m² | 12.3 m · 2 fl. |
| 21001A0602/00K007 | Brussels | 111 m² | 1 · 111 m² | 17.9 m · 5 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 6,502 companies in sector 47716 we hold annual accounts for 2,440. 1,615 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded04-03-2020
Fiscal year end31-12
Activities, NACEBEL 2025
47716Retail sale of clothing and accessories for women, men, children and babies (general range)
Scores and ratios are computed by Checked and are not a credit decision.