HIMATRA
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 16-06-2026 at the NBB all 19 filings
Turnover
≈ €340,000
Estimated: probably between €290,000 and €400,000
Total assets
€1.3m▲ 14.0%
2024 · €1.2m
Net result
€52,444▼ 30.8%
2024 · €75,791
Working capital
-€218,275
2024 · €34,306
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€105,755
▼ 17.6%
2025
20182025
Net result
€52,444
▼ 30.8%
2025
middle half of the sector
20182025
Equity
€724,728
▼ 1.9%
2025
highest quarter of the sector
20182025
Total assets
€1.3m
▲ 14.0%
2025
highest quarter of the sector
20182025
Debt
€620,098
▲ 40.6%
2025
20182025
Working capital
-€218,275
2025
lowest quarter of the sector
20182025
Solvency
53.9%
▼ 8.7pp
2025
middle half of the sector
20182025
Current ratio
0.52
▼ 0.58
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
3.9%
▼ 2.5pp
2025
middle half of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€0.2m-€0.1m▼ 41.6%€0.1m▲ 45.9%€0.2m▲ 28.3%€0.2m▼ 14.7%€0.1m▼ 34.1%€0.1m▲ 24.5%€0.1m▼ 17.6%
Net result€0.1m-€0.07m▼ 40.5%€0.1mabove the sector's middle half▲ 44.9%€0.1mabove the sector's middle half▲ 36.2%€0.1mabove the sector's middle half▼ 21.9%€0.06mabove the sector's middle half▼ 37.2%€0.08mabove the sector's middle half▲ 18.3%€0.05mwithin the sector's middle half▼ 30.8%
Equity€0.3m-€0.4m▲ 20.4%€0.5mabove the sector's middle half▲ 24.6%€0.6mabove the sector's middle half▲ 26.9%€0.7mabove the sector's middle half▲ 16.5%€0.8mabove the sector's middle half▲ 8.9%€0.7mabove the sector's middle half▼ 5.7%€0.7mabove the sector's middle half▼ 1.9%
Total assets€0.4m-€0.7m▲ 80.2%€0.9mabove the sector's middle half▲ 23.2%€1.0mabove the sector's middle half▲ 15.6%€1.1mabove the sector's middle half▲ 9.4%€1.1mabove the sector's middle half▲ 1.8%€1.2mabove the sector's middle half▲ 6.5%€1.3mabove the sector's middle half▲ 14.0%
Debt€0.06m-€0.3m▲ 388%€0.4m▲ 21.4%€0.4m▲ 0.9%€0.4m▼ 2.3%€0.3m▼ 12.0%€0.4m▲ 36.1%€0.6m▲ 40.6%
Working capital€0.06m-€0.1m▲ 69.6%€0.2mabove the sector's middle half▲ 53.7%€0.3mabove the sector's middle half▲ 74.4%€0.4mabove the sector's middle half▲ 38.0%€0.01mwithin the sector's middle half▼ 96.6%€0.03mwithin the sector's middle half▲ 153%-€0.2mbelow the sector's middle half
Solvency83.7%-55.9%▼ 27.8pp56.6%within the sector's middle half▲ 0.6pp62.1%within the sector's middle half▲ 5.5pp66.1%within the sector's middle half▲ 4.0pp70.7%within the sector's middle half▲ 4.6pp62.6%within the sector's middle half▼ 8.1pp53.9%within the sector's middle half▼ 8.7pp
Current ratio2.05-1.63▼ 0.421.75within the sector's middle half▲ 0.122.21within the sector's middle half▲ 0.472.64within the sector's middle half▲ 0.431.06within the sector's middle half▼ 1.581.10within the sector's middle half▲ 0.040.52below the sector's middle half▼ 0.58
Return on assets (ROA)28.7%-9.5%▼ 19.2pp11.2%within the sector's middle half▲ 1.7pp13.1%within the sector's middle half▲ 2.0pp9.4%within the sector's middle half▼ 3.8pp5.8%within the sector's middle half▼ 3.6pp6.4%within the sector's middle half▲ 0.6pp3.9%within the sector's middle half▼ 2.5pp
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 18% lower than in 2024.
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 €1.3m
Fixed assets
€1.1m ▲ 38.8%
Current assets
€231,851 ▼ 38.6%
Equity and liabilities €1.3m
Equity
€724,728 ▼ 1.9%
Debt
€620,098 ▲ 40.6%
Debt's share of the balance-sheet total rises from 37.4% to 46.1%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€161,786▼
2024 · €178,525
Cash flow
€108,476▼
2024 · €125,962
Debt to equity
0.86▲
2024 · 0.60
ROE
7.2%▼
2024 · 10.3%
Interest coverage
5.53▼
2024 · 8.18
Debt ≤ 1 year
€450,126▲
2024 · €343,320
Debt > 1 year
€169,972▲
2024 · €97,685
Income taxes
€26,634▼
2024 · €32,984
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 | €22,729 | €17,221 | €490,171 | €2,928 | €367,133 |
| Depreciation and write-downs of the year | €29,230 | €38,748 | €50,889 | €50,171 | €56,032 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €11,500 | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,093 | €28,094 | €26,000 | €29,230 | €38,748 | €50,889 | €50,171 | €56,032 | ▲ 11.7% |
| Other operating charges640/8 | - | - | - | €3,071 | €2,921 | €8,458 | €4,536 | €38,940 | ▲ 758% |
| Non-recurring operating charges66A | - | - | - | - | - | - | €30,851 | - | - |
| Gross operating margin9900 | €200,624 | €128,551 | €179,580 | €215,498 | €198,001 | €162,437 | €213,912 | €200,726 | ▼ 6.2% |
| Operating profit (loss)9901 | €167,702 | €97,875 | €142,812 | €183,197 | €156,332 | €103,091 | €128,354 | €105,755 | ▼ 17.6% |
| Financial income75/76B | - | - | - | €32 | €20 | €0 | €2,250 | €2,596 | ▲ 15.4% |
| Recurring financial income75 | €2 | €1,022 | €1,001 | €32 | €20 | €0 | €2,250 | €2,596 | ▲ 15.4% |
| Financial charges65/66B | - | - | - | €12,582 | €9,675 | €12,970 | €21,828 | €29,273 | ▲ 34.1% |
| Recurring financial charges65 | €1,163 | €3,291 | €9,153 | €12,582 | €9,675 | €12,970 | €21,828 | €29,273 | ▲ 34.1% |
| Profit (loss) for the period before taxes9903 | €166,540 | €95,606 | €134,659 | €170,647 | €146,677 | €90,121 | €108,775 | €79,078 | ▼ 27.3% |
| Income taxes67/77 | €55,280 | €29,395 | €38,743 | €40,006 | €44,683 | €26,055 | €32,984 | €26,634 | ▼ 19.3% |
| Profit (loss) for the period9904 | €111,261 | €66,210 | €95,916 | €130,640 | €101,994 | €64,066 | €75,791 | €52,444 | ▼ 30.8% |
| Profit (loss) for the period to be appropriated9905 | €111,261 | €66,210 | €95,916 | €130,640 | €101,994 | €64,066 | €75,791 | €52,444 | ▼ 30.8% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €0.4m | €0.7m | €0.9m | €1.0m | €1.1m | €1.1m | €1.2m | €1.3m | ▲ 14.0% |
| Fixed assets21/28 | €0.3m | €0.4m | €0.5m | €0.5m | €0.4m | €0.9m | €0.8m | €1.1m | ▲ 38.8% |
| Tangible fixed assets22/27 | €0.2m | €0.4m | €0.4m | €0.4m | €0.4m | €0.9m | €0.8m | €1.1m | ▲ 38.8% |
| Land and buildings22 | - | - | - | €0.4m | €0.4m | €0.8m | €0.8m | €1.0m | ▲ 32.1% |
| Plant, machinery and equipment23 | - | - | - | - | €0 | €0 | €0 | €0 | - |
| Furniture and vehicles24 | - | - | - | €0.02m | €0.02m | €0.02m | €0.01m | €0.07m | ▲ 396% |
| Financial fixed assets28 | €0.06m | €0.06m | €0.03m | €0.03m | €0.03m | €0.03m | €30 | €30 | = |
| Current assets29/58 | €0.1m | €0.3m | €0.4m | €0.5m | €0.6m | €0.2m | €0.4m | €0.2m | ▼ 38.6% |
| Amounts receivable after more than one year29 | - | - | - | - | - | - | €0.09m | €0.08m | ▼ 16.7% |
| Other amounts receivable291 | - | - | - | - | - | - | €0.09m | €0.08m | ▼ 16.7% |
| Amounts receivable within one year40/41 | €0.1m | €0.2m | €0.2m | €0.2m | €0.2m | €0.02m | €0.06m | €0.05m | ▼ 25.9% |
| Trade receivables40 | - | - | - | €0.2m | €0.2m | €0.01m | €0.04m | €0.04m | ▲ 1.9% |
| Other amounts receivable41 | - | - | - | €0.006m | €54 | €0.006m | €0.02m | €0.006m | ▼ 72.2% |
| Cash at bank and in hand54/58 | €0.03m | €0.09m | €0.2m | €0.3m | €0.4m | €0.2m | €0.2m | €0.1m | ▼ 52.3% |
| Deferred charges and accrued income490/1 | - | - | - | €0.003m | - | €0.01m | €0.003m | €0.003m | ▼ 3.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €0.4m | €0.7m | €0.9m | €1.0m | €1.1m | €1.1m | €1.2m | €1.3m | ▲ 14.0% |
| Equity10/15 | €0.3m | €0.4m | €0.5m | €0.6m | €0.7m | €0.8m | €0.7m | €0.7m | ▼ 1.9% |
| Contributions10/11 | €0.01m | €0.01m | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.01m | = |
| Reserves13 | €0.3m | €0.4m | €0.5m | €0.6m | €0.7m | €0.8m | €0.7m | €0.7m | ▼ 1.9% |
| Non-distributable reserves130/1 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €0.002m | €0.002m | - | - | - | - |
| Distributable reserves133 | - | - | - | €0.6m | €0.7m | €0.8m | €0.7m | €0.7m | ▼ 1.9% |
| Amounts payable17/49 | €0.06m | €0.3m | €0.4m | €0.4m | €0.4m | €0.3m | €0.4m | €0.6m | ▲ 40.6% |
| Amounts payable after more than one year17 | €0.001m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 74.0% |
| Financial debts170/4 | - | - | - | €0.1m | €0.1m | €0.1m | €0.1m | €0.2m | ▲ 74.0% |
| Amounts payable within one year42/48 | €0.06m | €0.2m | €0.2m | €0.2m | €0.2m | €0.2m | €0.3m | €0.5m | ▲ 31.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €0.01m | €0.01m | €0.01m | €0.01m | €0.02m | ▲ 68.6% |
| Trade debts44 | €0.001m | €0.002m | €0.004m | €0.008m | €0.03m | €0.007m | €0.003m | €0.02m | ▲ 500% |
| Suppliers440/4 | - | - | - | €0.008m | €0.03m | €0.007m | €0.003m | €0.02m | ▲ 500% |
| Taxes, remuneration and social security45 | - | - | - | €0.04m | €0.03m | €0.009m | €0.02m | €0.007m | ▼ 51.4% |
| Taxes450/3 | - | - | - | €0.04m | €0.02m | €0.009m | €0.01m | €0.007m | ▼ 38.6% |
| Remuneration and social security454/9 | - | - | - | €0.003m | €0.006m | - | €0.003m | - | - |
| Other amounts payable47/48 | - | - | - | €0.2m | €0.2m | €0.2m | €0.3m | €0.4m | ▲ 28.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €111,261 | €66,210 | €95,916 | €130,640 | €101,994 | €64,066 | €75,791 | €52,444 | ▼ 30.8% |
| + Depreciation and write-downs630 | €17,093 | €28,094 | €26,000 | €29,230 | €38,748 | €50,889 | €50,171 | €56,032 | ▲ 11.7% |
| Operating cash flow (approximation) | €128,354 | €94,305 | €121,916 | €159,870 | €140,742 | €114,955 | €125,962 | €108,476 | ▼ 13.9% |
| Investment in fixed assets (approximation) | - | -€182,829 | -€78,106 | -€22,729 | -€17,221 | -€490,171 | €28,336 | -€367,133 | - |
| Change in cash | - | €59,840 | €79,198 | €151,047 | €94,754 | -€213,706 | €17,931 | -€113,736 | - |
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, 14,766 companies had the same profile as HIMATRA has now. Two years later, 96.2% were still going and 0.2% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a profit under 5% of the balance sheet
96.2%
was still going
3.5%
stopped otherwise
0.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HIMATRA 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 14,766 companies, not a prediction for HIMATRA. 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 19 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 16-06-2026 | 2026-00163303 | |
| 31-12-2024 | micro format | 19-06-2025 | 2025-00153482 | |
| 31-12-2023 | micro format | 04-06-2024 | 2024-00107480 | |
| 31-12-2022 | micro format | 29-06-2023 | 2023-00170921 | |
| 31-12-2021 | micro format | 31-05-2022 | 2022-20037650 | |
| 31-12-2020 | micro format | 09-06-2021 | 2021-18200268 | |
| 31-12-2019 | micro format | 11-06-2020 | 2020-15900295 | |
| 31-12-2018 | micro format | 12-06-2019 | 2019-17200519 | |
| 31-12-2017 | micro format | 21-06-2018 | 2018-20400445 | |
| 31-12-2016 | micro format | 08-06-2017 | 2017-15200262 |