HELA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 22-07-2026 at the NBB all 19 filings
Turnover
≈ €120,000
Estimated: probably between €71,000 and €170,000
Total assets
€290,479▼ 10.2%
2024 · €323,470
Net result
€3,412▼ 75.7%
2024 · €14,045
Working capital
€61,211▲ 7.1%
2024 · €57,147
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€12,264
▼ 54.4%
2025
20182025
Net result
€3,412
▼ 75.7%
2025
middle half of the sector
20182025
Equity
€121,401
▲ 2.9%
2025
middle half of the sector
20182025
Total assets
€290,479
▼ 10.2%
2025
middle half of the sector
20182025
Debt
€169,077
▼ 17.7%
2025
20182025
Working capital
€61,211
▲ 7.1%
2025
middle half of the sector
20182025
Solvency
41.8%
▲ 5.3pp
2025
middle half of the sector
20182025
Current ratio
2.44
▲ 0.59
2025
middle half of the sector
20182025
Return on assets (ROA)
1.2%
▼ 3.2pp
2025
lowest 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€16,881-€9,158▼ 45.8%€13,052▲ 42.5%€14,420▲ 10.5%€11,836▼ 17.9%€27,363▲ 131%€26,911▼ 1.6%€12,264▼ 54.4%
Net result€12,511-€6,743▼ 46.1%€8,459within the sector's middle half▲ 25.4%€9,543within the sector's middle half▲ 12.8%€8,312within the sector's middle half▼ 12.9%€17,564within the sector's middle half▲ 111%€14,045within the sector's middle half▼ 20.0%€3,412within the sector's middle half▼ 75.7%
Equity€74,753-€78,639▲ 5.2%€83,526within the sector's middle half▲ 6.2%€89,498within the sector's middle half▲ 7.1%€94,238within the sector's middle half▲ 5.3%€108,230within the sector's middle half▲ 14.8%€117,989within the sector's middle half▲ 9.0%€121,401within the sector's middle half▲ 2.9%
Total assets€122,516-€122,371▼ 0.1%€116,005within the sector's middle half▼ 5.2%€114,711within the sector's middle half▼ 1.1%€115,876within the sector's middle half▲ 1.0%€265,271within the sector's middle half▲ 129%€323,470within the sector's middle half▲ 21.9%€290,479within the sector's middle half▼ 10.2%
Debt€47,763-€43,732▼ 8.4%€32,479▼ 25.7%€25,213▼ 22.4%€21,638▼ 14.2%€157,041▲ 626%€205,481▲ 30.8%€169,077▼ 17.7%
Working capital€23,423-€25,311▲ 8.1%€41,047within the sector's middle half▲ 62.2%€30,760within the sector's middle half▼ 25.1%€46,868within the sector's middle half▲ 52.4%€66,970within the sector's middle half▲ 42.9%€57,147within the sector's middle half▼ 14.7%€61,211within the sector's middle half▲ 7.1%
Solvency61.0%-64.3%▲ 3.2pp72.0%within the sector's middle half▲ 7.7pp78.0%above the sector's middle half▲ 6.0pp81.3%above the sector's middle half▲ 3.3pp40.8%within the sector's middle half▼ 40.5pp36.5%within the sector's middle half▼ 4.3pp41.8%within the sector's middle half▲ 5.3pp
Current ratio1.79-1.80▲ 0.012.48within the sector's middle half▲ 0.682.30within the sector's middle half▼ 0.183.17within the sector's middle half▲ 0.872.08within the sector's middle half▼ 1.091.85within the sector's middle half▼ 0.232.44within the sector's middle half▲ 0.59
Return on assets (ROA)10.2%-5.5%▼ 4.7pp7.3%within the sector's middle half▲ 1.8pp8.3%within the sector's middle half▲ 1.0pp7.2%within the sector's middle half▼ 1.1pp6.6%within the sector's middle half▼ 0.6pp4.3%within the sector's middle half▼ 2.3pp1.2%below the sector's middle half▼ 3.2pp
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 54% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The micro 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 €290,479
Fixed assets
€186,782 ▼ 6.3%
Current assets
€103,697 ▼ 16.5%
Equity and liabilities €290,479
Equity
€121,401 ▲ 2.9%
Debt
€169,077 ▼ 17.7%
Debt's share of the balance-sheet total falls from 63.5% to 58.2%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€40,603▼
2024 · €46,164
Cash flow
€31,751▼
2024 · €33,297
Debt to equity
1.39▼
2024 · 1.74
ROE
2.8%▼
2024 · 11.9%
Interest coverage
5.33▼
2024 · 7.15
Debt ≤ 1 year
€42,486▼
2024 · €66,968
Debt > 1 year
€126,481▼
2024 · €138,514
Income taxes
€2,861▼
2024 · €6,844
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 | €24,755 | - | €140,867 | €82,405 | €15,766 |
| Depreciation and write-downs of the year | €11,695 | €12,904 | €8,435 | €19,252 | €28,339 |
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 | €27,110 | €25,109 | €23,287 | €11,695 | €12,904 | €8,435 | €19,252 | €28,339 | ▲ 47.2% |
| Other operating charges640/8 | - | - | - | €1,337 | €833 | €841 | €1,547 | €1,493 | ▼ 3.5% |
| Gross operating margin9900 | €47,468 | €36,558 | €38,871 | €27,452 | €25,572 | €36,638 | €47,711 | €42,096 | ▼ 11.8% |
| Operating profit (loss)9901 | €16,881 | €9,158 | €13,052 | €14,420 | €11,836 | €27,363 | €26,911 | €12,264 | ▼ 54.4% |
| Financial income75/76B | - | - | - | €1,304 | €2,020 | €1,621 | €432 | €1,632 | ▲ 278% |
| Recurring financial income75 | €1,865 | €1,863 | €1,500 | €1,304 | €2,020 | €1,621 | €432 | €1,632 | ▲ 278% |
| Financial charges65/66B | - | - | - | €703 | €425 | €3,411 | €6,454 | €7,623 | ▲ 18.1% |
| Recurring financial charges65 | €1,196 | €934 | €1,289 | €703 | €425 | €3,411 | €6,454 | €7,623 | ▲ 18.1% |
| Profit (loss) for the period before taxes9903 | €17,550 | €10,087 | €13,263 | €15,021 | €13,431 | €25,573 | €20,888 | €6,273 | ▼ 70.0% |
| Income taxes67/77 | €5,038 | €3,344 | €4,804 | €5,478 | €5,120 | €8,010 | €6,844 | €2,861 | ▼ 58.2% |
| Profit (loss) for the period9904 | €12,511 | €6,743 | €8,459 | €9,543 | €8,312 | €17,564 | €14,045 | €3,412 | ▼ 75.7% |
| Profit (loss) for the period to be appropriated9905 | €12,511 | €6,743 | €8,459 | €9,543 | €8,312 | €17,564 | €14,045 | €3,412 | ▼ 75.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €122,516 | €122,371 | €116,005 | €114,711 | €115,876 | €265,271 | €323,470 | €290,479 | ▼ 10.2% |
| Fixed assets21/28 | €69,436 | €65,326 | €47,214 | €60,273 | €47,370 | €136,203 | €199,355 | €186,782 | ▼ 6.3% |
| Tangible fixed assets22/27 | €69,436 | €65,326 | €47,214 | €60,273 | €47,370 | €136,203 | €199,355 | €186,782 | ▼ 6.3% |
| Plant, machinery and equipment23 | - | - | - | - | - | - | €2,123 | €5,727 | ▲ 170% |
| Furniture and vehicles24 | - | - | - | €8,624 | €3,771 | €5,731 | €4,217 | €10,719 | ▲ 154% |
| Leasing and similar rights25 | - | - | - | - | - | - | €36,613 | €29,282 | ▼ 20.0% |
| Other tangible fixed assets26 | - | - | - | €51,649 | €43,599 | €130,472 | €156,402 | €141,054 | ▼ 9.8% |
| Current assets29/58 | €53,080 | €57,045 | €68,791 | €54,437 | €68,506 | €129,068 | €124,115 | €103,697 | ▼ 16.5% |
| Amounts receivable after more than one year29 | - | - | - | - | €24,700 | €0 | €50,000 | €50,000 | = |
| Other amounts receivable291 | - | - | - | - | €24,700 | €0 | €50,000 | €50,000 | = |
| Amounts receivable within one year40/41 | €42,288 | €28,019 | €34,254 | €46,205 | €27,294 | €77,177 | €11,346 | €26,011 | ▲ 129% |
| Trade receivables40 | - | - | - | €16,332 | €20,652 | €67,722 | €9,238 | €15,491 | ▲ 67.7% |
| Other amounts receivable41 | - | - | - | €29,873 | €6,642 | €9,455 | €2,108 | €10,520 | ▲ 399% |
| Current investments50/53 | €4,936 | €16,885 | €18,248 | €5,635 | €7,411 | €17,411 | €19,368 | €2,507 | ▼ 87.1% |
| Cash at bank and in hand54/58 | €5,855 | €11,588 | €12,885 | €2,044 | €7,823 | €31,387 | €40,307 | €18,202 | ▼ 54.8% |
| Deferred charges and accrued income490/1 | - | - | - | €553 | €1,278 | €3,094 | €3,094 | €6,976 | ▲ 125% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €122,516 | €122,371 | €116,005 | €114,711 | €115,876 | €265,271 | €323,470 | €290,479 | ▼ 10.2% |
| Equity10/15 | €74,753 | €78,639 | €83,526 | €89,498 | €94,238 | €108,230 | €117,989 | €121,401 | ▲ 2.9% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €10,319 | €19,862 | €28,173 | €45,737 | €59,782 | €63,194 | ▲ 5.7% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €0 | - | - | - |
| Distributable reserves133 | - | - | - | €18,002 | €26,313 | €45,737 | €59,782 | €63,194 | ▲ 5.7% |
| Profit (loss) carried forward14 | €54,293 | €58,179 | €54,607 | €51,036 | €47,464 | €43,893 | €39,607 | €39,607 | = |
| Amounts payable17/49 | €47,763 | €43,732 | €32,479 | €25,213 | €21,638 | €157,041 | €205,481 | €169,077 | ▼ 17.7% |
| Amounts payable after more than one year17 | €15,889 | €9,728 | €2,469 | €814 | €0 | €94,173 | €138,514 | €126,481 | ▼ 8.7% |
| Financial debts170/4 | - | - | - | €814 | €0 | €94,173 | €138,514 | €126,481 | ▼ 8.7% |
| Amounts payable within one year42/48 | €29,657 | €31,733 | €27,744 | €23,677 | €21,638 | €62,098 | €66,968 | €42,486 | ▼ 36.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €7,326 | €814 | €16,942 | €18,243 | €18,974 | ▲ 4.0% |
| Trade debts44 | €5,884 | €9,864 | €10,348 | €8,360 | €9,468 | €17,797 | €30,450 | €14,604 | ▼ 52.0% |
| Suppliers440/4 | - | - | - | €8,360 | €9,468 | €17,797 | €30,450 | €14,604 | ▼ 52.0% |
| Advances received on contracts in progress46 | - | - | - | €139 | €0 | - | - | - | - |
| Taxes, remuneration and social security45 | - | - | - | €4,282 | €7,784 | €23,787 | €13,989 | €8,908 | ▼ 36.3% |
| Taxes450/3 | - | - | - | €4,282 | €7,784 | €23,787 | €8,389 | €3,308 | ▼ 60.6% |
| Remuneration and social security454/9 | - | - | - | - | - | - | €5,600 | €5,600 | = |
| Other amounts payable47/48 | - | - | - | €3,571 | €3,571 | €3,571 | €4,286 | €0 | ▼ 100% |
| Accrued charges and deferred income492/3 | - | - | - | €721 | €0 | €770 | €0 | €111 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €12,511 | €6,743 | €8,459 | €9,543 | €8,312 | €17,564 | €14,045 | €3,412 | ▼ 75.7% |
| + Depreciation and write-downs630 | €27,110 | €25,109 | €23,287 | €11,695 | €12,904 | €8,435 | €19,252 | €28,339 | ▲ 47.2% |
| Operating cash flow (approximation) | €39,621 | €31,852 | €31,746 | €21,238 | €21,215 | €25,999 | €33,297 | €31,751 | ▼ 4.6% |
| Investment in fixed assets (approximation) | - | -€20,999 | -€5,175 | -€24,755 | €0 | -€97,268 | -€82,405 | -€15,766 | ▲ 80.9% |
| Change in cash | - | €5,732 | €1,298 | -€10,841 | €5,779 | €23,563 | €8,921 | -€22,105 | - |
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, 17,041 companies had the same profile as HELA has now. Two years later, 94.3% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
94.3%
was still going
4.9%
stopped otherwise
0.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HELA itself: 0.2% 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 17,041 companies, not a prediction for HELA. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 22-07-2026 | 2026-00324521 | |
| 31-12-2024 | micro format | 22-08-2025 | 2025-00399651 | |
| 31-12-2023 | micro format | 03-09-2024 | 2024-00438370 | |
| 31-12-2022 | micro format | 17-07-2023 | 2023-00246811 | |
| 31-12-2021 | micro format | 08-08-2022 | 2022-20277464 | |
| 31-12-2020 | micro format | 05-07-2021 | 2021-31200475 | |
| 31-12-2019 | micro format | 14-07-2020 | 2020-29700056 | |
| 31-12-2018 | micro format | 11-07-2019 | 2019-31500483 | |
| 31-12-2017 | micro format | 12-07-2018 | 2018-32000051 | |
| 31-12-2016 | micro format | 16-06-2017 | 2017-18300118 |