HINSAPHAE
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 31-07-2026 at the NBB all 13 filings
Turnover
≈ €66,000
Estimated: probably between €41,000 and €130,000
Total assets
€459,791▼ 4.6%
2024 · €482,072
Net result
€1,291▲ 686%
2024 · €164
Working capital
€4,109▼ 39.0%
2024 · €6,731
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€2,016
▲ 559%
2025
20182025
Net result
€1,291
▲ 686%
2025
middle half of the sector
20182025
Equity
€267,557
▲ 0.5%
2025
middle half of the sector
20182025
Total assets
€459,791
▼ 4.6%
2025
lowest quarter of the sector
20182025
Debt
€192,234
▼ 10.9%
2025
20182025
Working capital
€4,109
▼ 39.0%
2025
middle half of the sector
20182025
Solvency
58.2%
▲ 3.0pp
2025
middle half of the sector
20182025
Current ratio
1.70
▼ 0.85
2025
middle half of the sector
20182025
Return on assets (ROA)
0.3%
▲ 0.2pp
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€424,917-€113,738▼ 73.2%€2,608▼ 97.7%€2,931▲ 12.4%€1,667▼ 43.1%€643▼ 61.4%€306▼ 52.4%€2,016▲ 559%
Net result€349,410-€77,757▼ 77.7%€1,904within the sector's middle half▼ 97.6%€2,036within the sector's middle half▲ 7.0%€1,108within the sector's middle half▼ 45.6%€268within the sector's middle half▼ 75.8%€164within the sector's middle half▼ 38.7%€1,291within the sector's middle half▲ 686%
Equity€183,029-€260,786▲ 42.5%€262,689within the sector's middle half▲ 0.7%€264,726within the sector's middle half▲ 0.8%€265,834within the sector's middle half▲ 0.4%€266,102within the sector's middle half▲ 0.1%€266,266within the sector's middle half▲ 0.1%€267,557within the sector's middle half▲ 0.5%
Total assets€761,000-€605,443▼ 20.4%€563,649below the sector's middle half▼ 6.9%€563,393below the sector's middle half=€532,993below the sector's middle half▼ 5.4%€497,621below the sector's middle half▼ 6.6%€482,072below the sector's middle half▼ 3.1%€459,791below the sector's middle half▼ 4.6%
Debt€577,971-€344,658▼ 40.4%€300,959▼ 12.7%€298,667▼ 0.8%€267,160▼ 10.5%€231,519▼ 13.3%€215,806▼ 6.8%€192,234▼ 10.9%
Working capital-€246,989--€22,344▲ 91.0%€3,359within the sector's middle half€26,580within the sector's middle half▲ 691%€16,860within the sector's middle half▼ 36.6%€5,309within the sector's middle half▼ 68.5%€6,731within the sector's middle half▲ 26.8%€4,109within the sector's middle half▼ 39.0%
Solvency24.1%-43.1%▲ 19.0pp46.6%within the sector's middle half▲ 3.5pp47.0%within the sector's middle half▲ 0.4pp49.9%within the sector's middle half▲ 2.9pp53.5%within the sector's middle half▲ 3.6pp55.2%within the sector's middle half▲ 1.8pp58.2%within the sector's middle half▲ 3.0pp
Current ratio0.02-0.40▲ 0.391.73within the sector's middle half▲ 1.3312.68above the sector's middle half▲ 10.947.09above the sector's middle half▼ 5.5945.44above the sector's middle half▲ 38.352.56within the sector's middle half▼ 42.881.70within the sector's middle half▼ 0.85
Return on assets (ROA)45.9%-12.8%▼ 33.1pp0.3%within the sector's middle half▼ 12.5pp0.4%within the sector's middle half=0.2%within the sector's middle half▼ 0.2pp0.1%within the sector's middle half▼ 0.2pp0.0%within the sector's middle half=0.3%within the sector's middle half▲ 0.2pp
above
within
below
The sector band is the middle half of the companies in Real estate activities (NACE 68). 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 6.6 times that of 2024. It is a recovery after the fall in 2024.
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 €459,791
Fixed assets
€449,848 ▼ 4.5%
Current assets
€9,943 ▼ 10.0%
Equity and liabilities €459,791
Equity
€267,557 ▲ 0.5%
Debt
€192,234 ▼ 10.9%
Debt's share of the balance-sheet total falls from 44.8% to 41.8%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€23,189▲
2024 · €21,478
Cash flow
€22,463▲
2024 · €21,336
Debt to equity
0.72▼
2024 · 0.81
ROE
0.5%▲
2024 · 0.1%
Interest coverage
90.84▼
2024 · over 100
Debt ≤ 1 year
€5,834▲
2024 · €4,322
Debt > 1 year
€186,378▼
2024 · €211,378
Income taxes
€470▲
2024 · €62
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €26,831 | €21,670 | €21,172 | €21,172 | €21,172 | €21,172 | €21,172 | €21,172 | = |
| Other operating charges640/8 | - | - | - | €3,122 | €3,193 | €3,442 | €3,522 | €3,632 | ▲ 3.1% |
| Gross operating margin9900 | €484,037 | €138,552 | €26,896 | €27,226 | €26,033 | €25,257 | €25,001 | €26,821 | ▲ 7.3% |
| Operating profit (loss)9901 | €424,917 | €113,738 | €2,608 | €2,931 | €1,667 | €643 | €306 | €2,016 | ▲ 559% |
| Recurring financial income75 | - | - | €1 | - | - | - | - | - | - |
| Financial charges65/66B | - | - | - | €153 | €156 | €255 | €80 | €255 | ▲ 218% |
| Recurring financial charges65 | €198 | €153 | €0 | €153 | €156 | €255 | €80 | €255 | ▲ 218% |
| Profit (loss) for the period before taxes9903 | €424,719 | €113,584 | €2,609 | €2,778 | €1,511 | €388 | €226 | €1,761 | ▲ 680% |
| Income taxes67/77 | €75,309 | €35,828 | €705 | €741 | €403 | €119 | €62 | €470 | ▲ 664% |
| Profit (loss) for the period9904 | €349,410 | €77,757 | €1,904 | €2,036 | €1,108 | €268 | €164 | €1,291 | ▲ 686% |
| Profit (loss) for the period to be appropriated9905 | €349,410 | €77,757 | €1,904 | €2,036 | €1,108 | €268 | €164 | €1,291 | ▲ 686% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €761,000 | €605,443 | €563,649 | €563,393 | €532,993 | €497,621 | €482,072 | €459,791 | ▼ 4.6% |
| Fixed assets21/28 | €756,575 | €590,320 | €555,709 | €534,537 | €513,364 | €492,192 | €471,020 | €449,848 | ▼ 4.5% |
| Tangible fixed assets22/27 | €756,575 | €590,320 | €555,709 | €534,537 | €513,364 | €492,192 | €471,020 | €449,848 | ▼ 4.5% |
| Land and buildings22 | - | - | - | €534,537 | €513,364 | €492,192 | €471,020 | €449,848 | ▼ 4.5% |
| Current assets29/58 | €4,425 | €15,124 | €7,940 | €28,856 | €19,629 | €5,429 | €11,052 | €9,943 | ▼ 10.0% |
| Amounts receivable after more than one year29 | - | - | - | €1,500 | €1,500 | €1,940 | €1,618 | - | - |
| Other amounts receivable291 | - | - | - | €1,500 | €1,500 | €1,940 | €1,618 | - | - |
| Amounts receivable within one year40/41 | €2,013 | €10,771 | €3,000 | €1,334 | €2,934 | - | €2,000 | €1,000 | ▼ 50.0% |
| Trade receivables40 | - | - | - | €1,334 | €2,934 | - | €2,000 | €1,000 | ▼ 50.0% |
| Cash at bank and in hand54/58 | €912 | €1,353 | €3,368 | €26,023 | €15,195 | €3,489 | €7,434 | €8,943 | ▲ 20.3% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €761,000 | €605,443 | €563,649 | €563,393 | €532,993 | €497,621 | €482,072 | €459,791 | ▼ 4.6% |
| Equity10/15 | €183,029 | €260,786 | €262,689 | €264,726 | €265,834 | €266,102 | €266,266 | €267,557 | ▲ 0.5% |
| Contributions10/11 | €6,220 | €6,220 | - | €6,220 | €6,220 | €6,220 | €6,220 | €6,220 | = |
| Reserves13 | €176,809 | €254,566 | €256,469 | €258,506 | €259,614 | €259,882 | €260,046 | €261,337 | ▲ 0.5% |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | - | - | - | - |
| Distributable reserves133 | - | - | - | €256,646 | €257,754 | €259,882 | €260,046 | €261,337 | ▲ 0.5% |
| Amounts payable17/49 | €577,971 | €344,658 | €300,959 | €298,667 | €267,160 | €231,519 | €215,806 | €192,234 | ▼ 10.9% |
| Amounts payable after more than one year17 | €326,419 | €306,419 | €296,378 | €296,378 | €261,378 | €231,378 | €211,378 | €186,378 | ▼ 11.8% |
| Other amounts payable178/9 | - | - | - | €296,378 | €261,378 | €231,378 | €211,378 | €186,378 | ▼ 11.8% |
| Amounts payable within one year42/48 | €251,414 | €37,468 | €4,581 | €2,276 | €2,768 | €119 | €4,322 | €5,834 | ▲ 35.0% |
| Trade debts44 | €67,253 | €1,640 | €2,956 | €1,535 | €2,365 | - | €4,260 | €4,942 | ▲ 16.0% |
| Suppliers440/4 | - | - | - | €1,535 | €2,365 | - | €4,260 | €4,942 | ▲ 16.0% |
| Taxes, remuneration and social security45 | - | - | - | €741 | €403 | €119 | €62 | €892 | ▲ 14× |
| Taxes450/3 | - | - | - | €741 | €403 | €119 | €62 | €892 | ▲ 14× |
| Accrued charges and deferred income492/3 | - | - | - | €13 | €3,013 | €21 | €107 | €21 | ▼ 79.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €349,410 | €77,757 | €1,904 | €2,036 | €1,108 | €268 | €164 | €1,291 | ▲ 686% |
| + Depreciation and write-downs630 | €26,831 | €21,670 | €21,172 | €21,172 | €21,172 | €21,172 | €21,172 | €21,172 | = |
| Operating cash flow (approximation) | €376,241 | €99,426 | €23,076 | €23,209 | €22,280 | €21,440 | €21,336 | €22,463 | ▲ 5.3% |
| Investment in fixed assets (approximation) | - | €144,586 | €13,439 | €0 | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €441 | €2,015 | €22,655 | -€10,828 | -€11,706 | €3,945 | €1,509 | ▼ 61.8% |
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, 6,049 companies had the same profile as HINSAPHAE has now. Two years later, 95.9% were still going and 0.4% had gone bankrupt.
- Small
- 10 to 20 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
95.9%
was still going
3.6%
stopped otherwise
0.4%
went bankrupt
That fits the bankruptcy probability of HINSAPHAE 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 6,049 companies, not a prediction for HINSAPHAE. 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 |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 31-07-2026 | 2026-00383916 | |
| 31-12-2024 | abbreviated format | 25-07-2025 | 2025-00319605 | |
| 31-12-2023 | abbreviated format | 26-07-2024 | 2024-00291525 | |
| 31-12-2022 | abbreviated format | 20-07-2023 | 2023-00255302 | |
| 31-12-2021 | abbreviated format | 14-07-2022 | 2022-20185536 | |
| 31-12-2020 | abbreviated format | 20-07-2021 | 2021-37500599 | |
| 31-12-2019 | abbreviated format | 16-07-2020 | 2020-30600022 | |
| 31-12-2018 | abbreviated format | 11-07-2019 | 2019-31400454 | |
| 31-12-2017 | abbreviated format | 13-07-2018 | 2018-32500378 | |
| 31-12-2016 | abbreviated format | 10-07-2017 | 2017-29000557 |