HERNOU
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 05-07-2026 at the NBB all 21 filings
Turnover
€54,690
EBIT margin
3.8%
Net result
-€14,845▼ 244%
2024 · -€4,318
Working capital
€34,104▲ 170%
2024 · €12,627
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
-€9,659
▼ 82.0%
2025
20182025
Net result
-€14,845
▼ 244%
2025
lowest quarter of the sector
20182025
EBIT margin
no figure
2025
20182025
Equity
€8,558
▲ 64.0%
2025
lowest quarter of the sector
20182025
Total assets
€50,230
▲ 11.3%
2025
lowest quarter of the sector
20182025
Debt
€41,672
▲ 4.4%
2025
20182025
Working capital
€34,104
▲ 170%
2025
middle half of the sector
20182025
Solvency
17.0%
▲ 5.5pp
2025
lowest quarter of the sector
20182025
Current ratio
3.55
▲ 2.10
2025
highest quarter of the sector
20182025
Return on assets (ROA)
-29.6%
▼ 20.0pp
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€54,690-
Operating result€2,060-€2,012▼ 2.3%€2,233▲ 11.0%€879▼ 60.6%€1,574▲ 79.1%-€3,276-€5,307▼ 62.0%-€9,659▼ 82.0%
Net result€612-€585▼ 4.4%€2,079within the sector's middle half▲ 255%€334below the sector's middle half▼ 83.9%€88below the sector's middle half▼ 73.5%-€6,159below the sector's middle half-€4,318below the sector's middle half▲ 29.9%-€14,845below the sector's middle half▼ 244%
EBIT margin3.8%-
Equity€6,005-€6,590▲ 9.7%€8,670below the sector's middle half▲ 31.6%€9,003below the sector's middle half▲ 3.8%€9,092below the sector's middle half▲ 1.0%€2,933below the sector's middle half▼ 67.7%€5,217below the sector's middle half▲ 77.9%€8,558below the sector's middle half▲ 64.0%
Total assets€46,875-€48,691▲ 3.9%€43,826below the sector's middle half▼ 10.0%€29,805below the sector's middle half▼ 32.0%€52,004below the sector's middle half▲ 74.5%€44,724below the sector's middle half▼ 14.0%€45,117below the sector's middle half▲ 0.9%€50,230below the sector's middle half▲ 11.3%
Debt€40,870-€42,101▲ 3.0%€35,156▼ 16.5%€20,802▼ 40.8%€42,912▲ 106%€41,791▼ 2.6%€39,899▼ 4.5%€41,672▲ 4.4%
Working capital€21,866-€16,403▼ 25.0%€24,410within the sector's middle half▲ 48.8%€15,201within the sector's middle half▼ 37.7%€25,500within the sector's middle half▲ 67.8%€9,357within the sector's middle half▼ 63.3%€12,627within the sector's middle half▲ 34.9%€34,104within the sector's middle half▲ 170%
Solvency12.8%-13.5%▲ 0.7pp19.8%below the sector's middle half▲ 6.2pp30.2%within the sector's middle half▲ 10.4pp17.5%below the sector's middle half▼ 12.7pp6.6%below the sector's middle half▼ 10.9pp11.6%below the sector's middle half▲ 5.0pp17.0%below the sector's middle half▲ 5.5pp
Current ratio1.90-1.52▼ 0.382.59within the sector's middle half▲ 1.082.38within the sector's middle half▼ 0.222.52within the sector's middle half▲ 0.141.33within the sector's middle half▼ 1.191.45within the sector's middle half▲ 0.123.55above the sector's middle half▲ 2.10
Return on assets (ROA)1.3%-1.2%▼ 0.1pp4.7%within the sector's middle half▲ 3.5pp1.1%within the sector's middle half▼ 3.6pp0.2%below the sector's middle half▼ 0.9pp-13.8%below the sector's middle half▼ 13.9pp-9.6%below the sector's middle half▲ 4.2pp-29.6%below the sector's middle half▼ 20.0pp
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 a loss of €9,659, larger than the loss of €5,307 in 2024. It is the lowest result since 2018.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €50,230
Fixed assets
€2,773 ▼ 39.6%
Current assets
€47,458 ▲ 17.1%
Equity and liabilities €50,230
Equity
€8,558 ▲ 64.0%
Debt
€41,672 ▲ 4.4%
Debt's share of the balance-sheet total falls from 88.4% to 83.0%. Equity and debt are higher.
Key figures and ratios
EBITDA
-€7,884▼
2024 · -€2,912
Cash flow
-€13,070▼
2024 · -€1,923
Quick ratio
3.18▲
2024 · 1.45
Debt to equity
4.87▼
2024 · 7.65
ROE
-173.5%▼
2024 · -82.8%
Interest coverage
-1.43▼
2024 · -1.08
Debt ≤ 1 year
€13,354▼
2024 · €27,902
Debt > 1 year
€27,943▲
2024 · €11,969
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 | - | €8,000 | - | - | - |
| Depreciation and write-downs of the year | €553 | €1,854 | €2,753 | €2,395 | €1,775 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | €54,690 | - | - | - | - | - | - | - | - |
| Non-recurring operating income76A | - | - | - | - | €1,958 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €158 | €158 | €378 | €553 | €1,854 | €2,753 | €2,395 | €1,775 | ▼ 25.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | - | - | €15,000 | €12,750 | - | - |
| Other operating charges640/8 | - | - | €873 | €2,025 | €2,234 | €2,062 | €3,939 | €2,328 | ▼ 40.9% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €7,986 | - | - |
| Gross operating margin9900 | €3,851 | €7,449 | €3,484 | €3,457 | €5,663 | €16,538 | €21,763 | -€5,557 | - |
| Operating profit (loss)9901 | €2,060 | €2,012 | €2,233 | €879 | €1,574 | -€3,276 | -€5,307 | -€9,659 | ▼ 82.0% |
| Financial income75/76B | - | - | €1,882 | €605 | €114 | - | €3,678 | €317 | ▼ 91.4% |
| Recurring financial income75 | €2,285 | €2,372 | €1,882 | €605 | €114 | - | €3,678 | €317 | ▼ 91.4% |
| Financial charges65/66B | - | - | €2,036 | €1,151 | €1,600 | €2,882 | €2,689 | €5,503 | ▲ 105% |
| Recurring financial charges65 | €3,733 | €3,799 | €2,036 | €1,151 | €1,600 | €2,882 | €2,689 | €5,503 | ▲ 105% |
| Profit (loss) for the period before taxes9903 | €612 | €585 | €2,079 | €334 | €88 | -€6,159 | -€4,318 | -€14,845 | ▼ 244% |
| Profit (loss) for the period9904 | €612 | €585 | €2,079 | €334 | €88 | -€6,159 | -€4,318 | -€14,845 | ▼ 244% |
| Profit (loss) for the period to be appropriated9905 | €612 | €585 | €2,079 | €334 | €88 | -€6,159 | -€4,318 | -€14,845 | ▼ 244% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €46,875 | €48,691 | €43,826 | €29,805 | €52,004 | €44,724 | €45,117 | €50,230 | ▲ 11.3% |
| Fixed assets21/28 | €788 | €630 | €4,103 | €3,550 | €9,695 | €6,943 | €4,587 | €2,773 | ▼ 39.6% |
| Tangible fixed assets22/27 | €788 | €630 | €4,103 | €3,550 | €9,695 | €6,943 | €4,587 | €2,773 | ▼ 39.6% |
| Land and buildings22 | - | - | €2,223 | €1,890 | €1,557 | €1,225 | €1,050 | €875 | ▼ 16.7% |
| Furniture and vehicles24 | - | - | €1,880 | €1,660 | €8,138 | €5,718 | €3,538 | €1,898 | ▼ 46.3% |
| Current assets29/58 | €46,088 | €48,061 | €39,723 | €26,255 | €42,309 | €37,781 | €40,529 | €47,458 | ▲ 17.1% |
| Stocks and contracts in progress3 | €9,750 | €7,250 | €5,000 | €12,000 | €27,750 | €12,750 | - | €5,000 | - |
| Contracts in progress37 | - | - | €5,000 | €12,000 | €27,750 | €12,750 | - | €5,000 | - |
| Amounts receivable within one year40/41 | €34,150 | €37,790 | €30,359 | €12,065 | €14,559 | €18,385 | €35,251 | €36,034 | ▲ 2.2% |
| Trade receivables40 | - | - | €12,583 | €6,242 | €10,747 | €16,917 | €15,272 | €10,061 | ▼ 34.1% |
| Other amounts receivable41 | - | - | €17,776 | €5,823 | €3,812 | €1,468 | €19,979 | €25,973 | ▲ 30.0% |
| Cash at bank and in hand54/58 | €1,635 | €3,020 | €2,627 | €2,191 | - | €6,646 | €5,279 | €5,399 | ▲ 2.3% |
| Deferred charges and accrued income490/1 | - | - | €1,738 | - | - | - | - | €1,025 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €46,875 | €48,691 | €43,826 | €29,805 | €52,004 | €44,724 | €45,117 | €50,230 | ▲ 11.3% |
| Equity10/15 | €6,005 | €6,590 | €8,670 | €9,003 | €9,092 | €2,933 | €5,217 | €8,558 | ▲ 64.0% |
| Contributions10/11 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | €6,197 | €12,800 | €30,987 | ▲ 142% |
| Capital10 | - | - | €6,197 | €6,197 | €6,197 | €6,197 | €12,800 | €30,987 | ▲ 142% |
| Issued capital100 | - | - | €30,987 | €30,987 | €30,987 | €30,987 | €30,987 | €30,987 | = |
| Uncalled capital101 | - | - | €24,789 | €24,789 | €24,789 | €24,789 | €18,187 | - | - |
| Reserves13 | €31,099 | €31,099 | €31,099 | €3,099 | €3,099 | €3,099 | €3,099 | €3,099 | = |
| Non-distributable reserves130/1 | - | - | €3,099 | €3,099 | €3,099 | €3,099 | €3,099 | €3,099 | = |
| Legal reserve130 | - | - | €3,099 | €3,099 | €3,099 | €3,099 | €3,099 | €3,099 | = |
| Distributable reserves133 | - | - | €28,000 | - | - | - | - | - | - |
| Profit (loss) carried forward14 | -€31,291 | -€30,706 | -€28,626 | -€293 | -€204 | -€6,363 | -€10,681 | -€25,527 | ▼ 139% |
| Amounts payable17/49 | €40,870 | €42,101 | €35,156 | €20,802 | €42,912 | €41,791 | €39,899 | €41,672 | ▲ 4.4% |
| Amounts payable after more than one year17 | €16,649 | €8,922 | €16,961 | €9,581 | €24,854 | €13,367 | €11,969 | €27,943 | ▲ 133% |
| Financial debts170/4 | - | - | €16,961 | €9,581 | €24,854 | €13,367 | €11,969 | €27,943 | ▲ 133% |
| Amounts payable within one year42/48 | €24,221 | €31,658 | €15,313 | €11,055 | €16,809 | €28,424 | €27,902 | €13,354 | ▼ 52.1% |
| Current portion of amounts payable after more than one year42 | - | - | €9,437 | €7,408 | €10,994 | €11,828 | €9,536 | €11,408 | ▲ 19.6% |
| Financial debts43 | - | - | - | - | €1,057 | - | - | - | - |
| Credit institutions430/8 | - | - | - | - | €1,057 | - | - | - | - |
| Trade debts44 | €7,703 | €20,232 | €2,303 | €3,647 | €2,358 | €15,125 | €18,363 | €1,147 | ▼ 93.8% |
| Suppliers440/4 | - | - | €2,303 | €3,647 | €2,358 | €15,125 | €18,363 | €1,147 | ▼ 93.8% |
| Taxes, remuneration and social security45 | - | - | €222 | - | - | - | - | €798 | - |
| Taxes450/3 | - | - | €222 | - | - | - | - | €798 | - |
| Other amounts payable47/48 | - | - | €3,350 | - | €2,400 | €1,471 | €3 | - | - |
| Accrued charges and deferred income492/3 | - | - | €2,883 | €166 | €1,249 | - | €28 | €375 | ▲ 13× |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €612 | €585 | €2,079 | €334 | €88 | -€6,159 | -€4,318 | -€14,845 | ▼ 244% |
| + Depreciation and write-downs630 | €158 | €158 | €378 | €553 | €1,854 | €2,753 | €2,395 | €1,775 | ▼ 25.9% |
| Operating cash flow (approximation) | €770 | €743 | €2,457 | €887 | €1,943 | -€3,406 | -€1,923 | -€13,070 | ▼ 580% |
| Investment in fixed assets (approximation) | - | €0 | -€3,851 | €1 | -€8,000 | €0 | -€40 | €40 | - |
| Change in cash | - | €1,386 | -€393 | -€436 | - | - | -€1,368 | €120 | - |
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, 1,221 companies had the same profile as HERNOU has now. Two years later, 88.6% were still going and 3.8% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a loss of 10% of the balance sheet or more
88.6%
was still going
7.4%
stopped otherwise
3.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HERNOU itself: 1.0% 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 1,221 companies, not a prediction for HERNOU. 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 21 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 05-07-2026 | 2026-00253085 | |
| 31-12-2024 | micro format | 10-08-2025 | 2025-00368156 | |
| 31-12-2023 | micro format | 23-07-2024 | 2024-00271860 | |
| 31-12-2022 | micro format | 29-07-2023 | 2023-00289802 | |
| 31-12-2021 | micro format | 04-08-2022 | 2022-20268718 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-42700333 | |
| 31-12-2019 | micro format | 16-10-2020 | 2020-61800338 | |
| 31-12-2018 | micro format | 06-08-2019 | 2019-44200549 | |
| 31-12-2017 | micro format | 24-08-2018 | 2018-50900388 | |
| 31-12-2016 | micro format | 18-08-2017 | 2017-44800079 |