HOLVAN
ActiveFinancials · financial year 2025, micro format
Annual accounts 2025 filed on 09-04-2026 PDF all 33 filings
Turnover
≈ €140,000
Estimated: probably between €86,000 and €260,000
Total assets
€864,701▼ 4.9%
2024 · €909,677
Net result
-€5,559
2024 · €67,167
Working capital
€468,846▲ 2.7%
2024 · €456,527
In the rankings
#3 oldest company in Dentergem, Administrative and support services sector#4 company by equity in Dentergem, Administrative and support services sector#5 company by total assets in Dentergem, Administrative and support services sector
Multi-year overview
2019 to 2025, 7 financial yearsOperating result
-€13,738
2025
20192025
Net result
-€5,559
2025
lowest quarter of the sector
20192025
Equity
€781,334
▼ 0.7%
2025
highest quarter of the sector
20192025
Total assets
€864,701
▼ 4.9%
2025
highest quarter of the sector
20192025
Debt
€7,037
▼ 81.8%
2025
20192025
Working capital
€468,846
▲ 2.7%
2025
highest quarter of the sector
20192025
Solvency
90.4%
▲ 3.9pp
2025
highest quarter of the sector
20192025
Current ratio
67.63
▲ 54.84
2025
highest quarter of the sector
20192025
Return on assets (ROA)
-0.6%
▼ 8.0pp
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€274,037-€73,062▼ 73.3%-€15,128€22,577€48,793▲ 116%€83,817▲ 71.8%-€13,738
Net result€191,978-€50,957above the sector's middle half▼ 73.5%-€7,278below the sector's middle half€25,252within the sector's middle half€37,865above the sector's middle half▲ 49.9%€67,167above the sector's middle half▲ 77.4%-€5,559below the sector's middle half
Equity€612,931-€663,888above the sector's middle half▲ 8.3%€656,610above the sector's middle half▼ 1.1%€681,862above the sector's middle half▲ 3.8%€719,726above the sector's middle half▲ 5.6%€786,894above the sector's middle half▲ 9.3%€781,334above the sector's middle half▼ 0.7%
Total assets€703,404-€776,402above the sector's middle half▲ 10.4%€763,222above the sector's middle half▼ 1.7%€828,756above the sector's middle half▲ 8.6%€832,861above the sector's middle half▲ 0.5%€909,677above the sector's middle half▲ 9.2%€864,701above the sector's middle half▼ 4.9%
Debt€2,198-€575▼ 73.8%€2,966▲ 416%€48,367▲ 16×€21,754▼ 55.0%€38,742▲ 78.1%€7,037▼ 81.8%
Working capital€700,705-€775,327above the sector's middle half▲ 10.6%€373,164above the sector's middle half▼ 51.9%€378,153above the sector's middle half▲ 1.3%€422,396above the sector's middle half▲ 11.7%€456,527above the sector's middle half▲ 8.1%€468,846above the sector's middle half▲ 2.7%
Solvency87.1%-85.5%above the sector's middle half▼ 1.6pp86.0%above the sector's middle half▲ 0.5pp82.3%above the sector's middle half▼ 3.8pp86.4%above the sector's middle half▲ 4.1pp86.5%above the sector's middle half▲ 0.1pp90.4%above the sector's middle half▲ 3.9pp
Current ratio8.82above the sector's middle half20.42above the sector's middle half▲ 11.6012.78above the sector's middle half▼ 7.6367.63above the sector's middle half▲ 54.84
Return on assets (ROA)27.3%-6.6%within the sector's middle half▼ 20.7pp-1.0%within the sector's middle half▼ 7.5pp3.0%within the sector's middle half▲ 4.0pp4.5%within the sector's middle half▲ 1.5pp7.4%within the sector's middle half▲ 2.8pp-0.6%within the sector's middle half▼ 8.0pp
above
within
below
The sector band is the middle half of the companies in Rental and leasing activities (NACE 77). 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 loss of €13,738, after a profit of €83,817 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 €864,701
Fixed assets
€388,818 ▼ 6.2%
Current assets
€475,883 ▼ 3.9%
Equity and liabilities €864,701
Equity
€781,334 ▼ 0.7%
Provisions
€76,330 ▼ 9.2%
Debt
€7,037 ▼ 81.8%
Debt's share of the balance-sheet total falls from 4.3% to 0.8%. Equity and debt are lower.
Key figures and ratios
EBITDA
€22,638▼
2024 · €115,493
Cash flow
€30,818▼
2024 · €98,844
Debt to equity
0.01▼
2024 · 0.05
ROE
-0.7%▼
2024 · 8.5%
Interest coverage
over 100
2024 · over 100
Debt ≤ 1 year
€7,037▼
2024 · €38,742
Income taxes
€5,654▼
2024 · €30,918
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 | €37,160 | €15,351 | €57,373 | €10,787 |
| Depreciation and write-downs of the year | €22,015 | €28,877 | €31,676 | €36,377 |
Source: notes to the 2022 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | - | - | €10,719 | €22,015 | €28,877 | €31,676 | €36,377 | ▲ 14.8% |
| Other operating charges640/8 | - | - | - | €688 | €6,451 | €6,473 | €12,884 | ▲ 99.0% |
| Gross operating margin9900 | €296,307 | €73,818 | -€2,770 | €45,280 | €84,121 | €121,967 | €35,523 | ▼ 70.9% |
| Operating profit (loss)9901 | €274,037 | €73,062 | -€15,128 | €22,577 | €48,793 | €83,817 | -€13,738 | - |
| Financial income75/76B | - | - | - | €10,576 | €1,205 | €7,005 | €6,268 | ▼ 10.5% |
| Recurring financial income75 | €297 | €1,701 | €730 | €10,576 | €1,205 | €7,005 | €6,268 | ▼ 10.5% |
| Financial charges65/66B | - | - | - | €126 | €37 | €77 | €147 | ▲ 90.4% |
| Recurring financial charges65 | €174 | €141 | €88 | €126 | €37 | €77 | €147 | ▲ 90.4% |
| Profit (loss) for the period before taxes9903 | €273,447 | €74,621 | -€14,486 | €33,027 | €49,961 | €90,745 | -€7,617 | - |
| Transfer from deferred taxes780 | - | - | - | €5,117 | €7,147 | €7,339 | €7,712 | ▲ 5.1% |
| Income taxes67/77 | - | - | €1,085 | €12,893 | €19,243 | €30,918 | €5,654 | ▼ 81.7% |
| Profit (loss) for the period9904 | €191,978 | €50,957 | -€7,278 | €25,252 | €37,865 | €67,167 | -€5,559 | - |
| Transfer from tax-exempt reserves789 | - | - | - | €12,183 | €17,015 | €17,473 | €18,359 | ▲ 5.1% |
| Profit (loss) for the period to be appropriated9905 | -€1,973 | -€5,379 | €12,466 | €37,434 | €54,879 | €84,640 | €12,800 | ▼ 84.9% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Total assets20/58 | €703,404 | €776,402 | €763,222 | €828,756 | €832,861 | €909,677 | €864,701 | ▼ 4.9% |
| Fixed assets21/28 | €500 | €500 | €387,092 | €402,237 | €388,711 | €414,408 | €388,818 | ▼ 6.2% |
| Tangible fixed assets22/27 | - | - | €386,592 | €401,737 | €388,211 | €413,908 | €388,318 | ▼ 6.2% |
| Land and buildings22 | - | - | - | €346,137 | €344,782 | €360,773 | €352,153 | ▼ 2.4% |
| Plant, machinery and equipment23 | - | - | - | €55,599 | €43,429 | €53,135 | €36,165 | ▼ 31.9% |
| Financial fixed assets28 | €500 | €500 | €500 | €500 | €500 | €500 | €500 | = |
| Current assets29/58 | €702,904 | €775,902 | €376,130 | €426,519 | €444,150 | €495,269 | €475,883 | ▼ 3.9% |
| Amounts receivable within one year40/41 | €5,873 | €5,580 | €11,093 | €19,627 | €23,417 | €14,550 | €41,488 | ▲ 185% |
| Trade receivables40 | - | - | - | €9,003 | €18,347 | €9,481 | €18,725 | ▲ 97.5% |
| Other amounts receivable41 | - | - | - | €10,623 | €5,070 | €5,070 | €22,764 | ▲ 349% |
| Current investments50/53 | €99,798 | €99,798 | €99,798 | €109,034 | €209,034 | €209,034 | €109,034 | ▼ 47.8% |
| Cash at bank and in hand54/58 | €597,232 | €670,524 | €265,239 | €297,859 | €211,699 | €271,685 | €325,361 | ▲ 19.8% |
| Equity and liabilities | ||||||||
| Total equity and liabilities10/49 | €703,404 | €776,402 | €763,222 | €828,756 | €832,861 | €909,677 | €864,701 | ▼ 4.9% |
| Equity10/15 | €612,931 | €663,888 | €656,610 | €681,862 | €719,726 | €786,894 | €781,334 | ▼ 0.7% |
| Contributions10/11 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Capital10 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Issued capital100 | - | - | - | €62,000 | €62,000 | €62,000 | €62,000 | = |
| Reserves13 | €552,904 | €609,240 | €594,610 | €619,862 | €657,726 | €724,894 | €719,334 | ▼ 0.8% |
| Non-distributable reserves130/1 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Legal reserve130 | - | - | - | €6,200 | €6,200 | €6,200 | €6,200 | = |
| Tax-exempt reserves132 | - | - | - | €234,562 | €217,547 | €200,074 | €181,715 | ▼ 9.2% |
| Distributable reserves133 | - | - | - | €379,100 | €433,980 | €518,619 | €531,419 | ▲ 2.5% |
| Profit (loss) carried forward14 | -€1,973 | -€7,352 | - | - | - | - | - | - |
| Provisions and deferred taxes16 | €88,275 | €111,939 | €103,645 | €98,528 | €91,381 | €84,041 | €76,330 | ▼ 9.2% |
| Deferred taxes168 | - | - | - | €98,528 | €91,381 | €84,041 | €76,330 | ▼ 9.2% |
| Amounts payable17/49 | €2,198 | €575 | €2,966 | €48,367 | €21,754 | €38,742 | €7,037 | ▼ 81.8% |
| Amounts payable within one year42/48 | €2,198 | €575 | €2,966 | €48,367 | €21,754 | €38,742 | €7,037 | ▼ 81.8% |
| Trade debts44 | €2,198 | €575 | €2,100 | €35,876 | €300 | €31,994 | €6,230 | ▼ 80.5% |
| Suppliers440/4 | - | - | - | €35,876 | €300 | €31,994 | €6,230 | ▼ 80.5% |
| Taxes, remuneration and social security45 | - | - | - | €12,491 | €21,454 | €6,748 | €807 | ▼ 88.0% |
| Taxes450/3 | - | - | - | €12,491 | €21,454 | €6,748 | €807 | ▼ 88.0% |
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €191,978 | €50,957 | -€7,278 | €25,252 | €37,865 | €67,167 | -€5,559 | - |
| + Depreciation and write-downs630 | - | - | €10,719 | €22,015 | €28,877 | €31,676 | €36,377 | ▲ 14.8% |
| Operating cash flow (approximation) | €191,978 | €50,957 | €3,441 | €47,266 | €66,741 | €98,844 | €30,818 | ▼ 68.8% |
| Investment in fixed assets (approximation) | - | €0 | -€397,310 | -€37,160 | -€15,351 | -€57,373 | -€10,787 | ▲ 81.2% |
| Change in cash | - | €73,292 | -€405,285 | €32,621 | -€86,160 | €59,986 | €53,676 | ▼ 10.5% |
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, 8,617 companies had the same profile as HOLVAN has now. Two years later, 94.1% were still going and 0.4% had gone bankrupt.
- Small
- 20 years or older
- solvency 30% or more
- a small loss
94.1%
was still going
5.2%
stopped otherwise
0.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of HOLVAN 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 8,617 companies, not a prediction for HOLVAN. 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 33 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 30-09-2025 | micro format | 09-04-2026 | 2026-00075733 | |
| 30-09-2024 | micro format | 01-04-2025 | 2025-00059787 | |
| 30-09-2023 | micro format | 19-04-2024 | 2024-00068918 | |
| 30-09-2022 | micro format | 31-03-2023 | 2023-00050560 | |
| 30-09-2021 | micro format | 21-03-2022 | 2022-08400209 | |
| 30-09-2020 | micro format | 09-04-2021 | 2021-10200283 | |
| 30-09-2019 | micro format | 30-03-2020 | 2020-08300228 | |
| 30-09-2018 | micro format | 26-04-2019 | 2019-10900191 | |
| 30-09-2017 | micro format | 27-04-2018 | 2018-11000520 | |
| 30-09-2016 | abbreviated format | 24-03-2017 | 2017-07100416 |