HECO PROJECTS
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 14 filings
Turnover
≈ €60,000
Estimated: probably between €30,000 and €190,000
Total assets
€461,455▲ 9.4%
2024 · €421,616
Net result
€1,756
2024 · -€14,074
Working capital
€279,503▲ 24.5%
2024 · €224,583
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€1,871
2025
20182025
Net result
€1,756
2025
middle half of the sector
20182025
Equity
€378,820
▲ 0.5%
2025
middle half of the sector
20182025
Total assets
€461,455
▲ 9.4%
2025
lowest quarter of the sector
20182025
Debt
€82,635
▲ 85.5%
2025
20182025
Working capital
€279,503
▲ 24.5%
2025
middle half of the sector
20182025
Solvency
82.1%
▼ 7.3pp
2025
highest quarter of the sector
20182025
Current ratio
no figure
2025
20182025
Return on assets (ROA)
0.4%
▲ 3.7pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result-€27-€0.03m-€0.01m-€0.001m▲ 91.3%€0.01m€0.03m▲ 182%-€0.01m€0.002m
Net result-€0.01m-€0.01m-€0.01mbelow the sector's middle half-€0.006mwithin the sector's middle half▲ 50.0%-€0.002mwithin the sector's middle half▲ 59.0%€0.02mwithin the sector's middle half-€0.01mwithin the sector's middle half€0.002mwithin the sector's middle half
Equity€0.4m-€0.4m▲ 3.7%€0.4mwithin the sector's middle half▼ 2.9%€0.4mwithin the sector's middle half▼ 1.5%€0.4mwithin the sector's middle half▼ 0.6%€0.4mwithin the sector's middle half▲ 5.3%€0.4mwithin the sector's middle half▼ 3.6%€0.4mwithin the sector's middle half▲ 0.5%
Total assets€1.3m-€0.6m▼ 52.2%€0.6mbelow the sector's middle half▼ 5.0%€0.7mwithin the sector's middle half▲ 24.6%€0.8mwithin the sector's middle half▲ 3.4%€0.4mbelow the sector's middle half▼ 43.0%€0.4mbelow the sector's middle half▼ 2.1%€0.5mbelow the sector's middle half▲ 9.4%
Debt€0.9m-€0.2m▼ 75.2%€0.2m▼ 8.5%€0.4m▲ 72.3%€0.4m▲ 7.6%€0.04m▼ 89.7%€0.04m▲ 12.3%€0.08m▲ 85.5%
Working capital€0.4m-€0.4m▲ 6.3%€0.4mwithin the sector's middle half▲ 0.4%€0.5mwithin the sector's middle half▲ 24.9%€0.5mwithin the sector's middle half▲ 6.9%€0.2mwithin the sector's middle half▼ 60.6%€0.2mwithin the sector's middle half▲ 3.8%€0.3mwithin the sector's middle half▲ 24.5%
Solvency29.2%-63.2%▲ 34.1pp64.6%above the sector's middle half▲ 1.4pp51.1%within the sector's middle half▼ 13.5pp49.1%within the sector's middle half▼ 2.0pp90.8%above the sector's middle half▲ 41.7pp89.4%above the sector's middle half▼ 1.4pp82.1%above the sector's middle half▼ 7.3pp
Current ratio1.54-17.98▲ 16.4586.79above the sector's middle half▲ 68.8016.13above the sector's middle half32.87above the sector's middle half▲ 16.74
Return on assets (ROA)-0.8%-2.3%▲ 3.0pp-1.9%below the sector's middle half▼ 4.2pp-0.8%within the sector's middle half▲ 1.2pp-0.3%within the sector's middle half▲ 0.5pp4.6%within the sector's middle half▲ 4.9pp-3.3%below the sector's middle half▼ 7.9pp0.4%within the sector's middle half▲ 3.7pp
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 a profit of €1,871, after a loss of €13,971 in 2024.
Turnover and EBIT margin are not published. The abbreviated 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 €461,455
Fixed assets
€179,821 ▼ 5.4%
Current assets
€281,634 ▲ 21.6%
Equity and liabilities €461,455
Equity
€378,820 ▲ 0.5%
Debt
€82,635 ▲ 85.5%
Debt's share of the balance-sheet total rises from 10.6% to 17.9%. Equity and debt are higher.
Key figures and ratios
EBITDA
€12,560▲
2024 · -€2,136
Cash flow
€12,444▲
2024 · -€2,239
Quick ratio
12.11▲
2024 · 1.98
Debt to equity
0.22▲
2024 · 0.12
ROE
0.5%▲
2024 · -3.7%
Interest coverage
85.61▲
2024 · -15.51
Debt ≤ 1 year
€2,131▼
2024 · €7,048
Debt > 1 year
€80,000▲
2024 · €37,000
A ratio outside any meaningful range has been withheld (balance sheet total €461,455, equity €378,820).
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €59,563 | - | €7,942 | €1,737 | €524 |
| Depreciation and write-downs of the year | €16,206 | €11,189 | €11,221 | €11,835 | €10,689 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,021 | €14,296 | €12,862 | €16,206 | €11,189 | €11,221 | €11,835 | €10,689 | ▼ 9.7% |
| Other operating charges640/8 | - | - | - | €852 | €1,742 | €2,363 | €1,899 | €1,941 | ▲ 2.2% |
| Gross operating margin9900 | €12,342 | €40,488 | €3,094 | €16,087 | €22,486 | €40,520 | -€237 | €14,500 | - |
| Operating profit (loss)9901 | -€27 | €25,324 | -€11,102 | -€971 | €9,554 | €26,937 | -€13,971 | €1,871 | - |
| Financial income75/76B | - | - | - | - | - | - | €35 | €32 | ▼ 8.5% |
| Recurring financial income75 | €755 | €106 | - | - | - | - | €35 | €32 | ▼ 8.5% |
| Financial charges65/66B | - | - | - | €4,678 | €11,871 | €7,038 | €138 | €147 | ▲ 6.5% |
| Recurring financial charges65 | €10,689 | €9,961 | €195 | €4,678 | €11,871 | €7,038 | €138 | €147 | ▲ 6.5% |
| Profit (loss) for the period before taxes9903 | -€9,961 | €15,469 | -€11,297 | -€5,649 | -€2,317 | €19,899 | -€14,074 | €1,756 | - |
| Income taxes67/77 | - | €1,487 | - | - | - | €58 | - | - | - |
| Profit (loss) for the period9904 | -€9,961 | €13,982 | -€11,297 | -€5,649 | -€2,317 | €19,841 | -€14,074 | €1,756 | - |
| Profit (loss) for the period to be appropriated9905 | -€9,961 | €13,982 | -€11,297 | -€5,649 | -€2,317 | €19,841 | -€14,074 | €1,756 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €1.3m | €0.6m | €0.6m | €0.7m | €0.8m | €0.4m | €0.4m | €0.5m | ▲ 9.4% |
| Fixed assets21/28 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 5.4% |
| Tangible fixed assets22/27 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 5.4% |
| Land and buildings22 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 4.7% |
| Plant, machinery and equipment23 | - | - | - | - | - | €0.001m | €0.003m | €0.002m | ▼ 7.5% |
| Furniture and vehicles24 | - | - | - | - | - | €0.006m | €0.005m | €0.003m | ▼ 27.7% |
| Current assets29/58 | €1.1m | €0.4m | €0.4m | €0.5m | €0.6m | €0.2m | €0.2m | €0.3m | ▲ 21.6% |
| Stocks and contracts in progress3 | €0.3m | €0.4m | €0.4m | €0.5m | €0.5m | €0.2m | €0.2m | €0.3m | ▲ 17.5% |
| Stocks30/36 | - | - | - | €0.4m | €0.4m | €0.1m | €0.1m | €0.2m | ▲ 13.2% |
| Contracts in progress37 | - | - | - | €0.06m | €0.09m | €0.08m | €0.08m | €0.1m | ▲ 25.0% |
| Amounts receivable within one year40/41 | €0.4m | €0.01m | €0.01m | €0.01m | €0.007m | €0.008m | €0.01m | €0.01m | ▲ 5.2% |
| Trade receivables40 | - | - | - | €0.01m | €0.006m | €0.006m | €0.007m | €0.006m | ▼ 10.5% |
| Other amounts receivable41 | - | - | - | €460 | €0.001m | €0.002m | €0.003m | €0.004m | ▲ 43.3% |
| Cash at bank and in hand54/58 | €0.3m | €0.03m | €0.004m | €0.004m | €0.02m | €0.02m | €0.004m | €0.02m | ▲ 302% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €211 | €212 | €214 | ▲ 0.8% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €1.3m | €0.6m | €0.6m | €0.7m | €0.8m | €0.4m | €0.4m | €0.5m | ▲ 9.4% |
| Equity10/15 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | ▲ 0.5% |
| Contributions10/11 | €0.02m | €0.02m | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.02m | = |
| Reserves13 | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.4m | = |
| Profit (loss) carried forward14 | -€0.01m | - | -€0.01m | -€0.02m | -€0.02m | - | -€0.01m | -€0.01m | ▲ 12.5% |
| Amounts payable17/49 | €0.9m | €0.2m | €0.2m | €0.4m | €0.4m | €0.04m | €0.04m | €0.08m | ▲ 85.5% |
| Amounts payable after more than one year17 | €0.2m | €0.2m | €0.2m | €0.4m | €0.4m | €0.02m | €0.04m | €0.08m | ▲ 116% |
| Financial debts170/4 | - | - | - | €0.4m | €0.4m | €0.02m | €0.04m | €0.08m | ▲ 116% |
| Amounts payable within one year42/48 | €0.7m | €0.02m | €0.005m | €0.004m | €0.004m | €0.01m | €0.007m | €0.002m | ▼ 69.8% |
| Trade debts44 | €0.3m | €0.002m | - | - | €323 | €0.01m | €0.003m | - | - |
| Suppliers440/4 | - | - | - | - | €323 | €0.01m | €0.003m | - | - |
| Taxes, remuneration and social security45 | - | - | - | - | - | €58 | - | - | - |
| Taxes450/3 | - | - | - | - | - | €58 | - | - | - |
| Other amounts payable47/48 | - | - | - | €0.004m | €0.004m | €0.004m | €0.004m | €0.002m | ▼ 50.7% |
| Accrued charges and deferred income492/3 | - | - | - | - | €0.01m | €0.003m | €0.001m | €0.001m | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€9,961 | €13,982 | -€11,297 | -€5,649 | -€2,317 | €19,841 | -€14,074 | €1,756 | - |
| + Depreciation and write-downs630 | €12,021 | €14,296 | €12,862 | €16,206 | €11,189 | €11,221 | €11,835 | €10,689 | ▼ 9.7% |
| Operating cash flow (approximation) | €2,060 | €28,278 | €1,565 | €10,557 | €8,872 | €31,062 | -€2,239 | €12,444 | - |
| Investment in fixed assets (approximation) | - | -€12,013 | €0 | -€59,563 | €1 | -€7,942 | -€1,737 | -€524 | ▲ 69.8% |
| Change in cash | - | -€304,911 | -€23,250 | €164 | €11,429 | €8,224 | -€19,675 | €11,353 | - |
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, 6,049 companies had the same profile as HECO PROJECTS has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of HECO PROJECTS 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 6,049 companies, not a prediction for HECO PROJECTS. 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 14 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-07-2026 | 2026-00357119 | |
| 31-12-2024 | abbreviated format | 29-08-2025 | 2025-00465052 | |
| 31-12-2023 | abbreviated format | 01-07-2024 | 2024-00218472 | |
| 31-12-2022 | abbreviated format | 28-07-2023 | 2023-00301901 | |
| 31-12-2021 | abbreviated format | 29-07-2022 | 2022-20268748 | |
| 31-12-2020 | abbreviated format | 30-08-2021 | 2021-60000240 | |
| 31-12-2019 | abbreviated format | 31-08-2020 | 2020-48200182 | |
| 31-12-2018 | abbreviated format | 30-08-2019 | 2019-57800297 | |
| 31-12-2017 | abbreviated format | 30-08-2018 | 2018-56200268 | |
| 31-12-2016 | abbreviated format | 13-07-2017 | 2017-31200253 |