HATIMA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 29-05-2026 PDF all 25 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €730,000
Estimated: probably between €510,000 and €1.1m
Total assets
€2.1m▲ 47.0%
2024 · €1.4m
Net result
€187,369▼ 55.6%
2024 · €421,700
Working capital
-€210,963
2024 · €42,303
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€270,646
▼ 50.3%
2025
20182025
Net result
€187,369
▼ 55.6%
2025
20182025
Equity
€753,256
▲ 33.1%
2025
20182025
Total assets
€2.1m
▲ 47.0%
2025
20182025
Debt
€1.4m
▲ 56.0%
2025
20182025
Working capital
-€210,963
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€0.004m--€0.009m▼ 97.8%€0.005m€0.003m▼ 45.9%-€0.001m-€0.002m▼ 69.4%€0.5m€0.3m▼ 50.3%
Net result-€0.006m--€0.009m▼ 69.9%€0.005m€0.002m▼ 57.9%-€0.008m-€0.008m▼ 7.1%€0.4m€0.2m▼ 55.6%
Equity€0.2m-€0.2m▼ 5.8%€0.2m▲ 3.6%€0.2m▲ 1.5%€0.2m▼ 4.8%€0.1m▼ 5.4%€0.6m▲ 292%€0.8m▲ 33.1%
Total assets€0.6m-€0.6m▼ 5.6%€0.6m▼ 1.4%€1.0m▲ 65.9%€0.9m▼ 5.3%€0.9m▼ 4.6%€1.4m▲ 58.8%€2.1m▲ 47.0%
Debt€0.5m-€0.5m▼ 5.5%€0.4m▼ 3.0%€0.8m▲ 88.7%€0.8m▼ 5.4%€0.8m▼ 4.4%€0.9m▲ 14.5%€1.4m▲ 56.0%
Working capital-€0.4m-€0.005m€0.01m▲ 126%-€0.06m-€0.04m▲ 32.3%-€0.04m▲ 0.4%€0.04m-€0.2m
The operating result for 2025 is 50% lower than in 2024.
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 €2.1m
Fixed assets
€1.5m ▲ 26.5%
Current assets
€568,736 ▲ 162%
Equity and liabilities €2.1m
Equity
€753,256 ▲ 33.1%
Debt
€1.4m ▲ 56.0%
Debt's share of the balance-sheet total rises from 60.6% to 64.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€356,796▼
2024 · €599,292
Cash flow
€273,518▼
2024 · €476,689
Current ratio
0.73▼
2024 · 1.24
Debt to equity
1.80▲
2024 · 1.54
ROE
24.9%▼
2024 · 74.5%
ROA
8.9%▼
2024 · 29.4%
Interest coverage
63.58▼
2024 · over 100
Debt ≤ 1 year
€779,698▲
2024 · €174,611
Debt > 1 year
€574,788▼
2024 · €694,070
Income taxes
€77,697▼
2024 · €116,930
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | €74,579 | - | - | - |
| Mortgage mandates | - | €325,000 | - | - | - |
| Carrying value of the mortgaged assets | - | €383,893 | - | - | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €431,594 | €5,377 | €22,496 | €565,215 | €579,296 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €34,463 | €51,948 | €51,923 | €54,990 | €86,149 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €573,735 | €329,675 | ▼ 42.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €45,973 | €46,178 | €31,374 | €34,463 | €51,948 | €51,923 | €54,990 | €86,149 | ▲ 56.7% |
| Other operating charges640/8 | - | - | - | €7,429 | €9,134 | €10,537 | €10,067 | €7,472 | ▼ 25.8% |
| Gross operating margin9900 | €47,901 | €44,147 | €44,027 | €44,869 | €59,796 | €60,282 | €609,360 | €364,267 | ▼ 40.2% |
| Operating profit (loss)9901 | -€4,453 | -€8,809 | €5,499 | €2,977 | -€1,286 | -€2,178 | €544,303 | €270,646 | ▼ 50.3% |
| Financial income75/76B | - | - | - | - | - | - | €4 | €32 | ▲ 688% |
| Recurring financial income75 | €11 | €0 | €0 | - | - | - | €4 | €32 | ▲ 688% |
| Financial charges65/66B | - | - | - | €687 | €6,397 | €6,052 | €5,677 | €5,612 | ▼ 1.1% |
| Recurring financial charges65 | €1,069 | €554 | €63 | €687 | €6,397 | €6,052 | €5,677 | €5,612 | ▼ 1.1% |
| Profit (loss) for the period before taxes9903 | -€5,511 | -€9,363 | €5,436 | €2,290 | -€7,683 | -€8,230 | €538,630 | €265,066 | ▼ 50.8% |
| Income taxes67/77 | €0 | €0 | €0 | - | - | - | €116,930 | €77,697 | ▼ 33.6% |
| Profit (loss) for the period9904 | -€5,511 | -€9,363 | €5,436 | €2,290 | -€7,683 | -€8,230 | €421,700 | €187,369 | ▼ 55.6% |
| Profit (loss) for the period to be appropriated9905 | -€5,511 | -€9,363 | €5,436 | €2,290 | -€7,683 | -€8,230 | €421,700 | €187,369 | ▼ 55.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €0.6m | €0.6m | €1.0m | €0.9m | €0.9m | €1.4m | €2.1m | ▲ 47.0% |
| Formation expenses20 | €0 | €0 | €0 | - | - | - | - | - | - |
| Fixed assets21/28 | €0.6m | €0.6m | €0.6m | €1.0m | €0.9m | €0.9m | €1.2m | €1.5m | ▲ 26.5% |
| Intangible fixed assets21 | €0 | €0 | €0 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €0.6m | €0.6m | €0.6m | €1.0m | €0.9m | €0.9m | €1.2m | €1.5m | ▲ 26.5% |
| Land and buildings22 | - | - | - | €1.0m | €0.9m | €0.9m | €1.2m | €1.5m | ▲ 25.0% |
| Plant, machinery and equipment23 | - | - | - | €214 | - | - | €0.005m | €0.004m | ▼ 20.8% |
| Furniture and vehicles24 | - | - | - | €0.001m | €432 | €0.002m | €0.008m | €0.03m | ▲ 269% |
| Financial fixed assets28 | €372 | €372 | €372 | €372 | €372 | €372 | €372 | €372 | = |
| Current assets29/58 | €0.009m | €0.01m | €0.02m | €0.02m | €0.02m | €0.004m | €0.2m | €0.6m | ▲ 162% |
| Stocks and contracts in progress3 | €0 | €0 | €0 | - | - | - | - | - | - |
| Amounts receivable within one year40/41 | - | - | €0.001m | - | - | €313 | €0 | €0.6m | - |
| Trade receivables40 | - | - | - | - | - | €313 | €0 | €0.6m | - |
| Current investments50/53 | €0 | €0 | €0 | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.008m | €0.01m | €0.02m | €0.02m | €0.02m | €0.002m | €0.2m | €0.02m | ▼ 92.5% |
| Deferred charges and accrued income490/1 | - | - | - | - | €0.001m | €0.002m | €171 | €388 | ▲ 126% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €0.6m | €0.6m | €1.0m | €0.9m | €0.9m | €1.4m | €2.1m | ▲ 47.0% |
| Equity10/15 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.6m | €0.8m | ▲ 33.1% |
| Contributions10/11 | €0.4m | €0.4m | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Reserves13 | - | - | - | - | - | - | €0.4m | €0.4m | = |
| Distributable reserves133 | - | - | - | - | - | - | €0.4m | €0.4m | = |
| Profit (loss) carried forward14 | -€0.2m | -€0.3m | -€0.3m | -€0.2m | -€0.3m | -€0.3m | -€0.3m | -€0.08m | ▲ 70.5% |
| Amounts payable17/49 | €0.5m | €0.5m | €0.4m | €0.8m | €0.8m | €0.8m | €0.9m | €1.4m | ▲ 56.0% |
| Amounts payable after more than one year17 | €0.1m | €0.5m | €0.4m | €0.8m | €0.7m | €0.7m | €0.7m | €0.6m | ▼ 17.2% |
| Financial debts170/4 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▼ 2.2% |
| Other amounts payable178/9 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.3m | ▼ 26.4% |
| Amounts payable within one year42/48 | €0.4m | €0.009m | €0.01m | €0.08m | €0.06m | €0.04m | €0.2m | €0.8m | ▲ 347% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.03m | ▲ 19.5% |
| Trade debts44 | €83 | €84 | €0.001m | €0.003m | €0.003m | €0.003m | €0.01m | €0.6m | ▲ 41× |
| Suppliers440/4 | - | - | - | €0.003m | €0.003m | €0.003m | €0.01m | €0.6m | ▲ 41× |
| Taxes, remuneration and social security45 | - | - | - | - | - | - | €0.1m | €0.2m | ▲ 66.4% |
| Taxes450/3 | - | - | - | - | - | - | €0.1m | €0.2m | ▲ 66.4% |
| Other amounts payable47/48 | - | - | - | €0.06m | €0.03m | €0.02m | €0.02m | €0.008m | ▼ 66.0% |
| Accrued charges and deferred income492/3 | - | - | - | €0.002m | €0.002m | €0.002m | €0.002m | €0.003m | ▲ 86.1% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€5,511 | -€9,363 | €5,436 | €2,290 | -€7,683 | -€8,230 | €421,700 | €187,369 | ▼ 55.6% |
| + Depreciation and write-downs630 | €45,973 | €46,178 | €31,374 | €34,463 | €51,948 | €51,923 | €54,990 | €86,149 | ▲ 56.7% |
| Operating cash flow (approximation) | €40,462 | €36,815 | €36,811 | €36,753 | €44,265 | €43,693 | €476,689 | €273,518 | ▼ 42.6% |
| Investment in fixed assets (approximation) | - | -€5,672 | -€11,771 | -€431,594 | -€5,377 | -€22,496 | -€374,450 | -€408,972 | ▼ 9.2% |
| Change in cash | - | €4,276 | €9,365 | €2,828 | -€7,884 | -€14,510 | €214,379 | -€200,395 | - |
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, 20,136 companies had the same profile as HATIMA has now. Two years later, 95.0% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
95.0%
was still going
4.7%
stopped otherwise
0.2%
went bankrupt
That fits the bankruptcy probability of HATIMA itself: 0.2% 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 20,136 companies, not a prediction for HATIMA. 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 10 of 25 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 29-05-2026 | 2026-00126616 | |
| 31-12-2024 | micro format | 10-07-2025 | 2025-00256207 | |
| 31-12-2023 | micro format | 17-09-2024 | 2024-00463689 | |
| 31-12-2022 | micro format | 23-08-2023 | 2023-00345249 | |
| 31-12-2021 | micro format | 28-06-2022 | 2022-20100346 | |
| 31-12-2020 | micro format | 14-06-2021 | 2021-19600241 | |
| 31-12-2019 | micro format | 29-06-2020 | 2020-22200436 | |
| 31-12-2018 | micro format | 23-07-2019 | 2019-35900058 | |
| 31-12-2017 | micro format | 22-06-2018 | 2018-21000227 | |
| 31-12-2016 | micro format | 01-06-2017 | 2017-14400001 |