HENS
ActiveFinancials · financial year 2025, full format
2025 annual accounts filed 61 days after the deadline Filed on 30 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00533977.
Annual accounts 2025 filed on 30-09-2026 at the NBB all 47 filings
Turnover
€54.0m▲ 3.9%
2024 · €51.9m
EBIT margin
4.7%▲ 1.8pp
2024 · 2.9%
Net result
€1.5m▲ 79.8%
2024 · €816,665
Working capital
€739,048
2024 · -€1.2m
In the rankings
#1 employer in Wuustwezel, Construction sector#1 company by total assets in Wuustwezel, Construction sector#1 company by equity in Wuustwezel, Construction sector
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
€54.0m
▲ 3.9%
2025
20182025
Operating result
€2.5m
▲ 69.1%
2025
20182025
Net result
€1.5m
▲ 79.8%
2025
highest quarter of the sector
20182025
EBIT margin
4.7%
▲ 1.8pp
2025
20182025
Equity
€10.0m
▲ 17.3%
2025
highest quarter of the sector
20182025
Total assets
€31.6m
▲ 6.4%
2025
highest quarter of the sector
20182025
Debt
€21.0m
▲ 1.7%
2025
20182025
Working capital
€739,048
2025
middle half of the sector
20182025
Solvency
31.6%
▲ 2.9pp
2025
middle half of the sector
20182025
Current ratio
1.04
▲ 0.11
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
4.7%
▲ 1.9pp
2025
middle half of the sector
20182025
Staff (FTE)
104.7
▼ 3.1%
2025
highest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€43.1m-€39.2m▼ 9.0%€38.0m▼ 3.2%€47.0m▲ 23.9%€47.9m▲ 1.8%€62.2m▲ 30.0%€51.9m▼ 16.5%€54.0m▲ 3.9%
Operating result€3.6m-€2.7m▼ 25.4%€1.2m▼ 53.4%€1.0m▼ 16.6%€0.3m▼ 72.9%€6.0m▲ 21×€1.5m▼ 75.0%€2.5m▲ 69.1%
Net result€2.3m-€1.7m▼ 25.9%€0.8mabove the sector's middle half▼ 53.7%€0.7mabove the sector's middle half▼ 13.6%€0.05mwithin the sector's middle half▼ 93.4%€4.2mabove the sector's middle half▲ 91×€0.8mabove the sector's middle half▼ 80.3%€1.5mabove the sector's middle half▲ 79.8%
EBIT margin8.3%-6.8%▼ 1.5pp3.3%▼ 3.5pp2.2%▼ 1.1pp0.6%▼ 1.6pp9.7%▲ 9.1pp2.9%▼ 6.8pp4.7%▲ 1.8pp
Equity€9.2m-€9.0m▼ 2.9%€8.8mabove the sector's middle half▼ 2.1%€9.5mabove the sector's middle half▲ 7.9%€7.5mabove the sector's middle half▼ 20.6%€9.7mabove the sector's middle half▲ 28.6%€8.5mabove the sector's middle half▼ 12.2%€10.0mabove the sector's middle half▲ 17.3%
Total assets€28.6m-€26.9m▼ 6.0%€27.5mabove the sector's middle half▲ 2.3%€30.6mabove the sector's middle half▲ 11.1%€27.8mabove the sector's middle half▼ 9.2%€35.3mabove the sector's middle half▲ 27.1%€29.7mabove the sector's middle half▼ 15.9%€31.6mabove the sector's middle half▲ 6.4%
Debt€18.7m-€17.3m▼ 7.8%€18.3m▲ 5.9%€20.7m▲ 13.2%€19.8m▼ 4.1%€25.0m▲ 26.3%€20.7m▼ 17.4%€21.0m▲ 1.7%
Working capital€5.1m-€4.1m▼ 18.2%€3.5mabove the sector's middle half▼ 15.9%€2.3mabove the sector's middle half▼ 33.3%-€0.2mbelow the sector's middle half€0.6mabove the sector's middle half-€1.2mbelow the sector's middle half€0.7mwithin the sector's middle half
Solvency32.3%-33.4%▲ 1.1pp32.0%within the sector's middle half▼ 1.4pp31.0%within the sector's middle half▼ 0.9pp27.1%within the sector's middle half▼ 3.9pp27.5%within the sector's middle half▲ 0.3pp28.7%within the sector's middle half▲ 1.2pp31.6%within the sector's middle half▲ 2.9pp
Current ratio1.37-1.32▼ 0.051.23within the sector's middle half▼ 0.081.13below the sector's middle half▼ 0.110.99below the sector's middle half▼ 0.141.03below the sector's middle half▲ 0.040.94below the sector's middle half▼ 0.091.04below the sector's middle half▲ 0.11
Return on assets (ROA)8.2%-6.4%▼ 1.7pp2.9%within the sector's middle half▼ 3.5pp2.3%within the sector's middle half▼ 0.6pp0.2%below the sector's middle half▼ 2.1pp11.8%within the sector's middle half▲ 11.6pp2.8%within the sector's middle half▼ 9.0pp4.7%within the sector's middle half▲ 1.9pp
Staff (FTE)56.4-65▲ 15.2%74.3above the sector's middle half▲ 14.3%96.8above the sector's middle half▲ 30.3%98.5above the sector's middle half▲ 1.8%96.4above the sector's middle half▼ 2.1%108.1above the sector's middle half▲ 12.1%104.7above the sector's middle half▼ 3.1%
above
within
below
The sector band is the middle half of the companies in Specialised construction activities (NACE 43). 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 69% higher than in 2024. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €31.6m
Fixed assets
€13.6m ▲ 7.8%
Current assets
€17.9m ▲ 5.3%
Equity and liabilities €31.6m
Equity
€10.0m ▲ 17.3%
Provisions
€576,438 ▲ 12.6%
Debt
€21.0m ▲ 1.7%
Debt's share of the balance-sheet total falls from 69.6% to 66.6%. Equity and debt are higher.
Key figures and ratios
EBITDA
€5.3m▲
2024 · €4.0m
Cash flow
€4.3m▲
2024 · €3.4m
Debt to equity
2.11▼
2024 · 2.43
ROE
14.7%▲
2024 · 9.6%
Interest coverage
15.74▲
2024 · 10.49
Debt ≤ 1 year
€17.2m▼
2024 · €18.2m
Debt > 1 year
€3.6m▲
2024 · €2.5m
Income taxes
€564,169▲
2024 · €396,112
Customer credit
77 days▼
2024 · 91 days
Supplier credit
95 days▼
2024 · 112 days
Staff costs
€7.0m▲
2024 · €6.9m
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 98 | 102 | 95 | 109 | 99 |
| full-time | 88 | 94 | 83 | 100 | 93 |
| part-time | 10 | 8 | 12 | 9 | 6 |
| in full-time equivalents | 93.9 | 98.9 | 91.1 | 106.1 | 97.3 |
| Average over the year, in full-time equivalents | 96.8 | 98.5 | 96.4 | 108.1 | 104.7 |
| On a permanent contract | 98 | 102 | 95 | 109 | 99 |
| Joined | 83 | 53 | 38 | 82 | 49 |
| Left | 58 | 49 | 45 | 67 | 59 |
| Agency workers, average number | 2 | 2.9 | 1.8 | 4 | 4.1 |
| Training hours | - | - | - | 312 | 3,639 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €6.1m | €5.4m | €6.4m | €5.4m | €6.2m |
| Mortgages, amount registered | €105,000 | €105,000 | €105,000 | €105,000 | €160,000 |
| Mortgage mandates | €5.0m | €5.0m | €5.0m | €5.0m | €7.4m |
| Carrying value of the mortgaged assets | €3.3m | €3.3m | €3.0m | €3.0m | €5.7m |
| Pledge on the business | €718,891 | €718,891 | €718,891 | €718,891 | €570,155 |
| Mandates to pledge the business | €1.8m | €1.8m | €1.8m | €1.8m | €1.8m |
| Pledge on other assets, amount secured | €3.0m | €3.0m | €3.0m | €3.0m | €3.0m |
| Carrying value of the other pledged assets | €1.5m | €1.3m | €1.3m | €1.3m | €1.3m |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €3.0m | €2.3m | €4.6m | €2.7m | €4.5m |
| Financial fixed assets | €10,000 | €10,000 | - | - | €425 |
| Depreciation and write-downs of the year | €1.6m | €1.8m | €2.2m | €2.5m | €2.8m |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Auditor
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Fee for the audit | €11,607 | €14,018 | €15,506 | €16,462 | €17,205 |
Source: notes to the 2021 to 2025 annual accounts (relations with the auditor)
Subsidies and aid
Flemish government
2022 to 2025 · 6 entries · €81,930 awarded · €82,514 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €3,951 | €6,094 |
| 2024 | 2 | €71,998 | €70,683 |
| 2023 | 2 | €3,745 | €3,501 |
| 2022 | 1 | €2,236 | €2,236 |
Public contracts
3 awards · 2023 to 2026
Travaux de démolition des pavillons existants sur le site et aux travaux de construction d’un bâtiment scolaire multifonctionnel ainsi que la réalisation des cours de récréation, d’un terrain de sport et l’aménagement des abords de l’école « Marinette de Cloedt » du Bois de la Cambre: Asbestverwijdering, omhakken van bomen en afbraak van de bestaande paviljoenen op de site van school “Marinette de Cloedt-Bois de la Cambre”
Raamovereenkomst: Afvoeren van grond uit de achterhaven in Zeebrugge
Sigma Demer opwaarts Aarschot – Deelgebied 2 + Meander 5 + Onderwaterdrempel
Source: TED (Tenders Electronic Daily), Publications Office of the European Union. The values are as the buyer published them. For a framework agreement, the value is a ceiling.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €47.6m | €48.9m | €63.8m | €53.7m | €55.6m | ▲ 3.4% |
| Turnover70 | €43.1m | €39.2m | €38.0m | €47.0m | €47.9m | €62.2m | €51.9m | €54.0m | ▲ 3.9% |
| Other operating income74 | - | - | - | €0.5m | €0.7m | €1.6m | €1.6m | €1.2m | ▼ 22.0% |
| Non-recurring operating income76A | - | - | - | €0.04m | €0.3m | €0.07m | €0.2m | €0.4m | ▲ 77.9% |
| Operating charges60/66A | - | - | - | €46.6m | €48.6m | €57.8m | €52.2m | €53.0m | ▲ 1.6% |
| Goods for resale, raw materials and consumables60 | - | - | - | €33.9m | €33.6m | €41.6m | €34.9m | €35.0m | ▲ 0.4% |
| Purchases600/8 | - | - | - | €33.9m | €33.6m | €41.6m | €34.9m | €35.0m | ▲ 0.4% |
| Services and other goods61 | - | - | - | €5.6m | €7.1m | €7.6m | €7.7m | €7.5m | ▼ 3.2% |
| Remuneration, social security and pensions62 | - | - | - | €5.4m | €6.0m | €6.3m | €6.9m | €7.0m | ▲ 1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1.3m | €1.4m | €1.5m | €1.6m | €1.8m | €2.2m | €2.5m | €2.8m | ▲ 10.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €0.1m | - | - | - | €0.1m | - |
| Provisions for liabilities and charges: additions (uses and reversals)635/8 | - | - | - | -€0.06m | - | - | - | €0.1m | - |
| Other operating charges640/8 | - | - | - | €0.07m | €0.09m | €0.07m | €0.2m | €0.1m | ▼ 45.6% |
| Non-recurring operating charges66A | - | - | - | €0.02m | €0.07m | €0.001m | - | €0.4m | - |
| Operating profit (loss)9901 | €3.6m | €2.7m | €1.2m | €1.0m | €0.3m | €6.0m | €1.5m | €2.5m | ▲ 69.1% |
| Financial income75/76B | - | - | - | €0.4m | €0.2m | €0.04m | €0.08m | €0.02m | ▼ 75.7% |
| Recurring financial income75 | €0.06m | €0.5m | €0.3m | €0.4m | €0.2m | €0.04m | €0.08m | €0.02m | ▼ 75.7% |
| Income from financial fixed assets750 | - | - | - | €0.3m | €0.1m | €0.02m | €0.07m | €0.02m | ▼ 78.2% |
| Income from current assets751 | - | - | - | €0.1m | €0.05m | €0.02m | €0.002m | €208 | ▼ 88.6% |
| Other financial income752/9 | - | - | - | €0.004m | €0.005m | €0.003m | €0.003m | €0.003m | ▼ 6.1% |
| Financial charges65/66B | - | - | - | €0.4m | €0.3m | €0.3m | €0.4m | €0.6m | ▲ 37.3% |
| Recurring financial charges65 | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | €0.6m | ▲ 37.3% |
| Debt charges650 | €0.2m | €0.2m | €0.2m | €0.1m | €0.2m | €0.3m | €0.4m | €0.3m | ▼ 12.0% |
| Other financial charges652/9 | - | - | - | €0.02m | €0.01m | €0.01m | €0.04m | €0.2m | ▲ 573% |
| Non-recurring financial charges66B | - | - | - | €0.3m | €0.1m | - | - | - | - |
| Profit (loss) for the period before taxes9903 | €3.4m | €2.6m | €1.1m | €1.0m | €0.1m | €5.7m | €1.2m | €2.0m | ▲ 71.0% |
| Transfer from deferred taxes780 | - | - | - | €0.02m | €0.03m | €0.04m | €0.05m | €0.05m | ▼ 6.1% |
| Transfer to deferred taxes680 | - | - | - | €0.04m | €0.02m | €0.2m | - | - | - |
| Income taxes67/77 | €1.1m | €0.8m | €0.4m | €0.3m | €0.1m | €1.4m | €0.4m | €0.6m | ▲ 42.4% |
| Taxes670/3 | - | - | - | €0.3m | €0.1m | €1.4m | €0.4m | €0.6m | ▲ 32.4% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | - | - | - | €0.04m | €0.01m | ▼ 68.6% |
| Profit (loss) for the period9904 | €2.3m | €1.7m | €0.8m | €0.7m | €0.05m | €4.2m | €0.8m | €1.5m | ▲ 79.8% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.07m | €0.2m | €0.3m | €0.2m | €0.2m | ▼ 6.1% |
| Transfer to tax-exempt reserves689 | - | - | - | €0.1m | €0.05m | €0.6m | - | €0.7m | - |
| Profit (loss) for the period to be appropriated9905 | €2.2m | €1.5m | €0.8m | €0.7m | €0.2m | €3.9m | €1.0m | €0.9m | ▼ 9.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €28.6m | €26.9m | €27.5m | €30.6m | €27.8m | €35.3m | €29.7m | €31.6m | ▲ 6.4% |
| Fixed assets21/28 | €9.7m | €9.7m | €9.2m | €10.3m | €10.7m | €13.0m | €12.7m | €13.6m | ▲ 7.8% |
| Tangible fixed assets22/27 | €6.8m | €7.2m | €6.8m | €8.1m | €8.5m | €10.7m | €10.5m | €11.4m | ▲ 9.1% |
| Land and buildings22 | - | - | - | €3.3m | €3.3m | €3.2m | €3.1m | €5.8m | ▲ 85.3% |
| Plant, machinery and equipment23 | - | - | - | €1.7m | €2.0m | €2.1m | €2.9m | €2.6m | ▼ 9.7% |
| Furniture and vehicles24 | - | - | - | €0.8m | €0.9m | €0.9m | €0.6m | €0.6m | ▼ 0.3% |
| Leasing and similar rights25 | - | - | - | €2.2m | €2.3m | €4.5m | €3.8m | €2.4m | ▼ 37.5% |
| Financial fixed assets28 | €2.9m | €2.5m | €2.4m | €2.2m | €2.3m | €2.3m | €2.2m | €2.2m | ▲ 1.3% |
| Affiliated companies280/1 | - | - | - | €1.5m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Participating interests280 | - | - | - | €1.5m | €1.3m | €1.3m | €1.3m | €1.3m | = |
| Other financial fixed assets284/8 | - | - | - | €0.8m | €0.9m | €1.0m | €0.8m | €0.9m | ▲ 3.4% |
| Shares284 | - | - | - | €0.06m | €0.07m | €0.07m | €0.07m | €0.07m | ▲ 0.7% |
| Amounts receivable and cash guarantees285/8 | - | - | - | €0.7m | €0.8m | €0.9m | €0.8m | €0.8m | ▲ 3.6% |
| Current assets29/58 | €18.9m | €17.2m | €18.3m | €20.3m | €17.0m | €22.3m | €17.0m | €17.9m | ▲ 5.3% |
| Amounts receivable after more than one year29 | - | - | - | €1.5m | €0.7m | €0.7m | €0.04m | €0.07m | ▲ 66.6% |
| Other amounts receivable291 | - | - | - | €1.5m | €0.7m | €0.7m | €0.04m | €0.07m | ▲ 66.6% |
| Stocks and contracts in progress3 | €0.008m | €0.008m | €0.008m | - | - | - | - | €0 | - |
| Amounts receivable within one year40/41 | €14.6m | €10.5m | €12.8m | €15.7m | €13.2m | €15.3m | €13.6m | €11.8m | ▼ 13.0% |
| Trade receivables40 | - | - | - | €12.6m | €12.4m | €14.3m | €13.0m | €11.3m | ▼ 12.7% |
| Other amounts receivable41 | - | - | - | €3.1m | €0.8m | €1.0m | €0.6m | €0.5m | ▼ 19.9% |
| Cash at bank and in hand54/58 | €2.6m | €5.1m | €3.6m | €2.8m | €2.9m | €6.1m | €3.2m | €5.5m | ▲ 71.4% |
| Deferred charges and accrued income490/1 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.5m | ▲ 193% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €28.6m | €26.9m | €27.5m | €30.6m | €27.8m | €35.3m | €29.7m | €31.6m | ▲ 6.4% |
| Equity10/15 | €9.2m | €9.0m | €8.8m | €9.5m | €7.5m | €9.7m | €8.5m | €10.0m | ▲ 17.3% |
| Contributions10/11 | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Capital10 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Issued capital100 | - | - | - | €0.3m | €0.3m | €0.3m | €0.3m | €0.3m | = |
| Reserves13 | €9.0m | €8.7m | €8.5m | €9.2m | €7.3m | €9.4m | €8.3m | €9.7m | ▲ 17.8% |
| Non-distributable reserves130/1 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Legal reserve130 | - | - | - | €0.03m | €0.03m | €0.03m | €0.03m | €0.03m | = |
| Tax-exempt reserves132 | - | - | - | €0.5m | €0.4m | €0.6m | €0.5m | €1.1m | ▲ 123% |
| Distributable reserves133 | - | - | - | €8.7m | €6.9m | €8.8m | €7.8m | €8.6m | ▲ 11.4% |
| Provisions and deferred taxes16 | €0.7m | €0.7m | €0.5m | €0.4m | €0.4m | €0.6m | €0.5m | €0.6m | ▲ 12.6% |
| Provisions for liabilities and charges160/5 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | ▲ 32.5% |
| Environmental obligations163 | - | - | - | €0.4m | €0.4m | €0.4m | €0.4m | €0.5m | ▲ 32.5% |
| Deferred taxes168 | - | - | - | €0.06m | €0.05m | €0.2m | €0.2m | €0.1m | ▼ 31.9% |
| Amounts payable17/49 | €18.7m | €17.3m | €18.3m | €20.7m | €19.8m | €25.0m | €20.7m | €21.0m | ▲ 1.7% |
| Amounts payable after more than one year17 | €4.9m | €4.2m | €3.4m | €2.7m | €2.6m | €3.4m | €2.5m | €3.6m | ▲ 45.3% |
| Financial debts170/4 | - | - | - | €2.7m | €2.6m | €3.4m | €2.5m | €3.6m | ▲ 45.3% |
| Leasing and similar obligations172 | - | - | - | €1.1m | €1.0m | €2.1m | €0.9m | €0.009m | ▼ 99.0% |
| Credit institutions173 | - | - | - | €1.6m | €1.6m | €1.3m | €1.6m | €3.6m | ▲ 129% |
| Amounts payable within one year42/48 | €13.8m | €13.1m | €14.8m | €17.9m | €17.2m | €21.7m | €18.2m | €17.2m | ▼ 5.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1.7m | €1.6m | €2.4m | €2.7m | €2.2m | ▼ 19.9% |
| Financial debts43 | - | - | - | €1.7m | €1.2m | €0.7m | €0.2m | €0.5m | ▲ 120% |
| Credit institutions430/8 | - | - | - | €1.7m | €1.2m | €0.7m | €0.2m | €0.5m | ▲ 120% |
| Trade debts44 | €10.2m | €9.6m | €10.9m | €14.0m | €13.2m | €13.7m | €10.7m | €9.1m | ▼ 15.0% |
| Suppliers440/4 | - | - | - | €14.0m | €13.2m | €13.7m | €10.7m | €9.1m | ▼ 15.0% |
| Advances received on contracts in progress46 | - | - | - | - | - | €0.6m | €0.2m | €0.1m | ▼ 26.4% |
| Taxes, remuneration and social security45 | - | - | - | €0.6m | €0.8m | €1.2m | €1.3m | €0.6m | ▼ 54.0% |
| Taxes450/3 | - | - | - | €0.2m | €0.4m | €0.9m | €1.0m | €0.3m | ▼ 68.6% |
| Remuneration and social security454/9 | - | - | - | €0.3m | €0.4m | €0.3m | €0.3m | €0.3m | ▼ 6.3% |
| Other amounts payable47/48 | - | - | - | - | €0.5m | €3.1m | €3.1m | €4.7m | ▲ 54.0% |
| Accrued charges and deferred income492/3 | - | - | - | €240 | €77 | €26 | €110 | €0.2m | ▲ 1,950× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2.3m | €1.7m | €0.8m | €0.7m | €0.05m | €4.2m | €0.8m | €1.5m | ▲ 79.8% |
| + Depreciation and write-downs630 | €1.3m | €1.4m | €1.5m | €1.6m | €1.8m | €2.2m | €2.5m | €2.8m | ▲ 10.2% |
| Operating cash flow (approximation) | €3.6m | €3.2m | €2.3m | €2.3m | €1.8m | €6.4m | €3.4m | €4.3m | ▲ 27.1% |
| Investment in fixed assets (approximation) | - | -€1.4m | -€1.0m | -€2.7m | -€2.2m | -€4.5m | -€2.2m | -€3.8m | ▼ 72.0% |
| Change in cash | - | €2.5m | -€1.5m | -€0.8m | €0.06m | €3.2m | -€2.9m | €2.3m | - |
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, 1,887 companies had the same profile as HENS has now. Two years later, 97.9% were still going and 0.1% had gone bankrupt.
- Medium-sized
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
97.9%
was still going
2.0%
stopped otherwise
0.1%
went bankrupt
That fits the bankruptcy probability of HENS 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 1,887 companies, not a prediction for HENS. 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 47 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | full format | 30-09-2026 | 2026-00533977 | |
| 31-12-2024 | full format | 30-09-2025 | 2025-00516742 | |
| 31-12-2023 | full format | 03-10-2024 | 2024-00492226 | |
| 31-12-2022 | full format | 13-10-2023 | 2023-00486625 | |
| 31-12-2021 | full format | 20-10-2022 | 2022-20468048 | |
| 31-12-2020 | full format | 14-12-2021 | 2021-80200035 | |
| 31-12-2019 | full format | 13-11-2020 | 2020-70300022 | |
| 31-12-2018 | full format | 06-11-2019 | 2019-73200579 | |
| 31-12-2017 | full format | 26-10-2018 | 2018-70600313 | |
| 31-12-2016 | full format | 29-09-2017 | 2017-64300205 |