HiCircular
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 12-02-2026 PDF all 5 filings
Turnover
€731,847▲ 50.2%
2024 · €487,115
EBIT margin
13.8%▼ 0.5pp
2024 · 14.2%
Net result
€75,224▲ 53.5%
2024 · €48,998
Working capital
€121,799▲ 172%
2024 · €44,814
Multi-year overview
2021 to 2025, 5 financial yearsTurnover
€731,847
▲ 50.2%
2025
20212025
Operating result
€100,885
▲ 45.4%
2025
20212025
Net result
€75,224
▲ 53.5%
2025
highest quarter of the sector
20212025
EBIT margin
13.8%
▼ 0.5pp
2025
20212025
Equity
€128,845
▲ 140%
2025
middle half of the sector
20212025
Total assets
€190,226
▲ 35.9%
2025
middle half of the sector
20212025
Debt
€61,381
▼ 28.9%
2025
20212025
Working capital
€121,799
▲ 172%
2025
highest quarter of the sector
20212025
Solvency
67.7%
▲ 29.4pp
2025
middle half of the sector
20212025
Current ratio
2.98
▲ 1.47
2025
middle half of the sector
20212025
Return on assets (ROA)
39.5%
▲ 4.5pp
2025
highest quarter of the sector
20212025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20212022202320242025
Turnover€487,115€731,847▲ 50.2%
Operating result€435-€4,495▲ 932%-€2,662€69,383€100,885▲ 45.4%
Net result€320within the sector's middle half-€3,892within the sector's middle half▲ 12×-€2,590below the sector's middle half€48,998above the sector's middle half€75,224above the sector's middle half▲ 53.5%
EBIT margin14.2%13.8%▼ 0.5pp
Equity€3,320below the sector's middle half-€7,212below the sector's middle half▲ 117%€4,623below the sector's middle half▼ 35.9%€53,621within the sector's middle half▲ 12×€128,845within the sector's middle half▲ 140%
Total assets€3,693below the sector's middle half-€9,615below the sector's middle half▲ 160%€5,134below the sector's middle half▼ 46.6%€139,928within the sector's middle half▲ 27×€190,226within the sector's middle half▲ 35.9%
Debt€373-€2,403▲ 545%€511▼ 78.7%€86,307▲ 169×€61,381▼ 28.9%
Working capital€3,320within the sector's middle half-€7,212within the sector's middle half▲ 117%€4,623within the sector's middle half▼ 35.9%€44,814within the sector's middle half▲ 869%€121,799above the sector's middle half▲ 172%
Solvency75.0%above the sector's middle half90.0%above the sector's middle half▲ 15.0pp38.3%within the sector's middle half▼ 51.7pp67.7%within the sector's middle half▲ 29.4pp
Current ratio4.00within the sector's middle half10.04above the sector's middle half▲ 6.041.52within the sector's middle half▼ 8.532.98within the sector's middle half▲ 1.47
Return on assets (ROA)40.5%above the sector's middle half-50.4%below the sector's middle half▼ 90.9pp35.0%above the sector's middle half▲ 85.5pp39.5%above the sector's middle half▲ 4.5pp
above
within
below
The sector band is the middle half of the companies in Advertising, market research and public relations activities (NACE 73). 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 45% higher than in 2024 and the highest since 2021. It is the second rise in a row, after the fall in 2023.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €190,226
Fixed assets
€7,046 ▼ 20.0%
Current assets
€183,180 ▲ 39.7%
Equity and liabilities €190,226
Equity
€128,845 ▲ 140%
Debt
€61,381 ▼ 28.9%
Debt's share of the balance-sheet total falls from 61.7% to 32.3%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€102,646▲
2024 · €71,583
Cash flow
€76,985▲
2024 · €51,198
Quick ratio
2.31▲
2024 · 1.39
Debt to equity
0.48▼
2024 · 1.61
ROE
58.4%▼
2024 · 91.4%
Interest coverage
over 100▲
2024 · 14.72
Debt ≤ 1 year
€61,381▼
2024 · €86,307
Income taxes
€25,074▲
2024 · €16,000
Customer credit
51 days▼
2024 · 72 days
Supplier credit
12 days▼
2024 · 62 days
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 | - | - | - | €11,007 | - |
| Depreciation and write-downs of the year | - | - | - | €2,200 | €1,761 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Turnover70 | - | - | - | €487,115 | €731,847 | ▲ 50.2% |
| Goods, raw materials, services and sundry goods60/61 | - | - | - | €415,532 | €628,735 | ▲ 51.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | - | €2,200 | €1,761 | ▼ 19.9% |
| Other operating charges640/8 | - | €348 | €787 | - | €466 | - |
| Gross operating margin9900 | €435 | €4,843 | -€1,875 | €71,583 | €103,112 | ▲ 44.0% |
| Operating profit (loss)9901 | €435 | €4,495 | -€2,662 | €69,383 | €100,885 | ▲ 45.4% |
| Financial income75/76B | - | - | €97 | €478 | - | - |
| Recurring financial income75 | - | - | €97 | €478 | - | - |
| Financial charges65/66B | €35 | €92 | €104 | €4,863 | €587 | ▼ 87.9% |
| Recurring financial charges65 | €35 | €92 | €104 | €4,863 | €587 | ▼ 87.9% |
| Profit (loss) for the period before taxes9903 | €400 | €4,403 | -€2,670 | €64,998 | €100,298 | ▲ 54.3% |
| Income taxes67/77 | €80 | €511 | -€80 | €16,000 | €25,074 | ▲ 56.7% |
| Profit (loss) for the period9904 | €320 | €3,892 | -€2,590 | €48,998 | €75,224 | ▲ 53.5% |
| Profit (loss) for the period to be appropriated9905 | €320 | €3,892 | -€2,590 | €48,998 | €75,224 | ▲ 53.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3,693 | €9,615 | €5,134 | €139,928 | €190,226 | ▲ 35.9% |
| Fixed assets21/28 | - | - | - | €8,807 | €7,046 | ▼ 20.0% |
| Tangible fixed assets22/27 | - | - | - | €8,807 | €7,046 | ▼ 20.0% |
| Furniture and vehicles24 | - | - | - | €8,807 | €7,046 | ▼ 20.0% |
| Current assets29/58 | €3,693 | €9,615 | €5,134 | €131,121 | €183,180 | ▲ 39.7% |
| Stocks and contracts in progress3 | - | - | - | €11,434 | €41,688 | ▲ 265% |
| Stocks30/36 | - | - | - | €11,434 | €41,688 | ▲ 265% |
| Amounts receivable within one year40/41 | - | €6,132 | €2,854 | €96,391 | €103,196 | ▲ 7.1% |
| Trade receivables40 | - | €1,392 | - | €96,391 | €103,196 | ▲ 7.1% |
| Other amounts receivable41 | - | €4,741 | €2,854 | - | - | - |
| Cash at bank and in hand54/58 | €3,693 | €3,483 | €2,280 | €23,296 | €38,296 | ▲ 64.4% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3,693 | €9,615 | €5,134 | €139,928 | €190,226 | ▲ 35.9% |
| Equity10/15 | €3,320 | €7,212 | €4,623 | €53,621 | €128,845 | ▲ 140% |
| Contributions10/11 | €3,000 | €3,000 | €3,000 | €3,000 | €3,000 | = |
| Profit (loss) carried forward14 | €320 | €4,212 | €1,623 | €50,621 | €125,845 | ▲ 149% |
| Amounts payable17/49 | €373 | €2,403 | €511 | €86,307 | €61,381 | ▼ 28.9% |
| Amounts payable within one year42/48 | €373 | €2,403 | €511 | €86,307 | €61,381 | ▼ 28.9% |
| Trade debts44 | - | €1,894 | - | €70,307 | €20,307 | ▼ 71.1% |
| Suppliers440/4 | - | €1,894 | - | €70,307 | €20,307 | ▼ 71.1% |
| Taxes, remuneration and social security45 | €373 | €509 | €511 | €16,000 | €41,074 | ▲ 157% |
| Taxes450/3 | €373 | €509 | €511 | €16,000 | €41,074 | ▲ 157% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €320 | €3,892 | -€2,590 | €48,998 | €75,224 | ▲ 53.5% |
| + Depreciation and write-downs630 | - | - | - | €2,200 | €1,761 | ▼ 19.9% |
| Operating cash flow (approximation) | €320 | €3,892 | -€2,590 | €51,198 | €76,985 | ▲ 50.4% |
| Investment in fixed assets (approximation) | - | - | - | - | €0 | - |
| Change in cash | - | -€210 | -€1,203 | €21,016 | €15,000 | ▼ 28.6% |
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, 26,972 companies had the same profile as HiCircular has now. Two years later, 94.9% were still going and 1.6% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
94.9%
was still going
3.4%
stopped otherwise
1.6%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HiCircular itself: 1.2% 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.
| 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 26,972 companies, not a prediction for HiCircular. 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 (5)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 12-02-2026 | 2026-00038411 | |
| 31-12-2024 | micro format | 16-09-2025 | 2025-00494110 | |
| 31-12-2023 | micro format | 26-06-2024 | 2024-00188622 | |
| 31-12-2022 | micro format | 12-06-2023 | 2023-00127139 | |
| 31-12-2021 | micro format | 15-06-2022 | 2022-20085714 |