HERTEX
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 30-07-2026 at the NBB all 31 filings
Turnover
€23,760
EBIT margin
32.1%
Net result
€11,638▲ 101%
2024 · €5,786
Working capital
€39,009▲ 71.4%
2024 · €22,761
Multi-year overview
2018 to 2025, 8 financial yearsTurnover
no figure
2025
20182025
Operating result
€17,023
▲ 123%
2025
20182025
Net result
€11,638
▲ 101%
2025
20182025
EBIT margin
no figure
2025
20182025
Equity
€101,896
▲ 12.9%
2025
20182025
Total assets
€115,672
▲ 5.2%
2025
20182025
Debt
€13,776
▼ 30.2%
2025
20182025
Working capital
€39,009
▲ 71.4%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Turnover€23,760
Operating result€6,502-€143▼ 97.8%-€20,748€3,290€14,303▲ 335%€9,406▼ 34.2%€7,623▼ 19.0%€17,023▲ 123%
Net result€6,502-€150▼ 97.7%-€20,748€7,602€14,303▲ 88.2%€7,387▼ 48.4%€5,786▼ 21.7%€11,638▲ 101%
EBIT margin32.1%
Equity€75,778-€75,928▲ 0.2%€55,180▼ 27.3%€62,782▲ 13.8%€77,085▲ 22.8%€84,472▲ 9.6%€90,259▲ 6.8%€101,896▲ 12.9%
Total assets€135,520-€135,674▲ 0.1%€114,926▼ 15.3%€122,528▲ 6.6%€111,726▼ 8.8%€113,697▲ 1.8%€109,991▼ 3.3%€115,672▲ 5.2%
Debt€59,742-€59,746=€59,746=€59,746=€34,641▼ 42.0%€29,225▼ 15.6%€19,733▼ 32.5%€13,776▼ 30.2%
Working capital-€29,882--€24,469▲ 18.1%-€40,606▼ 65.9%-€28,393▲ 30.1%€366€12,364▲ 34×€22,761▲ 84.1%€39,009▲ 71.4%
The operating result for 2025 is 123% higher than in 2024 and the highest since 2021. It is a recovery after the fall in 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €115,672
Fixed assets
€72,732 ▼ 6.0%
Current assets
€42,940 ▲ 31.5%
Equity and liabilities €115,672
Equity
€101,896 ▲ 12.9%
Debt
€13,776 ▼ 30.2%
Debt's share of the balance-sheet total falls from 17.9% to 11.9%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€21,633▲
2024 · €12,234
Cash flow
€16,248▲
2024 · €10,397
Current ratio
10.92▲
2024 · 3.30
Debt to equity
0.14▼
2024 · 0.22
ROE
11.4%▲
2024 · 6.4%
ROA
10.1%▲
2024 · 5.3%
Interest coverage
over 100▲
2024 · -179.30
Debt ≤ 1 year
€3,931▼
2024 · €9,888
Income taxes
€5,547▲
2024 · €1,929
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 |
|---|---|---|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | - | - | - | €23,760 | - | - |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | - | - | - | €6,583 | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,263 | €5,263 | €4,611 | €4,611 | €4,611 | €4,611 | €4,611 | €4,611 | = |
| Other operating charges640/8 | - | - | - | €2,519 | €2,579 | €2,823 | €2,943 | €3,033 | ▲ 3.1% |
| Gross operating margin9900 | €14,032 | €7,720 | -€13,637 | €10,420 | €21,493 | €16,840 | €15,177 | €24,666 | ▲ 62.5% |
| Operating profit (loss)9901 | €6,502 | €143 | -€20,748 | €3,290 | €14,303 | €9,406 | €7,623 | €17,023 | ▲ 123% |
| Financial income75/76B | - | - | - | €4,312 | - | €103 | €24 | €193 | ▲ 710% |
| Recurring financial income75 | €0 | €0 | - | €4,312 | - | €103 | €24 | €193 | ▲ 710% |
| Financial charges65/66B | - | - | - | - | - | €94 | -€68 | €32 | - |
| Recurring financial charges65 | - | - | €0 | - | - | €94 | -€68 | €32 | - |
| Profit (loss) for the period before taxes9903 | €6,502 | €143 | -€20,748 | €7,602 | €14,303 | €9,415 | €7,715 | €17,184 | ▲ 123% |
| Income taxes67/77 | - | -€6 | - | - | - | €2,028 | €1,929 | €5,547 | ▲ 188% |
| Profit (loss) for the period9904 | €6,502 | €150 | -€20,748 | €7,602 | €14,303 | €7,387 | €5,786 | €11,638 | ▲ 101% |
| Profit (loss) for the period to be appropriated9905 | €6,502 | €150 | -€20,748 | €7,602 | €14,303 | €7,387 | €5,786 | €11,638 | ▲ 101% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €135,520 | €135,674 | €114,926 | €122,528 | €111,726 | €113,697 | €109,991 | €115,672 | ▲ 5.2% |
| Fixed assets21/28 | €105,660 | €100,397 | €95,786 | €91,175 | €86,564 | €81,954 | €77,343 | €72,732 | ▼ 6.0% |
| Tangible fixed assets22/27 | €105,660 | €100,397 | €95,786 | €91,175 | €86,564 | €81,954 | €77,343 | €72,732 | ▼ 6.0% |
| Land and buildings22 | - | - | - | €91,175 | €86,564 | €81,954 | €77,343 | €72,732 | ▼ 6.0% |
| Current assets29/58 | €29,860 | €35,277 | €19,140 | €31,352 | €25,162 | €31,743 | €32,648 | €42,940 | ▲ 31.5% |
| Amounts receivable within one year40/41 | - | - | - | - | - | - | - | €8,249 | - |
| Trade receivables40 | - | - | - | - | - | - | - | €3,240 | - |
| Other amounts receivable41 | - | - | - | - | - | - | - | €5,009 | - |
| Current investments50/53 | - | - | - | - | - | €29,593 | €29,760 | - | - |
| Cash at bank and in hand54/58 | €29,617 | €35,027 | €19,140 | €31,352 | €25,162 | €725 | €2,889 | €34,691 | ▲ 12× |
| Deferred charges and accrued income490/1 | - | - | - | - | - | €1,426 | - | - | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €135,520 | €135,674 | €114,926 | €122,528 | €111,726 | €113,697 | €109,991 | €115,672 | ▲ 5.2% |
| Equity10/15 | €75,778 | €75,928 | €55,180 | €62,782 | €77,085 | €84,472 | €90,259 | €101,896 | ▲ 12.9% |
| Contributions10/11 | €63,000 | €63,000 | €63,000 | €63,000 | €63,000 | €63,000 | €63,000 | €63,000 | = |
| Contributions outside capital11 | - | - | - | €63,000 | €63,000 | €63,000 | €63,000 | €63,000 | = |
| Other1109/19 | - | - | - | €63,000 | €63,000 | €63,000 | €63,000 | €63,000 | = |
| Reserves13 | €12,016 | €12,016 | €12,016 | €12,016 | €12,016 | €21,472 | €27,259 | €38,896 | ▲ 42.7% |
| Non-distributable reserves130/1 | - | - | - | €12,016 | €12,016 | €12,016 | €12,016 | €12,016 | = |
| Reserves not available under the articles1311 | - | - | - | €12,016 | €12,016 | €12,016 | €12,016 | €12,016 | = |
| Distributable reserves133 | - | - | - | - | - | €9,456 | €15,242 | €26,880 | ▲ 76.4% |
| Profit (loss) carried forward14 | €762 | €911 | -€19,836 | -€12,234 | €2,069 | - | - | - | - |
| Amounts payable17/49 | €59,742 | €59,746 | €59,746 | €59,746 | €34,641 | €29,225 | €19,733 | €13,776 | ▼ 30.2% |
| Amounts payable within one year42/48 | €59,742 | €59,746 | €59,746 | €59,746 | €24,796 | €19,380 | €9,888 | €3,931 | ▼ 60.2% |
| Trade debts44 | €0 | - | - | - | - | €2,878 | €1,452 | €1,452 | = |
| Suppliers440/4 | - | - | - | - | - | €2,878 | €1,452 | €1,452 | = |
| Taxes, remuneration and social security45 | - | - | - | - | - | €1,997 | €3,609 | €2,479 | ▼ 31.3% |
| Taxes450/3 | - | - | - | - | - | €1,997 | €3,609 | €2,479 | ▼ 31.3% |
| Other amounts payable47/48 | - | - | - | €59,746 | €24,796 | €14,505 | €4,827 | - | - |
| Accrued charges and deferred income492/3 | - | - | - | - | €9,845 | €9,845 | €9,845 | €9,845 | = |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €6,502 | €150 | -€20,748 | €7,602 | €14,303 | €7,387 | €5,786 | €11,638 | ▲ 101% |
| + Depreciation and write-downs630 | €5,263 | €5,263 | €4,611 | €4,611 | €4,611 | €4,611 | €4,611 | €4,611 | = |
| Operating cash flow (approximation) | €11,766 | €5,413 | -€16,137 | €12,213 | €18,914 | €11,998 | €10,397 | €16,248 | ▲ 56.3% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €5,411 | -€15,888 | €12,213 | -€6,191 | -€24,437 | €2,164 | €31,803 | ▲ 15× |
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, 31,368 companies had the same profile as HERTEX has now. Two years later, 93.5% were still going and 0.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 30% or more
- a profit of 5% of the balance sheet or more
93.5%
was still going
5.9%
stopped otherwise
0.5%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HERTEX 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 31,368 companies, not a prediction for HERTEX. 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 31 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 30-07-2026 | 2026-00360724 | |
| 31-12-2024 | micro format | 21-07-2025 | 2025-00290078 | |
| 31-12-2023 | micro format | 31-08-2024 | 2024-00446016 | |
| 31-12-2022 | micro format | 25-05-2023 | 2023-00100818 | |
| 31-12-2021 | micro format | 27-05-2022 | 2022-20045449 | |
| 31-12-2020 | micro format | 18-05-2021 | 2021-14300567 | |
| 31-12-2019 | micro format | 15-05-2020 | 2020-12200200 | |
| 31-12-2018 | micro format | 22-05-2019 | 2019-13900342 | |
| 31-12-2017 | micro format | 18-05-2018 | 2018-13100534 | |
| 31-12-2016 | micro format | 19-05-2017 | 2017-12600308 |