HBD
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 23-07-2026 at the NBB all 3 filings
Turnover
≈ €680,000
Estimated: probably between €530,000 and €1.2m
EBIT margin
Not included in this filing
Net result
€610,558▲ 161%
2024 · €234,305
Working capital
€415,074▲ 63×
2024 · €6,600
Multi-year overview
2023 to 2025, 3 financial yearsOperating result
€422,862
▲ 239%
2025
20232025
Net result
€610,558
▲ 161%
2025
highest quarter of the sector
20232025
Equity
€1.0m
▲ 148%
2025
middle half of the sector
20232025
Total assets
€3.1m
▲ 18.8%
2025
highest quarter of the sector
20232025
Debt
€2.1m
▼ 5.4%
2025
20232025
Working capital
€415,074
▲ 63×
2025
highest quarter of the sector
20232025
Solvency
33.0%
▲ 17.2pp
2025
middle half of the sector
20232025
Current ratio
2.71
▲ 1.68
2025
middle half of the sector
20232025
Return on assets (ROA)
19.7%
▲ 10.7pp
2025
highest quarter of the sector
20232025
Staff (FTE)
1
2025
middle half of the sector
20232025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line202320242025
Operating result€0.05m-€0.1m▲ 172%€0.4m▲ 239%
Net result€0.2mwithin the sector's middle half-€0.2mwithin the sector's middle half▲ 35.4%€0.6mabove the sector's middle half▲ 161%
Equity€0.2mwithin the sector's middle half-€0.4mwithin the sector's middle half▲ 132%€1.0mwithin the sector's middle half▲ 148%
Total assets€2.5mwithin the sector's middle half-€2.6mwithin the sector's middle half▲ 3.5%€3.1mabove the sector's middle half▲ 18.8%
Debt€2.3m-€2.2m▼ 6.2%€2.1m▼ 5.4%
Working capital-€0.08mwithin the sector's middle half-€0.007mwithin the sector's middle half€0.4mabove the sector's middle half▲ 63×
Solvency7.1%below the sector's middle half-15.8%below the sector's middle half▲ 8.7pp33.0%within the sector's middle half▲ 17.2pp
Current ratio0.59within the sector's middle half-1.03within the sector's middle half▲ 0.442.71within the sector's middle half▲ 1.68
Return on assets (ROA)6.9%within the sector's middle half-9.0%within the sector's middle half▲ 2.1pp19.7%above the sector's middle half▲ 10.7pp
Staff (FTE)1within the sector's middle half
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 3.4 times that of 2024 and the highest since 2023. It is the second rise in a row.
Large changes and their cause
- 2025 Net result +161% 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 €3.1m
Fixed assets
€2.4m ▲ 2.3%
Current assets
€658,346 ▲ 196%
Equity and liabilities €3.1m
Equity
€1.0m ▲ 148%
Debt
€2.1m ▼ 5.4%
Debt's share of the balance-sheet total falls from 84.2% to 67.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€443,757▲
2024 · €144,034
Cash flow
€631,453▲
2024 · €253,474
Debt to equity
2.03▼
2024 · 5.33
ROE
59.7%▲
2024 · 56.8%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€243,272▲
2024 · €215,611
Debt > 1 year
€1.8m▼
2024 · €2.0m
Income taxes
€103,413▲
2024 · €27,161
Staff costs
€3,616▲
2024 · €3,370
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2025 |
|---|---|
| Employees at the balance-sheet date | 1 |
| part-time | 1 |
| in full-time equivalents | 0.1 |
| Average over the year, in full-time equivalents | 0.1 |
Source: social balance sheet in the 2025 annual accounts
Investments
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| Tangible fixed assets | €58,711 | €4,199 | €5,630 |
| Intangible fixed assets | €113 | - | - |
| Financial fixed assets | €2.4m | - | €70,719 |
| Depreciation and write-downs of the year | €18,322 | €19,169 | €20,895 |
Source: notes to the 2023 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Remuneration, social security and pensions62 | €2,553 | €3,370 | €3,616 | ▲ 7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €18,322 | €19,169 | €20,895 | ▲ 9.0% |
| Other operating charges640/8 | €2,783 | €394 | €407 | ▲ 3.4% |
| Gross operating margin9900 | €69,555 | €147,798 | €447,780 | ▲ 203% |
| Operating profit (loss)9901 | €45,897 | €124,865 | €422,862 | ▲ 239% |
| Financial income75/76B | €137,599 | €137,601 | €291,437 | ▲ 112% |
| Recurring financial income75 | €137,599 | €137,601 | €291,437 | ▲ 112% |
| Financial charges65/66B | €283 | €1,001 | €328 | ▼ 67.2% |
| Recurring financial charges65 | €283 | €616 | €328 | ▼ 46.8% |
| Non-recurring financial charges66B | - | €384 | - | - |
| Profit (loss) for the period before taxes9903 | €183,213 | €261,466 | €713,971 | ▲ 173% |
| Income taxes67/77 | €10,123 | €27,161 | €103,413 | ▲ 281% |
| Profit (loss) for the period9904 | €173,091 | €234,305 | €610,558 | ▲ 161% |
| Profit (loss) for the period to be appropriated9905 | €173,091 | €234,305 | €610,558 | ▲ 161% |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Assets | ||||
| Total assets20/58 | €2.5m | €2.6m | €3.1m | ▲ 18.8% |
| Fixed assets21/28 | €2.4m | €2.4m | €2.4m | ▲ 2.3% |
| Intangible fixed assets21 | €57 | - | - | - |
| Tangible fixed assets22/27 | €0.04m | €0.03m | €0.01m | ▼ 59.8% |
| Land and buildings22 | €0.005m | €0.004m | €0.003m | ▼ 29.7% |
| Furniture and vehicles24 | €0.04m | €0.02m | €0.008m | ▼ 65.0% |
| Financial fixed assets28 | €2.4m | €2.4m | €2.4m | ▲ 3.0% |
| Current assets29/58 | €0.1m | €0.2m | €0.7m | ▲ 196% |
| Amounts receivable after more than one year29 | €0.03m | €0.02m | €0.02m | ▼ 21.4% |
| Other amounts receivable291 | €0.03m | €0.02m | €0.02m | ▼ 21.4% |
| Amounts receivable within one year40/41 | €0.01m | €0.01m | €0.08m | ▲ 578% |
| Trade receivables40 | - | - | €0.07m | - |
| Other amounts receivable41 | €0.01m | €0.01m | €0.005m | ▼ 51.6% |
| Current investments50/53 | - | €0.1m | €0.6m | ▲ 452% |
| Cash at bank and in hand54/58 | €0.08m | €0.09m | €0.01m | ▼ 88.7% |
| Deferred charges and accrued income490/1 | €110 | €0.001m | €90 | ▼ 86.9% |
| Equity and liabilities | ||||
| Total equity and liabilities10/49 | €2.5m | €2.6m | €3.1m | ▲ 18.8% |
| Equity10/15 | €0.2m | €0.4m | €1.0m | ▲ 148% |
| Contributions10/11 | €0.005m | €0.005m | €0.005m | = |
| Reserves13 | €0.2m | €0.4m | €1.0m | ▲ 150% |
| Distributable reserves133 | €0.2m | €0.4m | €1.0m | ▲ 150% |
| Amounts payable17/49 | €2.3m | €2.2m | €2.1m | ▼ 5.4% |
| Amounts payable after more than one year17 | €2.1m | €2.0m | €1.8m | ▼ 8.0% |
| Financial debts170/4 | €2.1m | €2.0m | €1.8m | ▼ 8.0% |
| Amounts payable within one year42/48 | €0.2m | €0.2m | €0.2m | ▲ 12.8% |
| Current portion of amounts payable after more than one year42 | €0.1m | €0.1m | €0.1m | ▼ 1.0% |
| Financial debts43 | €123 | - | - | - |
| Credit institutions430/8 | €123 | - | - | - |
| Trade debts44 | €0.002m | €0.004m | €459 | ▼ 89.7% |
| Suppliers440/4 | €0.002m | €0.004m | €459 | ▼ 89.7% |
| Taxes, remuneration and social security45 | €0.003m | €0.01m | €0.05m | ▲ 227% |
| Taxes450/3 | €0.003m | €0.01m | €0.05m | ▲ 228% |
| Remuneration and social security454/9 | - | €63 | €63 | = |
| Other amounts payable47/48 | €0.06m | €0.06m | €0.06m | = |
| Accrued charges and deferred income492/3 | - | €78 | €0.01m | ▲ 155× |
| Line | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|
| Profit (loss) for the period9904 | €173,091 | €234,305 | €610,558 | ▲ 161% |
| + Depreciation and write-downs630 | €18,322 | €19,169 | €20,895 | ▲ 9.0% |
| Operating cash flow (approximation) | €191,413 | €253,474 | €631,453 | ▲ 149% |
| Investment in fixed assets (approximation) | - | -€3,980 | -€76,349 | ▼ 1,818% |
| Change in cash | - | €9,720 | -€76,557 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.