Haware
ActiveFinancials · financial year 2025, full format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 40 filings
Amounts without an identifiable currency are taken as euros.
Turnover
≈ €670,000
Estimated: probably between €510,000 and €1.1m
EBIT margin
Not included in this filing
Net result
€237,169▼ 39.9%
2024 · €394,496
Working capital
€933,293▲ 27.1%
2024 · €734,026
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
€355,364
▼ 33.5%
2025
20182025
Net result
€237,169
▼ 39.9%
2025
highest quarter of the sector
20182025
Equity
€853,879
▲ 38.5%
2025
middle half of the sector
20182025
Total assets
€3.2m
▲ 8.2%
2025
middle half of the sector
20182025
Debt
€2.4m
▲ 1.7%
2025
20182025
Working capital
€933,293
▲ 27.1%
2025
middle half of the sector
20182025
Solvency
26.4%
▲ 5.8pp
2025
middle half of the sector
20182025
Current ratio
1.41
▲ 0.08
2025
middle half of the sector
20182025
Return on assets (ROA)
7.3%
▼ 5.9pp
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202320242025
Operating result-€0.002m--€0.004m▼ 136%-€0.002m▲ 52.7%€0.09m€0.2m-€0.5m▲ 145%€0.4m▼ 33.5%
Net result-€0.001m--€0.004m▼ 256%-€0.01mbelow the sector's middle half▼ 183%€0.07mabove the sector's middle half€0.1mabove the sector's middle half-€0.4mabove the sector's middle half▲ 172%€0.2mabove the sector's middle half▼ 39.9%
Equity€0.02m-€0.01m▼ 23.3%€0.002mbelow the sector's middle half▼ 86.1%€0.07mwithin the sector's middle half▲ 43×€0.2mwithin the sector's middle half-€0.6mwithin the sector's middle half▲ 178%€0.9mwithin the sector's middle half▲ 38.5%
Total assets€0.02m-€0.02m▲ 0.2%€0.5mwithin the sector's middle half▲ 33×€1.3mabove the sector's middle half▲ 150%€2.4mwithin the sector's middle half-€3.0mwithin the sector's middle half▲ 24.3%€3.2mwithin the sector's middle half▲ 8.2%
Debt€0.004m€0.5m▲ 140×€1.2m▲ 131%€2.2m-€2.3m▲ 8.8%€2.4m▲ 1.7%
Working capital€0.01m€0.1mabove the sector's middle half▲ 966%€0.2mabove the sector's middle half▲ 67.8%€0.3mwithin the sector's middle half-€0.7mabove the sector's middle half▲ 111%€0.9mwithin the sector's middle half▲ 27.1%
Solvency100.0%-76.5%▼ 23.5pp0.3%below the sector's middle half▼ 76.2pp5.6%below the sector's middle half▲ 5.3pp9.2%within the sector's middle half-20.6%within the sector's middle half▲ 11.4pp26.4%within the sector's middle half▲ 5.8pp
Current ratio4.261.33within the sector's middle half▼ 2.931.20within the sector's middle half▼ 0.131.17within the sector's middle half-1.33within the sector's middle half▲ 0.161.41within the sector's middle half▲ 0.08
Return on assets (ROA)-6.5%--23.3%▼ 16.7pp-2.0%within the sector's middle half▲ 21.3pp5.5%within the sector's middle half▲ 7.5pp6.0%above the sector's middle half-13.2%above the sector's middle half▲ 7.2pp7.3%above the sector's middle half▼ 5.9pp
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 2025 is 33% lower than in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Equity and liabilities €3.2m
Equity
€853,879 ▲ 38.5%
Provisions
€0 ▼ 100%
Debt
€2.4m ▲ 1.7%
Debt's share of the balance-sheet total falls from 78.3% to 73.6%. Equity and debt are higher.
Key figures and ratios
Quick ratio
0.52▲
2024 · 0.25
Debt to equity
2.79▼
2024 · 3.80
ROE
27.8%▼
2024 · 64.0%
Debt ≤ 1 year
€2.3m▲
2024 · €2.3m
Debt > 1 year
€77,951▼
2024 · €86,102
Income taxes
€79,209▼
2024 · €120,294
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | €31,214 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €0 | - | - | - | - | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | €31,214 | - | - | - | - |
| Other operating charges640/8 | - | - | - | €1,116 | €2,888 | €7,305 | €22,980 | ▲ 215% |
| Gross operating margin9900 | -€1,184 | -€3,168 | -€1,050 | €122,744 | €220,499 | €541,472 | €378,344 | ▼ 30.1% |
| Operating profit (loss)9901 | -€1,532 | -€3,616 | -€1,710 | €90,413 | €217,611 | €534,167 | €355,364 | ▼ 33.5% |
| Financial income75/76B | - | - | - | - | €90 | €704 | €7,914 | ▲ 11× |
| Recurring financial income75 | €527 | - | €0 | - | €90 | €704 | €7,914 | ▲ 11× |
| Financial charges65/66B | - | - | - | €3,226 | €11,611 | €20,081 | €46,900 | ▲ 134% |
| Recurring financial charges65 | €15 | €19 | €8,567 | €3,226 | €11,611 | €20,081 | €46,900 | ▲ 134% |
| Profit (loss) for the period before taxes9903 | -€1,020 | -€3,634 | -€10,277 | €87,187 | €206,090 | €514,790 | €316,378 | ▼ 38.5% |
| Income taxes67/77 | - | - | €0 | €16,623 | €61,055 | €120,294 | €79,209 | ▼ 34.2% |
| Profit (loss) for the period9904 | -€1,020 | -€3,634 | -€10,277 | €70,564 | €145,035 | €394,496 | €237,169 | ▼ 39.9% |
| Profit (loss) for the period to be appropriated9905 | -€1,020 | -€3,634 | -€10,277 | €70,564 | €145,035 | €394,496 | €237,169 | ▼ 39.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €0.02m | €0.02m | €0.5m | €1.3m | €2.4m | €3.0m | €3.2m | ▲ 8.2% |
| Formation expenses20 | - | - | €0 | - | - | - | - | - |
| Intangible fixed assets21 | - | - | €0 | - | - | - | - | - |
| Financial fixed assets28 | - | - | €0 | - | - | - | - | - |
| Current assets29/58 | €0.02m | €0.02m | €0.5m | €1.3m | €2.4m | €3.0m | €3.2m | ▲ 8.2% |
| Stocks and contracts in progress3 | - | - | €0.4m | €1.0m | €2.0m | €2.4m | €2.0m | ▼ 16.1% |
| Stocks30/36 | - | - | - | €1.0m | €2.0m | €2.4m | €2.0m | ▼ 16.1% |
| Amounts receivable within one year40/41 | €0.006m | - | - | €0.003m | €0.02m | €0.001m | €0.07m | ▲ 73× |
| Other amounts receivable41 | - | - | - | €0.003m | €0.02m | €0.001m | €0.07m | ▲ 73× |
| Current investments50/53 | - | - | €0 | - | - | €0.5m | - | - |
| Cash at bank and in hand54/58 | €0.01m | €0.02m | €0.1m | €0.3m | €0.4m | €0.07m | €1.1m | ▲ 16× |
| Deferred charges and accrued income490/1 | - | - | - | €0.002m | €0.002m | €0.003m | €0.003m | ▲ 4.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €0.02m | €0.02m | €0.5m | €1.3m | €2.4m | €3.0m | €3.2m | ▲ 8.2% |
| Equity10/15 | €0.02m | €0.01m | €0.002m | €0.07m | €0.2m | €0.6m | €0.9m | ▲ 38.5% |
| Contributions10/11 | €0.02m | - | - | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Contributions outside capital11 | - | - | - | - | €0.02m | €0.02m | €0.02m | = |
| Other1109/19 | - | - | - | - | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | - | - | - | €0.05m | €0.2m | €0.6m | €0.8m | ▲ 39.7% |
| Distributable reserves133 | - | - | - | €0.05m | €0.2m | €0.6m | €0.8m | ▲ 39.7% |
| Profit (loss) carried forward14 | -€0.003m | -€0.007m | -€0.02m | - | - | - | - | - |
| Provisions and deferred taxes16 | - | - | - | €0.03m | €0.03m | €0.03m | - | - |
| Provisions for liabilities and charges160/5 | - | - | - | €0.03m | €0.03m | €0.03m | - | - |
| Other liabilities and charges164/5 | - | - | - | €0.03m | €0.03m | €0.03m | - | - |
| Amounts payable17/49 | - | €0.004m | €0.5m | €1.2m | €2.2m | €2.3m | €2.4m | ▲ 1.7% |
| Amounts payable after more than one year17 | - | - | €0.1m | €0.1m | €0.09m | €0.09m | €0.08m | ▼ 9.5% |
| Financial debts170/4 | - | - | - | €0.1m | €0.09m | €0.09m | €0.08m | ▼ 9.5% |
| Amounts payable within one year42/48 | - | €0.004m | €0.4m | €1.1m | €2.1m | €2.3m | €2.3m | ▲ 2.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.008m | €0.008m | €0.008m | €0.008m | ▲ 1.0% |
| Financial debts43 | - | - | - | €0.2m | - | €0.06m | €0.02m | ▼ 72.3% |
| Credit institutions430/8 | - | - | - | €0.2m | - | €0.06m | €0.02m | ▼ 72.3% |
| Trade debts44 | - | €0.003m | - | €0.01m | €0.03m | €0.01m | €0.007m | ▼ 52.1% |
| Suppliers440/4 | - | - | - | €0.01m | €0.03m | €0.01m | €0.007m | ▼ 52.1% |
| Taxes, remuneration and social security45 | - | - | - | €0.01m | €0.01m | €0.04m | €0.05m | ▲ 41.0% |
| Taxes450/3 | - | - | - | €0.01m | €0.01m | €0.04m | €0.05m | ▲ 41.0% |
| Other amounts payable47/48 | - | - | - | €0.8m | €2.0m | €2.1m | €2.2m | ▲ 3.8% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.001m | - | €0.001m | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€0.001m | -€0.004m | -€0.01m | €0.07m | €0.1m | €0.4m | €0.2m | ▼ 39.9% |
| + Depreciation and write-downs630 | - | - | €0 | - | - | - | - | - |
| Operating cash flow (approximation) | -€0.001m | -€0.004m | -€0.01m | €0.07m | €0.1m | €0.4m | €0.2m | ▼ 39.9% |
| Change in cash | - | €0.006m | €0.1m | €0.2m | - | -€0.4m | €1.1m | - |
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, 2,613 companies had the same profile as Haware has now. Two years later, 97.3% were still going and 0.7% had gone bankrupt.
- Small
- 20 years or older
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
97.3%
was still going
2.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of Haware 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 2,613 companies, not a prediction for Haware. 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 40 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 31-07-2026 | 2026-00378761 | |
| 31-12-2024 | abbreviated format | 27-05-2025 | 2025-00107540 | |
| 31-12-2023 | abbreviated format | 13-09-2024 | 2024-00462155 | |
| 31-12-2021 | micro format | 16-08-2022 | 2022-20293387 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-45900170 | |
| 31-12-2019 | micro format | 24-08-2020 | 2020-44200266 | |
| 31-12-2018 | micro format | 13-06-2019 | 2019-18100192 | |
| 31-12-2017 | micro format | 31-08-2018 | 2018-57700513 | |
| 31-12-2016 | micro format | 29-09-2017 | 2017-64300273 | |
| 31-12-2015 | abbreviated format | 31-08-2016 | 2016-55700303 |