HAYSTACK
ActiveSummary
HAYSTACK has been active since 2001 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.3m and a net result of €928,622. Equity is growing by ~28.2% per year across the filed fiscal years. Its solvency ranks better than 50% of 721 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€928,622▼ 2.4%
2024 · €951,565
Working capital
€2.4m▼ 17.6%
2024 · €2.9m
Trend over the years
In euros
In per cent
Ratio
In full-time equivalents (FTE)
In euros
No line ticked in this group.
In per cent
No line ticked in this group.
Ratio
No line ticked in this group.
In full-time equivalents (FTE)
No line ticked in this group.
Untick a line to hide it. Point at a year (or use the arrow keys on the chart) for the exact figures; the table below gives them all.Sector: the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings. Dashed line: the median. Available for Net result, Equity, Total assets, Working capital, Solvency, Current ratio, Return on assets (ROA), Staff (FTE).
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€0.3m€0.3m▼ 7.8%€0.3m▲ 21.8%€1.0m▲ 203%€0.9m▼ 8.4%
Net result€0.4mabove the sector's middle half▲ 2,958%€0.4mabove the sector's middle half▼ 2.1%€0.5mabove the sector's middle half▲ 31.8%€1.0mabove the sector's middle half▲ 99.1%€0.9mabove the sector's middle half▼ 2.4%
Equity€0.6mwithin the sector's middle half▲ 18.3%€0.8mabove the sector's middle half▲ 36.2%€1.1mabove the sector's middle half▲ 34.2%€1.8mabove the sector's middle half▲ 66.3%€2.3mabove the sector's middle half▲ 27.2%
Total assets€4.4mabove the sector's middle half▼ 16.7%€4.3mabove the sector's middle half▼ 3.8%€4.3mabove the sector's middle half▲ 1.0%€5.8mabove the sector's middle half▲ 35.4%€5.4mabove the sector's middle half▼ 8.2%
Debt€3.9m▼ 20.3%€3.3m▼ 14.1%€3.0m▼ 10.7%€4.1m▲ 37.1%€3.1m▼ 23.7%
Working capital€1.7mabove the sector's middle half▲ 12.4%€2.1mabove the sector's middle half▲ 21.7%€1.9mabove the sector's middle half▼ 6.8%€2.9mabove the sector's middle half▲ 50.0%€2.4mabove the sector's middle half▼ 17.6%
Solvency13.2%below the sector's middle half▲ 3.9pp18.7%within the sector's middle half▲ 5.5pp24.9%within the sector's middle half▲ 6.2pp30.6%within the sector's middle half▲ 5.7pp42.4%within the sector's middle half▲ 11.8pp
Current ratio1.77within the sector's middle half▲ 0.272.13within the sector's middle half▲ 0.361.99within the sector's middle half▼ 0.142.16within the sector's middle half▲ 0.161.99within the sector's middle half▼ 0.16
Return on assets (ROA)8.4%within the sector's middle half▲ 8.1pp8.5%within the sector's middle half▲ 0.1pp11.1%within the sector's middle half▲ 2.6pp16.3%above the sector's middle half▲ 5.2pp17.3%above the sector's middle half▲ 1.0pp
Staff (FTE)39.5above the sector's middle half▼ 5.7%39.7above the sector's middle half▲ 0.5%36above the sector's middle half▼ 9.3%39.7above the sector's middle half▲ 10.3%44.1above the sector's middle half▲ 11.1%
above
within
below
the middle half (P25 to P75) of NACE 73, Advertising, market research and public relations activities, each year against the same schema; no band under 30 filings.
Result per fiscal year
Operating resultNet result
The operating result falls in 2025; 2025 is 8% below 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €5.4m
Fixed assets
€617,343 ▲ 26.3%
Current assets
€4.7m ▼ 11.3%
Equity and liabilities €5.4m
Equity
€2.3m ▲ 27.2%
Debt
€3.1m ▼ 23.7%
Debt's share of the balance-sheet total falls from 69.4% to 57.6%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.1m▼
2024 · €1.1m
Cash flow
€1.2m▲
2024 · €1.1m
Debt to equity
1.36▼
2024 · 2.27
ROE
40.9%▼
2024 · 53.3%
Interest coverage
13.25▼
2024 · 14.62
Debt ≤ 1 year
€2.4m▼
2024 · €2.5m
Debt > 1 year
€56,951▼
2024 · €73,339
Income taxes
€120,802▼
2024 · €181,817
Staff costs
€4.0m▲
2024 · €3.4m
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 20,134 companies that looked in July 2024 the way this one looks now, 0.2% went bankrupt within 24 months and 95% are still going.
- Small
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.2%
went bankrupt
4.7%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,366 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| 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% | 1.0% |
| 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% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 20,134 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | €2.9m | €3.1m | €3.1m | €3.4m | €4.0m | ▲ 19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 19.1% |
| Other operating charges640/8 | €0.02m | €0.02m | €0.02m | €0.02m | €0.01m | ▼ 14.9% |
| Non-recurring operating charges66A | €0.04m | €0.2m | €0.1m | €0.04m | €0.06m | ▲ 30.1% |
| Gross operating margin9900 | €3.5m | €3.8m | €3.7m | €4.6m | €5.2m | ▲ 13.5% |
| Operating profit (loss)9901 | €0.3m | €0.3m | €0.3m | €1.0m | €0.9m | ▼ 8.4% |
| Financial income75/76B | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 0.4% |
| Recurring financial income75 | €0.2m | €0.2m | €0.3m | €0.3m | €0.3m | ▲ 0.4% |
| Non-recurring financial income76B | - | €0.003m | - | - | - | - |
| Financial charges65/66B | €0.06m | €0.04m | €0.06m | €0.08m | €0.09m | ▲ 5.2% |
| Recurring financial charges65 | €0.06m | €0.04m | €0.05m | €0.08m | €0.08m | ▲ 6.1% |
| Non-recurring financial charges66B | - | - | €0.007m | €0.006m | €0.005m | ▼ 7.4% |
| Profit (loss) for the period before taxes9903 | €0.4m | €0.4m | €0.5m | €1.1m | €1.0m | ▼ 7.4% |
| Income taxes67/77 | €0.005m | €0.005m | €0.03m | €0.2m | €0.1m | ▼ 33.6% |
| Profit (loss) for the period9904 | €0.4m | €0.4m | €0.5m | €1.0m | €0.9m | ▼ 2.4% |
| Transfer to tax-exempt reserves689 | - | - | - | €0.3m | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.4m | €0.4m | €0.5m | €0.7m | €0.9m | ▲ 38.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €4.4m | €4.3m | €4.3m | €5.8m | €5.4m | ▼ 8.2% |
| Fixed assets21/28 | €0.6m | €0.4m | €0.5m | €0.5m | €0.6m | ▲ 26.3% |
| Intangible fixed assets21 | €0.2m | €0.09m | €0.2m | €0.2m | €0.3m | ▲ 32.9% |
| Tangible fixed assets22/27 | €0.4m | €0.3m | €0.3m | €0.2m | €0.2m | ▲ 29.3% |
| Land and buildings22 | €0.2m | €0.2m | €0.1m | €0.1m | €0.1m | ▲ 1.9% |
| Plant, machinery and equipment23 | €0.02m | €0.06m | €0.06m | €0.07m | €0.06m | ▼ 11.0% |
| Furniture and vehicles24 | €0.1m | €0.09m | €0.06m | €0.01m | €0.08m | ▲ 406% |
| Other tangible fixed assets26 | €0.01m | - | - | - | €0.001m | - |
| Financial fixed assets28 | €0.003m | €0.009m | €0.03m | €0.05m | €0.04m | ▼ 16.1% |
| Current assets29/58 | €3.9m | €3.9m | €3.8m | €5.3m | €4.7m | ▼ 11.3% |
| Amounts receivable after more than one year29 | - | - | €0.2m | €0.2m | €0.2m | ▲ 2.4% |
| Other amounts receivable291 | - | - | €0.2m | €0.2m | €0.2m | ▲ 2.4% |
| Amounts receivable within one year40/41 | €2.9m | €3.1m | €3.0m | €4.6m | €3.1m | ▼ 31.0% |
| Trade receivables40 | €2.8m | €2.9m | €2.8m | €4.4m | €3.0m | ▼ 33.2% |
| Other amounts receivable41 | €0.1m | €0.2m | €0.2m | €0.1m | €0.2m | ▲ 37.8% |
| Current investments50/53 | €0.02m | €0.02m | - | - | - | - |
| Cash at bank and in hand54/58 | €0.5m | €0.5m | €0.4m | €0.2m | €0.5m | ▲ 178% |
| Deferred charges and accrued income490/1 | €0.4m | €0.3m | €0.3m | €0.4m | €0.9m | ▲ 126% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €4.4m | €4.3m | €4.3m | €5.8m | €5.4m | ▼ 8.2% |
| Equity10/15 | €0.6m | €0.8m | €1.1m | €1.8m | €2.3m | ▲ 27.2% |
| Contributions10/11 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Capital10 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Issued capital100 | €0.06m | €0.06m | €0.06m | €0.06m | €0.06m | = |
| Reserves13 | €0.5m | €0.5m | €1.0m | €1.7m | €2.2m | ▲ 28.2% |
| Non-distributable reserves130/1 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Legal reserve130 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Tax-exempt reserves132 | - | - | - | €0.3m | €0.3m | = |
| Distributable reserves133 | €0.5m | €0.5m | €1.0m | €1.4m | €1.9m | ▲ 33.8% |
| Profit (loss) carried forward14 | - | €0.2m | - | - | - | - |
| Provisions and deferred taxes16 | - | €0.2m | €0.3m | - | - | - |
| Provisions for liabilities and charges160/5 | - | €0.2m | €0.3m | - | - | - |
| Other liabilities and charges164/5 | - | €0.2m | €0.3m | - | - | - |
| Amounts payable17/49 | €3.9m | €3.3m | €3.0m | €4.1m | €3.1m | ▼ 23.7% |
| Amounts payable after more than one year17 | €0.3m | €0.2m | €0.1m | €0.07m | €0.06m | ▼ 22.3% |
| Financial debts170/4 | €0.3m | €0.2m | €0.1m | €0.07m | €0.06m | ▼ 22.3% |
| Amounts payable within one year42/48 | €2.2m | €1.8m | €1.9m | €2.5m | €2.4m | ▼ 4.1% |
| Current portion of amounts payable after more than one year42 | €0.3m | €0.4m | €0.3m | €0.3m | €0.4m | ▲ 14.3% |
| Financial debts43 | €0.2m | - | - | €0.1m | - | - |
| Credit institutions430/8 | - | - | - | €0.1m | - | - |
| Other loans439 | €0.2m | - | - | - | - | - |
| Trade debts44 | €1.0m | €0.9m | €1.0m | €1.2m | €1.1m | ▼ 7.6% |
| Suppliers440/4 | €1.0m | €0.9m | €1.0m | €1.2m | €1.1m | ▼ 7.6% |
| Taxes, remuneration and social security45 | €0.5m | €0.4m | €0.4m | €0.5m | €0.6m | ▲ 17.4% |
| Taxes450/3 | €0.2m | €0.09m | €0.1m | €0.2m | €0.2m | ▲ 12.0% |
| Remuneration and social security454/9 | €0.3m | €0.3m | €0.3m | €0.3m | €0.4m | ▲ 21.0% |
| Other amounts payable47/48 | €0.2m | €0.2m | €0.2m | €0.3m | €0.3m | ▼ 16.7% |
| Accrued charges and deferred income492/3 | €1.4m | €1.3m | €0.9m | €1.5m | €0.7m | ▼ 56.4% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.4m | €0.4m | €0.5m | €1.0m | €0.9m | ▼ 2.4% |
| + Depreciation and write-downs630 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 19.1% |
| Operating cash flow (approximation) | €0.7m | €0.6m | €0.6m | €1.1m | €1.2m | ▲ 1.2% |
| Investment in fixed assets (approximation) | - | -€0.07m | -€0.2m | -€0.2m | -€0.4m | ▼ 74.1% |
| Change in cash | - | -€0.05m | -€0.1m | -€0.2m | €0.3m | ▲ 261% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
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Of 2,705 companies in this sector we hold annual accounts for 1,782. 831 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector