HOGI
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 29-06-2026 at the NBB all 22 filings
Turnover
≈ €210,000
Estimated: probably between €130,000 and €400,000
Total assets
€347,175▲ 3.3%
2024 · €336,151
Net result
-€6,155
2024 · €37,732
Working capital
-€24,481
2024 · €26,462
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€910
▼ 98.7%
2025
20182025
Net result
-€6,155
2025
lowest quarter of the sector
20182025
Equity
€54,981
▼ 10.1%
2025
middle half of the sector
20182025
Total assets
€347,175
▲ 3.3%
2025
middle half of the sector
20182025
Debt
€292,194
▲ 6.2%
2025
20182025
Working capital
-€24,481
2025
lowest quarter of the sector
20182025
Solvency
15.8%
▼ 2.4pp
2025
middle half of the sector
20182025
Current ratio
0.75
▼ 0.68
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-1.8%
▼ 13.0pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
1
=
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€38,819--€13,162€27,693-€77,007-€1,223▲ 98.4%€80,992€72,151▼ 10.9%€910▼ 98.7%
Net result€38,423--€9,857€20,227within the sector's middle half-€84,291below the sector's middle half-€6,400below the sector's middle half▲ 92.4%€72,395within the sector's middle half€37,732within the sector's middle half▼ 47.9%-€6,155below the sector's middle half
Equity€31,328-€21,471▼ 31.5%€41,698within the sector's middle half▲ 94.2%-€42,592below the sector's middle half-€48,992below the sector's middle half▼ 15.0%€23,403below the sector's middle half€61,135within the sector's middle half▲ 161%€54,981within the sector's middle half▼ 10.1%
Total assets€428,781-€481,664▲ 12.3%€538,431within the sector's middle half▲ 11.8%€318,962within the sector's middle half▼ 40.8%€313,327within the sector's middle half▼ 1.8%€364,120within the sector's middle half▲ 16.2%€336,151within the sector's middle half▼ 7.7%€347,175within the sector's middle half▲ 3.3%
Debt€397,453-€460,193▲ 15.8%€496,733▲ 7.9%€361,554▼ 27.2%€362,319▲ 0.2%€340,717▼ 6.0%€275,015▼ 19.3%€292,194▲ 6.2%
Working capital€13,645--€23,289-€21,095below the sector's middle half▲ 9.4%-€100,925below the sector's middle half▼ 378%-€113,402below the sector's middle half▼ 12.4%-€48,566below the sector's middle half▲ 57.2%€26,462within the sector's middle half-€24,481below the sector's middle half
Solvency7.3%-4.5%▼ 2.8pp7.7%below the sector's middle half▲ 3.3pp-13.4%below the sector's middle half▼ 21.1pp-15.6%below the sector's middle half▼ 2.3pp6.4%below the sector's middle half▲ 22.1pp18.2%below the sector's middle half▲ 11.8pp15.8%within the sector's middle half▼ 2.4pp
Current ratio1.03-0.89▼ 0.140.92below the sector's middle half▲ 0.020.23below the sector's middle half▼ 0.690.24below the sector's middle half▲ 0.010.66below the sector's middle half▲ 0.431.43within the sector's middle half▲ 0.760.75below the sector's middle half▼ 0.68
Return on assets (ROA)9.0%--2.0%▼ 11.0pp3.8%within the sector's middle half▲ 5.8pp-26.4%below the sector's middle half▼ 30.2pp-2.0%below the sector's middle half▲ 24.4pp19.9%above the sector's middle half▲ 21.9pp11.2%within the sector's middle half▼ 8.7pp-1.8%below the sector's middle half▼ 13.0pp
Staff (FTE)0.41below the sector's middle half▲ 150%1below the sector's middle half=1below the sector's middle half=1within the sector's middle half=1within the sector's middle half=1within the sector's middle half=
above
within
below
The sector band is the middle half of the companies in Other professional, scientific and technical activities (NACE 74). 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 99% lower than in 2024. It is the second fall in a row.
Turnover and EBIT margin are not published. The abbreviated or 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 €347,175
Fixed assets
€275,614 ▲ 11.4%
Current assets
€71,561 ▼ 19.3%
Equity and liabilities €347,175
Equity
€54,981 ▼ 10.1%
Debt
€292,194 ▲ 6.2%
Debt's share of the balance-sheet total rises from 81.8% to 84.2%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€28,687▼
2024 · €93,189
Cash flow
€21,622▼
2024 · €58,770
Debt to equity
5.31▲
2024 · 4.50
ROE
-11.2%▼
2024 · 61.7%
Interest coverage
3.88▼
2024 · 5.96
Debt ≤ 1 year
€96,042▲
2024 · €62,190
Debt > 1 year
€196,152▲
2024 · €184,641
Income taxes
€3,379▼
2024 · €18,844
Staff costs
€37,027▼
2024 · €41,807
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 | 31-12-2024 |
|---|---|---|---|---|
| Employees at the balance-sheet date | 1 | 1 | 1 | 1 |
| full-time | 1 | 1 | 1 | 1 |
| part-time | - | - | 0 | 0 |
| in full-time equivalents | 1 | 1 | 1 | 1 |
| Average over the year, in full-time equivalents | 1 | 1 | 1 | 1 |
| On a permanent contract | 1 | 1 | 1 | 1 |
Source: social balance sheet in the 2021 to 2024 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €250,000 | €250,000 | €250,000 | €250,000 | €250,000 |
| Carrying value of the mortgaged assets | €255,448 | €245,988 | €247,113 | €236,480 | €236,480 |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €9,419 | €11,725 | - | €55,892 |
| Financial fixed assets | - | - | - | - | €0 |
| Depreciation and write-downs of the year | €21,240 | €20,386 | €21,482 | €21,038 | €27,777 |
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 | - | - | - | - | €1,488 | €0 | - | - | - |
| Remuneration, social security and pensions62 | - | - | - | €20,975 | €42,706 | €41,296 | €41,807 | €37,027 | ▼ 11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €4,543 | €13,956 | €21,136 | €21,240 | €20,386 | €21,482 | €21,038 | €27,777 | ▲ 32.0% |
| Other operating charges640/8 | - | - | - | €3,689 | €741 | €2,764 | €1,398 | €8,647 | ▲ 519% |
| Gross operating margin9900 | €61,213 | €50,155 | €62,699 | -€31,104 | €62,610 | €146,535 | €136,393 | €74,361 | ▼ 45.5% |
| Operating profit (loss)9901 | €38,819 | -€13,162 | €27,693 | -€77,007 | -€1,223 | €80,992 | €72,151 | €910 | ▼ 98.7% |
| Financial income75/76B | - | - | - | €1 | €87 | €157 | €56 | €3,699 | ▲ 66× |
| Recurring financial income75 | €4,451 | €4,989 | €4,929 | €1 | €87 | €157 | €56 | €3,699 | ▲ 66× |
| Financial charges65/66B | - | - | - | €5,784 | €5,004 | €4,624 | €15,631 | €7,386 | ▼ 52.7% |
| Recurring financial charges65 | €957 | €1,116 | €5,966 | €5,784 | €5,004 | €4,624 | €15,631 | €7,386 | ▼ 52.7% |
| Profit (loss) for the period before taxes9903 | €42,313 | -€9,289 | €26,656 | -€82,790 | -€6,140 | €76,526 | €56,576 | -€2,776 | - |
| Income taxes67/77 | €3,890 | €567 | €6,429 | €1,501 | €259 | €4,131 | €18,844 | €3,379 | ▼ 82.1% |
| Profit (loss) for the period9904 | €38,423 | -€9,857 | €20,227 | -€84,291 | -€6,400 | €72,395 | €37,732 | -€6,155 | - |
| Profit (loss) for the period to be appropriated9905 | €38,423 | -€9,857 | €20,227 | -€84,291 | -€6,400 | €72,395 | €37,732 | -€6,155 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €428,781 | €481,664 | €538,431 | €318,962 | €313,327 | €364,120 | €336,151 | €347,175 | ▲ 3.3% |
| Fixed assets21/28 | €17,683 | €284,375 | €310,500 | €289,260 | €278,293 | €268,536 | €247,498 | €275,614 | ▲ 11.4% |
| Intangible fixed assets21 | €9,958 | €8,719 | €13,418 | €10,852 | €8,286 | €5,960 | €3,632 | €2,632 | ▼ 27.5% |
| Tangible fixed assets22/27 | €7,585 | €275,516 | €296,942 | €278,268 | €269,866 | €262,436 | €243,726 | €272,841 | ▲ 11.9% |
| Land and buildings22 | - | - | - | €255,448 | €245,988 | €247,113 | €236,480 | €232,073 | ▼ 1.9% |
| Plant, machinery and equipment23 | - | - | - | €1,790 | €9,634 | €7,863 | €6,563 | €6,563 | = |
| Furniture and vehicles24 | - | - | - | €21,029 | €14,244 | €7,460 | €683 | €34,205 | ▲ 50× |
| Financial fixed assets28 | €140 | €140 | €140 | €140 | €140 | €140 | €140 | €140 | = |
| Current assets29/58 | €411,097 | €197,290 | €227,932 | €29,702 | €35,035 | €95,584 | €88,652 | €71,561 | ▼ 19.3% |
| Amounts receivable within one year40/41 | €257,572 | €43,672 | €73,690 | €9,526 | €28,725 | €86,601 | €54,980 | €29,019 | ▼ 47.2% |
| Trade receivables40 | - | - | - | €9,526 | €28,725 | €86,601 | €29,352 | €13,396 | ▼ 54.4% |
| Other amounts receivable41 | - | - | - | - | - | - | €25,628 | €15,623 | ▼ 39.0% |
| Cash at bank and in hand54/58 | €4,860 | €2,190 | €4,915 | €20,020 | €5,597 | €8,637 | €33,672 | €42,184 | ▲ 25.3% |
| Deferred charges and accrued income490/1 | - | - | - | €156 | €712 | €346 | €0 | €358 | - |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €428,781 | €481,664 | €538,431 | €318,962 | €313,327 | €364,120 | €336,151 | €347,175 | ▲ 3.3% |
| Equity10/15 | €31,328 | €21,471 | €41,698 | -€42,592 | -€48,992 | €23,403 | €61,135 | €54,981 | ▼ 10.1% |
| Contributions10/11 | €6,200 | €6,200 | - | €6,200 | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Reserves13 | €25,128 | €25,128 | €35,498 | €23,268 | €23,268 | €23,268 | €23,268 | €23,268 | = |
| Distributable reserves133 | - | - | - | €23,268 | €23,268 | €23,268 | €23,268 | €23,268 | = |
| Profit (loss) carried forward14 | - | -€9,857 | - | -€72,060 | -€78,460 | -€6,065 | €31,667 | €25,512 | ▼ 19.4% |
| Amounts payable17/49 | €397,453 | €460,193 | €496,733 | €361,554 | €362,319 | €340,717 | €275,015 | €292,194 | ▲ 6.2% |
| Amounts payable after more than one year17 | - | €239,615 | €247,706 | €230,927 | €213,882 | €196,567 | €184,641 | €196,152 | ▲ 6.2% |
| Financial debts170/4 | - | - | - | €230,927 | €213,882 | €196,567 | €184,641 | €196,152 | ▲ 6.2% |
| Amounts payable within one year42/48 | €397,453 | €220,578 | €249,027 | €130,627 | €148,437 | €144,150 | €62,190 | €96,042 | ▲ 54.4% |
| Current portion of amounts payable after more than one year42 | - | - | - | €16,780 | €17,045 | €17,315 | €11,926 | €22,157 | ▲ 85.8% |
| Trade debts44 | €392,808 | €171,488 | €205,470 | €54,938 | €42,518 | €64,929 | €2,966 | €42,504 | ▲ 14× |
| Suppliers440/4 | - | - | - | €54,938 | €42,518 | €64,929 | €2,966 | €42,504 | ▲ 14× |
| Taxes, remuneration and social security45 | - | - | - | €13,581 | €13,372 | €44,407 | €47,298 | €30,331 | ▼ 35.9% |
| Taxes450/3 | - | - | - | €10,820 | €8,344 | €35,658 | €38,804 | €22,284 | ▼ 42.6% |
| Remuneration and social security454/9 | - | - | - | €2,760 | €5,029 | €8,749 | €8,494 | €8,046 | ▼ 5.3% |
| Other amounts payable47/48 | - | - | - | €45,329 | €75,502 | €17,500 | €0 | €1,050 | - |
| Accrued charges and deferred income492/3 | - | - | - | - | - | - | €28,184 | €0 | ▼ 100% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €38,423 | -€9,857 | €20,227 | -€84,291 | -€6,400 | €72,395 | €37,732 | -€6,155 | - |
| + Depreciation and write-downs630 | €4,543 | €13,956 | €21,136 | €21,240 | €20,386 | €21,482 | €21,038 | €27,777 | ▲ 32.0% |
| Operating cash flow (approximation) | €42,966 | €4,100 | €41,363 | -€63,051 | €13,987 | €93,876 | €58,770 | €21,622 | ▼ 63.2% |
| Investment in fixed assets (approximation) | - | -€280,648 | -€47,261 | €0 | -€9,419 | -€11,725 | €0 | -€55,892 | - |
| Change in cash | - | -€2,670 | €2,725 | €15,105 | -€14,423 | €3,040 | €25,035 | €8,512 | ▼ 66.0% |
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, 2,450 companies had the same profile as HOGI has now. Two years later, 93.3% were still going and 1.5% had gone bankrupt.
- Micro
- 20 years or older
- solvency 10 to 30%
- a small loss
93.3%
was still going
5.1%
stopped otherwise
1.5%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HOGI itself: 0.3% 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 2,450 companies, not a prediction for HOGI. 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 22 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 29-06-2026 | 2026-00211811 | |
| 31-12-2024 | abbreviated format | 03-07-2025 | 2025-00221444 | |
| 31-12-2023 | abbreviated format | 30-07-2024 | 2024-00317330 | |
| 31-12-2022 | abbreviated format | 28-07-2023 | 2023-00306427 | |
| 31-12-2021 | abbreviated format | 12-07-2022 | 2022-20182027 | |
| 31-12-2020 | abbreviated format | 27-07-2021 | 2021-40100521 | |
| 31-12-2019 | abbreviated format | 24-07-2020 | 2020-33200049 | |
| 31-12-2018 | micro format | 25-07-2019 | 2019-37300471 | |
| 31-12-2017 | micro format | 26-07-2018 | 2018-37600049 | |
| 30-06-2016 | abbreviated format | 03-02-2017 | 2017-03900270 |