HELCO
ActiveFinancials · financial year 2026, abbreviated format
Annual accounts 2026 filed on 02-10-2026 at the NBB all 17 filings
Turnover
≈ €400,000
Estimated: probably between €140,000 and €1.1m
EBIT margin
Not included in this filing
Net result
-€50,115
2025 · €14,803
Working capital
€1.0m▲ 288%
2025 · €258,080
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
-€30,347
2026
20192026
Net result
-€50,115
2026
20192026
Equity
€211,939
▼ 19.1%
2026
20192026
Total assets
€1.2m
▲ 3.8%
2026
20192026
Debt
€1.0m
▲ 10.4%
2026
20192026
Working capital
€1.0m
▲ 288%
2026
20192026
Solvency
17.2%
▼ 4.9pp
2026
20192026
Current ratio
5.44
▲ 4.16
2026
20192026
Return on assets (ROA)
-4.1%
▼ 5.3pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€0.03m--€0.05m€0.03m€0.01m▼ 60.9%€0.03m▲ 240%€0.04m▲ 21.7%€0.07m▲ 79.1%-€0.03m
Net result€0.05m--€0.06m€0.01mwithin the sector's middle half€0.002mbelow the sector's middle half▼ 84.8%€0.03mwithin the sector's middle half▲ 13×€0.002mbelow the sector's middle half▼ 94.5%€0.01mwithin the sector's middle half▲ 865%-€0.05m
Equity€0.2m-€0.1m▼ 36.4%€0.1mbelow the sector's middle half▲ 14.3%€0.2mwithin the sector's middle half▲ 88.6%€0.2mbelow the sector's middle half▲ 12.9%€0.2mbelow the sector's middle half▲ 0.6%€0.3mbelow the sector's middle half▲ 6.0%€0.2m▼ 19.1%
Total assets€0.5m-€0.8m▲ 77.0%€0.8mbelow the sector's middle half▼ 3.9%€1.0mwithin the sector's middle half▲ 24.4%€1.1mwithin the sector's middle half▲ 5.5%€1.0mwithin the sector's middle half▼ 3.3%€1.2mbelow the sector's middle half▲ 16.3%€1.2m▲ 3.8%
Debt€0.3m-€0.7m▲ 134%€0.7m▼ 6.4%€0.8m▲ 13.7%€0.8m▲ 3.5%€0.8m▼ 4.5%€0.9m▲ 19.6%€1.0m▲ 10.4%
Working capital€0.3m-€0.2m▼ 19.4%€0.2mwithin the sector's middle half▲ 6.1%€0.2mwithin the sector's middle half▼ 1.3%€0.2mwithin the sector's middle half▼ 1.1%€0.2mwithin the sector's middle half▲ 0.2%€0.3mwithin the sector's middle half▲ 8.4%€1.0m▲ 288%
Solvency33.6%-12.1%▼ 21.5pp14.4%below the sector's middle half▲ 2.3pp21.8%within the sector's middle half▲ 7.4pp23.3%within the sector's middle half▲ 1.5pp24.2%within the sector's middle half▲ 0.9pp22.1%below the sector's middle half▼ 2.2pp17.2%▼ 4.9pp
Current ratio2.55-1.38▼ 1.171.44within the sector's middle half▲ 0.061.32within the sector's middle half▼ 0.121.29within the sector's middle half▼ 0.031.31within the sector's middle half▲ 0.011.28within the sector's middle half▼ 0.035.44▲ 4.16
Return on assets (ROA)11.4%--6.9%▼ 18.3pp1.8%within the sector's middle half▲ 8.7pp0.2%below the sector's middle half▼ 1.6pp2.7%within the sector's middle half▲ 2.4pp0.2%below the sector's middle half▼ 2.5pp1.2%within the sector's middle half▲ 1.1pp-4.1%▼ 5.3pp
above
within
below
The sector band is the middle half of the companies in Wholesale trade (NACE 46). 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 2026 is a loss of €30,347, after a profit of €74,738 in 2025. It is the lowest result since 2022.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €1.2m
Fixed assets
€5,493 ▼ 18.4%
Current assets
€1.2m ▲ 4.0%
Equity and liabilities €1.2m
Equity
€211,939 ▼ 19.1%
Debt
€1.0m ▲ 10.4%
Debt's share of the balance-sheet total rises from 77.9% to 82.8%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
-€28,730▼
2025 · €78,374
Cash flow
-€48,497▼
2025 · €18,439
Quick ratio
1.20▲
2025 · 0.18
Debt to equity
4.82▲
2025 · 3.53
ROE
-23.6%▼
2025 · 5.6%
Interest coverage
-0.75▼
2025 · 1.47
Debt ≤ 1 year
€225,443▼
2025 · €922,190
Debt > 1 year
€679,007
Income taxes
€0▼
2025 · €6,530
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 31-03-2022 | 31-03-2023 | 31-03-2024 | 31-03-2025 | 31-03-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €7,187 | €4,463 | €1,607 | €1,204 | €6,301 |
| Depreciation and write-downs of the year | €1,897 | €2,395 | €3,087 | €3,636 | €1,618 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,482 | €2,482 | €724 | €1,897 | €2,395 | €3,087 | €3,636 | €1,618 | ▼ 55.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | -€9,112 | €139,806 | €0 | -€74,354 | -€6,545 | ▲ 91.2% |
| Other operating charges640/8 | - | - | - | €713 | €1,560 | €853 | €28,041 | €105,239 | ▲ 275% |
| Gross operating margin9900 | €46,459 | -€47,699 | €26,882 | €3,578 | €178,063 | €45,674 | €32,061 | €69,965 | ▲ 118% |
| Operating profit (loss)9901 | €31,923 | -€47,933 | €25,810 | €10,081 | €34,301 | €41,733 | €74,738 | -€30,347 | - |
| Financial income75/76B | - | - | - | €7,791 | €28,352 | €3,163 | €0 | €18,506 | - |
| Recurring financial income75 | €52,360 | €8,198 | €7,998 | €7,791 | €28,352 | €3,163 | €0 | €18,506 | - |
| Financial charges65/66B | - | - | - | €15,669 | €34,510 | €42,055 | €53,405 | €38,274 | ▼ 28.3% |
| Recurring financial charges65 | €24,966 | €18,109 | €19,364 | €15,669 | €34,510 | €42,055 | €53,405 | €38,274 | ▼ 28.3% |
| Profit (loss) for the period before taxes9903 | €59,317 | -€57,844 | €14,444 | €2,203 | €28,143 | €2,841 | €21,333 | -€50,115 | - |
| Income taxes67/77 | €5,581 | €0 | - | - | - | €1,307 | €6,530 | €0 | ▼ 100% |
| Profit (loss) for the period9904 | €53,736 | -€57,844 | €14,444 | €2,203 | €28,143 | €1,534 | €14,803 | -€50,115 | - |
| Profit (loss) for the period to be appropriated9905 | €53,736 | -€57,844 | €14,444 | €2,203 | €28,143 | €1,534 | €14,803 | -€50,115 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.5m | €0.8m | €0.8m | €1.0m | €1.1m | €1.0m | €1.2m | €1.2m | ▲ 3.8% |
| Formation expenses20 | €0 | - | - | - | - | - | - | - | - |
| Fixed assets21/28 | €0.004m | €0.001m | €0.003m | €0.009m | €0.01m | €0.009m | €0.007m | €0.005m | ▼ 18.4% |
| Intangible fixed assets21 | €0.002m | €0.001m | €0.001m | €400 | €0 | - | - | - | - |
| Tangible fixed assets22/27 | €0.002m | €232 | €0.002m | €0.008m | €0.01m | €0.009m | €0.007m | €0.005m | ▼ 18.4% |
| Plant, machinery and equipment23 | - | - | - | €0.008m | €0.01m | €0.008m | €0.005m | €0 | ▼ 100% |
| Furniture and vehicles24 | - | - | - | - | - | €0.001m | €0.002m | €0.005m | ▲ 209% |
| Financial fixed assets28 | €0 | - | - | - | - | - | - | - | - |
| Current assets29/58 | €0.5m | €0.8m | €0.8m | €1.0m | €1.0m | €1.0m | €1.2m | €1.2m | ▲ 4.0% |
| Stocks and contracts in progress3 | €0.4m | €0.5m | €0.5m | €0.6m | €0.6m | €0.8m | €1.0m | €1.0m | ▼ 5.5% |
| Stocks30/36 | - | - | - | €0.6m | €0.6m | €0.8m | €1.0m | €1.0m | ▼ 5.5% |
| Amounts receivable within one year40/41 | €0.01m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.08m | €0.06m | ▼ 26.6% |
| Trade receivables40 | - | - | - | €0.2m | €0.2m | €0.1m | €0.07m | €0.05m | ▼ 31.2% |
| Other amounts receivable41 | - | - | - | €0.003m | €0.001m | €0 | €0.006m | €0.008m | ▲ 30.5% |
| Current investments50/53 | €0 | - | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €0.08m | €0.1m | €0.02m | €0.2m | €0.2m | €0.09m | €0.09m | €0.2m | ▲ 138% |
| Deferred charges and accrued income490/1 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | = |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.5m | €0.8m | €0.8m | €1.0m | €1.1m | €1.0m | €1.2m | €1.2m | ▲ 3.8% |
| Equity10/15 | €0.2m | €0.1m | €0.1m | €0.2m | €0.2m | €0.2m | €0.3m | €0.2m | ▼ 19.1% |
| Contributions10/11 | €0.2m | €0.2m | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0.001m | €0 | ▼ 100% |
| Non-distributable reserves130/1 | - | - | - | €0 | - | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0 | - | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.001m | €0.001m | €0.001m | €0.001m | €0 | ▼ 100% |
| Profit (loss) carried forward14 | -€0.01m | -€0.07m | -€0.05m | -€0.05m | -€0.02m | -€0.02m | -€0.008m | -€0.06m | ▼ 621% |
| Provisions and deferred taxes16 | €0 | - | - | - | - | - | - | - | - |
| Amounts payable17/49 | €0.3m | €0.7m | €0.7m | €0.8m | €0.8m | €0.8m | €0.9m | €1.0m | ▲ 10.4% |
| Amounts payable after more than one year17 | €0.1m | €0.1m | €0.1m | €0.03m | €0 | - | - | €0.7m | - |
| Financial debts170/4 | - | - | - | €0.03m | €0 | - | - | €0.7m | - |
| Amounts payable within one year42/48 | €0.2m | €0.6m | €0.6m | €0.8m | €0.8m | €0.8m | €0.9m | €0.2m | ▼ 75.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | - | - | - | - | €0.05m | - |
| Financial debts43 | - | - | - | €0.6m | €0.7m | €0.6m | €0.7m | €0 | ▼ 100% |
| Credit institutions430/8 | - | - | - | €0.6m | €0.7m | €0.6m | €0.7m | €0 | ▼ 100% |
| Trade debts44 | €0.1m | €0.3m | €0.2m | €0.2m | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 38.6% |
| Suppliers440/4 | - | - | - | €0.2m | €0.1m | €0.1m | €0.2m | €0.1m | ▼ 38.6% |
| Taxes, remuneration and social security45 | - | - | - | €0.02m | €0.01m | €0.005m | €0 | €0.01m | - |
| Taxes450/3 | - | - | - | €0.02m | €0.01m | €0.005m | €0 | €0.01m | - |
| Other amounts payable47/48 | - | - | - | €308 | €0.004m | €0.02m | €0.07m | €0.04m | ▼ 37.9% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | €0.003m | €0 | €0.003m | €0.1m | ▲ 42× |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €53,736 | -€57,844 | €14,444 | €2,203 | €28,143 | €1,534 | €14,803 | -€50,115 | - |
| + Depreciation and write-downs630 | €2,482 | €2,482 | €724 | €1,897 | €2,395 | €3,087 | €3,636 | €1,618 | ▼ 55.5% |
| Operating cash flow (approximation) | €56,218 | -€55,363 | €15,168 | €4,099 | €30,538 | €4,622 | €18,439 | -€48,497 | - |
| Investment in fixed assets (approximation) | - | €0 | -€2,580 | -€7,187 | -€4,463 | -€1,607 | -€1,204 | -€376 | ▲ 68.7% |
| Change in cash | - | €38,293 | -€90,765 | €170,810 | -€585 | -€106,087 | €90 | €123,042 | ▲ 1,367× |
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, 1,423 companies had the same profile as HELCO has now. Two years later, 96.5% were still going and 1.0% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 10 to 30%
- a small loss
96.5%
was still going
2.2%
stopped otherwise
1.0%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HELCO 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 1,423 companies, not a prediction for HELCO. 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 17 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-03-2026 | abbreviated format | 02-10-2026 | 2026-00543610 | |
| 31-03-2025 | full format | 31-10-2025 | 2025-00557648 | |
| 31-03-2024 | full format | 01-10-2024 | 2024-00493954 | |
| 31-03-2023 | full format | 30-10-2023 | 2023-00497897 | |
| 31-03-2022 | abbreviated format | 30-09-2022 | 2022-20444301 | |
| 31-03-2021 | full format | 06-10-2021 | 2021-71200219 | |
| 31-03-2020 | full format | 30-10-2020 | 2020-65900442 | |
| 31-03-2019 | abbreviated format | 01-10-2019 | 2019-67600094 | |
| 31-03-2018 | full format | 28-06-2018 | 2018-25100360 | |
| 31-03-2017 | full format | 07-09-2017 | 2017-60600192 |