HELDACON
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 08-06-2026 PDF all 15 filings
Turnover
≈ €1.1m
Estimated: probably between €530,000 and €2.1m
Total assets
€1.1m▼ 4.8%
2024 · €1.1m
Net result
€139,155▼ 8.8%
2024 · €152,585
Working capital
€665,284▼ 13.8%
2024 · €771,845
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€195,842
▼ 12.2%
2025
20182025
Net result
€139,155
▼ 8.8%
2025
highest quarter of the sector
20182025
Equity
€750,331
▼ 12.6%
2025
highest quarter of the sector
20182025
Total assets
€1.1m
▼ 4.8%
2025
highest quarter of the sector
20182025
Debt
€322,026
▲ 20.2%
2025
20182025
Working capital
€665,284
▼ 13.8%
2025
highest quarter of the sector
20182025
Solvency
70.0%
▼ 6.2pp
2025
middle half of the sector
20182025
Current ratio
4.13
▼ 2.48
2025
highest quarter of the sector
20182025
Return on assets (ROA)
13.0%
▼ 0.6pp
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€0.1m-€0.2m▲ 30.6%€0.2m▲ 34.4%€0.2m▼ 27.1%€0.2m▲ 36.2%€0.2m▲ 11.9%€0.2m▼ 8.5%€0.2m▼ 12.2%
Net result€0.08m-€0.1m▲ 41.9%€0.2mabove the sector's middle half▲ 32.9%€0.1mabove the sector's middle half▼ 31.1%€0.2mabove the sector's middle half▲ 43.7%€0.2mabove the sector's middle half▲ 1.7%€0.2mabove the sector's middle half▼ 1.2%€0.1mabove the sector's middle half▼ 8.8%
Equity€0.2m-€0.3m▲ 42.9%€0.5mabove the sector's middle half▲ 31.2%€0.5mabove the sector's middle half▲ 7.2%€0.6mabove the sector's middle half▲ 27.0%€0.8mabove the sector's middle half▲ 24.9%€0.9mabove the sector's middle half▲ 10.6%€0.8mabove the sector's middle half▼ 12.6%
Total assets€0.6m-€0.7m▲ 14.4%€0.8mabove the sector's middle half▲ 15.4%€0.8mabove the sector's middle half▲ 7.6%€0.9mabove the sector's middle half▲ 10.4%€1.0mabove the sector's middle half▲ 14.1%€1.1mabove the sector's middle half▲ 9.4%€1.1mabove the sector's middle half▼ 4.8%
Debt€0.3m-€0.3m▼ 6.4%€0.3m▼ 2.3%€0.3m▲ 8.3%€0.3m▼ 14.4%€0.3m▼ 9.8%€0.3m▲ 5.7%€0.3m▲ 20.2%
Working capital€0.1m-€0.2m▲ 77.5%€0.3mabove the sector's middle half▲ 43.2%€0.4mabove the sector's middle half▲ 12.1%€0.5mabove the sector's middle half▲ 34.8%€0.7mabove the sector's middle half▲ 30.3%€0.8mabove the sector's middle half▲ 12.1%€0.7mabove the sector's middle half▼ 13.8%
Solvency42.3%-52.8%▲ 10.5pp60.1%within the sector's middle half▲ 7.2pp59.8%within the sector's middle half▼ 0.2pp68.8%above the sector's middle half▲ 9.0pp75.4%above the sector's middle half▲ 6.5pp76.2%above the sector's middle half▲ 0.8pp70.0%within the sector's middle half▼ 6.2pp
Current ratio3.36-4.65▲ 1.294.95above the sector's middle half▲ 0.293.87above the sector's middle half▼ 1.085.79above the sector's middle half▲ 1.937.70above the sector's middle half▲ 1.916.61above the sector's middle half▼ 1.094.13above the sector's middle half▼ 2.48
Return on assets (ROA)14.1%-17.5%▲ 3.4pp20.2%above the sector's middle half▲ 2.7pp12.9%within the sector's middle half▼ 7.3pp16.8%above the sector's middle half▲ 3.9pp15.0%above the sector's middle half▼ 1.8pp13.5%above the sector's middle half▼ 1.5pp13.0%within the sector's middle half▼ 0.6pp
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 2025 is 12% lower than in 2024 and the lowest since 2021. 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 €1.1m
Fixed assets
€194,469 ▼ 10.3%
Current assets
€877,888 ▼ 3.5%
Equity and liabilities €1.1m
Equity
€750,331 ▼ 12.6%
Debt
€322,026 ▲ 20.2%
Debt's share of the balance-sheet total rises from 23.8% to 30.0%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€221,229▼
2024 · €248,109
Cash flow
€164,542▼
2024 · €177,570
Debt to equity
0.43▲
2024 · 0.31
ROE
18.5%▲
2024 · 17.8%
Interest coverage
35.39▼
2024 · 41.46
Debt ≤ 1 year
€212,604▲
2024 · €137,535
Debt > 1 year
€109,422▼
2024 · €130,429
Income taxes
€63,332▼
2024 · €70,688
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 | €2,907 | €9,945 | - | €3,492 | €3,095 |
| Depreciation and write-downs of the year | €35,277 | €35,157 | €25,567 | €24,985 | €25,387 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2025 · 1 entry · €2,225 awarded · €2,225 paidAnnual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €51 | - | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €34,194 | €34,766 | €35,174 | €35,277 | €35,157 | €25,567 | €24,985 | €25,387 | ▲ 1.6% |
| Other operating charges640/8 | - | - | - | €1,677 | €2,217 | €2,469 | €3,054 | €1,979 | ▼ 35.2% |
| Gross operating margin9900 | €161,005 | €199,929 | €256,488 | €196,934 | €255,257 | €271,930 | €251,163 | €223,208 | ▼ 11.1% |
| Operating profit (loss)9901 | €124,984 | €163,288 | €219,491 | €159,979 | €217,883 | €243,894 | €223,124 | €195,842 | ▼ 12.2% |
| Financial income75/76B | - | - | - | €11 | €0 | €40 | €6,133 | €12,895 | ▲ 110% |
| Recurring financial income75 | €9 | - | €207 | €11 | €0 | €40 | €6,133 | €12,895 | ▲ 110% |
| Financial charges65/66B | - | - | - | €6,283 | €5,824 | €5,612 | €5,984 | €6,251 | ▲ 4.5% |
| Recurring financial charges65 | €7,665 | €7,263 | €6,897 | €6,283 | €5,824 | €5,612 | €5,984 | €6,251 | ▲ 4.5% |
| Profit (loss) for the period before taxes9903 | €117,329 | €156,024 | €212,801 | €153,707 | €212,059 | €238,322 | €223,272 | €202,486 | ▼ 9.3% |
| Income taxes67/77 | €35,958 | €40,551 | €59,300 | €47,932 | €60,100 | €83,811 | €70,688 | €63,332 | ▼ 10.4% |
| Profit (loss) for the period9904 | €81,371 | €115,473 | €153,501 | €105,775 | €151,959 | €154,511 | €152,585 | €139,155 | ▼ 8.8% |
| Profit (loss) for the period to be appropriated9905 | €81,371 | €115,473 | €153,501 | €105,775 | €151,959 | €154,511 | €152,585 | €139,155 | ▼ 8.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.6m | €0.7m | €0.8m | €0.8m | €0.9m | €1.0m | €1.1m | €1.1m | ▼ 4.8% |
| Fixed assets21/28 | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 10.3% |
| Intangible fixed assets21 | €0.02m | €0.01m | €0.01m | €0.008m | €0.006m | €0.004m | €0.002m | - | - |
| Tangible fixed assets22/27 | €0.4m | €0.3m | €0.3m | €0.3m | €0.3m | €0.2m | €0.2m | €0.2m | ▼ 9.4% |
| Land and buildings22 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▼ 10.1% |
| Plant, machinery and equipment23 | - | - | - | €0.003m | €0.005m | €0.004m | €0.004m | €0.003m | ▼ 13.6% |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.01m | €0.01m | €0.01m | €0.01m | ▲ 2.4% |
| Financial fixed assets28 | €87 | €87 | €87 | €87 | €87 | €87 | €87 | €87 | = |
| Current assets29/58 | €0.2m | €0.3m | €0.4m | €0.5m | €0.6m | €0.8m | €0.9m | €0.9m | ▼ 3.5% |
| Amounts receivable after more than one year29 | - | - | - | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Other amounts receivable291 | - | - | - | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | = |
| Amounts receivable within one year40/41 | €0.1m | €0.1m | €0.1m | €0.1m | €0.08m | €0.2m | €0.2m | €0.2m | ▲ 16.2% |
| Trade receivables40 | - | - | - | €0.08m | €0.06m | €0.1m | €0.08m | €0.08m | ▲ 4.5% |
| Other amounts receivable41 | - | - | - | €0.06m | €0.03m | €0.08m | €0.09m | €0.1m | ▲ 26.7% |
| Current investments50/53 | - | - | - | - | - | €0.2m | €0.3m | €0.4m | ▲ 49.2% |
| Cash at bank and in hand54/58 | €0.06m | €0.1m | €0.2m | €0.3m | €0.4m | €0.3m | €0.3m | €0.1m | ▼ 68.0% |
| Deferred charges and accrued income490/1 | - | - | - | €0.006m | €0.003m | €0.003m | €0.004m | €0.003m | ▼ 23.0% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.6m | €0.7m | €0.8m | €0.8m | €0.9m | €1.0m | €1.1m | €1.1m | ▼ 4.8% |
| Equity10/15 | €0.2m | €0.3m | €0.5m | €0.5m | €0.6m | €0.8m | €0.9m | €0.8m | ▼ 12.6% |
| Contributions10/11 | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | €0.006m | = |
| Contributions outside capital11 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | - | - |
| Other1109/19 | - | - | - | €0.006m | €0.006m | €0.006m | €0.006m | - | - |
| Reserves13 | €0.2m | €0.3m | €0.4m | €0.4m | €0.6m | €0.7m | €0.8m | €0.7m | ▼ 13.3% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.4m | €0.6m | €0.7m | €0.8m | €0.7m | ▼ 13.3% |
| Profit (loss) carried forward14 | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | €0.04m | ▲ 0.4% |
| Amounts payable17/49 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | ▲ 20.2% |
| Amounts payable after more than one year17 | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 16.1% |
| Financial debts170/4 | - | - | - | €0.2m | €0.2m | €0.2m | €0.1m | €0.1m | ▼ 16.1% |
| Amounts payable within one year42/48 | €0.06m | €0.07m | €0.09m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 54.6% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.02m | €0.02m | €0.02m | €0.02m | €0.03m | ▲ 39.9% |
| Financial debts43 | - | - | - | €0.003m | €0.003m | €0.004m | €0.004m | - | - |
| Credit institutions430/8 | - | - | - | €0.003m | €0.003m | €0.004m | €0.004m | - | - |
| Trade debts44 | €0.002m | €0.001m | €0.005m | €0.005m | €0.007m | €0.02m | €0.004m | €0.01m | ▲ 142% |
| Suppliers440/4 | - | - | - | €0.005m | €0.007m | €0.02m | €0.004m | €0.01m | ▲ 142% |
| Taxes, remuneration and social security45 | - | - | - | €0.05m | €0.06m | €0.05m | €0.04m | €0.03m | ▼ 19.5% |
| Taxes450/3 | - | - | - | €0.05m | €0.06m | €0.05m | €0.04m | €0.03m | ▼ 21.2% |
| Remuneration and social security454/9 | - | - | - | €0.003m | - | - | €0.002m | €0.003m | ▲ 5.5% |
| Other amounts payable47/48 | - | - | - | €0.06m | €0.03m | €0.007m | €0.07m | €0.1m | ▲ 104% |
| Accrued charges and deferred income492/3 | - | - | - | €0.001m | - | - | - | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €81,371 | €115,473 | €153,501 | €105,775 | €151,959 | €154,511 | €152,585 | €139,155 | ▼ 8.8% |
| + Depreciation and write-downs630 | €34,194 | €34,766 | €35,174 | €35,277 | €35,157 | €25,567 | €24,985 | €25,387 | ▲ 1.6% |
| Operating cash flow (approximation) | €115,565 | €150,240 | €188,675 | €141,052 | €187,116 | €180,078 | €177,570 | €164,542 | ▼ 7.3% |
| Investment in fixed assets (approximation) | - | -€2,703 | -€9,171 | -€2,958 | -€9,945 | €0 | -€3,492 | -€3,095 | ▲ 11.3% |
| Change in cash | - | €77,266 | €104,717 | €55,772 | €115,980 | -€138,953 | €28,985 | -€204,450 | - |
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, 17,811 companies had the same profile as HELDACON has now. Two years later, 96.5% were still going and 0.3% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
96.5%
was still going
3.1%
stopped otherwise
0.3%
went bankrupt
That fits the bankruptcy probability of HELDACON 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 17,811 companies, not a prediction for HELDACON. 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 15 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-06-2026 | 2026-00141994 | |
| 31-12-2024 | micro format | 21-08-2025 | 2025-00388123 | |
| 31-12-2023 | micro format | 31-07-2024 | 2024-00309408 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00379331 | |
| 31-12-2021 | micro format | 30-08-2022 | 2022-20342433 | |
| 31-12-2020 | micro format | 28-07-2021 | 2021-40800496 | |
| 31-12-2019 | micro format | 27-10-2020 | 2020-63300060 | |
| 31-12-2018 | micro format | 22-07-2019 | 2019-35200294 | |
| 31-12-2017 | micro format | 23-08-2018 | 2018-48100583 | |
| 31-12-2016 | micro format | 10-07-2017 | 2017-28600478 |