Heycon
ActiveFinancials · financial year 2026, micro format
Annual accounts 2026 filed on 29-10-2026 at the NBB all 9 filings
Turnover
≈ €280,000
Estimated: probably between €220,000 and €390,000
Total assets
€145,089▼ 4.1%
2025 · €151,274
Net result
€92,832▼ 7.3%
2025 · €100,141
Working capital
€4,343
2025 · -€2,376
Multi-year overview
2019 to 2026, 8 financial yearsOperating result
€181,423
▲ 6.0%
2026
20192026
Net result
€92,832
▼ 7.3%
2026
20192026
Equity
€28,600
=
2026
20192026
Total assets
€145,089
▼ 4.1%
2026
20192026
Debt
€116,489
▼ 5.0%
2026
20192026
Working capital
€4,343
2026
20192026
Solvency
19.7%
▲ 0.8pp
2026
20192026
Current ratio
1.04
▲ 0.06
2026
20192026
Return on assets (ROA)
64.0%
▼ 2.2pp
2026
20192026
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20192020202120222023202420252026
Operating result€56,608-€98,694▲ 74.3%€66,417▼ 32.7%€83,039▲ 25.0%€88,735▲ 6.9%€117,675▲ 32.6%€171,142▲ 45.4%€181,423▲ 6.0%
Net result€43,108-€53,575▲ 24.3%€7,615within the sector's middle half▼ 85.8%€62,540above the sector's middle half▲ 721%€67,397above the sector's middle half▲ 7.8%€89,854above the sector's middle half▲ 33.3%€100,141above the sector's middle half▲ 11.4%€92,832▼ 7.3%
Equity€75,753-€135,528▲ 78.9%€38,143within the sector's middle half▼ 71.9%€30,683within the sector's middle half▼ 19.6%€29,080within the sector's middle half▼ 5.2%€118,935within the sector's middle half▲ 309%€28,600within the sector's middle half▼ 76.0%€28,600=
Total assets€94,208-€178,653▲ 89.6%€208,907within the sector's middle half▲ 16.9%€167,712within the sector's middle half▼ 19.7%€130,817within the sector's middle half▼ 22.0%€142,261within the sector's middle half▲ 8.7%€151,274within the sector's middle half▲ 6.3%€145,089▼ 4.1%
Debt€18,454-€43,125▲ 134%€170,765▲ 296%€137,029▼ 19.8%€101,737▼ 25.8%€23,326▼ 77.1%€122,674▲ 426%€116,489▼ 5.0%
Working capital€73,062-€131,523▲ 80.0%€18,885within the sector's middle half▼ 85.6%€8,339within the sector's middle half▼ 55.8%€3,096within the sector's middle half▼ 62.9%€83,485within the sector's middle half▲ 27×-€2,376within the sector's middle half€4,343
Solvency80.4%-75.9%▼ 4.6pp18.3%within the sector's middle half▼ 57.6pp18.3%within the sector's middle half=22.2%within the sector's middle half▲ 3.9pp83.6%above the sector's middle half▲ 61.4pp18.9%within the sector's middle half▼ 64.7pp19.7%▲ 0.8pp
Current ratio4.96-4.05▼ 0.911.13within the sector's middle half▼ 2.931.07within the sector's middle half▼ 0.061.03within the sector's middle half▼ 0.034.58above the sector's middle half▲ 3.550.98within the sector's middle half▼ 3.601.04▲ 0.06
Return on assets (ROA)45.8%-30.0%▼ 15.8pp3.6%within the sector's middle half▼ 26.3pp37.3%above the sector's middle half▲ 33.6pp51.5%above the sector's middle half▲ 14.2pp63.2%above the sector's middle half▲ 11.6pp66.2%above the sector's middle half▲ 3.0pp64.0%▼ 2.2pp
above
within
below
The sector band is the middle half of the companies in Office administrative, office support and other business support activities (NACE 82). 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 2026 is 6% higher than in 2025 and the highest since 2022. It is the fourth rise in a row.
Turnover and EBIT margin are not published. The micro format does not require them. The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2026 in colour, 2025 as the grey bar beneath
Assets €145,089
Fixed assets
€24,257 ▼ 21.7%
Current assets
€120,832 ▲ 0.4%
Equity and liabilities €145,089
Equity
€28,600 =
Debt
€116,489 ▼ 5.0%
Debt's share of the balance-sheet total falls from 81.1% to 80.3%. Debt is lower.
Key figures and ratios
EBITDA
€188,141▲
2025 · €178,096
Cash flow
€99,551▼
2025 · €107,096
Debt to equity
4.07▼
2025 · 4.29
ROE
324.6%▼
2025 · 350.1%
Interest coverage
3.03▼
2025 · 4.40
Debt ≤ 1 year
€116,489▼
2025 · €122,674
Income taxes
€26,422▼
2025 · €30,518
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-06-2022 | 30-06-2023 | 30-06-2024 | 30-06-2025 | 30-06-2026 |
|---|---|---|---|---|---|
| Tangible fixed assets | €2,738 | €9,542 | €9,893 | €2,480 | - |
| Depreciation and write-downs of the year | €5,617 | €6,155 | €7,191 | €6,954 | €6,719 |
Source: notes to the 2022 to 2026 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 4 entries · €1,212 awarded · €1,212 paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 1 | €450 | €450 |
| 2024 | 1 | €195 | €195 |
| 2023 | 1 | €117 | €117 |
| 2022 | 1 | €450 | €450 |
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €2,244 | €2,005 | €3,025 | €5,617 | €6,155 | €7,191 | €6,954 | €6,719 | ▼ 3.4% |
| Other operating charges640/8 | - | - | - | €1,731 | €3,756 | €1,022 | €1,085 | €1,270 | ▲ 17.0% |
| Gross operating margin9900 | €60,020 | €100,993 | €70,550 | €90,387 | €98,647 | €125,888 | €179,181 | €189,411 | ▲ 5.7% |
| Operating profit (loss)9901 | €56,608 | €98,694 | €66,417 | €83,039 | €88,735 | €117,675 | €171,142 | €181,423 | ▲ 6.0% |
| Financial income75/76B | - | - | - | €6 | €27 | €0 | €0 | - | - |
| Recurring financial income75 | €322 | €1 | €19 | €6 | €27 | €0 | €0 | - | - |
| Financial charges65/66B | - | - | - | €1,400 | €2,548 | €2,120 | €40,483 | €62,169 | ▲ 53.6% |
| Recurring financial charges65 | €1,004 | €32,029 | €56,965 | €1,400 | €2,548 | €2,120 | €40,483 | €62,169 | ▲ 53.6% |
| Profit (loss) for the period before taxes9903 | €55,925 | €66,665 | €9,470 | €81,645 | €86,215 | €115,555 | €130,659 | €119,254 | ▼ 8.7% |
| Income taxes67/77 | €12,818 | €13,091 | €1,856 | €19,105 | €18,818 | €25,700 | €30,518 | €26,422 | ▼ 13.4% |
| Profit (loss) for the period9904 | €43,108 | €53,575 | €7,615 | €62,540 | €67,397 | €89,854 | €100,141 | €92,832 | ▼ 7.3% |
| Profit (loss) for the period to be appropriated9905 | €43,108 | €53,575 | €7,615 | €62,540 | €67,397 | €89,854 | €100,141 | €92,832 | ▼ 7.3% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €94,208 | €178,653 | €208,907 | €167,712 | €130,817 | €142,261 | €151,274 | €145,089 | ▼ 4.1% |
| Fixed assets21/28 | €2,692 | €4,046 | €39,974 | €37,095 | €34,689 | €35,450 | €30,976 | €24,257 | ▼ 21.7% |
| Tangible fixed assets22/27 | €2,692 | €4,046 | €39,974 | €37,095 | €34,689 | €35,450 | €30,976 | €24,257 | ▼ 21.7% |
| Furniture and vehicles24 | - | - | - | €2,909 | €2,904 | €4,208 | €4,373 | €2,215 | ▼ 49.4% |
| Other tangible fixed assets26 | - | - | - | €34,186 | €31,785 | €31,242 | €26,602 | €22,042 | ▼ 17.1% |
| Current assets29/58 | €91,516 | €174,607 | €168,933 | €130,617 | €96,128 | €106,811 | €120,299 | €120,832 | ▲ 0.4% |
| Amounts receivable within one year40/41 | €23,745 | €47,864 | €83,936 | €51,367 | €32,760 | €48,078 | €35,251 | €50,076 | ▲ 42.1% |
| Trade receivables40 | - | - | - | €50,018 | €31,500 | €43,667 | €35,251 | €50,076 | ▲ 42.1% |
| Other amounts receivable41 | - | - | - | €1,348 | €1,260 | €4,410 | - | - | - |
| Cash at bank and in hand54/58 | €67,516 | €125,344 | €83,611 | €78,768 | €62,457 | €56,699 | €83,793 | €69,043 | ▼ 17.6% |
| Deferred charges and accrued income490/1 | - | - | - | €482 | €911 | €2,034 | €1,256 | €1,712 | ▲ 36.4% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €94,208 | €178,653 | €208,907 | €167,712 | €130,817 | €142,261 | €151,274 | €145,089 | ▼ 4.1% |
| Equity10/15 | €75,753 | €135,528 | €38,143 | €30,683 | €29,080 | €118,935 | €28,600 | €28,600 | = |
| Contributions10/11 | €12,400 | €18,600 | - | €18,600 | €18,600 | €18,600 | €18,600 | €18,600 | = |
| Reserves13 | €11,860 | €11,860 | €19,543 | €12,083 | €10,480 | €100,335 | €10,000 | €10,000 | = |
| Tax-exempt reserves132 | - | - | - | €10,000 | €10,000 | €10,000 | €10,000 | €10,000 | = |
| Distributable reserves133 | - | - | - | €2,083 | €480 | €90,335 | - | - | - |
| Profit (loss) carried forward14 | €51,493 | €105,068 | - | - | - | - | - | - | - |
| Amounts payable17/49 | €18,454 | €43,125 | €170,765 | €137,029 | €101,737 | €23,326 | €122,674 | €116,489 | ▼ 5.0% |
| Amounts payable after more than one year17 | - | - | €20,717 | €14,751 | €8,705 | - | - | - | - |
| Financial debts170/4 | - | - | - | €14,751 | €8,705 | - | - | - | - |
| Amounts payable within one year42/48 | €18,454 | €43,084 | €150,048 | €122,278 | €93,032 | €23,326 | €122,674 | €116,489 | ▼ 5.0% |
| Current portion of amounts payable after more than one year42 | - | - | - | €5,966 | €6,046 | - | - | - | - |
| Financial debts43 | - | - | - | €6,667 | €5,039 | €6,325 | €6,393 | €6,773 | ▲ 5.9% |
| Credit institutions430/8 | - | - | - | €6,667 | €5,039 | €6,325 | €6,393 | €6,773 | ▲ 5.9% |
| Trade debts44 | €2,409 | €1,708 | €2,776 | €5,592 | €143 | €6,982 | €2,741 | €453 | ▼ 83.5% |
| Suppliers440/4 | - | - | - | €5,592 | €143 | €6,982 | €2,741 | €453 | ▼ 83.5% |
| Taxes, remuneration and social security45 | - | - | - | €26,339 | €10,455 | €9,905 | €33,293 | €8,610 | ▼ 74.1% |
| Taxes450/3 | - | - | - | €23,339 | €10,360 | €9,905 | €33,293 | €8,610 | ▼ 74.1% |
| Remuneration and social security454/9 | - | - | - | €3,000 | €95 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €77,715 | €71,350 | €115 | €80,247 | €100,653 | ▲ 25.4% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €43,108 | €53,575 | €7,615 | €62,540 | €67,397 | €89,854 | €100,141 | €92,832 | ▼ 7.3% |
| + Depreciation and write-downs630 | €2,244 | €2,005 | €3,025 | €5,617 | €6,155 | €7,191 | €6,954 | €6,719 | ▼ 3.4% |
| Operating cash flow (approximation) | €45,352 | €55,580 | €10,639 | €68,157 | €73,553 | €97,045 | €107,096 | €99,551 | ▼ 7.0% |
| Investment in fixed assets (approximation) | - | -€3,360 | -€38,953 | -€2,738 | -€3,750 | -€7,951 | -€2,480 | €0 | - |
| Change in cash | - | €57,828 | -€41,733 | -€4,843 | -€16,311 | -€5,757 | €27,093 | -€14,750 | - |
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, 6,713 companies had the same profile as Heycon has now. Two years later, 95.8% were still going and 1.8% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 10 to 30%
- a profit of 5% of the balance sheet or more
95.8%
was still going
2.2%
stopped otherwise
1.8%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of Heycon itself is lower: 0.2% within 12 months. It rests on far more data about Heycon than the profile alone.
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 6,713 companies, not a prediction for Heycon. 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.
Filings with the National Bank (9)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-06-2026 | micro format | 29-10-2026 | 2026-00598469 | |
| 30-06-2025 | micro format | 06-11-2025 | 2025-00564936 | |
| 30-06-2024 | micro format | 22-09-2026 | 2026-00518924 | |
| 30-06-2023 | micro format | 26-10-2023 | 2023-00494928 | |
| 30-06-2022 | micro format | 18-11-2022 | 2022-20524397 | |
| 30-06-2021 | micro format | 13-12-2021 | 2021-80000272 | |
| 30-06-2020 | micro format | 06-01-2021 | 2021-00400168 | |
| 30-09-2019 | micro format | 14-02-2020 | 2020-05000411 | |
| 30-09-2018 | micro format | 13-02-2019 | 2019-05000287 |