HERPAIN
ActiveSummary
HERPAIN has been active since 1994 and the Belgian Official Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €37.0m and a net result of €905,226. Equity is growing by about 2.7% per year across the filed financial years. The computed 12-month bankruptcy probability is below 0.1% (very low).
Financials · financial year 2025, full format, standalone accounts
Turnover
€2.2m▼ 0.1%
2024 · €2.2m
EBIT margin
65.2%▼ 8.1pp
2024 · 73.3%
Net result
€905,226▼ 9.0%
2024 · €994,399
Working capital
€986,242▼ 20.2%
2024 · €1.2m
Trend over the years
2021 to 2025, 5 financial years 2018 to 2025, 8 financial years
The operating result has fallen two years in a row; 2025 is 11% below 2024.
What the company sold each financial year and what was left of it. A loss stands below the zero line.
Turnover€2.2m
2025
Operating result€1.4m
2025
Net result€0.9m
2025
What the company owns (total assets), how much of it is its own (equity) and how much it owes.
Total assets€48.2m
2025
Equity€37.0m
2025
Debt€10.8m
2025
Short-term assets minus short-term debts. Above zero the company can pay its bills in the short term.
Working capital€1.0m
2025
How much of each euro of turnover is left from operations (EBIT margin) and what the assets earn (return on assets).
EBIT margin65.2%
2025
Use the arrow keys on the chart for the figures per year.
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€2.1m-€2.0m▼ 6.9%€2.0m▲ 0.5%€1.9m▼ 6.1%€2.0m▲ 5.0%€2.2m▲ 11.1%€2.2m▼ 0.8%€2.2m▼ 0.1%
Operating result€1.4m-€1.3m▼ 5.4%€1.3m▼ 1.0%€1.1m▼ 13.8%€1.3m▲ 10.7%€1.7m▲ 35.1%€1.6m▼ 6.8%€1.4m▼ 11.1%
Net result€0.4m-€0.4m▼ 1.7%€21.3m▲ 5,793%€0.9m▼ 95.9%€0.9m▲ 6.2%€1.1m▲ 21.3%€1.0m▼ 11.5%€0.9m▼ 9.0%
EBIT margin66.3%-67.3%▲ 1.1pp66.3%▼ 1.0pp60.9%▼ 5.4pp64.2%▲ 3.3pp78.1%▲ 13.9pp73.3%▼ 4.7pp65.2%▼ 8.1pp
Equity€14.5m-€14.6m▲ 1.1%€33.0m▲ 126%€33.5m▲ 1.4%€34.2m▲ 2.0%€35.1m▲ 2.7%€36.1m▲ 2.8%€37.0m▲ 2.5%
Total assets€44.9m-€46.1m▲ 2.7%€42.0m▼ 8.8%€42.8m▲ 1.7%€42.7m▼ 0.1%€44.3m▲ 3.7%€48.0m▲ 8.4%€48.2m▲ 0.3%
Debt€29.8m-€30.9m▲ 3.7%€8.5m▼ 72.6%€8.7m▲ 3.3%€8.1m▼ 7.6%€8.8m▲ 8.7%€11.5m▲ 31.0%€10.8m▼ 6.4%
Working capital€0.02m--€0.2m€0.4m€0.4m▲ 5.2%€1.0m▲ 160%€1.5m▲ 47.9%€1.2m▼ 18.9%€1.0m▼ 20.2%
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €48.2m
Fixed assets
€45.8m ▲ 0.9%
Current assets
€2.3m ▼ 10.5%
Equity and liabilities €48.2m
Equity
€37.0m ▲ 2.5%
Provisions
€398,093 ▼ 8.2%
Debt
€10.8m ▼ 6.4%
Debt's share of the balance-sheet total falls from 24.0% to 22.4%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€1.9m▼
2024 · €2.1m
Cash flow
€1.4m▼
2024 · €1.5m
Current ratio
1.72▼
2024 · 1.89
Debt to equity
0.29▼
2024 · 0.32
ROE
2.4%▼
2024 · 2.8%
ROA
1.9%▼
2024 · 2.1%
Interest coverage
4.79▼
2024 · 5.35
Debt ≤ 1 year
€1.4m▼
2024 · €1.4m
Debt > 1 year
€9.1m▼
2024 · €9.8m
Income taxes
€393,003▼
2024 · €396,122
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Operating income70/76A | - | - | - | €2.3m | €2.4m | €2.8m | €2.8m | €2.7m | ▼ 4.6% |
| Turnover70 | €2.1m | €2.0m | €2.0m | €1.9m | €2.0m | €2.2m | €2.2m | €2.2m | ▼ 0.1% |
| Other operating income74 | - | - | - | €0.4m | €0.4m | €0.6m | €0.5m | €0.5m | ▲ 8.0% |
| Non-recurring operating income76A | - | - | - | - | - | - | €0.2m | - | - |
| Operating charges60/66A | - | - | - | €1.1m | €1.1m | €1.1m | €1.2m | €1.3m | ▲ 4.0% |
| Services and other goods61 | - | - | - | €0.2m | €0.1m | €0.1m | €0.3m | €0.3m | ▲ 4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 0.5% |
| Other operating charges640/8 | - | - | - | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 7.4% |
| Non-recurring operating charges66A | - | - | - | €0.04m | - | - | - | - | - |
| Operating profit (loss)9901 | €1.4m | €1.3m | €1.3m | €1.1m | €1.3m | €1.7m | €1.6m | €1.4m | ▼ 11.1% |
| Financial income75/76B | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 22.1% |
| Recurring financial income75 | €0.1m | €0.1m | €20.7m | €0.3m | €0.2m | €0.2m | €0.2m | €0.3m | ▲ 22.1% |
| Income from financial fixed assets750 | - | - | - | €0.3m | €0.2m | €0.2m | €0.2m | €0.2m | ▲ 18.6% |
| Income from current assets751 | - | - | - | €0 | €1 | - | €0.001m | €0.01m | ▲ 1,342% |
| Other financial income752/9 | - | - | - | €0.004m | €0.004m | €0.003m | €0.002m | €0.001m | ▼ 43.3% |
| Financial charges65/66B | - | - | - | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | ▼ 2.6% |
| Recurring financial charges65 | €1.0m | €0.9m | €0.5m | €0.2m | €0.2m | €0.3m | €0.4m | €0.4m | ▼ 2.6% |
| Debt charges650 | €1.0m | €0.9m | €0.5m | €0.2m | €0.1m | €0.3m | €0.4m | €0.4m | ▲ 2.4% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals)651 | - | - | - | €0.02m | €0.05m | €472 | - | - | - |
| Other financial charges652/9 | - | - | - | €0.02m | €0.02m | €0.02m | €0.04m | €0.02m | ▼ 56.2% |
| Profit (loss) for the period before taxes9903 | €0.5m | €0.5m | €21.5m | €1.2m | €1.3m | €1.6m | €1.4m | €1.3m | ▼ 8.6% |
| Transfer from deferred taxes780 | - | - | - | €0.04m | €0.04m | €0.04m | €0.05m | €0.04m | ▼ 28.2% |
| Transfer to deferred taxes680 | - | - | - | - | - | - | €0.04m | - | - |
| Income taxes67/77 | €0.2m | €0.2m | €0.3m | €0.3m | €0.4m | €0.5m | €0.4m | €0.4m | ▼ 0.8% |
| Taxes670/3 | - | - | - | €0.3m | €0.4m | €0.5m | €0.4m | €0.4m | ▼ 0.8% |
| Tax adjustments and reversals of tax provisions77 | - | - | - | €0.002m | - | €102 | - | - | - |
| Profit (loss) for the period9904 | €0.4m | €0.4m | €21.3m | €0.9m | €0.9m | €1.1m | €1.0m | €0.9m | ▼ 9.0% |
| Transfer from tax-exempt reserves789 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | ▼ 28.2% |
| Transfer to tax-exempt reserves689 | - | - | - | - | - | - | €0.1m | - | - |
| Profit (loss) for the period to be appropriated9905 | €0.5m | €0.5m | €21.4m | €1.0m | €1.0m | €1.2m | €1.0m | €1.0m | ▼ 0.7% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €44.9m | €46.1m | €42.0m | €42.8m | €42.7m | €44.3m | €48.0m | €48.2m | ▲ 0.3% |
| Fixed assets21/28 | €44.4m | €45.6m | €40.8m | €40.4m | €40.2m | €41.3m | €45.4m | €45.8m | ▲ 0.9% |
| Tangible fixed assets22/27 | €13.2m | €13.1m | €12.7m | €12.8m | €12.4m | €12.1m | €11.5m | €11.0m | ▼ 3.8% |
| Land and buildings22 | - | - | - | €12.3m | €11.9m | €11.5m | €10.9m | €10.5m | ▼ 4.1% |
| Furniture and vehicles24 | - | - | - | - | - | €0 | €0 | €0 | - |
| Other tangible fixed assets26 | - | - | - | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | = |
| Assets under construction and advance payments27 | - | - | - | - | - | - | - | €0.02m | - |
| Financial fixed assets28 | €31.3m | €32.4m | €28.1m | €27.6m | €27.7m | €29.2m | €33.9m | €34.8m | ▲ 2.5% |
| Affiliated companies280/1 | - | - | - | €26.7m | €26.8m | €28.3m | €33.0m | €33.9m | ▲ 2.6% |
| Participating interests280 | - | - | - | €15.5m | €17.2m | €26.9m | €30.6m | €30.6m | = |
| Amounts receivable281 | - | - | - | €11.2m | €9.7m | €1.4m | €2.4m | €3.3m | ▲ 34.9% |
| Companies linked by participating interests282/3 | - | - | - | - | - | €0 | €0 | €0 | - |
| Participating interests282 | - | - | - | - | - | €0 | €0 | €0 | - |
| Amounts receivable283 | - | - | - | - | - | €0 | €0 | €0 | - |
| Other financial fixed assets284/8 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Shares284 | - | - | - | €0.9m | €0.9m | €0.9m | €0.9m | €0.9m | = |
| Current assets29/58 | €0.5m | €0.5m | €1.2m | €2.4m | €2.5m | €3.0m | €2.6m | €2.3m | ▼ 10.5% |
| Amounts receivable after more than one year29 | - | - | - | €0.2m | €0.1m | €0.08m | €0.03m | €0 | ▼ 100% |
| Other amounts receivable291 | - | - | - | €0.2m | €0.1m | €0.08m | €0.03m | €0 | ▼ 100% |
| Amounts receivable within one year40/41 | €0.04m | €0.1m | €0.1m | €0.3m | €0.5m | €0.5m | €0.2m | €0.3m | ▲ 18.8% |
| Trade receivables40 | - | - | - | €0.08m | €0.3m | €0.5m | €0.07m | €0.1m | ▲ 64.1% |
| Other amounts receivable41 | - | - | - | €0.2m | €0.2m | €0.05m | €0.2m | €0.2m | ▼ 2.5% |
| Current investments50/53 | €0.09m | €0.08m | €0.07m | €0.05m | €496 | €24 | €0.7m | €0.7m | ▲ 0.2% |
| Other investments51/53 | - | - | - | €0.05m | €496 | €24 | €0.7m | €0.7m | ▲ 0.2% |
| Cash at bank and in hand54/58 | €0.04m | €0.09m | €0.7m | €1.8m | €1.9m | €2.4m | €1.7m | €1.4m | ▼ 17.7% |
| Deferred charges and accrued income490/1 | - | - | - | €0.03m | €0.008m | €0.006m | €0.001m | €0.006m | ▲ 348% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €44.9m | €46.1m | €42.0m | €42.8m | €42.7m | €44.3m | €48.0m | €48.2m | ▲ 0.3% |
| Equity10/15 | €14.5m | €14.6m | €33.0m | €33.5m | €34.2m | €35.1m | €36.1m | €37.0m | ▲ 2.5% |
| Contributions10/11 | €5.6m | €5.6m | €5.6m | €5.6m | €5.6m | €5.6m | €5.6m | €5.6m | = |
| Capital10 | - | - | - | €5.6m | €5.6m | €5.6m | €5.6m | €5.6m | = |
| Issued capital100 | - | - | - | €5.6m | €5.6m | €5.6m | €5.6m | €5.6m | = |
| Reserves13 | €2.5m | €2.5m | €4.5m | €4.4m | €4.3m | €4.2m | €4.2m | €4.1m | ▼ 2.6% |
| Non-distributable reserves130/1 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Legal reserve130 | - | - | - | €0.6m | €0.6m | €0.6m | €0.6m | €0.6m | = |
| Tax-exempt reserves132 | - | - | - | €3.6m | €3.5m | €3.4m | €3.4m | €3.3m | ▼ 3.1% |
| Distributable reserves133 | - | - | - | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | = |
| Profit (loss) carried forward14 | €6.3m | €6.6m | €22.9m | €23.5m | €24.3m | €25.3m | €26.3m | €27.3m | ▲ 3.8% |
| Provisions and deferred taxes16 | €0.6m | €0.6m | €0.6m | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | ▼ 8.2% |
| Deferred taxes168 | - | - | - | €0.5m | €0.5m | €0.4m | €0.4m | €0.4m | ▼ 8.2% |
| Amounts payable17/49 | €29.8m | €30.9m | €8.5m | €8.7m | €8.1m | €8.8m | €11.5m | €10.8m | ▼ 6.4% |
| Amounts payable after more than one year17 | €29.3m | €30.1m | €7.6m | €6.8m | €6.6m | €7.0m | €9.8m | €9.1m | ▼ 7.3% |
| Financial debts170/4 | - | - | - | €1.8m | €1.6m | €1.8m | €4.4m | €3.5m | ▼ 19.3% |
| Credit institutions173 | - | - | - | €1.8m | €1.6m | €1.8m | €4.4m | €3.5m | ▼ 19.3% |
| Other amounts payable178/9 | - | - | - | €4.9m | €5.0m | €5.2m | €5.4m | €5.5m | ▲ 2.3% |
| Amounts payable within one year42/48 | €0.5m | €0.8m | €0.8m | €2.0m | €1.5m | €1.5m | €1.4m | €1.4m | ▼ 1.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €1.4m | €0.8m | €0.3m | €0.9m | €0.8m | ▼ 4.7% |
| Financial debts43 | - | - | - | €0.07m | - | - | - | - | - |
| Credit institutions430/8 | - | - | - | €0.07m | - | - | - | - | - |
| Trade debts44 | €0.05m | €0.4m | €0.08m | €0.2m | €0.06m | €0.2m | €0.1m | €0.1m | ▲ 13.0% |
| Suppliers440/4 | - | - | - | €0.2m | €0.06m | €0.2m | €0.1m | €0.1m | ▲ 13.0% |
| Taxes, remuneration and social security45 | - | - | - | €0.2m | €0.4m | €0.5m | €0.4m | €0.4m | ▼ 1.4% |
| Taxes450/3 | - | - | - | €0.2m | €0.4m | €0.5m | €0.4m | €0.4m | ▼ 1.4% |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.3m | €0.5m | €0.01m | €0.02m | ▲ 70.4% |
| Accrued charges and deferred income492/3 | - | - | - | €0.005m | €0.005m | €0.3m | €0.3m | €0.3m | ▲ 3.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €0.4m | €0.4m | €21.3m | €0.9m | €0.9m | €1.1m | €1.0m | €0.9m | ▼ 9.0% |
| + Depreciation and write-downs630 | €0.4m | €0.4m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | €0.5m | ▲ 0.5% |
| Operating cash flow (approximation) | €0.7m | €0.8m | €21.7m | €1.3m | €1.4m | €1.6m | €1.5m | €1.4m | ▼ 5.8% |
| Investment in fixed assets (approximation) | - | -€1.6m | €4.3m | -€0.03m | -€0.3m | -€1.6m | -€4.6m | -€0.9m | ▲ 79.9% |
| Change in cash | - | €0.04m | €0.6m | €1.1m | €0.07m | €0.4m | -€0.7m | -€0.3m | ▲ 58.5% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Latest 10 of 62 filings with the National Bank
| Financial year | Type | Filed | Reference |
|---|---|---|---|
| 31-12-2025 | consolidated | 24-09-2026 | 2026-00524800 |
| 31-12-2025 | full format | 01-07-2026 | 2026-00248964 |
| 31-12-2024 | consolidated | 11-08-2025 | 2025-00371947 |
| 31-12-2024 | full format | 07-08-2025 | 2025-00364422 |
| 31-12-2023 | consolidated | 29-08-2024 | 2024-00436899 |
| 31-12-2023 | full format | 10-07-2024 | 2024-00249702 |
| 31-12-2022 | full format | 04-07-2023 | 2023-00206101 |
| 31-12-2022 | consolidated | 04-07-2023 | 2023-00220902 |
| 31-12-2021 | consolidated | 13-09-2022 | 2022-20429214 |
| 31-12-2021 | full format | 07-07-2022 | 2022-20163962 |
Public contracts: No European public contracts awarded found since October 2016. Contracts below the EU thresholds are not in TED.