Hopsakee
ActiveFinancials · financial year 2025, abbreviated format
2025 annual accounts filed 21 days after the deadline Filed on 21 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00415174.
Annual accounts 2025 filed on 21-08-2026 at the NBB all 16 filings
Turnover
≈ €380,000
Estimated: probably between €360,000 and €430,000
Total assets
€591,061▲ 70.8%
2024 · €346,087
Net result
-€29,543
2024 · €12,861
Working capital
-€118,531▼ 3,322%
2024 · -€3,464
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€18,542
2025
20182025
Net result
-€29,543
2025
lowest quarter of the sector
20182025
Equity
€8,576
▼ 77.5%
2025
lowest quarter of the sector
20182025
Total assets
€591,061
▲ 70.8%
2025
lowest quarter of the sector
20182025
Debt
€582,485
▲ 89.1%
2025
20182025
Working capital
-€118,531
▼ 3,322%
2025
lowest quarter of the sector
20182025
Solvency
1.5%
▼ 9.6pp
2025
lowest quarter of the sector
20182025
Current ratio
0.30
▼ 0.66
2025
lowest quarter of the sector
20182025
Return on assets (ROA)
-5.0%
▼ 8.7pp
2025
lowest quarter of the sector
20182025
Staff (FTE)
6.5
▲ 12.1%
2025
lowest quarter of the sector
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€30,822-€14,454▼ 53.1%€28,974▲ 100%€19,322▼ 33.3%€29,097▲ 50.6%€9,516▼ 67.3%€21,347▲ 124%-€18,542
Net result€19,018-€7,569▼ 60.2%€18,958within the sector's middle half▲ 150%€11,311within the sector's middle half▼ 40.3%€16,829within the sector's middle half▲ 48.8%€3,347within the sector's middle half▼ 80.1%€12,861within the sector's middle half▲ 284%-€29,543below the sector's middle half
Equity€62,244-€69,813▲ 12.2%€88,771below the sector's middle half▲ 27.2%€65,081below the sector's middle half▼ 26.7%€81,911below the sector's middle half▲ 25.9%€25,258below the sector's middle half▼ 69.2%€38,119below the sector's middle half▲ 50.9%€8,576below the sector's middle half▼ 77.5%
Total assets€302,435-€317,673▲ 5.0%€322,356below the sector's middle half▲ 1.5%€301,622below the sector's middle half▼ 6.4%€320,490below the sector's middle half▲ 6.3%€356,849below the sector's middle half▲ 11.3%€346,087below the sector's middle half▼ 3.0%€591,061below the sector's middle half▲ 70.8%
Debt€240,191-€247,860▲ 3.2%€233,585▼ 5.8%€236,541▲ 1.3%€238,579▲ 0.9%€331,591▲ 39.0%€307,968▼ 7.1%€582,485▲ 89.1%
Working capital€59,674-€60,108▲ 0.7%€80,604below the sector's middle half▲ 34.1%€58,901below the sector's middle half▼ 26.9%€77,289below the sector's middle half▲ 31.2%-€18,975below the sector's middle half-€3,464below the sector's middle half▲ 81.7%-€118,531below the sector's middle half▼ 3,322%
Solvency20.6%-22.0%▲ 1.4pp27.5%below the sector's middle half▲ 5.6pp21.6%below the sector's middle half▼ 6.0pp25.6%below the sector's middle half▲ 4.0pp7.1%below the sector's middle half▼ 18.5pp11.0%below the sector's middle half▲ 3.9pp1.5%below the sector's middle half▼ 9.6pp
Current ratio3.07-2.29▼ 0.782.89within the sector's middle half▲ 0.602.05within the sector's middle half▼ 0.842.12within the sector's middle half▲ 0.070.83below the sector's middle half▼ 1.290.97below the sector's middle half▲ 0.140.30below the sector's middle half▼ 0.66
Return on assets (ROA)6.3%-2.4%▼ 3.9pp5.9%within the sector's middle half▲ 3.5pp3.7%within the sector's middle half▼ 2.1pp5.3%above the sector's middle half▲ 1.5pp0.9%within the sector's middle half▼ 4.3pp3.7%within the sector's middle half▲ 2.8pp-5.0%below the sector's middle half▼ 8.7pp
Staff (FTE)4.1-3.9▼ 4.9%4.8below the sector's middle half▲ 23.1%4.4below the sector's middle half▼ 8.3%4.6below the sector's middle half▲ 4.5%5below the sector's middle half▲ 8.7%5.8below the sector's middle half▲ 16.0%6.5below the sector's middle half▲ 12.1%
above
within
below
The sector band is the middle half of the companies in Social work activities without accommodation (NACE 88). 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 €18,542, after a profit of €21,347 in 2024. It is the lowest result since 2021.
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 €591,061
Fixed assets
€539,435 ▲ 124%
Current assets
€51,626 ▼ 51.2%
Equity and liabilities €591,061
Equity
€8,576 ▼ 77.5%
Debt
€582,485 ▲ 89.1%
Debt's share of the balance-sheet total rises from 89.0% to 98.5%. Equity is lower and debt is higher.
Key figures and ratios
EBITDA
€5,241▼
2024 · €42,142
Cash flow
-€5,761▼
2024 · €33,656
Debt to equity
67.92▲
2024 · 8.08
ROE
-344.5%▼
2024 · 33.7%
Interest coverage
0.52▼
2024 · 11.48
Debt ≤ 1 year
€170,157▲
2024 · €109,167
Debt > 1 year
€412,328▲
2024 · €198,801
Income taxes
€980▼
2024 · €5,079
Staff costs
€316,019▲
2024 · €260,298
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 | 31-12-2025 |
|---|---|---|---|---|---|
| Employees at the balance-sheet date | 8 | 7 | 8 | 8 | 12 |
| full-time | 2 | - | 1 | - | - |
| part-time | 6 | 7 | 7 | 8 | 12 |
| in full-time equivalents | 5.7 | 4.4 | 6 | 5.6 | 8.2 |
| Average over the year, in full-time equivalents | 4.4 | 4.6 | 5 | 5.8 | 6.5 |
| On a permanent contract | 4 | 5 | 5 | 4 | 9 |
| Joined | 9 | 6 | 4 | 2 | 6 |
| Left | 8 | 7 | 3 | 2 | 2 |
Source: social balance sheet in the 2021 to 2025 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Debts secured on the company's own assets | €180,354 | €180,354 | €238,167 | €219,312 | €455,518 |
| Mortgages, amount registered | €235,000 | €235,000 | €235,000 | €235,000 | €265,000 |
| Carrying value of the mortgaged assets | €162,635 | €152,142 | €248,088 | €230,025 | €513,157 |
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 | €5,615 | €6,253 | €108,254 | - | €322,834 |
| Depreciation and write-downs of the year | €18,143 | €18,565 | €19,649 | €20,794 | €23,782 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Subsidies and aid
Flemish government
2022 to 2025 · 15 entries · €1.2m awarded · €1.2m paid| Year | Entries | Awarded | Paid |
|---|---|---|---|
| 2025 | 4 | €332,858 | €332,858 |
| 2024 | 4 | €314,259 | €314,259 |
| 2023 | 3 | €291,899 | €291,899 |
| 2022 | 4 | €219,362 | €219,362 |
Schemes
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Remuneration, social security and pensions62 | - | - | - | €141,641 | €188,413 | €232,146 | €260,298 | €316,019 | ▲ 21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €24,269 | €21,052 | €19,131 | €18,143 | €18,565 | €19,649 | €20,794 | €23,782 | ▲ 14.4% |
| Other operating charges640/8 | - | - | - | €410 | €701 | €770 | €783 | €342 | ▼ 56.3% |
| Gross operating margin9900 | €138,950 | €148,008 | €162,533 | €179,515 | €236,776 | €262,081 | €303,223 | €321,602 | ▲ 6.1% |
| Operating profit (loss)9901 | €30,822 | €14,454 | €28,974 | €19,322 | €29,097 | €9,516 | €21,347 | -€18,542 | - |
| Financial income75/76B | - | - | - | €6 | €1 | €287 | €264 | €95 | ▼ 64.2% |
| Recurring financial income75 | €5 | €9 | €6 | €6 | €1 | €287 | €264 | €95 | ▼ 64.2% |
| Financial charges65/66B | - | - | - | €4,335 | €4,368 | €4,732 | €3,671 | €10,116 | ▲ 176% |
| Recurring financial charges65 | €4,740 | €4,749 | €4,523 | €4,335 | €4,368 | €4,732 | €3,671 | €10,116 | ▲ 176% |
| Profit (loss) for the period before taxes9903 | €26,087 | €9,715 | €24,458 | €14,993 | €24,729 | €5,071 | €17,941 | -€28,563 | - |
| Income taxes67/77 | €7,070 | €2,146 | €5,500 | €3,682 | €7,900 | €1,724 | €5,079 | €980 | ▼ 80.7% |
| Profit (loss) for the period9904 | €19,018 | €7,569 | €18,958 | €11,311 | €16,829 | €3,347 | €12,861 | -€29,543 | - |
| Profit (loss) for the period to be appropriated9905 | €19,018 | €7,569 | €18,958 | €11,311 | €16,829 | €3,347 | €12,861 | -€29,543 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €302,435 | €317,673 | €322,356 | €301,622 | €320,490 | €356,849 | €346,087 | €591,061 | ▲ 70.8% |
| Fixed assets21/28 | €213,921 | €211,031 | €199,061 | €186,534 | €174,222 | €262,828 | €240,383 | €539,435 | ▲ 124% |
| Intangible fixed assets21 | €194,112 | €183,620 | - | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €18,159 | €25,761 | €197,411 | €184,884 | €172,572 | €261,178 | €240,383 | €539,435 | ▲ 124% |
| Land and buildings22 | - | - | - | €177,482 | €163,099 | €255,504 | €236,245 | €518,181 | ▲ 119% |
| Plant, machinery and equipment23 | - | - | - | €3,105 | €7,456 | €5,674 | €4,139 | €6,732 | ▲ 62.7% |
| Furniture and vehicles24 | - | - | - | €4,297 | €2,017 | - | - | €14,522 | - |
| Financial fixed assets28 | €1,650 | €1,650 | €1,650 | €1,650 | €1,650 | €1,650 | - | - | - |
| Current assets29/58 | €88,514 | €106,642 | €123,295 | €115,088 | €146,268 | €94,021 | €105,703 | €51,626 | ▼ 51.2% |
| Amounts receivable within one year40/41 | €600 | €1,500 | €1,500 | - | €187 | €2,595 | €1,200 | €5,000 | ▲ 317% |
| Other amounts receivable41 | - | - | - | - | €187 | €2,595 | €1,200 | €5,000 | ▲ 317% |
| Cash at bank and in hand54/58 | €78,015 | €98,580 | €109,201 | €112,097 | €125,481 | €78,686 | €91,914 | €15,368 | ▼ 83.3% |
| Deferred charges and accrued income490/1 | - | - | - | €2,992 | €20,599 | €12,740 | €12,589 | €31,258 | ▲ 148% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €302,435 | €317,673 | €322,356 | €301,622 | €320,490 | €356,849 | €346,087 | €591,061 | ▲ 70.8% |
| Equity10/15 | €62,244 | €69,813 | €88,771 | €65,081 | €81,911 | €25,258 | €38,119 | €8,576 | ▼ 77.5% |
| Contributions10/11 | €16,900 | €16,900 | - | €16,900 | €16,900 | €16,900 | €16,900 | €16,900 | = |
| Reserves13 | €1,860 | €1,860 | €1,860 | €1,860 | €14,460 | €14,460 | €27,321 | €27,321 | = |
| Non-distributable reserves130/1 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Reserves not available under the articles1311 | - | - | - | €1,860 | €1,860 | €1,860 | €1,860 | €1,860 | = |
| Distributable reserves133 | - | - | - | - | €12,600 | €12,600 | €25,461 | €25,461 | = |
| Profit (loss) carried forward14 | €43,484 | €51,053 | €70,011 | €46,321 | €50,551 | -€6,102 | -€6,102 | -€35,645 | ▼ 484% |
| Amounts payable17/49 | €240,191 | €247,860 | €233,585 | €236,541 | €238,579 | €331,591 | €307,968 | €582,485 | ▲ 89.1% |
| Amounts payable after more than one year17 | €211,351 | €201,225 | €190,894 | €180,354 | €169,600 | €218,595 | €198,801 | €412,328 | ▲ 107% |
| Financial debts170/4 | - | - | - | €180,354 | €169,600 | €218,595 | €198,801 | €412,328 | ▲ 107% |
| Amounts payable within one year42/48 | €28,839 | €46,534 | €42,691 | €56,187 | €68,979 | €112,997 | €109,167 | €170,157 | ▲ 55.9% |
| Current portion of amounts payable after more than one year42 | - | - | - | €10,540 | €10,754 | €19,572 | €20,511 | €43,190 | ▲ 111% |
| Trade debts44 | - | €8,178 | €1,201 | €1,569 | €1,640 | €8,484 | €1,767 | €5,444 | ▲ 208% |
| Suppliers440/4 | - | - | - | €1,569 | €1,640 | €8,484 | €1,767 | €5,444 | ▲ 208% |
| Taxes, remuneration and social security45 | - | - | - | €27,556 | €50,725 | €75,531 | €77,871 | €107,010 | ▲ 37.4% |
| Taxes450/3 | - | - | - | - | €1,789 | €4,713 | €6,812 | €8,292 | ▲ 21.7% |
| Remuneration and social security454/9 | - | - | - | €27,556 | €48,936 | €70,818 | €71,059 | €98,718 | ▲ 38.9% |
| Other amounts payable47/48 | - | - | - | €16,521 | €5,861 | €9,410 | €9,018 | €14,513 | ▲ 60.9% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €19,018 | €7,569 | €18,958 | €11,311 | €16,829 | €3,347 | €12,861 | -€29,543 | - |
| + Depreciation and write-downs630 | €24,269 | €21,052 | €19,131 | €18,143 | €18,565 | €19,649 | €20,794 | €23,782 | ▲ 14.4% |
| Operating cash flow (approximation) | €43,287 | €28,621 | €38,088 | €29,453 | €35,394 | €22,996 | €33,656 | -€5,761 | - |
| Investment in fixed assets (approximation) | - | -€18,161 | -€7,161 | -€5,615 | -€6,253 | -€108,254 | €1,650 | -€322,834 | - |
| Change in cash | - | €20,565 | €10,622 | €2,896 | €13,385 | -€46,795 | €13,228 | -€76,546 | - |
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, 1,037 companies had the same profile as Hopsakee has now. Two years later, 93.8% were still going and 2.9% had gone bankrupt.
- Micro
- 10 to 20 years old
- solvency under 10%
- a small loss
93.8%
was still going
2.9%
stopped otherwise
2.9%
went bankrupt
Another 0.4% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of Hopsakee itself: 1.0% 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 1,037 companies, not a prediction for Hopsakee. 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 16 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 21-08-2026 | 2026-00415174 | |
| 31-12-2024 | abbreviated format | 08-05-2025 | 2025-00094125 | |
| 31-12-2023 | abbreviated format | 30-08-2024 | 2024-00435583 | |
| 31-12-2022 | abbreviated format | 05-07-2023 | 2023-00210768 | |
| 31-12-2021 | abbreviated format | 30-08-2022 | 2022-20366478 | |
| 31-12-2020 | abbreviated format | 15-07-2021 | 2021-36200308 | |
| 31-12-2019 | abbreviated format | 28-10-2020 | 2020-64000307 | |
| 31-12-2018 | abbreviated format | 27-08-2019 | 2019-52500374 | |
| 31-12-2017 | abbreviated format | 25-07-2018 | 2018-37900133 | |
| 31-12-2016 | abbreviated format | 12-07-2017 | 2017-31000545 |