HEPPIMMO
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 59 days after the deadline Filed on 28 September 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00538058.
Annual accounts 2025 filed on 28-09-2026 at the NBB all 5 filings
Turnover
≈ €790,000
Estimated: probably between €640,000 and €1.3m
EBIT margin
Not included in this filing
Net result
€187,785▲ 15×
2024 · €12,208
Working capital
-€7,961
2024 · €245,696
In the rankings
#10 company by total assets in Butgenbach, Construction sector
Multi-year overview
2021 to 2025, 5 financial yearsOperating result
€223,653
▲ 14×
2025
20212025
Net result
€187,785
▲ 15×
2025
highest quarter of the sector
20212025
Equity
€211,962
▲ 748%
2025
highest quarter of the sector
20212025
Total assets
€765,463
▲ 121%
2025
highest quarter of the sector
20212025
Debt
€553,501
▲ 72.2%
2025
20212025
Working capital
-€7,961
2025
lowest quarter of the sector
20212025
Solvency
27.7%
▲ 20.5pp
2025
middle half of the sector
20212025
Current ratio
0.97
▼ 3.14
2025
lowest quarter of the sector
20212025
Return on assets (ROA)
24.5%
▲ 21.0pp
2025
highest quarter of the sector
20212025
Staff (FTE)
1.4
▲ 40.0%
2025
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Operating result€15,701-€1,429▼ 90.9%€2,031▲ 42.1%€15,847▲ 680%€223,653▲ 14×
Net result€10,981-€175▼ 98.4%€1,304▲ 643%€12,208▲ 836%€187,785above the sector's middle half▲ 15×
Equity€12,181-€12,356▲ 1.4%€13,660▲ 10.6%€25,010▲ 83.1%€211,962above the sector's middle half▲ 748%
Total assets€307,285-€324,208▲ 5.5%€279,399▼ 13.8%€346,496▲ 24.0%€765,463above the sector's middle half▲ 121%
Debt€295,104-€311,851▲ 5.7%€265,739▼ 14.8%€321,486▲ 21.0%€553,501▲ 72.2%
Working capital€13,973-€1,056▼ 92.4%-€6,707€245,696-€7,961below the sector's middle half
Solvency4.0%-3.8%▼ 0.2pp4.9%▲ 1.1pp7.2%▲ 2.3pp27.7%within the sector's middle half▲ 20.5pp
Current ratio1.05-1.00▼ 0.050.97▼ 0.034.11▲ 3.130.97below the sector's middle half▼ 3.14
Return on assets (ROA)3.6%-0.1%▼ 3.5pp0.5%▲ 0.4pp3.5%▲ 3.1pp24.5%above the sector's middle half▲ 21.0pp
Staff (FTE)11.4▲ 40.0%
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 over 14 times that of 2024 and the highest since 2021. It is the third rise in a row, after the fall in 2022.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €765,463
Fixed assets
€499,526 ▲ 23×
Current assets
€265,937 ▼ 18.1%
Equity and liabilities €765,463
Equity
€211,962 ▲ 748%
Debt
€553,501 ▲ 72.2%
Debt's share of the balance-sheet total falls from 92.8% to 72.3%. Equity and debt are higher.
Key figures and ratios
EBITDA
€266,474▲
2024 · €17,413
Cash flow
€230,606▲
2024 · €13,774
Quick ratio
0.92▼
2024 · 3.88
Debt to equity
2.61▼
2024 · 12.85
ROE
88.6%▲
2024 · 48.8%
Interest coverage
32.92▲
2024 · 8.05
Debt ≤ 1 year
€273,898▲
2024 · €79,038
Debt > 1 year
€276,434▲
2024 · €240,845
Income taxes
€31,847▲
2024 · €4,661
Staff costs
€83,348▲
2024 · €43,245
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2024 | 31-12-2025 |
|---|---|---|
| Employees at the balance-sheet date | 1 | 2 |
| full-time | 1 | 2 |
| in full-time equivalents | 1 | 2 |
| Average over the year, in full-time equivalents | 1 | 1.4 |
| On a permanent contract | 1 | 2 |
| Joined | 1 | 1 |
| Left | 0 | 0 |
Source: social balance sheet in the 2024 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | - | - | - | - | €60,000 |
| Mortgage mandates | - | - | - | - | €240,000 |
| Carrying value of the mortgaged assets | - | - | - | - | €468,729 |
| Pledge on other assets, amount secured | - | - | - | - | €12,000 |
| Carrying value of the other pledged assets | - | - | - | - | €18,797 |
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 | €3,068 | €5,876 | €662 | €1,491 | €526,085 |
| Intangible fixed assets | €6,498 | - | - | - | - |
| Financial fixed assets | €17,500 | - | - | - | - |
| Depreciation and write-downs of the year | €4,993 | €3,624 | €3,150 | €1,566 | €42,821 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €43,245 | €83,348 | ▲ 92.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,993 | €3,624 | €3,150 | €1,566 | €42,821 | ▲ 27× |
| Other operating charges640/8 | €2,419 | - | €384 | €501 | €3,340 | ▲ 567% |
| Gross operating margin9900 | €23,113 | €5,053 | €5,565 | €61,159 | €353,162 | ▲ 477% |
| Operating profit (loss)9901 | €15,701 | €1,429 | €2,031 | €15,847 | €223,653 | ▲ 14× |
| Financial income75/76B | €584 | €21 | - | €3,185 | €4,074 | ▲ 27.9% |
| Recurring financial income75 | €584 | €21 | - | €3,185 | €4,074 | ▲ 27.9% |
| Financial charges65/66B | €995 | €1,274 | €651 | €2,163 | €8,096 | ▲ 274% |
| Recurring financial charges65 | €995 | €1,274 | €651 | €2,163 | €8,096 | ▲ 274% |
| Profit (loss) for the period before taxes9903 | €15,290 | €175 | €1,380 | €16,870 | €219,632 | ▲ 13× |
| Income taxes67/77 | €4,309 | - | €76 | €4,661 | €31,847 | ▲ 583% |
| Profit (loss) for the period9904 | €10,981 | €175 | €1,304 | €12,208 | €187,785 | ▲ 15× |
| Profit (loss) for the period to be appropriated9905 | €10,981 | €175 | €1,304 | €12,208 | €187,785 | ▲ 15× |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €307,285 | €324,208 | €279,399 | €346,496 | €765,463 | ▲ 121% |
| Fixed assets21/28 | €22,072 | €24,324 | €21,837 | €21,762 | €499,526 | ▲ 23× |
| Intangible fixed assets21 | €2,842 | €1,229 | - | - | - | - |
| Tangible fixed assets22/27 | €1,730 | €5,595 | €4,337 | €4,262 | €487,526 | ▲ 114× |
| Land and buildings22 | - | - | - | - | €468,729 | - |
| Plant, machinery and equipment23 | - | - | €624 | €1,725 | €12,519 | ▲ 626% |
| Furniture and vehicles24 | €1,730 | €5,595 | €3,712 | €2,537 | €6,277 | ▲ 147% |
| Financial fixed assets28 | €17,500 | €17,500 | €17,500 | €17,500 | €12,000 | ▼ 31.4% |
| Current assets29/58 | €285,213 | €299,884 | €257,562 | €324,734 | €265,937 | ▼ 18.1% |
| Stocks and contracts in progress3 | - | - | €10,171 | €17,914 | €13,250 | ▼ 26.0% |
| Stocks30/36 | - | - | €3,769 | €17,914 | €13,250 | ▼ 26.0% |
| Contracts in progress37 | - | - | €6,402 | - | - | - |
| Amounts receivable within one year40/41 | €275,412 | €298,545 | €226,000 | €268,242 | €108,053 | ▼ 59.7% |
| Trade receivables40 | - | €72,545 | - | €13,740 | €76,392 | ▲ 456% |
| Other amounts receivable41 | €275,412 | €226,000 | €226,000 | €254,502 | €31,662 | ▼ 87.6% |
| Cash at bank and in hand54/58 | €9,801 | €879 | €21,391 | €38,339 | €141,535 | ▲ 269% |
| Deferred charges and accrued income490/1 | - | €460 | - | €239 | €3,098 | ▲ 13× |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €307,285 | €324,208 | €279,399 | €346,496 | €765,463 | ▲ 121% |
| Equity10/15 | €12,181 | €12,356 | €13,660 | €25,010 | €211,962 | ▲ 748% |
| Contributions10/11 | €2,000 | €2,000 | €2,000 | €2,000 | €2,000 | = |
| Reserves13 | - | - | - | €11,349 | €198,302 | ▲ 17× |
| Distributable reserves133 | - | - | - | €11,349 | €198,302 | ▲ 17× |
| Profit (loss) carried forward14 | €10,181 | €10,356 | €11,660 | €11,660 | €11,660 | = |
| Amounts payable17/49 | €295,104 | €311,851 | €265,739 | €321,486 | €553,501 | ▲ 72.2% |
| Amounts payable after more than one year17 | €23,864 | €12,527 | €973 | €240,845 | €276,434 | ▲ 14.8% |
| Financial debts170/4 | €23,864 | €12,527 | €973 | - | €276,434 | - |
| Other amounts payable178/9 | - | - | - | €240,845 | - | - |
| Amounts payable within one year42/48 | €271,240 | €298,828 | €264,269 | €79,038 | €273,898 | ▲ 247% |
| Current portion of amounts payable after more than one year42 | - | €11,337 | €11,554 | €30,973 | €15,854 | ▼ 48.8% |
| Financial debts43 | €11,123 | €20,000 | - | - | - | - |
| Credit institutions430/8 | €11,123 | €20,000 | - | - | - | - |
| Trade debts44 | €1,065 | €15,485 | €8,365 | €47,309 | €87,629 | ▲ 85.2% |
| Suppliers440/4 | €1,065 | €15,485 | €8,365 | €47,309 | €87,629 | ▲ 85.2% |
| Taxes, remuneration and social security45 | €9,527 | €7,011 | €565 | - | €2,983 | - |
| Taxes450/3 | €9,527 | €7,011 | €565 | - | €2,983 | - |
| Other amounts payable47/48 | €249,525 | €244,995 | €243,785 | €756 | €167,432 | ▲ 221× |
| Accrued charges and deferred income492/3 | - | €496 | €496 | €1,603 | €3,169 | ▲ 97.7% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €10,981 | €175 | €1,304 | €12,208 | €187,785 | ▲ 15× |
| + Depreciation and write-downs630 | €4,993 | €3,624 | €3,150 | €1,566 | €42,821 | ▲ 27× |
| Operating cash flow (approximation) | €15,974 | €3,800 | €4,454 | €13,774 | €230,606 | ▲ 17× |
| Investment in fixed assets (approximation) | - | -€5,876 | -€662 | -€1,491 | -€520,585 | ▼ 34,815% |
| Change in cash | - | -€8,922 | €20,512 | €16,948 | €103,197 | ▲ 509% |
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, 6,713 companies had the same profile as HEPPIMMO has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HEPPIMMO itself: 1.4% 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 6,713 companies, not a prediction for HEPPIMMO. 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.
Filings with the National Bank (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 28-09-2026 | 2026-00538058 | |
| 31-12-2024 | unclassified schema | 26-08-2025 | 2025-00415600 | |
| 31-12-2023 | unclassified schema | 25-10-2024 | 2024-00514015 | |
| 31-12-2022 | unclassified schema | 31-10-2023 | 2023-00498462 | |
| 31-12-2021 | unclassified schema | 25-07-2022 | 2022-20218492 |