HOLSPEED
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 31 days after the deadline Filed on 31 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00488394.
Annual accounts 2025 filed on 31-08-2026 at the NBB all 20 filings
Turnover
≈ €30,000
Estimated: probably between €15,000 and €60,000
Total assets
€15,477▲ 105%
2024 · €7,565
Net result
€3,033
2024 · -€2,492
Working capital
-€1,881▲ 66.2%
2024 · -€5,560
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€4,424
2025
20182025
Net result
€3,033
2025
lowest quarter of the sector
20182025
Equity
-€1,796
▲ 62.8%
2025
lowest quarter of the sector
20182025
Total assets
€15,477
▲ 105%
2025
lowest quarter of the sector
20182025
Debt
€17,274
▲ 39.4%
2025
20182025
Working capital
-€1,881
▲ 66.2%
2025
lowest quarter of the sector
20182025
Solvency
-11.6%
▲ 52.2pp
2025
lowest quarter of the sector
20182025
Current ratio
0.89
▲ 0.34
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
19.6%
▲ 52.5pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€3,944-€26,310▲ 567%€16,295▼ 38.1%€22,768▲ 39.7%€50,881▲ 123%-€7,094-€2,163▲ 69.5%€4,424
Net result€4,048-€19,271▲ 376%€11,892within the sector's middle half▼ 38.3%€16,355within the sector's middle half▲ 37.5%€37,136within the sector's middle half▲ 127%-€7,274below the sector's middle half-€2,492below the sector's middle half▲ 65.7%€3,033below the sector's middle half
Equity€17,889-€37,160▲ 108%€37,052within the sector's middle half▼ 0.3%€21,406below the sector's middle half▼ 42.2%€4,937below the sector's middle half▼ 76.9%-€2,338below the sector's middle half-€4,830below the sector's middle half▼ 107%-€1,796below the sector's middle half▲ 62.8%
Total assets€38,741-€52,334▲ 35.1%€64,608below the sector's middle half▲ 23.5%€70,965within the sector's middle half▲ 9.8%€29,461below the sector's middle half▼ 58.5%€15,853below the sector's middle half▼ 46.2%€7,565below the sector's middle half▼ 52.3%€15,477below the sector's middle half▲ 105%
Debt€20,852-€15,174▼ 27.2%€27,556▲ 81.6%€49,559▲ 79.8%€24,524▼ 50.5%€18,191▼ 25.8%€12,395▼ 31.9%€17,274▲ 39.4%
Working capital€18,339-€37,160▲ 103%€37,052within the sector's middle half▼ 0.3%€21,406within the sector's middle half▼ 42.2%€3,834below the sector's middle half▼ 82.1%-€3,817below the sector's middle half-€5,560below the sector's middle half▼ 45.7%-€1,881below the sector's middle half▲ 66.2%
Solvency46.2%-71.0%▲ 24.8pp57.3%within the sector's middle half▼ 13.7pp30.2%below the sector's middle half▼ 27.2pp16.8%below the sector's middle half▼ 13.4pp-14.7%below the sector's middle half▼ 31.5pp-63.8%below the sector's middle half▼ 49.1pp-11.6%below the sector's middle half▲ 52.2pp
Current ratio1.91-3.45▲ 1.542.34within the sector's middle half▼ 1.101.43within the sector's middle half▼ 0.911.16below the sector's middle half▼ 0.280.79below the sector's middle half▼ 0.370.55below the sector's middle half▼ 0.240.89below the sector's middle half▲ 0.34
Return on assets (ROA)10.4%-36.8%▲ 26.4pp18.4%within the sector's middle half▼ 18.4pp23.0%within the sector's middle half▲ 4.6pp126.1%above the sector's middle half▲ 103.0pp-45.9%below the sector's middle half▼ 171.9pp-32.9%below the sector's middle half▲ 12.9pp19.6%within the sector's middle half▲ 52.5pp
Staff (FTE)1within the sector's middle half1=0.3▼ 70.0%
above
within
below
The sector band is the middle half of the companies in Computer programming, consultancy and related activities (NACE 62). 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 a profit of €4,424, after a loss of €2,163 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 €15,477
Fixed assets
€84 ▼ 88.5%
Current assets
€15,393 ▲ 125%
Equity and liabilities
Equity-€1,796
Debt€17,274
Equity is negative. Debt (€17,274) exceeds the balance-sheet total (€15,477).
Key figures and ratios
EBITDA
€5,070▲
2024 · -€1,415
Cash flow
€3,680▲
2024 · -€1,744
Interest coverage
28.13▲
2024 · -2.98
Debt ≤ 1 year
€17,274▲
2024 · €12,395
Income taxes
€1,211
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
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 |
|---|---|---|
| Employees at the balance-sheet date | 1 | - |
| full-time | 1 | - |
| in full-time equivalents | 1 | - |
| Average over the year, in full-time equivalents | 1 | 0.3 |
| On a permanent contract | 1 | - |
| Joined | - | 0 |
| Left | - | 1 |
Source: social balance sheet in the 2021 to 2022 annual accounts
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | - | €1,205 | €1,041 | - | - |
| Depreciation and write-downs of the year | - | €102 | €664 | €749 | €646 |
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 |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €14,275 | €12,057 | - | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €140 | €140 | - | - | €102 | €664 | €749 | €646 | ▼ 13.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals)631/4 | - | - | - | €1,250 | - | - | - | -€1,921 | - |
| Other operating charges640/8 | - | - | - | €402 | €405 | €448 | €582 | €2,566 | ▲ 341% |
| Gross operating margin9900 | €17,410 | €55,026 | €51,979 | €38,695 | €63,444 | -€5,982 | -€832 | €5,716 | - |
| Operating profit (loss)9901 | €3,944 | €26,310 | €16,295 | €22,768 | €50,881 | -€7,094 | -€2,163 | €4,424 | - |
| Financial income75/76B | - | - | - | €90 | €112 | €15 | €145 | €1 | ▼ 99.6% |
| Recurring financial income75 | €180 | €263 | €857 | €90 | €112 | €15 | €145 | €1 | ▼ 99.6% |
| Financial charges65/66B | - | - | - | €181 | €188 | €150 | €474 | €180 | ▼ 62.0% |
| Recurring financial charges65 | €76 | €140 | €424 | €181 | €188 | €150 | €474 | €180 | ▼ 62.0% |
| Profit (loss) for the period before taxes9903 | €4,048 | €26,433 | €16,728 | €22,677 | €50,805 | -€7,230 | -€2,492 | €4,244 | - |
| Income taxes67/77 | - | €7,162 | €4,836 | €6,323 | €13,669 | €45 | - | €1,211 | - |
| Profit (loss) for the period9904 | €4,048 | €19,271 | €11,892 | €16,355 | €37,136 | -€7,274 | -€2,492 | €3,033 | - |
| Profit (loss) for the period to be appropriated9905 | €4,048 | €19,271 | €11,892 | €16,355 | €37,136 | -€7,274 | -€2,492 | €3,033 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €38,741 | €52,334 | €64,608 | €70,965 | €29,461 | €15,853 | €7,565 | €15,477 | ▲ 105% |
| Fixed assets21/28 | €140 | - | - | - | €1,103 | €1,479 | €731 | €84 | ▼ 88.5% |
| Tangible fixed assets22/27 | €140 | - | - | - | €1,103 | €1,479 | €731 | €84 | ▼ 88.5% |
| Furniture and vehicles24 | - | - | - | - | €1,103 | €1,479 | €731 | €84 | ▼ 88.5% |
| Current assets29/58 | €38,601 | €52,334 | €64,608 | €70,965 | €28,358 | €14,374 | €6,835 | €15,393 | ▲ 125% |
| Amounts receivable within one year40/41 | €28,550 | €22,108 | €21,787 | €20,155 | €3,227 | €2,323 | €4,735 | €7,295 | ▲ 54.1% |
| Trade receivables40 | - | - | - | €20,150 | €3,227 | €1,778 | €4,727 | €5,460 | ▲ 15.5% |
| Other amounts receivable41 | - | - | - | €5 | - | €545 | €7 | €1,836 | ▲ 249× |
| Cash at bank and in hand54/58 | €9,605 | €30,068 | €42,369 | €50,637 | €25,095 | €11,748 | €1,795 | €3,101 | ▲ 72.7% |
| Deferred charges and accrued income490/1 | - | - | - | €173 | €36 | €303 | €305 | €4,997 | ▲ 16× |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €38,741 | €52,334 | €64,608 | €70,965 | €29,461 | €15,853 | €7,565 | €15,477 | ▲ 105% |
| Equity10/15 | €17,889 | €37,160 | €37,052 | €21,406 | €4,937 | -€2,338 | -€4,830 | -€1,796 | ▲ 62.8% |
| Contributions10/11 | €18,600 | €18,600 | - | €18,600 | €2,500 | €2,500 | €2,500 | €2,500 | = |
| Reserves13 | €1,067 | €1,067 | €1,067 | €1,067 | €1,067 | - | - | - | - |
| Non-distributable reserves130/1 | - | - | - | €1,067 | €1,067 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,067 | €1,067 | - | - | - | - |
| Profit (loss) carried forward14 | -€1,778 | €17,493 | €17,385 | €1,740 | €1,370 | -€4,838 | -€7,330 | -€4,296 | ▲ 41.4% |
| Amounts payable17/49 | €20,852 | €15,174 | €27,556 | €49,559 | €24,524 | €18,191 | €12,395 | €17,274 | ▲ 39.4% |
| Amounts payable within one year42/48 | €20,262 | €15,174 | €27,556 | €49,559 | €24,524 | €18,191 | €12,395 | €17,274 | ▲ 39.4% |
| Trade debts44 | €18,872 | €4,610 | €3,743 | €6,537 | €85 | €1,010 | €1,010 | €8,508 | ▲ 743% |
| Suppliers440/4 | - | - | - | €6,537 | €85 | €1,010 | €1,010 | €8,508 | ▲ 743% |
| Taxes, remuneration and social security45 | - | - | - | €10,985 | €24,399 | €17,180 | €7,550 | €8,766 | ▲ 16.1% |
| Taxes450/3 | - | - | - | €7,048 | €24,399 | €17,180 | €7,550 | €8,766 | ▲ 16.1% |
| Remuneration and social security454/9 | - | - | - | €3,938 | - | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €32,037 | €40 | - | €3,836 | - | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €4,048 | €19,271 | €11,892 | €16,355 | €37,136 | -€7,274 | -€2,492 | €3,033 | - |
| + Depreciation and write-downs630 | €140 | €140 | - | - | €102 | €664 | €749 | €646 | ▼ 13.7% |
| Operating cash flow (approximation) | €4,188 | €19,411 | €11,892 | €16,355 | €37,239 | -€6,610 | -€1,744 | €3,680 | - |
| Investment in fixed assets (approximation) | - | - | - | - | - | -€1,041 | €0 | €0 | - |
| Change in cash | - | €20,463 | €12,301 | €8,268 | -€25,542 | -€13,347 | -€9,952 | €1,305 | - |
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, 3,794 companies had the same profile as HOLSPEED has now. Two years later, 91.5% were still going and 2.7% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a profit of 5% of the balance sheet or more
91.5%
was still going
5.3%
stopped otherwise
2.7%
went bankrupt
Another 0.6% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of HOLSPEED itself is lower: 0.2% within 12 months. It rests on far more data about HOLSPEED than the profile alone.
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 3,794 companies, not a prediction for HOLSPEED. 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 20 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 31-08-2026 | 2026-00488394 | |
| 31-12-2024 | micro format | 25-08-2025 | 2025-00413515 | |
| 31-12-2023 | micro format | 29-05-2024 | 2024-00101407 | |
| 31-12-2022 | micro format | 05-08-2023 | 2023-00322045 | |
| 31-12-2021 | micro format | 27-07-2022 | 2022-20238596 | |
| 31-12-2020 | micro format | 30-07-2021 | 2021-43900284 | |
| 31-12-2019 | micro format | 23-07-2020 | 2020-34000184 | |
| 31-12-2018 | micro format | 19-06-2019 | 2019-21100490 | |
| 31-12-2017 | micro format | 24-07-2018 | 2018-39300398 | |
| 31-12-2016 | full format | 23-06-2017 | 2017-21500005 |