HIGH EXPECTATIONS
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 31-03-2026 PDF all 13 filings
Turnover
≈ €99,000
Estimated: probably between €48,000 and €200,000
Total assets
€330,784▼ 11.2%
2024 · €372,451
Net result
€14,862▼ 63.1%
2024 · €40,295
Working capital
€273,239▼ 9.6%
2024 · €302,422
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
€12,904
▼ 73.2%
2025
20192025
Net result
€14,862
▼ 63.1%
2025
middle half of the sector
20192025
Equity
€289,530
▼ 7.6%
2025
highest quarter of the sector
20192025
Total assets
€330,784
▼ 11.2%
2025
middle half of the sector
20192025
Debt
€41,254
▼ 30.1%
2025
20192025
Working capital
€273,239
▼ 9.6%
2025
highest quarter of the sector
20192025
Solvency
87.5%
▲ 3.4pp
2025
highest quarter of the sector
20192025
Current ratio
7.62
▲ 1.50
2025
highest quarter of the sector
20192025
Return on assets (ROA)
4.5%
▼ 6.3pp
2025
middle half of the sector
20192025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line2019202020212022202320242025
Operating result€44,727-€54,843▲ 22.6%€81,019▲ 47.7%€171,667▲ 112%€67,830▼ 60.5%€48,173▼ 29.0%€12,904▼ 73.2%
Net result€32,175-€38,837within the sector's middle half▲ 20.7%€58,278above the sector's middle half▲ 50.1%€123,085above the sector's middle half▲ 111%€53,873within the sector's middle half▼ 56.2%€40,295within the sector's middle half▼ 25.2%€14,862within the sector's middle half▼ 63.1%
Equity€235,377-€245,214above the sector's middle half▲ 4.2%€303,492above the sector's middle half▲ 23.8%€312,576above the sector's middle half▲ 3.0%€305,173above the sector's middle half▼ 2.4%€313,468above the sector's middle half▲ 2.7%€289,530above the sector's middle half▼ 7.6%
Total assets€246,764-€307,582within the sector's middle half▲ 24.6%€320,367within the sector's middle half▲ 4.2%€438,433within the sector's middle half▲ 36.9%€399,702within the sector's middle half▼ 8.8%€372,451within the sector's middle half▼ 6.8%€330,784within the sector's middle half▼ 11.2%
Debt€11,387-€62,368▲ 448%€16,875▼ 72.9%€125,856▲ 646%€94,530▼ 24.9%€58,983▼ 37.6%€41,254▼ 30.1%
Working capital€30,943-€44,366within the sector's middle half▲ 43.4%€86,326within the sector's middle half▲ 94.6%€289,583above the sector's middle half▲ 235%€289,381above the sector's middle half▼ 0.1%€302,422above the sector's middle half▲ 4.5%€273,239above the sector's middle half▼ 9.6%
Solvency95.4%-79.7%above the sector's middle half▼ 15.7pp94.7%above the sector's middle half▲ 15.0pp71.3%within the sector's middle half▼ 23.4pp76.3%within the sector's middle half▲ 5.1pp84.2%above the sector's middle half▲ 7.8pp87.5%above the sector's middle half▲ 3.4pp
Current ratio3.72-1.71within the sector's middle half▼ 2.016.12above the sector's middle half▲ 4.403.30within the sector's middle half▼ 2.814.06within the sector's middle half▲ 0.766.13above the sector's middle half▲ 2.077.62above the sector's middle half▲ 1.50
Return on assets (ROA)13.0%-12.6%within the sector's middle half▼ 0.4pp18.2%within the sector's middle half▲ 5.6pp28.1%within the sector's middle half▲ 9.9pp13.5%within the sector's middle half▼ 14.6pp10.8%within the sector's middle half▼ 2.7pp4.5%within the sector's middle half▼ 6.3pp
above
within
below
The sector band is the middle half of the companies in Activities of head offices; management consultancy activities (NACE 70). 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 73% lower than in 2024 and the lowest since 2021. It is the third fall 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
2025 in colour, 2024 as the grey bar beneath
Assets €330,784
Fixed assets
€16,291 ▲ 47.5%
Current assets
€314,493 ▼ 13.0%
Equity and liabilities €330,784
Equity
€289,530 ▼ 7.6%
Debt
€41,254 ▼ 30.1%
Debt's share of the balance-sheet total falls from 15.8% to 12.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
€21,024▼
2024 · €54,910
Cash flow
€22,982▼
2024 · €47,032
Debt to equity
0.14▼
2024 · 0.19
ROE
5.1%▼
2024 · 12.9%
Interest coverage
90.44▲
2024 · 61.89
Debt ≤ 1 year
€41,254▼
2024 · €58,983
Income taxes
€5,929▼
2024 · €16,490
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Investments
| Item | 30-09-2022 | 30-09-2023 | 30-09-2024 | 30-09-2025 |
|---|---|---|---|---|
| Tangible fixed assets | - | - | €491 | €13,365 |
| Financial fixed assets | - | - | €1,500 | - |
| Depreciation and write-downs of the year | €7,825 | €7,202 | €6,737 | €8,120 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 · 1 entry · €130 awarded · €130 paidAnnual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | €151,284 | - | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | - | €47 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €8,538 | €8,734 | €13,862 | €7,825 | €7,202 | €6,737 | €8,120 | ▲ 20.5% |
| Other operating charges640/8 | - | - | - | €3,394 | €114 | €115 | €253 | ▲ 120% |
| Non-recurring operating charges66A | - | - | - | €655 | - | - | - | - |
| Gross operating margin9900 | €55,302 | €64,861 | €97,824 | €183,541 | €75,193 | €55,025 | €21,276 | ▼ 61.3% |
| Operating profit (loss)9901 | €44,727 | €54,843 | €81,019 | €171,667 | €67,830 | €48,173 | €12,904 | ▼ 73.2% |
| Financial income75/76B | - | - | - | €2,663 | €8,052 | €12,000 | €8,120 | ▼ 32.3% |
| Recurring financial income75 | - | - | - | €2,663 | €8,052 | €12,000 | €8,120 | ▼ 32.3% |
| Financial charges65/66B | - | - | - | €191 | €220 | €3,387 | €232 | ▼ 93.1% |
| Recurring financial charges65 | €136 | €168 | €344 | €191 | €220 | €887 | €232 | ▼ 73.8% |
| Non-recurring financial charges66B | - | - | - | - | - | €2,500 | - | - |
| Profit (loss) for the period before taxes9903 | €44,591 | €54,675 | €80,675 | €174,140 | €75,663 | €56,785 | €20,791 | ▼ 63.4% |
| Income taxes67/77 | €12,416 | €15,839 | €22,397 | €51,056 | €21,790 | €16,490 | €5,929 | ▼ 64.0% |
| Profit (loss) for the period9904 | €32,175 | €38,837 | €58,278 | €123,085 | €53,873 | €40,295 | €14,862 | ▼ 63.1% |
| Profit (loss) for the period to be appropriated9905 | €32,175 | €38,837 | €58,278 | €123,085 | €53,873 | €40,295 | €14,862 | ▼ 63.1% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €246,764 | €307,582 | €320,367 | €438,433 | €399,702 | €372,451 | €330,784 | ▼ 11.2% |
| Fixed assets21/28 | €204,434 | €200,848 | €217,166 | €22,994 | €15,792 | €11,046 | €16,291 | ▲ 47.5% |
| Tangible fixed assets22/27 | €204,434 | €200,848 | €217,166 | €22,994 | €15,792 | €9,546 | €14,791 | ▲ 54.9% |
| Plant, machinery and equipment23 | - | - | - | €4,732 | €3,297 | €2,818 | €13,830 | ▲ 391% |
| Furniture and vehicles24 | - | - | - | €18,262 | €12,495 | €6,728 | €961 | ▼ 85.7% |
| Financial fixed assets28 | - | - | - | - | - | €1,500 | €1,500 | = |
| Current assets29/58 | €42,329 | €106,734 | €103,201 | €415,439 | €383,910 | €361,405 | €314,493 | ▼ 13.0% |
| Amounts receivable within one year40/41 | €8,250 | €41,772 | €55,933 | €369,550 | €223,293 | €208,243 | €222,451 | ▲ 6.8% |
| Trade receivables40 | - | - | - | €23,459 | €19,293 | €8,243 | €5,380 | ▼ 34.7% |
| Other amounts receivable41 | - | - | - | €346,091 | €204,000 | €200,000 | €217,071 | ▲ 8.5% |
| Current investments50/53 | - | - | - | - | - | - | €50,000 | - |
| Cash at bank and in hand54/58 | €34,080 | €64,962 | €47,047 | €45,889 | €160,617 | €153,162 | €42,042 | ▼ 72.6% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €246,764 | €307,582 | €320,367 | €438,433 | €399,702 | €372,451 | €330,784 | ▼ 11.2% |
| Equity10/15 | €235,377 | €245,214 | €303,492 | €312,576 | €305,173 | €313,468 | €289,530 | ▼ 7.6% |
| Contributions10/11 | €18,600 | - | - | €18,600 | - | - | - | - |
| Reserves13 | €216,777 | €226,614 | €284,892 | €293,976 | €305,173 | €313,468 | €289,530 | ▼ 7.6% |
| Non-distributable reserves130/1 | - | - | - | €3,740 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €3,740 | - | - | - | - |
| Distributable reserves133 | - | - | - | €290,236 | €305,173 | €313,468 | €289,530 | ▼ 7.6% |
| Amounts payable17/49 | €11,387 | €62,368 | €16,875 | €125,856 | €94,530 | €58,983 | €41,254 | ▼ 30.1% |
| Amounts payable within one year42/48 | €11,387 | €62,368 | €16,875 | €125,856 | €94,530 | €58,983 | €41,254 | ▼ 30.1% |
| Trade debts44 | €218 | €2,354 | €64 | €492 | - | €1,229 | €661 | ▼ 46.2% |
| Suppliers440/4 | - | - | - | €492 | - | €1,229 | €661 | ▼ 46.2% |
| Taxes, remuneration and social security45 | - | - | - | €23,949 | €31,192 | €5,945 | €3,733 | ▼ 37.2% |
| Taxes450/3 | - | - | - | €23,949 | €31,192 | €5,945 | €3,733 | ▼ 37.2% |
| Other amounts payable47/48 | - | - | - | €101,415 | €63,337 | €51,809 | €36,860 | ▼ 28.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €32,175 | €38,837 | €58,278 | €123,085 | €53,873 | €40,295 | €14,862 | ▼ 63.1% |
| + Depreciation and write-downs630 | €8,538 | €8,734 | €13,862 | €7,825 | €7,202 | €6,737 | €8,120 | ▲ 20.5% |
| Operating cash flow (approximation) | €40,713 | €47,571 | €72,140 | €130,909 | €61,075 | €47,032 | €22,982 | ▼ 51.1% |
| Investment in fixed assets (approximation) | - | -€5,148 | -€30,181 | €186,347 | €0 | -€1,991 | -€13,365 | ▼ 571% |
| Change in cash | - | €30,882 | -€17,915 | -€1,158 | €114,729 | -€7,455 | -€111,121 | ▼ 1,391% |
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, 10,904 companies had the same profile as HIGH EXPECTATIONS has now. Two years later, 95.1% were still going and 0.7% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.1%
was still going
4.0%
stopped otherwise
0.7%
went bankrupt
That fits the bankruptcy probability of HIGH EXPECTATIONS 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.
| 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 10,904 companies, not a prediction for HIGH EXPECTATIONS. 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 13 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 31-03-2026 | 2026-00070170 | |
| 30-09-2024 | micro format | 28-03-2025 | 2025-00058737 | |
| 30-09-2023 | micro format | 28-03-2024 | 2024-00055744 | |
| 30-09-2022 | micro format | 28-03-2023 | 2023-00046827 | |
| 30-09-2021 | micro format | 29-03-2022 | 2022-08900498 | |
| 30-09-2020 | micro format | 30-03-2021 | 2021-08900522 | |
| 30-09-2019 | micro format | 03-04-2020 | 2020-08600238 | |
| 30-09-2018 | micro format | 30-03-2019 | 2019-08900093 | |
| 30-09-2017 | micro format | 27-03-2018 | 2018-08000286 | |
| 30-09-2016 | abbreviated format | 31-03-2017 | 2017-08100526 |