HAV-e
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 11 filings
Turnover
≈ €2.3m
Estimated: probably between €1.6m and €3.9m
EBIT margin
Not included in this filing
Net result
€354,223▲ 61.2%
2024 · €219,756
Working capital
€442,831▲ 5.9%
2024 · €418,223
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€473,119
▲ 71.5%
2025
20182025
Net result
€354,223
▲ 61.2%
2025
highest quarter of the sector
20182025
Equity
€538,319
▲ 8.8%
2025
middle half of the sector
20182025
Total assets
€1.4m
▲ 30.6%
2025
middle half of the sector
20182025
Debt
€828,451
▲ 50.3%
2025
20182025
Working capital
€442,831
▲ 5.9%
2025
highest quarter of the sector
20182025
Solvency
39.4%
▼ 7.9pp
2025
middle half of the sector
20182025
Current ratio
1.55
▼ 0.29
2025
middle half of the sector
20182025
Return on assets (ROA)
25.9%
▲ 4.9pp
2025
highest quarter of the sector
20182025
Staff (FTE)
11.9
▲ 25.3%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.1m-€0.2m▲ 44.4%€0.08m▼ 62.7%€0.1m▲ 39.0%€0.3m▲ 171%€0.2m▼ 31.3%€0.3m▲ 39.5%€0.5m▲ 71.5%
Net result€0.1m-€0.1m▲ 38.6%€0.06mabove the sector's middle half▼ 60.7%€0.07mwithin the sector's middle half▲ 22.2%€0.2mabove the sector's middle half▲ 224%€0.2mwithin the sector's middle half▼ 32.4%€0.2mabove the sector's middle half▲ 42.0%€0.4mabove the sector's middle half▲ 61.2%
Equity€0.2m-€0.3m▲ 72.7%€0.3mabove the sector's middle half▼ 19.7%€0.3mwithin the sector's middle half▲ 10.2%€0.4mwithin the sector's middle half▲ 35.4%€0.4mwithin the sector's middle half▲ 11.2%€0.5mwithin the sector's middle half▲ 18.1%€0.5mwithin the sector's middle half▲ 8.8%
Total assets€0.4m-€0.4m▲ 21.6%€0.5mabove the sector's middle half▲ 21.1%€0.6mwithin the sector's middle half▲ 5.6%€0.8mwithin the sector's middle half▲ 45.2%€1.0mwithin the sector's middle half▲ 17.0%€1.0mwithin the sector's middle half▲ 9.2%€1.4mwithin the sector's middle half▲ 30.6%
Debt€0.2m-€0.1m▼ 29.9%€0.3m▲ 122%€0.3m▲ 1.5%€0.4m▲ 54.6%€0.5m▲ 21.6%€0.6m▲ 2.3%€0.8m▲ 50.3%
Working capital€0.2m-€0.3m▲ 66.8%€0.2mabove the sector's middle half▼ 23.4%€0.2mwithin the sector's middle half▲ 6.5%€0.3mwithin the sector's middle half▲ 30.3%€0.3mwithin the sector's middle half▲ 4.0%€0.4mwithin the sector's middle half▲ 27.6%€0.4mabove the sector's middle half▲ 5.9%
Solvency50.2%-71.2%▲ 21.1pp47.2%within the sector's middle half▼ 24.0pp49.3%within the sector's middle half▲ 2.0pp45.9%within the sector's middle half▼ 3.3pp43.7%within the sector's middle half▼ 2.3pp47.2%within the sector's middle half▲ 3.6pp39.4%within the sector's middle half▼ 7.9pp
Current ratio2.03-3.33▲ 1.301.92within the sector's middle half▼ 1.421.93within the sector's middle half▲ 0.011.81within the sector's middle half▼ 0.121.72within the sector's middle half▼ 0.091.84within the sector's middle half▲ 0.121.55within the sector's middle half▼ 0.29
Return on assets (ROA)29.3%-33.4%▲ 4.1pp10.8%within the sector's middle half▼ 22.5pp12.5%within the sector's middle half▲ 1.7pp27.9%above the sector's middle half▲ 15.4pp16.1%above the sector's middle half▼ 11.8pp21.0%above the sector's middle half▲ 4.9pp25.9%above the sector's middle half▲ 4.9pp
Staff (FTE)1-2.7▲ 170%3.8above the sector's middle half▲ 40.7%4.1within the sector's middle half▲ 7.9%6.4within the sector's middle half▲ 56.1%8.5within the sector's middle half▲ 32.8%9.5within the sector's middle half▲ 11.8%11.9above the sector's middle half▲ 25.3%
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 2025 is 72% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Large changes and their cause
- 2025 Net result +61% on 2024. The accounts now follow the abbreviated format, last year the full format.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.4m
Fixed assets
€122,846 ▼ 6.3%
Current assets
€1.2m ▲ 35.9%
Equity and liabilities €1.4m
Equity
€538,319 ▲ 8.8%
Provisions
€1,003 ▼ 25.2%
Debt
€828,451 ▲ 50.3%
Debt's share of the balance-sheet total rises from 52.6% to 60.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€523,043▲
2024 · €343,607
Cash flow
€404,146▲
2024 · €287,505
Debt to equity
1.54▲
2024 · 1.11
ROE
65.8%▲
2024 · 44.4%
Interest coverage
41.62▲
2024 · 37.86
Debt ≤ 1 year
€802,097▲
2024 · €497,855
Debt > 1 year
€26,057▼
2024 · €52,951
Income taxes
€108,596▲
2024 · €48,862
Staff costs
€836,682▲
2024 · €642,485
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 4 | 8 | 9 | 11 | 12 |
| full-time | 4 | 7 | 8 | 9 | 10 |
| part-time | - | 1 | 1 | 2 | 2 |
| in full-time equivalents | 4 | 7.8 | 8.8 | 10.3 | 11.2 |
| Average over the year, in full-time equivalents | 4.1 | 6.4 | 8.5 | 9.5 | 11.9 |
| On a permanent contract | 4 | 8 | 9 | 10 | 11 |
| Joined | 2 | 4 | 1 | 4 | 4 |
| Left | 2 | 0 | 0 | 2 | 3 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €13,362 | €73,722 | €95,528 | €10,826 | €21,167 |
| Intangible fixed assets | €1,760 | - | €17,999 | €8,533 | €20,520 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €13,043 | €20,314 | €50,098 | €67,749 | €49,924 |
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 | - | - | - | - | €50 | €0.006m | €0.001m | €0 | ▼ 100% |
| Remuneration, social security and pensions62 | - | - | - | €0.3m | €0.4m | €0.6m | €0.6m | €0.8m | ▲ 30.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.01m | €0.01m | €0.01m | €0.01m | €0.02m | €0.05m | €0.07m | €0.05m | ▼ 26.3% |
| Other operating charges640/8 | - | - | - | €0.002m | €0.003m | €0.004m | €0.003m | €0.004m | ▲ 32.1% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €169 | €0 | ▼ 100% |
| Gross operating margin9900 | €0.2m | €0.4m | €0.3m | €0.4m | €0.7m | €0.9m | €1.0m | €1.4m | ▲ 37.8% |
| Operating profit (loss)9901 | €0.1m | €0.2m | €0.08m | €0.1m | €0.3m | €0.2m | €0.3m | €0.5m | ▲ 71.5% |
| Financial income75/76B | - | - | - | €4 | €60 | €0.001m | €0.001m | €0.002m | ▲ 28.7% |
| Recurring financial income75 | €68 | €34 | €70 | €4 | €60 | €0.001m | €0.001m | €0.002m | ▲ 28.7% |
| Financial charges65/66B | - | - | - | €0.006m | €0.007m | €0.01m | €0.009m | €0.01m | ▲ 38.5% |
| Recurring financial charges65 | €0.003m | €0.004m | €0.004m | €0.006m | €0.007m | €0.01m | €0.009m | €0.01m | ▲ 38.5% |
| Profit (loss) for the period before taxes9903 | €0.1m | €0.2m | €0.07m | €0.1m | €0.3m | €0.2m | €0.3m | €0.5m | ▲ 72.4% |
| Transfer from deferred taxes780 | - | - | - | - | - | €9 | €338 | €338 | = |
| Income taxes67/77 | €0.03m | €0.05m | €0.01m | €0.03m | €0.05m | €0.03m | €0.05m | €0.1m | ▲ 122% |
| Profit (loss) for the period9904 | €0.1m | €0.1m | €0.06m | €0.07m | €0.2m | €0.2m | €0.2m | €0.4m | ▲ 61.2% |
| Profit (loss) for the period to be appropriated9905 | €0.1m | €0.1m | €0.06m | €0.07m | €0.2m | €0.2m | €0.2m | €0.4m | ▲ 61.2% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.4m | €0.4m | €0.5m | €0.6m | €0.8m | €1.0m | €1.0m | €1.4m | ▲ 30.6% |
| Fixed assets21/28 | €0.01m | €0.02m | €0.06m | €0.06m | €0.1m | €0.2m | €0.1m | €0.1m | ▼ 6.3% |
| Intangible fixed assets21 | €0.001m | €0.005m | €0.004m | €0.004m | €0.002m | €0.02m | €0.02m | €0.04m | ▲ 64.9% |
| Tangible fixed assets22/27 | €0.01m | €0.01m | €0.06m | €0.06m | €0.1m | €0.2m | €0.1m | €0.09m | ▼ 20.9% |
| Plant, machinery and equipment23 | - | - | - | €0.001m | €0.001m | €438 | €328 | €219 | ▼ 33.3% |
| Furniture and vehicles24 | - | - | - | €0.06m | €0.1m | €0.2m | €0.1m | €0.08m | ▼ 24.1% |
| Other tangible fixed assets26 | - | - | - | €0.002m | €0.001m | €0.001m | €0.003m | €0.005m | ▲ 52.8% |
| Assets under construction and advance payments27 | - | - | - | - | - | €0.001m | - | €0.001m | - |
| Current assets29/58 | €0.4m | €0.4m | €0.5m | €0.5m | €0.7m | €0.8m | €0.9m | €1.2m | ▲ 35.9% |
| Amounts receivable within one year40/41 | €0.2m | €0.2m | €0.2m | €0.5m | €0.3m | €0.6m | €0.6m | €0.9m | ▲ 53.1% |
| Trade receivables40 | - | - | - | €0.5m | €0.2m | €0.6m | €0.5m | €0.9m | ▲ 56.5% |
| Other amounts receivable41 | - | - | - | €34 | €0.02m | €0.02m | €0.01m | €72 | ▼ 99.4% |
| Cash at bank and in hand54/58 | €0.1m | €0.2m | €0.3m | €0.03m | €0.4m | €0.1m | €0.3m | €0.4m | ▲ 8.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.009m | €0.01m | €0.02m | €0.03m | €0.03m | ▲ 12.2% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.4m | €0.4m | €0.5m | €0.6m | €0.8m | €1.0m | €1.0m | €1.4m | ▲ 30.6% |
| Equity10/15 | €0.2m | €0.3m | €0.3m | €0.3m | €0.4m | €0.4m | €0.5m | €0.5m | ▲ 8.8% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.002m | €0.5m | €0.5m | ▲ 9.5% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Distributable reserves133 | - | - | - | - | - | €0.002m | €0.5m | €0.5m | ▲ 9.5% |
| Profit (loss) carried forward14 | €0.2m | €0.3m | €0.2m | €0.3m | €0.4m | €0.4m | - | €0 | - |
| Investment grants15 | - | - | - | - | - | €0.005m | €0.004m | €0.003m | ▼ 25.2% |
| Provisions and deferred taxes16 | - | - | - | - | - | €0.002m | €0.001m | €0.001m | ▼ 25.2% |
| Deferred taxes168 | - | - | - | - | - | €0.002m | €0.001m | €0.001m | ▼ 25.2% |
| Amounts payable17/49 | €0.2m | €0.1m | €0.3m | €0.3m | €0.4m | €0.5m | €0.6m | €0.8m | ▲ 50.3% |
| Amounts payable after more than one year17 | - | - | €0.04m | €0.03m | €0.05m | €0.09m | €0.05m | €0.03m | ▼ 50.8% |
| Financial debts170/4 | - | - | - | €0.03m | €0.05m | €0.09m | €0.05m | €0.03m | ▼ 50.8% |
| Amounts payable within one year42/48 | €0.2m | €0.1m | €0.2m | €0.3m | €0.4m | €0.5m | €0.5m | €0.8m | ▲ 61.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.06m | €0.03m | €0.03m | €0.03m | ▼ 19.0% |
| Financial debts43 | - | - | - | €0.003m | €194 | €115 | - | €363 | - |
| Other loans439 | - | - | - | €0.003m | €194 | €115 | - | €363 | - |
| Trade debts44 | €0.03m | €0.02m | €0.01m | €0.07m | €0.05m | €0.07m | €0.07m | €0.1m | ▲ 77.8% |
| Suppliers440/4 | - | - | - | €0.07m | €0.05m | €0.07m | €0.07m | €0.1m | ▲ 77.8% |
| Taxes, remuneration and social security45 | - | - | - | €0.09m | €0.1m | €0.2m | €0.3m | €0.4m | ▲ 46.7% |
| Taxes450/3 | - | - | - | €0.06m | €0.08m | €0.1m | €0.2m | €0.2m | ▲ 49.6% |
| Remuneration and social security454/9 | - | - | - | €0.03m | €0.06m | €0.1m | €0.09m | €0.1m | ▲ 41.3% |
| Other amounts payable47/48 | - | - | - | €0.09m | €0.1m | €0.1m | €0.1m | €0.3m | ▲ 95.9% |
| Accrued charges and deferred income492/3 | - | - | - | €204 | - | €0.001m | €407 | €297 | ▼ 26.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €106,299 | €147,367 | €57,919 | €70,753 | €229,093 | €154,783 | €219,756 | €354,223 | ▲ 61.2% |
| + Depreciation and write-downs630 | €9,926 | €9,879 | €10,144 | €13,043 | €20,314 | €50,098 | €67,749 | €49,924 | ▼ 26.3% |
| Operating cash flow (approximation) | €116,225 | €157,246 | €68,063 | €83,795 | €249,407 | €204,881 | €287,505 | €404,146 | ▲ 40.6% |
| Investment in fixed assets (approximation) | - | -€14,966 | -€52,421 | -€15,123 | -€73,722 | -€113,527 | -€19,359 | -€41,687 | ▼ 115% |
| Change in cash | - | €80,345 | €75,285 | -€247,658 | €397,009 | -€280,125 | €178,136 | €27,250 | ▼ 84.7% |
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 HAV-e 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 HAV-e itself: 0.1% 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 HAV-e. 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 11 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-06-2026 | 2026-00230360 | |
| 31-12-2024 | full format | 17-06-2025 | 2025-00148228 | |
| 31-12-2023 | full format | 14-05-2024 | 2024-00086531 | |
| 31-12-2022 | full format | 26-04-2023 | 2023-00065981 | |
| 31-12-2021 | full format | 21-06-2022 | 2022-20077031 | |
| 31-12-2020 | micro format | 25-06-2021 | 2021-24600026 | |
| 31-12-2019 | micro format | 24-08-2020 | 2020-44000021 | |
| 31-12-2018 | micro format | 26-04-2019 | 2019-10900092 | |
| 31-12-2017 | micro format | 20-07-2018 | 2018-35500171 | |
| 31-12-2016 | micro format | 09-07-2017 | 2017-30000001 |