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HEVADEX

Active
Private limited companyfounded 2009active for 17 yearsZoomstraat 6, 9160 Lokeren, BelgiumKBO/BCE: BE 0809.254.271

Financials · financial year 2025, abbreviated format

Annual accounts 2025 filed on 08-01-2026 PDF all 16 filings

Turnover
≈ €2.0m
Estimated: probably between €1.4m and €3.3m
Total assets
€2.9m▲ 13.1%
2024 · €2.6m
Net result
€269,088▲ 9.3%
2024 · €246,196
Working capital
€1.3m▲ 22.4%
2024 · €1.1m
Trend over the years

2021 to 2025, 5 financial years 2019 to 2025, 7 financial years

The operating result for 2025 is 9% higher than in 2024. It is a recovery after the fall in 2024.

Operating result€0.3m 2025 Net result€0.3m 2025

Turnover is what the company sold, the result is what was left of it. A loss stands below the zero line.

Use the arrow keys on the chart for the figures per year.

The sector band is the middle half of the companies in Manufacture of rubber and plastic products (NACE 22). 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 dashed line is the median. There is a sector band for net result, equity, total assets, working capital, solvency, current ratio, return on assets (ROA) and staff (FTE).

Every figure with its change against the financial year before
favourable unfavourable
Line2019202020212022202320242025
Operating result€0.06m-€0.4m▲ 554%€0.6m▲ 54.8%€0.6m▼ 9.9%€0.5m▼ 14.0%€0.3m▼ 40.0%€0.3m▲ 8.7%
Net result€0.05m-€0.3mabove the sector's middle half▲ 380%€0.4mabove the sector's middle half▲ 66.2%€0.4mabove the sector's middle half▲ 1.3%€0.4mabove the sector's middle half▼ 18.1%€0.2mabove the sector's middle half▼ 30.2%€0.3mabove the sector's middle half▲ 9.3%
Equity€0.4m-€0.6mwithin the sector's middle half▲ 67.3%€0.9mwithin the sector's middle half▲ 38.5%€1.3mwithin the sector's middle half▲ 48.9%€1.7mwithin the sector's middle half▲ 26.9%€1.9mabove the sector's middle half▲ 11.8%€2.1mabove the sector's middle half▲ 11.6%
Total assets€0.8m-€1.1mwithin the sector's middle half▲ 37.4%€1.4mwithin the sector's middle half▲ 34.0%€1.8mwithin the sector's middle half▲ 26.6%€2.2mwithin the sector's middle half▲ 23.0%€2.6mwithin the sector's middle half▲ 15.6%€2.9mwithin the sector's middle half▲ 13.1%
Debt€0.4m-€0.4m▲ 8.9%€0.6m▲ 27.3%€0.5m▼ 9.0%€0.6m▲ 13.0%€0.7m▲ 26.8%€0.8m▲ 16.8%
Working capital€0.3m-€0.5mwithin the sector's middle half▲ 81.7%€0.7mwithin the sector's middle half▲ 37.0%€1.1mabove the sector's middle half▲ 47.5%€1.2mabove the sector's middle half▲ 16.3%€1.1mabove the sector's middle half▼ 11.8%€1.3mabove the sector's middle half▲ 22.4%
Solvency48.8%-59.4%within the sector's middle half▲ 10.6pp61.5%within the sector's middle half▲ 2.0pp72.3%above the sector's middle half▲ 10.8pp74.6%above the sector's middle half▲ 2.3pp72.1%above the sector's middle half▼ 2.5pp71.2%above the sector's middle half▼ 0.9pp
Current ratio1.78-2.32within the sector's middle half▲ 0.542.53within the sector's middle half▲ 0.213.69above the sector's middle half▲ 1.163.60above the sector's middle half▼ 0.092.72within the sector's middle half▼ 0.882.75within the sector's middle half▲ 0.03
Return on assets (ROA)6.8%-23.9%above the sector's middle half▲ 17.1pp29.7%above the sector's middle half▲ 5.7pp23.7%above the sector's middle half▼ 5.9pp15.8%above the sector's middle half▼ 7.9pp9.5%within the sector's middle half▼ 6.3pp9.2%within the sector's middle half▼ 0.3pp
Staff (FTE)4.9-4.8within the sector's middle half▼ 2.0%6within the sector's middle half▲ 25.0%6within the sector's middle half=6.5within the sector's middle half▲ 8.3%8.1within the sector's middle half▲ 24.6%11.2within the sector's middle half▲ 38.3%
above within below The sector band is the middle half of the companies in Manufacture of rubber and plastic products (NACE 22). 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.
Turnover and EBIT margin are not published. The abbreviated format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €2.9m
Fixed assets €820,447 ▼ 4.3%
Current assets €2.1m ▲ 21.7%
Equity and liabilities €2.9m
Equity €2.1m ▲ 11.6%
Debt €840,714 ▲ 16.8%
Debt's share of the balance-sheet total rises from 27.9% to 28.8%. Equity and debt are higher.
Key figures and ratios
2025 value · change against 2024
EBITDA
€519,653▲
2024 · €456,829
Cash flow
€472,456▲
2024 · €412,175
Quick ratio
2.26▼
2024 · 2.45
Debt to equity
0.40▲
2024 · 0.39
ROE
13.0%▼
2024 · 13.2%
Interest coverage
31.28▲
2024 · 15.67
Debt ≤ 1 year
€762,369▲
2024 · €633,443
Debt > 1 year
€78,345▼
2024 · €86,311
Income taxes
€44,053▲
2024 · €31,333
Staff costs
€635,320▲
2024 · €535,363
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.

Staff

social balance sheet
Item30-06-202230-06-202330-06-202430-06-2025
Employees at the balance-sheet date771012
full-time56911
part-time2111
in full-time equivalents66.29.211.2
Average over the year, in full-time equivalents5.76.58.19.8
On a permanent contract66811
Joined3575
Left2545

Source: social balance sheet in the 2022 to 2025 annual accounts

Securities and guarantees

on own assets and for others
Item30-06-202030-06-202230-06-202330-06-202430-06-2025
Debts secured on the company's own assets-€157,868€92,118€92,118€164,816
Pledge on the business-€75,000€75,000€75,000€75,000

Source: notes to the 2020 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)

Investments

fixed assets acquired
Item30-06-202030-06-202230-06-202330-06-202430-06-2025
Tangible fixed assets€70,367€198,965€267,203€501,711€184,687
Depreciation and write-downs of the year€42,737€83,592€103,893€165,979€203,369

Source: notes to the 2020 to 2025 annual accounts (statement of fixed assets)

Subsidies and aid

Flemish government

2022 to 2025 · 11 entries · €675,786 awarded · €277,017 paid
Year Entries AwardedPaid
2025 4 €338,090€7,057
2024 2 €2,156€266,156
2023 3 €333,476€3,804
2022 2 €2,064€0
Schemes
4 entries · €662,769 · €264,000 paid · Fonds voor Innoveren en Ondernemen
4 entries · €10,608 · €10,608 paid · Vlaams Agentschap voor Internationaal Ondernemen
3 entries · €2,409 · €2,409 paid · Fonds voor Innoveren en Ondernemen

European Union, budget

2021 · 1 entry · €197,976 in total
Projects
SUNRISE - MULTISENSOR SORTING TOOLS IN A CIRCULAR ECONOMY APPROACH FOR THE EFFICIENT RECYCLING OF PVB INTERLAYER MATERIAL IN HIGH-QUALITY PRODUCTS FROM LAMINATED GLASS CONSTRUCTION AND DEMOLITION WASTES
Horizon Europe · 01-06-2021 to 30-11-2024 · €197,976

European research

1 project · €197,978 EU contribution
Programmes
1 entry · €197,978
Projects
MultiSensor sorting tools in a circular economy approach for the efficient recycling of PVB interlayer material in high-quality prodUcts from laminated glass coNstRuction and demolItion waStEs
Horizon 2020 · participant · 01-06-2021 to 30-11-2024 · €197,978 · SUNRISE
Annual accounts
Filed annual accounts As filed with the NBB · 2025 against 2024 · 61 lines
Balance sheet Code20242025
Assets
Total assets20/58€2.6m€2.9m▲
Fixed assets21/28€0.9m€0.8m▼
Tangible fixed assets22/27€0.9m€0.8m▼
Plant, machinery and equipment23€0.3m€0.3m▼
Furniture and vehicles24€0.2m€0.2m▲
Leasing and similar rights25€0-
Other tangible fixed assets26€0.4m€0.3m▼
Financial fixed assets28€250€250=
Current assets29/58€1.7m€2.1m▲
Amounts receivable after more than one year29€0.3m€0.3m=
Other amounts receivable291€0.3m€0.3m=
Stocks and contracts in progress3€0.2m€0.4m▲
Stocks30/36€0.2m€0.4m▲
Amounts receivable within one year40/41€1.1m€1.3m▲
Trade receivables40€0.9m€1.1m▲
Other amounts receivable41€0.2m€0.2m▼
Cash at bank and in hand54/58€0.2m€0.1m▼
Deferred charges and accrued income490/1€0.01m€0.008m▼
Equity and liabilities
Total equity and liabilities10/49€2.6m€2.9m▲
Equity10/15€1.9m€2.1m▲
Contributions10/11€0.02m€0.02m=
Reserves13€1.8m€2.1m▲
Non-distributable reserves130/1€0.002m€0▼
Other1319€0.002m€0▼
Distributable reserves133€1.8m€2.1m▲
Profit (loss) carried forward14€0€0=
Amounts payable17/49€0.7m€0.8m▲
Amounts payable after more than one year17€0.09m€0.08m▼
Financial debts170/4€0.09m€0.08m▼
Amounts payable within one year42/48€0.6m€0.8m▲
Current portion of amounts payable after more than one year42€0.06m€0.09m▲
Financial debts43€0.01m€0.1m▲
Credit institutions430/8€0.01m€0.1m▲
Trade debts44€0.4m€0.4m▼
Suppliers440/4€0.4m€0.4m▼
Taxes, remuneration and social security45€0.1m€0.1m▲
Taxes450/3€0.01m€0.01m▲
Remuneration and social security454/9€0.1m€0.1m▲
Other amounts payable47/48€0.005m€0.005m▼
Income statement Code20242025
Non-recurring operating income76A-€0.006m
Remuneration, social security and pensions62€0.5m€0.6m▲
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.2m€0.2m▲
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4€0-€384▼
Other operating charges640/8€0.004m€0.01m▲
Gross operating margin9900€1.0m€1.2m▲
Operating profit (loss)9901€0.3m€0.3m▲
Financial income75/76B€0.02m€0.01m▼
Recurring financial income75€0.02m€0.01m▼
Financial charges65/66B€0.03m€0.02m▼
Recurring financial charges65€0.03m€0.02m▼
Profit (loss) for the period before taxes9903€0.3m€0.3m▲
Income taxes67/77€0.03m€0.04m▲
Profit (loss) for the period9904€0.2m€0.3m▲
Profit (loss) for the period to be appropriated9905€0.2m€0.3m▲
Appropriation of the result
Profit (loss) to be appropriated9906€0.2m€0.3m▲
Transfer from equity791/2€0.05m€0.05m▲
Transfer to equity691/2€0.2m€0.3m▲
To other reserves6921€0.2m€0.3m▲
Profit to be distributed694/7€0.05m€0.05m▲
Return on contributions (dividend)694€0.05m€0.05m▲
Social balance sheet
Average headcount (FTE)90878.111.2▲

The notes to these accounts have 23 items, including the statement of assets and debts, the cost breakdown and rights and commitments. You find them in the filed accounts (PDF).

Source: Annual accounts 2025 (PDF), filed on 08-01-2026.

Line2019202020212022202320242025Change
Non-recurring operating income76A------€0.006m-
Remuneration, social security and pensions62-€0.3m-€0.3m€0.4m€0.5m€0.6m▲ 18.7%
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€0.04m€0.04m€0.07m€0.08m€0.1m€0.2m€0.2m▲ 22.5%
Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4--€0.002m--€0.006m€0.03m€0-€384-
Other operating charges640/8-€0.03m-€0.01m€0.006m€0.004m€0.01m▲ 138%
Gross operating margin9900€0.3m€0.7m€1.0m€1.0m€1.0m€1.0m€1.2m▲ 16.9%
Operating profit (loss)9901€0.06m€0.4m€0.6m€0.6m€0.5m€0.3m€0.3m▲ 8.7%
Financial income75/76B-€0.007m-€0.007m€0.01m€0.02m€0.01m▼ 14.9%
Recurring financial income75€0.003m€0.007m€0.002m€0.007m€0.01m€0.02m€0.01m▼ 14.9%
Financial charges65/66B-€0.02m-€0.02m€0.05m€0.03m€0.02m▼ 43.0%
Recurring financial charges65€0.02m€0.02m€0.02m€0.02m€0.05m€0.03m€0.02m▼ 43.0%
Profit (loss) for the period before taxes9903€0.05m€0.4m€0.6m€0.6m€0.4m€0.3m€0.3m▲ 12.8%
Income taxes67/77-€0.004m€0.1m€0.2m€0.1m€0.09m€0.03m€0.04m▲ 40.6%
Profit (loss) for the period9904€0.05m€0.3m€0.4m€0.4m€0.4m€0.2m€0.3m▲ 9.3%
Profit (loss) for the period to be appropriated9905€0.05m€0.3m€0.4m€0.4m€0.4m€0.2m€0.3m▲ 9.3%
Line2019202020212022202320242025Change
Assets
Total assets20/58€0.8m€1.1m€1.4m€1.8m€2.2m€2.6m€2.9m▲ 13.1%
Fixed assets21/28€0.1m€0.1m€0.2m€0.4m€0.5m€0.9m€0.8m▼ 4.3%
Tangible fixed assets22/27€0.1m€0.1m€0.2m€0.4m€0.5m€0.9m€0.8m▼ 4.3%
Plant, machinery and equipment23-€0.05m-€0.2m€0.2m€0.3m€0.3m▼ 8.0%
Furniture and vehicles24-€0.02m-€0.01m€0.08m€0.2m€0.2m▲ 16.9%
Leasing and similar rights25---€0.03m€0.01m€0--
Other tangible fixed assets26-€0.07m-€0.1m€0.2m€0.4m€0.3m▼ 9.6%
Financial fixed assets28€0.001m€250€250€250€250€250€250=
Current assets29/58€0.7m€0.9m€1.2m€1.5m€1.7m€1.7m€2.1m▲ 21.7%
Amounts receivable after more than one year29-€0.1m-€0.3m€0.3m€0.3m€0.3m=
Trade receivables290-€0.1m-€0.3m€0.3m---
Other amounts receivable291-----€0.3m€0.3m=
Stocks and contracts in progress3€0.1m€0.1m€0.1m€0.1m€0.1m€0.2m€0.4m▲ 121%
Stocks30/36-€0.1m-€0.1m€0.1m€0.2m€0.4m▲ 121%
Amounts receivable within one year40/41€0.4m€0.5m€0.6m€0.9m€0.9m€1.1m€1.3m▲ 18.3%
Trade receivables40-€0.4m-€0.8m€0.8m€0.9m€1.1m▲ 23.1%
Other amounts receivable41-€0.07m-€0.1m€0.1m€0.2m€0.2m▼ 8.1%
Cash at bank and in hand54/58€0.02m€0.2m€0.4m€0.1m€0.4m€0.2m€0.1m▼ 15.3%
Deferred charges and accrued income490/1-€0.005m-€0.006m€0.007m€0.01m€0.008m▼ 30.9%
Equity and liabilities
Total equity and liabilities10/49€0.8m€1.1m€1.4m€1.8m€2.2m€2.6m€2.9m▲ 13.1%
Equity10/15€0.4m€0.6m€0.9m€1.3m€1.7m€1.9m€2.1m▲ 11.6%
Contributions10/11€0.02m€0.02m-€0.02m€0.02m€0.02m€0.02m=
Reserves13€0.4m€0.6m€0.9m€1.3m€1.6m€1.8m€2.1m▲ 11.7%
Non-distributable reserves130/1-€0.002m-€0.002m€0.002m€0.002m€0▼ 100%
Reserves not available under the articles1311---€0.002m€0.002m---
Other1319-€0.002m---€0.002m€0▼ 100%
Distributable reserves133-€0.6m-€1.3m€1.6m€1.8m€2.1m▲ 11.8%
Profit (loss) carried forward14---€0-€0€0-
Amounts payable17/49€0.4m€0.4m€0.6m€0.5m€0.6m€0.7m€0.8m▲ 16.8%
Amounts payable after more than one year17€0.02m€0.04m€0.08m€0.1m€0.09m€0.09m€0.08m▼ 9.2%
Financial debts170/4-€0.04m-€0.1m€0.09m€0.09m€0.08m▼ 9.2%
Amounts payable within one year42/48€0.4m€0.4m€0.5m€0.4m€0.5m€0.6m€0.8m▲ 20.4%
Current portion of amounts payable after more than one year42-€0.02m-€0.05m€0.05m€0.06m€0.09m▲ 42.5%
Financial debts43-€0.1m-€0€0.02m€0.01m€0.1m▲ 763%
Credit institutions430/8-€0.1m-€0€0.02m€0.01m€0.1m▲ 763%
Trade debts44€0.2m€0.2m€0.1m€0.3m€0.3m€0.4m€0.4m▼ 0.7%
Suppliers440/4-€0.2m-€0.3m€0.3m€0.4m€0.4m▼ 0.7%
Taxes, remuneration and social security45-€0.1m-€0.08m€0.08m€0.1m€0.1m▲ 3.3%
Taxes450/3-€0.06m-€0.03m€0.03m€0.01m€0.01m▲ 3.2%
Remuneration and social security454/9-€0.04m-€0.05m€0.06m€0.1m€0.1m▲ 3.3%
Other amounts payable47/48---€0-€0.005m€0.005m▼ 6.2%
Line2019202020212022202320242025Change
Profit (loss) for the period9904€53,245€255,763€424,988€430,591€352,761€246,196€269,088▲ 9.3%
+ Depreciation and write-downs630€39,806€42,737€66,747€83,592€103,893€165,979€203,369▲ 22.5%
Operating cash flow (approximation)€93,051€298,500€491,735€514,183€456,654€412,175€472,456▲ 14.6%
Investment in fixed assets (approximation)--€69,367-€163,310-€198,965-€267,203-€501,711-€166,814▲ 66.8%
Change in cash-€184,071€225,159-€284,435€201,387-€178,234-€26,424▲ 85.2%

A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.

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Historical observation

In July 2024, 17,811 companies had the same profile as HEVADEX has now. Two years later, 0.3% had gone bankrupt and 96.5% were still going.

  • Small
  • 10 to 20 years old
  • solvency 30% or more
  • a profit of 5% of the balance sheet or more
0.3% went bankrupt
3.1% stopped otherwise
96.5% was still going

That fits the bankruptcy probability of HEVADEX itself: 0.2% 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.

The companies in ten equal groups, from the lowest to the highest expected share
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 17,811 companies, not a prediction for HEVADEX. 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 16 filings with the National Bank
Financial year Type Filed Reference Document
30-06-2025 abbreviated format 08-01-2026 2026-00005197 PDF
30-06-2024 abbreviated format 10-01-2025 2025-00005276 PDF
30-06-2023 abbreviated format 04-01-2024 2024-00543503 PDF
30-06-2022 abbreviated format 05-01-2023 2023-20553155 PDF
30-06-2021 abbreviated format 04-01-2022 2022-00100339 PDF
30-06-2020 abbreviated format 11-01-2021 2021-00600071 PDF
30-06-2019 abbreviated format 13-01-2020 2020-00800060 PDF
30-06-2018 abbreviated format 29-01-2019 2019-02500238 PDF
30-06-2017 abbreviated format 30-01-2018 2018-02700316 PDF
30-06-2016 abbreviated format 28-12-2016 2016-71600373 PDF

Show all 16 filings

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