HELDO
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 08-05-2026 PDF all 33 filings
Turnover
≈ €110,000
Estimated: probably between €68,000 and €200,000
Total assets
€71,517▼ 13.0%
2024 · €82,164
Net result
€6,040
2024 · -€7,957
Working capital
€2,836
2024 · -€21,701
In the rankings
#3 oldest company in Lasne, Publishing and media sector
Multi-year overview
2018 to 2025, 7 financial yearsOperating result
€7,550
2025
20182025
Net result
€6,040
2025
middle half of the sector
20182025
Equity
€64,801
▲ 10.3%
2025
middle half of the sector
20182025
Total assets
€71,517
▼ 13.0%
2025
middle half of the sector
20182025
Debt
€6,716
▼ 71.3%
2025
20182025
Working capital
€2,836
2025
middle half of the sector
20182025
Solvency
90.6%
▲ 19.1pp
2025
highest quarter of the sector
20182025
Current ratio
1.42
▲ 1.35
2025
middle half of the sector
20182025
Return on assets (ROA)
8.4%
▲ 18.1pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2018201920202021202220242025
Operating result€14,930-€29,320▲ 96.4%€32,596▲ 11.2%-€1,412-€4,063▼ 188%-€6,459-€7,550
Net result€7,974-€22,966▲ 188%€24,667within the sector's middle half▲ 7.4%-€3,350below the sector's middle half-€5,392below the sector's middle half▼ 61.0%-€7,957below the sector's middle half-€6,040within the sector's middle half
Equity€23,054-€46,020▲ 99.6%€70,687within the sector's middle half▲ 53.6%€67,337within the sector's middle half▼ 4.7%€61,945within the sector's middle half▼ 8.0%€58,762within the sector's middle half-€64,801within the sector's middle half▲ 10.3%
Total assets€53,567-€65,151▲ 21.6%€125,753within the sector's middle half▲ 93.0%€117,062within the sector's middle half▼ 6.9%€102,703within the sector's middle half▼ 12.3%€82,164within the sector's middle half-€71,517within the sector's middle half▼ 13.0%
Debt€30,512-€19,130▼ 37.3%€55,066▲ 188%€49,725▼ 9.7%€40,758▼ 18.0%€23,403-€6,716▼ 71.3%
Working capital-€21,677--€7,210▲ 66.7%-€11,874below the sector's middle half▼ 64.7%-€14,743below the sector's middle half▼ 24.2%-€20,784below the sector's middle half▼ 41.0%-€21,701below the sector's middle half-€2,836within the sector's middle half
Solvency43.0%-70.6%▲ 27.6pp56.2%within the sector's middle half▼ 14.4pp57.5%within the sector's middle half▲ 1.3pp60.3%within the sector's middle half▲ 2.8pp71.5%within the sector's middle half-90.6%above the sector's middle half▲ 19.1pp
Current ratio0.25-0.62▲ 0.370.40below the sector's middle half▼ 0.230.39below the sector's middle half=0.18below the sector's middle half▼ 0.210.07below the sector's middle half-1.42within the sector's middle half▲ 1.35
Return on assets (ROA)14.9%-35.3%▲ 20.4pp19.6%above the sector's middle half▼ 15.6pp-2.9%below the sector's middle half▼ 22.5pp-5.3%below the sector's middle half▼ 2.4pp-9.7%below the sector's middle half-8.4%within the sector's middle half▲ 18.1pp
above
within
below
The sector band is the middle half of the companies in Publishing activities (NACE 58). 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 €7,550, after a loss of €6,459 in 2024.
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 €71,517
Fixed assets
€61,966 ▼ 23.0%
Current assets
€9,552 ▲ 461%
Equity and liabilities €71,517
Equity
€64,801 ▲ 10.3%
Debt
€6,716 ▼ 71.3%
Debt's share of the balance-sheet total falls from 28.5% to 9.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€13,618▲
2024 · €9,116
Cash flow
€12,108▲
2024 · €7,618
Debt to equity
0.10▼
2024 · 0.40
ROE
9.3%▲
2024 · -13.5%
Interest coverage
16.39▲
2024 · 6.09
Debt ≤ 1 year
€6,716▼
2024 · €23,403
Income taxes
€679
Staff costs
€84▼
2024 · €2,893
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 2021 | 2022 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €5,002 | €5,977 | €6,246 | - |
| Depreciation and write-downs of the year | €15,403 | €15,405 | €15,575 | €6,068 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €648 | €2,749 | €2,893 | €84 | ▼ 97.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €12,342 | €13,668 | €10,943 | €15,403 | €15,405 | €15,575 | €6,068 | ▼ 61.0% |
| Other operating charges640/8 | - | - | - | €1,701 | €4,627 | €6,093 | €1,872 | ▼ 69.3% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €12,429 | - |
| Gross operating margin9900 | €29,795 | €44,466 | €51,717 | €16,340 | €18,719 | €18,102 | €28,002 | ▲ 54.7% |
| Operating profit (loss)9901 | €14,930 | €29,320 | €32,596 | -€1,412 | -€4,063 | -€6,459 | €7,550 | - |
| Financial income75/76B | - | - | - | €0 | - | - | - | - |
| Recurring financial income75 | €116 | €1,981 | €4 | €0 | - | - | - | - |
| Financial charges65/66B | - | - | - | €1,484 | €1,330 | €1,498 | €831 | ▼ 44.5% |
| Recurring financial charges65 | €2,496 | €463 | €799 | €1,484 | €1,330 | €1,498 | €831 | ▼ 44.5% |
| Profit (loss) for the period before taxes9903 | €12,551 | €30,838 | €31,800 | -€2,896 | -€5,392 | -€7,957 | €6,719 | - |
| Income taxes67/77 | €4,577 | €7,872 | €7,133 | €453 | - | - | €679 | - |
| Profit (loss) for the period9904 | €7,974 | €22,966 | €24,667 | -€3,350 | -€5,392 | -€7,957 | €6,040 | - |
| Profit (loss) for the period to be appropriated9905 | €7,974 | €22,966 | €24,667 | -€3,350 | -€5,392 | -€7,957 | €6,040 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €53,567 | €65,151 | €125,753 | €117,062 | €102,703 | €82,164 | €71,517 | ▼ 13.0% |
| Fixed assets21/28 | €46,306 | €53,231 | €117,969 | €107,568 | €98,140 | €80,462 | €61,966 | ▼ 23.0% |
| Tangible fixed assets22/27 | €46,306 | €53,231 | €117,969 | €107,568 | €98,140 | €80,462 | €61,966 | ▼ 23.0% |
| Plant, machinery and equipment23 | - | - | - | €1,690 | €4,558 | €6,579 | - | - |
| Furniture and vehicles24 | - | - | - | €100,441 | €88,988 | €68,034 | €61,966 | ▼ 8.9% |
| Other tangible fixed assets26 | - | - | - | €5,437 | €4,594 | €5,850 | - | - |
| Current assets29/58 | €7,261 | €11,920 | €7,784 | €9,494 | €4,563 | €1,702 | €9,552 | ▲ 461% |
| Amounts receivable within one year40/41 | €2,723 | €1,127 | €680 | €5,206 | €3,321 | €704 | €861 | ▲ 22.4% |
| Trade receivables40 | - | - | - | €107 | €1,731 | - | - | - |
| Other amounts receivable41 | - | - | - | €5,099 | €1,590 | €704 | €861 | ▲ 22.4% |
| Current investments50/53 | €4,039 | - | - | - | - | - | - | - |
| Cash at bank and in hand54/58 | €7 | €4,943 | €6,722 | €3,082 | €13 | €7 | €8,383 | ▲ 1,176× |
| Deferred charges and accrued income490/1 | - | - | - | €1,206 | €1,229 | €991 | €307 | ▼ 69.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €53,567 | €65,151 | €125,753 | €117,062 | €102,703 | €82,164 | €71,517 | ▼ 13.0% |
| Equity10/15 | €23,054 | €46,020 | €70,687 | €67,337 | €61,945 | €58,762 | €64,801 | ▲ 10.3% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €1,860 | €1,860 | €27,420 | €27,420 | €27,420 | €48,118 | €48,118 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | €25,560 | €25,560 | €46,258 | €46,258 | = |
| Profit (loss) carried forward14 | €2,594 | €25,560 | €24,667 | €21,317 | €15,925 | -€7,957 | -€1,917 | ▲ 75.9% |
| Amounts payable17/49 | €30,512 | €19,130 | €55,066 | €49,725 | €40,758 | €23,403 | €6,716 | ▼ 71.3% |
| Amounts payable after more than one year17 | €1,575 | - | €35,407 | €25,488 | €15,411 | - | - | - |
| Financial debts170/4 | - | - | - | €25,488 | €15,411 | - | - | - |
| Amounts payable within one year42/48 | €28,938 | €19,130 | €19,658 | €24,237 | €25,347 | €23,403 | €6,716 | ▼ 71.3% |
| Current portion of amounts payable after more than one year42 | - | - | - | €9,920 | €10,077 | €5,177 | - | - |
| Financial debts43 | - | - | - | - | €2,395 | €6,193 | - | - |
| Credit institutions430/8 | - | - | - | - | €2,395 | €6,193 | - | - |
| Trade debts44 | €2,150 | €3,051 | €3,243 | €2,783 | €1,937 | €370 | €286 | ▼ 22.8% |
| Suppliers440/4 | - | - | - | €2,783 | €1,937 | €370 | €286 | ▼ 22.8% |
| Taxes, remuneration and social security45 | - | - | - | €10,322 | €8,383 | €7,047 | €505 | ▼ 92.8% |
| Taxes450/3 | - | - | - | €10,262 | €8,115 | €2,253 | €505 | ▼ 77.6% |
| Remuneration and social security454/9 | - | - | - | €60 | €268 | €4,793 | - | - |
| Other amounts payable47/48 | - | - | - | €1,213 | €2,554 | €4,615 | €5,925 | ▲ 28.4% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €7,974 | €22,966 | €24,667 | -€3,350 | -€5,392 | -€7,957 | €6,040 | - |
| + Depreciation and write-downs630 | €12,342 | €13,668 | €10,943 | €15,403 | €15,405 | €15,575 | €6,068 | ▼ 61.0% |
| Operating cash flow (approximation) | €20,316 | €36,634 | €35,609 | €12,053 | €10,013 | €7,618 | €12,108 | ▲ 58.9% |
| Investment in fixed assets (approximation) | - | -€20,593 | -€75,681 | -€5,002 | -€5,977 | - | €12,429 | - |
| Change in cash | - | €4,936 | €1,778 | -€3,640 | -€3,069 | - | €8,376 | - |
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, 31,368 companies had the same profile as HELDO has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HELDO 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 31,368 companies, not a prediction for HELDO. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 08-05-2026 | 2026-00108209 | |
| 31-12-2024 | micro format | 19-05-2025 | 2025-00099612 | |
| 31-12-2022 | micro format | 16-05-2023 | 2023-00087639 | |
| 31-12-2021 | micro format | 16-05-2022 | 2022-20028427 | |
| 31-12-2020 | micro format | 27-05-2021 | 2021-15600166 | |
| 31-12-2019 | micro format | 08-06-2020 | 2020-15500022 | |
| 31-12-2018 | micro format | 23-05-2019 | 2019-14200392 | |
| 31-12-2017 | micro format | 28-05-2018 | 2018-14300395 | |
| 31-12-2016 | full format | 23-05-2017 | 2017-12900541 | |
| 31-12-2015 | full format | 17-05-2016 | 2016-12500056 |