HAT IMMO
ActiveFinancials · financial year 2024, full format, 2025 accounts filed
2025 annual accounts filed 96 days after the deadline Filed on 4 November 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00601656.
Annual accounts 2025 filed on 04-11-2026 at the NBB all 19 filings
The figures for financial year 2025 will follow.
Turnover
€3.0m▼ 34.1%
2023 · €4.5m
EBIT margin
18.8%▲ 14.6pp
2023 · 4.2%
Net result
€374,740▲ 651%
2023 · €49,920
Working capital
€390,626▲ 66.0%
2023 · €235,261
Multi-year overview
2018 to 2024, 7 financial yearsTurnover
€3.0m
▼ 34.1%
2024
20182024
Operating result
€555,808
▲ 195%
2024
20182024
Net result
€374,740
▲ 651%
2024
highest quarter of the sector
20182024
EBIT margin
18.8%
▲ 14.6pp
2024
20182024
Equity
€605,745
▲ 94.8%
2024
middle half of the sector
20182024
Total assets
€1.6m
▼ 39.1%
2024
middle half of the sector
20182024
Debt
€1.0m
▼ 56.7%
2024
20182024
Working capital
€390,626
▲ 66.0%
2024
middle half of the sector
20182024
Solvency
37.1%
▲ 25.5pp
2024
middle half of the sector
20182024
Current ratio
1.51
▲ 0.39
2024
middle half of the sector
20182024
Return on assets (ROA)
23.0%
▲ 21.1pp
2024
highest quarter of the sector
20182024
Staff (FTE)
no figure
2024
20182024
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220232024
Turnover€3.9m-€3.1m▼ 20.6%€2.7m▼ 13.4%€3.3m▲ 23.2%€2.4m▼ 27.6%€4.5m▲ 87.9%€3.0m▼ 34.1%
Operating result€0.2m-€0.2m▼ 7.8%€0.2m▲ 45.1%€0.2m▼ 23.0%€0.09m▼ 48.8%€0.2m▲ 108%€0.6m▲ 195%
Net result€0.09m-€0.06m▼ 29.0%€0.1mabove the sector's middle half▲ 110%€0.09mwithin the sector's middle half▼ 35.1%-€0.006mwithin the sector's middle half€0.05mwithin the sector's middle half€0.4mabove the sector's middle half▲ 651%
EBIT margin4.4%-5.1%▲ 0.7pp8.6%▲ 3.5pp5.4%▼ 3.2pp3.8%▼ 1.6pp4.2%▲ 0.4pp18.8%▲ 14.6pp
Equity€0.2m-€0.2m▼ 14.6%€0.2mwithin the sector's middle half▼ 0.3%€0.3mwithin the sector's middle half▲ 41.5%€0.3mwithin the sector's middle half▼ 2.1%€0.3mwithin the sector's middle half▲ 6.8%€0.6mwithin the sector's middle half▲ 94.8%
Total assets€2.3m-€2.9m▲ 23.8%€2.3mwithin the sector's middle half▼ 20.3%€2.5mwithin the sector's middle half▲ 10.5%€3.6mwithin the sector's middle half▲ 42.6%€2.7mwithin the sector's middle half▼ 26.2%€1.6mwithin the sector's middle half▼ 39.1%
Debt€2.1m-€2.7m▲ 28.3%€2.1m▼ 21.9%€2.2m▲ 7.4%€3.3m▲ 48.5%€2.4m▼ 29.1%€1.0m▼ 56.7%
Working capital€0.2m-€0.5m▲ 211%€0.3mwithin the sector's middle half▼ 50.9%€0.5mwithin the sector's middle half▲ 83.2%€0.5mwithin the sector's middle half▼ 5.5%€0.2mwithin the sector's middle half▼ 47.7%€0.4mwithin the sector's middle half▲ 66.0%
Solvency10.6%-7.3%▼ 3.3pp9.1%within the sector's middle half▲ 1.8pp11.7%within the sector's middle half▲ 2.6pp8.0%within the sector's middle half▼ 3.7pp11.6%within the sector's middle half▲ 3.6pp37.1%within the sector's middle half▲ 25.5pp
Current ratio1.09-1.25▲ 0.161.18within the sector's middle half▼ 0.071.32within the sector's middle half▲ 0.141.17within the sector's middle half▼ 0.151.12within the sector's middle half▼ 0.051.51within the sector's middle half▲ 0.39
Return on assets (ROA)3.9%-2.2%▼ 1.6pp5.8%above the sector's middle half▲ 3.6pp3.4%within the sector's middle half▼ 2.4pp-0.2%within the sector's middle half▼ 3.6pp1.9%within the sector's middle half▲ 2.0pp23.0%above the sector's middle half▲ 21.1pp
Staff (FTE)1-1=
above
within
below
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 operating result for 2024 is 195% higher than in 2023 and the highest since 2018. It is the second rise in a row, after the fall in 2022.
Balance-sheet composition
2024 in colour, 2023 as the grey bar beneath
Assets €1.6m
Fixed assets
€481,324 ▼ 5.5%
Current assets
€1.2m ▼ 47.0%
Equity and liabilities €1.6m
Equity
€605,745 ▲ 94.8%
Debt
€1.0m ▼ 56.7%
Debt's share of the balance-sheet total falls from 88.4% to 62.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€583,753▲
2023 · €219,615
Cash flow
€402,685▲
2023 · €81,193
Quick ratio
1.19▲
2023 · 0.15
Debt to equity
1.69▼
2023 · 7.61
ROE
61.9%▲
2023 · 16.1%
Interest coverage
7.67▲
2023 · 1.59
Debt ≤ 1 year
€759,392▼
2023 · €1.9m
Debt > 1 year
€266,206▼
2023 · €433,526
Income taxes
€105,000
Customer credit
4 days▼
2023 · 9 days
Supplier credit
19 days▲
2023 · 13 days
Staff costs
€1,829▼
2023 · €11,926
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Tangible fixed assets | €48,858 | - | €2,596 | - |
| Depreciation and write-downs of the year | €38,555 | €38,002 | €31,272 | €27,945 |
Source: notes to the 2021 to 2024 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Turnover70 | €3.9m | €3.1m | €2.7m | €3.3m | €2.4m | €4.5m | €3.0m | ▼ 34.1% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €0.3m | €2.2m | €4.2m | €2.4m | ▼ 44.4% |
| Remuneration, social security and pensions62 | - | - | - | €0.01m | €0.02m | €0.01m | €0.002m | ▼ 84.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.02m | €0.04m | €0.04m | €0.04m | €0.03m | €0.03m | ▼ 10.6% |
| Other operating charges640/8 | - | - | - | €0.03m | €0.03m | €0.02m | €0.02m | ▼ 20.0% |
| Non-recurring operating charges66A | - | - | - | €0.001m | €0.001m | €311 | €247 | ▼ 20.5% |
| Gross operating margin9900 | €0.3m | €0.2m | €0.3m | €0.3m | €0.2m | €0.3m | €0.6m | ▲ 137% |
| Operating profit (loss)9901 | €0.2m | €0.2m | €0.2m | €0.2m | €0.09m | €0.2m | €0.6m | ▲ 195% |
| Recurring financial income75 | - | - | €4 | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €0.05m | €0.1m | €0.1m | €0.08m | ▼ 45.0% |
| Recurring financial charges65 | €0.06m | €0.09m | €0.08m | €0.05m | €0.1m | €0.1m | €0.08m | ▼ 45.0% |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.07m | €0.1m | €0.1m | -€0.006m | €0.05m | €0.5m | ▲ 861% |
| Income taxes67/77 | €0.02m | €0.009m | €0.02m | €0.04m | - | - | €0.1m | - |
| Profit (loss) for the period9904 | €0.09m | €0.06m | €0.1m | €0.09m | -€0.006m | €0.05m | €0.4m | ▲ 651% |
| Profit (loss) for the period to be appropriated9905 | €0.09m | €0.06m | €0.1m | €0.09m | -€0.006m | €0.05m | €0.4m | ▲ 651% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €2.3m | €2.9m | €2.3m | €2.5m | €3.6m | €2.7m | €1.6m | ▼ 39.1% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | ▼ 5.5% |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.6m | €0.6m | €0.5m | €0.5m | €0.5m | ▼ 5.5% |
| Land and buildings22 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | ▼ 4.6% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0.001m | €418 | ▼ 25.0% |
| Furniture and vehicles24 | - | - | - | €0.04m | €0.02m | €0.01m | €0.005m | ▼ 50.0% |
| Leasing and similar rights25 | - | - | - | €70 | - | - | - | - |
| Financial fixed assets28 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Current assets29/58 | €2.1m | €2.7m | €1.7m | €2.0m | €3.1m | €2.2m | €1.2m | ▼ 47.0% |
| Stocks and contracts in progress3 | €1.6m | €2.0m | €1.5m | €1.0m | €2.6m | €1.9m | €0.3m | ▼ 86.7% |
| Stocks30/36 | - | - | - | €1.0m | €2.6m | €1.9m | €0.3m | ▼ 86.7% |
| Amounts receivable within one year40/41 | €0.4m | €0.6m | €0.1m | €0.4m | €0.3m | €0.2m | €0.2m | ▲ 11.7% |
| Trade receivables40 | - | - | - | €0.4m | €0.2m | €0.1m | €0.03m | ▼ 70.4% |
| Other amounts receivable41 | - | - | - | €0.05m | €0.05m | €0.1m | €0.2m | ▲ 107% |
| Cash at bank and in hand54/58 | €0.08m | €0.1m | €0.1m | €0.5m | €0.3m | €0.08m | €0.7m | ▲ 761% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €2.3m | €2.9m | €2.3m | €2.5m | €3.6m | €2.7m | €1.6m | ▼ 39.1% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | €0.6m | ▲ 94.8% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Contributions outside capital11 | - | - | - | €0.02m | - | - | - | - |
| Other1109/19 | - | - | - | €0.02m | - | - | - | - |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | = |
| Profit (loss) carried forward14 | €0.07m | €0.1m | €0.2m | €0.3m | €0.3m | €0.3m | €0.6m | ▲ 101% |
| Amounts payable17/49 | €2.1m | €2.7m | €2.1m | €2.2m | €3.3m | €2.4m | €1.0m | ▼ 56.7% |
| Amounts payable after more than one year17 | €0.2m | €0.5m | €0.6m | €0.8m | €0.7m | €0.4m | €0.3m | ▼ 38.6% |
| Financial debts170/4 | - | - | - | €0.8m | €0.7m | €0.4m | €0.3m | ▼ 39.6% |
| Other amounts payable178/9 | - | - | - | - | €0.008m | €0.01m | €0.01m | ▲ 6.7% |
| Amounts payable within one year42/48 | €1.9m | €2.1m | €1.5m | €1.5m | €2.6m | €1.9m | €0.8m | ▼ 60.7% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.7m | €2.2m | €1.6m | €0.4m | ▼ 72.3% |
| Financial debts43 | - | - | - | €0.1m | €0.2m | €0.1m | €0.001m | ▼ 99.4% |
| Credit institutions430/8 | - | - | - | €0.1m | €0.2m | €0.1m | €0.001m | ▼ 99.4% |
| Trade debts44 | €0.2m | €0.2m | €0.2m | €0.5m | €0.2m | €0.2m | €0.1m | ▼ 16.5% |
| Suppliers440/4 | - | - | - | €0.5m | €0.2m | €0.2m | €0.1m | ▼ 16.5% |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.05m | €0.002m | €0.1m | ▲ 61× |
| Taxes450/3 | - | - | - | €0.04m | €0.04m | - | €0.1m | - |
| Remuneration and social security454/9 | - | - | - | €0.001m | €0.005m | €0.002m | €0.001m | ▼ 63.7% |
| Other amounts payable47/48 | - | - | - | €0.1m | €0.01m | €0.03m | €0.08m | ▲ 167% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €89,992 | €63,850 | €134,291 | €87,185 | -€6,154 | €49,920 | €374,740 | ▲ 651% |
| + Depreciation and write-downs630 | €13,821 | €18,662 | €44,413 | €38,555 | €38,002 | €31,272 | €27,945 | ▼ 10.6% |
| Operating cash flow (approximation) | €103,812 | €82,513 | €178,704 | €125,740 | €31,848 | €81,193 | €402,685 | ▲ 396% |
| Investment in fixed assets (approximation) | - | €1,470 | -€414,442 | -€33,325 | €70 | €4,906 | €0 | ▼ 100% |
| Change in cash | - | €28,884 | €25,596 | €380,374 | -€257,268 | -€183,525 | €581,814 | - |
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, 17,811 companies had the same profile as HAT IMMO has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of HAT IMMO itself: 0.4% 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 17,811 companies, not a prediction for HAT IMMO. 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.
Latest 11 of 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 04-11-2026 | 2026-00601656 | |
| 31-12-2024 | full format | 28-09-2025 | 2025-00507834 | |
| 31-12-2023 | full format | 27-11-2024 | 2024-00606214 | |
| 31-12-2022 | full format | 30-10-2023 | 2023-00497513 | |
| 31-12-2021 | full format | 24-10-2022 | 2022-20470617 | |
| 31-12-2020 | full format | 24-09-2021 | 2021-68300167 | |
| 31-12-2019 | full format | 21-09-2020 | 2020-54300111 | |
| 31-12-2018 | full format | 04-10-2019 | 2019-68700184 | |
| 31-12-2017 | full format | 11-09-2018 | 2018-62800037 | |
| 31-12-2016 | full format | 26-09-2017 | 2017-63000270 | |
| 31-12-2015 | full format | 31-10-2016 | 2016-67400469 |