HENRY
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 05-05-2026 PDF all 24 filings
Turnover
≈ €420,000
Estimated: probably between €300,000 and €650,000
Total assets
€109,815▲ 38.5%
2024 · €79,304
Net result
€33,373
2024 · -€18,068
Working capital
€90,125▲ 54.5%
2024 · €58,331
In the rankings
#6 oldest company in Libin, Construction sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€34,263
2025
20192025
Net result
€33,373
2025
highest quarter of the sector
20192025
Equity
€76,415
▲ 77.5%
2025
middle half of the sector
20192025
Total assets
€109,815
▲ 38.5%
2025
middle half of the sector
20192025
Debt
€33,401
▼ 7.9%
2025
20192025
Working capital
€90,125
▲ 54.5%
2025
highest quarter of the sector
20192025
Solvency
69.6%
▲ 15.3pp
2025
highest quarter of the sector
20192025
Current ratio
7.56
▲ 2.42
2025
highest quarter of the sector
20192025
Return on assets (ROA)
30.4%
▲ 53.2pp
2025
highest quarter of the sector
20192025
Staff (FTE)
no figure
2025
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result-€7,438-€13,681-€1,146-€24,196▼ 2,011%€11,938-€17,056€34,263
Net result-€8,289-€11,530within the sector's middle half-€2,542below the sector's middle half-€25,143below the sector's middle half▼ 889%€11,157within the sector's middle half-€18,068below the sector's middle half€33,373above the sector's middle half
Equity€66,106-€77,637within the sector's middle half▲ 17.4%€75,095within the sector's middle half▼ 3.3%€49,952within the sector's middle half▼ 33.5%€61,109within the sector's middle half▲ 22.3%€43,041within the sector's middle half▼ 29.6%€76,415within the sector's middle half▲ 77.5%
Total assets€130,949-€163,285within the sector's middle half▲ 24.7%€165,337within the sector's middle half▲ 1.3%€123,423within the sector's middle half▼ 25.4%€160,331within the sector's middle half▲ 29.9%€79,304within the sector's middle half▼ 50.5%€109,815within the sector's middle half▲ 38.5%
Debt€64,843-€85,648▲ 32.1%€90,242▲ 5.4%€73,471▼ 18.6%€99,222▲ 35.0%€36,262▼ 63.5%€33,401▼ 7.9%
Working capital€58,838-€67,267within the sector's middle half▲ 14.3%€66,525within the sector's middle half▼ 1.1%€39,428within the sector's middle half▼ 40.7%€71,247within the sector's middle half▲ 80.7%€58,331within the sector's middle half▼ 18.1%€90,125above the sector's middle half▲ 54.5%
Solvency50.5%-47.5%within the sector's middle half▼ 2.9pp45.4%within the sector's middle half▼ 2.1pp40.5%within the sector's middle half▼ 4.9pp38.1%within the sector's middle half▼ 2.4pp54.3%within the sector's middle half▲ 16.2pp69.6%above the sector's middle half▲ 15.3pp
Current ratio2.32-2.53within the sector's middle half▲ 0.222.26within the sector's middle half▼ 0.281.82within the sector's middle half▼ 0.442.03within the sector's middle half▲ 0.215.15above the sector's middle half▲ 3.127.56above the sector's middle half▲ 2.42
Return on assets (ROA)-6.3%-7.1%within the sector's middle half▲ 13.4pp-1.5%below the sector's middle half▼ 8.6pp-20.4%below the sector's middle half▼ 18.8pp7.0%within the sector's middle half▲ 27.3pp-22.8%below the sector's middle half▼ 29.7pp30.4%above the sector's middle half▲ 53.2pp
Staff (FTE)1.8-2within the sector's middle half▲ 11.1%2=2.8▲ 40.0%2.5▼ 10.7%1.8▼ 28.0%
above
within
below
The sector band is the middle half of the companies in Construction of residential and non-residential buildings (NACE 41). 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 €34,263, after a loss of €17,056 in 2024. It is the highest result since 2021.
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 €109,815
Fixed assets
€5,954 ▼ 13.7%
Current assets
€103,861 ▲ 43.4%
Equity and liabilities €109,815
Equity
€76,415 ▲ 77.5%
Debt
€33,401 ▼ 7.9%
Debt's share of the balance-sheet total falls from 45.7% to 30.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€38,124▲
2024 · €494
Cash flow
€37,234▲
2024 · -€518
Debt to equity
0.44▼
2024 · 0.84
ROE
43.7%▲
2024 · -42.0%
Interest coverage
42.87▲
2024 · 0.47
Debt ≤ 1 year
€13,736▼
2024 · €14,071
Debt > 1 year
€19,665▼
2024 · €22,191
Income taxes
€1,500
Staff costs
€86,325▼
2024 · €119,313
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 30-06-2022 | 30-06-2023 | 31-12-2024 |
|---|---|---|---|
| Employees at the balance-sheet date | 3 | 2 | 2 |
| full-time | 3 | 2 | 2 |
| in full-time equivalents | 3 | 2 | 2 |
| Average over the year, in full-time equivalents | 2.8 | 2.5 | 1.8 |
| On a permanent contract | 3 | 2 | 1 |
| Joined | - | - | 2 |
| Left | - | - | 1 |
Source: social balance sheet in the 2022 to 2024 annual accounts
Investments
| Item | 30-06-2022 | 30-06-2023 | 2024 | 2025 |
|---|---|---|---|---|
| Tangible fixed assets | €14,934 | €1,148 | €4,872 | €2,914 |
| Depreciation and write-downs of the year | €24,934 | €17,397 | €17,550 | €3,861 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €131,542 | €120,191 | €119,313 | €86,325 | ▼ 27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €20,954 | €14,838 | €20,116 | €24,934 | €17,397 | €17,550 | €3,861 | ▼ 78.0% |
| Other operating charges640/8 | - | - | - | €2,956 | €2,983 | €5,631 | €3,917 | ▼ 30.4% |
| Gross operating margin9900 | €77,114 | €116,719 | €107,358 | €135,236 | €152,510 | €125,438 | €128,365 | ▲ 2.3% |
| Operating profit (loss)9901 | -€7,438 | €13,681 | -€1,146 | -€24,196 | €11,938 | -€17,056 | €34,263 | - |
| Financial income75/76B | - | - | - | - | - | €36 | €1,500 | ▲ 41× |
| Recurring financial income75 | €35 | - | - | - | - | €36 | €1,500 | ▲ 41× |
| Non-recurring financial income76B | - | - | - | - | - | - | €1,500 | - |
| Financial charges65/66B | - | - | - | €947 | €781 | €1,048 | €889 | ▼ 15.1% |
| Recurring financial charges65 | €886 | - | - | €947 | €781 | €1,048 | €889 | ▼ 15.1% |
| Profit (loss) for the period before taxes9903 | -€8,289 | €12,540 | -€2,494 | -€25,143 | €11,157 | -€18,068 | €34,873 | - |
| Income taxes67/77 | - | €1,010 | €47 | - | - | - | €1,500 | - |
| Profit (loss) for the period9904 | -€8,289 | €11,530 | -€2,542 | -€25,143 | €11,157 | -€18,068 | €33,373 | - |
| Profit (loss) for the period to be appropriated9905 | -€8,289 | €11,530 | -€2,542 | -€25,143 | €11,157 | -€18,068 | €33,373 | - |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €130,949 | €163,285 | €165,337 | €123,423 | €160,331 | €79,304 | €109,815 | ▲ 38.5% |
| Fixed assets21/28 | €27,457 | €52,194 | €45,828 | €35,828 | €19,579 | €6,901 | €5,954 | ▼ 13.7% |
| Tangible fixed assets22/27 | €26,998 | €51,735 | €45,369 | €35,368 | €19,119 | €6,442 | €5,495 | ▼ 14.7% |
| Plant, machinery and equipment23 | - | - | - | €16,467 | €9,847 | €6,442 | €5,185 | ▼ 19.5% |
| Furniture and vehicles24 | - | - | - | €18,901 | €9,272 | €0 | €310 | - |
| Financial fixed assets28 | €460 | €460 | €460 | €460 | €460 | €460 | €460 | = |
| Current assets29/58 | €103,491 | €111,090 | €119,508 | €87,596 | €140,752 | €72,402 | €103,861 | ▲ 43.4% |
| Stocks and contracts in progress3 | €704 | €3,123 | €8,532 | €3,005 | €1,920 | €17,122 | - | - |
| Stocks30/36 | - | - | - | €3,005 | €1,920 | €17,122 | - | - |
| Amounts receivable within one year40/41 | €42,443 | €30,569 | €66,329 | €50,430 | €82,312 | €23,932 | €33,348 | ▲ 39.3% |
| Trade receivables40 | - | - | - | €48,840 | €80,722 | €21,782 | €32,079 | ▲ 47.3% |
| Other amounts receivable41 | - | - | - | €1,591 | €1,591 | €2,149 | €1,269 | ▼ 41.0% |
| Cash at bank and in hand54/58 | €56,847 | €68,783 | €42,175 | €29,708 | €52,020 | €22,848 | €63,709 | ▲ 179% |
| Deferred charges and accrued income490/1 | - | - | - | €4,452 | €4,501 | €8,500 | €6,803 | ▼ 20.0% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €130,949 | €163,285 | €165,337 | €123,423 | €160,331 | €79,304 | €109,815 | ▲ 38.5% |
| Equity10/15 | €66,106 | €77,637 | €75,095 | €49,952 | €61,109 | €43,041 | €76,415 | ▲ 77.5% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | €16,860 | ▲ 806% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | - | - |
| Distributable reserves133 | - | - | - | - | - | - | €16,860 | - |
| Profit (loss) carried forward14 | €58,046 | €69,577 | €67,035 | €41,892 | €53,049 | €34,981 | €53,355 | ▲ 52.5% |
| Amounts payable17/49 | €64,843 | €85,648 | €90,242 | €73,471 | €99,222 | €36,262 | €33,401 | ▼ 7.9% |
| Amounts payable after more than one year17 | €18,213 | €40,829 | €37,258 | €25,303 | €29,716 | €22,191 | €19,665 | ▼ 11.4% |
| Financial debts170/4 | - | - | - | €25,303 | €29,716 | €22,191 | €19,665 | ▼ 11.4% |
| Amounts payable within one year42/48 | €44,654 | €43,823 | €52,984 | €48,168 | €69,506 | €14,071 | €13,736 | ▼ 2.4% |
| Trade debts44 | €31,578 | €30,735 | €43,537 | €31,101 | €52,300 | €9,328 | €5,738 | ▼ 38.5% |
| Suppliers440/4 | - | - | - | €31,101 | €52,300 | €9,328 | €5,738 | ▼ 38.5% |
| Taxes, remuneration and social security45 | - | - | - | €17,067 | €17,206 | €4,743 | €7,998 | ▲ 68.6% |
| Taxes450/3 | - | - | - | €8,403 | €10,192 | - | €3,551 | - |
| Remuneration and social security454/9 | - | - | - | €8,664 | €7,014 | €4,743 | €4,446 | ▼ 6.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | -€8,289 | €11,530 | -€2,542 | -€25,143 | €11,157 | -€18,068 | €33,373 | - |
| + Depreciation and write-downs630 | €20,954 | €14,838 | €20,116 | €24,934 | €17,397 | €17,550 | €3,861 | ▼ 78.0% |
| Operating cash flow (approximation) | €12,664 | €26,368 | €17,574 | -€209 | €28,554 | -€518 | €37,234 | - |
| Investment in fixed assets (approximation) | - | -€39,575 | -€13,750 | -€14,934 | -€1,148 | -€4,872 | -€2,914 | ▲ 40.2% |
| Change in cash | - | €11,937 | -€26,608 | -€12,467 | €22,311 | -€29,172 | €40,861 | - |
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 HENRY 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 HENRY 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 31,368 companies, not a prediction for HENRY. 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 24 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 05-05-2026 | 2026-00105518 | |
| 31-12-2024 | micro format | 27-05-2025 | 2025-00119231 | |
| 30-06-2023 | micro format | 05-12-2023 | 2023-00524782 | |
| 30-06-2022 | micro format | 05-12-2022 | 2022-20533562 | |
| 30-06-2021 | micro format | 06-12-2021 | 2021-79600244 | |
| 30-06-2020 | micro format | 14-12-2020 | 2020-75500518 | |
| 30-06-2019 | micro format | 03-12-2019 | 2019-75300427 | |
| 30-06-2018 | micro format | 22-11-2018 | 2018-72700345 | |
| 30-06-2017 | full format | 22-11-2017 | 2017-70000498 | |
| 30-06-2016 | full format | 08-12-2016 | 2016-69800570 |