HERBOTS
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 92 days after the deadline Filed on 31 October 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00600021.
Annual accounts 2025 filed on 31-10-2026 at the NBB all 15 filings
Turnover
€19,346▼ 29.4%
2021 · €27,386
EBIT margin
-10.0%▼ 39.0pp
2021 · 28.9%
Net result
-€24,543▲ 1.7%
2024 · -€24,963
Working capital
-€22,051
2024 · €4,714
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€23,863
▲ 2.4%
2025
20182025
Net result
-€24,543
▲ 1.7%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
-€19,993
2025
lowest quarter of the sector
20182025
Total assets
€15,788
▼ 16.4%
2025
lowest quarter of the sector
20182025
Debt
€35,781
▲ 150%
2025
20182025
Working capital
-€22,051
2025
lowest quarter of the sector
20182025
Solvency
-126.6%
▼ 150.7pp
2025
lowest quarter of the sector
20182025
Current ratio
0.38
▼ 0.96
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-155.5%
▼ 23.3pp
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€35,657-€23,755▼ 33.4%€32,857▲ 38.3%€27,386▼ 16.7%€19,346▼ 29.4%
Operating result€26,376-€3,847▼ 85.4%€10,235▲ 166%€7,923▼ 22.6%-€1,943-€3,054▼ 57.2%-€24,441▼ 700%-€23,863▲ 2.4%
Net result€26,310-€2,693▼ 89.8%€5,273within the sector's middle half▲ 95.8%€3,291within the sector's middle half▼ 37.6%-€4,283below the sector's middle half-€3,557below the sector's middle half▲ 17.0%-€24,963below the sector's middle half▼ 602%-€24,543below the sector's middle half▲ 1.7%
EBIT margin74.0%-16.2%▼ 57.8pp31.2%▲ 15.0pp28.9%▼ 2.2pp-10.0%▼ 39.0pp
Equity€26,097-€28,790▲ 10.3%€34,063within the sector's middle half▲ 18.3%€37,354within the sector's middle half▲ 9.7%€33,070within the sector's middle half▼ 11.5%€29,513within the sector's middle half▼ 10.8%€4,550below the sector's middle half▼ 84.6%-€19,993below the sector's middle half
Total assets€27,168-€30,633▲ 12.8%€36,534below the sector's middle half▲ 19.3%€39,895below the sector's middle half▲ 9.2%€34,232below the sector's middle half▼ 14.2%€34,284below the sector's middle half▲ 0.2%€18,888below the sector's middle half▼ 44.9%€15,788below the sector's middle half▼ 16.4%
Debt€1,072-€1,843▲ 72.0%€2,471▲ 34.1%€2,541▲ 2.8%€1,161▼ 54.3%€4,771▲ 311%€14,338▲ 201%€35,781▲ 150%
Working capital€25,683-€28,790▲ 12.1%€34,063within the sector's middle half▲ 18.3%€36,498within the sector's middle half▲ 7.1%€32,642within the sector's middle half▼ 10.6%€29,873within the sector's middle half▼ 8.5%€4,714below the sector's middle half▼ 84.2%-€22,051below the sector's middle half
Solvency96.1%-94.0%▼ 2.1pp93.2%above the sector's middle half▼ 0.7pp93.6%above the sector's middle half▲ 0.4pp96.6%above the sector's middle half▲ 3.0pp86.1%above the sector's middle half▼ 10.5pp24.1%below the sector's middle half▼ 62.0pp-126.6%below the sector's middle half▼ 150.7pp
Current ratio24.97-16.62▼ 8.3414.79above the sector's middle half▼ 1.8415.36above the sector's middle half▲ 0.5829.11above the sector's middle half▲ 13.747.77above the sector's middle half▼ 21.331.33within the sector's middle half▼ 6.440.38below the sector's middle half▼ 0.96
Return on assets (ROA)96.8%-8.8%▼ 88.0pp14.4%within the sector's middle half▲ 5.6pp8.2%within the sector's middle half▼ 6.2pp-12.5%below the sector's middle half▼ 20.8pp-10.4%below the sector's middle half▲ 2.1pp-132.2%below the sector's middle half▼ 121.8pp-155.5%below the sector's middle half▼ 23.3pp
above
within
below
The sector band is the middle half of the companies in Architectural and engineering activities; technical testing and analysis (NACE 71). 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 loss of €23,863, smaller than the loss of €24,441 in 2024.
Balance-sheet composition
Assets €15,788
Fixed assets
€2,443
Current assets
€13,345
Equity and liabilities
Equity-€19,993
Debt€35,781
Equity is negative. Debt (€35,781) exceeds the balance-sheet total (€15,788).
Key figures and ratios
EBITDA
-€23,753
Cash flow
-€24,434
Interest coverage
-84.34
Debt ≤ 1 year
€35,396▲
2024 · €14,174
Income taxes
€399▼
2024 · €416
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 | €1,284 | - | - | - | €2,552 |
| Depreciation and write-downs of the year | €428 | €428 | €428 | - | €109 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 3 entries · €263 awarded · €263 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €81 | €81 |
| 2023 | 1 | €113 | €182 |
| 2022 | 1 | €69 | €0 |
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €35,657 | €23,755 | €32,857 | €27,386 | €19,346 | - | - | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €21,319 | €20,683 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €1,248 | €414 | - | €428 | €428 | €428 | - | €109 | - |
| Other operating charges640/8 | - | - | - | €1,316 | €178 | €1,706 | €2,302 | €1,339 | ▼ 41.8% |
| Gross operating margin9900 | €27,624 | €4,435 | €10,412 | €9,667 | -€1,337 | -€920 | -€22,139 | -€22,414 | ▼ 1.2% |
| Operating profit (loss)9901 | €26,376 | €3,847 | €10,235 | €7,923 | -€1,943 | -€3,054 | -€24,441 | -€23,863 | ▲ 2.4% |
| Financial income75/76B | - | - | - | - | - | €8 | - | - | - |
| Recurring financial income75 | - | €0 | €0 | - | - | €8 | - | - | - |
| Financial charges65/66B | - | - | - | €78 | €86 | €96 | €106 | €282 | ▲ 166% |
| Recurring financial charges65 | €67 | €67 | €65 | €78 | €86 | €96 | €106 | €282 | ▲ 166% |
| Profit (loss) for the period before taxes9903 | €26,310 | €3,779 | €10,170 | €7,845 | -€2,029 | -€3,141 | -€24,547 | -€24,144 | ▲ 1.6% |
| Income taxes67/77 | - | €1,086 | €4,897 | €4,554 | €2,255 | €416 | €416 | €399 | ▼ 4.2% |
| Profit (loss) for the period9904 | €26,310 | €2,693 | €5,273 | €3,291 | -€4,283 | -€3,557 | -€24,963 | -€24,543 | ▲ 1.7% |
| Profit (loss) for the period to be appropriated9905 | €26,310 | €2,693 | €5,273 | €3,291 | -€4,283 | -€3,557 | -€24,963 | -€24,543 | ▲ 1.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €27,168 | €30,633 | €36,534 | €39,895 | €34,232 | €34,284 | €18,888 | €15,788 | ▼ 16.4% |
| Fixed assets21/28 | €414 | - | - | €856 | €428 | - | - | €2,443 | - |
| Tangible fixed assets22/27 | €414 | - | - | €856 | €428 | - | - | €2,443 | - |
| Land and buildings22 | - | - | - | - | - | - | - | €1,014 | - |
| Plant, machinery and equipment23 | - | - | - | - | - | - | - | €695 | - |
| Furniture and vehicles24 | - | - | - | €856 | €428 | - | - | €734 | - |
| Current assets29/58 | €26,754 | €30,633 | €36,534 | €39,039 | €33,804 | €34,284 | €18,888 | €13,345 | ▼ 29.3% |
| Amounts receivable within one year40/41 | €19,329 | €29,479 | €31,494 | €37,237 | €32,042 | €31,792 | €11,291 | €13,063 | ▲ 15.7% |
| Trade receivables40 | - | - | - | €11,897 | €8,512 | €10,312 | €11,291 | €11,965 | ▲ 6.0% |
| Other amounts receivable41 | - | - | - | €25,340 | €23,530 | €21,480 | - | €1,098 | - |
| Cash at bank and in hand54/58 | €7,426 | €1,154 | €5,040 | €1,802 | €1,762 | €1,837 | €7,497 | €68 | ▼ 99.1% |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €655 | €100 | €214 | ▲ 114% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €27,168 | €30,633 | €36,534 | €39,895 | €34,232 | €34,284 | €18,888 | €15,788 | ▼ 16.4% |
| Equity10/15 | €26,097 | €28,790 | €34,063 | €37,354 | €33,070 | €29,513 | €4,550 | -€19,993 | - |
| Contributions10/11 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | €12,400 | = |
| Capital10 | - | - | - | €12,400 | €12,400 | €12,400 | - | - | - |
| Issued capital100 | - | - | - | €18,600 | €18,600 | €18,600 | - | - | - |
| Uncalled capital101 | - | - | - | €6,200 | €6,200 | €6,200 | - | - | - |
| Profit (loss) carried forward14 | €13,697 | €16,390 | €21,663 | €24,954 | €20,670 | €17,113 | -€7,850 | -€32,393 | ▼ 313% |
| Amounts payable17/49 | €1,072 | €1,843 | €2,471 | €2,541 | €1,161 | €4,771 | €14,338 | €35,781 | ▲ 150% |
| Amounts payable within one year42/48 | €1,072 | €1,843 | €2,471 | €2,541 | €1,161 | €4,411 | €14,174 | €35,396 | ▲ 150% |
| Trade debts44 | €147 | - | - | - | €62 | €3,433 | €6,307 | €24,348 | ▲ 286% |
| Suppliers440/4 | - | - | - | - | €62 | €3,433 | €6,307 | €24,348 | ▲ 286% |
| Taxes, remuneration and social security45 | - | - | - | €2,541 | €1,099 | €978 | €1,328 | €390 | ▼ 70.6% |
| Taxes450/3 | - | - | - | €2,541 | €1,099 | €978 | €1,328 | €390 | ▼ 70.6% |
| Other amounts payable47/48 | - | - | - | - | - | - | €6,539 | €10,658 | ▲ 63.0% |
| Accrued charges and deferred income492/3 | - | - | - | - | - | €360 | €164 | €385 | ▲ 135% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €26,310 | €2,693 | €5,273 | €3,291 | -€4,283 | -€3,557 | -€24,963 | -€24,543 | ▲ 1.7% |
| + Depreciation and write-downs630 | €1,248 | €414 | - | €428 | €428 | €428 | - | €109 | - |
| Operating cash flow (approximation) | €27,558 | €3,108 | €5,273 | €3,719 | -€3,855 | -€3,129 | -€24,963 | -€24,434 | ▲ 2.1% |
| Investment in fixed assets (approximation) | - | - | - | - | €0 | - | - | - | - |
| Change in cash | - | -€6,272 | €3,886 | -€3,238 | -€40 | €75 | €5,660 | -€7,430 | - |
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, 6,907 companies had the same profile as HERBOTS has now. Two years later, 85.5% were still going and 5.8% had gone bankrupt.
- Micro
- 10 to 20 years old
- negative equity
- a loss of 10% of the balance sheet or more
85.5%
was still going
8.1%
stopped otherwise
5.8%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HERBOTS itself: 1.6% 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 6,907 companies, not a prediction for HERBOTS. 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 | 31-10-2026 | 2026-00600021 | |
| 31-12-2024 | micro format | 31-07-2025 | 2025-00366221 | |
| 31-12-2023 | micro format | 31-10-2024 | 2024-00529313 | |
| 31-12-2022 | micro format | 06-07-2023 | 2023-00208712 | |
| 31-12-2021 | micro format | 03-08-2022 | 2022-20269578 | |
| 31-12-2020 | micro format | 17-08-2021 | 2021-49700140 | |
| 31-12-2019 | micro format | 29-10-2020 | 2020-65500498 | |
| 31-12-2018 | micro format | 24-09-2019 | 2019-65900054 | |
| 31-12-2017 | abbreviated format | 27-08-2018 | 2018-52200060 | |
| 31-12-2016 | abbreviated format | 07-08-2017 | 2017-41900129 |